Monthly Perspectives

  • Seasonal Glitch? (Perspectives – September 2017) September 4, 2017 - Seasonal Glitch? Aside from the fact that September and October have generally proved plenty challenging to markets, we now have to contend with a continuing escalation of both rethoric, as well as provocative acts on the part of North Korea … Markets, which to this point, have been rather resilient and seemingly immune to politics, domestic and otherwise – look Continue Reading
  • Tantrum Risk? (Perspectives – August 2017) August 3, 2017 - Markets Headwinds; Loonie Strength; and a notable decline in exposure to Canada combined to produce a slight decrease in aggregate industry AuM as at July 31, 2017 (-CAD330MM, or -0.25% vs June)...
  • Second Half? (Perspectives – July 2017) July 4, 2017 - Second Half? With ETFs in Canada enjoying record net inflows (Est: +$15.5 Billion) in H1, 2017,  market volatility still remarkably tame, and a generally favorable market backdrop – the question is whether these conditions will continue to prevail for the rest of 2017. Naturally,  it will also be interesting to see what trends investors chose to latch on to with Continue Reading
  • Climate … Whaaat? (Perspectives – June 2017) June 3, 2017 - Climate … Whaaat?  Having left European leaders last week unimpressed, including in relation to article 5 and NATO, US President Donald Trump has now succeeded in drawing their ire – as he pulled the US out of the Paris Accord. Recent Developments: May Payrolls underwhelm – but June’s FED hike is still seen as in the cards, all the while Continue Reading
  • Against all Odds (Perspectives May 2017) May 3, 2017 - Against all Odds – Markets continue to defy the odds, high valuations in the US, rising geopolitical tensions in Asia, winds of war on the trade front (NAFTA) – and the ongoing rise of populism, notably in Europe. French Presidential elections held May 7th could – with a Macron victory – possibly given markets there further ground for embracing animal Continue Reading
  • Suspended Reality … (Perspectives – April 2017) April 5, 2017 - Suspended Reality … US Rates are headed higher; while elsewhere looking set to continue on their low or non-existent trajectory for longer still, yet the USD bullish stance of market participants has generally disappeared. US equities are consensus-wise considered pricey, the Eurozone just entered the twilight zone of post article 50 delivery uncertainty, as Britain’s PM Theresa May made good Continue Reading
  • Listen to Warren (Monthly Perspectives – March 2017) March 2, 2017 - Listen to Warren – Praising Vanguard’s Founder Jack Bogle in Berkshire’s latest annual report: “If a statue is ever erected to honor the person who has done the most for American investors, the handsdown choice should be Jack Bogle. For decades, Jack has urged investors to invest in ultra-low-cost index funds. In his crusade, he amassed only a tiny percentage of Continue Reading
  • Not in your best Interest (February 2017 Perspectives) February 5, 2017 - Not in your best Interest – Dodd-Frank Trump Rollback in the US; potentially derailed DOL; and here in Canada,  always a strong (and well financed – to be sure) lobby to push back against Regulatory intervention benefiting investors (incl. removal of conflicts of interest) … All-in: Financials / Banks stocks future (profitability) looks brighter, all the while the inherent “tax” Continue Reading
  • Defining 2017 … (Monthly Perspectives – January 2017) January 3, 2017 - Defining 2017 … – Less than 3 weeks away from the inauguration of President Elect Donald Trump, and at the beginning of a fresh new year, the question of what will define 2017 is likely foremost in the mind of many. Will it be reflation? Will it be managing to effect positive change and – in the case of the Continue Reading
  • Trump Melt-up & Strong Net Creates (Monthly Perspectives – December 2016) December 2, 2016 - Trump Melt-up & Strong Net Creates – Book-ended by a last minute OPEC deal even involving a Russian production cut (who would’ve thought…) and an early month game changing election of Donald J. Trump as US President come Jan 20th, 2017, Exchange Traded Fund assets in Canada sailed through CAD 110 Billion, with 70%+ of net creates headed into equities… Continue Reading