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Jack Mintz responds to OSC Vice-Chair - Consultation not a substitute for research

Posted By Jacoline Loewen, December 11, 2014
Updated: December 15, 2014
The private capital market is getting attention from Jack Mintz. The Financial Post had an interesting article regarding the open debate happening between Jack and the Vice-Chair of the OSC. read article in full.


 In an “open letter” dated Dec. 9, 2014, the vice-chair of the Ontario Securities Commission James E.A.Turner wrote to Jack Mintz, Director and Palmer Chair at the School of Public Policy, to comment on Mr. Mintz’s criticisms of the OSC proposed restrictions on exempt market issues.

Mr. Turner’s letter, possibly unprecedented, amounts to a specific criticism of research work by outside experts. 


Jack Mintz wrote: “I believe the Ontario Securities Commission is following a prudent path in creating an Offering Memorandum regime similar to those in Quebec, Alberta,..."


...Ontario is also considering imposing new restrictions on the exempt market that have not existed before. Particularly, the $30,000 cap on individual investments.


Jack continues...I remain concerned that this cap could do more harm than good by inhibiting business capital financing, especially for better companies. Further, there remains an absence of empirical evidence that a ‎cap is needed at all. Before imposing a cap like this, it is important to take a step back, gather empirical data, and understand the potential impacts of a cap on investment into the exempt market.


Do read the rest. Well worth the time.

Tags:  compliance  EMD  Jack Mintz  Jacoline Loewen  OSC  Wealth 

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New tool for corporate finance

Posted By Jacoline Loewen, December 11, 2014
Updated: December 15, 2014

One issue for EMDs is having the marketing materials for their website and for follow up emails to stay in touch. The issue is that it takes a great deal of time to create professional white papers or ways to get prospects to click on your website for more information.


I just met with friend and colleague John Warrillow about a new tool called The Sellability Score. The tool evolved out of his best selling book Built to Sell: Creating a Business That Can Thrive Without You. John and his team license The Sellability Score to M&A professionals who use it as a deal flow and deal vetting tool. You can request a free product demonstration here:


This is a high level tool and John has been through the selling of his own company which boosts his credibility factor. Here's a few of his quotes from his case study:


"Getting prospects to line up at your door, particularly prospects that are either

willing to pay top dollar or will generate top dollar for your firm, requires the

same things that it has always required. You have to be able to get their

attention, demonstrate your expertise, and deliver value in your relationship

with them – as early as possible. And that’s what builds trust – we call it “the

velocity of trust.” So the earlier you can do those three things the faster you

will build trust."


"The old way of doing that – to initiate the process – was golf, lunches and

multiple meetings. And those are still valid – it’s just not where the

relationship usually starts these days. And that’s where things like Google

Hangouts and The Sellability Score come in."

Tags:  finance 

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Money: Master the Game

Posted By Jacoline Loewen, November 26, 2014
Updated: November 26, 2014

“Money: Master the Game” by self-help guru Tony Robbins is a 600-page book that purports to provide the reader with the tools and understanding needed to become financially independent by following seven simple steps. This is a bold topic for Robbins, considering it’s not his area of expertise. There’s a lot to like about the book, but I came away feeling conflicted.


Money isn’t a “game,” and people like me who are professionals in this industry think it’s important to not only take this stuff seriously, but to get the details right in a fully transparent manner. So let’s explore the text:


The book is filled with contradictory strategic investment commentary. Robbins stresses the importance of using passive index funds, but also explains the importance of asymmetric returns and active strategies. He interviews supposed “insiders” who have totally contradictory approaches (stock traders, activists and indexers), while putting many high-fee hedge fund managers on a pedestal. He even cites his own market-timing calls over the years as if that adds any value to the text without mentioning that he has made some horrible stock market calls (see here for instance). You come away thinking that these high-fee active managers are geniuses, but then you’re told at points that high-fee active managers are useless. Again, the commentary seemed to contradict itself consistently.


He does discuss one specific investment-allocation approach in great detail. He holds the Ray Dalio “All Weather” strategy up as if it’s some sort of genius asset allocation, but “All Weather” is not really Dalio’s All Weather approach. In fact, it is nothing more than a cookie-cutter bond-heavy asset allocation. Robbins refers to it as a “never-before-revealed” strategy, but the All Weather strategy has been well-documented and is even replicated by many fund companies. But the Tony Robbins portfolio, which Dalio himself says is vastly oversimplified, is just a bond-heavy allocation that performed well over the 30-year period when bonds were in a bull market. Granted, you could do worse than this approach, but the way Robbins presents the strategy, you’d think Dalio has offered up some Holy Grail for investing or a secret that he has never disclosed. But that’s not the case.


Robbins promotes structured notes, annuities and market-linked CDs throughout the book, stressing “guarantees” in the products. Well, you pay for those guarantees. There is no free lunch here.

Tags:  finance  investment  money  private capital 

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