Market summary
Monthly Market Review, July 2018
By Steve Deschesnes
Disnat GPS Portfolio Strategist
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Expert Articles
D Bulletin - August 2018
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Economic Studies
India: Between Rapid Growth and Major Challenges
By Carine Bergevin-ChammahEconomistRead this article
All articles
Recognized experts in economics, securities, portfolio management, tax, and many other areas related to investing present multiple topics that will enrich your knowledge of the financial world.
Jimmy Jean
Senior Economist
Sébastien Hébert
CFA, Senior Analyst - Structured Products
Josette St-Amand
M. FISC., B.A.A. Tax Advisor.
Rosalie Vendette
Senior Advisor for Socially Responsible Investments, Desjardins Wealth Management
Audrey Gaudreau St-Jean
Business Development Consultant
Jason Stewart
Business Development Consultant
Doug Young
CFA, Analyst
Charles K. Langford
PhD, Fellow CSI
Michel Doucet
Vice-President and Portfolio Manager
Patric Saint-Onge
CPA, CA, LL.M.Fisc., TEP, Tax Specialist.
François Dupuis
Vice-President and Chief Economist
Mathieu D'Anjou
Senior Economist
Hendrix Vachon
Senior Economist
Hélène Bégin
Senior Economist
Francis Généreux
Senior Economist
Benoit P. Durocher
Senior Economist
Marc Desnoyers
B.Sc., M.B.A., C.F.A
Steve Deschesnes
Disnat GPS Portfolio Strategist
Anne Perreault
Portfolio Manager, Desjardins Securities
Francis Gosselin
President, FG8 Conseils
Michel Villa
Speaker, stock market blogger and trading coach
Angela Iermieri
Financial Planner at Desjardins Wealth Management
Guy Lamontagne
Portfolio Manager
Benoit Poirier
CFA, MBA, Analyst
Maher Yaghi
CPA, CMA, CFA, Analyst
Marc Dubuc
Vice-President and Chief Strategist – Desjardins Private Wealth Management
Frederic Tremblay
CFA, Analyst
Gary Ho
CPA, CA, Analyst
Richard Ho
DMS, CAIA, FCSI – Montreal Exchange
Michael Markidis
CFA, Analyst
Keith Howlett
Analyst
Carine Bergevin-Chammah
Economist2016
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Entry in bear market territory for U.S. stocks : fears are overblown
The beginning of the year has been a particularly turbulent time for financial markets, with the Japanese and European stock markets recently moving into …
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Entry in bear market territory for U.S. stocks : fears are overblown
The beginning of the year has been a particularly turbulent time for financial markets, with the Japanese and European stock markets recently moving into …
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2016
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Federal Budget 2016: What Investors Should Know
On March 22, the Canadian Minister of Finance tabled the first budget of their government. In this budget, two measures affect investors: the decision to end …
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Federal Budget 2016: What Investors Should Know
On March 22, the Canadian Minister of Finance tabled the first budget of their government. In this budget, two measures affect investors: the decision to end …
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2017
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Shareholder engagement or the power to get things moving
People often think of responsible investing (RI) as a type of investment that involves selecting only companies with no environmental, social or governance …
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Responsible Investing
As I explained in May 2016, responsible investing (RI) is gaining popularity. Recent data compiled by the Canadian Investment Association indicates that as of December 31, 2015, 38% of …
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2016
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Desjardins Launches Three Responsible Investment Funds
Desjardins Group, a leader in socially responsible investing, has added three new investment funds to its SocieTerra line of products. The funds include the …
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Desjardins Launches Three Responsible Investment Funds
Desjardins Group, a leader in socially responsible investing, has added three new investment funds to its SocieTerra line of products. The funds include the …
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Interested in Responsible Investing?
