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“The huge upgrade of technology equipment [in 1999] and the amount of dollars that were spent were absolutely astounding — is it any wonder that [companies] didn’t spend it in the year 2000 or 2001 or 2002?” asked Ketchen. “And certainly our anticipation would be that as we get through into the year 2004 and 2005, the upgrading of all that [or] much of that equipment will take place again and we’ll see new life in the technology sector.”
As for areas Ketchen thinks investors should be overweighted in presently, he gave the following list:
Ketchen was followed to the podium by John Crispo, professor emeritus of political economy in the faculty of management at the University of Toronto, who couldn’t emphasize enough the importance of a strong relationship with the U.S. and how mangled the present one has become.
“The most important function of a prime minister of Canada is to maintain good relations with the United States,” said Crispo. “One thing I will guarantee you — I will guarantee you within two months [leadership hopeful] Paul Martin will restore our relationship with the United States and probably be at the ranch in Texas, and that’s enough for me.”
Along with restoring relations with the U.S., Crispo — when asked by an audience member what three changes he would make if he were prime minister — also championed having a capital gains tax based on the amount of time an investor holds an asset. “I have no interest in helping the paper and property shufflers, but those who are truly investing, holding a home, holding an asset or holding a stock, the longer they hold it, the lower the tax,” suggested Crispo. “They hold it for a day, 80% [capital gains tax], they hold it for five years, no tax.”
When Ketchen suggested that Canada should consider eliminating the capital gains tax altogether, Crispo responded with one of the most entertaining tirades of the day. “I might eliminate capital gains if we straightened out the stock market and said brokers can’t trade on their own accounts and can only earn a proportion of what they earn for their clients,” countered Crispo.
• • •
Filed by John Craig, Advisor.ca, jcraig@advisor.ca.
(06/18/03)
“The huge upgrade of technology equipment [in 1999] and the amount of dollars that were spent were absolutely astounding — is it any wonder that [companies] didn’t spend it in the year 2000 or 2001 or 2002?” asked Ketchen. “And certainly our anticipation would be that as we get through into the year 2004 and 2005, the upgrading of all that [or] much of that equipment will take place again and we’ll see new life in the technology sector.”
As for areas Ketchen thinks investors should be overweighted in presently, he gave the following list:
Ketchen was followed to the podium by John Crispo, professor emeritus of political economy in the faculty of management at the University of Toronto, who couldn’t emphasize enough the importance of a strong relationship with the U.S. and how mangled the present one has become.
“The most important function of a prime minister of Canada is to maintain good relations with the United States,” said Crispo. “One thing I will guarantee you — I will guarantee you within two months [leadership hopeful] Paul Martin will restore our relationship with the United States and probably be at the ranch in Texas, and that’s enough for me.”
Along with restoring relations with the U.S., Crispo — when asked by an audience member what three changes he would make if he were prime minister — also championed having a capital gains tax based on the amount of time an investor holds an asset. “I have no interest in helping the paper and property shufflers, but those who are truly investing, holding a home, holding an asset or holding a stock, the longer they hold it, the lower the tax,” suggested Crispo. “They hold it for a day, 80% [capital gains tax], they hold it for five years, no tax.”
When Ketchen suggested that Canada should consider eliminating the capital gains tax altogether, Crispo responded with one of the most entertaining tirades of the day. “I might eliminate capital gains if we straightened out the stock market and said brokers can’t trade on their own accounts and can only earn a proportion of what they earn for their clients,” countered Crispo.
• • •
Filed by John Craig, Advisor.ca, jcraig@advisor.ca.
(06/18/03)
“The huge upgrade of technology equipment [in 1999] and the amount of dollars that were spent were absolutely astounding — is it any wonder that [companies] didn’t spend it in the year 2000 or 2001 or 2002?” asked Ketchen. “And certainly our anticipation would be that as we get through into the year 2004 and 2005, the upgrading of all that [or] much of that equipment will take place again and we’ll see new life in the technology sector.”
As for areas Ketchen thinks investors should be overweighted in presently, he gave the following list:
Ketchen was followed to the podium by John Crispo, professor emeritus of political economy in the faculty of management at the University of Toronto, who couldn’t emphasize enough the importance of a strong relationship with the U.S. and how mangled the present one has become.
