Our life is a warfare, and a mere pilgrimage....

Prise de la Bastille by Jean-Pierre HouĂ«l, Wikipedia


As a Canadian investor, this is a very delicate time to be exposed to the market, whether it be equity, credit, or real estate. At this point, most Canadians are underestimating the cascade effect that falling oil prices have ignited. The fact that Canadians were mostly spared from the economic calamity of 2008 may prove to be deadly in 2015 as we move through the price discovery process. Sometimes, it's good to lose a little bit to be reminded that prices are not unidirectional. Unfortunately, that time has come and gone. The piper has returned, but instead of deleveraging in his absence we doubled down, sometimes worse - bidding up assets ever higher.


Keep the powder dry....

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