Responsible Investment (RI) is defined as the inclusion or integration of environmental, social and governance (ESG) or extra-financial factors in selecting …
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2018
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Scotiabank
Doug Young, CFA, Analyst High-quality US industrial REIT offering investors access to a well-located portfolio of assets that service e-commerce, distribution and logistics users. Fortune …
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Canadian Imperial Bank of Commerce (CIBC)
Doug Young, CFA, Analyst CIBC Bank USA provides a potential growth catalyst Dividend yield of ~4.8%, the highest among the Big 6 banks Attractive valuation …
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2017
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EMAs, Continuation and End
The stocks that had given a medium to long-term buying signal on February 2 performed well overall. Here is the summary table. Medium-Term Buy Signals Long-Term Buy Signals Performed Very …
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Moving Averages (EMA7, 27) A Month Later…
Last month I discussed a basic technical analysis technique: that of two exponential moving averages (EMA), one of which is calculated in the medium term and …
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Basic Technical Analysis
Fundamental analysis is the search for securities that are undervalued relative to their assumed real value. I use the word "assumed" because it implies that we have studied companies in …
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2016
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"Smart Beta" ETFs
We know that mutual funds are not publicly traded and that their official value is known only at the close of each trading day, when the issuer provides the price (the net asset value). …
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Volatility
American elections led to a sharp increase in volatility that affected markets in many countries, not just those in the United States. The term "market volatility" is used to refer to …
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Volatility Variables, Beta and Risk
It is often said that a picture is worth a thousand words, as shown in the tables and charts below. Table 1 includes 30 Canadian securities, including five …
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The Risk Aversion Coefficient
In the 1950s, when Harry Max Markowitz introduced the concept of "risk" in a portfolio, he inaugurated a sort of modern securities portfolio management. His …
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Stock Buybacks
A company issues shares when it is looking for capital: by buying its shares, investors provide this required capital. These shares are then publicly traded. This issuance of shares …
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The Myth of Sisyphus
Awhile ago the press reported on the case of a bank that was fined nearly $100,000 by financial market regulators, because one of its representatives had traded an "inverted yield" …
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2015
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The Fight Against Hope in the Market
Since time immemorial, boats have been built with wood, a material vulnerable to water and humidity. That is why the battle for navigators has always been …
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Emmental Cheese and the Stock Market
Since time immemorial, the region of Emmental in Switzerland produced notorious cheese of the same name. The reason for the "negative spaces" of this cheese …
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Kilroy and Audacity of Risk Parity
During the Second World War and the 1950s, the phrase "Kilroy was here" was very popular. Kilroy was an inspector on a US shipyard that built ships for the …
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The "Standard Gauge" and ETF Tracking Errors
The "standard gauge" is the distance of 1,435 mm (4 feet, 8.5 inches) between the rails of a train. It is called "standard" because it is the most common …
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The Nobel Prize, Systematic and Specific Risks of a Stock
In December 2007, a 70 year old molecular geneticist named Mario Capecchi Ramberg was awarded the prestigious Nobel Prize in Physiology or Medicine for his …
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The Days of Alcyone and the Aroon Indicator
In Greek mythology, Alcyone and Ceyx made a very happy but vain couple. Although Ceyx was the king of Thessaly, an administrative district in Greece and …
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2014
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The Son of Bonacci and the Pygmalion Effect
The name Fibonacci originates from the term “fils de Bonacci “ (“son of Bonacci"). His actual name was Leonard. In the old days, to better identify a person, …
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The Marshmallow Test
In the late 1960s, Walter Mischel, an American psychologist at Stanford University, invented "the marshmallow test" to give to preschoolers. He proposed to them a choice: if a child wants …
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The Sorcerer's Apprentice and Options
Goethe, the great German poet who lived between the 18th and 19th century, wrote a poem called "The Sorcerer's Apprentice". A century later, the French …
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2011
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How to Set the Entry and Exit Price of a Security
What is the "fair" or "objective" price of a company’s shares? At first glance, the answer is simple. For example, the graph of Alimentation Couche-Tard Inc. …
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Different Types of Investors
The passive investor The passive investor makes long-term investments: for example, he will buy a stock or a fund and will hold it for years, as part of a buy and hold strategy. For …
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2010
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Alternative Trading Systems
Alternative trading systems (ATS) are exchanges that operate parallel to and in competition with the traditional, established exchanges, or "old exchanges." They owe their birth to the …
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Different Types of Exchange-Traded Funds or: ETFs for All Tastes!
