DM Monthly Newsletter – October

WHAT WILL IT TAKE TO JUMPSTART THE TSX? – In our third quarter portfolio commentary, we highlighted the recent contrast between the Canadian economy, which has led all G7 countries in growth for each of the past four quarters, and the TSX, which is the worst performing stock market amongst the same group so far this year. On the bright side, lethargic Canadian share prices combined with rising earnings have pushed the relative valuation of the TSX down to multi-year lows against the S&P 500; unfortunately, though, it’s hard to know when global capital will start to take notice of this comparative advantage and begin to shift back to our market.

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