Advertisement
The CEO and co-founder of Evermore Capital talks about paying his own way through school and quitting Bay Street to fulfill a childhood goal.
Who is Myron Genyk? As the CEO and co-founder of Evermore Capital, a Canadian asset management company, he introduced target date exchange-traded funds (ETF) for those with retirement goals from 2025 to 2060. With over 15 years of Bay Street experience, Myron has worked at BlackRock Canada and National Bank of Canada, overseeing ETF markets and managing multi-asset hedging portfolios. Also, Myron is Ukrainian-Canadian, and his company is donating 100% of its revenue for three months towards Ukrainian humanitarian relief. Here’s more on his views around values, money and investing.
My parents. They are of Ukrainian ancestry and immigrated to Canada as kids from Eastern Europe after World War II. They raised me with their Old-World values. Part of that included the idea that material goods come and go—so Buddhist, in hindsight—and things should be secondary to family and education. And there was the idea of scarcity and being OK with not having everything you want.
When I was in grade eight or so, my folks started making me pay for all my wants myself. It was tough watching friends that had their wants paid for by their parents, but I did enjoy the independence. Then, when I was 20, my parents severed the financial cord completely. That was extremely difficult, working minimum wage jobs while in university, and even a couple of jobs below minimum wage—under the table—to make rent. Although those days were tough, I knew it would serve me well going forward.
I really enjoy spending time with my immediate and extended family. Also, when the pandemic started, I began regular one-on-one walks and talks with close friends, either in person or over the phone. And I continue to do those walks now. Finally, I’m rewatching the TV shows I loved as a kid—we recently finished Matlock. I’m currently streaming Star Trek: The Next Generation with the kids, and I’m so happy to say that they love it.
Also, and I’m not sure if this is “free time” per se, but I took a bit of a sabbatical from Bay Street a few years ago to fulfill a goal I’ve had since high school: I completed a graduate program in applied music at Sheridan College, and then I co-wrote, workshopped and produced a musical called Breaking Bread: The Musical, set in Ukraine during the Holodomor. It was so wonderful to do something completely different and it was so incredibly fulfilling. Both the subject matter and the craft of creating musicals continue to interest me, and I would like to bring it to the stage again. I planned to do it again in November 2020, but, well, COVID-19 happened.
I think about that every single day, and I frequently ask my friends that same question. Some things that come up are to continue what I’m doing now—work, study music composition more deeply, go to law school or get into suburban gardening.
When I was three or four years old, my mom helped teach me addition by giving me a handful of coins and having me add them up. There were 50-cent pieces back then. That was always a lot of fun. I made sure to pass that along to my kids.
A poutine at Harvey’s. I felt I reached peak living. There will always be something nostalgic about Harvey’s poutine for me.
Apart from delivering flyers in grade eight and nine, my first job was working in the kitchen and as a server at a retirement home when I was in grade 10 or 11. It was just a short bike ride from my parents’ house. It was a great gig. I loved chatting with the elderly, and the home had a piano that residents and staff could play.
After we took out our mortgage nearly 15 years ago, we were in a huge hurry to pay it off. Whenever I had extra money, it would go toward the mortgage. The opportunity cost of not investing that extra money in the markets, where returns are generally higher than the interest on a variable-rate mortgage, is something I regret.
To invest in low-fee index funds, which over time, are the most sensible investment.
To keep most or all your money in cash, because sometimes markets go down. I’m embarrassed to say, I followed this for several years.
I could get into a bunch of “time value of money” stuff here, but life can be about more than just maximizing wealth. Time is extremely precious and scarce, and you never know when the music will stop. I’d rather have a large sum now, as it would open up so many possibilities for other pursuits.
Investing should be as boring as the plumbing and electrical in your house. If you make either of those things too exciting, it could lead to serious trouble. You should think about investing as much as you think about those basic utilities.
Many people are intimidated by investing because they think it’s rocket science. The truth is, learning about investing and actually investing has never been easier. There are so many great online educational resources—like blogs, YouTube videos and online courses—that coach people to become more financially literate and independent.
