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News & Media 2018-06-06T15:18:52+00:00

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Digging into the Valuation Tool Box

By | October 26th, 2018|

Every stock has a price, and while the market is open, we can track it by the second. At the same time, every stock has a value, which might be very different from its price, either higher or lower. The job of the financial analyst is to find those situations where price and value differ, and to buy and sell accordingly.

Oh Canada. Why is your Stock market so bad?

By | October 15th, 2018|

About 8 years ago, on September 30, 2010, the TSX Index closed at 12,369. As I write today it is at 16,217, a gain of 31.1% or 3.44% per year compounded over the period. Add in dividends and the gain per year is around 6%. Not horrible, and certainly better than bonds, which yielded less than 2% over the same time span. However, when we look at the performance of the main U.S. index, the S&P 500, we start to understand how poorly the Canadian stock market has performed.

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The Next Recession is Coming. We Have No Idea When.

By | July 31st, 2018|

One of the great goals of economics, ever since the discipline was founded, has been to abolish the business cycle. Economic booms followed by recessions have always been a regular, if unpleasant, feature of life. In the past 90 years there have been at least two global great recessions, and in North America at least 13 other significant recessions. (A recession is a period in which the economy contracts significantly for at least two quarters in a row). On average, there has been a recession, be it great or small, once every six or seven years.

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