Q1 Portfolio Commentary

The Pause that Refreshes – Twenty-fifteen was a forgettable year for all the major asset classes: bonds returns were middling, the S&P 500 closed the year below where it started, and the unrelenting slide in energy prices helped weigh our stock market to a loss of more than 8%. On the price basis, US stocks have now treaded water for about 18 months and one has to go back more than two years to find a point when the TSX was meaningfully lower than it is today.

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