October 2017

Oct 31, 2017 |Derrick Lahey
“To improve is to change; to be perfect is to change often.” Winston Churchill   One of the main stories this year continues to be the changing value of the Canadian dollar. As discussed in my last update, the Bank of Canada caught everyone off guard...
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August 2017

Aug 31, 2017 |Derrick Lahey
The most significant development since my last quarterly update has to be the Canadian Loonie taking flight after the Bank of Canada abruptly changed its tune on interest rate policy last month. Prior to the middle of June, the Bank of Canada had been...
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April 2017

Apr 30, 2017 |Derrick Lahey
“You gain more by not being stupid than you do by being smart. Smart gets neutralized by other smart people. Stupid does not” Phil Birnbaum   As we close the first 100 days of the Trump Presidency, markets continue to price in most of the good initiatives...
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January 2017

Jan 31, 2017 |Derrick Lahey
While you can call the year 2016 many things but you cannot say it was boring! The year started with one of the worst selloffs in history and ended with a nice rally into year-end after the US election. And of course around mid-year, the UK voted to leave...
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August 2016

Aug 31, 2016 |Derrick Lahey
“Neither Hillary Clinton nor Donald Trump is electable, yet one has to win.” Unknown   In my last letter I highlighted the two key developments that markets would need to navigate for the balance of this year which were the June UK referendum on remaining...
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June 2016

Jun 30, 2016 |Derrick Lahey
BREXIT!   Like most everyone, I went to bed last Thursday night fairly confident that the UK people would vote to stay in the EU. Global markets also closed yesterday with an expectation of a REMAIN vote carrying the day even though the polls were pretty...
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April 2016

Apr 30, 2016 |Derrick Lahey
“The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” Warren Buffett   Stock markets around the world started off 2016 in a very bad mood but for no apparent “new” reasons....
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January 2016

Jan 31, 2016 |Derrick Lahey
“2015 was another year of serial disappointment.” Bank of Canada Governor Stephen Poloz   “It is tough to make predictions, especially about the future.” Yogi Berra   For the fifth year in a row year, the Canadian stock market underperformed the US market...
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November 2015

Nov 30, 2015 |Derrick Lahey
Global markets finished Q3 on a low note with the TSE down just over 9% in the first 9 months of 2015. Fears over slowing global growth once again took center stage with much of the concern centered on China. As the world’s second largest economy, concerns...
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July 2015

Jul 31, 2015 |Derrick Lahey
“Nobody goes there anymore. It’s too crowded.” Yogi Berra   I began my career at RBC Dominion Securities as an Investment Advisor 19 years ago next month. In that time, we have seen overly optimistic markets and excessively pessimistic ones and everything...
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