Jul 15
The following is an excerpt from the quarterly newsletter distributed to clients. Q2 2024 – The Return of Exuberance The global economy once again remained resilient this quarter. After several years managing dislocations caused by the COVID-19 pandemic and the commodity price shock from the war in Ukraine, policymakers have largely restored price stability. Inflation […]
Apr 24
The following is an excerpt from the quarterly newsletter distributed to clients. Q1 2024 – Return of Hype Market mood rose in the first quarter of 2024. Between benign inflation and resilient economic performance in advanced market economies, investor optimism broadly improved. Central banks tried to temper the most aggressive of expectations, arguing the battle […]
Jan 29
The following is an excerpt from the quarterly newsletter distributed to clients. 2023: I beg your pardon, I never promised you a recession 2023 was another wild and unprecedented year in the investment world. To paraphrase Voltaire, we have seen so many extraordinary things in the past ten years that nothing seems extraordinary anymore. Although […]
Jul 24
The following is an excerpt from the quarterly newsletter distributed to clients. Steady as the tide goes out The global economy withstood pressures again this quarter. Despite ongoing monetary policy tightening by central banks and recessionary fears, growth remained resilient (albeit slower). Policy makers continue efforts to bring inflation under control, a journey that is […]
Apr 12
The following is an excerpt from the quarterly newsletter distributed to clients. Looking Back, Moving Forward March 2023 marked an important anniversary for investors. We are now three years from the COVID-lows in financial markets, when a novel virus erupted onto the world stage, causing a global pandemic and shutting down the global economy. It […]
Jan 18
The following is an excerpt from the quarterly newsletter distributed to clients. 2022: A year to remember, and for some, to forget It may come as a surprise to some (especially those who don’t follow the financial markets), but 2022 will go down in history as one of the worst years on record for most […]
Oct 19
The following is an excerpt from the quarterly newsletter distributed to clients. 2022: How diversified are you? Jason Zweig, investment guru and writer of the Wall Street Journal’s “The Intelligent Investor” column, recently wrote about the reality facing many investors so far in 2022 (see Figure 1). The rest of the article goes on […]
Jul 18
The following is an excerpt from the quarterly newsletter distributed to clients. Grin and “Bear” It – Finding Opportunity in a Volatile Market Global markets resumed their slide during the second quarter of 2022 as consternation over inflation, rising interest rates, and the possibility of a potential recession weighed on investor sentiment. Notably, the S&P […]
Apr 19
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 […]
Jan 17
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 […]