Daw: Dentist finally collects tech-stock profits Toronto Star
While fellow dentists moan over recent stock market losses, Keith Millar and his cautious life insurance broker Paul Barbour are celebrating.
“You should hear my colleagues talk,” says Millar, 65, of Stoney Creek near Hamilton. “It is a blood bath, a horror show.”
Meanwhile, Millar, Barbour and several other clients are finally collecting their windfall gains from the technology stock bubble of a decade ago.
They are recovering their original investments, plus some early gains, thanks to guarantees backed by life insurers that never expected what could hit them.
“Paul won't sell me anything without guarantees,” says Millar, who had previously held only guaranteed investment certificates in his registered retirement fund.
So when they talked of making some quick money on fast-rising technology stocks late in 1999, they bought an investment fund sold by Dutch-owned Transamerica Life Canada.
“The first few months we thought we were geniuses,” says Millar. “In a month or two (the fund) was up 35 or 40 per cent.”
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