DM – Q2 Portfolio Commentary
The cost of money and the price of stocks – The summer quarter began with North American markets having fully erased their steep decline of late-2018 and principal benchmarks reaching new highs in the process. We’re not aware of anyone predicting such a powerful start to the year, one which saw the S&P 500 post its best first half in more than two decades and the Dow log its strongest June in 81 years, though we do recall several experts calling for continued trouble and, in more than a few cases, the full market’s outright demise.
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Cardinal Quarterly – April 2019
MARKET OUTLOOK – After falling close to 20% in December 2018, most developed markets have experienced a V-shaped recovery and are approaching record highs. A change in interest rate policy from Central Banks has probably been the biggest factor behind the change in sentiment. Coming into the fourth quarter of 2018, the Federal Reserve seemed intent on pushing short term rates higher to guard against higher inflation in 2019 and beyond. However, inflation has remained weak, as it has for most of the past decade, bolstering the argument for continued low interest rates through 2019.
Click here to read more: Cardinal Quarterly – April 2019
DM – Q1 Portfolio Commentary
Is this bull ready for pasture? Ten years ago, almost to the day, stocks began a prodigious ascent that has been unceremoniously dubbed “the most hated bull market of all time”. A sluggish and patchy economic recovery, expanded involvement of central banks in financial markets and, of course, the long shadow of the global financial crisis have all conspired to darken what should have been a glorious time for equity investors. If stocks climb a wall of worry, as investing lore would have it, then they’ve been forced to scale a rampart that even an ardent border blockader would have to admire.
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Cardinal Update – March 2019
CARDINAL PHILANTHROPY: Your Partner in Charitable Giving – As a client of Cardinal Capital Management Inc. or as one of our advisor partners, there are extensive resources available to you when considering charitable gifting. Perhaps your thoughts involve making a substantial gift to a charity in Canada, or perhaps setting up your own family foundation, or something in between, Cardinal Philanthropy has the knowledge, skills and experience to help you make such decisions.
Click here to read more: Cardinal Update – March 2019
