Quarterly Newsletter

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Read Through Our Latest News Posts To Gain Insights Into The Market.

2009 Q1 Newsletter
March 31, 2009
In the context of volatile and negative world equity markets, Canadian markets generally held their ground in the first quarter. Canadian equity markets outperformed those in the United States, losing only 3.0% versus 11.0 to 13.0% losses. Economic n...
2008 Q4 Newsletter
December 31, 2008
The fourth quarter (Q4) proved an extremely negative quarter capping the worst year in equity markets since 1931. The crisis in the US financial sector caused by sub-prime mortgage lending and the subsequent collapse of several major financial instit...
2008 Q3 Newsletter
September 30, 2008
The third quarter (Q3) was the most difficult quarter we have experienced since September 11, 2001 terrorist attack in New York City. There are market parallels between 9/11 and the current circumstances. Our portfolio dropped after 9/11 by 15.5% in ...
2008 Q2 Newsletter
June 30, 2008
The dominant economic factor in Q2, 2008 has been the rapid increase in energy, agriculture and fertilizer prices. More expensive food and energy will reshape the world economy and the way nearly all people live. There are profound implications for o...
2008 Q1 Newsletter
March 31, 2008
We are enduring difficult global economic conditions focused in financial markets that are impacting the investment environment. It has been a negative period for many of the positions we have favoured. We remain confident we will recover the gains t...
2007 Q4 Newsletter
December 31, 2007
The fourth quarter of 2007 proved even more turbulent than the third quarter. All of the major indices registered declines as the subprime mortgage lending default forced American banks and other financial companies to take huge losses. Actions have ...
2007 Q3 Newsletter
September 30, 2007
The third quarter (Q3) of 2007 proved to be extremely volatile. Two issues unsettled financial markets. Subprime Mortgage defaults in the United States became the trigger for volatility and negative markets in July and August. In Canada, concerns abo...
2007 Q2 Newsletter
June 30, 2007
The second quarter (Q2) of 2007 saw strong performance on both Canadian and American equity markets. The extreme volatility continued but stronger economic performance in both U.S. and Canada restored investor confidence. The fears of recession and p...
2007 Q1 Newsletter
March 31, 2007
Spring has rolled in and with it the end of the first quarter (Q1) of 2007. Just as the weather proved volatile with a delayed start to winter, equity and commodity markets proved volatile as well. Plenty of days in the first quarter registered gains...
2006 Q4 Newsletter
December 31, 2006
In reviewing investments in 2006, I am reminded of the Clint Eastwood film, The Good, the Bad and the Ugly. The “Good” came from metal producers such as Hudbay (the top performer on the TSX) and Teck Cominco as well as, from our financial sector weig...