Features
Harold and Harry – a friendship that spanned seven decades
Ed. note: It’s been quite some time since we had run a piece by Harry Warren in the print edition of the JP&N. Harry’s often whimsical musings were regular features in the paper for many years. So, when I happened to call Harry not too long ago, I was more than a little concerned that I might find out there was something seriously wrong that had prevented him from sending us any more contributions.
But, when I asked Harry why it was that he had stopped writing for us, his answer, quite simply, was that he just couldn’t think of anything else to write about. In response, I asked him if it would be all right with him then if I looked back at his many pieces and chose one to reprint for our Rosh Hashanah issue. I should also mention that, in his meticulous manner, Harry numbered every one of his articles.The last one we received, for instance, was #110. I chose the following piece, #102 as it happens, because it’s both humourous and poignant, as in it Harry looks back on a lifelong friendship with his dear friend, Harold.
It all began in 1946, when I met Harold at The University of Manitoba Ski Club. Harold was enrolled in Electrical Engineering faculty and I in the faculty of Civil Engineering. This was the beginning of a friendship that lasted over 65 years.
When Harold was invited to become the editor of the annual publication “The Slide Rule” he accepted on the condition that Iwould be his co-editor. That’s how we both became members of the Engineering Council.
This was usually a fairly technical publication where students usually reported on their summer work experiences.
We decided to jazz it up a bit by adding humorous articles and lots of photos of the students. One of the articles that Harold wrote about was on German inventions. It was our understanding that the copyrights on these inventions ended when Germany capitulated to the Allies at the end of World War II. We discussed possibly going into partnership after we graduated, but it never came to pass.
Harold headed for Montreal after graduation in 1947, and I stayed in Winnipeg with a job at the Dominion Bridge Co. as a Concrete Design Engineer. Harold corresponded with me and ultimately convinced meto move to Montreal because there were more opportunities for engineers in that city. I was able to get a job with the Dominion Structural Steel Co. in Montreal and found a room for rent on Esplanade Ave., near Mount Royal. This was a rooming house shared by another friend of mine, Al Yentin, an architect from Winnipeg.
Harold and I took a week-end trip to Ste Agathe, a resort, north of Montreal. We had intended to take a swim in the beautiful lake, but had trouble finding a public beach, as the resort hotels were able to build on private lots that stretched to the water’s edge. When we finally did find a public beach it was littered with trash and empty beer cans.
It was a very warm day and we decided to go for a swim. There was a fixed raft about 100 yards from the lakeshore. When we arrived we lay down on it, and thought we would take in some sun. Presently we heard someone shouting at us from the lakeshore. At first, we ignored it, until we realized he was trying to get our attention, but we couldn’t make out what he was saying, until he swam up to us climbed aboard and said:
“C’est privée monsieur!”
Imagine a diving platform out in the lake that was private property and owned by one of the resort hotels! Unheard of in the province of Manitoba! We passed one of the hotels that had a sign on its front lawn: “Restricted Clientelle”.
Just for fun we went to the main desk to inquire and were told that they did not allow Jews or Coloured guests on their property – blatant bigotry and anti-Semitism – something we had not experienced in Manitoba. We were gaining an education in the province of Quebec. If you were not registered in one of the hotels there was simply no place to go! We finally found a bit of shade by sitting on the grass beside the road with our backs up against a retaining wall. Presently we heard someone calling us from the top of the retaining wall:
“C’est privée monsieurs”
Even the grass beside the roadway was private!
I persuaded Harold to take a drawing course. We proceeded to buy our supplies, some drawing paper and charcoal sticks and showed up at the studio. There were a number of students already in front of their easels. We looked around and thought that perhaps we would start by drawing some still life, like apples or oranges in a dish.
As we waited a door opened into the studio and an attractive young woman proceeded to the centre of the floor, dressed in a robe. Presently she dropped her robe, and she was absolutely stark naked! The other students started drawing immediately while Harold and I simply stood there with our mouths open, and took it all in. The teacher came up to us, and with a stern look on her face and exclaimed: “You better put something on paper, fast, or out you go!”
So much for our venture in to the art world of Montreal.
On another occasion Harold received an invitation to visit some friends at their cottage in Ste. Agathe. He asked our host if I could join them on this trip, and it was agreed. We acted like a couple of twins, joined at the hip. It was a beautiful cottage and appetizers were being served. Harold introduced me to our host, a Jewish businessman from Montreal, in the shmata business (clothing manufacture) – also his daughter. He took me aside into the solarium and said.
“Harold tells me you’re an engineer.”