On the product side of investing, there is still a zoo of high-fee, complicated stuff being sold. However, there is an increasing amount of low-fee, sensible investment solutions. Offering Canadians simplicity at a low fee is what drove us to create the Evermore Retirement ETFs, so people can hopefully be less intimidated, and take control of their own investments.
I could list a dozen or so stocks that have been massive regrets. Each of them was going to be a “10-bagger” or even a “100-bagger”—meaning they’d go up in value 10 times or 100 times. In reality, each of them went down big time.
Education is probably the big budget item that has the greatest value, both for kids and for adults. There’s a lot of learning that can be done for free, and some paid courses or programs can add a lot of value and be really fulfilling, too. Not only does more education lead to a potentially higher income and wealth, but it makes you a better citizen, in that you’re better equipped to solve problems and think for yourself in this ever-changing world.
Another value for me is philanthropy. As with many others, I’m sure, the causes I’ve felt inspired to support have changed over time. Now, with the escalation of Russia’s war on Ukraine, it’s become pretty clear that my philanthropy should go toward that cause. I’m also really happy to say that Evermore Capital is among the dozens of Canadian companies donating to support humanitarian efforts in Ukraine.
Grad school. I was not ready to enter the workforce after my undergrad. It was a tough call, facing down tuition and residence costs rather than earning a salary. But thankfully I was thinking about the big picture back then.
It depends on the nature of the debt and what the money is being spent on. Low-interest debt is always better than high-interest debt, of course. It’s great if money is being spent on an investment, like a car, a house, education or a business. If it’s being spent on an experience, or to cover spending that has gotten out of hand, that is less ideal.
You’ll laugh, but it was probably a trip through the McDonald’s drive-thru at 9:30 p.m. last Friday. That was a completely unnecessary expenditure. I find it very difficult to splurge. My parents really hammered in their Old-World values in me. And since the pandemic, there hasn’t really even been much opportunity to splurge.
Since starting Evermore last spring, my reading time has taken a hit. Although I read a lot of finance articles and blogs and white papers, I can’t say I’ve read a money-related book lately. However, I recently completed Think Again by Adam Grant—or as my kids like to say, “Think again, Adam Grant!”
Cash. It’s so underrated, and comes in handy all too often.
My upright Yamaha piano. If it disappeared tomorrow, I would be pretty upset. My children would rejoice.
Well, this is more a goal for my kids, but I’d like them financially independent as soon as they finish post-secondary, if not sooner. I know it’s hard out there, but the struggle is such an important part of the journey; it’s an education unto itself.
Guess it depends on what. Primary residence: own if you can. Secondary residence: we prefer to rent as needed; there’s too much world to see.
Admittedly, I’ve never delved into [leasing]! I’ve always just bought.
Well, you need to save in order to invest. If you mean keeping savings in a chequing account versus investing in the market, it depends on how soon you need that money. I’d say any money you need within five years or so should be in cash; beyond that, invest whatever you don’t need within five years.
I can’t imagine anyone just winging it financially. It’s like driving at night in the fog with no headlights. You must budget. There are so many great resources. I think it really starts with tracking where your money is going, then creating a categorized list of expenses by calendar month, since there is usually seasonality. Also, tracking your net worth over time can be helpful, too, as can building out projections that compound at reasonable rates of returns.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Investing young pays off. Learn the saving tips and money habits Gen Z is using—and how to apply them...
Inheriting stocks? Learn the tax rules, when to sell, and how to decide if keeping inherited investments makes sense...
How taxation of ETFs works in non-registered accounts, and some fund suggestions that will allow you to keep more...
Employees often have group insurance coverage at work, but people who work for themselves need to make sure they...
Adding unrepresented (or underrepresented) asset classes to a core portfolio can reduce risk, increase returns, or both. Here are...
Three ways for Canadians to create a basic low-fee, low-maintenance investment portfolio, with sample asset-allocation models.
Many Canadians are carrying personal debt. Certified Financial Planner Janet Gray explains four effective strategies to get debt under...
Ethereum (ETH) and silver rise together, ETH could touch $8,000 in 2025, ETH ETFs attract massive inflows, and ETH-focused...
A financial planner explains some tax-saving strategies that Canadian retirees may not have thought of.
Many Canadian families save for their kids’ post-secondary education with an RESP account. How do RESP withdrawals work?