Investment Environment - Spring 2021

May 04, 2021 |Mark Lloyd
The best news that I’ve received during the early months of 2021 has been reports from most of my retired clients that they have received their first jab of vaccine. Of course, we are behind the U.S. when it comes to the pace of vaccinations, but the...
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Investment Environment - Winter 2021

Mar 10, 2021 |Mark Lloyd
At the beginning of 2020 I wrote in this space that every long-term investor who has stuck to a plan and ignored the noise of current events and market ups-and-downs has been rewarded with spectacular growth in wealth. Despite the dual traumas of the...
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Investment Environment - Fall 2020

Oct 20, 2020 |Mark Lloyd
These strange times continue to amaze me as much as they amaze the families whose wealth is entrusted to my management. No amount of study – of economic commentary and market forecasting – ever prepares us for really dramatic events, which always seem...
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Investment Environment - Summer 2020

Jul 14, 2020 |Mark Lloyd
Some of my COVID-19 lockdown time has been spent reading Tolstoy’s War & Peace. (I figured, “it’s now or never.”) This wonderful historical drama is legendary for its intimidating length. But its theme I find to be very timely for us. Major historical...
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Investment Environment - Spring 2020

Apr 18, 2020 |Mark Lloyd
By now any reader of this commentary has heard plenty enough about COVID-19 and the disruption it is causing to our usual routines. As an economic event, the current situation is distinct from those we have faced in the past. Nevertheless, the event-driven...
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Investment Environment - Winter 2020

Jan 30, 2020 |Mark Lloyd
Let’s begin 2020 by observing that every long-term investor who has ever stuck to a plan and ignored the noise of current events and market ups-and-downs has been rewarded with spectacular growth in wealth. The terrific returns of 2019 help to reinforce...
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Investment Environment - Fall 2019

Oct 29, 2019 |Mark Lloyd
While preparing to write this commentary I reread a version that was sent to clients exactly three years ago. In the fall of 2016 I wrote: “Since 2008, central bankers around the world have applied extreme and unprecedented policies to stimulate economic...
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Investment Environment - Summer 2019

Sep 12, 2019 |Mark Lloyd
High summer in Toronto has coincided with high-water mark values for our investment portfolios. The pivot earlier this year toward a lower interest rate outlook has produced a rally in stock prices, even though the justification for the lower rates is...
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Investment Environment - Spring 2019

Sep 12, 2019 |Mark Lloyd
The first quarter of 2019 completely reversed the fall in stock prices that occurred in the latter part of 2018. My “educated guess” that market traders had employed an “itchy trigger finger” at the first sign of negative economic data proved true. I...
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Investment Environment - Winter 2019

Sep 12, 2019 |Mark Lloyd
The fourth quarter of 2018 brought the biggest storm of market volatility that we have witnessed in a long time. Rising interest rates in the face of some concerning economic numbers provoked investors to press the sell button aggressively. The early...
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