Thread by @yomeeks

This is your daily pension announcement. The Pension War Room™️is obliged to inform that @aimcoinvests does NOT have any crypto investments. So that toxic waste dump has been avoided (ON teachers lost millions with the FTX collapse.) #AbLeg #greatnews

LAPP Q3 results are out. After all the positive months, things have turned not positive. Q3 had a -0.3% return, which on its own does not mean anything. Compared to the benchmark of +0.5% it is not good. Far too short of a time period to make firm conclusions. #AbLeg

LAPP year-to-date so far is -8.9% versus a benchmark -9.5%. Though a loss this is good: @aimcoinvests added value by not losing as much as its passive benchmark did. Not a cause for concern at all. #AbLeg #handsoffmypension

And finally, this piece from @ewsiddall. While it may be dismissed as a profile piece, it shouldn't be. I am a big believer in financial literacy in school curriculum and life in general. #AbLeg

theglobeandmail.com/business/comme…

I have spent countless hours educating people on some very erudite financial concepts.
This is not a rip on the AIMCo Foundation for Financial Education. They do good work. But, we do seem to overly rely on salespeople for major businesses to explain some complicated bits.

However, I did choke on my Wheaties at one part:

"But recently, increased social mistrust of major institutions, including governments and financial institutions such as AIMCo, seems to correlate with a gap in financial literacy." #AbLeg

WTF?

Really? Really? AIMCo earned every ounce of the mistrust it is viewed with. They did it the old fashion way by lobbying the GOA to act in AIMCo's interest while turning their backs on thousand of Albertans with retirement savings on deposit. #AbLeg

All of this happened because AIMCo (read Kevin) was concerned that some of their clients would leave because of years of sub-par results. In the process, we saw AIMCo flout the pension law of Alberta. #AbLeg #handsoffmypension

In an earlier missive @ewsiddall talked extensively about how his mission was to "rebuild trust". He should perhaps contemplate the role financial institutions, acting in their own interest, have had in the current state of affairs. #AbLeg