IPO's and New Issues

November 28 - The initial tranch of the Hydro One shares were issued through the IPO at $20.50, opening slighlty higher than this and never really threatening the IPO price for those who were able to get allocations. We took some profits in the early days as the stock moved up around 7% from the IPO price, while maintaining some shares for the long-term.

Ontario Hydro - Expected to go public by the end of the year, when they do expect massive demand. Hydro workers can get in on shares up to 3% of their annual salaries, banks are only taking a quarter of their regular fees as underwriters and in a market desperate for yield outside of the oil and gas space this should be a great buy for anyone who can get a hold of some shares.