Investors now think they know all about exchange-traded funds (ETFs) because they have existed for 20 years and their popularity continues to grow. In late …
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The Collar: Volatility Protection
Take a stock that could be considered “volatile”: Open Text Corporation (OTC), a Waterloo, Ontario-based software manufacturer. Chart 1 shows the price …
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The Most Popular Basic Hedging Strategy: Covered Call Writing
In the world of options, there are three basic hedging strategies: Buying a call Buying a put Selling a covered call, also known as covered call writing …
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Emotions and the Stock Market
Let's call our first character "Mr. Snow." This highly successful man was one of my colleagues; he worked as a trader on the floor of the Montreal Stock …
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The Parabolic SAR
Summary Wilder’s Parabolic SAR is a very good technical analysis tool that can show impartially if the trend, even in the very short term, is up or down. It can be used as a daily stop …
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2009
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The Stochastic Oscillator
Abstract The stochastic oscillator is one of the first generation tools in technical analysis. It was created in the 1950s, when personal computers were not yet invented. Consequently, …
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How to Benefit from Hedging Inaccurately Priced Options
Summary This article describes a hedging strategy whereas the possibility exists to benefit from an inaccurately priced option based on the difference …
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The Risks of Leveraged and Invers ETFs
Summary This article describes the main drawbacks of the performance of leveraged and inverse exchange-traded funds. These instruments are popular for their …
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Dynamic Strategies for Asset Distribution
Summary A portfolio’s components each carry specific risks. In portfolio management, a vital need is to rebalance the portfolio to maintain overall risk at a …
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Markets and Wind Strength
Summary For months now, the U.S. Federal Reserve has been increasing the money supply at an extraordinary pace to stimulate economic activity. This money has not yet reached the real …
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Three "Greek" Variables in Options*
Summary Summary The so-called “Greeks” (referring to their symbols in the Greek alphabet) help predetermine premiums on call and put options (an example is …
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2006
2018
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Daily Pulse
Canada Canadian banks will likely report profit gains of as much as 10 percent in the third quarter as four rate increases by the Bank of Canada make consumer and commercial loans more …
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Daily Pulse
Canada Air Canada has a succession gap now that its No. 2 executive is leaving to run Europe's largest airline. But the Canadian carrier has a deep management bench that will minimize …
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Daily Pulse
Canada Increases in Toronto pushed Canadian housing sales higher for a third month, further evidence the country's real estate market is regaining strength after it stumbled at the start …
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Daily Pulse
Canada Canada and the U.K. are among six countries preparing the first carbon trades under the landmark Paris Agreement on climate change, part of an effort to unlock as much as $4 …
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Daily Pulse
Canada Canadian pot stocks retreated Tuesday after the country's largest province said it will delay the launch of bricks-and-mortar cannabis stores until six months after legalization. …
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Daily Pulse
Canada Canadian Finance Minister Bill Morneau will make an announcement at steelmaker ArcelorMittal's Dofasco plant in Hamilton on Tuesday, raising expectations that Canada could propose …
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2017
2016
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Which Exchange Rate to Use for Transactions Made in 2015?
This simple inquiry can give rise to many questions, as many taxpayers misunderstand the rules regarding which exchange rate to use. Stock Market …
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Which Exchange Rate to Use for Transactions Made in 2015?
Cette question pourtant simple peut donner lieu à de nombreux questionnements, car beaucoup de contribuables méconnaissent les règles à l’égard des taux de …
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Some Thoughts Before April
With April soon approaching, many taxpayers have begun to think about their tax returns. What will we find new in the 2015 tax return? Besides investing in an RRSP, are there any other …
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Some Thoughts Before April
With April soon approaching, many taxpayers have begun to think about their tax returns. What will we find new in the 2015 tax return? Besides investing in an RRSP, are there any other …
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Suggestions for New Year's Resolutions
With the arrival of the new year, many taxpayers would benefit from some of the following resolutions to reduce their tax burden. Instalments If, during a …
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Suggestions for New Year's Resolutions
With the arrival of the new year, many taxpayers would benefit from some of the following resolutions to reduce their tax burden. Instalments If, during a …
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2015
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Year-End Tax Tips
December is synonymous with tax planning, as many must report their income for the calendar year. Here are some things you should consider to optimize your situation. Capital Gains and …
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Is Your Tax Burden Increasing?
