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.
Click here to read more: DM-Monthly-Report-Oct-17
DM – Q3 Portfolio Commentary
Best Economy, Worst Market – In last quarter’s edition of this report, we lamented that Canadian stocks hadn’t been doing much for investors in the months preceding, despite our economy having posted some of the strongest growth in the developed work. We also noted, however, that the silver lining of this stall in prices was that the valuation of the TSX has been pushed down to an uncommonly attractive level relative to the S&P 500, which we felt would eventually catch the attention of capital allocators around the world. Up until the last 2 weeks of September, though, it looked like the Canadian equity story would be little changed for this report.
Click here to read more: DM-Portfolio-Commentary-Q3-17
Cardinal Update – September 2017
WHAT’S YOUR MONEY MAKING? – Amidst the political drama south of the border and geopolitical tensions dominating the news headlines, it’s easy to lose sight of how the underlying global economy is actually doing. But as the proverb goes, ‘no news is good news’ now applies to most global economies including the European Union and Japan. After struggling to recover post financial crisis, many European economies are now expanding.
Click here to read more: Cardinal Update – September 2017
DM Monthly Newsletter – Sept 2017
STAYING ON PLAN IN UNINSPIRING MARKETS – Equities have generated a prodigious total return since their financial crisis meltdown and, in retrospect, it’s obvious that this was a great time to be invested. Through the period, however, there have been no shortage of unnerving events and market drops to test one’s fortitude and will to remain invested.
Click here to read more: DM-Monthly-Report-Sep-17
