Gordon Pape Enterprises Ltd.

01/17/2025

What Warren Buffett, Jamie Dimon, Elon Musk, and other business leaders say about Bitcoin.

This is the headline that accompanies a recent article on YahooFinance.com.

Here’s where these leaders stand.

Warren Buffett 👎

This legendary investor is a vocal critic of cryptocurrency, dismissing it as unproductive. He once famously quipped that Bitcoin “is probably rat poison squared.”

Elon Musk 👍

Musk’s endorsement of Bitcoin and other cryptocurrencies has significantly propelled the crypto industry forward.

Jamie Dimon 👎

JPMorgan Chase CEO Jamie Dimon has been one of Bitcoin’s most vocal critics, labeling it a “fraud,” a “Ponzi scheme,” and even “worse than tulip bulbs,” referencing the infamous Dutch tulip mania of the mid-1600s.

Bill Gates 👎

Gates is another vocal critic of Bitcoin and other cryptocurrencies. He argues that Bitcoin is unproductive as an asset class and that he would bet against it if given the chance.

Jack Ma 👎👍

The billionaire founder of e-commerce giant Alibaba shares a love-and-hate relationship with Bitcoin. While he acknowledges the transformative potential of blockchain technology, he has criticized Bitcoin, describing it as a bubble poised to burst.

Regular followers may be aware that I’m in the same camp as Buffett, Dimon, and Gates. I’ve never considered owning it and I never will.

If you’d like to know what stocks I do recommend, consider becoming a subscriber to one or both of my investing newsletters, Internet Wealth Builder and The Income Investor.

Learn more @ https://bit.ly/3njE8Qb and then sign up ➤ https://bit.ly/3JJTg3K

01/14/2025

The Foundation for the Advancement of Investor Rights (FAIR Canada) recently released results of research it conducted to better understand Canadian investors.

Specifically, the research objectives included the following:

~ To explore investors' knowledge levels regarding investments;

~ To identify the amount of time spent on investing;

~ To identify the drivers of trust in advisors and/or banks;

~ To understand similarities and differences by investment channel;

~ To understand investors’ definition of ‘fairness’ when it comes to investing.

And here are the key findings:

✅ Investing is a ‘low interest’ activity for most people using advisors.

✅ Most investors have low levels of knowledge regarding investing.

✅ Investors place high levels of trust in their advisors, investment firms, and/or banks.

✅ While most participants did not know or understand their advisor’s credentials, they viewed them as important.

✅ The meaning of 'fairness' remains unclear to investors.

✅ Some investors expressed a preference for ‘discretionary’ accounts, while others were concerned about the lack of control and trust.

You can learn more about FAIR Canada @ https://bit.ly/3CblPsD

01/10/2025

Before we close the books on 2024, let’s take a look back at my predictions at the start of the year and see how they fared.

In the first issue of my widely read investing newsletter, Internet Wealth Builder, I began by saying the coming year “is looking much better…than any we’ve seen since the start of the pandemic”.

That’s how it turned out. All the major North American indexes set new records, although they were backing off those highs at year-end. The S&P/TSX Composite gained 18%, the Dow was ahead 12.9%, the S&P 500 jumped 23.3%, and Nasdaq added a mind-boggling 29.8%.

Most sectors – but not all – went along for the ride. Here’s what I predicted a year ago and what actually happened.

“The last shall be first.” 🎯
I predicted that interest-sensitive equities like utilities, REITs, pipelines, and telecoms would be strong performers in 2024 as interest rates dropped. Except for telecoms, that proved to be the case. The S&P/TSX Capped Utilities Index was up 8.57% for the year. Pipeline stocks such as Enbridge, TC Energy, and Pembina all posted strong gains. The Real Estate index was ahead but only by 1.65%. Still, that was better than a loss.

“Tech stocks will slow.” ✖️
I expected the AI craze would abate and that enthusiasm for tech stocks would cool. Wrong. Investors kept pouring money into The Magnificent Seven and their smaller Canadian counterparts like Celestica and Constellation Software.

“Financials will do well.” 🎯
They certainly did. The S&P/TSX Capped Financials Index was up 25%, and it would have done even better had it not been for TD Bank’s money-laundering woes that led to a cap being placed on future US growth. Falling interest rates, declining inflation, and an easing of recession fears all contributed to a strong performance by bank and insurance stocks.

“Bonds will continue to rally.” 🔄
We had mixed results here. Falling interest rates would normally stimulate bond prices, but the inverted yield curve at the start of the year complicated matters. Short-term rates were higher than long-term ones, so that when the Bank of Canada’s easing policies kicked in, short-term bonds and funds generated better yields. This created an anomaly. As of year-end, the FTSE Canada Short-Term Bond Index showed a gain of 5.7% for 2024. The Long-Term Bond Index was up only 1.35%. Bond funds reflected the same pattern. So, bonds did rally, but some much more than others.

“Cash will lose its attraction.” 🎯
GICs were the darlings of conservative investors in 2023, with five-year yields in the 5% range widely available. But I suggested the cash bonanza was quickly winding down and the rates we saw at the start of 2024 were probably the best we’d see. “If you want to lock up your money with a decent return, better act fast,” I wrote. That’s exactly how it turned out as the Bank of Canada lowered interest rates five times during the year.

That was the year that was. I was right on some calls, wrong on others. But overall, most of my forecasts were on target.

01/07/2025

I recently checked my Globe and Mail inbox and there were several interesting questions waiting for me.

Here’s a timely one from M.M.

With Trump’s tariff increase policy and a weakening Canadian dollar, will it be better to invest in U.S. stocks/ETFs in U.S. dollars? On the Canadian side, which sectors will benefit in such an environment?

And here’s my response:

The Canadian dollar is at its lowest level in more than four years and is vulnerable to further losses if Mr. Trump hits Canada with his America-first tariff policies. Clearly, the market sees it as a risk. Owning U.S.-dollar denominated securities will provide protection against a further drop in the loonie, but remember this is a two-way street. If the Canadian dollar recovers, you’ll face a foreign exchange loss.

As for the second part of your question, no one except the U.S. Treasury really benefits from tariffs but there are some Canadian sectors that should feel less impact than others. Remember that Trump’s primary concern is to protect or create domestic jobs. Imposing tariffs that don’t achieve that goal does nothing but drive up costs and fuel inflation.

That suggests that Canadian natural resources that are scarce in the U.S. or that are strategically important to Washington may receive an exemption from the tariffs. Oil is an obvious example.

In a rational world, gold should be exempt from trade wars. The metal is priced in U.S. dollars and jobs can only be created where there are viable deposits to be developed. However, Mr. Trump has his own agenda and it’s not always rational.

Banks and insurance companies, retailers, REITs, and utilities should see little direct impact from tariffs. But they will be negatively affected if the economy is hammered into a recession by Trump’s actions, which many economists fear.

So, to answer your question, yes, I think the safest course if you want to hold equities is to buy U.S. dollar securities. I hate writing this, but that’s how I see things unfolding.

Over the years, I’d hazard a guess that I’ve received thousands of questions from subscribers to the Globe and my popular investing newsletters, Internet Wealth Builder and The Income Investor. I do my level best to answer each and every one of them.

Do you have a question about your investments that you’d like me to weigh in on? If so, consider becoming a subscriber so you can take advantage of this valuable member benefit. You can learn more @ https://bit.ly/3njE8Qb and then sign up ➤ https://bit.ly/3JJTg3K 📭

📸 ChatGPT

12/25/2024

On behalf of the Building Wealth team, I would like to dedicate this year’s holiday greeting to the pursuit of world peace.

We wish for peace, the kind that lasts
For futures bright and shadows past.
-Barbara Hilary

12/21/2024

Despite problems with two stocks, my Buy and Hold Portfolio posted an impressive 20% gain in the latest six-month period.

I shared details in this week’s edition of my widely read investing newsletter, Internet Wealth Builder (IWB). It was also picked online by The Globe and Mail.

Here's some of what I had to say:

A buy and hold portfolio should be exactly that. The core components remain in place, through good times and bad. Invest it and forget it.

But there are times when the rules should be broken because one of your picks has hit a wall. That’s what we’re faced with in this review. Both TD Bank and BCE have suffered serious and potentially long-lasting damage. It’s time to replace one of them and put the other on a short leash.

The IWB Buy and Hold Portfolio was launched 12-1/2 years ago, in June 2012. It invests in high-quality stocks, with the intention of holding them through bull and bear markets. The core premise is that the long-term trend of the markets is up and if you own good stocks, they’ll move with it.

Comments ➡ The new portfolio value (market price plus retained dividends/distributions) is $200,741.97. That compares to $167,442.39 at the time of the last review, for a gain of 19.8%.

Since inception, I have a total return of 301.9%. That represents an average annual compound growth rate over 12.5 years of 11.77%.

