Cutting Through the Noise
March 16, 2011
As the Japanese disaster unfolds, we are dealing with many cross-currents in the capital markets. The pictures, dramatic news stories and unknown nuclear dangers are all part of a mix that has the potential to create an overreaction by investors. In our case...
Read MoreMarch 11, 2011
As we watch the horrific destruction in Japan, we are well aware that our Global Equity Fund owns a number of businesses in that country. Roughly 20% of the fund is invested in Japanese stocks. At this time, we don’t have any information or insight to pass...
Read MoreMarch 10, 2011
Subsequent to posting my last blog (Hocus Pocus but no Magic), I came across some weighty comments that relate to the topic of fancy, highly-marketed investment products. In his latest piece, James Montier of U.S.-based GMO says, “If something seems too...
Read MoreMarch 7, 2011
I just read an article by Jade Hemeon in the February issue of Investment Executive, a trade magazine aimed at financial advisors. The piece was on a new product called BMO Lifetime Cash Flow. My experience with the article went something like this...
Read MoreMarch 4, 2011
In addition to my day job, I sit on investment committees for two institutional funds, so every quarter there is a pile of manager reports to read and many different perspectives to assimilate. Unfortunately, if I try to do too much in a short time, as I did this week...
Read MoreMarch 1, 2011
Tom discussed Longleaf Partners’ annual letter to shareholders in a blog posting yesterday. Today, the grand-daddy of all shareholder letters is in the news – Warren Buffett’s. I’m beating Tom to the punch for a synopsis, as his posts in previous years...
Read MoreFebruary 28, 2011
While plowing through my research pile, I had the pleasure of reading the year-end report of the U.S.-based Longleaf Partners Funds. I’ve followed Longleaf, which is an extension of Southeastern Asset Management, for more than a decade and long...
Read MoreFebruary 25, 2011
As an addendum to my post last week, I want to revisit the words safe and Canada. An excellent reason for investing in Canada is that it’s a safe(r) way to play the emerging markets, specifically China. Our resource stocks in particular will benefit from...
Read MoreFebruary 24, 2011
At our recent client presentations, there was a subtle shuffling of feet and an air of unease when the topic of Japan came up. Japanese stocks have been an area of increasing interest for our global manager (Edinburgh Partners) and we laid out the reasons why: Japanese stocks are cheap on several measures; the proverbial...
Read MoreFebruary 21, 2011
A recent Angus Reid poll confirms what we have believed for a long time - many investors don’t know what they’re paying for their investment services (Steadyhand clients notwithstanding). The December 2010 poll revealed that 45% of respondents...
Read MoreFebruary 18, 2011
“Risk-free investing. Yes, it does exist.” These words are featured prominently in a financial institution’s ads we’re seeing this season. And every time I see them, it sets me off. Why? Because investing is all about taking risk. Without it, we get risk-free...
Read MoreFebruary 17, 2011
February 16, 2011
The manager of our Equity Fund, CGOV, recently published a short piece that addresses a timely topic – inflation. With commodity prices rising across the board, investors may be curious as to how certain companies are affected by this trend...
Read MoreFebruary 14, 2011
As for my strategy, I’ve sold some of my non-registered investments and invested the proceeds in my Steadyhand TFSA. I triggered a small capital gain in the process, but the future tax-free growth will more than offset the small tax liability. All of my TFSA...
Read MoreFebruary 9, 2011
Morningstar’s David O’Leary recently wrote a research report on our Small-Cap Fund. The piece, titled There’s a Lot of Potential in this Obscure Fund, is available on Morningstar’s website for subscribers to their premium service. Morningstar also...
Read MoreFebruary 7, 2011
The manager of our fixed income funds (Connor, Clark & Lunn) prepares a Financial Markets Forecast every year that addresses the outlook for the economy, inflation, monetary policy, market valuations and extreme technical conditions in order to set...
Read MoreFebruary 4, 2011
Bay Street, we have a problem. A PR problem. Our clients think we can do more than we’re capable of. Some think we know which stocks are going up and when to get in and out of the market. We’re setting them up for disappointment and as a...
Read MoreFebruary 1, 2011
Tom Bradley was recently a guest on the Women’s Financial Learning Centre’s “Let’s Talk Money Podcast” with Karin Mizgala, a co-founder of WFLC. The topic of the show was transparency in the investment industry (or lack thereof). Tom and Karin...
Read MoreJanuary 21, 2011
On the buy side, we have a love/hate relationship with our stars. We’re happy when they put big return numbers up on the board, bring recognition to our firms and attract new assets. We don’t like it, however, when we become too dependent on them. Then...
Read MoreJanuary 20, 2011
Assessing your portfolio’s performance is a key element of being a successful investor. Yet, it’s also one of the ‘muddiest’ and more overlooked areas of investing. That’s because a proper performance assessment takes time and is hard to do. Also, the...
Read MoreJanuary 17, 2011
2010 was a good year for both stocks and bonds. Resource-focused and small-cap stocks saw sharp gains, and both the Canadian and U.S. markets turned in double-digit returns. European stocks struggled in comparison, however, due to the well-publicized headwinds in the region (i.e., debt problems)...
Read MoreJanuary 12, 2011
For investors that own a monthly income fund of some kind, Dan Hallett’s article in the Report on Business today is a must read. As Dan says, “the industry has created numerous products that kick out generous amounts of cash each month...
Read MoreJanuary 7, 2011
“Finding the right answers is easy. Asking the right questions is the hard part.” As we open our calendars on 2011, this old adage has never been more apt. We’re being buffeted with crosswinds and it’s not obvious which ones will affect investment...
Read MoreJanuary 6, 2011
It was reported this week that Goldman Sachs is investing $500 million in Facebook, which is a private company. Goldman’s 470 partners and select clients are also being given an opportunity to buy shares. One report suggested that this investment puts...
Read MoreJanuary 4, 2011
We asked our managers and select employees why they’re optimistic about the stock market in 2011. Let’s just say they had some unique perspectives. Click the link to watch the video...
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