To my clients:
It was an a mixed week for North American stock markets with the Canadian TSX finishing down 0.1%; the U.S. Dow Jones Index up 0.5%; and the U.S. S&P 500 up 1.3%.
Exceedingly short update this week. It has been a very unsettling 2020. We all know it. But the end is in sight. 2021 – particularly the second half - should see our lives return to a semblance of our pre-pandemic normal. There is much pent-up demand in large swaths of the economy that should bode well for both the broad economy and markets. I’m incrementally positioning portfolios in anticipation of this outcome, and this week added Manulife and Air Canada. But the here and now remains very challenging and I’d suspect that there will be several bumps – perhaps significant ones – between now and next summer. But as clients, I’d encourage you to do your best to “look through” any such bumps. As your portfolio manager, that is what I am attempting to do also.
Unless circumstances warrant, I don’t intend to write an update the next two weeks. Next scheduled update January 8, 2021.
Please all, have a safe and happy holiday season. Here’s looking forward to a much brighter 2021!
All the best,
Nick Scholte, CIM, FCSI
Vice-President & Portfolio Manager
Scholte Wealth Management
RBC Dominion Securities Inc. │ Tel: 604.257.7569 │ Fax: 604.235.9950
3200-1055 West Georgia │ Vancouver, BC │ V6E 3P3
Toll Free: 1.844.665.9900 │Email: firstname.lastname@example.org
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