Research

  •  I never recommend active management. Until today. Read about my experience with James Hymas as an active manager. (2011-04-15)

  •  Do you have a capital gains tax problem because the markets have been kind? Consider sharing your good fortune with your favourite charity. You may find that, having already done well, you can also do good and save yourself a bundle in taxes. We also have an online calculator to estimate the fraction of shares that should be donated to offset capital gains tax on the sale of the rest. (2008-08-11)

  •  Historical price indices are relatively easy to come by but price is not terribly useful for investors. It is more appropriate to use total return indices, which include interest and dividend income on portfolio securities. Canadian data is closely guarded by index providers and made available only at considerable cost. Libra has compiled from public sources a digest of some common total return indices for bonds and equities at month ends since 1969. To avoid needless duplication of the collection work, we will consider applications for a copy of the data from those who can demonstrate a bona fide research or educational purpose. Libra does not warrant the correctness of the numbers for indices other than its own. (Updated 2008-05-26)

  •  Now available for download is an Excel spreadsheet (right click to save) of a total return index for Canadian real return bonds with month end values since 1991. (Updated 2017-01-06)

  •  An Excel spreadsheet (right click to save) of annual returns, both nominal and inflation adjusted, has been updated to include 2016 returns for many investable asset classes. Do you see a pattern in those returns that will help you decide what to invest in next year? If not, then consider a diversified portfolio rather than gambling on picking next year's winner. This spreadsheet supersedes the tables first published in 2004. (Updated 2017-02-02)

  •  In the interest of making return data for various asset classes available to the public at no charge, we make available for download a monthly total return index for 3 month Canada T-bills since 1947. Open Office, Text, or Excel formats available. (Updated 2017-01-06)

  •  Because the coupon on a bond is fixed until maturity, holders can see their real incomes decline severely when inflation is high.  RRBs protect the holder against this risk. Should you prefer one over the other, or use a combination? (2004-08-09)