Changes ➡ This is a Buy and Hold Portfolio so we should always resist making changes. But, as I stated earlier, TD and BCE are in trouble, and I need to deal with this.

What steps did I take? You'll need to subscribe to find out.

Learn more about both of my newsletters, IWB and The Income Investor @ https://bit.ly/3njE8Qb and then subscribe @ https://bit.ly/2GzHZb0 📈

📸 ChatGPT

12/19/2024

What if Trump isn’t kidding about making Canada the 51st state? After all, he’s not known as a great wit.

I somehow summoned the strength to write about this for this week’s edition of my widely read newsletter, Internet Wealth Builder.

It was also published online and in print by The Globe and Mail.

Donald Trump’s quip about Canada becoming the 51st U.S. state, with Justin Trudeau as its Governor, was brushed off as a joke at a recent Mar-a-Lago dinner.

“It was a lighthearted evening,” said Public Safety Minister Dominic LeBlanc, dismissing the comment as banter. But was it really? Trump keeps repeating it. Last week, he even encouraged Fox News audiences to chant, “Fifty-one, fifty-one.”

While Trump’s humour may lack wit, his fixation shouldn’t be laughed off. As he prepares for a second term, his ambitions loom large. With no third term allowed, he may be eyeing a legacy play—asserting dominance over Canada’s economy. By forcing a recession, he could make Canada come “hat in hand,” giving him the glory of doubling the U.S. in size and resources.

Canada’s response so far has been weak and divided. Doug Ford suggests cutting power exports, while Danielle Smith says no. Ottawa has been silent, even as Trump’s 25% tariffs on imports from Canada and Mexico loom as early as Jan. 20.

A trade war would drag Canada into recession, with inflation rising as tariffs and a weaker loonie push prices up. Trump may use the chaos to renegotiate the USMCA, proclaiming it another “win for America”—likely on heavily one-sided terms.

The fallout will be brutal. Canadian investors should prepare. I recommend taking profits on export-dependent companies and holding U.S. dollars. A low-risk option is the iShares 0-5 Years TIPS Bond Index ETF (TSX: XSTP.U), which invests in short-term inflation-protected U.S. bonds and is up 4.82% year-to-date.

You can read my full article on the Building Wealth website @ https://bit.ly/3ZJzUVT

📸 Global News

12/17/2024

The Envelope Please: Part III

With only a few days left in the year, I’ve been handing out my investing awards for 2024. They were chosen by a panel of one (me) from securities on The Building Wealth team’s recommended lists.

There are six in total, and I’ve divided them into three separate posts. Parts I and II featured Stock of the Year, Comeback of the Year, Disappointment of the Year and Cash Cow of the Year.

For this final installment, I’m going to hand out awards for Surprise of the Year and Sector of the Year.

😮 Surprise of the Year

Manulife Financial (TSX, NYSE: MFC). For years, Manulife stock bumped along in the $25-$30 range. It was generally seen as an unexciting insurance stock with a reliable dividend but little upside potential. But last February the shares finally broke out and since then there has been no looking back. As of Dec. 6, the stock was ahead 56% for the year as the company’s Asia business boomed. That’s a big move for a staid financial company that has been around since 1887. Plus, there’s a decent dividend with a 3.5% yield.

⚙ Sector of the Year

Information Technology. All year long we’ve been hearing about how The Magnificent Seven have been driving the Nasdaq and S&P 500 to record levels. Canada’s tech sector is too small to have the same level of influence on the TSX, but it’s more than pulling its weight. The sector is ahead 39% for the year, well ahead of the TSX Composite, which has gained 22.6%. No other sector is even close. Leading performers are Celestica (+246%), Shopify (+62%), Descartes Systems (+54%), and Constellation Software (+43%).

And so concludes my 2024 awards season. If you have thoughts on my selections, please weigh in below.

📸 ChatGPT

12/15/2024

The Envelope Please: Part II

With only a few days left in the year, I’ve been handing out my 2024 investing awards this week. They were chosen by a panel of one (me) from securities on The Building Wealth team’s recommended lists.

There are six in total and I’ve divided them into three separate posts. Part I featured Stock of the Year and Comeback of the Year.

For this second installment, I’m going to hand out awards for Disappointment of the Year and Cash Cow of the Year.

