September 25, 2015 Newsletter

Dear Friends,

Tangents:

I read this article in today’s Wall Street Journal; thought it worth sharing:

The Power of Prayer—and Chemotherapy

‘Repair enzymes’ fix damaged DNA in cells. Talking to God can repair damaged souls.

By 
KIRK J. ZACHARY

When he was 8 years old, my son, Noah, a true-blue New York Yankees fan, visited his pediatrician for a physical exam before starting day camp. His doctor found a lump in his neck.

The evaluation began with a chest X-ray, which showed a mass; the CT scan confirmed a large lesion in his chest. As a physician, I prayed to God that it would be tuberculosis. Perhaps I was the only doctor ever to ask God to give his son tuberculosis. The biopsy revealed Hodgkin’s disease, a form of lymphoma, and I quickly began to pray for my son’s life. A deep, gut-penetrating fear seared through my body.

Tefillah is the Hebrew word for prayer. The Torah, also referred to as the Old Testament, begins with: “When God began to create.” And how did God create? With words. Genesis 1:3 “God said ‘Let there be light’; and there was light.” Genesis 1:26 “God said: ‘Let us make man in our image.’ ” Thus, we see that God used words to bring all that we know into existence.

For those who aren’t sure about God or don’t believe, as the recently deceased author and neurologist Oliver Sacks wrote: “Who cared if there was really any Being to pray to? What mattered was the sense of giving thanks and praise, the feeling of a humble and grateful heart.” As God used the power of his words to create, we use the power of our words to connect with God through prayer.

A small walk-in closet in my bedroom became my private sanctuary for both prayer and crying, mostly loud, weeping wails. It felt good to release the pain and fear—the pain of being a physician who still couldn’t protect my only son from cancer; the fear that he would not survive.

I prayed for Noah every day. I believe everyone prays to the same God. He is like a diamond that reveals different facets to different faiths and people, at different times. Prayer is a wireless call to God; sometimes it’s a one-way conversation. God is listening but he may not always provide an immediate response. That is part of the process.

Chemotherapy, smart doctors and prayer saved my son. My private talks and my private yelling at God, however, saved me. I felt anger and betrayal. How could God let this happen to my son, my only son. I screamed at God and to him. The rants ended in my quiet prayers to God for Noah’s healing. These things came together to treat his Hodgkin’s disease. Chemotherapy alone, prayer alone . . . neither would have been enough.

As sunlight damages the cells in skin, souls are done in by the travails of everyday life. Prayers can be solitary, but prayers from a church, mosque or synagogue are from a community. There is strength and support when you pray as a congregation. You are not alone; you are with like-minded people and with God.

Early in my career, I worked with New York University’s Dr. George Teebor, who researched DNA repair mechanisms. When a carcinogen or radiation injures the DNA in cells, innate repair enzymes attempt to repair the damage. If this process fails, the cells may turn malignant. As DNA repair enzymes work to heal cellular damage, prayer can repair damaged souls.

In 2007, I listened to Rabbi Ken Stern’s High Holiday sermon at New York’s Park Avenue Synagogue. Rabbi Stern was a caring and compassionate teacher. From the pulpit he spoke about prayer, asking the congregation: “Is God listening? Does God hear our prayers? Do our prayers make a difference? If you want to win the lottery, you must first purchase a ticket. If you want God to answer your prayers, you must first pray.”

He went on: “God gave man free choice and free will. So God can direct, guide and help, but not control everything,” Rabbi Stern said. “Prayer is not a magic bullet; prayer has other purposes besides petition: It is meant to help us become better people through our encounters with God.”

Earlier this week at Park Avenue Synagogue, during Yom Kippur services, Rabbi Neil Zuckerman taught that prayer can be transformative. He said that we remind both God, and ourselves, that “repentance, prayer and charity” can cause positive changes in our lives.

In the middle of Noah’s chemotherapy, I prayed for his survival. God heard my prayers for Noah. Twenty years later, Noah is married, works in public relations and is on the board of the nonprofit Stupid Cancer, an organization to support young adults affected by cancer.

Different religions have different routes to the same destination: being close to God. If you believe in God, prayer is how we talk with him. It links us with generations past and present and with those to come. If you do not believe in God, prayer can hedge your bet, prayer can crystallize your thoughts and hopes and your fears. Prayer is among your best hopes for becoming a better human being. Prayer can be the self-repair for the world of damaged souls.

Dr. Zachary is a physician in New York City.

