- Bill Miller, the money manager whose annual returns have beaten the S&P 500 index for 15 consecutive years, once again pointed out that the US mega-caps are trading at attractive valuations. Mr. Miller has bought shares in insurance-giant AIG, General Electric (GE), Home Depot (HD) and Citigroup (C). All of them are currently trading at a discount to the larger market. (Full Disclosure: I own shares in AIG, GE and HD).
- The Bank of Canada announced today that the tightening phase is over by deciding to hold interest rates steady. The prime rate charged by the banks stays at 6% and the Bank signalled that it is likely to hold rates steady at its next meeting in September.
- The federal government raised $198.4 billion in taxes and revenues for fiscal year 2004-2005 (ending March 31st). The largest single expense item is the interest on the federal debt at 17% or $34.1 billion. The biggest revenue item was personal income taxes at $89.8 billion and the surplus was $1.6 billion. (Thanks to reader Drew for the link).
- Jonathan Chevreau highlighted a recent notice from the Ontario Securities Commission about the risks involved in Principal Protected Notes in today’s edition of the Financial Post.
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