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How to start a business on the cheap - The Globe and Mail
DOUG STEINER
Special to The Globe and Mail
Published Thursday, May 31, 2012

No money? Here's how you can start a business without any money.

1) Think about how to save somebody money. What do I pay for that you can teach me to do for less or for free? (e.g. helping someone renegotiate their mobile and cable bills).

2) Don't waste time. Don't watch TV or surf the Net until you've exhausted all the work that needs to done. Time wasted is money wasted. Keep a detailed log of what you do every hour of the day. Cut out wasted time and replace it with activities that will make you richer or smarter. Do you get up early? Do somebody's shopping for them at an all-night grocery store and charge them.

3) Trade skills. (e.g. If you cut hair for a living and need a website designed, find a web designer who needs haircuts).

4) Use online information aggregators to identify opportunities and customers. Online word of mouth is a great thing. You can be in Nelson, B.C., Yellowknife or in your underwear in your basement in Corner Brook and start a page on a social network or place a classified ad on Kijiji to explain what you can do.

Or identify something they aren't doing yet but might want to do as they expand their own businesses. Barbara Edwards was an assistant in a Toronto fine art gallery who began approaching respected local artists to represent them in a new gallery that she hadn't actually opened. After she got a small space, she wrote to the estate managers of several big-name deceased U.S. artists, asking if she could represent them in Canada. After meeting her, a couple

Ten years ago, I had lots of ideas and knew some stuff about business. I wrote several articles online for free and then sent them to editors at this paper. They gave me a try. Now I get paid to give advice.

Write me at dsteiner@globeandmail.com and tell me your no-money-to-success story. I'll convince my editor to let me write about you. He'll pay me and you'll get free publicity. You get it now? Once you start hustling using your brain, and see the fruits of your labour, you'll never stop.
self-discipline  productivity  howto  hustle  Doug_Steiner  bootstrapping  barter  proactivity  eat_what_you_kill  GTD  charge_for_something  side_hustles 
march 2017 by jerryking
Wes Hall: From mail room clerk to Bay Street power broker
Jan. 30 2014 | The Globe and Mail | Doug Steiner.

Welcome to the full-combat world of activist investing. Wall Street agitators such as Bill Ackman, Barry Rosenstein and Carl Icahn, and a small but growing number of Canadians, such as Greg Boland of West Face Capital, want underperforming executives to raise shareholder returns fast, or get out of the way. And they come armed with detailed business makeover plans, lawyers, investment bankers, PR reps and what, over the past decade, has become one of the most powerful weapons in their arsenal: the proxy solicitation and advisory specialist....What does a proxy specialist do? A generation ago, the job was little more than an administrative position–arranging annual meetings and monitoring the collection of proxy forms from docile shareholders who didn’t have the inclination to attend, and whose shares would then be voted in favour of existing directors and management. Hall began his career in that routine end of the business in the 1990s. He founded Kingsdale in 2003 because he saw a growing and profitable niche: Activists and target regimes needed high-level advice and coaching in shareholder disputes.

Now Hall and a handful of other top Canadian specialists are like the superstar managers who hatch U.S. presidential campaigns. They plot strategy, control written communications to investors, stage cross-country tours, corral shareholder votes and whip their candidates–be it the activist or the target company–into shape, keeping them focused and on-message.
Doug_Steiner  Bay_Street  entrepreneur  movingonup  power_brokers  hedge_funds  West_Face  shareholder_activism  boards_&_directors_&_governance  William_Ackman  Pershing_Square  CP  public_relations  African_Canadians  Wes_Hall  proxy-advisory  niches  insights  superstars 
february 2014 by jerryking
Honesty That Benefits All
November 11, 2013 | NYT | By DOUG STEINER.

Headlines highlight the bad deeds of players in financial markets: insider trading scandals, traders colluding on interest rate manipulation, executives backdate options, etc....One tool of tackling problematic behavior is to rely on behavioral economics (i.e. traditional economics' assumption — that everyone acts rationally when making decisions — is wrong).

Behavioral economists combine the social psychology of human interactions with the thought processes involved in making economic decisions. They predict and explain how people use faulty logic in building a framework for making decisions. Then they figure out how to make people behave properly by inserting new triggers for better behavior..... people can justify lying if it’s “just a little bit.”(e.g. customers underreporting annual miles driven when filling out their car insurance audit forms, or their income when filling out tax returns). ...adding "morality reminders" (e.g. asking customers to sign forms attesting to the accuracy of their reports at the top of a page, instead of the bottom)....can change behavior, ... minor, even imperceptible changes to workflow can significantly affect honesty....human decisions can be influenced with small suggestions — say, a reminder that “over 99 percent of people truthfully answer these questions.” Or a group might be reminded of a collective cause-and-effect. (“You and your colleagues will not be eligible for bonuses if any of you engage in illegal behavior.”)

