Saturday, November 18th, 2017

Ivy Quarterly Review

Occasionally an investment manager writes so well and with such insight that I want to share it with clients.  This is the case with the current Mackenzie Ivy Quarterly Review, in which the Ivy managers discuss their broad views about the current state of the world economy and investment markets.  Among other things, they discuss […]

Home country bias explained

December 23, 2013 by  
Filed under Investing, Investor Behaviour

Home country bias occurs when you make investment decisions based on what is familiar and close to you rather than on an objective and complete understanding of opportunities.  Canadians are extremely prone to this tendency because Canadian investment opportunities (though some may be excellent) make up only about 4% of the world market.  Thus, an […]

Advisor compensation videos and booklet

December 23, 2013 by  
Filed under Investing, Mutual Funds

Invesco Canada has created two excellent short videos that explain advisor compensation and mutual fund expenses. These are in complete agreement with my own explanations to clients and previous web site postings.  For anyone who has questions about advisor compensation or mutual fund expenses, I highly recommend these two YouTube videos. Understanding investment costs: a […]

Income mobility in Canada

As a person who believes in the greatness of human abilities and is deeply aware of economics, production and wealth creation, I am often frustrated by social problems that I believe can easily be solved through economic freedom but which are prevented by the entrenched collectivism that has come to permeate much of our society. […]

Video interview with Cundill Value Fund manager Andrew Massie

November 20, 2012 by  
Filed under Investing, Mackenzie Investments, Mutual Funds

When lead manager Andrew Massie was in Ottawa in the fall of 2012 I had the opportunity for a brief interview.  I asked him: 1. As an investor in the fund, why should I feel safe with my money in the fund?  What does “safety” in a long term investment mean to you? 2.To what […]

Observations on the current state of government bonds

November 19, 2012 by  
Filed under Debt management, Federal Government, Investing

I just read a money manager commentary about bond markets and was struck by a small table included at the end of the comments.  The table showed current interest rates on federal government bonds with terms of 2 to 30 years for both Canada and the United States.  While I am not an economist, I […]

Ivy Foreign Equity Fund turns twenty

Happy 20th birthday to the Ivy Foreign Equity Fund! Fund Manager Paul Musson sent me the following message on October 16th. Twenty years ago today, Mackenzie founded the Ivy group of funds. At that time, who was to know that over the ensuing 10 years we would experience a bull market focused on technology followed […]

Ch-ch-ch-ch-Changes in interest rates from 1991-2011

September 12, 2012 by  
Filed under Finance for youth, Investing, Retirement Planning

Ch-ch-ch-ch-Changes (Turn and face the strain) Ch-ch-Changes Don’t want to be a richer man Ch-ch-ch-ch-Changes (Turn and face the strain) Ch-ch-Changes Just gonna have to be a different man “Changes” is a song by David Bowie, originally released on the album Hunky Dory in December 1971 and as a single in January 1972. Despite missing […]

Don’t get mad, buy companies!

September 12, 2012 by  
Filed under Finance for youth, Investing, Mutual Funds

It is common to hear people complain about the rising costs of living.  “Can you believe the price of gas these days!” or “my grocery bills never go down, only up!” are a frequent refrain.  How can you turn the tables and benefit from rising prices? Except for government monopolized services there are companies behind […]

More on RDSP’s

I have worked with Ottawa lawyer Ken Pope on cases where pecial planning is done for estates involving a disabled person. Ken is a specialist in this area and the following is reprinted from one of his newsletter, with his permission. The recent addition of the Registered Disability Savings Plan (RDSP) requires that any new […]

Self-destructive investor behavior continues

September 12, 2012 by  
Filed under Investing, Investment markets, Investor Behaviour

Emotions can wreak havoc on an investor’s ability to build long-term wealth. This phenomenon is well illustrated each year when the research company Dalbar Inc. releases its study of investor behavior.  While this is a study of American market data, I have seen similar results for Canada and as always, people are people whether they live […]

Some perspective from the Cundill team

Dear Investor: It’s painful in the markets, but bargain-priced stocks beckon. Sincerely, James Morton ————————————————————————————- The Cundill Funds are a group of funds within the Mackenzie family of funds.  Many of you own the Cundill Value Fund, their flagship global equity fund.  Cundill team member James Morton specializes in emerging markets and turnaround situations and […]