I said that was correct.
“I like you, and my daughter likes you. I am getting ready to retire and am looking for someone to take over my business.”
Holy mackerel! I was being propositioned! On our very first meeting! I withdrew with some lame duck excuse. And I was furious! Harold had set me up! Obviously he had been propositioned first, and obviously he wasn’t interested. Neither was I! Everything moves much faster in Montreal than it does in Winnipeg! I was gaining an education!
My boarding housemate, Al Yentin, took me aside one evening and said:
“Harry, do you like to play tennis?”
“Sure”, was my reply, “What’s up?”
“I have a tennis date, on the mountain, tonight, and my girl friend has a girl friend who would like to play doubles.
“I don’t like blind dates.” was my response.
“Come on, be a sport, it wouldn’t hurt you to try it once.”
Reluctantly I agreed to join them.
When we reached the tennis courts on Mount Royal, I was introduced to my tennis partner, Nora Bain. I can’t remember who won the match. It didn’t seem to matter! We talked a great deal that evening. I discovered that she came from a small Jewish community in Quebec city, and was working as a Burroughs Bookkeeping machine operator. She was interested in sports. And so was I. She was also interested in downhill skiing. Wow! So was I! We had a lot in common and I was definitely interested in dating her again.
Harold noticed that we weren’t seeing each other much, and his curiosity was aroused. Try as he might he wasn’t going to extract this information. I was in love with Nora and I was going to ask her to marry me! Soon, I proposed and she accepted.
I was prepared to introduce Nora to Harold. One weekend we went to Quebec City to see Nora’s family, including her younger sister Ray, and her younger brother, Ossie.
Our wedding date was set for January 15th. 1949, in Montreal and Harold was invited to attend. The best man at my wedding was my older brother, William (Val), and it was held on his birthday. William and I had shared the same bedroom for 18 years, and he was my mentor. If he had refused, Harold would have been my second choice. On our 60th wedding anniversary, Harold was asked to verify this fact.
A year after we were married I persuaded Nora that Winnipeg would be a better place to raise a family. We left for Winnipeg. In May of 1950, in time for the worst flood Winnipeg had experienced in 50 years! Harold returned to Winnipeg at a later date.
Subsequently, Harold met the love of his life, Laura Newhouse, in Winnipeg and they were married on September 8th. 1953. We attended their wedding, our wives got along very well, and we double dated. Harold had acquired a manufacturing business in Winnipeg called JR Wire and he proceeded to build a very successful future for his family of Laura and their daughters Joy, Sally and Rebecca. Rebecca graduated in Mechanical Engineering and joined her dad in the manufacturing business for a short period of years. Joy pursued a career in Dentistry, ultimately receiving her Phd in Dentistry. She was engaged in research and gained an international reputation as a speaker in the area of dental research. Sally graduated from the Ryerson Institute in Toronto and pursued a career in clothing design.
Our family consisted of Paul and Martin. Paul graduated in Commerce and Law and ultimately moved to Calgary, where he became successful in the sale of pre-owned cars. His younger brother, Martin, graduated in Dentistry from The University of Manitoba and followed Paul to Calgary, where he established a dental practice. Subsequently, he purchased several dental practices in Edmonton. Our children became friendly with Harold and Laura’s children.
In December of 1993 Nora and I purchased a winter home built in Sun City West, Arizona, a small retirement city about 45 miles north and west of Phoenix. We were really enthusiastic about our new winter home and communicated our excitement to Harold and Laura. As a result they also bought a home in Sun City West a year later. This was a city of active retirees, age 55 and older, with over 100 different clubs! Harold and I shared many common interests. We enjoyed participating in photography, writing and the Rio Institute of Senior Education. Harold also became interested in the Metals Club, and produced some very fine metal furniture for their winter home.
In November of 2006 we lost our son Paul in Calgary as a result of complications from Type One Diabetes. In March of 2008 I had an operation in Winnipeg for colon cancer and miraculously survived, thanks to my surgeon, Dr. Clifford Yaffe.
In October, 2010 Laura informed Nora that Harold had been diagnosed with leukemia and was being treated with blood transfusions. Cancercare Manitoba did everything they could do to save him, but tragically he passed away on Thursday, October, 21st. 2010.
We will all miss him. He was the consummate engineer. When he faced a problem his philosophy was:
“The difficult we can do right away, the impossible will take a little longer.”
Harold and I attended courses in anthropology at the University of Manitoba, together, as well asat the Manitoba Naturalist Society and the Rio Institute of Senior Education. He was generous to many worthy causes and always ready to help out when he was needed.