Employing similar behavioral psychology in financial transactions can discourage bad actions. Some examples:

■ Getting legal advice: .... Showing lawyers the profound influence they have on trading action might dissuade them from endorsing or seeming to endorse questionable decisions.
■ Making the costs clear to clients: Modern technology allows firms to automatically trade against clients who are unaware of the practice or oblivious to it. Clients generally lose money on these trades. Such actions are legal, even if they’re unseemly. This type of behavior has to be defined as immoral within the industry, or it won’t be long before it is made illegal
■ Setting the right tone:

...the financial crisis of 2008 showed that risk perception and reality differed widely. Efforts to use social psychology to change behavior are resulting in two changes at the same time.

The first is a change in the general perception of business risk, and how much risk a firm should assume to make returns to shareholders. The second is more important and more controllable. It involves personal perceptions of how much risk they should take when, say, trading securities, to impress their bosses and presumably get a larger bonus.
behavioral_change  behavioural_economics  Doug_Steiner  financial_markets  financial_services  honesty  nudge  personal_risk  psychology  risk-assessment  risk-perception 
january 2014 by jerryking
Incognito
October 2003 | Report on Business Magazine | by Doug Steiner.

"...He always seemed a step ahead, and he did it by working harder, thinking harder and trading harder—and in ways that the competition couldn't quite grasp."

Steiner's 10 rules for making serious money:

1. Economists say investing is a zero-sum game It isn't. Money moves to smart hands quickly, and lazy investors pay a price. Tiger Woods became the been golfer by practising a lot. How many prospectuses have you read in bed after the news?
2. Really good investors rarely crow. If there is $5 to be made from a trade, there will be loss than $2.50 after you've blabbed about how smart you are. There are traders who quietly take home $10 million a year. They live beside you in a modest house and drive a beat-up Nissan.
3. The best follow rules and they‘re patient. They may not invest for months. One great trader I know wanted to buy a house in a fancy neighbourhood. He spent more than a week in the registry office on his vacation, searching the title on each property in the neighbourhood to find what buyers paid and how much of that was mortgaged, going back 20 wars. He got a good deal. He does the same amount of homework investing.
4. Sharp traders never add to losing positions. Too many headaches.
5. Smart investors. when puzzled about when to sell. wonder if they should buy more. If they don’t think they should buy more,they sell.
6. The most information wins. If you like a company, phone some people who work there. Apply for a job. Try their products. Phone the shipping dock to find out if they're busy.
7. Get a Bloomberg terminal. Bloombergs have more information in them than you can use, but smart people use a lot of it.
8. Following really smart traders around the market is hard. Most have more money to invest in a position than the arbitrage or opportunity can handle. They leave few tracks.
9. Great investors an: like great athletes—they see opportunities that others don’t. Often you don't realize that what they've made the most money on is even fungible.
10. If you can't do it yourself, find someone who likes the foldouts in annual reports more than anything. Their management fees are usually worth it. And they usually don't have slick marketing brochures.
absorptive_capacity  arbitrage  Bay_Street  Bloomberg  dedication  Doug_Steiner  hard_work  hedge_funds  humility  idea_generation  investment_advice  investing  investors  money_management  obscurity  opportunities  overlooked_opportunities  patience  perception  primary_field_research  prospectuses  rules_of_the_game  self-discipline  sleuthing  slight_edge  smart_people  traders  training  unfair_advantages  zero-sum_games 
december 2013 by jerryking
The Boys from Bangalore: How my partners and I learned the lessons of outsourcing firsthand and still kept our jobs
Oct 29, 2004| Globe and Mail | By Doug Steiner.

Starting up businesses allows entrepreneurs to look at the cost of everything. A while back, my partners and I funded a start-up to build
an on-line...
Doug_Steiner  Outsourcing  India  software  software_developers 
september 2013 by jerryking
Gimme more - The Globe and Mail
Doug Steiner

From Friday's Globe and Mail

Published Friday, Jan. 26 2007
Doug_Steiner  disclosure 
february 2013 by jerryking
Who's going to support you?
May 25, 2012 | Report on Business Magazine | By DOUG STEINER.
Doug_Steiner  CPPIB  retirement  personal_finance 
may 2012 by jerryking
The cable guy: David Campbell
Mar. 31, 2005 | The Globe and Mail| Doug Steiner.

