John Ivison/National Post: If it is to build wealth for Canadians, as befits a “national savings and investment account” — the money should probably be invested in global stocks. The MSCI All Country World Index — a common benchmark for global equities — delivered a total return of over 21 per cent last year.
But if, as seems more likely, it is to fast-track major projects, it probably shouldn’t be presented as a safe-as-houses investment opportunity.
The returns are clearly not as guaranteed as the prime minister made them sound. The Alberta Heritage Savings Trust, that province’s sovereign wealth fund, lost billions during the Great Recession and during COVID. It has proven to be a major disappointment in terms of its growth…