Sorry for the delay in publishing this morning, we were having some technical issues...
“The long term bullish cycle in commodities will continue - we’re just seeing a pause right now.” Paul Reynolds, CEO, Canaccord Financial
To start the day off we listened to the Canaccord Financial quarterly conference call hosted by CEO Paul Reynolds. In this dry resource market Canaccord are focused on expense reductions, acquisition cost synergies, and staffing reductions. They appear to be executing with approx. $47m in annualized costs eliminated over the past 12 months, however they did book a $20.6-million loss on the quarter.
The analysts and institutions on the call seemed positive. One suggested a share buy-back, to which Mr. Reynolds responded something to the effect of, "We're not out of the woods, yet." (Okay, I made that up, he said something more corporate but along the lines of caution).
He also said, “The long term bullish cycle in commodities will continue - we’re just seeing a pause right now."
Cheered me up a bit...
And now for the link-fest you've been waiting for:
The way forward. The Economist
Baseball, business and bones are signs of Guggenheim's growth. Pensions & Investments
"Don't chase last year's winners," dad would say. Chart: the best and the worst asset classes of the last 5 years. Also Sprach Analyst
"Hedge fund beast Paul Singer is out with his Q2 commentary, always worth a read." Josh Brown - Singer's Elliott hedge fund struggled to make gains in quarter. Reuters
Private Equity In China: Too Much Money, Too Few Deals. Forbes
Barclays Names a New Chairman. Dealbook
Deflating... Gary Shilling: Fed Action Won't Make a Big Difference. Bloomberg
El-Erian Says Be Wary Of Steepening Yield Curve. Bloomberg
Private equity world skeptical about tieup with Best Buy founder. Reuters
Special Report – China’s answer to subprime bets: the “Golden Elephant”. Reuters
The Top 20 Firms Where Rich Families Put Their Fortunes. Business Insider
This guy is a trip! Roubini's Manic Highlight Reel. Bloomberg
Felix Salmon: Why investors should avoid hedge funds. Reuters
Median Wages Have PLUMMETED Since 1969. Ritholtz
Real companies pay dividends. Abnormal Returns
Sprott profit plunges 90 per cent. Globe and Mail
Anglo CEO Doubles Down On New Mines Amid Falling Demand. Bloomberg
Gold miners with bullion brawn. By Michael Bowman, a portfolio manager at Wickham Investment Counsel Inc. in Hamilton, Ont. Globe and Mail
Kinross management shuffle continues. Globe and Mail See also: Koven - Kinross Gold hunts for ways to cut expenses. Financial Post
#HoweStreet. Small cap golds on a run. Financial Post
"College is a great place to meet girls. That's the main reason I decided to go." Elon Musk, SpaceX, Tesla, PayPal, etc.
10 Smart Things I've Learned from People Who Never Went to College. Forbes
Incredible photos. "After Mount St. Helens nearly killed her, Catherine Hickson would never be the same." The Cataclysm: “Vancouver! Vancouver! This Is It!” Scientific American
The Fear and Loathing of the Paid and Strange. CNBC
Why Many CEOs Can't Build Legacies Anymore. HBR
Why Apple Will Turn to Holograms. Businessweek
Journalist Of Tomorrow. Scientific American