I have a confession to make. A few years ago, my stock broker recommended I buy shares in one of the companies operating
long-term care homes.
I remember him saying the company paid a good dividend (5%), and had growth prospects because the numbers of old folk in Ontario was increasing steadily. Of course, that number included my wife and I.
I did have a slight worry; I wasn’t sure I wanted to profit from elderly people.
Two months ago, when COVID-19 arrived in Canada, I became aware that nursing homes were affected, but I had forgotten we owned shares in such a company. A few weeks ago, I did notice and immediately told my stock broker to sell the shares.
According to the Oxford English Dictionary, something is “efficient” if it is produced with minimum waste or effort. Who could object to that? An efficient woodworker can produce a dining table and six chairs for you, wasting a minimum of wood.
Working swiftly, they are able to make more dining sets each year. Working efficiently keeps the woodworking shop competitive and busy, ensuring their employees a decent income.
You, as the client want your dining set well-made and pleasing to the eye, imparting grace to your dining room. If you ordered it with a view to hosting an extended family Thanksgiving, you would want the work completed when promised or before, something an efficient shop can usually predict accurately.
If you are paying a contractor to build a house, you may be willing to pay for marble kitchen counters, a superior quality roof, plus upgraded insulation and a high-efficiency furnace to reduce heating costs.
However, a developer building a subdivision defines efficiency differently.
Bulk buying kitchen furniture, appliances, furnace, bathroom fixtures and carpets saves money, improving profits.
In other words, efficiency is defined by the person in charge.
Recently, Canadians learned that the overwhelming majority of COVID-19 deaths (over 80%) have been in long-term care homes. Canadians rightly expect our parents and grandparents to receive quality health care, but it has become clear that many do not.