How will the change of government impact tax burdens? Will the changes be major? It is difficult to answer this question before the new Minister of Finance …
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New Rules for Intercompany Dividends
Many people use a holding company for investments in the stock market. To allow investments, in many cases the holding company received a dividend from an …
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Between Myth and Reality
There are many myths about the obligations of taxpayers and the opportunities for tax planning. In this article, we will address some of these misconceptions. Tax Havens Some investors …
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Your Company Has More Than Three Full-Time Employees... Or Does It?
In our May tax newsletter, we mentioned that in Quebec’s spring budget, the government announced that the tax burden on some companiesi with fewer than three …
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Shareholders Pay the Price of SMEs!
Some self-employed professionals were amazed to learn in March and April that the taxes they will have will increase significantly starting in 2017. By how …
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2014
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End-of-Year Transactions
As the year-end approaches, we wish to point out some rules to consider in order to optimize your tax return. Deadline In order for a capital gain or loss to be included in your tax …
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Holding Companies and Loans to Shareholders
Many individuals have accumulated financial assets through management companies. In most cases, they are invested in the stock market. If the shareholder or …
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Foreign Investments in an RRSP or TFSA
The nature of assets held in an RRSP or a TFSA is very important if you decide to invest in foreign securities that generate dividends or interest. …
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Deductibility of Investment Expenses – Myths and Reality
Like many investors, you use various sources of information in order to be better able to construct your portfolio. In addition, you turn to tools such as …
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Day Trading in an RRSP, RRIF or TFSA
If you use your registered plan for day trading, the revenue generated could be considered business income. In fact, the tax agencies have emphasized in …
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Foreign Spin-Offs
Have you received exceptionally large dividends from a foreign asset? It may have been a result of a "foreign spin-off". Foreign spin-offs are relatively common operations in which a …
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2018
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The Political Crisis in Italy Revives Bad Memories in the Euro Zone
International issues have grabbed investor attention in recent months, from threats of trade wars to efforts to build closer ties with North Korea. The …
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10-Year Yield Slightly Above 3% No Disaster for U.S. Stock Markets
Concerns about accelerating inflation and rising bond yields triggered a more than 10% correction on several major stock markets in early February. Things …
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Oil Prices Are Not Expected To Go Much Higher This Year
Like stock markets, commodity prices benefited from the improved global economic outlook and investor enthusiasm at the end of 2017 and beginning of 2018. …
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2017
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Strength of Advanced Economies Means Quick Absorption of Excess Capacity and Rising Interest Rates
Growing geopolitical tensions over North Korea's nuclear program and the difficulties facing the U.S. administration raised some concerns over the summer. …
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The Bank of Canada Begins Monetary Firming and the Loonie Soars
The last few weeks have not been an easy ride for Canadian financial markets. The quick change in tone by the Bank of Canada (BoC), which began last April, …
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The Markets Have Been Wary, but the Economy Continues to Send Encouraging Signals
The financial markets ended 2016 on a very positive note, with Donald Trump’s surprise victory viewed by investors as the dawn of a new period of strong …
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2016
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The Financial Markets After the U.S. Election
After the British backed the Brexit option at the start of the summer, U.S. voters in turn confounded forecasters by choosing Donald Trump as their next …
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Market Resilience Continues to Impress
Financial markets had a good second quarter which ended on a bad note when the surprise vote of the British electorate in favor of leaving the European Union …
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The Oil Market Will Continue Rebalancing Even Though Doha Failed
Oil prices have been very volatile in recent months, as have a number of other financial variables. WTI (West Texas Intermediate) prices tumbled to …
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2015
2017
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The Bitcoin Frenzy Reaches New Heights
Bitcoin and its meteoric rise made the headlines recently. The value of a Bitcoin soared past US$11,000 on November 29, an appreciation of 1,000% compared to …
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The U.S. Economic Cycle Is Aging. Should We Be Worried?