“The most important function of a prime minister of Canada is to maintain good relations with the United States,” said Crispo. “One thing I will guarantee you — I will guarantee you within two months [leadership hopeful] Paul Martin will restore our relationship with the United States and probably be at the ranch in Texas, and that’s enough for me.”
Along with restoring relations with the U.S., Crispo — when asked by an audience member what three changes he would make if he were prime minister — also championed having a capital gains tax based on the amount of time an investor holds an asset. “I have no interest in helping the paper and property shufflers, but those who are truly investing, holding a home, holding an asset or holding a stock, the longer they hold it, the lower the tax,” suggested Crispo. “They hold it for a day, 80% [capital gains tax], they hold it for five years, no tax.”
When Ketchen suggested that Canada should consider eliminating the capital gains tax altogether, Crispo responded with one of the most entertaining tirades of the day. “I might eliminate capital gains if we straightened out the stock market and said brokers can’t trade on their own accounts and can only earn a proportion of what they earn for their clients,” countered Crispo.
• • •
Filed by John Craig, Advisor.ca, jcraig@advisor.ca.
(06/18/03)
“The huge upgrade of technology equipment [in 1999] and the amount of dollars that were spent were absolutely astounding — is it any wonder that [companies] didn’t spend it in the year 2000 or 2001 or 2002?” asked Ketchen. “And certainly our anticipation would be that as we get through into the year 2004 and 2005, the upgrading of all that [or] much of that equipment will take place again and we’ll see new life in the technology sector.”
As for areas Ketchen thinks investors should be overweighted in presently, he gave the following list:
Ketchen was followed to the podium by John Crispo, professor emeritus of political economy in the faculty of management at the University of Toronto, who couldn’t emphasize enough the importance of a strong relationship with the U.S. and how mangled the present one has become.
“The most important function of a prime minister of Canada is to maintain good relations with the United States,” said Crispo. “One thing I will guarantee you — I will guarantee you within two months [leadership hopeful] Paul Martin will restore our relationship with the United States and probably be at the ranch in Texas, and that’s enough for me.”
Along with restoring relations with the U.S., Crispo — when asked by an audience member what three changes he would make if he were prime minister — also championed having a capital gains tax based on the amount of time an investor holds an asset. “I have no interest in helping the paper and property shufflers, but those who are truly investing, holding a home, holding an asset or holding a stock, the longer they hold it, the lower the tax,” suggested Crispo. “They hold it for a day, 80% [capital gains tax], they hold it for five years, no tax.”
When Ketchen suggested that Canada should consider eliminating the capital gains tax altogether, Crispo responded with one of the most entertaining tirades of the day. “I might eliminate capital gains if we straightened out the stock market and said brokers can’t trade on their own accounts and can only earn a proportion of what they earn for their clients,” countered Crispo.
• • •
Filed by John Craig, Advisor.ca, jcraig@advisor.ca.
(06/18/03)
“The huge upgrade of technology equipment [in 1999] and the amount of dollars that were spent were absolutely astounding — is it any wonder that [companies] didn’t spend it in the year 2000 or 2001 or 2002?” asked Ketchen. “And certainly our anticipation would be that as we get through into the year 2004 and 2005, the upgrading of all that [or] much of that equipment will take place again and we’ll see new life in the technology sector.”
As for areas Ketchen thinks investors should be overweighted in presently, he gave the following list:
Ketchen was followed to the podium by John Crispo, professor emeritus of political economy in the faculty of management at the University of Toronto, who couldn’t emphasize enough the importance of a strong relationship with the U.S. and how mangled the present one has become.
“The most important function of a prime minister of Canada is to maintain good relations with the United States,” said Crispo. “One thing I will guarantee you — I will guarantee you within two months [leadership hopeful] Paul Martin will restore our relationship with the United States and probably be at the ranch in Texas, and that’s enough for me.”
Along with restoring relations with the U.S., Crispo — when asked by an audience member what three changes he would make if he were prime minister — also championed having a capital gains tax based on the amount of time an investor holds an asset. “I have no interest in helping the paper and property shufflers, but those who are truly investing, holding a home, holding an asset or holding a stock, the longer they hold it, the lower the tax,” suggested Crispo. “They hold it for a day, 80% [capital gains tax], they hold it for five years, no tax.”
