powerofaccess
@PowerOfAccess
We are a team of wealth advisors for a select group of families, business owners and professionals, who are focused on building and leaving a lasting legacy.
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Economics 101: Milton Friedman on 4 ways to spend money: 1). Your money on yourself (you’re careful about both cost and quality). 2). Your money on others (you care about cost, less about quality). 3). Someone else’s money on yourself (you care about quality, not cost). 4).…
Outlook 2026: In a fraught economy, family office CIOs are ‘fighting the urge to be sexy’ - canadianfamilyoffices.com/special-report…
Canada’s living standards have sunk even lower than Britain’s — no small feat, and Mark Carney’s fingerprints are all over it.
$BBU monetizing some underperforming assets by selling to retail investors at a much higher valuation from where BBU trades. Great outcome for BBU unitholders - not so sure about the retail investors. Y/y adj. EBITDA growth: CDK (-30%), DexCo (-23%) per Q1 filings. Probably…
Brookfield sells US$690-million in private equity stakes to set up fund targeting wealthy investors theglobeandmail.com/business/artic…
Seeing a lot of misinformation on here about private credit, especially from retail advisors. Having worked directly in the private markets, I figured I’d share my two cents on what’s being pushed onto retail investors & advisors en masse:
$FSK Q2 wrap: one of the largest mid-market private lenders in the US... leverage up, asset quality down (non-accruals rising), weighted portfolio yield down, realized and unrealized losses up, and 30%+ of net inv. income is PIK (non-cash). Yet demand for private credit seems to…
The best investors, too.
UBS has $CSU.TO's VMS market share at just ~15% today.
$LOW now in the M&A arena for scaled distributors with recent bid for Foundation at 13.4x, following $HD recent deal with $GMS for around 11x. Will be interesting to see Brad Jacobs' next move and if it's a Conway-style pivot. $QXO
$LULU is a great reminder that cheap is not a thesis, and social media has eroded the brand moat for almost every consumer-facing company.
Disagree with the idea that margins will explode higher at $CSU.TO with AI replacing dev staff. A few of its top private competitors outsource dev work overseas and have for years. Most sellers hate it. Part of the value prop of selling to CSU is the promise to keep the team…
Tough market for many quality compounders lately. Quality will matter again eventually - as it always does
I get the “optimists make money” argument for just buying every 5bp dip in $QQQ and going to the beach. Yes, markets rise over time—no disputing that! But I’d also wager many of these folks have never seen a client or family member in a brutal drawdown while simultaneously…
@ErnestWongBWM has been on top of this for some time now - and in my view, his work has been a genuine positive for the industry in Canada. Give credit where credit is due - competitor or not. Sadly, it's not how most advisors in Canada think today.
Alternative funds have been halting redemptions left and right recently - Bn's in everyday investors' $ tied up with no clear timeline to get it back. Far too much (in fees and in sleep) has been lost chasing novelty when all anyone needs is a simple mix of stocks/bonds/cash..
Unbelievable times we're living in. $FDS reports 8.3% y/y adj. EPS growth and ASV at high end of guide; stock sinks 9% bringing down other info services $SPGI, $MCO. $NVDA throws $5bn into $INTC; gains ~$170bn in market cap. Stay safe out there!
Don't underestimate the power of extreme decentralization. When comp is tied directly to ROIC, dealmakers are incentivized to get creative - VMS or not. Will be interesting to see the next chapter for $CSU.TO.
Altera IRR now in the teens by my math. $CSU.TO
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