Kevin O’Leary Says This Country Is One of the Wealthiest, But it Is Extremely Mismanaged
Kevin O’Leary is one of the most popular businessmen on television. He’s best known for his recurring role on “Shark Tank,” an investment show where businesses can ask wealthy millionaires for funding.
However, the Canadian is also known for never failing to speak his mind, no matter the consequences. This has led to the millionaire publicity criticizing the management of his home nation on various occasions in previous years.
O’Leary Not a Fan of the Canadian Government
While O’Leary holds citizenship in Canada, Ireland, and the UAE, he remains patriotic towards his nation of birth.
This results in occasional outbursts about the current state of affairs in Canada. During a recent YouTube video posted to his channel, O’Leary said, “Canada is the richest country on earth run by idiots.”
One of the Wealthiest Countries in the World
Despite the mismanagement in the eyes of the Shark Tank star, he still believes Canada is full of potential and remains amongst the richest nations in the world.
Speaking in the same YouTube video, he said, “The country has every resource the world wants. It’s a very, very wealthy country, but it’s poorly managed.”
O’Leary Runs to Become Prime Minister
It appears the multi-millionaire finally had enough of the government back in 2017, as he decided to join the race and try to become the nation’s Prime Minister.
However, he later backed out of the race to challenge Justin Trudeau in the 2019 federal elections.
Shark Tank Star Not Alone in His Beliefs
It appears Kevin O’Leary is not alone in his beliefs about the Canadian Government, according to a recent Leger Poll carried out by The Canadian Press.
The results of the study found that only approximately 30% of the nation’s citizens are content with the management of government under Prime Minister Justin Trudeau.
One of the Wealthiest Nations in the World
While O’Leary’s comments about the Canadian government are simply his opinions, he was correct in naming Canada as one of the wealthiest nations in the world.
The North American nation is full of natural resources, being a major producer of coal, oil, iron ore, copper, lead, and uranium.
Investors Not Happy With Results
With such a bounty of natural resources, investors in Canada’s S&P/TSX Composite Index can’t help but feel a little disappointed with their returns.
The S&P/TSX Composite Index investors have only experienced a 32% return in the last five years.
Nothing Compared to the American Equivalent
While the Canadian S&P/TSX seems like a good investment, the return is less than half of the American equivalent. This is where discontentment amongst investors arises.
America’s S&P 500 Index has seen a much greater rate of return, coming in at 65% over the same five-year period.
Still a Good Time to Invest
Even though the American equivalent delivers a better return than the Canadian counterpart, due to the nation’s abundance of natural resources, experts surmise the S&P/TSX Composite Index could still be a great investment option for traders.
While there are plenty of options to choose from, experts have chosen three that could be particularly lucrative. They are, West Fraser Timber Co. Ltd. (WFG), Barrick Gold Corp (GOLD), and Canadian Natural Resources Ltd (CNQ).
West Fraser Timber Co. Ltd. (WFG)
WFG is one of the well-revered wood products companies based in Vancouver. However, it has factories worldwide, including places such as the United Kingdom and Europe and its southern neighbor, the U.S.
Building material makes up a large chunk of the companies focuses. Yet, they also mass-produce wood chips, pulp, wooden panels, newsprint, and various other wood-related products.
Canadian Natural Resources Ltd (CNQ)
CNQ is one of the nation’s largest players in the energy sector. The company’s extensive portfolio consists of natural gas, gas liquids, and crude oil.
During the third quarter of this past year, the company broke records by producing, on average, around 1,394,000 barrels of oil each day.
Barrick Gold Corp (GOLD)
Barrick Gold (GOLD) is one of the largest mining companies in the entire world. Centered in Toronto, the company has projects in Africa, the Middle East, and up and down the Americas.
Known for its gold, Barrick also produces a vast amount of bronze every year. In 2022 alone, the company produced over 4 million ounces of gold and approximately 440 million pounds of copper.