When Ketchen suggested that Canada should consider eliminating the capital gains tax altogether, Crispo responded with one of the most entertaining tirades of the day. “I might eliminate capital gains if we straightened out the stock market and said brokers can’t trade on their own accounts and can only earn a proportion of what they earn for their clients,” countered Crispo.
• • •
Filed by John Craig, Advisor.ca, jcraig@advisor.ca.
(06/18/03)
 |
(June 18, 2003) Although they didn’t agree on everything, the underlying sentiment from three renowned economic and market experts was largely upbeat during a lively panel discussion on the outlook for Canada’s economy.
Addressing a large gathering at the Advocis national conference in St. John’s, Newfoundland, last Friday, BMO Financial Group’s chief economist Tim O’Neill got the ball rolling with a rosy forecast for both the Canadian and U.S. economies — first-half growth of about 2% for both, rising to either side of 4% for the second half of 2003.
O’Neill also emphasized the importance of timing and how quickly the pent-up demand for capital spending will come back in the U.S. (where roughly one-third of Canada’s economy is directly linked). O’Neill described the U.S. economic environment — low interest rates, improving equity markets, lower costs of capital spending, etc. — and noted that there are “a lot of positives that would help underpin a resurgence in growth.”
“Throw in a tax cut of significance in the U.S. that would really hit the economy mainly in the second half of this year, throw in a weaker U.S. dollar, which will help the manufacturing sector that’s certainly been hampered by a strong U.S. dollar both in external markets and in domestic markets, having to compete with cheaper imports,” said O’Neill. “Now those imports are more expensive, companies will have more pricing power. All of that gives you, I think, a substantial bounce back in the U.S.”
Noting that he is forecasting fourth-quarter growth for the U.S. somewhere between 4.5% and 5% and first-quarter 2004 growth around 4%, O’Neill says he’s willing to bet that in one of those quarters, the growth will be even stronger than predicted, which bodes well for Canada, too. “I would expect to see in North America a fairly strong growth environment by, at the latest, the fourth quarter and certainly through 2004,” said O’Neill. “That’s going to be a good environment for equity markets, and it’s going to be a good environment for businesses operating on both sides of the border.”
Panelist Fred Ketchen, managing director of equity trading for ScotiaMcLeod, while somewhat more reserved in his enthusiasm, agreed with O’Neill that Canada is on an upswing, not a downswing. He also sees areas of opportunity if investors (and their advisors) are able to “think ahead,” even in the potentially overdone tech sector.
“The huge upgrade of technology equipment [in 1999] and the amount of dollars that were spent were absolutely astounding — is it any wonder that [companies] didn’t spend it in the year 2000 or 2001 or 2002?” asked Ketchen. “And certainly our anticipation would be that as we get through into the year 2004 and 2005, the upgrading of all that [or] much of that equipment will take place again and we’ll see new life in the technology sector.”
As for areas Ketchen thinks investors should be overweighted in presently, he gave the following list:
Ketchen was followed to the podium by John Crispo, professor emeritus of political economy in the faculty of management at the University of Toronto, who couldn’t emphasize enough the importance of a strong relationship with the U.S. and how mangled the present one has become.
“The most important function of a prime minister of Canada is to maintain good relations with the United States,” said Crispo. “One thing I will guarantee you — I will guarantee you within two months [leadership hopeful] Paul Martin will restore our relationship with the United States and probably be at the ranch in Texas, and that’s enough for me.”
Along with restoring relations with the U.S., Crispo — when asked by an audience member what three changes he would make if he were prime minister — also championed having a capital gains tax based on the amount of time an investor holds an asset. “I have no interest in helping the paper and property shufflers, but those who are truly investing, holding a home, holding an asset or holding a stock, the longer they hold it, the lower the tax,” suggested Crispo. “They hold it for a day, 80% [capital gains tax], they hold it for five years, no tax.”
