Market Ethos - March 20th, 2017 Published by Richardson Wealth Asset Management on Mar 21, 2017 Market Efficiency In this installment of Market Ethos, we take a look at market efficiency, which sits at the core of the active management vs. passive indexing debate. We find that market efficiency varies considerably from one market to another. Those... Read more
Market Ethos - March 13th, 2017 Published by Richardson Wealth Asset Management on Mar 13, 2017 Market Evolution 30 years ago, the average holding period for a stock on the NY exchange was over 10 years. Today it is under 3 years. Markets change over time. We believe this is due to participants changing, technology driven change and investor behaviors... Read more
Market Insights - February 27th, 2017 Published by Richardson Wealth Asset Management on Mar 11, 2017 Do Share Prices Overreact to Earnings? Earnings results often trigger a material move in a company’s share price. In this report we take a closer look to see if the market overreacts to earnings results, potentially creating an opportunity to enter or... Read more
Market Insights - March 6, 2017 Published by Richardson Wealth Asset Management on Mar 11, 2017 Canadian Banks Deliver In this week’s edition, Gareth Watson takes a deep dive into the Canadian banks following their Q1 results. They have been on a great run and the results were equally impressive. This sub-sector of financials now carries a 25% weight... Read more
Market Insights - February 6th, 2017 Published by Richardson Wealth Asset Management on Mar 11, 2017 Policy "Trumps" Cycle This week we provided a synopsis of our more in-depth market outlook report published late last month. Taking a look back at 2016, our thoughts on key themes in 2017 including deflation to reflation, capex, earnings and the dollar... Read more
Market Insights - February 13th, 2017 Published by Richardson Wealth Asset Management on Mar 11, 2017 2,901 days That is how long the current bull market has been running. While still healthy, this is now one of the longest runs on record. In this edition of the weekly we update our market cycle framework that continues to point to a continuation of the... Read more
Market Insights - February 21st, 2017 Published by Richardson Wealth Asset Management on Mar 11, 2017 Rich The S&P 500 is now trading at 17.7x consensus estimated earnings for the next 12 months. That is the highest valuation for the S&P since 2002, over 14 years ago. But should we care? In this edition of the weekly we will slice and dice market valuations... Read more
Market Insights - January 9th, 2016 Published by Richardson Wealth Asset Management on Mar 11, 2017 Implications of a Changing U.S. Tax Code There has been lots of talk about tax reform in the U.S. from the soon to be President. In this edition of the Weekly, Chris Kerlow takes a look at the many moving parts of potential tax reform along with the implications... Read more
Market Insights - January 23, 2017 Published by Richardson Wealth Asset Management on Mar 11, 2017 Golden Trump Years Come With Inflated Expectations For the first time in five years we are taking a meaningful position in gold to provide portfolio protection and capture near term appreciation in the commodity price. The macro-economic environment has... Read more
Market Insights - January 30th, 2017 Published by Richardson Wealth Asset Management on Mar 11, 2017 Self-destruction and resurrection Oil appears rather comfortable in the low $50s after nearly doubling off of the trough lows last February. Is this the new normal, or is the cycle just gearing up for another revolution? In this week’s edition we share... Read more