Quarterly Letter

2007 was a year marked by higher volatility than investors were accustomed to since the beginning of the current bull market of 2003. Particularly, Canadian investors had to contend with the combined effects of a...

What a quarter! Stock markets have finally experienced their first 10% correction since the beginning of 2003. An apparent liquidity crisis developed in the asset-backed commercial paper money market, triggering a sell-off in most of...

Stock markets have been quite strong globally, as you can see from the performance numbers shown above. Unfortunately, for Canadians who tend to diversify their investments abroad (under the advice of so many investment counsellors),...

While the markets finished the quarter on a positive note, the ride was certainly a bumpy one. Volatility this quarter was caused by two events: Chinese authorities tightening monetary conditions, and subprime loan problems in...

2006 has been a stellar year for equities in general, as can be seen in the above table. European equities have been particularly strong, especially after taking into account the appreciation of the Euro versus...

The correction that started in May 2006 mentioned in our last quarterly letter seems to have been short-lived. The market resumed its upward trend in July. Commodities and their related stocks were especially hard hit,...

After a three and a half year run from the bottom in October 2002, the stock market finally decided to take a breather. A correction started in since May 2006 and is now about 10%...