Investments

Decorative pattern

Perfect storm for U.S. mortgage-backed investors

(March 2006) Investors seeking yield were well compensated when interest rates fell; they received capital gains that in many instances gave them better returns than equities. In a rising rate environment, however, income investors find it more difficult to make an adequate return. Not only do rising rates usually result in lower bond valuations, but […]

By Michael Barrett |March 1, 2006

7 min read

Decorative pattern

Market Insights

Oil to remain strong in the near-term

(February 2006) Investors who enjoyed the massive upside to the energy rally were more than a little disappointed this past week, as the price of crude oil plummeted from over US$66 a barrel to $62, slashing 400 points off of the energy-heavy TSX Composite index. Is the party over for the energy sector? It’s hard […]

By Steven Lamb |February 10, 2006

4 min read

Decorative pattern

Risk 101: Systematic versus unsystematic risk

(January 2006) I’m a firm believer in risk management. That’s a bit like saying “I’m a firm believer in breathing.” We are all risk managers whether we admit it or not. And if that’s the case, I’d rather be more precise about it than less. The absolute basis of portfolio risk management is diversification. It’s […]

By Pierre Saint-Laurent |January 23, 2006

4 min read

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Market Insights

Canadian commodities look golden in 2006

(January 2006) The last time the S&P/TSX Composite broke through 11,000 investors foolishly believed the good times wouldn’t end. But end they did. Markets around the world fell hard, led by a raucous sell off in the U.S. tech sector. The markets have recovered, but the U.S. is shaky and could be a catalyst to […]

By Mark Brown |January 23, 2006

4 min read

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Market Insights

Stability ratings useful if used correctly

(January 2006) As the hurdles to income trust investment have fallen, more and more cash has flowed into the structures, driving a demand for research. Unfortunately, the majority of income trusts represent operations that can only be considered small- or even micro-cap businesses, resulting in limited analyst coverage. This is slowly changing, with more institutional […]

By Staff |January 13, 2006

5 min read

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Market Insights

Life-cycle funds may be ideal for bank channel

(December 2005) This past year may be best remembered for the continued rally in resources, or the various developments in the income trust sector, but it also marked the launch of a new product line that has quietly gathered significant assets for the fund companies behind them. Life-cycle funds aim to reduce the workload of […]

By Gavin Adamson |December 22, 2005

6 min read

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Market Insights

Saxon manager vows to stick with value

(December 2005) Ever since the collapse of the technology bubble, value investing has enjoyed a renaissance, as investors rediscover the beauty of companies that have earnings and are trading at a discount. Knowing the fickle nature of the investing public, some have suggested that value investing may once again fall out of favour, ushering in […]

By Steven Lamb |December 22, 2005

4 min read

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Market Insights

Foreign revelations

(December 2005) Federal government policy is not usually known for being well timed, but the recent lifting of the foreign property rule (FPR) for RRSPs marks a departure from this truism. Just as our currency and stock markets are approaching three years of strong appreciation, the government has opened the door to unlimited foreign content […]

By Dan Hallett |December 9, 2005

5 min read

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Are GICs securities?

(November 2005) Regulatory worries about the proliferation of principal protected notes (PPNs) may well spill over into the Guaranteed Investment Certificate market, at least index or market-linked ones, which have hitherto been exempt from securities rules. At issue is what might be called a series of “K’s” that follow from the Know Your Client imperative […]

By Scot Blythe |November 28, 2005

6 min read

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Market Insights

Global funds suffer from Canadian optimism

(November 14, 2005) While the mutual fund industry has enjoyed strong sales throughout 2005, Canadian investors have consistently demonstrated a preference for domestic equity, preferably with an income component. To date, such a strategy has proven quite profitable for investors and managers of these favoured funds. Foreign equity…not so much. “The whole global species is […]

By Steven Lamb |November 14, 2005

3 min read

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