Editor’s post script: In the original version of this story, Harry never did disclose Harold’s name – for reasons I never quite understood, but I don’t suppose that Harry would be upset if I mentioned that the Harold in the story was Harold Richman, z”l.
Features
Exchange Rate Factors: What Global Events Mean for Savvy Investors
When Russia invaded Ukraine in 2022, it created ripples in all financial markets, including currency markets. The Euro weakened while the dollar surged and emerging market currencies wobbled. Global factors can quickly affect financial markets and shake established trends. Apart from such rare events, currencies tend to change their price because of interest rates, inflation, and overall investor confidence. For investors managing money abroad, understanding these movements is critical to avoid losses and mitigate risks.
Below, we will break down how global political, economic, and cultural events influence exchange rates, with insights for savvy investors.
Economic factors
There are several key exchange rate factors with a consistent history of shaking financial markets. These factors include inflation, interest rates, trade balances, employment rates, and so on. Since economic factors are shaping markets almost daily, we start with those.
Inflation and interest rates
Inflation and interest rates are closely connected as one can easily affect the other. When inflation rises, central banks step in and raise interest rates to reduce inflation, and when inflation is lower, central banks can lower interest rates to make borrowing money cheaper. As a result, investors closely monitor these two metrics to anticipate changes in interest rates. Higher inflation makes currencies weaker, and whenever banks change the rates, the changes are immediately reflected in global currency rates. In the United States, the Federal Reserve is the central bank that sets interest rates in the country.
Trade balances and economic growth
A country that exports more than it imports has a stronger demand for its currency. More demand equals a stronger currency. However, the Japanese yen was always weaker against the dollar because the BOJ of Japan tends to have super low rates near 0 to support its exporters. Economic growth also increases demand for local currency as more investors try to invest in the country’s economy. Long-term investors often track this data to detect early signs of any changes in currency strength.
Political and geopolitical factors
Elections, sanctions, and overall political stability are also crucial factors. If the country gets under sanctions, its economy crumbles and its currency becomes inflationary, losing its value quickly. Elections are also crucial for a currency’s strength. Geopolitical events can have a serious impact on the currency as well. The most obvious example is the 2016 Brexit events that made GBP lose its value rapidly and violently. Global conflicts, such as wars, can seriously impact global financial assets, especially currency markets. When tensions are high, safe-haven currencies like USD and CHF (Swiss Franc) become very popular among investors as they seek a safe place to protect their capital.
Cultural and social factors
People like tourists, workers, and diaspora communities can shape currencies as well. Tourism usually drives seasonal demand, and countries that are popular destinations during certain seasons experience their currency appreciation as demand spikes. The perception matters as countries seen as safe and opportunity-rich tend to attract more investors, solidifying their currency strength.
Technology and innovation
Technology is seriously affecting everything, especially the financial sector. Digital payment systems, blockchain technology, and fintech startups have made it easy and swift to move money around. Cryptos and stablecoins enable investors to protect their capital using stablecoins during volatile times. The latest trend among banks is to work on CBDCs, which signals a new era where national currencies are blended with technology and blockchain. Despite this, currencies, even in their crypto form, will continue to be influenced by all major factors mentioned above, and knowing how these factors impact your currency is key to keeping your capital safe from risks.
Practical lessons for savvy investors
So, what do all these factors teach us about global currency rates and investing strategies? The key lies in proper preparations and anticipation. Monitoring macro trends, policy announcements, and major geopolitical and political developments is critical.
Diversify
The number one method which is used by professional investors is diversification. This simply means to spread your risks across a basket of assets. By not investing all your capital in one instrument, you can mitigate risks. If one asset experiences a loss, other ones will counter it with returns. Building a diversified portfolio is key to properly diversifying. For example: divide your capital to buy stocks, commodities, currencies, and cryptos so that if one fails to perform, others will counter it. This ensures a stable income without unnecessary losses in the long run.
Hedge
Forex options and ETFs are great hedging assets. Forex options let investors lock in an exchange rate for a future date, which is very useful if you expect volatility but want stability. Currency ETFs, on the other hand, track specific currencies or a basket of currencies and allow easy trading or protection without trading forex directly, but they are still risky.
Monitor the economic calendar
Economic calendar is a free online tool that aggregates important macroeconomic news data such as interest rate decisions, CPI, inflation, employment rates, central bank announcements and speeches, and other crucial information. By monitoring them, investors can always know when important news data will be released, and they can postpone their investment decisions to avoid volatile times and only invest after the main trend is determined.