Investing in the spirit of innovation and growth

From the outside the United States looks like a troubling place to invest, with an unchecked deficit and a slowing economy. But when Phil Taller, Manager, Mackenzie Universal American Growth Class, travels across the US, he finds another America behind the dark headlines – one that is thriving by constantly resetting the limits of technology.  […]

Cundill Value Fund – loaded with bargains

In a recent commentary from Andrew Massie, lead manager of the Cundill Value Fund, he highlighted two of the major themes the fund is currently following – the recovery of US financial institutions and the values available in some large technology companies.  I have provided a few of the questions and answers below and my […]

What to expect when you’re excited

September 11, 2012 by  
Filed under Financial media, Investing, Investor Behaviour

With the recent release of the movie “What To Expect When You’re Expecting” that is based on the highly acclaimed book (I saw the movie and it was fun to watch), it seems like a good time to look back on what often happens when investors get carried along by the excitement of a rapid […]

Europe – a tale of two halves

I was listening to a fund manager discuss the current situation in Europe and he pointed out how different is the reality in Europe from the perceptions held by many people.  The fact is that in the more developed European countries, corporations are often in excellent shape.  While their head office may be based in […]

Equity mutual fund investors cost themselves $106B

Evidently many so-called investors have not realized it, but the U.S. equity market has approximately doubled since the panic lows of March 2009.  I say they are so-called investors because they evidently do not understand the difference between investing and speculating.  Investing consists of making careful, patient, long-term, strategic decisions to invest in assets whose […]

Managing retirement income with a fixed income wedge

January 20, 2012 by  
Filed under Investing, Mutual Funds, The Great Goals in Life

Just as dollar cost averaging can work to help you build assets for retirement, it can also work against you when you need to be spending your assets during retirement.  In retirement your goal is no longer purely long-term, but also includes an element of short-term spending.  Just as your time horizon is the most important […]

Mutual Funds 101 Booklet

January 20, 2012 by  
Filed under Finance for youth, Investing, Mutual Funds

Dynamic Funds has created an easy to read booklet explaining many of the basics of mutual funds.  To give you an idea of what is in the booklet, I have copied its table of contents below. Mutual funds: What they are and how they work 1. History of Dynamic Funds 2. Why invest in a […]

How to improve your returns

If you think most people are rational investors, think again. Financial services market research firm DALBAR has surveyed individual households for more than 20 years and created their Quantitative Analysis of Investor Behavior (QAIB). This measures the returns of the S&P 500 Index against the returns of the individual investor. Here are two surprising facts: The […]

The only four equity portfolios

January 6, 2012 by  
Filed under Investing, Investor Behaviour, Mutual Funds

Once you have dealt with the basics of identifying that a) equity investments are necessary to protect retirement income from the ever-rising cost of living; and b) diversification is essential to avoid permanent losses you can see that there are really only four ways to manage that equity portfolio, as shown in the diagram below. […]

Wherefore art thou Dividends?

January 6, 2012 by  
Filed under Investing, Mutual Funds

The question of dividends when it comes to mutual funds is a tricky one, so let me try and share some perspective that I have gained over the last 18 years in the financial business.  I will try to explain the role and importance of dividends paid by individual companies and why this is a different […]

Mackenzie Ivy Foreign Equity Fund money manager report

On December 7th I participated in a conference call with the team that manages the Mackenzie Ivy Foreign Equity Fund.  The fund has been among the best global equity funds over a long period and has done so with much lower than average price volatility.  Since the beginning of the tech decline in 2000, the […]

Mackenzie conference report

In May 2011 I attended Mackenzie University, a full-day professional development seminar and in September 2011 I attended the annual Mackenzie Due Diligence conference, a full-day session where several money managers and tax and estate planning experts provide perspectives, updates and educational content.  In no particular order, here are some notes I made, divided by […]

Why should you invest globally?

October 31, 2011 by  
Filed under Investing, Investment markets, Investor Behaviour

1. Greater diversification The Canadian stock market has three dominant sectors that make up 78% of the entire index: energy, materials and financials.  Energy and materials are really all about natural resources. The global stock market is much more balanced, with greater representation in areas such as consumer staples, health care, information technology and comsumer discretionary. […]

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