Max Wark

@farwell_WR Capitalism does not fail when paired with a pure democracy. Capitalistic principles brought down feudalism and fostered Rule of Law. Capitalism wobbles, however, when the invisible hand is slapped by intervention by the most invested in that marketplace.

@MaxValuations the redistribution through share price and dividends only benefits those with shares, though. Let's not kid ourselves into thinking government intervention is the only reason capitalism fails.

@farwell_WR "because if we don't have enough wealth in the economy then we can't redistribute the proceeds." And then you argue for price controls on gas in your monologue. Pick a lane, Farwell, pick a lane.

@farwell_WR Your version of capitalism peaked under The Competition Act of 1985 and it's been watered down ever since, regardless of amendments. Capitalism is near perfect when it benefits the "lowest invested interest", not the most invested interest. 2/2

@farwell_WR Banks. Airlines. Grocery stores. Telecommunications. Concert tickets. Pick any. The redistribution happens now via share price and dividends. Your argument is not rooted in the imperfection of capitalism but rather the mechanisms governments pull for votes. 1/2

@jshmuel Doug Ford will likely go down as the best politician to politic externalities without actually addressing the issues therein in Canadian history (honourable mention to McGuinty who created solutions to non-Ontario problems)

When does this start actually impacting the politician that has run the province for 8 years?

@farwell_WR If this isn't THE election issue in October then we, the electorate, deserve what we get.

What I like most about the new cart-based system for waste collection in the region is that we took a system that was working well, and made it demonstrably worse.

@GavMcCracken @ChaosOptions @calvinfroedge I don't know much about all this Boiler Room chatter but I can attest to stealing $APM.TO in mid summer and going 3x this far. Shrug.

You're right. I made my millions by hitting a 15x in 2020 while I had no social media. Another 10x across 2022-2023 when I had 100 followers on twitter. And my first tweet on $APM.TO back in April 2025 got 4 likes, so I still wasn't pumping penny stocks! Yet through that period, I got > 1500x returns on my net deposits, while being paid 18k/yr MSc salary until I recently started my PhD at 25k/yr.

Am I pumping a penny stock with no real value? I think this company can become a mid tier gold producer. Their flagship mine came online with no dilution since 2021 and is now in operation and should produce revenue by April. Do the work and tell me what you think.

@ExnerPirot @saltynutbutter From The Loonie Hour to here, you have the most accurate takes for someone not in a war room.

@saltynutbutter Rather, I expect this could be a means for the Trump network to engage in corruption and grift and control who gets to rebuild the VZ oil sector. I don’t think it will have best-in-class procurement guidelines. Very 1991 feels!

My two cents on the impact of Venezuela for the Canadian oil sector: -Mildly bullish in the short term as Venezuela has shut in heavy oil production amidst the chaos -Capital is cowardly and shy and I don’t think Venezuela will be a particularly attractive destination for a while. It has experienced poor governance and corruption for a long time, has a history of nationalizing industry, and there will be a large socialist faction even more radicalized against the USA. I think Brazil, Guyana and GoM are still more important competitors for capital -Another reason why we should build a NW BC pipeline to Asian markets in the medium term -Most Canadian oil goes to the Midwest, not the Gulf, although a faster than expected Venezuelan recovery would be bad for the WCS differential

@GavMcCracken I'll leave the TA to you while I let the stallion run. I only play with a pittance anyway. Just, thanks, man!

@MaxValuations more to come, bull flag breakouts of this size typically last for a few weeks with most days being green, and a few red sprinkled in.

I'm criminally under followed. Probably the highest alpha account on fintwit for 2025.

@GavMcCracken 8% so far (GREAT balance sheet and cash flow analysis, appreciate). Thanks!

Craziest thing is I'm pretty sure everyone else is making more money off my ideas than I am since McGill hasn't paid my miniscule 25k/yr PhD stipend 8/12 of the last month's 😂😭

Thanks a lot! I'm just trying to (hopefully) help others while I challenge myself with the hardest thing I think there is to test myself in: the free market.

@grok @grok how can you be sure, my friend?

@MaxValuations The most famous person to visit your profile is Elon Musk.

Hey @grok, who was the most famous person to visit my profile? It doesn't need to be a mutual, don't tag them, just say who it was.

Your monthly reminder from CMHC that residential construction starts have halved (-45%) from 2024 in southern Ontario. And 2024 was already anemic.

@danielfoch Wish this report highlighted the suburbs and exoburbs instead of just "the big 6" cities. Canadians will be on the hook for all the upside down multi-units in the 905, 519, 705 until 2075 (only my opinion).

Government-insured purpose built rental housing starts are surging in Canada. The majority of these projects are using 50-year amortizations to work. (CMHC MLI Select is by far the leading mortgage type) While this is a huge win for supply and affordability, it deserves a lot of caution for investors. Investors can cash flow a yield-on-cost in the 4% range with this product - this has kept multifamily values propped up artificially. It allows investors to do this because they're paying way less principal each year, reducing their mortgage payment. They also only need a DSCR (debt-service coverage ratio) in the 1.10 range, which means the asset only needs to be 10% cash-flow positive. On top of that, these loans allow downpayments as low as 5%. This means the margin for error on these projects is very small, and the risk exposure is very large relative to equity. These projects make sense (or made sense) in an environment when rents and valuations were rising, and vacancies were falling. The investor (and CMHC) would shoulder the risk for a 5- or 10-year term and then hopefully have equity built up after that from increasing valuation via rent growth, and a small amount of principal paydown. CMHC acknowledged this risk and implemented the rental achievement holdback, where they will reduce your loan if your income is lower than you forecasted on your application. For example if your NOI is 80% of your forecast, your loan will drop accordingly. This trapped a lot of investors who underwrote forecasted incorrectly. This is fine for big investors with staying power (who the product is designed for). It has become a big problem for small investors who were buying into these deals because they could do it with 5% down. So they also reduced this risk by increasing the liquidity requirement. Many of these projects can and will create generational wealth. Just as many of them will destroy it. If you turn this into the next precon market, it will end in the exact same fashion as the last precon market.

@VasCityEstates I think the chart is slightly off, just looking the replies on the original thread. That said, the condo stock skews any comparators. It will anchor to wages in another 18-24 months, with another 12-15% drop still to go.

Curious what most people take away from this chart? Thanks for putting this together @xelan_gta First thing that comes to mind is we are scraping the bottom, and our worst case is further downside of ~7% at most...otherwise flat or recovery? x.com/xelan_gta/stat…

The end of self-determination of the worker.

Western Canada Select is sold at a discount to the US. What will the discount be for the Ring of Fire? O Elbows, Elbows, where art thou, Elbows?

@farwell_WR I guess we'll know next year!

@MaxValuations I just don't see how banning sales is going to solve it

"The city received 79 fireworks-related complaints in 2024." And for this Cambridge might also ban the sale of fireworks? How many complaints about property taxes being too high? Can we ban those, too?? cambridgetoday.ca/local-news/cam…