The following is a short history of the US freight railroads. Unlike the passenger railroad, the freight railroads are the most efficient and in fact most profitable in the world.
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Source: FreightWaves
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Bear markets are often the best time to invest in equities. This is because bull markets follow bear markets always. Bear markets can be considered as the duration when excesses of the previous bull markets are washed off. The following is an awesome chart that shows the US bear market lengths and the overall rise in markets as referenced by the S&P 500 index value in green color on the right:
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Source: The Bear Market issue, Permanent Wealth Partners
For example, at the depth of the Global Financial Crisis (GFC) of 2007-2009 the S&P 500 reached 677 after a brutal bear market that prolonged for 17 months. Then by the time the next bear arrived in 2011 the index value was 1,099 or the next one in 2018 when the index was even higher at 2,351.
So the key takeaway for investors is not to focus too much on the bear market volatility and violent movements and instead focus on their long-term and invest consistently taking advantage of lower prices.
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Disclosure: No Positions
Regular periodic contributions in equities can generate spectacular wealth especially over the long-term. The following chart shows the power of regular contribution. The difference in returns is indeed astonishing due to the regular investing and the effects of compounding:
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Source: Vanguard Australia
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Disclosure: No Positions
On Aug 12, 2022 Chinese state-owned oil major PetroChina Company Limited (PTR) announced plans to delist its ADS from the NYSE. The depository BNY Mellon has published the termination notice. According to this notice, the ADR will be terminated effective Monday, Oct 17, 2022. An excerpt from the notice:
Under the terms of the Deposit Agreement, you have until at least Friday, October 20, 2023, to surrender your PetroChina ADRs for delivery of the H shares. If you surrender ADRs for delivery of the H shares, you must pay a cable fee of $17.50, a cancellation fee of up to $5.00 per 100 ADSs surrendered, and any applicable U.S. or local taxes or governmental charges. Payment should be made payable to The Bank of New York Mellon.
Subsequent to Friday, October 20, 2023, under the terms of the Deposit Agreement, the Depositary may attempt to sell the H shares. If the Depositary has sold the H shares, you must surrender your ADRs to obtain payment of the sale proceeds, net of the expenses of sale, any applicable U.S. or local taxes or government charges and a cancellation fee of up to $0.05 per ADS.
To surrender your ADRs, the address of the Depositary is: The Bank of New York Mellon, 240 Greenwich Street, Depositary Receipts Division – 8th Floor, Attention: Cancellation Desk, New York, NY 10286. Registered or overnight mail is the suggested method of delivering DRs to the Depositary.
Source: BNY Mellon
PertoChina H shares trade on the Hong Kong Stock Exchange under the ticker 0857.HK.
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Disclosure: No positions