Northern Georgian Bay
Much of this summer was spent travelling around Northern Georgian Bay, one of the best fresh-water cruising areas in the world. Within an hour from the marina where our boat is based, we can drop the anchor in a wilderness bay - the only neighbours are mink, beaver, Sandhill Cranes, the occasional black bear and the rocks and trees. It is an idyllic place, but one where navigational hazards of various types can quickly bite the unprepared or unobservant.
I've gotten into the habit of taking early morning kayak trips while we are anchored out. One morning, I got up close to a Sandhill Crane. He took exception to my presence and squawked for several minutes, ducking behind rocks and trees, reappearing from time to time to check me out. I heard a rustling in the reeds, a looked back to see this fisher not more than 10 metres away. He showed no fear and I had the sense that, for a moment, he was appraising the situation from the viewpoint of one who occupies one of the top spots in his community. It was a privilege to have this experience - one which will be remembered for a long time to come. Next year, I plan to "settle in" in that spot and do some calling to see if I can lure him in. As you can see, these creatures are real killing machines: very athletic and well armed with sharp teeth and claws.
Paradiso is more or less a floating kayak platform. It's perfect for our needs: no need for a generator while at rest due to energy efficient retro-fits and a solar panel mounted on the bimini which is also sufficient to power up the batteries for our electrically powered dinghy. We can "stay out" for three weeks without needing to visit a dock for supplies and services.
Here we are, nicely secured in an exceptionally sheltered location with fabulous views. We stayed here almost a week and even though the westerlies blew at a sustained speed of 25 knots for two days, the boat moved only gently to some of the more powerful gusts. And to think, we were approached only once by other people, a party of canoeists who got lost in the maze of islands in that part of The Bay.
Yukon Canoe Trip
I've been in the habit of taking spring canoe trips each year. This summer, I raised the idea of a trip to the Yukon with one of my canoe partners (annual trips since1978) and my son and his canoe buddy. We decided on the Big Salmon River, a 350 km journey through pristine wilderness, far away from the distractions of roads and cell phone coverage.
We flew from Toronto to Whitehorse via Vancouver and arrived on the same day at noon local time - time enough to buy needed supplies and equipment (at Toronto prices!). Next morning we took a four hour trip by road to the starting point on Quiet Lake ... and then we were on our own, a party of four canoeists with great expectations.
The 11 day trip down this swift water river was wonderful: spectacular mountains framing both banks, thousands of spawning Chinook Salmon, many Bald Eagles, absolutely spotless campsites (I saw not one piece of litter), solitude (only one other party in view for a short time), easily navigated swifts (but one had to be quick to avoid sweepers in the upper sections of the river), the occasional trapper's cabin ...
In this country, weather can be treacherous, but we were prepared with good equipment, including two exceptionally large tarpaulins which shrugged off the wind and rain and made life comfortable while we were on land.
While we prefer to travel on our own, guided trips are readily available at fairly reasonable rates. A shorter, easier river, the Teslin, is less demanding and is more suitable for less experienced canoeists. It is an ideal first-time trip for people wishing to experience the Yukon wilderness, especially when accompanied by experienced wilderness guides.
There are two main outfitters in Whitehorse. Both offer guided trips in addition to equipment rentals:
Coast Mountain Sports is a great source for equipment. Their prices are comparable those offered by Mountain Equipment Co-op.
On the basis of our experience, I would recommend that you make sure to have the following equipment in your kit:
- large tarpaulins and lots of line
- heavy duty rain gear capable of keeping you dry in cold and rainy weather
- a solar shower as the river is often much too cold for comfort
- rubber boots - the best footwear
- a satellite-based emergency communications device: SPOT or InReach
Portfolio Review
- Winter has arrived. At this time of year, I generally undertake an extensive review of our investment portfolios. This process has been described in earlier posts.
As part of the review, I assess holdings in terms of other investments with the potential for higher returns.
I follow two basic approaches:
- a "bottom up" approach using stock screeners to identify companies with appealing metrics
- a "top down" approach where strategic themes are used to focus research
The bulk of the work consists of refining my research and undertaking due diligence.
A few random observations:
- I read the financial press only very rarely
- I read a few financial blogs but only to get an idea of the writers' thinking processes
- I read a few hours each day with a focus on: international think tanks, trade/industry organizations, regional newspapers, resource geography, early stage investment companies
- In an effort to learn more about specific investment themes, I develop a "systems model" to identify the roles of various actors. I will spend months/years sifting through a variety of sources: trade publications, scientific articles, regional/local press, company web sites of various types, financial reports etc.
- Other than speculative activity (e.g. recent trading in precious metals mining companies) I rarely trade, preferring to hold companies for more than five years.
- I have a high tolerance for fluctuations in the price of stocks within the portfolio and only change holdings if I detect a fault in my investment thesis. This can be the result of faulty research/assumptions, changing conditions (management turnover, fundamental long-term changes in the market/sector, inability of companies to adjust to change or otherwise maintain a competitive position etc). I pay almost no attention to cyclical variations in the sector, and if anything, add to my position when buying opportunities arise.
At present, I am focusing on a few themes:
- agriculture
- infrastructure
- shipping
A Note About the Future of this Blog
I am thinking about writing a new blog to include a more expansive range of topics. The outline is being refined. In a few months, I'll post a few items.
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