Most great entrepreneurs I know are successful for one simple reason: They combine their observations of the world with their particular skill set....I asked Campbell years ago how he managed to find these business winners time after time. He said he imagined what he could do with something new, and then considered all the benefits that product or service would bring to customers. By doing so, he took his mundane skills as a radio engineer and parlayed them into a fortune.

The lesson I see in Campbell's experience: Innovators don't really innovate. Rather, they see a future that incorporates their view of the present. That might be a shock to those of you who think you can come up with a great idea and put it into action all by yourself. I believe that innovation and the development of new markets begins with customers....I asked Campbell years ago how he managed to find these business winners time after time. He said he imagined what he could do with something new, and then considered all the benefits that product or service would bring to customers. By doing so, he took his mundane skills as a radio engineer and parlayed them into a fortune.

successful entrepreneurs don't just have a snappy new invention, talent or concept that they want to sell. They don't just see a trend developing and have a vision of the future. They also see things that lots of people might actually need or want. The best of those entrepreneurs have the practical skills to run an organization themselves or to pick the right people to do it for them. And the very, very best of them, like Campbell, repeat the process over and over.

Let's carry Campbell's business acumen forward to today. If I were thinking like him, I'd be imagining how to reduce people's reliance on expensive internet access through regular cable and phone companies. I'd research the industry for new communications technologies--Mesh Radio, WiMax 802.16REVd or broadband wireless phones. Parks Associates, a Dallas-based telecommunications research and consulting firm, thinks that Asia will adopt this potentially ultracheap new technology before the U.S. What form will it take? I'd study various scenarios, form my own view of the future and imagine how a spanking new technology might fit the bill.
Doug_Steiner  entrepreneur  CATV  innovation  creativity  books  far-sightedness  business_acumen  the_right_people 
november 2011 by jerryking
globeadvisor.com: Split personalities
October 6, 2011 | Report on Small Business| by Doug Steiner.
Entrepreneurs often share fundamental traits and visions. Getting the mix right is the hard part.
"I've had to sit through a lot of painful business idea proposals. My job isn't to cut people off, but to listen. No eye rolling or sighing, because there's a nugget of a good idea in every pitch, no matter how bad. After listening to so many of them, I now have a theory of how to bucket them into various categories "
Doug_Steiner  entrepreneur  personality_types/traits  pitches  proposals 
october 2011 by jerryking
Your business wants my money? Good luck - The Globe and Mail
doug steiner
Special to Globe and Mail Update
Published Thursday, Jul. 22, 2010

The people who ask me out for coffee usually want help on the funding side of their business — meaning me providing funding to them.

Let me speak for many others in my shoes: You have about a 1-per-cent chance of getting my money. That means you may have to pitch your idea to hundreds of people to have a real shot at raising any dough. Why is listening to business ideas a somewhat cranky subject? Mostly because the entrepreneurs and venture capitalists who do this for a living fail a lot. I’ve personally funded a lot more duds than successes, although my success rate is climbing as I age.

...In my genuine attempts to help people, I have to be frank, and sometimes brutally honest. That can come across as mean, but there’s a method to my meanness. I have a photocopy of a sheet titled “77 Questions Every Business Plan Should Answer.” I don’t remember who gave it to me, or who to credit, but there are a lot of variations of it online.

I give the sheet to every budding, uninformed optimist who tells me they want to do the marathon run from idea-on-a-napkin to multimillionaire. It’s a pretty sobering document.
Doug_Steiner  angels  due_diligence  boards_&_directors_&_governance  success_rates  candour 
october 2011 by jerryking
No salesman will call
March 31, 2006 | Report on Business Magazine | DOUG STEINER.
Yes, you can get free on-line investment advice that's solid and has no
strings attached...."Selhi's website focuses on advice about investing,
which is very different from investment advice. In recent years, he and
several other volunteer sages and coaches have been regulars on several
websites, and have got to know one another. Many of them are also
self-taught. Others are industry professionals who are retired or
disillusioned by the lack of truth about investing costs.