Features
The Canadian Dollar is on a slow decline. Should you save in euros or US dollars instead?
The Canadian dollar has been losing its value against the dollar this year. For Canadians, this raises a simple question: if your CAD is losing ground, is it better to move savings into euros or U.S. dollars, especially bonds, stocks, or a carry-trade strategy? Carry-trade strategy in this context means to borrow in CAD and invest it in the USA or the EU zone. This is a complex matter, and to understand where the CAD is, how attractive other currencies might be, we need to analyze these currencies more deeply. Below, we will walk you through the data, practical costs, and risks so you can reach a usable conclusion after reading this guide.
Quick snapshot – What the markets say right now
Recently, the Canadian dollar has hit multi-month lows due to weaker oil prices and a post-Fed (U.S. Federal Reserve) market reaction (which raised the rates, making the CAD weaker against the dollar). Canada’s central bank has cut its policy rate to 2.25%, while the Fed’s fund rate remains notably higher at about 3.75-4%. The ECB (European Central Bank) main interest rates are lower than the Fed’s and near the low-to-mid 2% range. While the Euro currency to USD rates remain mostly predictable, due to higher US bond yield rates, the EUR remains stronger, still. The U.S. 10-year Treasuries are around 4.1%, Canada’s 10-year near 3.2%, and Germany’s 10-year around 2.7%, meaning that today the USD-denominated bonds have the highest nominal yield among the three. As a result, the dollar seems much more attractive when it comes to bond yields and stocks.
Bonds – Which currency is the best for fixed income?
The short answer is: USD bonds. When it comes to nominal yield alone, US bonds beat almost all other competitors. U.S. government bond yields (10-year) are noticeably higher than Canadian and German/Eurozone bond yields right now. As a result, US bond buyers have more income potential than Canada and the EU. Euro-area core yields are lower, meaning they are paying less than the USA.
However, nominal yield does not mean it is guaranteed real return, and metrics like inflation, currency rates, and hedging costs can impact potential returns directly. If you buy USD bonds but the dollar falls against the CAD, currency losses will most likely wipe out the higher yield rate. If the Fed lowers its rates, it will make the dollar weaker against the CAD and EUR.
Another challenge is that, if you live and spend in Canada, you are using CAD, and when exchanging it for dollars, you get exposed to foreign currency rate risks, which must not be underestimated.
Stocks – Euro or dollar?
Both the EUR and USD have their advantages. USD has strong liquidity and strong long-term performance, while EUR equities offer valuation opportunities and recent relative strength.
Why USD?
The U.S. market remains the most liquid stock market with strong earnings for many tech and large companies. This makes USD stocks very attractive for long-term-oriented investors. S&P has been rising historically, and even after crashes, it often recovers its value relatively quickly.
Why EUR?
European indexes have performed well this year and in many cases cost less than their U.S. counterparts. While cheaper does not always mean better, these indexes still have some growth potential. Some major banks in the EU zone, together with industries, have recovered strongly with a recent focus on military manufacturing, making many EU stocks very attractive, together with local indexes.
However, here is a caveat: if you are using CAD daily and it loses its value against the euro, the returns from euro holdings might shrink, exposing you to greater currency risks.
Carry-trade analysis – Is it viable to borrow CAD and invest it in USD or EUR?
The basic promise of carry-trade is simple yet powerful: you borrow cheaper currency and invest it in currencies with higher yields. In our case, is it lucrative to borrow in CAD and invest in either EUR or USD? To answer this question, we need to look at numbers. BoC policy rate is 2.25%, Fed funds from 3.75%, U.S 10-yr is 4.1%, Canada 10-yr is 3.2%. If we deduct Canadian rates from the U.S. rates, we get around 1.8% positive before costs. So, in theory, it could be lucrative to invest CAD in USD assets using a carry trade. Since the ECB has around 2%, it is not profitable to use a carry-trade strategy for the euro.
The bottom line
While the CAD has been weakening lately, it is still not cheap enough to naively invest in USD or EUR. However, if you want a pure yield and can tolerate foreign exchange rate risks, USD bonds are more attractive today. When it comes to stocks, USD equities provide stable and liquid markets. If you want valuation potential and diversification, then euro equities have become more attractive this year. When it comes to carry-trade strategies, the USD remains more lucrative than the euro, but on paper, traders and investors should evaluate all the risks and costs before investing in any currency.
In the end, Canadians who have CAD for their daily costs should be careful when trying to get exposure to other markets. US bonds, US stocks, US carry-trade, and EU stocks remain attractive choices for experienced investors.
