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Feds invest $485,000 in Annapolis Royal's King's Theatre – TheChronicleHerald.ca

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ANNAPOLIS ROYAL, N.S. —

The federal government is investing $485,000 in Annapolis Royal’s historic King’s Theatre to help upgrade the physical building and website.

Maryam Monsef, federal minister for Women and Gender Equality and Rural Economic Development, made the announcement early Wednesday evening via a Zoom online news conference on behalf of  Mélanie Joly, minister of Economic Development and Official Languages and Minister responsible for ACOA, and Steven Guilbeault, Minister of Canadian Heritage.

The Honourable Maryam Monsef, Minister for Women and Gender Equality and Rural Economic Development, announces a federal investment of $485,000 for upgrades to the historic Annapolis Royal King's Theatre building and website on Wednesday, via a Zoom meeting. - Stuart Peddle
The Honourable Maryam Monsef, Minister for Women and Gender Equality and Rural Economic Development, announces a federal investment of $485,000 for upgrades to the historic Annapolis Royal King’s Theatre building and website on Wednesday, via a Zoom meeting. – Stuart Peddle

“We know this has been a really difficult time for the sector, for artists and creators, and we do desperately need you to continue to do what you do so well to keep our spirits up and to tell our stories,” Monsef said.

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“I know that it has been a challenging year, but in the spirit of your 100th birthday, King’s Theatre, let us reflect on all the challenges that you have overcome over the past century and all the changes that you have shaped and were witness to, from a Depression to a world war, to women entering the workforce, beginning to get the right to vote, the advancements in technologies, computers, internet, we sent people to space and all the while, you stood there solid, grounded in community.”

She lauded the theatre for leading the way on moving to virtual performances and video on demand during the pandemic, mentioning that the important tourism and community attraction drew more than 60,000 visitors annually before COVID-19.

ACOA is providing $251,000  of the total through the Innovative Communities Fund. Heritage Canada is providing $234,000 from the Building Communities Through Arts and Heritage program.

Janet Larkman, executive director of King’s Theatre, called the funding “a very significant investment in King’s Theatre, which is, by extension, also an investment in the town of Annapolis Royal and the surrounding communities.”

Janet Larkman, executive director of the King's Theatre in Annapolis Royal, takes part in a Zoom online conference announcing a $485,000 federal investment in the theatre building and website on Wednesday. - Stuart Peddle
Janet Larkman, executive director of the King’s Theatre in Annapolis Royal, takes part in a Zoom online conference announcing a $485,000 federal investment in the theatre building and website on Wednesday. – Stuart Peddle

Larkman said the theatre needs a new roof, better insulation, electrical upgrades and variety of other structural repairs.

The money will also go toward the installation of solar panels to reduce the theatre’s carbon footprint and lower operating costs, she said.

The stage lighting equipment and structural rigging that supports it will also be upgraded.

The funds will also help expand the theatre’s virtual capabilities with improving the web platform and updating the ticketing system as well as investing in video equipment.

“All of this will help King’s Theatre to grow and adapt to the ever-changing world that we’re in,” Larkman said. “But, at the same time, we promise to keep our focus on making sure that everyone feels welcome here in this real, physical community space.”

Work already began on some of the upgrades before Christmas, taking advantage of the mandated closure due to COVID-19’s second wave mitigation efforts.

“But the new roof and the panels and so on can’t happen until the spring,” Larkman said. “And also the work that we’re doing on the lighting system, there’s a lot of behind-the-scenes planning work that is being done. So, our goal is to have everything complete by the beginning of September, which is when we are kicking off our centennial celebrations.”

What was planned to be a year-long celebration is now focused on the fall, she said.

“We may not be celebrating the King’s Theatre centennial year in quite the ways that we had envisioned over a year ago, but undertaking this project enables us to celebrate in ways that will create a legacy that resonates long into the future.”

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Private equity gears up for potential National Football League investments – Financial Times

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Investment Opportunities With Hot Inflation, Higher-for-Longer Interest Rates – Bloomberg

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Like a bad houseguest, hotter-than-expected inflation continues to linger in the US.

Traders had hoped by now the Federal Reserve would be free to start cutting interest rates — boosting rate-sensitive stocks and unlocking a largely frozen real estate market. Instead, stubborn price growth has some on Wall Street rethinking whether the central bank will lower rates at all this year.

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Want to Outperform 88% of Professional Fund Managers? Buy This 1 Investment and Hold It Forever. – The Motley Fool

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You don’t have to be a stock market genius to outperform most pros.

You might not think it’s possible to outperform the average Wall Street professional with just a single investment. Fund managers are highly educated and steeped in market data. They get paid a lot of money to make smart investments.

But the truth is, most of them may not be worth the money. With the right steps, individual investors can outperform the majority of active large-cap mutual fund managers over the long run. You don’t need a doctorate or MBA, and you certainly don’t need to follow the everyday goings-on in the stock market. You just need to buy a single investment and hold it forever.

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That’s because 88% of active large-cap fund managers have underperformed the S&P 500 index over the last 15 years thru Dec. 31, 2023, according to S&P Global’s most recent SPIVA (S&P Indices Versus Active) scorecard. So if you buy a simple S&P 500 index fund like the Vanguard S&P 500 ETF (VOO -0.23%), chances are that your investment will outperform the average active mutual fund in the long run.

Image source: Getty Images.

Why is it so hard for fund managers to outperform the S&P 500?

It’s a good bet that the average fund manager is hardworking and well-trained. But there are at least two big factors working against active fund managers.

The first is that institutional investors make up roughly 80% of all trading in the U.S. stock market — far higher than it was years ago when retail investors dominated the market. That means a professional investor is mostly trading shares with another manager who is also very knowledgeable, making it much harder to gain an edge and outperform the benchmark index.

The more basic problem, though, is that fund managers don’t just need to outperform their benchmark index. They need to beat the index by a wide enough margin to justify the fees they charge. And that reduces the odds that any given large-cap fund manager will be able to outperform an S&P 500 index fund by a significant amount.

The SPIVA scorecard found that just 40% of large-cap fund managers outperformed the S&P 500 in 2023 once you factor in fees. So if the odds of outperforming fall to 40-60 for a single year, you can see how the odds of beating the index consistently over the long run could go way down.

What Warren Buffett recommends over any other single investment

Warren Buffett is one of the smartest investors around, and he can’t think of a single better investment than an S&P 500 index fund. He recommends it even above his own company, Berkshire Hathaway.

In his 2016 letter to shareholders, Buffett shared a rough calculation that the search for superior investment advice had cost investors, in aggregate, $100 billion over the previous decade relative to investing in a simple index fund.

Even Berkshire Hathaway holds two small positions in S&P 500 index funds. You’ll find shares of the Vanguard S&P 500 ETF and the SPDR S&P 500 ETF Trust (NYSEMKT: SPY) in Berkshire’s quarterly disclosures. Both are great options for index investors, offering low expense ratios and low tracking errors (a measure of how closely an ETF price follows the underlying index). There are plenty of other solid index funds you could buy, but either of the above is an excellent option as a starting point.

Adam Levy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.

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