Quarterly Newsletter

2015 Q4 Newsletter
December 31, 2015

We share planet earth with over seven billion people who are arrayed over five continents and organized into some 200 countries. More than at any other time in our shared human history global forces are shaping local and regional investment opportunities. In 2015 the so called super cycle in commodities gave way to a broad collapse of prices and an abundance of cheap money, cheap metals and cheap energy. Canada which had been a significant beneficiary of the commodity boom became a victim of this downturn. It is not yet certain or easy to forecast the duration of low global interest rates, low energy and commodity prices, and slow growth in the developed world. Nor is the path to growth easy to discern in the formerly rapidly growing BRIC economies of Brazil, Russia, India and China.

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