Market Commentary

Don’t judge each day by the harvest you reap but by the seeds that you plant. – Robert Louis Stevenson Nearly all of our companies continue to produce new monthly highs, propelling our portfolio values into strong results for the year. Dominant investment themes across our holdings include dividend-payers, retail-focused

Follow your honest convictions, and stay strong. – William Thackeray Markets rebounded strongly in October from the brief dip we saw last month, with each of the model portfolios finishing higher as well. The equity market in general looks to be firming up for a year-end rally, and we are

A wise man proportions his belief to the evidence. – David Hume While China’s Evergrande debacle may have spoiled the market’s months-long winning streak (as of the date of writing this note), we have much to be optimistic about going into year-end. Strength begets strength, and there is still lots

Who looks outside, dreams; who looks inside, awakes. – Carl Jung I’m happy to report that August saw another round of positive returns for each model portfolio, as of the writing of this note. Many of our companies continue to make new all-time highs, supported by strong cashflows, improving earnings,

I am an old man and have known a great many troubles, but most of them never happened. Worrying is like paying a debt you don’t owe. I have spent most of my life worrying about things that have never happened. – Mark Twain I’m happy to report all of

Time and reflection change the sight little by little ‘till we come to understand. – Paul Cezanne I’m happy to report the model portfolios recorded another positive month this June, as of the date of writing this note. Many of our holdings continue to make new all-time highs across the

The two most powerful warriors are patience and time. – Leo Tolstoy I’m happy to report the model portfolios each recorded another positive month this May. A healthy mix of recovering economic growth and newfound optimism continue to lead our stock prices higher. While inflation is starting to crimp consumer

Go confidently in the direction of your dreams! Live the life you’ve imagined. As you simplify your life, the laws of the universe will be simpler. – Henry David Thoreau Markets April was another good month for the portfolio models. Economic growth continues to pick up in North America, prompting

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

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

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

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

You have power over your mind – not outside event. Realize this, and you will find strength. – Marcus Aurelius December capped off a most satisfactory year of healthy double-digit gains across the model portfolios. Nearly every one of our companies continue to make new highs into year-end, setting up

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

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.

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

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.

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

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

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

Ben W. Kizemchuk reviews the American Growth Portfolio and recent investments in Union Pacific and HubSpot.

In this brief video, Ben W. Kizemchuk discusses low volatility investing.

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

In this brief video, Ben W. Kizemchuk discusses the Growth Portfolio and provides an update on holdings.