Together, this group has built a new website,
http://www.financialwebring.com, that is a forum for a low-cost
investing community. Through blogs, links and chat rooms, the site helps
everyone through every step and unspoken nuance of the investing
process. When I asked Selhi why he does all this, he responded with a
question: "Why do people volunteer?" He doesn't make money from his
work. The satisfaction comes from helping others. "
Doug_Steiner  investment_advice  free  DIY  advice  equity_research  disillusioned  investing  investors 
august 2010 by jerryking
Trading places
January 2006 | Report on Business Magazine | by DOUG STEINER.
Ottawa needs a jolt of fresh financial thinking. Let's send in some
relief pitchers from Bay Street
Doug_Steiner  Ottawa  public_sector  Bay_Street  open_mind  finance  ideas  creativity  fresh_eyes 
february 2010 by jerryking
‘It’s a punctuation point in history’ - The Globe and Mail
May. 26, 2009 | Globe & Mail | moderated by Noel Hulsman,
special reports editor for Report on Business. Roundtable panel
exploring ways of moving the economy forward with regards to leadership,
restoring trust to the financial system and new opportunities. Panel
includes Pierre Pettigrew, former Minister of Foreign Affairs and former
vice-president of Samson Belair/Deloitte & Touche International;
Don Tapscott, chairman of business think tank nGenera Insight and author
of Grown Up Digital: How the Net Generation is Changing Your World ;
Doug Steiner, chairman and CEO of Perimeter Financial Corp.; and
Jennifer White, entrepreneur-in-residence at MaRS Discovery District.
panels  economic_downturn  leadership  opportunities  financial_institutions  financial_system  Doug_Steiner  panel_moderation 
june 2009 by jerryking
Experience preferred
March 2008 | Globe and Mail | DOUG STEINER

Take advantage of opportunities, regardless of your age. Some abilities
actually sharpen as we age. Yes, short-term memory deteriorates—did I
take my daily mini-Aspirin last night? But other faculties can improve
with time. One is solving problems by recognizing patterns. Pattern
recognition also applies to your finances. As you get older, economic
crises that might scare a young person start to look more familiar, and
you can get better at dealing with them.
Doug_Steiner  experience  opportunistic  pattern_recognition  personal_finance  aging  problem_solving 
may 2009 by jerryking
Is the best almost over?
Jun 30, 2006, The Globe and Mail (Index-only). Toronto, Ont.:
pg. 33 by Doug Steiner.

I've applied Michard and Bouchaud's theories in my own far-less-rigorous
studies of three recent market trends: the spread of monster homes, the
huge run-up in commodity prices and the frenzy over the Tim Hortons
share issue last March.
....So, based on all the studies, I have some thoughts on how to get in and out of the market: Buy only quality stocks that aren't the subject of mass opinion-in other words, out-of-favour stocks. Avoid comparative evaluations of hot stocks, like saying RIM or Apple isn't all that overvalued relative to its peers. Finally, to make big money, you have to sell when everyone is talking about your investments. Or, as at a concert, clap along with others for a while, then dash for the doors.
contrarians  Doug_Steiner  markets  market_timing  social_theory  trends 
march 2009 by jerryking
What, me worry? (1)
September 30, 2005 | Globe & Mail | by Doug Steiner.
Tsunamis, asteroids, central bankers - how do you protect one portfolio
against all those risks? Systemic versus personal risk.

"Unfortunately, risk is rarely that clear cut. It comes in many forms, and we all think of it in different ways. Many of us have trouble putting risks into appropriate categories. We often mash all of them together or worry too much about spectacular calamities. To get a handle on things, you need to create a proper hierarchy of anxieties and then deal with them in an orderly fashion.

Many academics split risks into two buckets. Systemic risk is general risk--risk that affects large groups of people, such as the stock market crashing or a hurricane wiping out a city. Personal risk relates to individuals making choices, such as trying to balance on a balcony railing after downing three or four martinis."
Doug_Steiner  category_errors  risk-assessment  systemic_risks  personal_risk  insurance  panics  natural_calamities  risk-mitigation  risks  disasters 
march 2009 by jerryking
reportonbusiness.com: What? Me worry?(2)
September 26, 2007 From Friday's Globe and Mail by Doug Steiner

....after opening the most recent monthly statements from my asset-dieting RSPs, I haven't been smiling. And I've had to give myself advice about market risk-again. "I turned the October, 1987, crevasse into a hill of savings years ago. My strategy? Solve the following complex equation: Cash In - Cash Out = Savings. If you include a time element in the equation for retirement, it looks like this: Future Savings - Future Spending = Not Living Only On CPP. "....Here is some good and rational advice: If you have equity investments and this worry thing is really getting to you, take a breather. Think about shifting all your savings into good old Government of Canada treasury bills for six months. Want a little more action? Add some ETFs that track stock market indexes to your portfolio-that will give you market volatility similar to what you had when you were sleeping well before the markets went berserk.