It has been eight years since the U.S. pulled itself out of the last recession. Considering that economic cycles usually last between 6 and 10 years, should …
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Debt Remains a Problem
Despite significant improvements in some countries and sectors, the global debt problem persists, posing a major risk to future economic growth. This risk is exacerbated by the recent …
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2016
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The Markets Get the Year Off to a Rocky Start
The Canadian Dollar Is Still Under Pressure Panic blew through the markets at the start of this year, generating substantial losses for numerous stock …
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The Markets Get the Year Off to a Rocky Start
The Canadian Dollar Is Still Under Pressure Panic blew through the markets at the start of this year, generating substantial losses for numerous stock …
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2015
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Are negative interest rates to be feared?
In order to stimulate economic growth, drive up inflation and weaken their exchange rates, some central banks have opted to push the limits of their key …
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Oil prices should start to trend up in the second half of the year
For the global economy, the plunge taken by oil prices is the most striking phenomenon of the last six months. The plunge came as a real surprise to analysts …
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2014
2018
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The U.S. Budget Situation: Much Worse Despite Economic Growth
The Congressional Budget Office (CBO), a non-partisan congressional agency whose role is to assess the budget outlook and costs of various bills of the …
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Economic and Financial Outlook
Global real GDP growth was fairly strong in 2017. The advance, at an estimated 3.6%, is faster than 2016's 3.1% increase. The global economy will remain …
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2017
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Confidence Makes a Comeback
The global economic situation seems to be improving little by little. The Organisation for Economic Cooperation and Development’s (OECD) leading indicators for advanced nations and BRIC …
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Protectionism: A brake on economic growth
Following decades of trade globalization, protectionism now seems to be more fashionable, particularly with the arrival of Donald Trump in the White House. …
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2016
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Donald Trump, 45th president of the United States
Defying the vast majority of surveys and forecasts, Donald Trump has been elected president of the United States. This surprise victory obviously has …
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South America: Some Light at the End of the Tunnel?
After years of fast economic growth fuelled by a commodity boom, South America has recently languished in the doldrums. A slump in commodity prices, soft …
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Brexit: The Economic and Financial Fallout
The Brits’ June 23 vote to take the United Kingdom out of the European Union (EU) came as a surprise. Brexit (short for “Britain–exit”) dealt a hard blow to …
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2015
2017
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Will Inflation Eventually Pick Up in Canada?
With the exception of a brief period of a few months, Canada's total annual inflation rate since spring 2012 has remained below the target median of 2% set …
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Improved Economic Conditions Pave the Way for Higher Canadian Key Interest Rates
Euro zone first quarter results exceeded expectations. That performance, along with the positive state of several indicators lead to an upgrade of the …
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2017: A Turning Point?
Throughout 2016, major uncertainties persisted and numerous disruptive events occurred, such as the Brexit vote in the United Kingdom and Donald Trump’s election as U.S. President. The …
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2016
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Growth is forecast to rebound in the United States and Canada
Following the news of the outcome of the June 23 referendum on the U.K.’s withdrawal from the European Union, the markets’ immediate reaction had intimated …
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Regional Disparities are Still Significant in Canada
The Canadian economy is not done adjusting to the drop in commodity prices, despite improved economic conditions in the short term. Canadian real GDP should …
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Regional Disparities are Still Significant in Canada
The Canadian economy is not done adjusting to the drop in commodity prices, despite improved economic conditions in the short term. Canadian real GDP should …
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Better Outlook for 2016
Growth in advanced economies will continue to improve in the coming years, but will not accelerate sharply. We expect growth of 1.9% in 2015, 2.0% in 2016 and 2.1% in 2017. Euroland's …
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Better Outlook for 2016
Growth in advanced economies will continue to improve in the coming years, but will not accelerate sharply. We expect growth of 1.9% in 2015, 2.0% in 2016 and 2.1% in 2017. Euroland's …
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2015
2011
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Have you Established your Investment Policy?
Like any investor, if you want to manage your portfolio yourself, you must first establish your investment policy. This will give you clear guidelines to …
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The Impact of Demographic Trends on Inflation
In an interview granted to CFA Magazine, Richard Hockenson, founder of Hockenson & Company, a firm that specializes in research on the impact of demographics …
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The relationship between economic growth and employment
Each time the economy tries to recover from a recession, there is much discussion regarding the relationship between job creation and economic growth. This …
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2010
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The currency game
At the latest meeting of G-20 finance ministers, there was much discussion about currencies. Many countries are worried about U.S. intentions to stimulate its economy with monetary …
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Risk and Capital Movements
When stock markets appear directionless, it is often because of investor uncertainty, resulting in a “flight to safety,” as they say in market jargon. In this expression, “safety” has to …
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Too Big to Fail?
