February 27

Oil Soft But When it Runs it Runs

Good day, After a great rally in oil prices and energy stocks last year, both the commodity and oil and gas companies have been somewhat disappointing this year to date. While many are still feeling the pain from the 2014/2015 oil crash, the sector’s volatility and cyclical nature has been witnessed over many decades. We’ve.

February 17

US Banks Could Win Big

TGIF, Ever since the Trump win, we’ve been bullish on US banks given Trump’s pledge to reduce corporate taxes and relax regulatory oversight. This week, Bloomberg released data which attempts to quantify the impact of the tax reduction plan on the six largest US banks. Trump has stated that he plans to cut general corporate.

February 10

Guess Who Has Better Style?

Good Day, Last week we explored the concept of value based investing – selecting securities trading lower than their intrinsic value. An equally popular investment style is growth based investing. Investors searching for growth aka capital appreciation, would look for companies which are likely to grow their earnings at above average rates. A growing business.

February 3

Dig For Value

Good day, The most common investment styles used today are value based investing and growth style investing. While most investors are generally familiar with these terms, having a deeper understanding of the mechanics will contribute to investment success. I’ll chat about value investing today and perhaps we can cover growth in a future piece. When.

January 20

The New Age of Portfolio Investing

Good day, Last week we discussed the security selection process of one of our firm’s widely used discretionary portfolio pools. We reviewed the screening process used to identify quality securities and the requirement for those securities to be positively trending. Today, we’ll discuss another discretionary portfolio used by a number of our firm’s clients. Generally.

January 13

Return Attribution (Part 1)

Good day, Over the next two commentaries, I will provide info on the top two discretionary portfolio programs our team most commonly uses for client accounts, and their responses to the recent market activity. Next week I will discuss the Hudson Total Mandate Portfolio which is generally only available to accredited investors or those meeting.

January 6

2017 Market Outlook

Happy New Year! Many of the global events of 2016 will be published in the next round of history books, and after such an eventful year, we’re all wondering what’s in store for 2017. US equities as a whole are no longer cheap, and to see double digit returns out of the S&P 500 in.

December 9

December Update

Good day, Here are some fresh comments compiled by our Portfolio Management crew this week: “Markets have been interesting as of late. The previously strong sectors and asset classes such as Info Tech and Low Volatility names have turned weak, while previous laggers in the Industrial, Financial and Energy space are now leading the way..

November 25

Be Selective

Good day, US markets have reached all time highs this week with the TSX not far behind. The charts for US markets show similar levels about 18 months back and much longer for the TSX so despite the hype, markets haven’t made much progress during this time. A couple of years ago I wrote that.

November 18

Take A Breather

Good day, Markets have cooled somewhat this week but have maintained last week’s post election highs. Investors continue to show economic growth optimism given Trump’s infrastructure spending and tax cut promises. Janet Yellen of the US Fed spoke publicly this week and pretty much confirmed our belief that the Fed will raise interest rates in.

November 9

What A Ride!

Good day, The outcome of last night’s US presidential election came as a surprise to many around the world. It seems there were a lot of closet Trump supporters given his strong win. The surprise results sparked a global market selloff last night to the point where US Dow Jones futures were down some 800.

September 30

An Eventful Week

Good day, Lots of news this week… OPEC has agreed to begin tapering production as of November. Oil markets loved the news and created a rally for both energy companies and the commodity itself, with Brent Crude closing above $49 and WTI over $48. We took advantage of the positive sentiment and hit the buy.

September 16

Probability of September Rate Hike

Good day, With the debate over a potential Fed rate hike, we’re closely watching the bond market and global yield activity. One of our fixed income portfolio managers is Christine Horoyski of 1832 Asset Management, who manages a portion of our fixed income mandate in both of our model portfolios. Christine has held some of.

September 9

Hudson Portfolio Update

Good day, The Hudson Total Mandate Portfolio is one of our two portfolio models with Hudson generally available only to accredited investors, or those who qualify for certain exemptions. I’ve attached below comments from one of our Portfolio Managers, Matt Levy. Have a great weekend! Danny Hudson ended last week with a Net Asset Value.

August 26

Cliff Jumping

Happy Friday, On lake Okanagan in BC there’s a spot half way down the lake where many go to jump off the rock formations into the lake. The cliff is about 25 feet high and ropes have been affixed on the opposite side to help swimmers climb to the jump spot. While it’s not overly.

