Market Ethos - Top 10 Ethos of ‘23 Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Jan 09, 2024 In keeping with our annual tradition, here are our favourite Market Ethos publications of the past year. It’s time to take a look back before we take a look forward. Click HERE to access the report. Read more
Market Ethos - Goodbye to ‘buy the dip’? Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Dec 12, 2023 This is now the longest drought without all-time highs since the great financial crisis of ‘08/’09. Investors clearly expect better from their investments – likely a learned response from the ‘buy the dip’ era. The ‘buy the dip’ (BTD) mantra was steadily... Read more
Investor Strategy: 2024 outlook Published by RWL on Dec 07, 2023 The great reset final act The good news is we are probably in the final act of the great reset (or third act for any Shakespeare lovers). We believe it will include a recession, higher credit spreads, more bankruptcies, margin pressure and likely lower... Read more
Market Ethos - Land of the rising sun still shining Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Nov 28, 2023 Land of the rising sun still shining For the past year, the U.S. Fed and Bank of Canada (BoC) had been increasingly hawkish, while the Bank of Japan (BoJ) was on this trend, too, but much more tepidly. Today, it appears the Bank of Canada and Fed are... Read more
Market Ethos - False start for inflation victory lap? Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Nov 23, 2023 Cooler inflation data and cooler economic data have helped bond yields come down. Measuring the 10-year Treasury, yields dropped from 5.0% at the S&P 500 low near the end of October to 4.46% at the time of writing. So does a 50 bps yield drop equate to... Read more
Market Ethos - Active versus passive debate: why not both? Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Nov 16, 2023 The debate is often framed in a binary fashion — either active or passive. Yet from a portfolio-construction perspective, investments, whether active or passive, are building blocks for building a portfolio. How the pieces are selected, and fit together... Read more
Investor Stategy - Here for a good time, not a long time (November 2023) Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Nov 09, 2023 Markets and the economy are gradually adjusting to higher costs of capital (higher yields/rates) and less abundant capital. The process will take a long time to work its way through, causing both up and down oscillations in the stock and bond markets... Read more
Market Ethos - Earnings, trick or treat? Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Oct 31, 2023 We are about halfway through the U.S. earnings season, with 245 of the S&P 500 companies having already reported. Earnings are backward-looking, kind of like GDP reports, since the quarter started in July and ended in September. Nonetheless, companies... Read more
Market Ethos - Thematic ETFs: proceed with caution Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Oct 24, 2023 The essence of ‘Thematic focused investing’ is, at its core, a really good idea. There is no denying the world changes over time and often there are long-term tectonic shifts. In years past, we have all witnessed the rise of smart phones, the rise of... Read more
Market Ethos - The crowding out effect Filed Under: Investment Services | Portfolio Management | Wealth Management Published by RWL on Oct 11, 2023 U.S. banks have been buyers of Treasuries in years past. But with short rates so high and unrealized losses on their existing bond holdings (expect to hear more about that in the upcoming earnings season), let’s just say they too are not enthusiastic... Read more