If Canada fails to cash in on energy wealth in next 10 to 25 years we will lose it, warns investor Seymour Schulich
Canadian investor Seymour Schulich said he bought about 5 percent of MEG Energy Corp. for the first time “in the last couple of weeks”, underscoring his bullish view on energy despite his concern that Canada is wasting his legacy of resources. In this way, Schulich, who is 79 years old, has expressed “We’ve got a window here and it’s somewhere between 10 and 25 years”, he also said “If we do not exploit the legacy this country has been given as the third-largest reserves of oil-and-gas in the world and build schools, hospitals, infrastructure — if we do not do that, we’re going to lose out”.
Notably, MEG Energy shares rose 12 percent to $ 5.12 in Toronto on Thursday after Schulich revealed he had initiated a “big new investment” in the Calgary-based company during an interview with BNN Bloomberg TV. That would make your bet worth about $ 75 million.
Optimism despite the political landscape
Clearly, Schulich is critical of the leadership of Prime Minister Justin Trudeau, accusing his government led by the Liberal Party of “destroying” an industry that represents a large part of the economy.
Still, Schulich says he is “optimistic” as an investor despite the political landscape. Canada’s legacy of resources is such that all that needs to be done is to build “to get things moving again” pipes and relive our luck within a couple of years after that.
Likewise, Schulich, through its foundation and Nevada Capital Corp., owns approximately 30 percent of Western Canada’s gas and oil driller, Pengrowth Energy Corp., according to data compiled by Bloomberg. He has been in his last position for “about four years” and has an average cost of about $ 1.10, compared to $ 3.25 in his initial investment. The stock traded at 49 cents in Toronto at 3:36 p.m.
Outside of energy, Schulich said he is “optimistic” about gold: he has physical gold and a “big position” at Barrick Gold Corp, which was trading at $ 18.46.
Source: Bloomberg News — Doug Alexander and Michael Bellusci | National Post