Market Watch
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U.S. manufacturing acceleratesJan 6, 2012
U.S. manufacturing grew at its fastest pace in six months in December, as the index of factory activity rose to 53.9, from 52.7 in November. Readings over 50 indicate expansion.Many U.S. retailers reported solid sales gains for December, capping a tough holiday season that saw heavy discounting. More expensive stores such as Macy’s and Saks as well as specialty retailers such as Victoria’s Secret did well
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Spain, Greece and Italy under pressure; Britain stallsNovember 18, 2011
Spain was forced to pay the highest borrowing costs since 1997 at a sale of 10-year bonds, amid eurozone turmoil. A major protest rally in Greece tested the new national unity government that must impose painful austerity measures and Italy’s new prime minister, Mario Monti, unveiled sweeping reforms while street clashes erupted in Rome and Milan. Fitch Ratings issued a warning about the impact of the eurozone crisis on the U.S. financial sector, saying it may reduce the “stable” outlook rating on U.S. banks with exposure to European debt...more
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Debt crisis brings down Italian, Greek PM'sNovember 10, 2011
After dominating Italy for 17 years, Prime Minister Silvio Berlusconi agreed to resign after losing his parliamentary majority in a budget vote on Tuesday. Italian bond yields shot above 7% Wednesday as investors lost faith in the country’s ability to cut its massive public debt. Embattled Greek Prime Minister George Papandreou also stepped down this week to make way for a new coalition government. Chinese industrial output grew at its weakest pace in a year and inflation fell sharply, raising expectations Beijing may take steps to stimulate economic growth. China’s annual inflation rate fell to 5.5% in October from September’s 6.1% − the biggest drop since February 2009. ..more
Commentaries & Newsletters
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An ode to what ails usJan 10, 2012
Financial markets worldwide continue to oscillate erratically between euphoria and panic and back again; amidst an ever-incessant barrage of “what if analysis” reported on by mainstream media – the prospect of sluggish economic growth ahead, notwithstanding a now heightened concern that Europe’s sovereign debt misery could lead not only the euro zone into a (deep) recession, but perhaps “talk” the rest of the world into following suit has prognosticators working the abacus overtime. Trying to make sense of ever-changing market dynamics and ensuing “noise,” can at times both be polarizing and paralyzing – what follows is an abstract of key economic and market-oriented themes likely to influence our investment thesis ahead…more -
Economic & Market Brief - Volatility reignsSeptember 23, 2011
Markets continue to oscillate erratically between euphoria and panic and then back again; amidst an incessant barrage of “what if analysis” reported on by the media – the prospect of sluggish economic growth ahead, notwithstanding a heightened concern that perhaps Europe’s sovereign debt woes (Greece) could morph into a full-blown credit and illiquidity crisis (a replay of 2008?) is weighing on market sentiment...more
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Economic & Market Brief – JapanMarch 17, 2011
Stephen Uzielli and Geoff Ho of the ScotiaMcLeod Portfolio Advisory Group offer their perspective on how the devastating earthquake and tsunami which hit Japan last week might affect global growth prospects as well as the outlook for equity investments...more -
Forecast 2011Jan 21, 2011
After a number of false starts amidst continued prophecies of doom and gloom 2010 ended on a relatively higher note. Investor sentiment shifted sharply to the positive in the fourth quarter as corporate earnings revisions for the most part surprised to the upside, and as it became more apparent that the global economy would not end up wallowing alongside some of the more troubled European economies...more
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Income Trust Conversions – End of Tax Holiday ApproachingApril 28, 2010
The income trust sector was in parabolic growth mode between 2001 to 2006 as the investment vehicle offered tremendous appeal to income-oriented investors. Using figures from the Scotia Capital Income Trust Index, the total number of trusts grew from 64 entities at the end of 2001 to a peak of 248 by the end of 2006. By market capitalization, in part reflecting a strong bull market and rampant buyout activity, market capitalization within this sector grew from $25 billion to $179.5 billion within this five year period...more -
It's official; the recession is behind us!Arpril15, 2010
After the roller coaster ride of 2008 and 2009, the first quarter of 2010 has been relatively quiet by comparison – North American equity markets finished the first quarter about where they started; although up more than 50% from the depressed lows of a year ago! While there is evidence which points to an improved economic environment ahead, there are still (always) hurdles to overcome...more -
Focus 2010Jan 10, 2010
The worst of the credit crisis is most likely behind us – coordinated government and Central Bank interventions and massive financial stimulus has helped avert what might otherwise have led the economy into a depression. For the North American economies, the pace of recovery ahead rests in the hands of the US consumer; who collectively represent 70% of GDP...more
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Are we there yet?February 9, 2009
Economic and market prognostication; a combination of science, art and luck – Equity and bond markets are a discounting engine; they attempt to forecast what might happen next based upon what has happened before...more -
Treading Water August 14, 2008