After the Glass-Steagall Act was passed, the U.S. financial system worked very well for many decades. Occasionally, banks failed, but this did not put the entire system at risk of …
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What Will the Next Bubble Be Like?
Previous economic crises were caused by the bursting of speculative bubbles: a technology bubble in 2001 and a real estate bubble in 2009. To position …
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What Financial History Teaches Us
Studying financial history can be very beneficial, because observing the past gives us access to a host of information. Another good reason for examining …
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Should Speculation be Regulated?
Many believe that speculation is largely responsible for the present economic crisis. They suggest that our desire to speculate and our appetite for quick …
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2009
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Collective Knowledge
Justin Wolfers, assistant professor at Wharton University in Pennsylvania, conducted an interesting study on what he calls “prediction markets*,” i.e. markets in which the participants …
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One More Theory to Explain the Crisis
When a crisis shakes the foundations of a system which, until then, seemed efficient and reliable, all sorts of theories are advanced to try to explain what …
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Choosing the Duration of an Investment
Before the economic crisis hit the financial markets, i.e. when the indices were at their peak, with the S&P 500 close to 1,600 points, the Dow Jones around …
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What's Next for the Financial Markets?
At a conference of the Chartered Financial Analyst Institute in the U.S., Gillian Tett, assistant editor of the Financial Times of London, spoke of a …
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The Effects of Deflation
Recently, economists and the media have frequently raised the possibility of deflation. For most of us, this is a new concept, as periods of deflation are rare and few people have …
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The Savings Paradox
The U.S. economy is in the throes of a recession whose severity will only be known once it has ended.This recession is the result of the collapse of the financial system, which raises the …
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2018
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Monthly Market Review, July 2018
North American stock indexes all performed well in July. Consisting of more traditional stocks, the Dow Jones was the major winner, posting growth of nearly …
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Monthly Market Review – June 2018
North American markets moved little in June. During this volatile month, which saw no major changes, Nasdaq technology stocks rose less than 1% and Canadian …
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Monthly Review of the Markets – May 2018
North American stock markets continued to perform well in May 2018, especially Nasdaq technology stocks, which were up more than 5%, and Canadian S&P/TSX …
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Monthly Review of the Markets – April 2018
Despite little changes in the various indices, the month of April was particularly busy. President Trump's announcements about possible tariffs on aluminum …
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Disnat GPS Report – US Portfolio
View this article in PDF formatNOTE - This link will open in a new tab. Below is a table summarizing the valuation of our US Portfolio securities using …
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Disnat GPS Quarterly Report
View this article in PDF formatNOTE - This link will open in a new tab. Canadian Portfolio During the first quarter of 2018, the Canadian Portfolio lost 3.51%. The benchmark index for …
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2017
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Walt Disney (DIS, U$106.83)
View this article in PDF formatNOTE - This link will open in a new tab. This report updates and replaces the previous Disnat GPS report published on Walt Disney on November 8, 2016. …
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McDonald's (MCD, U$166.48)
View this article in PDF formatNOTE - This link will open in a new tab. This is the first Disnat GPS report published on McDonald's. Company Description McDonald's has more than 375,000 …
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Johnson & Johnson (JNJ, US$132.27)
View this article in PDF formatNOTE - This link will open in a new tab. This report is the first Disnat GPS report published on Johnson & Johnson General …
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Nike (NKE, U$57.98)
View this article in PDF formatNOTE - This link will open in a new tab. This current report updates and replaces the Disnat GPS Report on Nike from December 1st, 2016. General Comments …
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BlackRock (BLK, U$418.37)
View this article in PDF formatNOTE - This link will open in a new tab. General Comments For many investors, BlackRock is synonymous with iShares! Although this statement is a bit …
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Dollar General (DG, U$73.62)
View this article in PDF formatNOTE - This link will open in a new tab. General Comments Dollar General is a leader in low-priced retailing, with products that cost between $1 and $10 …
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2016
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Nike (NKE, U$50.65)
View this article in PDF formatNOTE - This link will open in a new tab. Company Description Nike is the largest and most dominant sporting goods company in the world. Company activities …
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Walt Disney (DIS, U$94.32)
View this article in PDF format NOTE - This link will open in a new tab. Company Description The Walt Disney Company is one of the largest media conglomerates in the world. To understand …
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Apple (AAPL, $112.52 USD)
View this article in PDF format NOTE - This link will open in a new tab. Company Description Apple is one of the largest and most stable companies in the world. It has a very impressive …
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2018
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Who Can Stop Netflix?
