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Below is our monthly commentary on topics covering the markets, the economy, and our investment approach. To receive an email notifying you when our blog is updated, fill out the form at the bottom of this page.

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Coronavirus: What We Know and Don’t Know

The risks posed by the coronavirus spooked markets in a major way last week, with the S&P/TSX Composite down 8.9%, the Nasdaq Composite down 10.5%, the S&P 500 down 11.5%, and the Dow Jones Industrial Average down 12.4%. Despite the drastic moves, there is still a great deal of uncertainty about what the epidemic means […]

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Markets Now in “Ludicrous Mode”

If you’ve paid attention to the equity markets over the last month, you’ve heard that shares in Tesla Inc. (TSLA-NASDAQ) have skyrocketed. As the next chart shows, the stock is now at $905.15, up 116% so far in 2020 and 276% since the end of Q3 2019. Check that. In the time it took to […]

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Everybody has a Plan Until They Get Punched in the Mouth

It has been nearly 11 years since equity markets bottomed during the financial crisis, and the ensuing years have been lucrative for investors. The first table shows the major North American indices and their compound annual returns in (Canadian dollar terms) over the decade ending last month. With the exception of the S&P/TSX Composite, these […]

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Our Favourite Reads from 2019

With only a few weeks left in the year, we thought it would be a good time to look back at 2019 by sharing some of the best articles we’ve read. The Canadian economy, private equity trends, emerging technologies, and work habits are all covered. We hope you find the following collection as informative as […]

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Afraid of Commitment

While WeWork looks to have been a giant headache for its shareholders, it is the gift that keeps on giving for the financial press. We don’t want to be seen as piling-on the embattled company, but there’s no doubt that this saga has been a topical one. So this month we’re again going to discuss some […]

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The Price is Right

Pick a thing. It can be anything: your car, an hour of your labour, your house. If you were to sell that thing how would you arrive at its price? Option 1: Cost-plus pricing If you were thinking of selling your house, this is likely the pricing model that jumped into your head first. You […]

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Why an IPO?

It has been a fascinating year for initial public offerings. This week, news came out that the proposed IPO of WeWork (a lessor of shared office spaces) was not going well, with the company’s predicted valuation falling to as low as $15 billion from the $65 billion that its investment bankers originally predicted. WeWork, which […]

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Point of No Return

Do we have a deal for you! How would you like to loan some of your hard-earned money to the German government for the next 10 years and, in return, receive absolutely no interest for the use of your capital? No, not interested? Well then, we highly doubt you’d be interested in earning a negative […]

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Going All-In

It’s been a month, yet it’s still hard to believe. The Toronto Raptors are NBA champions! Before this season started the team had been consistently good, but not great. Sure, they had won their division in four of the previous five seasons, but they had also only won a combined four playoff series in that […]

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The Wisdom of Crowds

You’ve likely read that a distrust of modern-day vaccinations has led to an outbreak of measles cases in developed countries. The number of parents choosing not to vaccinate their children has grown so large that the Government of Canada has been airing pro-vaccine advertisements during Raptors playoff games. So you’ve probably been informed, at least […]

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