A self-fulfilling prophecy – An atmosphere of too easy-credit, encouraged by the US government and supported by tax-deductible mortgage interest has regrettably steered many (US) homeowners away from the virtue of mortgage freedom; instead diverting equity within one’s walls to finance habitual discretionary spending...more
Strategies & Concepts
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Pension Reforms & Self-Administered "Defined Benefits" May 18, 2011
The prospect of ongoing pension reforms has been a hot topic as of late; as politicians, economists and business leaders grapple with the many challenges associated with an aging population and ever-increasing demand on our healthcare system and for other social services. Moreover, Canada’s strong standard of living means that future retirees can expect to enjoy a longer, healthier, more active retirement lifestyle as compared to previous generations – but who pays? -
Cash Flow Management – Mortgage vs. RRSPFebruary 1, 2011
Cash-Flow Management involves much more than conventional budgeting for planned (an unplanned) expenses; rather it promotes the discovery and exploitation of available financial efficiencies. A common question considers whether accelerating one’s mortgage repayment is more advantageous than contributing to an RRSP? The long and short of it is well, it depends; in fact on a number of variables...more
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Extended Life BenefitsNovember 1, 2010
Wealth preservation demands more than containing the various risks associated with implementing one’s investment strategy. In fact, prior to retirement, your ability to earn an income is likely your most valuable asset. While group life and group disability coverages are important and valuable benefits in their own right, depending upon one's circumstances group coverage (alone) may be insufficient to offset outstanding liabilities and/or adequately recover foregone wages...more -
Maximizing & preserving defined benefit pension benefitsSeptember 15, 2010
Often by selecting a single-life pension benefit option in combination with a permanent life insurance policy, otherwise surrendered "commuted values" can effectively be replaced. Moreover a single life pension benefit option can result in an increase in retirement income as compared to the various joint survivor pension benefit options...more -
Tactical Asset AllocationMay 3, 2010
As President and Chief Investment Strategist for Calgary based, Barometer Capital and Manager of the highly ranked Lakeview Disciplined High Income Fund, David Burrows provides top-down and quantitative analysis on market and sector risk, along with leadership themes. Learn how a tactical asset allocation solution may enhance diversification of your investment portfolio...more -
Why contribute to an RRSP?Jan 15, 2010
Beyond owing a principal residence where the potential for long-term capital appreciation is 100% tax-exempt, contributing to a Registered Retirement Savings Plan (RRSP) is for most Canadian taxpayers the next most favourable long-term savings opportunity...more -
Why Invest in GICs?Feb 17, 2009
GICs are classified as “Senior Debt” of Canadian banks and rank the highest (along with client deposits, banker’s acceptances, bank deposit notes, senior deposit notes and step-up extendible notes) in terms of investor protection and when considering the universe of fixed income instruments issued by Canadian banks...more -
Investment principles for Tax FreeSavings AccountsJan 31, 2009
In the 2008 Budget, the Federal Government introduced a new Tax-Free Savings Account (TFSA.) Starting in 2009, Canadians aged 18 and older can save up to $5,000 every year in a TFSA - investment income, including capital gains, earned within the TFSA are not taxable, even when withdrawn. Consider the four following investment principals...more -
Tax-Loss SellingDec 8, 2008
Each year, whether bull or bear market there are opportunities to crystallize losses for tax purposes in non-registered accounts. As the calendar year-end approaches, it is timely to review portfolios in an effort to identify the positions currently trading at a loss that may be sold to take advantage of the tax benefits...more -
High-Yield Bonds – the search for yieldNov 20, 2008
In today's low interest rate environment, investors continue to search for higher yields and many are considering high yield bonds. Bonds can be divided into two categories, investment grade and non-investment grade...more
Whitepapers & Case Studies
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Insurance: a secure, regulated & protected investment optionOct 08, 2008
The Canadian insurance industry is highly regulated, with industry funded / government endorsed policyholder protection in place. Like never before, insurance solutions are proving to be sound, long term investments, many of which offer guarantees and higher yields... more
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Family busines succession planningMar 1, 2008
Effective business succession planning requires a careful balancing of business needs and personal wants. The key for most business owners is to avoid assessing goals in isolation of one another... more -
Redefining retirementApril 30, 2008
The concept of retirement has traditionally meant “not working”. A significant number of boomers may continue to work in some manner well into their 60s. Many are treating retirement as more of a transition, as a beginning... more -
Balancing lifestyle goals with "lifecycle" asset allocationSep 30, 2007
Once you decide the lifestyle you want to lead, you should also be thinking about how your financial plan fits with either your stage of life or your risk/return profile. Asset allocation is the decision to invest in different types of financial assets such as equity, fixed income, or real estate, to differentiate the way your portfolio will look and act... More
