October 2023

October 19, 2023 |Derrick Lahey
“In investing, what is comfortable is rarely profitable.” Robert Arnott In my last market commentary I discussed some of the important differences in the standard mortgage terms between Canada and the USA and how those differences are exerting influence...
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April 2023

April 24, 2023 |Derrick Lahey
“You cannot reason a person out of a position that he or she did not reason themselves into in the first place!” -- Jonathan Swift Stock and bond markets have been a bit schizophrenic so far this year which has frustrated both the bulls and the bears...
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October 2022

October 19, 2022 |Derrick Lahey
“Sometimes I wonder if the world is being run by smart people who are putting us on or by imbeciles who really mean it.” -- Mark Twain Hindsight really is 20-20. Everyone crushes it as a Monday morning quarterback. That said, some of the decisions our...
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July 2022

July 19, 2022 |Derrick Lahey
“THE only function of economic forecasting is to make astrology look respectable.” -- John Kenneth Galbraith (an economist!) The first half of this year has felt like one of the hardest challenges of my 26 year career. Not the same as the Great Financial...
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May 2022

May 24, 2022 |Derrick Lahey
“Investing is not a game where the guy with a 160 IQ beats the guy with a 130 IQ. Rationality and emotional stability is (more) essential.” -- Warren Buffett Apologies for being rather tardy in getting this letter out to everyone. Markets started this...
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October 2021

October 31, 2021 |Derrick Lahey
“Inflation is taxation without legislation.” -- Milton Friedman I have had very little “new” to say for much of this year so decided to skip writing the last 2 quarterly letters largely as an experiment. I actually expected to get a few calls on my missing...
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January 2021

January 30, 2021 |Derrick Lahey
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next 10.” Bill Gates Last year impacted everyone but in several different ways and to different degrees. Sure we all went a bit...
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October 2020

October 01, 2020 |Derrick Lahey
“The intelligent investor is a realist who sells to optimists and buys from pessimists.” Benjamin Graham The Intelligent Investor While 2020 has certainly been full of surprises, at least the traditionally volatile month of September could be counted...
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August 2020

August 01, 2020 |Derrick Lahey
“People can foresee the future only when it coincides with their own wishes, and the most grossly obvious facts can be ignored when they are unwelcome.” George Orwell Markets continued their rebound in the second quarter after hitting their pandemic panic...
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April 2020

April 30, 2020 |Derrick Lahey
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” Charles Mackay What a year March was! I have been saying that I feel like have been aging in dog years but...
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