I’m listening to a podcast called the Loonie Hour. The current episode discusses Venezuela and the rationale for US activities there. It’s interesting. But at the end of the podcast, they rant about the future of Canada and the role it can play. None of these guys plays the long game. It’s all about the short-term impacts of events on the markets. The reason I am mentioning this is how it relates to personal financial planning.
You would think that Canada is now poised to become a great power because of its vast natural resources. They talk about Venezuela and the billions and the years that it would take to rebuild their oil industry. But they gloss over the fact that the same rationale applies to Canada. Yes, Canada has abundant natural resources. No, Canada does not have the billions needed to develop them. The capital market isn’t big enough, and I don’t believe that the risk appetite is here for these kinds of ventures. Never mind the politics.
These guys seem to be thoughtful. But they are short-term focused and are too young to understand that, in the end, the long game is the important one. Sigh!