Cutting Through the Noise
February 12, 2013
The Asia Pacific is the fastest growing economic region in the world. Not surprisingly, many multinational companies are increasingly focusing on selling their goods and services in countries such as China, Indonesia, Singapore, Vietnam, and the...
Read MoreFebruary 8, 2013
In the current edition of MoneySense magazine, there’s an article on RRSPs entitled, ‘Surprising Truths about Your RRSP’. There is a ton written about RRSPs at this time of year, but I thought this piece did a good job addressing some key issues. In the...
Read MoreFebruary 5, 2013
In the Report on Business last week, John Heinzl, fondly known as the ‘Yield Hog’, dedicated his column (How a Focus on Dividends Can Transform Your Investing Approach) to a dividend-oriented portfolio managed by a real investor, Rob. It looks...
Read MoreJanuary 31, 2013
Investors have had a real love for income and dividends over the past several years. And for good reason – bonds and high dividend-paying stocks have been stalwart performers. But the quest for yield may be leading to imbalanced portfolios. Investors who...
Read MoreJanuary 28, 2013
It’s that time of year: holiday bills, new diets, bleak weather, and RRSP contributions. Not exactly exciting stuff. Bruce is a little more jazzed than many investors though. He reviewed his account statement last week and found that his portfolio at Steadyhand was up nearly 12% last year (since starting with us two years ago, his portfolio has gained approx. 6.5% per year). “Grinning ear to ear”, he noted in an email. While we love his enthusiasm, we reminded him that many...
Read MoreJanuary 23, 2013
“However beautiful the strategy, you should occasionally look at the results.” – Winston Churchill. It was a strong year in the capital markets and your portfolio was most assuredly up. Good news, right? Well, probably, but maybe not. A proper assessment of...
Read MoreJanuary 19, 2013
A young client phoned this week to ask if she was invested in mutual funds. She’d heard they were high cost and not the place to be. While the call was a little disconcerting given that we only use our own funds to build client portfolios, it was not surprising. Her...
Read MoreJanuary 17, 2013
My wife dragged me to a spinning class last weekend. It was a humbling event for my quads, hamstrings and calves. They’re still cursing me. Nevertheless, it was an inspiring experience. The lights were low and the music high. Everyone in the room was focused intensely on the instructor’s cues and was content to turn the tension dial to self-inflict a higher level of pain (and gain). I quickly learned...
Read MoreJanuary 15, 2013
We’ve said it many times, but 2012 was another reminder that market returns don’t often match up with what we’re seeing in the headlines. In many respects, the economic news in 2012 was ugly. The U.S. grappled with the fiscal cliff, mounting debt and political bickering. The sovereign debt and unemployment issues is Europe lingered, China was dealing with slowing growth, and weak commodity prices were...
Read MoreJanuary 14, 2013
From our Quarterly Report: In the Q4 brief last year, my goal for our clients was “another unremarkable year”. We had come through a tough period in the markets in good shape, but with interest rates even lower and the economic and political outlook...
Read MoreJanuary 11, 2013
I guess I’m more optimistic than executives at the major banks. When we lose a client (we’ve been lucky so far, our clients have been very loyal), I fully expect she/he will come back one day when circumstances change. As a result, when a client takes money...
Read MoreJanuary 10, 2013
Having been early and loud with my concerns about Canadian housing prices, I’m following with interest the daily coverage of the residential real estate market. I have a few thoughts on what I’ve read so far. Despite all the front page coverage, the...
Read MoreJanuary 7, 2013
We are currently seeking candidates for a permanent, full-time Office Manager/Administrative Assistant. As part of this diverse role the team member will be involved in many facets of our business, including maintaining the office, managing...
Read MoreJanuary 5, 2013
I’m constantly hearing that it’s been a tough few years for money managers. It’s true that the macro-economic situation has brought uncertainty and volatility, and there’s been no such thing as “safe” income. But in one respect, the past couple of years...
Read MoreJanuary 3, 2013
Turns out the world didn’t end in 2012. A good thing, really, as Tom and I had a lot to write about. With over 120 posts, our updates, explanations, advice, observations, opinions, musings, rants and ramblings were well received, despite the odd scathing...
Read MoreDecember 28, 2012
Am I bothered because the budget negotiations in Washington are dragging on and the market is bouncing around more than usual at year-end? No. Am I worried that tax increases and spending cuts will slow the U.S. economy? They will, but no, I'm...
Read MoreDecember 27, 2012
The Investor Education Fund (a non-profit organization funded by the Ontario Securities Commission) has a cool interactive chart on their website that shows the historical returns – from 1935 to 2012 – of various stock markets, bonds and T-Bills, along with...
Read MoreDecember 23, 2012
We’re in the midst of the holiday season, but there’s something about reflecting on the financial markets in 2012 that makes me want to say “bah humbug.” To me, the year was lots of talk – Spain, Facebook, BCE, fiscal cliff, Nexen/CNOOC, Mark Carney...
Read MoreDecember 17, 2012
It’s been another year of troubling economic headlines, slow growth and political stalemate. Yet, unless Santa gets run over by a reindeer, many global stock markets will finish the year with nice gains. Even the bond market, with its naughty yields, has gained ground in 2012. As the year comes to a close, we’re gratified with the strides we’ve made and the returns our clients have achieved. It’s been a productive...
Read MoreDecember 14, 2012
So far in 2012, $10 billion has flowed into Canadian ETFs (net of sales). It's a big number, especially considering it's been a tough market for most wealth management providers. But as I said earlier this year, the growth doesn't blow me away in the context of a...
Read MoreDecember 12, 2012
In a recent Globe column, I highlighted a consensus among money managers that interest rates are unsustainably low - short and mid-term Government of Canada bonds are trading at negative ‘real’ yields (after inflation). The argument goes that at some...
Read MoreDecember 11, 2012
I've just returned from a few days in the U.S. (Denver – clean, friendly, no snow, great music, the Brown Palace Hotel in all its Christmas glory and a Van Gogh exhibit) and have heard and read waaaaaayyyyyy too much about the fiscal cliff. Fortunately, I've come...
Read MoreDecember 8, 2012
My editors want me to at least occasionally write about something topical. At first glance, a column about getting back into the market doesn't appear to fit the bill, but it does. That’s because now is the time to do the groundwork for what is often the most difficult...
Read MoreDecember 4, 2012
There have been a number of articles recently on U.S. homebuilders. There are increasing signs that housing activity is picking up (albeit from near-dormant levels) and the indexes that track stocks related to the industry have doubled over the last year. This sector is a great illustration of how the stock market is always looking forward. When this latest run started last fall, the news on housing (resales, starts...
Read MoreNovember 30, 2012
The year-end distributions for all our funds (with the exception of the Savings Fund) will be declared on December 14th and paid on December 17th. The Savings Fund will pay its regularly-scheduled monthly distribution on December 31st. As a reminder, distributions...
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