President’s Message I am not sure that Happy Covid New Year is the appropriate phrase, but, indeed a year it has been! The physical office facility here has remained open throughout, albeit with only two people during the first quarter. Seventy-five percent of our Team have worked remotely. It was coincidentally fortunate that we had undergone a massive upgrade in our technology just three months before Covid erupted. A few of you have crossed the physical threshold over the

At the time of writing, global stock markets are rallying, up 8-10% since the U.S. election night. The markets seem to be discounting the post-U.S. election night theatrics in anticipation of the Electoral College confirming the President-Elect on December 14th and welcoming the potential roll outs of Covid-19 vaccines at Pfizer and Moderna. Calendar year 2020 has been a rollercoaster year for global stock markets. After hitting all time highs in the first six weeks of the y

At writing, global stock markets are up 10-11% since our Summer Foresight and up 50% to 55% from the lows of mid-March. As governments around the globe provide massive amounts of aid and liquidity to their economies, global interest rates have moved to new lows …..again. Government of Canada 10 year bond yields are currently .55 of 1% and US 10 year Treasuries are yielding .65 of 1%. With bond yields hovering at close to zero, investors have returned to stocks with a vengeanc

Every portfolio we manage has its own story. Portfolios may be in accumulation phase as a client family saves for retirement, or in drawdown phase for retired clients using their portfolios to fund retirement lifestyle, or when there are expenditure draws for expenses, such as purchasing a vehicle, renovating a kitchen or travelling. In some cases, a retired client’s portfolio is not required to fund living expenses, such that the portfolio effectively is being managed for t

We have fielded a few queries recently about our investment rationale behind owning the iShares 1-5 Year Laddered Government Bond Index ETF. We can see how there could be a misconception about the performance of this ETF, as it appears to be constantly, although incrementally, going down from a capital standpoint. What isn't as apparent is that the monthly interest payments that you receive from the ETF are a combination of the interest yield and a return of your capital. Thi

Looking backwards and forwards As 2019 comes to a close, what may we expect from our portfolios in 2020, given the current global economic cycle and a bull market deep into its 10th year? Various snapshots in recent time show that global stock markets provided a lot of volatility to portfolios without really going anywhere until recently. Looking forward, global GDP growth is forecasted to be similar to 2019 …. in the 2.6% range, with regional disparities. % Growth for

AFT Trivest celebrates the close of its 25th year in September, whilst Nilson & Company closes its 40th year. The end of this fourth decade marks time for change at Nilson & Company as, effective October 1st, Errin Mechler will acquire the accounting firm. Don will continue to be involved on the tax and accounting side on a part-time basis. For Trivest clients, there is no change, as he will continue to work full-time there, in fact with an increased role, as he will have mo

Practicing Patience During The Mature Phase of a Bull Market The current decade-old Bull Market continues to surprise investors with its longevity. We wrote in the Summer 2018 Foresight that we had recently attended the Economic and Financial Outlook hosted by National Bank’s CEO Louis Vachon and Chief Economist Stefane Marion. Their presentations highlighted numerous global themes to monitor as the current Bull Market had recently entered the mature phase of the cycle. Marke

Post the Winter 2018 edition of Foresight and our discussion of the recent global stock market correction to the end of November, global stock markets continued to drop throughout December, resulting in one of the worst Decembers ever. What followed in January was a rebound of 13%, recouping a good portion of that market correction over the previous two and a half months. Depending upon the asset allocation mix of the portfolio, we saw portfolios increase in value by 3%-4% in

Investors certainly have noticed the increased volatility in global stocks in recent months, as well as their recent correction from annual, and in many cases, all-time-high prices. At writing, global stock markets have corrected by approximately 10% to 15% from their recent highs. Stock market corrections are never enjoyable for investors. It is very easy for investors’ sentiments to turn negative towards the equity side of their portfolio. During corrections like the curren