📉 Disappointment of the Year

BCE Inc. (TSX, NYSE: BCE). How did Canada’s largest telecom evolve from being a widows’ and orphans’ stock to a TSX pariah? Bad management, government overregulation, and a lack of transparency will do that. Investors were shocked when BCE sold its position in Maple Leaf Sports and Entertainment to Rogers and then turned around and spent the proceeds on a US fibre optic company. No one saw that coming. So, now we have a deeply indebted company with a dividend that may be unsustainable (10.5% yield) that has committed itself to expanding into the US. No wonder the widows and orphans are fleeing. The share price is down 27% this year.

🐄 Cash Cow of the Year

Firm Capital Mortgage Investment Corporation (TSX: FC). There are companies that offer a higher yield (including BCE). But income-oriented investors want dependability and minimal risk. Firm Capital fits the bill. The company has paid a monthly distribution of $0.078 since July of 2007, never changing it through good times and bad. There’s usually a top-up bonus added at year-end, and the company says to expect one this year. Firm Capital is conservatively managed and specializes in high-quality residential first mortgages. Nothing exciting about it. Just predictable, steady cash flow.

Stay tuned for the final installment which will feature Surprise of the Year and Sector of the Year.

📸 ChatGPT

12/12/2024

The Envelope Please

There are only a few days left in the year, so it’s time to hand out my investing awards for 2024. They were chosen by a panel of one (me) from securities on The Building Wealth team’s recommended lists.

There are six in total and I’m going to divide them into three separate posts.

For this first installment, I’m going to hand out awards for Stock of the Year and Comeback of the Year.

🥉 Stock of the Year

Celestica (TSX, NYSE: CLS). For the second year in a row, this Toronto-based tech company has more than doubled in value. In 2023, it ended the year with a gain of 154%. No one expected a repeat performance, but we got one and more. At the close on Dec. 6, it was up 246% year to date. The reason? Consistently strong financial results fuelled by growing demand from large customers. Third quarter revenue was up 22% year-over-year while earnings per share were ahead 60%.

🥉 Comeback of the Year

Aritzia Inc. (TSX: ATZ). Last year was a nightmare for this Vancouver-based retailer of quality clothing. The shares lost 42%, despite respectable sales growth. The stock was hit by the broad market downturn that year as well as by investor concerns about the impact on Aritzia’s business of growing on-line sales by competitors. But the shares bounced back strongly this year, especially in the second half. As of Dec. 6, the stock was ahead almost 80% for 2024. That’s a turnaround of 122 percentage points from last year.

Stay tuned for my next post which will feature Disappointment of the Year and Cash Cow of the Year.

📸 ChatGPT

12/10/2024

With last week’s shocking murder of Brian Thompson, CEO, UnitedHealthcare, I decided to provide a performance update on the stock of its parent company, UnitedHealth Group.

The following commentary is featured in this week’s edition of my widely read investing newsletter, Internet Wealth Builder.

We originally recommended this stock on March 2/14 at $76.01. It closed yesterday at $559.85. (All currency figures in US dollars.)

Background: UnitedHealth Group is the largest healthcare company in the world. It is divided into two segments, with UnitedHealth providing insurance coverage while Optum offers information and technology-enabled health services. The company provides services to over 150 million people.

The stock had been performing well but all that changed in the wake of Mr. Thompson’s murder.

The shares fell about $32 on Thursday after the news broke and another $29.66 on Friday. In two days, the stock lost 10% of its market value.

Comments: The cold-blooded killing, which was caught on a CCTV camera, has raised serious questions about executive security and focused public attention on an issue that has been simmering just below the surface – the anger many people harbor against insurers.

We’ve seen a wave of stories on social media dealing with complaints against health insurance companies for denying claims, delaying payouts, and excluding many categories of illnesses from coverage.

It’s anyone’s guess how long this will remain a top-of-mind issue but, as long as it does, it won’t be good for UNH or similar stocks. Posts about families left financially destitute because of denied insurance claims, whether true or not, will inflame public opinion.

When all is said and done, the health insurance industry will go on and the price of UNH shares will rebound. But that may take time, and there could be more downside before the stock stabilizes.

We’ve already made a huge gain by taking half profits on UNH so those who invested around the time of our original recommendation have already recovered their initial stake and much more.

ACTION NOW ➡️ Hold. If you don’t have a position, consider entering if the shares fall below $525.

Postscript: Luigi Mangione was arrested on Monday after being spotted at a McDonald’s restaurant in Pennsylvania. He's since been charged with murder, three weapons possession-related charges and one forgery charge in Manhattan state court.

12/07/2024

Holiday Binge Watching for Investing and Finance Enthusiasts: Part II

In my last post, I provided three of my favourite movies, along with a new TV series, about finance and investing to enjoy over the holiday break.

