# Genworth MI Canada Inc. (TSE:MIC)



## Killer Z (Oct 25, 2013)

Genworth has been on my watchlist for a considerably long period of time. Here are some current stats:

Price/Earnings = 7.76
Price/Book = 0.871
Yield = 5.10%
5Y Net Dividend Growth = 34.13%
Dividend Payout Ratio = 39.29%

These are nice figures, however this stock is obviously judged based on the negativity surrounding the Canadian real estate market. 

Would love to hear some opinions on this one.


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## OptsyEagle (Nov 29, 2009)

Well, there is a big argument surrounding whether the Canadian real estate market is over-valued or fairly valued (I don't think many believe it is undervalued). 

There is an equally big argument about whether Canadians are over-indebted or reasonably indebted (I don't think many believe they are under-indebted).

In either of those cases, do you really want to be the owner of the company that pays the 1st dollar of losses when the defaults hit the fans.

Other then that nagging statement, MIC is a great, money making, dividend paying machine.


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## oob (Apr 4, 2011)

Super long this one. 
- Well above regulatory capital requirements
- 15% discount to book more than adequately covers potential defaults
- LTVs are lowest in Alberta, where people are concerned
- Much more painful to default in Canada vs. U.S.
- Rates are going even lower, so variable rate mortgages less costly to service


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## OptsyEagle (Nov 29, 2009)

I have no position in this stock, but I have looked into it closely for the reasons that you and the OP identified.

As I see it, if there is a crack in the real estate market or economy of Canada, MIC stock is going to lose money. There are 3 ways this will happen and none of what has been posted will prevent it.

1) If the crack in real estate pricing is not very deep, the stock will simply drop on uncertainty. In a few years this drop should be recovered and if earnings continue to show positive momentum, higher highs will inevitably be provided.

2) If the crack in real estate pricing is reasonably deep, the capital values mentioned will prevent bankruptcy, but the requirement to recapitalize will inevitably dilute current shareholders and these losses will be permanent.

3) If the crack is really, really, deep, they will be the 1st to go bankrupt and of course all will be lost.

The LTV ratios you mentioned in Alberta, may or may not be correct, but in any event, their main business is not insuring mortgages with low loan to value ratios, their main business is insuring mortgages with high loan to value ratios.

The only way this stock doesn't lose money is if the Canadian Real Estate market chugs along without interruption. That may happen, since so far it has, but I would not bank on much more return then the dividend, since if we don't see a crack in the Canadian Real Estate market, I would assume, investors will always be waiting for one and keep the price of this stock at a lower then average PE.

All just my opinion and so far I have been wrong.


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## leeder (Jan 28, 2012)

I don't own this stock, but I have watched it on and off for the past year. I agree with what OptsyEagle said. These macro factors can potentially have strong impact on this company. From a valuation point of view, I think this is as good of a value stock as one can get. From my cursory look, the underlying numbers look pretty decent.


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## Jungle (Feb 17, 2010)

How are these risks any different than owning bank stock?



OptsyEagle said:


> I have no position in this stock, but I have looked into it closely for the reasons that you and the OP identified.
> 
> As I see it, if there is a crack in the real estate market or economy of Canada, MIC stock is going to lose money. There are 3 ways this will happen and none of what has been posted will prevent it.
> 
> ...


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## doctrine (Sep 30, 2011)

I like MIC, for what it's worth. I bought at $35 last year and sold at $39.50 or so in Dec, after I got two dividends and the special dividend. This is one of my top 3-4 to get back into especially at $30. Look at the government's reaction today to $1M houses in Toronto: "We're looking to get out of the residential housing insurance business". a.k.a. more business for Genworth, at insurance rates which have been legislated higher (3.15% vs 3% a year ago). If housing crashes, sure it will hurt; but if housing just keeps moving along like it has the last 20 years, MIC is generating a lot of cash, more than meets regulatory requirements and will likely keep raising dividends and buying back shares.


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## OptsyEagle (Nov 29, 2009)

Jungle said:


> How are these risks any different than owning bank stock?


They are not, except MIC covers the first 20% of losses and the bank covers everything after that. So if the real estate market drops only 20%, MIC eats all the loss and the bank loses nothing.

So that being said, in Canada's current real estate market, I would prefer to get my dividends from a bank, then MIC.

They are insuring against any losses on high ratio, loan to value, mortgage debt. Not sure if I need to explain that any more. I think the risks of doing that should be self explanatory.

If you are comfortable with the Canadian real estate market or the debt levels of the average Canadian, then MIC simply has a license to print money. If it turns out there is a problem with the Canadian real estate market or the debt levels of the average Canadian, then MIC is going to be hit hard. Very hard.

Just my opinion, of course.


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## Killer Z (Oct 25, 2013)

My evaluation of this position thus far is that the uncertainty and fear of our real estate market has driven this one down to the point where the numbers have become incredibly appealing. I cannot find anything concrete on the actual health of the real estate market other than conflicting opinions and sentiments. The only thing concrete is that the numbers are attractive.

Based on Buffet's mantra of “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”, I may be a buyer of this stock shortly.


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## Potato (Apr 3, 2009)

To further OptsyEagle's point: they insure _Genworth _high-ratio mortgages. The big question I always come back to is who is why would you ever get Genworth to insure your mortgage when CMHC insurance is the same price? Does that question have any implications on the risk profile?

Killer Z: unfortunately you have to evaluate the risk without concrete numbers on the health of the real estate market. By the time the biggest signs of trouble (default rate, price declines) become evident, it may be too late to dance out. So what's the chance of a future correction of size X, and what impact will that have on MIC? If you're thinking 40% for a complete blow-up, then perhaps the numbers are not so attractive... if you think 1% and just a haircut then perhaps they are. You have to make that call yourself...


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## GoldStone (Mar 6, 2011)

I sold my MIC position a few weeks ago and put the proceeds in Home Capital. 

Both companies are plays on the Canadian real estate market. Both knocked down by about the same percentage off their 52 week highs. Both look cheap.

I switched to HCG because it appears less risky than MIC. Going by memory, MIC has 20-25% of their insurance policies in Alberta. HCG has virtually no exposure to AB market.


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## OptsyEagle (Nov 29, 2009)

Don't get me wrong guys. The odds are better that everything works out fine with MIC, then not. I just think of it as a sort of super catastrophic insurance company. Their revenue and earnings and dividends and stock price will always be doing wonderful, right up until the hurricane hits...and then depending on the hurricane, you might get some of your investment back or you might not. How can you really value a company like that.

That being said, many Super Cat insurers manage one catastrophe after another and work out just fine, in the longer term. Standing directly in front of a hurricane can have some shorter term challenges, however, even for them.

For me, I spend enough time wondering about the risks associated with all the lending the banks do, in my opinion, MIC just takes that risk up a notch or two.


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## My Own Advisor (Sep 24, 2012)

I don't own Home Capital but would love to.

I assume HCG is a long-term hold for you GoldStone? Where do you own this guy - non-reg. or other accounts?


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## Killer Z (Oct 25, 2013)

I have been flirting with the idea of jumping into this one, but at this point I feel the risks are too great. Here's an interesting article:

http://business.financialpost.com/2...for-increase-in-mortgage-defaults-in-alberta/


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## humble_pie (Jun 7, 2009)

My Own Advisor said:


> I don't own Home Capital but would love to



advisor i'm curious, you're normally fairly conservative with stock selection.

what is so appealing about the sub-prime lending group? the home capitals, chesswoods, ACQs of this world? i know i know, they've been the flavour du jour, at least on cmf ... but surely they're also the most exposed to a recession.


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## Butters (Apr 20, 2012)

Acq is slightly different as their lending is only what 10% of their business?

I like MIC, longer hold. 

Mic and more so HCG have great dividend increases the last few years. If you hold for 20 years. And history repeats itself. They will yield more than the major banks. But of course like many say if there was a housing crash they might be in trouble. 

MIC has increased its room for loses going forward in their predictions due to the oil crisis.


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## humble_pie (Jun 7, 2009)

chesswood & acq are recent IPOs, no 20-year-histories. Home capital may have a predecessor, however i'm not aware of an unbroken 20-year dividend record.

an expression such as "MIC increased their room for loses [sic]" doesn't say very much, without dollar figures. Furthermore it's losses, not loses, no?

i'm continuing to stand aside from companies whose customer base is heavily sub-prime borrowers. In a recession such companies are likely to suffer. Along the lines of Coventry 2007, which was the canary in the coal mine meltdown of 08/09. I'm hearing songs like Sing me a Song of Yesteryear.


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## GoldStone (Mar 6, 2011)

GoldStone said:


> I sold my MIC position a few weeks ago and put the proceeds in Home Capital.
> 
> ...
> 
> I switched to HCG because it appears less risky than MIC. Going by memory, MIC has 20-25% of their insurance policies in Alberta. HCG has virtually no exposure to AB market.


I posted the above statement on Friday, March 6. Well, would you know it, I sold HCG the very next Monday. OptsyEagle's comments upthread served as a catalyst.

In particular, OptsyEagle wrote this:

*"For me, I spend enough time wondering about the risks associated with all the lending the banks do, in my opinion, MIC just takes that risk up a notch or two."*

I spent a weekend thinking about this and decided that I very much agree. I have enough exposure to Canadian real estate via banks. Layering MIC or HCG on top of the banks is too much risk for my taste. So I'm out.


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## GoldStone (Mar 6, 2011)

Watch the first 2 minutes.

http://www.bnn.ca/Video/player.aspx?vid=577774


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## Butters (Apr 20, 2012)

Humble you don't like me huh... I sent that quick from my phone today

MIC and HCG have had huge growth in their dividends in the last few years.... if they BUILD on that streak for another 20 years(or even 5-10 years), your dollar investment now, will be significantly larger than the big banks.

More risk for more rewards... 

Canadian's real estate is different than the USA. We can not put our keys in the mailbox and walk away with no penalty.
Yes its overpriced, but it doesn't mean it can't get more overpriced, just like the stock market in the past year.

GoldStone, that BNN guy said he owned a small piece of Genworth...

Everyone knows it has some risk behind it... No one is trying to hide that... I don't think the housing market will explode... We'll see what happens over the next year

Like any stock you decide if you want it or not... I think this one is definitely worth looking into




They are a member of CDZ.to
Here's their 5+ year streak almost doubled the yield, along with 2 special dividends
http://investor.genworthmicanada.ca/English/share-information/Dividend-History/default.aspx




If you think the housing market might collapse, stay clear out this name. If you have enough invested into real estate with your house, you don't need to add more exposure.
There are good reason to be fearful of this stock.... I like what they have done in the past, and will play it out for now.

It's a $30 stock right now, I'm guessing it will be a $35 stock in a year from now, and everyone will still be in their houses. Only time will tell though


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## Jungle (Feb 17, 2010)

Sold this last Nov but licking my chops again. But when I think, bank vs MIC? Slightly smaller dividend yield, but better earnings growth. I would rather have bank stock. But I don't need to add anymore bank stock, so I window shop.


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## GoldStone (Mar 6, 2011)

SheaButters said:


> GoldStone, that BNN guy said he owned a small piece of Genworth...


No, he said he was *short* a small amount.


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## oob (Apr 4, 2011)

SheaButters said:


> Humble you don't like me huh... I sent that quick from my phone today
> 
> MIC and HCG have had huge growth in their dividends in the last few years.... if they BUILD on that streak for another 20 years(or even 5-10 years), your dollar investment now, will be significantly larger than the big banks.
> 
> ...


$35 stock in <2 months 
My largest position at the moment.


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## Butters (Apr 20, 2012)

oob said:


> $35 stock in <2 months
> My largest position at the moment.


Yeah pretty good and quick rebound... should be stale but positive for awhile now 

Although, I read Jason Donville's recent RoE report, and he said he is hanging onto a lot of cash....

suggests a collapse might not happen, but 2% of growth annually until one does

the valuations are so high

Right now I really like GIBa ... Jason Donville is on BNN this week, he'll shed some light



Another cool graph...website is

http://www.researchaffiliates.com/AssetAllocation/Pages/Equities.aspx

You can see the expected returns are very low
Russia has the biggest volatility so be careful!


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## Flash (Nov 25, 2014)

Anyone has any opinions where this stock might go in the future. Looks great as a value buy, but the current overvalued market and the new restrictions seems to be bad news for this company.

I wonder if it's going to be a great pick if it goes again down to 22-23$


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## hollyhunter (Mar 10, 2016)

MIC.TO: Base on the 7.39 current P/E, it is undervalued compared with its peers. On the technical side, there is bullish cross in Stochastic oscillator and Relative strength index is increasing to 27.71 level with positive bias.


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## Nerd Investor (Nov 3, 2015)

Flash said:


> Anyone has any opinions where this stock might go in the future. Looks great as a value buy, but the current overvalued market and the new restrictions seems to be bad news for this company.
> 
> I wonder if it's going to be a great pick if it goes again down to 22-23$


Great value, nice yield. If/when interest rates ever go up it should be a positive for insurance companies in general.


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## golfdude (May 26, 2017)

So this is down 20% in the past couple of months. Is this the first leg down or a buying opportunity? I don't really have a sense of what proportion of their portfolio of insured mortgages would be considered 'safe' after the crazy run up of recent years and what might be considered more risky if more recently issued and property values come back down to more reasonable levels. They keep raising the dividend and CMHC is an uninterested competitor but real estate sentiment seems to have turned the corner, so it's hard to know if there's still a lot of room below. If real estate drops 10%, is MIC going busto or is that no big deal given that would only takes prices back to where they were last fall?


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## james4beach (Nov 15, 2012)

It is widely believed that Genworth is in trouble, related to the Home Capital Group troubles. The thinking is, where there's smoke, there's fire.

I learned some years ago that full information does not come out just through financial statements and earnings releases. As a novice in the field, I can't analyze their full situation myself and figure the extent of their risk or exposures. Besides, when companies get into trouble, financial statements can get revised. These are my memories of the 2007-2008 US mortgage crisis.


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## doctrine (Sep 30, 2011)

Genworth is far different than Home Capital. It's a big mistake to brush them the same way. Genworth return YTD is about -4%. Home Capital is -70%. There is no regulatory issues, no capital issues, and no performance issues at Genworth. There are no deposits to evaporate, they are not a bank. Genworth is almost a utility. They have regulated rates which give them extremely steady revenue and profits. And even if they didn't write a single piece of insurance again, they have a book of $40 a share of very high quality fixed income assets backing up the stock. I've owned the shares a few times, always on pullback and have done very well, although not holding now. Would consider jumping in again, especially below $30. Genworth used to trade at a premium to book value but now trades at a 20% discount with no underlying performance issues.


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## mark0f0 (Oct 1, 2016)

doctrine said:


> Genworth is far different than Home Capital. It's a big mistake to brush them the same way. Genworth return YTD is about -4%. Home Capital is -70%. There is no regulatory issues, no capital issues, and no performance issues at Genworth. There are no deposits to evaporate, they are not a bank. Genworth is almost a utility. They have regulated rates which give them extremely steady revenue and profits. And even if they didn't write a single piece of insurance again, they have a book of $40 a share of very high quality fixed income assets backing up the stock. I've owned the shares a few times, always on pullback and have done very well, although not holding now. Would consider jumping in again, especially below $30. Genworth used to trade at a premium to book value but now trades at a 20% discount with no underlying performance issues.


But as Canadian housing prices turn down, won't Genworth Canada (important that you distinguish between GNW and MIC, two completely different companies) have to pay out a lot of 'insurance' claims on the subprime mortgage insurance they've written?


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## cheech10 (Dec 31, 2010)

How much will they really have to pay in insurance claims, though? With the appreciation seen in the last few years, particularly in the last few months, I would think that prices would have to fall quite a bit before sale of the asset would no longer cover loan principal for most of these mortgages.


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## doctrine (Sep 30, 2011)

Prices would have to fall substantially to have any impact. And they're not a subprime insurer. Just because you have a 5-20% down payment and require default insurance from MIC, does not make you a subprime borrower. Their customer credit profiles are disclosed and are very high quality.


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## mark0f0 (Oct 1, 2016)

cheech10 said:


> How much will they really have to pay in insurance claims, though? With the appreciation seen in the last few years, particularly in the last few months


There's been no appreciation in the past few years. They're likely to have to pay out substantial insurance claims. If you've been following the HCG debacle, its clear that there has been dramatic deterioration in the GTA RE market far beyond what the Realtors want people to believe. HCG claims a 67% LTV on their portfolio, but the market is treating HCG as though portfolio LTV is in excess of 100%. The implication for Genworth MIC is that their portfolio is likely in far worse shape than officially stated.



> , I would think that prices would have to fall quite a bit before sale of the asset would no longer cover loan principal for most of these mortgages.


In a foreclosure situation, there are very substantial costs of the foreclosure and actual inventorying and rehabilitation of properties before they're marketable. In the USA, these costs were typically $60-$80k per unit. And of course, units weren't turned over to the lenders with positive equity, so there was a deficiency right out of the gate. Canadians are perhaps more polite to their lenders (ie: less trailer trash here, anecdotally), but there are substantial carrying costs associated with keeping furnaces running that don't exist to the same extent as "down south".


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## cheech10 (Dec 31, 2010)

No appreciation in the past few *years*? This is one of the most bizarre statements I've seen on here. I'm bearish on residential real estate going forward, but take whatever measure you like of Canadian residential real estate, Teranet or any other, and the appreciation is evident. I don't think it's sustainable, but to claim that the price gains haven't happened is a very difficult argument to support.

HCG has other well documented issues affecting their share price. Nothing to do with their book, everything to do with an unusually timed regulatory decision leading to loss of investor confidence, leading to a frankly idiotic loan agreement. Even if they had solid mortgages, they've given away their future profits to HOOPP, so no one wants to invest. I don't see any correlation here with Genworth's insurance business.


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## Henry Good (May 28, 2017)

cheech10 said:


> No appreciation in the past few *years*? This is one of the most bizarre statements I've seen on here. I'm bearish on residential real estate going forward, but take whatever measure you like of Canadian residential real estate, Teranet or any other, and the appreciation is evident. I don't think it's sustainable, but to claim that the price gains haven't happened is a very difficult argument to support.
> 
> HCG has other well documented issues affecting their share price. Nothing to do with their book, everything to do with an unusually timed regulatory decision leading to loss of investor confidence, leading to a frankly idiotic loan agreement. Even if they had solid mortgages, they've given away their future profits to HOOPP, so no one wants to invest. I don't see any correlation here with Genworth's insurance business.


Just ignore him. He posts on other blogs too claiming prices of individual units haven't gone up since 2013. As someone who's been eyeing the market for years looking to get in, it's complete nonsense and can easily be refuted with 5 minutes of research.


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## Henry Good (May 28, 2017)

MIC looks like good long term value here, but both the chart and sentiment are weak. I wouldn't be surprised to see further downside.


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## golfdude (May 26, 2017)

Article in the FP yesterday trying to defend HCG referencing MIC having good loss experience on HCG loans. Can't see any linkage of MIC to HCG mortgages being good for MIC sentiment, regardless of exposure levels. I am looking to get a 1/2 position prior to the TREB May release at $29.xx and maybe 1/2 at $26.xx after, if there is bad reaction. Hopefully that should be sufficient margin of safety.


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## mark0f0 (Oct 1, 2016)

cheech10 said:


> No appreciation in the past few *years*? This is one of the most bizarre statements I've seen on here. I'm bearish on residential real estate going forward, but take whatever measure you like of Canadian residential real estate, Teranet or any other, and the appreciation is evident. I don't think it's sustainable, but to claim that the price gains haven't happened is a very difficult argument to support.


No, there has been no appreciation. The sales mix has shifted, but individual identical houses have not changed price in the past few years since the 2013 apex. The peak was marked by Flaherty's changes to subprime mortgage insurance in Canada. Places like Calgary peaked even earlier (2011 for Calgary).



> HCG has other well documented issues affecting their share price. Nothing to do with their book,


Everything to do with their book. Otherwise they would not be in this trouble. HCG could only get financing on the basis of market perception being that their portfolio was in excess of 100% LTV.




> agreement. Even if they had solid mortgages, they've given away their future profits to HOOPP, so no one wants to invest. I don't see any correlation here with Genworth's insurance business.


The 'correlation' is that RE prices have been stagnating (and are now falling) since 2013, hence, there is systemic overstatement of LTVs at most Canadian lenders if they are using the Realtor transactional averages, rather than more realistic assessments of the market.

Teranet, lol, Teranet's methology means that they can lag literally years behind reality. Not a reliable or credible measure for real-time price changes, that's for sure.

Lots of unemployed/underemployed RE industry participants on the Internet these days trying to cast a completely false narrative of appreciation in the post-peak era. Don't underestimate the lengths to which the RE sell side propaganda machine will go to cast a false narrative.


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## Henry Good (May 28, 2017)

mark0f0 said:


> No, there has been no appreciation. The sales mix has shifted, but individual identical houses have not changed price in the past few years since the 2013 apex. The peak was marked by Flaherty's changes to subprime mortgage insurance in Canada. Places like Calgary peaked even earlier (2011 for Calgary).
> 
> 
> 
> ...


What complete and utter nonsense. There are 40 year old condos in Vancouver selling for close to $1,000/ft2. This was certainly not the case 4 years ago. Assessments have gone up big time, and the majority of units are selling over assessment. Don't talk about reality when you're living in a alternate one.


