June 20, 2022 Newsletter

Dear Friends,

Tangents:
Brian Wilson turns 80 today.
1948: Ed Sullivan Show premiers.
1975: Steven Spielberg’s thriller Jaws is released in theatres, and it is a huge success, essential creating the genre of summer blockbusters. It was the first major motion picture to be shot on the ocean.  As the art department’s mechanical sharks often malfunctioned, Spielberg decided mostly to suggest the shark’s presence, employing an ominous and minimalist theme.
1997: The tobacco industry agreed to a massive settlement in exchange for relief from mounting lawsuits and legal bills. Go to article »

It’s Juneteenth today – US markets closed.
How did Juneteenth get its name? Last year, it became the newest federal holiday in the United States, although it has been observed in Texas and nearby states since 1866.
Juneteenth commemorates the day that enslaved people in Galveston, Texas, finally heard the news of their liberation. President Abraham Lincoln had signed the Emancipation Proclamation in 1863, declaring that “all persons held as slaves” were henceforth free. It took until the summer of 1865 for the news, and Union troops, to arrive in Texas. Maj. Gen. Gordon Granger gave the tidings on June 19, to much rejoicing. This day quickly became an unofficial, then official, state holiday.  
Juneteenth is an interesting word, as it looks like one of the ordinal numbers, which designate a position in a series, such as eighth or 15th. (Cardinal numbers like 8 refer to quantity.) Here, though, the -teenth ending is stuck on the name of a month. According to historian Annette Gordon-Reed, the word is exactly what it looks like: a contraction of the month and day (June 19) when General Granger made his announcement. Historian Leslie Wilson hypothesizes that the vagueness of -teenth might be intentional, to symbolize the way liberty was experienced, piecemeal, on different days as the news spread. 
Though the holiday was immediately popular, the name Juneteenth wasn’t settled on for decades. An 1888 El Paso newspaper called it a “jubilee,” which, since the 14th century has come to mean “exultant joy … public rejoicing.” Originally, though, the jubilee was the culmination of the 50-year cycle described in Leviticus, a year of “emancipation and restoration,” as Merriam-Webster puts it, when enslaved people would be set free. 
Other names for the holiday were quite formal. An 1898 Brenham, Texas, paper reported on the Manumission Anniversary, while other cities marked Emancipation Day. Both of these words come from the same Latin root – manus (“hand”) signifying the authority of a father or a master. To manumit (manus + mittere) literally means “to release from the hand” – in Roman times manumittere referred to setting an enslaved person free from bondage. Manumission was used when the head of the family freed one of his enslaved people. Emancipation was when the head of the family freed one of his own adult children or his wife. They weren’t slaves, exactly, but they weren’t totally independent, either, being under his legal control. 
Though all these names were used for the holiday in the past, Juneteenth is unique, invented by formerly enslaved Texans celebrating their newfound freedom. Happy Juneteenth!
                                                                                                                                                                                              -by Melissa Mohr Contributor, CS Monitor.

Someone paid $19 million for a steak lunch with Warren Buffet.  Well, as Warren Buffet once said, “The best investment you can make is in yourself… the more you learn, the more you’ll earn.” 

Prince William shares heartwarming Father’s Day photo.  Check out this casual photo of Prince William on dad duty! So adorable.
PHOTOS OF THE DAY

People practising yoga at a park in China’s northern Hebei province before International Yoga Day on Tuesday
CREDIT: AFP/Getty Images

Members of the Afghan ninja team Kabura Vahdet
CREDIT:  Fatemeh Bahrami/Anadolu Agency/Getty Images

A fisher at work in the flood-affected Morigaon district. According to state government officials, more than 200,000 people were being sheltered across 744 relief camps, while at least 30,000 others were evacuated, as the death toll from floods and landslides in the state rose to at least 73
CREDIT: EPA

Market Closes for June 20^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
The most important lesson in investing is humility. -John Templeton.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian banks and oil companies surged Monday and contributed most to a broad rally that lifted almost all the sectors in the S&P/TSX Composite Index.
The index posted its biggest rally since June 2, rising 1.3% to 19,183.63.
Suncor Energy contributed most to the index gain, rising 4.6% after RBC Capital Markets upgraded the stock.
CargoJet posted the biggest percentage gain, rising 11% after Scotiabank raised to sector outperform.
Today, 188 of 239 shares rose, while 44 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 11 times. The next day, it declined six times for an average 1.3% and advanced five times for an average 0.5%
* This quarter, the index fell 12%, heading for the biggest decline since the first quarter of 2020
* This month, the index fell 7.5%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index lost 14% in the same period
* The S&P/TSX Composite is 13.6% below its 52-week high on April 5, 2022 and 2.1% above its low on June 17, 2022
* The S&P/TSX Composite is down 2.8% in the past 5 days and fell 5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.9 on a trailing basis and 11.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.03t
* 30-day price volatility fell to 19.64% compared with 21.01% in the previous session and the average of 20.51% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 81.8668| 1.4| 28/1
* Energy | 64.4083| 1.9| 34/3
* Materials | 27.1714| 1.1| 22/27
* Communication Services | 24.6247| 2.6| 7/0
* Industrials | 23.8410| 1.1| 24/3
* Information Technology | 12.7720| 1.3| 13/1
* Consumer Discretionary | 10.8230| 1.8| 13/0
* Real Estate | 8.6323| 1.8| 23/0
* Consumer Staples | 6.7606| 0.9| 9/2
* Health Care | 0.8254| 1.1| 7/0
* Utilities | -1.2987| -0.1| 9/6
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* Suncor Energy | 19.8400| 4.6| -52.1| 47.7
* Nutrien | 14.6800| 3.6| -62.7| 17.8
* Royal Bank of Canada | 14.0400| 1.2| -68.0| -6.2
* Parex Resources | -1.0660| -5.6| 100.3| 3.7
* Agnico Eagle Mines | -1.9760| -1.0| -81.6| -2.6
* Brookfield Infrastructure | -2.3010| -1.5| -47.4| -6.3
US
US Markets are  closed.

Have  a lovely evening.

Be magnificent!
As ever,

Carolann

Wisdom is founded on memory; happiness on forgetfulness. –Mason Cooley, 1927-2002.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com