Despite the negative press surrounding its tax status in Canada, on January 22 the American giant of digital content distribution Netflix announced spectacular results that reflect the …
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Living in the Clouds
It's a promise that dates back to around ten years ago: the use of third-party solutions to store data and access it through cloud solutions. However, Google Trend's research shows that …
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2017
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Paper's Revenge
The phenomenal growth of Google and Facebook, as well as the hold these empires exert on our ability to pay attention, means that we are witnessing a real competitive assault on …
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The Risky Gamble of Fintechs
The sharp rise of bank stocks in recent months conceals a worrying reality in the financial services industry, which is in the process of being severely disrupted. Although the sector …
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Bombardier is Here to Stay
Lately, one has really had the right to react to the revelation that the compensation of Bombardier's senior executives had been increased. This "revelations" is in fact pulled from the …
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2016
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Is Market Performance a Women's Issue?
In an article NOTE - This link will open in a new tab. recently published by the International Monetary Fund, president Christine Lagarde advocates for …
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Apple, iPhone and the Empire Paradox
Much has recently been said about Apple in the media. In fact, much is always being said about Apple in the media. The company, whose market capitalization …
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Markets, Exchanges and Volatility II
In his 2013 book Present Shock, American writer Douglas Rushkoff dissects what he calls our new relationship with time: the "present shock," a temporal state …
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2018
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The Market is not a Game
Ashley Revell, a 32-year-old Londoner, accomplished an extraordinary feat in 2004 by doubling the total amount of his financial assets. With only this information in mind, I now ask you …
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The Importance of Setting and Respecting an Exit Price
Every year, Mount Everest raises the interest of mountain climbers who attack one of the highest peaks in the world. Since the 1920s, more than 14,000 …
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The Random and Uncertain Nature of the Stock Market
In recent years, numerous studies have shown that on average, portfolio managers are unable to generate a net return (after transaction costs) greater than …
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The Relationship Between Interest Rates and the Markets
On August 24, 2017, Mavis Wanczyk won US$758.7 million, the biggest lottery jackpot ever won by a single person in the United States. The odds of hitting …
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Stock Markets Have a Long-Term Bullish Bias
Over the past decade, many events have impacted markets. Here are 10 that we have judiciously selected: In 2007-2008 the financial crisis hit markets; On May …
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Three Tips to Better Deal with Stock Market Volatility
In 1997, in a survey of 1,000 Americans, the U.S. News & World Report asked the following question: According to you, upon their death, who is most likely to …
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2017
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What if You Become Your Own Best Ally in the Market?
Did you know that over 80% of Americans dream of writing a book? At first glance, this percentage seems high, but it does not surprise me. In addition to …
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Knowing How to Stop in Order to Perform Better
Without question, Roger Federer is considered one of the best tennis players in history. Last July, he proved it again by winning his eighth Wimbledon …
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Managing Risk to Avoid Disaster
Right off the bat, I propose the following bet: I throw a coin once. If it lands on 'heads', you win $100, but if it lands on 'tails', you lose $100. Would …
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Short-Term Market Performance of Large Companies: Don't Fall Into the Trap!
It's time for the question of the day: according to you, in a desert, is there a greater risk of dying from dehydration or drowning? At first glance, the …
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First Impressions Are Not Always Right
To start off, allow me to put forward a scenario. Robert lives in Montreal. He is an opera enthusiast who loves visiting museums and historical sites. When …
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Develop Your Critical Thinking
Thanks to various technological advances in recent years we have been able to, among other things, improve our decision making, save time and be more …
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2016
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In the Markets, the Best Strategy Is Often To Do Nothing!
