More than a year into a global pandemic, Covid vaccinations are now allowing our labour force to meet rising consumption expectations. The fly in the ointment for Canada and its irrational real estate valuations is underlined by Bloomberg News via The Financial Post in a double headline from May 18, 2021. The chart above is from TradingView.com on May 20, 2021.
ITEM: Saudi Arabia dumps stake in Canada's Suncor, all 51 million shares. Instead the $400 billion wealth fund doubled down on video games. Source and full report
Saudi Arabia’s Sovereign Public Investment Fund wants to shift their portfolio balance to about 80% local.
CHOICE QUOTE: "The Riyadh-based fund acquired more than US$3 billion worth of stock in the three U.S. video-game makers for the first time during the fourth quarter. By contrast, its exposure to U.S. equities in the third quarter fell by US$3 billion, mainly because the Saudis sold stakes in exchange-traded funds that track the real estate and materials sectors."
CHOICE QUOTE: "The world has a choice — stop developing new oil, gas and coal fields today or face a dangerous rise in global temperatures. That’s the bold assessment from the International Energy Agency, the organization that has spent four decades working to secure oil supplies for industrialized nations. In its new road map for achieving net-zero global carbon emissions by 2050, the IEA laid out in stark terms what the planet must do to avoid harmful the climate change — and just how far that is from our current reality."
We Need IMMEDIATE Action to Stop Extinction Crisis
History, Charts & Curated Readings
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense