One of the most notable features of Nazi regime in Germany was its anti-intellectualism. While it claimed to be in the forefront of scientific and technical advances, its ideology and totalitarian rule made free enquiry and interchange between scientists and other...
Ian Madsen
Interest Rates do not Merely Parallel Inflation Upward—the Inflation Risk Premium can Escalate too
It is not entirely clear whether the Canadian and the global economies are heading for a new inflationary era. It may turn out that inflation is not only elevated from recent negligible levels, but escalates, steadily at first, and then dramatically, as it did in the...
Wealth Taxes Are a Non-New, Pernicious and Invidious Proposal From the Usual Greedy Suspects
Recently, there has been an increasing clamour from some circles for imposing a wealth tax upon Canadians. The usual government-expanding social ‘democratic’ pressure and interest groups are especially enthused by the idea and also claim it is ‘popular’ among the...
Rapidly Evolving Energy Innovation Makes Eco-Extremists’ Apocalyptic Predictions Suspect
A recent Globe and Mail story about a firm developing garbage-to-biodiesel technology shows how continuing progress makes the global warming extremists’ most hysterically apocalyptic predictions, and their extreme absolutist ‘solutions’, not only grossly wrong but...
Featured News
Coal – Not Wind – is Keeping Saskatchewan’s Lights On
While it’s not the same minute-by-minute data provided by the Alberta Electric System Operator for their grid, SaskPower has begun breaking down where its power is coming from on a daily basis. And the data from Oct. 3 and 4 showed wind generated an average of just...
57 Policy Proposals for Future Leaders to Help Make the Canadian Economy Soar
Executive Summary The various federal political parties are all promoting the policy agendas they believe will foster a sustainably high quality of life for all Canadians. It remains to be seen whether they will attain the success that they aim to achieve. In some...
A Valuation of Prince Edward Island Energy
Prince Edward Island Energy, or PEI Energy, is a Crown-owned electric merchant power provider (but not a utility) for Canada’s smallest province by area or population. As it is spending heavily on expanding its generation capacity, it has negative free cash flow....
A Valuation of Manitoba Liquor & Lotteries
Using an intrinsic value method, and discounting to the present, ML&L’s projected future free cash flows, as the company is today, but taxed at statutory rates, the range of estimates is $12.13B to $84.91B, with a tighter range of a median (midpoint of the array...
SNC Lavalin is not Alone: Corruption is Hard to Avoid in in Foreign Lands, or Even Here
Federal politics are transfixed by apparent managerial indiscretion yet again. Admitted corruption by SNC Lavalin executives and other employees no longer at the firm, have become the genesis of a political scandal in Ottawa. The company faces criminal prosecution for...
Blue Nose or Red Nose, the Profits Still Mightily Flow: A Valuation of Nova Scotia Liquor Control Commission
Nova Scotia Liquor Control Commission, or ‘NSLC’, is the monopoly Crown corporation which controls and retails all beverage alcohol in that province. Using an intrinsic value method, and discounting to the present, NSLC’s projected future free cash flows, as the...
A Valuation of New Brunswick Liquor Corporation
New Brunswick Liquor Corporation (NBL) is the monopoly Crown corporation which controls and retails all beverage alcohol in the province of New Brunswick. Using an intrinsic value method, and discounting to the present, NBL’s projected future free cash flows, as the...
A Valuation of Newfoundland and Labrador Liquor Corporation
Newfoundland and Labrador Liquor Corporation, or NLC, is the monopoly Crown corporation which controls and retails all beverage alcohol in that province, aside from restaurants and bars, to which it wholesales. Using an intrinsic value method, and discounting to the...
Hot Times in the Frozen North – A Valuation of Qulliq Energy Corporation of Canada
Qulliq Energy Corporation, ‘QE’, is the electric power utility for Nunavut Territory in northeastern Arctic Canada. It could be worth as much as $255M were it divested; or, it could be worth less if its expensive diesel-fuelled power generation business experiences...
Money, Please, Indefinitely – A Valuation of Manitoba Public Insurance
Manitoba Public Insurance, ‘MPI’, is the provincial government-owned motor vehicle insurance company in Manitoba. It could be worth as much as $3.24B were it divested; or, it could be worthless, as its chronic loss-making and cash burn make it unattractive. As a...
Poor Corporate Governance Led to Goldcorp’s Ignominious Demise
Many people are bemoaning the loss of yet another large, independent Canadian company to a merger with an opportunistic acquirer. With the consequent loss of many executive and other head office jobs, the real tragedy is that too many Canadian companies have aimless,...