MacNicol’s Monthly Commentary – February 2022

With this commentary, we plan to communicate with you every month about our thoughts on the markets, some snapshots of metrics, a section on behavioural investing and finally an update on MacNicol & Associates Asset Management (MAAM). We hope you enjoy this information, and it allows you to better understand what we see going on in the marketplace.

“An experiment is a question science poses to Nature, and a measurement is a recording of Nature’s answer”
– Max Planck, Nobel Prize winning Physicist “father” of Quantum Theory


A little clarity on fiscal austerity…

A little over 20 years ago, I attended an MBA information session at the University of Toronto’s Rotman School of Management. I was a U of T undergraduate student at the time, and my college happened to be next to the Rotman building. The Professor doing the talking that evening was excellent, a truly great ambassador of the school though for the life I me I cannot remember his full name. “Paul” looked like a business school professor: part Einstein archetype and part successful venture capitalist, Paul spoke well and spoke with intention, and I suppose he should. The U of T sometimes gets labelled as “The Harvard of the North”, which I appreciate but never fully accepted. For one thing, Harvard’s official geographic location is 42.3770° N, 71.1167° W whereas the U of T is located at 43.6609° N, 79.3960° W. One degree of longitudinal rotation is only 60 miles, and you will have a tough time convincing anyone from Boston that Toronto’s winters are colder.


Click the link below to download the full commentary…

Click here: The Monthly February 2022