PHOTOS OF THE DAY

A Virginia creeper covers the 15th century tea rooms in Llanrwst in Conwy, Wales, Friday Rebecca Naden/Reuters

A woman, wearing a sprout like a hairpin, makes her way in Beijing, China on Friday. Wearing antenna-styled hairpins in the shape of various flowers and plants at scenic spots has become a new trend in Beijing. Kim Kyung-Hoon/Reuters

Pope Francis places a white rose at the south pool of the 9/11 Memorial Friday in New York City. John Minchillo/AP

Market Closes for September 25^th, 2015

International Markets

Bonds

Currencies

Commodities

Market Commentary:

Canada

By Eric Lam

     (Bloomberg) — Canada stocks snapped a three-day slump as gains among the largest banks and industrial companies offset a decline in health-care and data showed the U.S. economy expanded more than previously forecast.

     Canadian equities added 0.3 percent, paring an earlier advance of as much as 1 percent in the final two hours of trading. Valeant Pharmaceuticals International Inc. tumbled to a four-month low to join a slump among U.S. health-care stocks as the Nasdaq Biotechnology Index plunged into a bear market. Bombardier Inc. soared 9.6 percent as industrial stocks rallied 1.7 percent as a group.

     The Standard & Poor’s/TSX Composite Index rose 39.90 points to 13,378.57 at 4 p.m. in Toronto, paring a weekly decline to 2 percent. The index is headed for a fifth straight monthly drop and its worst quarter in four years.

     “It’s a rotation,” said Ian Nakamoto, director of research with MacDougall MacDougall & MacTier Inc. in Toronto. His firm manages about C$5.3 billion ($4 billion). “It’s been such a winner, the health-care sector. Now that the Fed has said rates will increase people will move back into financials.”

     A gauge of developed and developing markets advanced for the first time since the Federal Reserve declined to raise interest rates at a policy meeting last week. Chair Janet Yellen, speaking in Massachusetts Thursday, said the central bank was prepared to raise interest rates in 2015 at a gradual pace to allow more Americans to find work.

     Toronto-Dominion Bank and Bank of Nova Scotia advanced at least 0.9 percent to lead financial-services stocks higher. The S&P/TSX Banks Index gained 0.9 percent, halting a three-day retreat.

     Valeant declined 4.9 percent for a second day of losses, to a May low. The drugmaker, the largest in Canada, has slumped 13 percent in September for the biggest monthly retreat since August 2011. The Nasdaq Biotechnology Index has lost 13 percent this week after a tweet from Democratic presidential candidate Hillary Clinton suggested there may be “price gouging” in the pricing of prescription medicine.

     Global markets advanced, with the MSCI All-Country World Index rising 0.5 percent for the first increase in six days, paring an earlier advance as U.S. shares declined.

     The U.S. economy rose at a 3.9 percent annualized rate in the second quarter revised from a prior estimate of 3.7 percent, boosted by gains in consumer spending and construction, according to a government report.

     Canadian equities are among the worst-performing markets in the developed world this year, led by declines among raw- materials and energy producers of at least 22 percent, amid plunging oil prices and uncertainty about global economic growth, especially in China. China is Canada’s second-largest trading partner after the U.S.

     Suncor Energy Inc. added 1.7 percent and Canadian Oil Sands Ltd. increased 2 percent as energy stocks rose 0.5 percent as a group. Oil rose in New York, advancing for a second week on signs retreating supply will begin to pare a global glut.

     BlackBerry Ltd. sank 7.7 percent for a seventh day of losses that put it at the lowest since June 2014. The company reported a wider second-quarter loss than analysts estimated as smartphone shipments fell to the lowest since at least 2007.

US

By Joseph Ciolli and Lu Wang

     (Bloomberg) — The Standard & Poor’s 500 Index closed little changed, with the benchmark declining for a second straight week, as a selloff in biotechnology stocks thwarted a rally led by Nike Inc.

     A rebound in U.S. stocks, fueled by reassuring statements from Federal Reserve Chair Janet Yellen and Nike’s better-then- expected earnings, was eventually undermined Friday by a snowballing drop in biotechs. The Nasdaq Biotechnology Index fell into a bear market amid its worst weekly decline in four years. Banks, meanwhile, had their best day in more than two weeks, rising along with bond yields.

     The Standard & Poor’s 500 Index fell less than 0.1 percent to 1,931.34 at 4 p.m. in New York, after erasing an earlier 1.1 percent climb.The Nasdaq Composite Index lost 1 percent, wiping out a 1.1 percent advance. The Dow Jones Industrial Average gained 113.35 points, or 0.7 percent, to 16,314.67, supported by gains in Nike and JPMorgan Chase & Co.

     “Health-care was kind of the stalwart and we’re starting to see cracks in leaders,” said Channing Smith, a managing director at Capital Advisors Inc. in Tulsa, Oklahoma. The firm oversees about $1.6 billion. “When you see that, it’s one more reason to step back and be cautious.”

     Equities were initially boosted after Federal Reserve Chair Janet Yellen said in a speech following the close of markets yesterday that the central bank is on course to raise interest rates this year. Yellen’s remarks bolstered confidence the economy is sturdy enough to handle higher borrowing costs. She acknowledged that economic “surprises” could lead policy makers to change that plan.