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## golfdude (May 26, 2017)

Looks like it might get to the $29.xx target today. On poorly received May real estate sales, I would look for a drop to $26.xx by the end of next week. Stocks that can be viewed as a proxy for real estate sentiment seem like they could be poised to detach from otherwise good fundamentals.


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## golfdude (May 26, 2017)

Wow, I missed the boat on that one. Up big today I guess on the Buffett/HCG news. I never thought this should have been taken down when HCG got hit but I don't think the r/e bear news cycle is over. Still watching this for a possible entry.


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## newfoundlander61 (Feb 6, 2011)

Extra/Special Amount: $1.45 
Ex-Date: 09/25/2019	Days Until:9
Payable Date: 10/11/2019	Days Until: 25


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## Money172375 (Jun 29, 2018)

Does anyone hold this? I placed an order to sell at $44 but it was cancelled. It still shows in my account but I can’t trade it.

yet, it appears, the ticker is still active, even though it’s been purchased by Brookfield. 

any explanation?


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## Spudd (Oct 11, 2011)

Money172375 said:


> Does anyone hold this? I placed an order to sell at $44 but it was cancelled. It still shows in my account but I can’t trade it.
> 
> yet, it appears, the ticker is still active, even though it’s been purchased by Brookfield.
> 
> any explanation?


I suspect the transfer to Brookfield is underway. It looked normal in my account a few days ago (I don't know if I looked this week) but today it is just there with no buy/sell buttons. I imagine the money will replace it soon.


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## Money172375 (Jun 29, 2018)

Spudd said:


> I suspect the transfer to Brookfield is underway. It looked normal in my account a few days ago (I don't know if I looked this week) but today it is just there with no buy/sell buttons. I imagine the money will replace it soon.


I figured that, but it’s still trading according to yahoo finance. I was hoping to score a few extra bucks at $44


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## Money172375 (Jun 29, 2018)

Now, how to deploy the funds? Ideas for a good dividend payer (4%) with some long-term growth potential?


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## Spudd (Oct 11, 2011)

Money172375 said:


> Now, how to deploy the funds? Ideas for a good dividend payer (4%) with some long-term growth potential?


I like Manulife (MFC) at the moment. It has good growth and low P/B.


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## Spudd (Oct 11, 2011)

Money172375 said:


> I figured that, but it’s still trading according to yahoo finance. I was hoping to score a few extra bucks at $44


I looked into it a bit more and it seems like they're changing their name today. TD seems to be having an issue with it. If I search for the stock ticker directly there are buy/sell buttons on there, but not inside my list of stocks in my account. I am guessing it will be back to normal (with the new name) tomorrow but of course I don't know. 

Are you also with TD?


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## Money172375 (Jun 29, 2018)

Spudd said:


> I looked into it a bit more and it seems like they're changing their name today. TD seems to be having an issue with it. If I search for the stock ticker directly there are buy/sell buttons on there, but not inside my list of stocks in my account. I am guessing it will be back to normal (with the new name) tomorrow but of course I don't know.
> 
> Are you also with TD?


Yes. If that’s the case, I would have hoped my order would have remained.


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## Money172375 (Jun 29, 2018)

Still can‘t trade this thing today and no messages on TDDI


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## Money172375 (Jun 29, 2018)

Any insights into when this sale is going through?


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## doctrine (Sep 30, 2011)

First half of 2021. Based on the stock price, I'm guessing it will close within weeks.


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## Money172375 (Jun 29, 2018)

This should close on Thursday April 1.



https://ca.finance.yahoo.com/news/turquoise-hill-announces-increased-2021-204500957.html


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## Money172375 (Jun 29, 2018)

Deal closed. Delisting expected to occur Apr 6.


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## Money172375 (Jun 29, 2018)

Delisted today.


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## Mortgage u/w (Feb 6, 2014)

Yes, Genworth Canada was sold to Brookfield and renamed to Sagen.

My position got sold and I'm looking for a solid replacement. Any suggestions? 

Starting a position today when equities are at an all-time high makes me nervous. Any bargains out there?.


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## Money172375 (Jun 29, 2018)

Mortgage u/w said:


> Yes, Genworth Canada was sold to Brookfield and renamed to Sagen.
> 
> My position got sold and I'm looking for a solid replacement. Any suggestions?
> 
> Starting a position today when equities are at an all-time high makes me nervous. Any bargains out there?.


I bought some Bell. Probably will be flat for awhile, but the dividend is nice.


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