Q2 Portfolio Commentary

‘If you’ve followed my forecasts, you’ve probably lost a lot of money’ – James Bullard, St. Louis Federal Reserve President

Last month, pro hockey’s annual selection of junior and collegiate players was held / Britons voted to either re-embrace or cast off their 43 year membership in the European Union……

So what can we take from these two episodes?  First, forecasting is very difficult, regardless of the subject matter. Second, it’s human nature to crave certainty and to be drawn to those who appear to provide it, even when our rational selves know that the definitiveness on offer is rarely possible.

Click here to read more:  DM-Portfolio-Commentary-Q2-16

 

 

Cardinal Update – May 2016

Politics and Portfolios – As the U.S. Election race continues Cardinal is being continually asked if the political climate in our neighboring country has an impact on our investment strategy.  May’s article focuses on if politics result in economic changes at all, and whether or not that affects the companies Cardinal buys. 

Our Company Focus this month is on Canadian Natural Resources (CNQ).   With oil averaging at its lowest market value in a decade CNQ is still poised to be a front contender and a strong hold in our portfolio, regardless of the price of oil.

Click here to read more:  Cardinal Update – May 2016

DM Monthly Report

When In Doubt, Go To The Source – One of the most important steps in our equity investment process is the management meeting, as no amount of financial analysis can replace the insight gleaned from sitting with an executive team or having a one-on-one phone call with a CFO or company president. Recently, we put these efforts to good use with Canadian mortgage lender, Home Capital Inc.

Click here to read more:  DM-Monthly-Report-May-16

May Monthly Insight

Golden Cross – “A Golden Cross indicates that the upside momentum may persist.”

Canadian equities appear to have entered into a new stealth bull market with a cyclical rally apparently having begun on April 28, 2016. The potential reasons for this occurring are as wide and varied as the pundits’ opinions on whether or not there is a new bull market. Of course this is what makes a market; differing points of view and the gumption to stand up for your opinions and investing accordingly.

Click here to read more:  Monthly Insight – May 2016 – Golden Cross