From our Quarterly Report:

When I was a kid growing up in Birchwood Heights (Winnipeg), I loved Cub Scouts - Akela … dib, dib, dib, dob, dob, dob … badges … Senior Sixers … fooling around on the way home. For us Cubs, the big thing was, ‘Be Prepared’.

As we’ve pointed out in numerous pieces over the last few months, the Cubs’ motto should also be a big thing with investors. Particularly now. Investors have gotten comfortable with steadily rising markets, double-digit returns and little or no volatility (until recently). They’re cruising in the ‘comfort zone’.

But it won’t always be this way. Attractive long-term returns are made up of good and bad markets, with lots of calm, volatility, uncertainty, euphoria, relief, disbelief, poor sleeps, bravado, satisfaction and distress in the mix.

Read Tom's full brief and the rest of our report here.