Quarterly Newsletter

Our broader perspective on recent market activity, key investment highlights, and the outlook for the next quarter.

Quarterly Focus – Q1 2022

The following is an excerpt from the quarterly newsletter distributed to clients. Preparing for Unknown-Unknowns Thoughtful investors are always attuned to potential risks. Heading into 2022, the attention of market participants and media pundits was trained on the following: Would the Omicron wave trigger an economic slowdown? Would surging inflation prove to be a transitory […]

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Quarterly Focus – Q4 2021

The following is an excerpt from the quarterly newsletter distributed to clients. Rewarding 2021 –  Prospects for 2022 Stock markets posted strong returns during the fourth quarter, capping off a very good 2021 for most investment assets. Globally, the S&P500 once again led the way in Q4, gaining 11%, while in Canada, the S&P/TSX rose […]

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Quarterly Focus – Q3 2021

The following is an excerpt from the quarterly newsletter distributed to clients. Where opportunity lies Conflicting investment themes caused volatility for global asset markets during the third quarter. Yet despite the choppiness, returns were relatively flat for stocks and bonds. The S&P500 eked out a 0.6% gain while in Canada, the S&P/TSX was up a […]

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Quarterly Focus – Q2 2021

The following is an excerpt from the quarterly newsletter distributed to clients. Never a straight line The second quarter was a decent one for investment returns as both stock and bond markets recorded strong gains during the three-month period. Canadian and US stock markets both rose by 8.5% in local currency terms. In fixed income, […]

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Quarterly Focus – Q1 2021

The following is an excerpt from the quarterly newsletter distributed to clients. Covid – one year later Although the COVID-19 crisis continues to exact its horrible toll around the world, from the perspective of markets at least, COVID has been in the rearview mirror for over a year now. That statement may surprise many people; […]

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Quarterly Focus – Q4 2020

Stocks and other risk assets experienced strong returns during the fourth quarter of 2020 as a relatively benign US presidential election outcome coupled with multiple COVID vaccine…

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Quarterly Focus – Q3 2020

The following is an excerpt from our quarterly newsletter distributed to clients. Strong Markets, Encouraging Shifts The third quarter was a strong one for most asset markets, with stock markets in the US leading the way. The S&P500 rose 8.5% (6% in C$ terms) while in Canada, the TSX rose 4%. The quarter was characterized […]

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Quarterly Focus – Q2 2020

The following is an excerpt from the quarterly newsletter distributed to clients. During the second quarter, global markets staged a powerful rebound from the COVID-19 induced declines experienced in March. As a reminder, the 35% market declines from their highs earlier this year were as quick and violent as anything seen since the 1930s. Although […]

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