Market Ethos - Know thyself Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Jul 22, 2025 This year, and for the past five years, markets have performed very well, but a smooth ride it wasn’t. It’s during these kinds of market gyrations that, upon reflection, you can better understand your investor ethos. Understanding your personal tendencies... Read more
Market Ethos - Dividends are back, but exposure matters Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Jul 17, 2025 Dividend-focused investing underperformed the broader market by a decent amount in 2022 and 2023, just by a sliver in 2024 and roughly tied in 2025. The reason for this underperformance, even in the down market of 2022, was largely the result of rising... Read more
Investor Strategy: Halfway check-in: Comfortably numb? Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Jul 13, 2025 Markets have enjoyed a good start to 2025, albeit with one helluva ride. From initially underreacting to the policy threat of tariffs, then overreacting and now perhaps underreacting to what lies ahead. The important lesson for portfolio construction... Read more
Market Ethos - Valuations leave little room to stumble Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Jun 30, 2025 The S&P 500 has peaked out at around 22x a few times over the past five years. And while the TSX has seen valuations as high as 18x over the past decade, it certainly isn’t cheap anymore. Given valuations are already at the upper echelon, stumbles may... Read more
Market Ethos - The hedge debate Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Jun 27, 2025 Accurately forecasting where a currency is going to go next is rather challenging. Additionally, for a Canadian’s portfolio there are many other considerations when it comes to the question of hedging. USD exposure has a portfolio diversification benefit... Read more
Market Ethos - Mind the cap Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Jun 19, 2025 One recurring discussion topic over the past few months has been the size factor — specifically what to do with small or mid caps. We have largely been avoiding the space, but thought this would be a good time to dive back in, sharpen our pencil and share... Read more
Market Ethos - Risky business Filed Under: Investment Services | Portfolio Management | Wealth Management Published by Dolores Jandoc on Jun 10, 2025 Only in hindsight can you see if the market was overreacting or underreacting to a risk or opportunity. It’s easy to say it overreacted to trade policy risk, but harder to say it is now underreacting to risks or properly reacting to upside potential.... Read more
Investor Strategy: Opportunistic diversification Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Jun 04, 2025 So far this year, markets have gone from being overly optimistic in the early months that trade policy would not be an issue, to overreacting to the downside, and now back to optimism. Policy could flare up again, but we do think the bigger risk is slowing... Read more
Market Ethos - Wobbly Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Jun 04, 2025 The U.S. consumer has a long history of finding ways to keep spending. We believe the saying goes if they earn $1, they spend $1.20. Still, they do appear to be waning or at least losing momentum at a time when wage growth is good and the labour markets... Read more
Market Ethos - Let’s talk about yield Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on May 27, 2025 Let’s talk about yield Rising long yields are not just an American story. The long-dated bonds for many nations have been rising of late, including Canada, UK and Japan. Japan, once the land of no yield, is now getting some yield. Is this evidence that... Read more