The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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Making sense of the markets this week: February 1, 2021
– moneysense.ca
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors. Redditors took on hedge funds—and won!
Not to be outdone, the year 2021 turns to 2020 and says “hold my beer.”
Just when you thought that things couldn’t get any loopier, along comes the story of the week: An army of retail investors organized on Reddit to force hedge funds out of their market positions using trades on GameStop stock (GME).
Here’s the backstory. As you may know, Reddit is an online chat platform with a strong bent to personal finance and investing topics. The topics are organized in forums. One such forum is WallStreetBets, now known as WSB for short. Many members of WSB decided to take on hedge funds that will bet against stocks—it’s calling shorting. When you short a stock you profit when the stock price goes down.
Here’s the shorting process simplified (there’s also a good explanation and graphic in this post):
Borrow stock shares from a broker/dealer…
