An Ode to The Flyer (1953-1992) and Financial Markets (Inception to Present)

Those attending the Canadian National Exhibition (affectionately, The Ex) in 1953 were promised of “Thrills Galore” with the construction of the new “Flyer” rollercoaster.  The coaster was built was designed by Joe McKee of New York and maintained and operated by Bill Davis of Conklin’s Canada Shows.  Constructed from wood at a cost of $200,000 US, the Flyer was 2612 feet long, and stood 62 feet tall. 

The Flyer would last through 39 years of operation, carrying well over 9 Million passengers before the aging and rickety coaster would be decommissioned in 1992. 

According to Coasterpedia.net (it’s a thing – seriously, look it up):

The ride started by leaving the station and entering the straight track.  Then it would enter a U-turn and enter the Chain- lift.  After climbing the chain lift, riders plunge down a large first drop.  Then it enters a highly banked turnaround similar to the Cyclone’s (a Coney Island wooden coaster) first turnaround.  After that, it plunges down another large drop into a small Bunny Hill.  Then it enters a large hill into a long straight track, followed by a set of Trim brakes (this would slow down the coaster somewhat).  Then, it entered a left hand turn followed by a curved drop which drops to the next lift hill.  After that, it went into a set of 2 more Bunny Hills (small hills often built to create strong negative g-forces) into the final turnaround, this time under the first one, it entered 2 more Bunny Hills before popping into the skid brakes, and entered the station.

I remember, as a kid in the mid-1980’s waiting in the line for the Flyer with my Mom & Dad, and slightly older sister Liza.  Watching the coaster with awe and trepidation in my too-short shorts (it was the 80’s), and Snoopy t-shirt, my fear was palpable.  The other two riders (my Mom was always a spectator, not a rider) continued to bolster my young confidence through the queue, ensuring I stayed a rider for the duration of the trip. 

They succeeded.  It certainly was scary too.  The coaster was in its “final innings” and what it may have lacked in loops and twists it made up for in ups-and-downs, rickety sounds, and aged wood.  So there I was, entrapped in approximately one minute and seven seconds (again from Coasterpedia.net) of ups and downs, and panic.  Until the final hit on the skid brakes and eventual dopamine hit to my brain when I realized that I was both safe, and exhilarated!

Much like my young experience with the Flyer, I’ve found my career experience with financial markets has been much the same.  There are many twists-and-turns, ups-and-downs, large drops, grinding skids, and slow climbs higher.  Our team here attempts to mitigate volatility by staying invested in high-quality businesses across a broad group of sectors.  We ensure that we are well-rewarded for sitting through volatile periods in markets with a good stream of dividends, and we realize that like roller-coaster rides bear markets are generally short in duration relative to bull markets.  We have come to realize that the scariness eventually dies down, and we’re well rewarded with capital appreciation in the high-quality businesses that we invest in when the volatility dies down. 

About a lineup length of time after my first ride, Liza and I boarded again (we lost my Dad at that point, at 42 now, I can’t blame him).  In my chosen career this isn’t my first “Flyer”, and I’m sure it won’t be my last, but I’ve come to realize that in roller coasters and financial markets, if you’re well prepared for ups-and-downs and volatility, you’re equally well rewarded for riding through them.

Andrew Stiff
Portfolio Manager, CIM®,PFP®,FCSI®
Family Wealth Counsel Advisor Group/Raymond James Ltd.

The views are those of the author, Andrew Stiff, and not necessarily those of Raymond James Ltd. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decision. Raymond James Ltd. is a Member - Canadian Investor Protection Fund.