Market volatility increased dramatically in the wake of the mid-August Chinese RMB devaluation, and has continued through September to date. North American equity markets have struggled since mid-August, and are down over 10% from 2015 peaks. Overseas economic data have been soft, notably data coming out of China, meaning most commodity prices have also been depressed.
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Successful Investing- Issue 3 2015
Canadian Energy Market Commentary
PERSPECTIVE FROM FRANKLIN BISSETT INVESTMENT MANAGEMENT
“In the short term, we expect that many energy companies will contend with low oil prices by continuing to restrain capital spending, selling non-core assets, and adjusting dividend levels as required. Companies with lower costs of capital may also be well positioned to make counter-cyclical acquisitions through the downturn to the benefit of their long-term shareholders.”Click here for full newsletter.
Successful Investing- Issue 2 2015
2015 GLOBAL MARKET UPDATE
AN ALTERNATIVE ROUTE
Holding a well-diversified, long-term portfolio of liquid, listed assets is an important part of keeping your investments headed in the right direction.
The latest round of global central bank stimulus should keep our diversified portfolio well supported.
But in trying to address the issue of investing in a world of lower interest rates, we need to adapt our investing methods.
On my annual world tour in January, more clients than ever before asked me about alternative investments.
The Canadian and US economies continue to do okay, with the pace of growth momentarily above trend. In our forecasts earlier this year we had a Fed rate hike around mid-2015, but we removed it last month. The expected decline in inflation was a key reason for scrapping the rate hike, but there are additional reasons for not forecasting a rate increase next year. Click here for full newsletter.
Successful Investing- Issue 4 2014
QUARTERLY ECONOMIC OUTLOOK
After the unexpectedly sharp downturn of the U.S. economy in 2014 Q1 due to severe winter weather, U.S. growth has resumed a more normal trajectory, with the economy growing at a pace closer to its potential than we have seen for several years. The Federal Reserve (the “Fed”) is on course to end its asset purchases by year-end, but rate hikes will probably not occur until mid-2015. Click Here for full newsletter.
Successful Investing- Issue 3 2014
AGF AMERICAN GROWTH CLASS
The Portfolio Manager is supported by the Toronto-based North American Equity Team that provides broad expertise in sector research and company analysis.
Tony starts each day with a blank sheet of paper and takes an objective look at all the stocks in the portfolio
Constructs a diversified portfolio of leading American companies trading at a reasonable price
35 years of industry experience through a variety of economic cycles. Click Here for full newsletter.
Successful Investing- Issue 2 2014
Annual Economic Outlook 2014
The prospects for global economic growth and stock market performance in 2014 will depend critically on two factors: the success of the U.S. Federal Reserve’s (the “Fed”) tapering and communication operations, and the ability of the Eurozone economies to lift their growth rates from merely bumping along the bottom to a meaningful recovery that also reduces the risks of deflation. Click Here for full newsletter.
Successful Investing- Issue 1 2014
Capitalize on a Changing WORLD
Yield Scarcity and the Case for Dividends
Safety has a price. Investors who have chosen to wait out volatility in “no-risk” investments are losing ground to inflation, at a rate of 1.5% per year1 . And investors who avoid equities risk seeing their long-term plans fall apart. Click here for full newsletter.