Our pets occupy a special place in our hearts at Christmas. My wife Dana and I have a nine-year old Belgian Malinois called Max, which we rescued when he was a young dog. We bring you Christmas greetings from our dogs with a collage of photos. Dogs remind us of the joy of Christmas and the power of
unconditional love.

During the festive season it’s customary to reflect on the year past and the year to come. In 2023 we’ve all been shaken by growing conflict and instability in the world. The financial markets have been described as “climbing the wall of worry.” This is an expression that refers to the resilience of stock markets in the face of serious problems. There have been many threats over the past year: war in Ukraine and the Middle East, the fallout from Covid, soaring inflation, rapid interest rate hikes. Yet Canadian markets, although they haven’t advanced much during 2023, haven't stumbled either.

At the beginning of the year many investors and economists feared a recession. Rapid inflation and interest rate hikes led to a constriction of the economy, putting the squeeze on businesses and consumers.

Interest rates, which rose very quickly, had a negative impact on both bond and stock markets. Bonds purchased only a short time ago at record low interest rates saw their values plummet. The price of stocks also came under pressure, as risk-free GICs became more attractive at higher interest rates.

Canada, which is very sensitive to interest rates, experienced negative growth over the last six months. Canadians have high levels of debt - $1.85 of debt for every $1 earned. In the next two years 70 percent of fixed-rate mortgages will come due.

The fear of recession is still on many people’s minds, and they worry that “the other shoe will drop”. Our message is that we’ve been through a lot of pain, and the other shoe may already have dropped.

One bright spot in the economy is the unemployment rate, which has stayed low as older workers decided to retire during Covid. There is a consensus among economists that interest rates might begin to come down by next summer, boosting the bond and stock markets and helping ease the debt load. There are also positive signs that inflation will cool.
Looking forward to 2024, our focus continues to be quality. Fixed income remains an attractive asset class, specifically government and investment grade bonds with strong credit ratings. With equities, buy companies with a strong history of growing earnings, or companies that pay dividends.
We wish you joy and peace this Christmas as you celebrate the season with your family and friends and pets. Meaghan, Kirsten, Jason and I want to thank you for all your friendship and support. From all of us, have a Merry Christmas!

Paws A Moment This Christmas!

There are so many ways that our dogs give us happiness. That’s why we decided this summer to raise funds for Second Chance Animal Rescue in London, an organization that rescues dogs from hostile and abusive environments. Thanks to generous donations we raised more than $7,000!
Season’s greetings from us and our dogs!