When Ketchen suggested that Canada should consider eliminating the capital gains tax altogether, Crispo responded with one of the most entertaining tirades of the day. “I might eliminate capital gains if we straightened out the stock market and said brokers can’t trade on their own accounts and can only earn a proportion of what they earn for their clients,” countered Crispo.
• • •
Filed by John Craig, Advisor.ca, jcraig@advisor.ca.
(06/18/03)
|
(June 18, 2003) Although they didn’t agree on everything, the underlying sentiment from three renowned economic and market experts was largely upbeat during a lively panel discussion on the outlook for Canada’s economy.
Addressing a large gathering at the Advocis national conference in St. John’s, Newfoundland, last Friday, BMO Financial Group’s chief economist Tim O’Neill got the ball rolling with a rosy forecast for both the Canadian and U.S. economies — first-half growth of about 2% for both, rising to either side of 4% for the second half of 2003.
O’Neill also emphasized the importance of timing and how quickly the pent-up demand for capital spending will come back in the U.S. (where roughly one-third of Canada’s economy is directly linked). O’Neill described the U.S. economic environment — low interest rates, improving equity markets, lower costs of capital spending, etc. — and noted that there are “a lot of positives that would help underpin a resurgence in growth.”
“Throw in a tax cut of significance in the U.S. that would really hit the economy mainly in the second half of this year, throw in a weaker U.S. dollar, which will help the manufacturing sector that’s certainly been hampered by a strong U.S. dollar both in external markets and in domestic markets, having to compete with cheaper imports,” said O’Neill. “Now those imports are more expensive, companies will have more pricing power. All of that gives you, I think, a substantial bounce back in the U.S.”
Noting that he is forecasting fourth-quarter growth for the U.S. somewhere between 4.5% and 5% and first-quarter 2004 growth around 4%, O’Neill says he’s willing to bet that in one of those quarters, the growth will be even stronger than predicted, which bodes well for Canada, too. “I would expect to see in North America a fairly strong growth environment by, at the latest, the fourth quarter and certainly through 2004,” said O’Neill. “That’s going to be a good environment for equity markets, and it’s going to be a good environment for businesses operating on both sides of the border.”
Panelist Fred Ketchen, managing director of equity trading for ScotiaMcLeod, while somewhat more reserved in his enthusiasm, agreed with O’Neill that Canada is on an upswing, not a downswing. He also sees areas of opportunity if investors (and their advisors) are able to “think ahead,” even in the potentially overdone tech sector.
“The huge upgrade of technology equipment [in 1999] and the amount of dollars that were spent were absolutely astounding — is it any wonder that [companies] didn’t spend it in the year 2000 or 2001 or 2002?” asked Ketchen. “And certainly our anticipation would be that as we get through into the year 2004 and 2005, the upgrading of all that [or] much of that equipment will take place again and we’ll see new life in the technology sector.”
As for areas Ketchen thinks investors should be overweighted in presently, he gave the following list:
Ketchen was followed to the podium by John Crispo, professor emeritus of political economy in the faculty of management at the University of Toronto, who couldn’t emphasize enough the importance of a strong relationship with the U.S. and how mangled the present one has become.
“The most important function of a prime minister of Canada is to maintain good relations with the United States,” said Crispo. “One thing I will guarantee you — I will guarantee you within two months [leadership hopeful] Paul Martin will restore our relationship with the United States and probably be at the ranch in Texas, and that’s enough for me.”
Along with restoring relations with the U.S., Crispo — when asked by an audience member what three changes he would make if he were prime minister — also championed having a capital gains tax based on the amount of time an investor holds an asset. “I have no interest in helping the paper and property shufflers, but those who are truly investing, holding a home, holding an asset or holding a stock, the longer they hold it, the lower the tax,” suggested Crispo. “They hold it for a day, 80% [capital gains tax], they hold it for five years, no tax.”
When Ketchen suggested that Canada should consider eliminating the capital gains tax altogether, Crispo responded with one of the most entertaining tirades of the day. “I might eliminate capital gains if we straightened out the stock market and said brokers can’t trade on their own accounts and can only earn a proportion of what they earn for their clients,” countered Crispo.
• • •
Filed by John Craig, Advisor.ca, jcraig@advisor.ca.
(06/18/03)
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