samedi 10 décembre 2011

Le Canada: plus de similitudes qu'on pense avec la Grèce

Via Hardcore Value:

George Athanassakos is a finance professor at the Richard Ivey School of Business, University of Western Ontario. For those Canadians who are lucky enough to have started value investing at a young age, aim for this program. For most of us who are passed the formal education stage of our life check out the Ben Graham Centre for Value Investing where George is Chair. There are some tremendous in-depth videos with well known value investors (Watsa, Chou, Klarman just to name a few).

George recently wrote an article for the Globe titled Can Canada go the way of Greece. Check out the full article on Globe Investor but I want to highlight some of the key points.

An overleveraged economy: Although Canada has a low government debt to GDP level when you add in household debt Canada is actually worse than Greece. "203 per cent for Canada vs. 195 per cent for Greece. In fact, Canada is in the top five countries in the world when you include government and household debt; Greece is not." (I talked about household debt here.)

George also mentions the future promises of social programs and CMHC's insane mortgage liabilities (Canada's Freddie Mac & Fannie Mae, which I briefly wrote about here.)

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