To start off, I would like you to imagine the following scenario: you are the goalkeeper of the Montreal Impact, a Major League Soccer (MLS) soccer team. In …
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Active Trading: A Matter of Intelligence?
Let's start this piece with a little test: In your opinion, which group of professionals are the most success at a intraday trading? Accountants Economists …
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Fall in Love with Your Investment Process...
Today I begin by asking the question: when you consider buying a stock, do you use a rigorous approach based on sound evaluation criteria? If you answered …
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2018
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Do you need to rebalance your portfolio?
Before you started investing, you established your investor profile to determine the optimal asset allocation that would help you achieve your financial …
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10 Acronyms to Know at Tax Time
RRSP, TFSA and RESP won't win you many points in Scrabble, but they certainly pay off come tax time! Although they're well-known, they aren't always put to …
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Estate Transfer
The key to understanding what really goes to your heirs is to determine what is taxable. For example, upon death, all assets are deemed to have been sold at fair market value; if …
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2017
2018
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Canadian National Railway Company
Benoit Poirier, CFA, MBA, Analyst CN metrics are recovering nicely after a harsh winter, while the 2018 capital expenditure envelope (C$3.4b) is expected to …
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Aecon Group Inc.
Benoit Poirier, CFA, MBA, Analyst Record backlog should support Aecon's business. Recent rejection of proposed takeover by CCCI provides long-term investors with an opportunity to buy …
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Bombardier Inc.
Benoit Poirier, CFA, MBA, Analyst Solid execution by the new management team on its five-year turnaround plan since this was implemented in 2015. Success of partnership with Airbus could …
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Héroux-Devtek Inc.
Benoit Poirier, CFA, MBA, Analyst Acquisition of CESA and Beaver provides an excellent platform for growth and should strengthen Héroux's reputation. Bidding pipeline remains strong and …
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CAE Inc.
Benoit Poirier, CFA, MBA, Analyst CAE is well-positioned to benefit from solid fundamentals in the civil aviation and defence sectors, supported by pilot shortages and increasing global …
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Uni-Select Inc.
Benoit Poirier, CFA, MBA, Analyst The acquisition of Parts Alliance provides an excellent platform to grow and diversify the business. Uni-Select offers a well-supported regular dividend …
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2017
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Héroux-Devtek Inc.
Benoit Poirier, CFA, MBA, Analyst Acquisition of CESA provides an excellent platform to grow and should strengthen Héroux's reputation Bidding pipeline remains strong and Héroux is …
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Transat A.T. Inc.
Benoit Poirier, CFA, MBA, Analyst The underlying fundamentals are solid for the transatlantic market, in which Transat has a leading market share It has plenty of cash post the completed …
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CAE Inc.
Benoit Poirier, CFA, MBA, Analyst CAE is expected to benefit from solid industry fundamentals in the civil aviation and defence sectors, supported by pilot shortages and increasing global …
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2018
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Rogers Sugar Inc.
Frederic Tremblay, CFA, Analyst Market-leading position in the Canadian refined sugar market provides a strong defensive base and generates reliable cash flows. Recently acquired …
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TELUS Corporation
Maher Yaghi, CPA, CMA, CFA, Analyst Strong consolidated EBITDA growth. Attractive current dividend yield of ~4.5% and the highest dividend growth among large caps in the industry. Solid …
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2017
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Corus Entertainment Inc.
Maher Yaghi, CPA, CMA, CFA, Analyst Strong dividend yield of 9.3% supported by solid free cash flows Trends of cord-cutting are currently improving in Canada New focus on content …
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TELUS Corporation
Maher Yaghi, CPA, CMA, CFA, Analyst Strong EBITDA growth in its two major lines of business Attractive dividend yield of 4.6% currently and the highest dividend growth among large caps in …
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2018
2017
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TSO3 Inc.
Frederic Tremblay, CFA, Analyst TSO3 appears poised to gain market share in the existing low-temperature sterilization market with its best-in-class technology. Increasing …
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List of stocks to follow
Company Ticker Price ($) Market cap ($m) Ratingfootnote1 Target price ($) Dividend yield (%) Total expected return (%) Sector Manulife Financial Corporation MFC 26.70 52,835 Buy-AAR 30.00 …
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