Today, an investor can buy 10-year Canada bonds yielding less than 1.75%. But inflation in Canada has averaged between 2% and 3%. Therefore, after inflation an investor is guaranteed a loss of purchasing power over 10 years. After taxes the situation is even worse. The government will take up to 50% of your 2% yield, thereby deepening/increasing the total loss of purchasing power over the 10-year term. By contrast, a Leon Frazer portfolio has a higher (dividend) yield than a 10-year bond. After inflation and even after taxes the Leon Frazer investor realizes a positive yield.