In it, I promised to follow up with the rest of my list.

🎬 Barbarians at the Gate

This 1993 TV movie centres on the leveraged buyout (LBO) of RJR Nabisco. It's based on the 1989 book of the same name by Bryan Burrough and John Helyar. If you haven’t seen it, you may be shocked and amused at the incompetence and greed of Nabisco’s CEO F. Ross Johnson and the behind-the-scenes negotiations and double-dealing around this famous LBO.

🎬 Enron: The Smartest Guys in the Room

Based on the best-selling book of the same title, the film relies on a trove of video footage, congressional hearings testimony, and interviews with Enron executive Mike Muckleroy and whistle-blower Sherron Watkins, to argue that Enron, far from being a stellar energy corporation that lost its way, was actually a con game almost from the beginning.

🎬 Boiler Room

This movie about a pump-and-dump firm serves as a warning for those starting to invest to stick to transparent, solid companies and to invest based on sound fundamentals.

🎬 Margin Call

Perhaps the most accurate movie on this list, Margin Call takes place over the span of 24 hours in the life of a Wall Street firm on the brink of disaster.

🎬 Wall Street

Originally crafted to show the excess and hedonism associated with finance, Wall Street still wields power as a recruiting tool for traders, brokers, analysts, and bankers 37 years after it was made.

Movie descriptions source: Investopedia

If I overlooked your favourite, please weigh in below.

12/05/2024

Holiday Binge Watching for Investing and Finance Enthusiasts: Part I

Whether you're a seasoned investor or just love a good money-themed storyline, I’ve curated a list of the best movies about finance and investing to enjoy during the holiday break.

In no particular order:

🎥 The Big Short (2015)

Based on the nonfiction book "The Big Short: Inside the Doomsday Machine" by Michael Lewis, this movie follows a few savvy traders as they become aware—before anyone else—of the housing bubble that triggered the financial crisis in 2007-2008.

🎥 Glengarry Glen Ross (1992)

An acclaimed big-screen adaptation of a David Mamet play, this infinitely quotable movie focuses on a team of downtrodden real estate salesmen whose morals have been utterly eroded after years of working for their unscrupulous company.

The movie showcases the greed and underhanded tactics that those in financial product sales positions may be exposed to.

🎥 Rogue Trader (1999)

This movie tells the true story of Nick Leeson, a trader who single-handedly caused the insolvency of Barings Bank, the world’s second-oldest merchant bank.

A rising star on the Singapore trading floor, Leeson blew up as quickly as he rose, covering enormous losses from his superiors in carefully hidden accounts. His actions eventually lead to the mother of all failed trades with a short straddle position on the Nikkei.

Movie descriptions source: Investopedia

📺 And here’s a TV series that’s recommended by Building Wealth’s contributing editor, Glenn Rogers: Landman. It’s a modern-day tale of fortune seeking in the world of West Texas oil rigs. It’s available on Paramount+

Stay tuned for Part II later this week. 🎬🎄

12/03/2024

The next four years are going to be difficult for investors.

Earlier today, I shared my “what to do” advice with subscribers to my widely read investing newsletter, Internet Wealth Builder (IWB).

“Based on what we've seen in the three weeks since the election,” I wrote, “the new Trump administration is going to be the most disruptive we have ever seen in Washington. Many of the moves won't directly affect markets, such as the vendetta the President-elect is planning for the Justice Department. But some will spin investors' heads.”

How should investors respond? Here are some of my suggestions.

💹 Take stock profits. No one can predict when the market will top out, but we seem to be getting close. Stock valuations on the S&P 500 are near record levels. Government and consumer debt is uncomfortably high. The probability of extreme volatility as the Trump administration takes over will add to the stress. We've had a long, good run. It may not be over but wise investors will take some of their cash off the table. You may have noticed a lot of sell half recommendations in this newsletter recently. That's no accident.

💰 Build cash reserves. Even with interest rates falling, cash should be a significant portion of your portfolio right now. I suggest a minimum of 10% for aggressive investors and as much as 25% for conservative retirees. You can still find on-line banks that offer more than 3% on their savings accounts. I also like the high interest ETFs such as the CI High Interest Savings ETF (TSX: CSAV) or the Global X High Interest Savings ETF (TSX: CASH).

