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SECOND QUARTER 2010 – RETROSPECTIVE AND PROSPECTIVE

MIXED SIGNALS “A smooth sea never made a skilful mariner.” — English Proverb The tepid advance of the first quarter gave way to near panic in the second quarter as fear overtook greed in the world stock markets; particularly in the final month of the quarter. Canadian investors got off relatively “light” as the Toronto … [+] Read More

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FIRST QUARTER 2010 – RETROSPECTIVE AND PROSPECTIVE

THE RECESSION IS OVER…FOR NOW “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” — Winston Churchill 2010 had a shaky start! The positive momentum that characterised the last few months of 2009 carried … [+] Read More

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FOURTH QUARTER 2009 – RETROSPECTIVE AND PROSPECTIVE

WHERE DO WE GO FROM HERE? “Politicians are the same all over. They promise to build bridges, even when there are no rivers.” — Nikita Khrushchev We entered 2009 with a great deal of angst! In 2008, the Canadian and US markets suffered declines of 33% and 37% respectively. This dismal performance was followed by … [+] Read More

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THIRD QUARTER 2009 – RETROSPECTIVE AND PROSPECTIVE

THIS TIME IT’S DIFFERENT “History is the science of what never happens twice.” — Valery “The most dangerous of our calculations are those we call illusions.” — Georges Bernanos “The recession is over.” Ben Bernanke, Chairman of the Federal Reserve, made this pronouncement in recent weeks. Technically, he may be right but it is hard … [+] Read More

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SECOND QUARTER 2009 – RETROSPECTIVE AND PROSPECTIVE

IRRATIONAL EXUBERANCE “You can’t depend on your eyes when your imagination is out of focus.” — Mark Twain “Contradiction is not a sign of falsity, nor the lack of contradiction a sign of truth.” — Pascal Alan Greenspan coined the term “irrational exuberance” around ten years ago. At the time, he was referring to the … [+] Read More

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FIRST QUARTER 2009 – RETROSPECTIVE AND PROSPECTIVE

WHERE’S THE BOTTOM? “Facts are stubborn things, but statistics are more pliable.” — Laurence J. Peter “People who always try to play the market to its lowest point, always miss it.” — Earl Peattie “Where’s the bottom?” “Are equities cheap?”. Pundits love these questions because there is no answer, at least until long after the … [+] Read More

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FOURTH QUARTER 2008 – RETROSPECTIVE AND PROSPECTIVE

AN EXCRUTIATING YEAR! “Of all the passions, fear weakens judgment most.” — Cardinal De Retz “People who always try to play the market to its lowest point, always miss it.” — Earl Peattie 2008 has finally ended! As the year came to a close, North American markets came within a fraction of setting a record. … [+] Read More

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THIRD QUARTER 2008 – RETROSPECTIVE AND PROSPECTIVE

STORMY WEATHER! “There will be a rain dance Friday night, weather permitting.” — George Carlin So far this year we have seen Arthur, Bertha Christobal, Dolly, Edouard, Fay, Gustav, Hanna, Ike, Josephine and Kyle threaten the North American coast while Bear Stearns, FannieMae, FreddieMac, AIG, Lehman Brothers, Merrill Lynch, Countrywide, Wachovia and Washington Mutual have … [+] Read More