Bear Market Rallies – A Historical Context

There have been five major bear markets in the S&P since the Depression, with each one experiencing rallies along the way that turned out to be false dawns. Each of these rallies felt real at the time, and there was a solid belief that the bad news that caused the...

Fade Bank of Canada Rate Hikes

This post is taken from our March 13th weekly report. In our February Monthly we suggested selling CAD, and buying Bankers’ Acceptances (BAs), the Canadian analogue of Eurodollar futures. With ~64bps of rate rises priced in from the Bank of Canada over the next year,...

Thinking about retirement in the US

Gone are the days when financial advisory could boast the same professional stability as a well seated doctor or lawyer. Herding people through the door and offering them a standard 60/40 portfolio  invested in the in-house equity and bond funds was a simple and...