Definitely clickworthy: Ospraie Fund Management calls it quits after losing 39% in one year.

What!? But what about all those Chinese peasants-turned- Nike-wearing consumers who are going to keep slurping up the world’s commodities? And what about peak oil? Surely the story can’t have peaked? Gustav may have missed the oil rigs but Hanna and Ike are on their way to do the job right. They gotta hit because oil is going to $200. And what happened to gold and nickel and copper and potash? And what the hell is potash anyways? I don’t know but it’s supposed to go up too.

I was listening to John Oakley on AM640 this morning. He’s got a regular — Lou Schizas — who always sounds calm and professional. I caught part of his bit where he was talking about support levels for the market. He once again sounded calm and professional. It reminded me of something my very wise first boss said to me many years ago:

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Wise boss: When the market is collapsing, and you feel that urge to panic, do you know what you must do?

Young Me: Yes, master. I must not panic.

Wise boss: No, stupid boy. You need to panic. It is much better to panic at the top than at the bottom.

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I’m running off to a meeting and will expand on this later. In the meantime, let me refer you to this earlier post of mine, “Is Canada Special?” Otherwise, know this: we may still be in a commodity bull market. The TSX may be at the bottom and not the top — only time will tell. But one thing I know for certain: Canada is a pimple on the ass of the global commodity bubble. Our economic success in recent years is not because we are special. It’s luck. We sell rocks and trees. I don’t think many people understand how lucky we have been. I don’t think people understand how much risk they are facing in their lives if the bubble is over. House prices, RRSPs, jobs — everything is connected. Educate yourself and protect yourself.