Features
Why Reading Online Reviews Matters Before Making a Purchase
People usually pause before purchasing to read reviews from other customers. It’s become part of everyday online life, a quick way to see how something really performs before making a decision. According to the Pew Research Center, most internet users read reviews to get a better idea of what they’re buying. The feedback from actual users becomes more reliable than marketing statements because it comes from everyday consumers instead of sales-oriented corporate messages.
Reading reviews also helps spot patterns. If the same comment, good or bad, appears again and again, it usually means there’s truth to it. People now use this collective feedback as their main method to evaluate online products and services for quality and reliability.
When There Are Too Many Options, Reviews Narrow the Field
Shopping online can be overwhelming and a bit of an adventure. There are always more options than anyone needs, hundreds of gadgets, countless household tools, endless entertainment subscriptions. All listings present themselves as excellent value propositions with operational excellence, yet it remains a bit of a challenge when it comes to verifying which ones deliver actual results.
Reviews become useful at this point. Real users provide information about product details, which marketing content fails to show, by sharing their experiences about delivery speed and setup ease and product durability after several months of use. The product details show its operational behavior when used in regular business activities.
Users tend to begin with reviews. For instance, a tech product might have amazing packaging but fall short on battery life or integration. Maybe a new game or casino platform might sound promising, and reviews on trusted choices can confirm whether it includes flexible payment options, a wide content library, and responsive support. When feedback keeps mentioning strong points like clear instructions or helpful customer service, it shows consistency. The product or service delivers its expected results because customers have personally seen its performance.
Reviews Build Faith Through Shared Experience
Reviews gain their strength from the emotional bonds which readers find with each other. Reading about someone else’s experience feels familiar, even if you don’t know them. It’s basic word-of-mouth marketing, like receiving recommendations from a neighbor who has already purchased the item you are considering.
This shared experience has built an informal community of online voices. People rely less on what a brand claims and more on what other users notice. When different reviewers mention similar strengths or small frustrations, it adds authenticity. The story becomes more believable.
Reviews show what other users have experienced, but they do not offer any guidance about what to do. This type of his collective info turns into an important part of how people build trust online. It’s a small thing, but it makes a big difference in how confident we feel about the choices we make.
Balanced Feedback Feels More Honest
A perfect score does not prove that something lacks any imperfections. A combination of positive and less-than-perfect feedback creates a more authentic impression. Small complaints about packaging or delivery delays make glowing reviews sound real. A recent study showed that participants answered honestly instead of trying to make their responses attractive to others.
Most readers know that nothing works flawlessly all the time. People look for reviews which provide both positive and negative aspects because they want to find balanced opinions. Customers can establish realistic purchase expectations through combined information which they can apply before buying. Review systems maintain their value because reviewers maintain honesty in their assessments.
Why Recency and Volume Matter
The best reviews and product ratings are the ones written recently. They reflect how a product or service performs right now, not how it worked a year ago. Things change, materials, delivery services, and even the way companies handle support.
A steady flow of new reviews suggests consistency. When lots of people share their experiences over time, patterns appear. Those patterns tell readers what’s typical, not just what’s possible. It’s the difference between one person’s lucky experience and a reliable average that others can count on.
Quantity matters too. Ten balanced reviews from this month will usually tell more than a single five-star comment from last summer. Together, recency and volume create a clear picture of reliability and quality without relying on assumptions.
Recognising Genuine Reviews
Not every review online is authentic, real, and written by a consumer. Some are written by automated accounts or people hired to post positive comments. Real feedback tends to sound natural and personal. It might mention something specific like the texture of a fabric, how easy the setup was, or whether support staff replied quickly.
Authentic reviews vary in tone and detail. Some are short, others long, some are full of small observations. That mix of styles feels human. On the other hand, copied or fake reviews usually repeat the same phrases or sound overly polished.
Many websites now try to identify and label suspicious posts, but readers can also help by paying attention to repetition, timing, and tone. A quick scan across different platforms usually reveals what’s genuine and what’s not.
Reading Smarter in the Online Marketplace
Reviews have become a solid foundation for how people make decisions online. They give an honest view of how something performs beyond what’s written on the label. Every comment, short or long, adds another piece to the puzzle.
More than that, reviews show how businesses handle problems, how quickly they respond, and whether they follow through on promises. They offer accountability in a world where shoppers and sellers rarely meet face to face.
Reading a handful of reviews won’t guarantee a perfect experience, but it provides helpful context. It shows what’s typical and helps people make choices with more confidence. In an online world full of noise, reviews remain one of the easiest and most reliable ways to learn from others.