August 5

Stocks Are The New Bonds

Good day, Many of us remember the high interest rate environment of the 1980’s where mortgage rates topped 18% and government bonds paid as high as 10-12%. Although this was a period of exceptionally high interest rates, prior to the late 1990’s bonds were purchased to generate income and keep volatility low, while stocks were.

July 15

Fear Turns to Greed

Good day, On June 24th, the day after the Brexit outcome, we stated that the market selloff would be short lived as investors would shrug off the news as soon as the media would focus on other stories. The knee jerk reaction affected markets for a couple of days but fear was shortly replaced by.

July 8

2017 Tax Strategy Grandfathering

Good day, For a number of years the Income Tax Act has allowed policy holders of certain insurance contracts to realize a number of tax benefits. Many Canadians dislike insurance or simply don’t have a need for the protection component, but nonetheless invest in such contracts due to significant tax advantages currently available to both.

June 24

Impacts of Brexit

Good day, A surprise “leave” vote by the British sent markets in both directions. While it’s no 2008, most equity markets are showing declines this morning with those in Europe most pronounced. The British Pound has taken a hit while the US dollar has climbed against all currencies except for the Japanese Yen. Safe haven.

June 17

Brexit Woes

Good day, A rocky week for global markets as investors wait to see the result of next week’s referendum in the UK. If the British vote to leave the European Union next Thursday we could see volatility in financial markets and currencies. On the other hand we will likely see a rally in equities and.

June 3

Be Flexible

Good day, Along with a number of Canadian portfolio managers and consultants, a group of the PMs at Harbourfront are also responsible for providing advisory services to a national asset management institution known as Willoughby Asset Management Inc. Most recently Willoughby launched another portfolio pool, this time available to both accredited and non-accredited retail investors..

May 13

Technology Falters

Good day, Technology shares have had a good run over the last few years but the trend has changed as of late. We have sold our tech positions in the Willoughby Investment Pool as corporate earnings in the sector have declined overall. The anomaly here is Facebook which has grown its earnings per share by.

May 6

Fort Mac Fires

Good day, While Fort McMurray’s oil sands plants are a distance away from the fires and therefore not at risk at the moment, production has dropped dramatically as Fort Mac residents have been evacuated entirely.  It is estimated that 1 million barrels a day of production has been halted which represents roughly 40% of the.

April 29

What’s Up This Week?

Good day, Our top two model portfolios are the Hudson Total Mandate Portfolio and the Willoughby Investment Pool. In the Hudson portfolio we removed the US dollar hedges this week on our hedged US equity holdings and re-allocated about 15% of the proceeds to US equities without a currency hedge. Maintaining a currency hedge means.

April 22

Understanding Negative Interest Rates

Good day, In order to prop up economies, countries around the world have cut interest rates below 0% for some time now. Canada has not opted for negative interest rates but the Bank of Canada has stated that it could do so if absolutely necessary. As our economy shows some signs of improvement, such fears.

April 15

What We’re Up To

Good day, About a year back I wrote that the “easy money” is over. Investor hunger for oversold equities post 2009, coupled with multiple rounds of monetary stimulus, had resulted in a near tripling of the S&P500. Given the generous valuations of early 2015, I stated that future opportunities would come from specific sectors and.

February 12

US Financials A Bargain

Good day, The irrational broad based selling over the last few weeks included US financial stocks which dropped roughly twice as much as the US market overall. As is often the case, investors have ignored the fundamentals. Today US banks are extremely well capitalized, have strong balance sheets, and are trading at very attractive valuations..

February 5

Will the Oil Rally Last?

Good day, A couple of weeks ago I wrote that oil prices have historically seen quick rebounds from depressed levels. As of this morning, in 13 trading days WTI is up $4.39/barrel or 15.9%, and Brent Crude is up $7 or 25.1%. While it’s too early to conclude that the January lows are indeed a.

January 15

Finish Line

Good day, Another week of market declines speared by oil’s relentless slide and continued concern that China’s economic woes will impact the world economy. Despite the broad selloff on the week, we saw aggressive buying on Thursday reminding us that investors won’t hesitate to press the buy button on any positive news. At this stage.

January 8

2016 Global Outlook

Good day, As expected the themes of 2015 are continuing into the New Year: China’s economic growth continues to slow; the Saudis are sticking to their guns and determined to drive the competition out of business; and the US dollar remains king. Divergence was the name of the game last year. Given the strength of.

