DM Monthly Report
What about Valuations? – The plunge in stocks at the beginning of the year gave pessimists just what they were looking for: initial confirmation that markets are dangerously overpriced and in need of a big reset to bring prices back in line with earnings. Since that time, however, the S&P 500 and TSX have recovered lost ground and by the end of March, both were already positive for the year.
Click here to read more: DM-Monthly-Report-Apr-16
Q1 Portfolio Commentary
Follow the cash, forget about the noise – January was ugly. Crude oil’s merciless slide took it briefly below $30 a barrel, the Canadian dollar touched 68 cents against the greenback, and the S&P 500 suffered its worst start to a calendar year – ever. Not unexpectedly, this tempest summoned the usual parade of pessimists, many who’ve now been forecasting a market crash for well over half a decade.
Click here to read more: DM-Portfolio-Commentary-Q1-16-1
DM Monthly Report
Displays of Confidence – When stocks fall sharply, as they did at the beginning of this year, it’s useful to gauge whether the decline reflects and actual deterioration in business conditions, or just a bout of elevated investor pessimism. If it’s the first scenario, a more defensive position in equity portfolios might be warranted; it it’s the second, reconfiguring one’s stock allocation is likely to do more harm than good.
Click here to read more: DM-Monthly-Report-Mar-16
DM Monthly Report
Protracted Soft Patch or Full Blown Financial Crisis? – As most are well aware, stocks have set a horrid pace for 2016, with the S&P 500 posting its worst first week ever and the TSX battered by unrelenting energy weakness and a shared sense that our economy will be under pressure for some time. Though it’s true that Alberta, Saskatchewan and Newfoundland have been hit hard in recent quarters, the larger BC and Ontario economies have actually been adding jobs and are expected to post reasonable growth in the year ahead.
Click here to read more: DM-Monthly-Report-Feb-16