But the best rational advice I can give you is to learn the discipline of setting risk limits and sticking to them. That will allow you to live with any volatility in the markets. It really is that simple.
Doug_Steiner  markets  risk-perception  calm  risk-assessment  panics  self-discipline  volatility  risk-limits  ETFs  retirement  risks  GoC 
march 2009 by jerryking
reportonbusiness.com: Gimme much more
April 25, 2008 G&M column by DOUG STEINER

We all want more information about everything. Yet we often can't get the precious data we need to make good financial decisions, or we don't bother. ...."ANALYZE BEFORE YOU INVEST." We agreed that we didn't heed that advice often enough. But to ABYI, you need hard data, and few companies have ever been eager to disclose it......In 1930's Ontario, companies were only required to table their financial results at their annual meeting, so managers held the meeting in an out-of-the-way place. In 1945, the Ontario Securities Act finally required any company selling shares to the public to provide full and plain disclosure of key financial information in its prospectus.

It wasn't until 1958 that Ontario required companies to file prompt reports of any "material change" in their business. Insider trading on the basis of information not available to the public wasn't outlawed until 1966.....regulators only enforce rules or draw up new ones after problems arise. To act pre-emptively would be hellishly unproductive, and might prompt companies and capital markets to move elsewhere........Better disclosure can help both investors and executives....Even without disclosure rules, you can dig up lots of information about the executives of companies in your portfolio. Last year, U.S. academics David Yermack and Crocker Liu published a study that compared the size and prices of houses bought by CEOs with their companies' share prices. The duo used the excellent U.S. real estate site Zillow.com and other public sources to gather data. On average, the bigger and pricier the home purchased, the worse the subsequent share price performance.

I like to invest in companies where I know the senior managers, and I'm lucky to know many of them. In some cases, much of the information about their character appears in the media. I prefer executives who don't have big photos in their offices of themselves with politicians and other notables. I like CEOs who drive older cars, work all the time and have no hobbies. Boring, focused and cheap.
data  Doug_Steiner  disclosure  '30s  insider_trading  CEOs  mundane  prospectuses  cost-consciousness  focus  unglamorous  boring  investors 
february 2009 by jerryking
reportonbusiness.com: Disaster relief
November 28, 2008 at 2:46 PM EST G&M article by DOUG STEINER
Rules for post-disaster investing.
Step 1: Cope and gather new data. Smart people in hurricane-prone areas build defences into their homes and businesses, then watch the weather. Do you do that with your investments?.... Don't invest aimlessly assuming that you'll be able to avoid a crash, then buy at the bottom. I don't know when the next market plunge will happen or how deep it will be, but I'm fortifying my investment castle against disaster by spending less and saving more....Look for new sources of information.
Step 2: Analyze the data. I'm not smart, but I looked at historic data and made a connection-what happens in the U.S. usually happens here, too. We worried enough to sell our house in 2007, but I wasn't disaster-hardened enough to rent, so we bought a smaller house.
Step 3: Consider what country you're in
Step 4: Identify the worst thing that could happen right now. You think Canada's economy is grim? How about the city of Detroit, where the median price of a house or condo dropped to $9,250 (U.S.) in September from $21,250 (U.S.) just a year earlier? Could things get that bad here? Almost certainly not.
Step 5: Act when things stop getting worse (there's an element of "next play" here). Don't wait till they start getting better. If you wait for positive signs, it will be too late. I like hotpads.com, the U.S. real estate search engine with information on foreclosures from RealtyTrac. It lets you swoop across a map of the country like a vulture, looking for distressed properties. I'm not looking in Detroit, but I am interested in Longboat Key, Florida. I'm also combining the online information on foreclosures with updates from a local real estate agent who's desperate for buyers, and who forwards me every property listed in the area.
Step 6: Find out who's ahead of the curve and learn from them. The most interesting financial analysis these days isn't in stock and bond markets-it's in the markets for things like natural disaster insurance. A 2007 study, led by Laurens Bouwer from the Institute of Environmental Studies at Vrije University in Amsterdam (remember that Dutch people living below sea level are keenly interested in floods), includes estimates of the costs of future weather-related disasters. By 2015, potential financial losses from disasters in the world's 10 largest cities will likely climb by up to 88%. Three recommendations: 1) Get more and better data. 2) When adapting to surroundings, take precautions to reduce disaster risk. 3) Find new financial instruments or innovations to spread risks among investors.
Step 7: Invest where the potential returns are highest relative to the risks. Even though stock markets have plunged due to panic, they may not be the most profitable place to put your money in the future. The worst mispricing of assets will almost certainly be in the real estate market, so that's where you may find some of the best bargains. Detroit might turn into a mecca for artists, where $9,000 buys you a house in a neighbourhood that may rebound and thrive. You just have to have the courage to look at the disaster data and act.
ahead_of_the_curve  crisis  dark_side  de-risking  defensive_tactics  disasters  Doug_Steiner  extreme_weather_events  financial_instruments  financial_innovation  first_movers  hacks  historical_data  information_sources  instrumentation_monitoring  investing  lessons_learned  measurements  mispricing  next_play  precaution  risk-sharing  rules_of_the_game  smart_people  thinking_tragically  tips  worst-case 
february 2009 by jerryking
globeandmail.com - The art of investing dangerously
June 2008 | Report on Business Magazine | by Doug Steiner on risk-taking and investing in Haiti.

