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Speculative Volatility in a Free Society

The final chapter of Robert Shiller’s book Irrational Exuberance has the same title as this blog post and contains a cogent synopsis regarding what some people believe is going on now.  In essence, stock market valuations (especially in the U.S.) have been high for years and most people (investors and

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What if Market Fear is the Real Epidemic?

A month ago, a relatively small number of people had heard about the CoronaVirus (since re-named COVID-19) and few people cared about it.  In the past couple of weeks, the spread of the virus – and the damage it has done and is likely to do in terms of:  

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Playing with the Box

I was on a cross country flight recently and I re-read a book called “Simple Wealth, Inevitable Wealth” by Nick Murray, a former rock star speaker who was beloved by the financial advice industry – mostly because he constantly told his advisor audiences that they are great, do important work

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Start Date Bias

Some people have really short memories.  Investing is one of the most emotional pursuits that many humans engage in, yet so often, we seem determined to make decisions based on the recent past rather than on long-term history.  Behavioural economists call this phenomenon “recency bias”.  In simple terms, it means

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Make that RRSP Contribution a Conservative One

Every year around this time, people like me pound their fists on the proverbial table for ordinary Canadians to make an RRSP contribution.  Spoiler alert: that’s what’s going to happen here, too.   What’s different in this post is that I’m going to go a little bit further than others

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A Penny Saved is a Penny Earned

Isn’t it amazing how so many people can know something and not know it at the same time?  That’s a teaser question, but likely a fair one.  Allow me to illustrate the dichotomy. How many humans do you know who have heard and generally agree with the statement, “a penny

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Define “Bubble”

The word “bubble” is bandied about often to explain quick and often unwarranted run-ups in securities prices.  If you use the word in that context in a general conversation about economics, most people will have a quick, intuitive understanding of what you’re talking about. Interestingly, two of the most prominent

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The Dunning-Kruger Effect for Advisors

A little over 20 years ago, two academics from Cornell, David Dunning and Justin Kruger, released groundbreaking research which showed something that many people had long suspected.  This was simultaneously earth-shattering news and non-news, depending on where you stood. To whit, some people are simply too incompetent to recognize their

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The Most Under-Owned Asset Class

Pretty much every serious investor has a favourite investment thesis or theme that they employ.  Many of these are mainstream, which, by, definition, means that a number of people do something similar.  One such theme is to invest disproportionately in either dividend paying stocks or stocks that have a history

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Behave Yourself!

I seldom write about specific products, but every once in a while, something comes along that makes me take notice.  So much of the product universe is cluttered with knock-offs and me-too versions of pre-existing ideas with one or two minor variations.  As a result, there have been relatively few

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Vanguard Outlook for 2020

I hope you’re sitting down.  No one wants to hear this, but it really needs to be said.  Ready?  Here goes: your return expectations for the foreseeable future are almost certainly too high.  They may even be shockingly high.  Our friends at Vanguard recently released their outlook for 2020 and

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The information contained herein has been provided for information purposes only.  The information has been drawn from sources believed to be reliable.  Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment.  The information does not provide financial, legal, tax or investment advice.  Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance.  This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document.  Wellington-Altus Private Wealth Inc. (WAPW) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPW assume any liability for any loss that may result from the reliance by any person upon any such information or opinions.  Before acting on any of the above, please contact me for individual financial advice based on your personal circumstances.  WAPW is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.