By Lachman Balani
TORONTO: The World Money Show that ended at the weekend at The Metro Toronto Convention Centre was a treat for all the investors and traders (and wanna-be traders and investors).
This annual affair is brought to Toronto by Charles and Kim Githler, to empower individuals to take care of their own finances.
This year’s show saw some world class speakers like Peter Schiff, Randy Cass, Peter Hodson, Jim Jubak, Bill Carrigan and many more. All gave their version of where they saw the markets and where they thought the markets were headed.
Peter Schiff painted a doom-and-gloom scenario where he depicts the US as a huge Ponzi scheme that will keep afloat as long as the debt ceiling is raised and money flows in to pay debts already realized. If that stops, well goodbye America and along with it most of the world!
He is of the notion that quantitative easing will not taper but will increase. He claims the rest of the world is selling goods to the US on promissory notes that will need more money to be printed so the US can honor them. The world recovery is a façade based on post-dated commercial paper and the day of reckoning will come much like it did for the SIVs (special investment vehicles) during the 2008 mortgage crisis in the US that led to a world recession.
Others also predicted the Dow would spiral down to 3,300. That was debunked by another.
Of course, there were those who are bullish on the economy, like Peter Hodson, who said that due to the low interest environment, businesses were able to expand, with their earnings constantly increasing, leading to high cash balances on their balance sheet manifesting strong healthy companies and a growing economy. Others claimed that despite the volatility there was an upward bias in the whole scheme of things. Unfortunately, one of the most bullish speakers, Jeffrey Hirsch, who has predicted that the Dow will hit 38,820 by 2025( his father predicted the bull run of the 80s and 90s), and one of the most anticipated speakers, was unable to make it due to his passport having expired!
As expected, both sides of the macro-economy were presented.
However the micro-economics of the show drew the most interest with numerous patrons visiting several booths where ideas were presented for both investment and trading with Vector Vest’s ( main sponsor of the event) booth drawing the most attention as they showed people how their system was geared to maximize profits trading the stock market.
The other attention grabbing booths were the syndicated mortgages kiosks where attendees were shown the opportunity to invest into real estate schemes that pay a minimum of 8-9% return.
There were plenty of booths including those on foreign exchange trading, exchange trade funds (ETFs), mutual funds, and specific companies like Procter and Gamble, who was touting the benefits of holding a world renowned name that had not only has grown in value consistently since it began but had always paid out dividends that have increased annually over time.
The Royal Canadian Mint was also there showing people how to make money by buying coins and holding onto them for long periods of time. Besides learning about coin investing many also said they learned a new word –numismatist- which is high flown English for coin collector.
In showing people how to make money, there was no stone left unturned, so to speak, as there was even the stand of the company ‘Ouroburo’ that sparked huge interest, displaying rare-colored diamonds and how to profit from them. Now that was a novelty – though many claimed they crowded around just for the sparkle of the diamonds! (Yes even men gathered around).
Money Show returns next year in its original form as ‘The Financial Forum’. If you wish to take control of your finances- don’t miss this show the next time around. It is well worth the visit!
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