💸 Hold US dollars. Remember the bad old days when the loonie traded at less than 70 cents in US dollar terms? We could revisit them soon. Our currency is already at its lowest level in more than four years. If the high tariffs materialize, even temporarily, the loonie almost certainly will sink into the 68-69 cents range – maybe lower. That means more than expensive US vacations. Prices for all imported items will rise, including food. US dollar accounts don't pay much interest but if our dollar fell to US$0.68 from its current level, that alone would give you a gain of 4.6%.

I had one more piece of advice, but only my newsletter subscribers know what it is. Why miss out on tips that will protect your investments, even during times of volatility?

Learn more about both of my newsletters, IWB and The Income Investor @ https://bit.ly/3njE8Qb and then subscribe @ https://bit.ly/2GzHZb0 📈

📸 Inforvest

12/01/2024

🎁 The Holiday Shopping Season is Here!

Now that it’s December, the holiday season has officially begun. Whether you’re hunting for the perfect gift for the investor or investing professional in your life, here are some ideas for your shopping list.

💹 Stock Ticker Tape Machine – Replica

Detailed with an antiqued finish, this stock ticker comes complete with ticker tape with old stock quotes for an authentic effect.

Learn more @ https://bit.ly/3VhxPiz

🎥 The Walt Disney Company Specimen Stock Certificate

This rare (and pricey) Walt Disney Company Specimen Stock Certificate is in pristine condition. These rare specimens of the Disney stock certificate are very hard to find.

Learn more @ https://bit.ly/3AVjPUV

🧦 Walk Down Wall Street Socks

Chock-full of stock quotes from Amazon to Google, charts, and graphs, these socks are perfect for the investor or investing professional in your life.

Learn more @ https://bit.ly/3Zskmaa

🧊 Berkshire Hathaway Rubik's Cube –Warren Buffett

This Berkshire Hathaway Rubik's Cube features Warren Buffett's picture on the front and various scenes from Shaw Carpet, one of their investments, on the side.

Learn more @ https://bit.ly/49fSOrO

There are plenty more where these came from. Check them out @ https://bit.ly/4iaMUMJ

📸 Bull Market Gifts

2003 Berkshire Hathaway Rubik's Cube

11/29/2024

My Balanced Portfolio Gains on Rate Cuts

This was the subject of the lead article in my popular investing newsletter, The Income Investor (TII). Here’s some of my commentary.

When central banks started raising rates to fight inflation, the hardest-hit securities were bonds and dividend stocks. These are core holdings in a balanced portfolio, so anyone using that investment style saw a big drop in their net worth.

But now the situation has changed. Central banks are cutting rates to stimulate a fragile economy, and our Balanced Portfolio is one of the beneficiaries. For the past year, it has been posting strong gains and should continue to do so as long as we don’t get a rate reversal.

This portfolio was launched in September 2011. It offers a conservative mix of stocks, fixed-income securities, and cash. Normally, this type of portfolio tends to underperform when stock markets are strong but reduces risk when bear markets emerge. The current situation is a little different – the entire stock market is doing well, and we’re going along for the ride.

The portfolio had an initial valuation of $25,027.75. The goal was to achieve a return that at least matched the best available five-year GIC rate plus two percentage points.

That means the target varies with the rise and fall of interest rates. The best five-year rate I can find right now is 4.1%, which would make our current target 6.1%. We’re doing better than that.

Here’s a summary of some of its securities and how they’ve performed over the period since I last reviewed this portfolio in April. Prices are as of the close of trading on Nov. 22.

Fortis Inc. (TSX, NYSE: FTS). As interest rates fall, utility prices are rising. The stock gained $9.59 per share in the latest period, and we received three dividends totaling $1.80 per share.

Brookfield Infrastructure Limited Partnership (TSX: BIP.UN, NYSE: BIP). This Brookfield partnership invests in infrastructure projects worldwide: railroads; ports; transmission lines; toll roads; etc. After a long slump the units have been steadily climbing and gained $9.15 in the latest period. The quarterly distribution was increased to US$0.41 per unit, effective with the February payment.

Bank of Montreal (TSX, NYSE: BMO). The financial sector has performed well recently, and BMO shares gained $5.93 during the latest period. The bank raised its quarterly dividend by 3.3%, to $1.55, effective with the July payment.

This portfolio includes several other securities, including one that’s up $12.03. Interested to find out what it is? You’ll have to become a Building Wealth member.

Learn more about both of my newsletters, TII and Internet Wealth Builder @ https://bit.ly/3njE8Qb and then subscribe @ https://bit.ly/2GzHZb0 💹

📸 ChatGPT

Wealth