By Mike Sasges
The Vancouver Sun
Business BC
Tuesday, February 18, 2003

With the Mother of all Bourses closed for Presidents Day, Monday was an opportunity to share a couple of who’d thunk it! items.

1. The Associated Press substituted its usual Wall Street reporting with a feature on the Baghdad Stock Exchange. The “benchmark” Baghdad Stock Index has gained 47-per-cent since the beginning of August 2002, when the prospect of an American-led attack on Iraq began to solidify. The Dow industrial average, in contrast, has fallen seven per cent.

(The report neglected to mention the Baghdad index’s unit of measurement — camels, fatwas, barrels, UN weapons inspectors, papal visitors, human shields, etc. Imagine writing or reading “The benchmark Baghdad Stock Index has quietly gone from 1,317 Condoleezzas to 1,933 Condoleezzas.”)

“All the stock markets in the world fell after the U.S. threats. Only on the Baghdad Stock Exchange is the price going up,” exchange general director Subhi al-Azawi told AP’s Niko Price. “We aren’t afraid of Mr. Bush’s threats. The proof is that our people are putting their money here for investment.”

Reporter Price met a couple of regulars. “We are different from the rest of the world because our economy is strong,” said a 70-year-old retired civil servant, Khelikhali Rassoul.

2. If Adrian Mastracci, the Vancouver financial adviser with KCM Wealth Management, ever needs a testimonial to the worthiness of his counsel, Rassoul in Baghdad might be his man.

Mastracci’s latest missive to clients is entitled “Contrarian investing, a three-part strategy’ He writes that contrarian investors have had at least 10 buying opportunities since 1945— the number of bear markets since the Second World War.

“Investors have overcome all past bear markets. Albeit, some were tenacious before they vanished. Contrarians believe the sun will rise and shine again on today’s bear market.”

For the record, Mastracci’s “three-part strategy” is:

“Buy quality investments at a discount before everyone else does.
“Monitor and review your investment progress.
“Hold the selections for a long time.”

NOTE: The information provided above is intended for general informational purposes only. It does not constitute advice for anyone's specific situation. Everyone should always first consult directly with their advisors to determine the appropriateness of any information contained above before taking any action. KCM Wealth Management Inc. assumes no responsibility for any loss or damage arising from the use of, or reliance upon the above information.