Bond Strategy, Not BS

January 19, 2018

Two developments usually occur towards the end of an economic cycle. Commodities stage a rally that can match stocks, and bond yields rise as central banks raise rates and the remaining few investors who feel they missed the party in stocks begin to unload bonds and switch into equities. We are observing both this time around, but unfortunately the less-seasoned take these as signs of a beginning of a trend, and not the end. Read More…

TSX Underperformance Might Be Reaching Break Point

January 12, 2018

As much as 2017 was a disappointment in terms of how poorly the TSX fared next to its New York peers, this year isn’t exactly starting off any different. In the first 9 trading days, the Dow and S&P500 are up 3.5%, versus the 0.5% rise in Toronto. The question for investors is whether this is again going to be a lacklustre year for Canadian stocks, or the year when things turn around? In other words, is there good relative value? Read More…