DM – Q4 Portfolio Commentary 2017
Too Far, Too Fast? – Stretched, overdone, long-in-the-tooth. Unprecedented. As gains pile up, such labels are being applied more frequently to stock markets and, with another strong year now in the books, they aren’t likely to be put away anytime soon. Of course, underlying these descriptions is a nagging fear that things are going too well, that today’s growth will eventually be reciprocated in tomorrow’s crash. With the long shadow of the financial crisis still cast across investor memories, bouts of trepidation are understandable.
Click here to read more: DM-Portfolio-Commentary-Q4-17
Provisus – Advisor’s Perspective – Fall 2017
DIVERSITY, NOT JUST FOR YOUR PORTFOLIO – There is an old joke in investment management that if everything in your portfolio went up, then it isn’t diversified enough. The same line of thinking also applies to those who work in the industry as well; if everyone thinks the same way then we could get systemic errors occurring all the time. Thankfully diversity has become a key trait to being a successful asset manager and advisor, along with curiosity, tenacity and integrity.
Click here to read more: Advisor’s Perspective – Fall 2017
Cardinal Update – December 2017
RESEARCH PROCESS IN FOCUS: ENBRIDGE – Enbridge (ENB) shares have underperformed this year. The shares have declined by 12%, while the TSX is up 5%. Shares were as low as $44, but have shown recent strength at $49.50/sh. after some company announcements including a 10% dividend increase for 2018. We continue to see excellent value in ENB in its ability to support and raise its dividend, which is yielding over 5%. Our confidence is driven by our assessment of three perceived issues as well as our evaluation of the strength of ENB’s business model.
COMPANY FOCUS: SIMON PROPERTY GROUP – Simon Property Group (“Simon”) is the world’s largest retail real estate investment trust (“REIT”) with ownership of properties including the Premium Outlets and Mills branded centers, and iconic shopping centers such as The Forum Shops at Caesars.
Click here to read more: Cardinal Update – December 2017
DM Newsletter – December 2017
Including Risk in the Definition of Performance – When reviewing portfolio performance, investors often want to know how they’ve done vs. other available options, which might include comparisons against widely accepted benchmarks, other money managers, or even different asset classes. What is often left out of such cursory analysis, however, is risk and how much of it was borne to achieve realized returns. Unfortunately, risk can be a difficult attribute to quantify ahead of time and is often only fully appreciated after the fact, when damage has already been done.
Click here to read more: DM-Monthly-Report-Dec-17
