Provisus Monthly Insight – June 2017
DON’T SELL IN MAY; SETTLE IN – Stock investors often hear about “sell in May and go away” around this time of year. It implies that investors should sell their stocks in early May and buy them back in late October at a lower price. Since 1968 the S&P/TSX Index has risen an average of 8.0% (including dividends) from November to April but added only 1.5% from May to October. Interestingly enough, the “sell in May and go away” phenomenon appears to be universal across international stock markets.
Click here to read more: Don’t Sell in May; Settle In
DM Monthly Newsletter – May 2017
Most Important Economy Grinds Ahead, Stocks Follow – While recently perusing the Federal Reserve Economic Data (FRED) website, we were struck by a chart showing real (or ex-inflation) US GDP growth over the past decade. As expected, output plunged in 2008/09 as the financial crisis unfolded and businesses and individuals collectively retrenched. Since economic activity bottomed in mid-2009, however, the recovery has been remarkably consistent, with American growth tracking along an almost perfectly straight upward tilting path.
Click here to read more: DM-Monthly-Report-May-17
DM Monthly Newsletter – April 2017
How Far Could Climbing Interest Rates Go? N. American interest rates have been on a steep ascent since last summer, with the yields on both US and Cdn 10yr govt. bonds having shot up by more than half over the period. This short term surge has been mostly driven by improving economic fundamentals, with the US continuing its growth leadership and Canada recently posting GDP gains well in excess of expectations.
Click here to read more: DM-Monthly-Report-Apr-17
DM – Q1 Portfolio Commentary
Gradual improvements don’t make great headlines – Geopolitically speaking, the year’s opening quarter brought more of the same: North Korea lobbed some missiles into the Sea of Japan, Russia continued to stir up trouble, and, back on our shores, one could be forgiven for mistaking actual White House press briefings for their subsequent Saturday Night Live parodies. Against this disconcerting backdrop, however, stocks behaved as if the outside world had somehow stumbled into a rare state of tranquility.
Click here to read more: DM-Portfolio-Commentary-Q1-17