February 27

Oil Soft But When it Runs it Runs

Good day, After a great rally in oil prices and energy stocks last year, both the commodity and oil and gas companies have been somewhat disappointing this year to date. While many are still feeling the pain from the 2014/2015 oil crash, the sector’s volatility and cyclical nature has been witnessed over many decades. We’ve.

February 17

US Banks Could Win Big

TGIF, Ever since the Trump win, we’ve been bullish on US banks given Trump’s pledge to reduce corporate taxes and relax regulatory oversight. This week, Bloomberg released data which attempts to quantify the impact of the tax reduction plan on the six largest US banks. Trump has stated that he plans to cut general corporate.

February 10

Guess Who Has Better Style?

Good Day, Last week we explored the concept of value based investing – selecting securities trading lower than their intrinsic value. An equally popular investment style is growth based investing. Investors searching for growth aka capital appreciation, would look for companies which are likely to grow their earnings at above average rates. A growing business.

February 3

Dig For Value

Good day, The most common investment styles used today are value based investing and growth style investing. While most investors are generally familiar with these terms, having a deeper understanding of the mechanics will contribute to investment success. I’ll chat about value investing today and perhaps we can cover growth in a future piece. When.

January 20

The New Age of Portfolio Investing

Good day, Last week we discussed the security selection process of one of our firm’s widely used discretionary portfolio pools. We reviewed the screening process used to identify quality securities and the requirement for those securities to be positively trending. Today, we’ll discuss another discretionary portfolio used by a number of our firm’s clients. Generally.

January 13

Return Attribution (Part 1)

Good day, Over the next two commentaries, I will provide info on the top two discretionary portfolio programs our team most commonly uses for client accounts, and their responses to the recent market activity. Next week I will discuss the Hudson Total Mandate Portfolio which is generally only available to accredited investors or those meeting.

January 6

2017 Market Outlook

Happy New Year! Many of the global events of 2016 will be published in the next round of history books, and after such an eventful year, we’re all wondering what’s in store for 2017. US equities as a whole are no longer cheap, and to see double digit returns out of the S&P 500 in.

December 9

December Update

Good day, Here are some fresh comments compiled by our Portfolio Management crew this week: “Markets have been interesting as of late. The previously strong sectors and asset classes such as Info Tech and Low Volatility names have turned weak, while previous laggers in the Industrial, Financial and Energy space are now leading the way..

November 25

Be Selective

Good day, US markets have reached all time highs this week with the TSX not far behind. The charts for US markets show similar levels about 18 months back and much longer for the TSX so despite the hype, markets haven’t made much progress during this time. A couple of years ago I wrote that.

November 18

Take A Breather

Good day, Markets have cooled somewhat this week but have maintained last week’s post election highs. Investors continue to show economic growth optimism given Trump’s infrastructure spending and tax cut promises. Janet Yellen of the US Fed spoke publicly this week and pretty much confirmed our belief that the Fed will raise interest rates in.

November 9

What A Ride!

Good day, The outcome of last night’s US presidential election came as a surprise to many around the world. It seems there were a lot of closet Trump supporters given his strong win. The surprise results sparked a global market selloff last night to the point where US Dow Jones futures were down some 800.

September 30

An Eventful Week

Good day, Lots of news this week… OPEC has agreed to begin tapering production as of November. Oil markets loved the news and created a rally for both energy companies and the commodity itself, with Brent Crude closing above $49 and WTI over $48. We took advantage of the positive sentiment and hit the buy.

September 16

Probability of September Rate Hike

Good day, With the debate over a potential Fed rate hike, we’re closely watching the bond market and global yield activity. One of our fixed income portfolio managers is Christine Horoyski of 1832 Asset Management, who manages a portion of our fixed income mandate in both of our model portfolios. Christine has held some of.

September 9

Hudson Portfolio Update

Good day, The Hudson Total Mandate Portfolio is one of our two portfolio models with Hudson generally available only to accredited investors, or those who qualify for certain exemptions. I’ve attached below comments from one of our Portfolio Managers, Matt Levy. Have a great weekend! Danny Hudson ended last week with a Net Asset Value.

August 26

Cliff Jumping

Happy Friday, On lake Okanagan in BC there’s a spot half way down the lake where many go to jump off the rock formations into the lake. The cliff is about 25 feet high and ropes have been affixed on the opposite side to help swimmers climb to the jump spot. While it’s not overly.

