Market Commentary

April 2021 Update

It is on the strength of observation and reflection that one finds a way. So we must dig and delve unceasingly. – Claude Monet Markets I am pleased to report all model portfolios finished higher in March. And after what’s been a raucous year, I am equally pleased to report

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March 2021 Update

The secret of change is to focus all of your energy not on fighting the old, but on building the new – Socrates Markets Our positioning for inflation is earning handsome returns, as the world and nearly all of North America is reopening for business. As I explained in my

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February 2021 Update

In times of change, learners will inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists. – Eric Hoffer Markets It is true that markets are at their most expensive levels in history now, but this doesn’t seem to be stopping the general

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January 2021 Update

Therefore the Master takes action by letting things take their course. He remains as calm at the end as at the beginning. – Lao Tzu Markets We finished the year on solid footing, with many companies in our portfolios making new all-time highs. I am confident our best days are

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December 2020 Update

The greatest thing in this world is not so much where we stand as in what direction we are moving. – Johann Wolfgang von Goethe Markets November was a good month in the markets. My October prediction played out as expected, with stocks experiencing their best post-election performance on record. To

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Legend of the Lucky Hog Tooth

Portfolio Manager Ben Kizemchuk recounts the “Legend of the Lucky Hog Tooth”, about how a group of hog farmers got amazingly rich following a simple, and some say magical, investment strategy.

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Income Portfolio Review

Portfolio Manager Ben Kizemchuk reviews the Income Portfolio, and discusses recent investments in utilities, infrastructure, and Canadian corporate bonds.

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November 2020 Update

The thankful receiver bears a plentiful harvest. – William Blake Markets I’m pleased to report that as I write this, the Growth Portfolio is up over 10% for the year, and outperforming the S&P/TSX Composite Index by about 12%. Each of our model portfolios performed well in October, surpassing benchmarks.

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Small Cap Portfolio Review

Portfolio Manager Ben Kizemchuk reviews the Small Cap Portfolio, and discusses recent investments in People Corp (PEO) and Mesa Labs (MLAB).

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Value vs Growth

Portfolio Manager Ben Kizemchuk discusses value investing vs growth investing, why it’s really the same thing, and offers a simpler framework.

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October 2020 Update

Doesn’t expecting the unexpected make the unexpected expected? – Bob Dylan Markets With the US election on our doorstep about a month away, I want to share two thoughts on elections vis a vis markets: First, there is no evidence to suggest that one political party is ever better than

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September 2020 Update

Wise to resolve, and patient to perform. – Homer Markets A number of indicators are pointing to solid economic performance, jointly supported by government spending programs, central bank easing, and what I would call a newfound spirit of public cooperation. Particularly, US new home sales, which has been an important

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August 2020 Update

A page of history is worth a volume of logic. – Oliver Wendell Holmes Markets I am pleased to report another month of positive performance from each of the four portfolio strategies. Notably, Canadian Growth continues to outperform the TSX Index by a substantial margin over the past twelve months.

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July 2020 Update

Birds build nests because they cannot fly forever. – Matshona Dhliwayo Markets This month I watched three incredible stories unfold. First, a popular day trader pulled three scrabble letters out of a bag to form a stock symbol, which he and his hundreds of thousands of online followers bought without

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June 2020 Update

The world breaks everyone and afterwards many are strong at the broken places. – Ernest Hemingway Markets I am pleased to report that as of the time of writing, the Growth Portfolio is now positive on a year to date basis, positive on a one year basis, and that all

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May 2020 Update

Continuous effort, not strength or intelligence, is the key to unlocking our potential – Winston Churchill Markets I am pleased to report that the Growth Portfolio recorded its best month on record this April, up 15%, and that all mandates increased in value over the month, as of the time

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April 2020 Update

We are more often frightened than hurt; and we suffer more from imagination than from reality. – Seneca  Widespread fear is your friend as an investor because is serves up bargain purchases. – Warren Buffett Markets I am pleased to report each of the four portfolios outperformed their benchmarks again

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Canadian Government Action & Financial Implications

These are extraordinary times that require extraordinary measures to help our country navigate the financial pressures resulting from the economic climate. The Federal Government announced today measures to help Canadian individuals and business owners cope with the fallout from COVID-19. It is important to understand that most of the measures

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