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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks
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To: Cogito Ergo Sum who wrote (2086)11/27/2001 2:08:39 AM
From: bill  Read Replies (1) of 11633
 
KastelCo,
My broker called today (I run a discount account and
a full service account)and recommended an IPO that is
coming. He doesn't know a lot of the details yet but it
is going to be Canadian trust for tax purposes but it
will be american real estate. Apparently the FP had an
article about it a couple of weeks ago. I vaguely remember
reading something about it. I asked about the conversion
of Canadian dollars to American because I've read some
outraged comments over brokers charging an outrageous
amount to convert (4-5%). He said nope, it would be a
penny on each 1.60. I'm not sure if that is good or bad.
I don't know yet if it would pay to convert the money
at my friendly credit union and deposit the american money
to the brokerage account. The distribution would be paid
in american dollars. I'm leery of currency plays because
I bought Ontario bonds paid in Australian dollars. The
idea had great support from an analyst writing in the
G&M. Australian dollar tanked even against the Canadian
dollar. Bonds came due. I lost everything that I'd made
in interest. A friend of mine says she has a hard enough
time figuring out if a stock might go up or down, never
mind what the currency is likely to do. However, I
agree with the need for some diversity. What you should
do is wait and see if I buy this IPO. The American dollar
will immediately tank, the Canadian dollar will go to
1.10 US. You'll have shorted the stock and make all the
money I lose. When I saw a head line about
contrarian investing, I thought they meant me. I buy
and then all the wise money buys the contrary.
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