16 Apr: Bull market – Over and Out?

Bull Market – Over and Out? With Deutsche Bank recently clinching first place in the derby of forecasters suggesting we are in for a Recession, soon to be followed by Bank America/Merrill Lynch, inflation currently raging (8.5% most recent reading); Central bankers poised to raise rates faster and higher (if…

15 Apr: Still Bullish? (TWTW – Apr 11-15, 2022)

Still Bullish? The two images below, which were tweeted earlier this week by my former boss Frances Horodelski (good old days 🙂 – and in passing, Hello Frances 🙂 ), illustrate that Bulls have a) become a much rarer breed of late … + b) are at extreme levels of…

09 Apr: Outperformance? Anyone? Anyone …

Outperformance? Anyone? Anyone … Bottom line – No hard evidence of any performance chasing here, either in terms of sectors or factors ETFs. This is somewhat surprising to me, as I’d have expected more investors/managers to have taken note of the unfolding relative performance picture, and the takeways associated with…

08 Apr: Oh Lael … oh James … (TWTW – Apr 4-8, 2022)

Oh Lael … oh James … (and oh Bill …) “I could have titled this one a general important public announcement, with the header: Attention, attention, please be advised the FEDs no longer have your backs. Act accordingly going forward …” Well, surprise … ICYMI … the US FED is…

07 Apr: Ten Years After … (Not the band …)

Ok, so it’s actually 10 years and pretty much 1 months AFTER, to be specific … AFTER what, you ask? Well after BlackRock / iShares Canada, back in 2012 took over Claymore ETFs, at the time, the second largest player in the country on the ETF front, and one that…

02 Apr: Unintended Consequences (TWTW – Mar 28-Apr 1, 2022)

Unintended consequences … Nice relief rally early in the week on account of oil pulling back, respectively heightened hopes for a cease-fire in the Ukraine … Meanwhile, Russia keeps shelling Kjiv… while we are otherwise told Ukrainian troops are pushing Russia’s army back from the area 10 year yield up…

26 Mar: 50 bps … (TWTW – Mar 21-25, 2022)

50  bps … at some  point could be in the cards … As this week, the US FED’s Jerome Powell suggested inflation is too high (or something to that effect), Bullard last week wanted 50 bps and not the 25 the market cheered; and the Bank of Canada’s Deputy Governor…

22 Mar: You might as well face it … ESG test time?

ESG undoubtedly reached Prime time against a backdrop that featured a once in 100 years Pandemic; rising concerns about inequality stoked by unprecedented levels of stimulus (monetary AND fiscal), social injustice and discrimination, as illustrated by the Black Lives Matter movement. Welcome to 2022 … With 2021 wrapping up a…