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Variables MISCELLANEOUS MATTERS OF INTEREST POLL OF THE MONTH Volunteer Disclosure


CANADIAN CPAS MAKE IT A PRIORITY TO GIVE BACK TO THEIR COMMUNITIES, our latest reader survey finds. Nine in 10 of you do volunteer work, with the most popular activities being professional or management assistance (67%) and fundraising or selling items to raise money (28%). At least 10% of you also tutor/ teach; mentor youth; act as an usher, greeter or minister; coach, referee or supervise sports teams; or do general office services. More uncommon tasks undertaken include tree planting and visiting nursing home residents — and one reader even plays Santa for various community groups. —T


amar Satov Log on to


cpacanada.ca/ cpamagazine to take our


next monthly poll!


TRADE SCHOOL SMILING THROUGH THE APOCALYPSE


WHEN A SLUMP IN TOKYO’S NIKKEI 225 TERRORIZED GLOBAL INVESTORS earlier this year, a Japanese day trader first bet on a collapse and then predicted the timing of a rebound. He earned US$34 million. Here are a few other investors who have successfully bet against trend. — Steve Brearton


JESSE LIVERMORE Payoff: US$100 million


Known as The Great Bear of Wall Street and The Wolf of Wall Street, Livermore made US$100 million by shorting stocks just before the crash of 1929. Five years later he was bankrupt


JOHN TEMPLETON Payoff: US$80 million Born in 1912,


American investment guru Templeton made tens of millions by betting on the failure of


new tech firms in 2000 just prior to the dot-com crash. He called it “the easiest money I ever made”


PAUL TUDOR JONES II Payoff: US$100 million


The founder of Connecticut-based Tudor Investment Corp. foresaw an “Acapulco cliff dive” in the stock market, so when the Dow dropped 22% on Oct. 19, 1987, and others counted their losses, Jones and his investors saw 200% gains


JOHN PAULSON Payoff: US$4 billion


In 2005, Paulson and his hedge fund began to bet against subprime mortgages and the


companies that backed them.


Between 2007 and early 2009, just after global markets crashed, those trades netted Paulson & Co. Inc. US$20 billion and Paulson billions


GEORGE SOROS Payoff: US$1.5 billion


Soros’ Quantum Funds borrowed billions in British pounds, converted them into other currencies and


waited for the pound to crash. When it did in September 1992, Quantum repaid the loans and pocketed the profit


PREM WATSA Payoff: US$2.72 billion


CEO of Toronto’s Fairfax Financial Holdings Ltd., Watsa believed stock markets were overvalued in 2007


and bet heavily that insurance and subprime lenders would default. In 2008, Fairfax was Canada’s most profitable corporation


8 | CPA MAGAZINE | DECEMBER 2015


AP/Canadian Press


Bloomberg/Getty Mark Lennihan/AP/Canadian Press


Richard Gardner/REX/Canadian Press Charla Jones/GNM/Canadian Press


Thomas Szlukovenyi/GNM/Canadian Press Chart: Baiba Black


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