Let joy be in your journey, not some distant goal. – Tim Cook, Apple CEO
Markets
For the most part our companies had a great start to 2020. Our energy companies in the Growth Portfolio gave back some of the recent gains on corona virus fears, which was offset partially by very strong performance from our gold companies. With continuing easy money policies on both sides of the border and another round of good company earnings expected, our first quarter is setting up to be a good one. Of note for the Growth Portfolio, Canadian natural gas inventories now sit around a record low, while energy consumption shows no signs of abating. All the ingredients are here for a significant change in investor sentiment, with the potential to re-rate the energy stocks much higher. Across all Portfolios, the improvements I made in our quantitative systems last year have been working very well, and I’m encouraged by the results. There is a lot of ground to cover still, and I’m looking forward to surpassing our previous bests.
Financial Planning
When was the last time you reviewed your Will and Power of Attorney? Did you know that most Wills become out of date only three years after they’re initially written? Assets change, liabilities change, and responsibilities change – that’s life. This month please do yourself a favour, your executors a favour and your beneficiaries a favour by ensuring your Will and POA reflect your wishes as you still intend them. If you need a referral to get things updated please be in touch.
The opinions contained herein are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Wellington-Altus Private Wealth. Assumptions, opinions and information constitute the author’s judgement as of the date this material and subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Graphs and charts 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. All third party products and services referred to or advertised in this presentation are sold by the company or organization named. While these products or services may serve as valuable aids to the independent investor, WAPW does not specifically endorse any of these products or services. The third party products and services referred to, or advertised in this presentation, are available as a convenience to its customers only, and WAPW is not liable for any claims, losses or damages however arising out of any purchase or use of third party products or services. All insurance products and services are offered by life licensed advisors of Wellington-Altus. Wellington-Altus Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. All trademarks are the property of their respective owners.
Market Commentary
January 2020 Update
Let joy be in your journey, not some distant goal. – Tim Cook, Apple CEO
Markets
For the most part our companies had a great start to 2020. Our energy companies in the Growth Portfolio gave back some of the recent gains on corona virus fears, which was offset partially by very strong performance from our gold companies. With continuing easy money policies on both sides of the border and another round of good company earnings expected, our first quarter is setting up to be a good one. Of note for the Growth Portfolio, Canadian natural gas inventories now sit around a record low, while energy consumption shows no signs of abating. All the ingredients are here for a significant change in investor sentiment, with the potential to re-rate the energy stocks much higher. Across all Portfolios, the improvements I made in our quantitative systems last year have been working very well, and I’m encouraged by the results. There is a lot of ground to cover still, and I’m looking forward to surpassing our previous bests.
Financial Planning
When was the last time you reviewed your Will and Power of Attorney? Did you know that most Wills become out of date only three years after they’re initially written? Assets change, liabilities change, and responsibilities change – that’s life. This month please do yourself a favour, your executors a favour and your beneficiaries a favour by ensuring your Will and POA reflect your wishes as you still intend them. If you need a referral to get things updated please be in touch.
Recommended reading
The insightful Howard Marks on how to judge the quality of decision-making https://www.oaktreecapital.com/insights/howard-marks-memos
A short video covering the upside case for Canadian energy https://www.youtube.com/watch?v=JzoVQGxY55U
A deep dive into why value stocks got so cheap https://www.researchaffiliates.com/en_us/publications/articles/reports-of-values-death-may-be-greatly-exaggerated.html
An explanation on why “bad” investments worked so well this decade https://mailchi.mp/verdadcap/right-for-the-right-reasons?e=2b9731f7fb
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The opinions contained herein are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Wellington-Altus Private Wealth. Assumptions, opinions and information constitute the author’s judgement as of the date this material and subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Graphs and charts 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. All third party products and services referred to or advertised in this presentation are sold by the company or organization named. While these products or services may serve as valuable aids to the independent investor, WAPW does not specifically endorse any of these products or services. The third party products and services referred to, or advertised in this presentation, are available as a convenience to its customers only, and WAPW is not liable for any claims, losses or damages however arising out of any purchase or use of third party products or services. All insurance products and services are offered by life licensed advisors of Wellington-Altus. Wellington-Altus Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. All trademarks are the property of their respective owners.