The last time we saw Fabrice Taylor, he was touting Diversified Royalty, which had just announced a deal to acquire the Mr. Lube Canada trademark.
“In my view this fast-growing dividend-paying stock is worth buying now because the drop in stock price is about as temporary as such drops get,” he wheezed in his weekly Globe and Minion column.
That was in early August. Over the next few days, Febreze’s kiss-of-death sent Diversified plunging to $2.51, where it languishes still.
(Full disclosure: Taylor once served as publisher of my organ, circa 2003. Sadly, he turned out to be as adept at satire as the stock market, driving the mag into the tarmac in less than a year.)
Now where was I? Oh, yes, speaking of touts, how about Air Canada?
When he promoted AC on June 17, it was trading at $13.79. This week Air Canada was at $11.03 per share, a loss of 27 per cent, if you followed his advice.
Doubtless Bay Street punters are grateful that Febreze only promotes stocks that he owns personally—a fine print disclaimer meant to offset any suggestion of conflict and/or self-interest.
Or as commenter “Trawnaman” put it this week re Taylor’s column:
“I doubt there’s anything illegal going on. More likely, ‘articles’ like this are just easy—and cheap—ways for the Globe’s editors to fill space. Like those fawning “Lunch with…” pieces. I doubt Taylor gets paid anything; he’s doing it for the promotional value.”