November Update
The Markets welcome a New Liberal Canada – Canadians woke up on October 20th to a Liberal majority government after a decade of Conservative minority and majority governments. Leaving ideology and partisanship aside, Cardinal must consider what impact this might have on the investing environment and on our companies in particular.
For individual investors, decisions about TFSAs and pensions will have some impact, but for the overall economy, the election results lave us generally optimistic.
Click here to read more: Cardinal Update – November 2015
DM Monthly Report
Should we care about what is happening in China?
Though DM’s investment process is rooted in individual company analysis rather than macro economic forecasting, we do still keep an eye on major global developments, especially as they might impact the relative outlook for different industry groups. Prominent among current macro issues is the state of China’s economy, and in particular the sharp slowdown it is now experiencing.
Click here to read more: DM-Monthly-Report-Nov-15
Cardinal – Q3 Portfolio Commentary
Market Outlook – The stock market performance of the third quarter of 2015 was another disappointment with most of the major global markets down from 7.0% to 12.0%. Again the U.S. stock market had the best results with the S&P 500 down 6.9%, the S&P/TSX down 8.6%, the German DAX-30 off 11.7%, the British FTSE-100 off 7.0%, and the French CAC-40 down 7.0%. From mid-April to the end of September, the major global stock markets suffered a severe correction. This was the first significant market correction since October 2011.
Click here to read more: Cardinal Quarterly – October 2015
DM Monthly Report
WELL THAT DIDN’T TAKE LONG … This summer, we wrote about how TSX performance has frequently be-come dominated by a single, mega-capitalization stock over the past 15 years. From Nortel to Potash Corp., to Research in Motion and, most recently, Valeant Pharmaceuticals, the heavy influence of these suddenly massive companies has distorted market performance on the way up and exposed index investors to unexpected risk on the way down.
Click here to read more: DM-Monthly-Report-Oct-15