The bigger picture is that opportunities as well as risks abound in Haiti. The country has genuine selling points: one of the cheapest work forces on the planet, duty-free access to the nearby U.S. market, prime undeveloped beachfront property, and pent-up local demand for just about every basic product and service. One giant float at Carnival carried one of Haiti's most popular bands, RAM; it was draped in huge red banners heralding Digicel, Irish billionaire Denis O'Brien's wildly successful Caribbean cellphone venture. The company arrived in Haiti in 2006 and signed up one million customers within months.
Haiti  risk-taking  Doug_Steiner  emerging_markets  investing  dangers 
january 2009 by jerryking
The cable guy
03-31-2005| RoBM | by Doug Steiner profiles CATV entrepreneur,
David Campbell. References "Do You Really Need an MBA?" Successful
entrepreneurs don't just have a snappy new invention, talent or concept
that they want to sell. They don't just see a trend developing and have a
vision of the future. They also see things that lots of people might
actually need or want. The best of those entrepreneurs have the
practical skills to run an org. themselves or to pick the right people
to do it for them. And the very, very best of them, e.g. Campbell,
repeat the process over & over. Let's carry Campbell's business
acumen forward to today. Think like him. Imagine reducing people's
reliance on expensive internet access thru regular CATV & phone
companies. Research the industry for new communications
technologies--Mesh Radio, WiMax 802.16REVd or broadband wireless phones.
..What form will it take? Study various scenarios, form a view of the
future and envision how a new tech. might fit the bill.
profile  inspiration  entrepreneur  book_reviews  Doug_Steiner  the_right_people  CATV  business_acumen  David_Campbell 
january 2009 by jerryking
Those were the days;
06-25-2004 G & M RoB Magazine article by Doug Steiner on
the behaviour changes occurring in Bay Street among the brokerages.

First Marathon--led by Lawrence Bloomberg--and Gordon Capital, Connacher's secretive institutional boutique, were the Street's two toughest and savviest firms. First Marathon helped pioneer the discount brokerage concept in the early 1980s with Marathon Brown (which TD Bank bought in 1993). Bloomberg also perfected the "eat what you kill" compensation plan of fat bonuses for partners and employees who put together lucrative deals. It changed the payouts of almost every trader and investment banker on Bay Street, Howe Street and Ren Lvesque Boulevard....By 1995, the internet was changing trading forever. Disnat, E*TRADE Canada and other on-line dealers pushed the banks into flat-fee trading. Within three years, commissions for small trades tumbled 70%.

Yet Canada still had five stock exchanges: Vancouver, Alberta, Winnipeg, Toronto and Montreal. TSE president Rowland Fleming urged the exchanges to modernize, and the TSE closed its trading floor in 1997. His pugnacious leadership style helped persuade the dealers to remove both him and their own duplication of costs by consolidating the exchanges.

The culture was changing as well. Watering holes in Toronto, Montreal and Vancouver lost customers. Alcohol was no longer greasing the wheels of fortune. It was being replaced by MBAs, CFAs and hard work.
'80s  Bay_Street  behavioral_change  bourses  brokerage_houses  cultural_change  culture  Doug_Steiner  eat_what_you_kill  Gordon_Capital  hard_work  reminiscing  stockmarkets 
january 2009 by jerryking

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