     The Fed held its fire on a rate increase last Thursday, saying it’s considering spillover risks to the U.S. economy from turmoil in global markets. That sparked declines in U.S. equities in five out of six sessions prior to Yellen’s speech. The selloff was briefly interrupted on Monday when Fed officials said a 2015 increase is still warranted. Traders are split on whether it will happen, pricing in about a 43 percent chance of a hike in December and a roughly 51 percent probability of liftoff in January.

     The S&P 500 lost 1.4 percent this week, and posted its first back-to-back weekly drop since July. The benchmark has lost 6.4 percent in the third quarter, on track for its worst performance and first consecutive quarterly declines since 2011, with equities pressured as China’s slowdown weighed on sentiment.

     Amid the intensified weakness in stocks, the Chicago Board Options Exchange Volatility Index has closed above 20 for 25 straight sessions, the longest stretch since January 2012. The measure of market turbulence known as the VIX rose 0.6 percent Friday to 23.62, after earlier erasing an 11 percent drop.                        

     Calming some worries about the impact of an emerging-market downturn, data today showed the world’s largest economy expanded more than previously forecast in the second quarter. Growth was boosted by gains in consumer spending and construction. A separate report showed a final measure of consumer sentiment for September fell less than forecast, though it reached the lowest level in almost a year.

     Seven of the S&P 500’s 10 main groups rose Friday, with financial, consumer staples and utilities shares gaining the most. Health-care companies slid 2.7 percent to the lowest in almost 11 months.

     Biotech shares were a drag on the broader health-care group amid biotech’s longest losing streak in four years. The Nasdaq Biotechnology Index lost 5.1 percent, and is down 22 percent from an all-time high on July 20. The group has stumbled since Democratic presidential hopeful Hillary Clinton suggested on Monday there may be “price gouging” in the market for prescription pills. Celgene Corp. and Mylan NV lost more than 4.2 percent.

     Managed-care companies and insurers added selling pressure to the health-care sector. The SPDR S&P Health-Care Services ETF slipped 2.8 percent, extending its two-day loss to 4.5 percent. The fund fell 4.9 percent for the week, the most in more than three years.

     “It’s a rotation,” said Ian Nakamoto, director of research with MacDougall MacDougall & MacTier Inc. in Toronto. His firm manages about C$5.3 billion ($4 billion). “It’s been such a winner, the health-care sector. Now that the Fed has said rates will increase people will move back into financials.”

     Financial companies in the benchmark gauge climbed 1.5 percent as 81 out of 88 companies increased. E*Trade Financial Corp. and Northern Trust Corp. added more than 2.6 percent as investors speculated higher interest rates will help boost profitability. The KBW Bank Index rose 2 percent as 23 of 24 firms gained. U.S. Bancorp and Citigroup Inc. increased more than 2.2 percent.

     Consumer discretionary companies finish little changed, despite Nike’s 8.9 percent jump to a record after its earnings beat estimates, helped by higher prices and a lower tax rate. Worldwide futures orders rose 17 percent at the globe’s largest maker of athletic gear, exceeding analysts’ estimates, with order growth in Europe, China, Japan and emerging markets also topping projections. That’s soothed shareholders, who have seen shaky overseas economies and currency fluctuations threaten sales.

     Nike competitor Under Armour Inc. gained 1.4 percent. Among other consumer discretionary shares, a handful of automotive- related companies rebounded from a three-day losing streak amid the fallout from the Volkswagen AG diesel-emissions scandal. BorgWarner Inc. and Goodyear Tire & Rubber Co. rose more than 1.8 percent.

     A rally among a swath of food manufacturers paced gains in consumer staples. Kellogg Co., Hormel Foods Corp. and Campbell Soup Co. all rose more than 1 percent. Reynolds American Inc. climbed 2.1 percent, on track for its best day since July, as people familiar with the talks said Japan Tobacco Inc. is in talks to buy cigarette assets from Reynolds.

     Pier 1 Imports Inc. slumped 12 percent to an almost five- year low after cutting its fiscal 2016 profit forecast. The retailer said sales growth has been below expectations, and margins have been hurt by increased promotional and clearance activity.

Have a wonderful weekend everyone!

Be magnificent!

You have to stand against the whole world although you may have to stand alone.

You have to stare the world in the face although the world may look at you with a bloodshot eye.

Do not fear

Trust that little thing in you which resides in the heart and says:

forsake friends, wife, all, but testify to that for which you have lived and for which you have to die.

Mahatma Gandhi

As ever,

Carolann

Man is free at the moment he wishes to be.

                            -Voltaire, 1694-1778

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM

Portfolio Manager &

Senior Vice-President

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7