Jagmeet Trudeau: Dear Lord, why us? Today I sold almost every oil stock I had owned, including SU, save a few thousand shares of a mid cap producer. I have very high pain tolerance but what is about to come is more than what I can endure; hence, I had to get out.
I have no problem holding a lot of real estate and somehow this asset class never keeps me up at night. It gives me a sense of security I can never find in other asset classes. I know for certain that I can wake up tomorrow or the day after tomorrow and my piles of dirt will still be there, standing strong. Nothing will change. If I don't want to sell then I can continue to derive income from them and will wait indefinitely for the right price
With oil...oh Lord!
I don't know what tricks China is going to play on us. What will be the decision of the OPEC meetings? Who else are out there to manipulate the price? Too many factors, too many unknowns. Unfortunately I don't have the knowledge and level of intelligence possessed by some posters here, so I have to play it safe. I am currently sitting on the sidelines but would love to hear what you're doing to your oil stocks or what you're planning to do.
The BoC will be very aggressive with their rate hikes. Thank God they're finally coming to their senses. Let's make money worth something again so people would be incentivized enough to go back to work. With the rate hike, I assume many shareholders of non-dividend paying oil companies will start selling part or all of what they own. Debt is only attractive when it's cheap.
I am also very wary of the Jagmeet Trudeau gang and their upcoming taxation policies. After beating the o/g industry down to a slobbering mass of bloodied flesh with their "green energy" nonsense, the industry was then dealt the final blow of Covid. We are now barely climbing out of the trenches only to see these gangsters honing their claws to prepare to dip them deeper into our pockets. They're going to come up with kinds of taxes, the first of its kind is what they call "the windfall tax". Another easy tax for them is to increase the capital gains inclusion rate to 75%. I know many of us consider tax planning in our investment decision. This is something I don't think we should forgo. After all, how is the government going to pay for all the money they freely handed out to 15 year olds whose lucrative part-time table waiting career was so much affected by Covid?
Please share what you're doing to your portfolio. Thank you and best of luck.