August 5

Stocks Are The New Bonds

Good day, Many of us remember the high interest rate environment of the 1980’s where mortgage rates topped 18% and government bonds paid as high as 10-12%. Although this was a period of exceptionally high interest rates, prior to the late 1990’s bonds were purchased to generate income and keep volatility low, while stocks were.

July 15

Fear Turns to Greed

Good day, On June 24th, the day after the Brexit outcome, we stated that the market selloff would be short lived as investors would shrug off the news as soon as the media would focus on other stories. The knee jerk reaction affected markets for a couple of days but fear was shortly replaced by.

July 8

2017 Tax Strategy Grandfathering

Good day, For a number of years the Income Tax Act has allowed policy holders of certain insurance contracts to realize a number of tax benefits. Many Canadians dislike insurance or simply don’t have a need for the protection component, but nonetheless invest in such contracts due to significant tax advantages currently available to both.

June 24

Impacts of Brexit

Good day, A surprise “leave” vote by the British sent markets in both directions. While it’s no 2008, most equity markets are showing declines this morning with those in Europe most pronounced. The British Pound has taken a hit while the US dollar has climbed against all currencies except for the Japanese Yen. Safe haven.

June 17

Brexit Woes

Good day, A rocky week for global markets as investors wait to see the result of next week’s referendum in the UK. If the British vote to leave the European Union next Thursday we could see volatility in financial markets and currencies. On the other hand we will likely see a rally in equities and.

June 3

Be Flexible

Good day, Along with a number of Canadian portfolio managers and consultants, a group of the PMs at Harbourfront are also responsible for providing advisory services to a national asset management institution known as Willoughby Asset Management Inc. Most recently Willoughby launched another portfolio pool, this time available to both accredited and non-accredited retail investors..

May 13

Technology Falters

Good day, Technology shares have had a good run over the last few years but the trend has changed as of late. We have sold our tech positions in the Willoughby Investment Pool as corporate earnings in the sector have declined overall. The anomaly here is Facebook which has grown its earnings per share by.

May 6

Fort Mac Fires

Good day, While Fort McMurray’s oil sands plants are a distance away from the fires and therefore not at risk at the moment, production has dropped dramatically as Fort Mac residents have been evacuated entirely.  It is estimated that 1 million barrels a day of production has been halted which represents roughly 40% of the.

April 29

What’s Up This Week?

Good day, Our top two model portfolios are the Hudson Total Mandate Portfolio and the Willoughby Investment Pool. In the Hudson portfolio we removed the US dollar hedges this week on our hedged US equity holdings and re-allocated about 15% of the proceeds to US equities without a currency hedge. Maintaining a currency hedge means.

April 22

Understanding Negative Interest Rates

Good day, In order to prop up economies, countries around the world have cut interest rates below 0% for some time now. Canada has not opted for negative interest rates but the Bank of Canada has stated that it could do so if absolutely necessary. As our economy shows some signs of improvement, such fears.

April 15

What We’re Up To

Good day, About a year back I wrote that the “easy money” is over. Investor hunger for oversold equities post 2009, coupled with multiple rounds of monetary stimulus, had resulted in a near tripling of the S&P500. Given the generous valuations of early 2015, I stated that future opportunities would come from specific sectors and.

February 12

US Financials A Bargain

Good day, The irrational broad based selling over the last few weeks included US financial stocks which dropped roughly twice as much as the US market overall. As is often the case, investors have ignored the fundamentals. Today US banks are extremely well capitalized, have strong balance sheets, and are trading at very attractive valuations..

February 5

Will the Oil Rally Last?

Good day, A couple of weeks ago I wrote that oil prices have historically seen quick rebounds from depressed levels. As of this morning, in 13 trading days WTI is up $4.39/barrel or 15.9%, and Brent Crude is up $7 or 25.1%. While it’s too early to conclude that the January lows are indeed a.

January 15

Finish Line

Good day, Another week of market declines speared by oil’s relentless slide and continued concern that China’s economic woes will impact the world economy. Despite the broad selloff on the week, we saw aggressive buying on Thursday reminding us that investors won’t hesitate to press the buy button on any positive news. At this stage.

January 8

2016 Global Outlook

Good day, As expected the themes of 2015 are continuing into the New Year: China’s economic growth continues to slow; the Saudis are sticking to their guns and determined to drive the competition out of business; and the US dollar remains king. Divergence was the name of the game last year. Given the strength of.