What a difference a year can make! Remember the fiscal cliff? That was the crisis which, at the outset of 2013, threatened to derail the fledgling US economic recovery. At the same time, growth was slowing in China and Europe was still mired in an austerity-induced recession. Today, in contrast, we are in the midst […]
Market Outlook 2014
2014/01/16
Ho! Ho! Hold onto your hats!
2012/11/26
A few weeks ago, I was expecting to write you a cheerful note on the state of your investments. Markets had been on something of a tear since mid-August. In fact, it looked as though 2012 was shaping up to be a pretty good year for investors, despite the sudden, steep downturn in the spring. […]
Marois tax surprises
2012/06/05
Here in Quebec, the newly elected Marois government caused quite a stir this fall with the announcement of proposed changes to the Quebec tax code. As part of its election platform, the PQ had promised to do away with the $200 health tax. In order to recoup those lost revenues, the plan was to increase […]
2011: Headwinds Scatter Seeds of Uncertainty
2012/01/22
After two years of strong stock market rebounds, equity values around the world weakened considerably in 2011. The one notable exception was the US market which, on average, remained flat for the year…
Spring up-date
2011/05/05
It is often said that the stock market climbs a “wall of worry”. I can’t think of a better way to describe all that has transpired since mid-March 2009 when stock markets around the world began one of the greatest market rallys in history. By the outset of this year, stock market values were up […]
Charting New Territory
2010/01/02
If one had to sum up market events in 2009 with one word, “unprecedented” is what comes to mind. At the outset of the year, things could not have looked worse for investors. The economy was reeling from the near collapse of the global financial system. And despite government intervention in the US and Europe, […]
Earl Jones Affair
2009/07/01
I had been meaning to send you a note about the Earl Jones affair when it seems the Montreal Gazette pre-empted me! Attached is a piece that appeared in the Friday, July 17 edition featuring some of my comments. Needless to say, there is always more to learn from this kind of story than what […]
When the music stopped
2009/01/22
“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing you’ve got to get up and dance. We’re still dancing.” (Charles Prince, CEO, Citibank – Financial Times, July 10, 2007) In 2008, the music came to an abrupt halt and things became very complicated indeed. […]
Are you tired of the snow yet? How about all the volatility in the markets ? Spring is coming, even if it doesn’t quite look that way just yet. Unfortunately for investors, relief may have to wait a bit longer. So what exactly is going on in the markets? You can sum it up in […]
History Lessons
2008/01/16
As I thought about the events that marked 2007, I was reminded of the wise words of Sir John Templeton, an investor of great renown. He warns that one should never forget the lessons of history. According to Sir John, “This time is different” are among the most costly four words in market history. Overview […]
