This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.
It really felt like spring this weekend, but this morning's snow feels like a final, bitter taste of a winter that will not end. Similarly, the enthusiastic rally of the past three weeks may be dampened by news that the bail out of US auto companies has hit major roadblocks. Today's market reaction could be rough, but patient investors may find real opportunity in pullbacks like the one we will see this morning. Short term shocks to the system should not distract you from the fact that current equity and corporate bond prices represent great opportunity for investors with a long time horizon. Further, there are great new options for investors seeking secure, tax efficient income.
The time has come to get a second opinion, and prepare your portfolio for the long term
Do you want to discuss your alternatives?
Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
Monday, March 30, 2009
Friday, March 27, 2009
Consider Your Long Term Strategy
This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.
The end of March is approaching, which means the first quarter of 2009 is almost over. It has been a very difficult start to the year, but remarkably, both the TSX and the Nasdaq are up for 2009. US markets may finish with their best month since 1974. If you have been sitting on the sidelines, fearful about the market, it may be time to consider your long term strategy. We will hear more bad news, and we may have further sell offs, but there are definitely opportunities for investors with a long term time horizon. Equities, bonds, and preferred shares all offer return potential we have not seen in many years.
The time has come to get a second opinion, and prepare your portfolio for the long term Do you want to discuss your alternatives? Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
The end of March is approaching, which means the first quarter of 2009 is almost over. It has been a very difficult start to the year, but remarkably, both the TSX and the Nasdaq are up for 2009. US markets may finish with their best month since 1974. If you have been sitting on the sidelines, fearful about the market, it may be time to consider your long term strategy. We will hear more bad news, and we may have further sell offs, but there are definitely opportunities for investors with a long term time horizon. Equities, bonds, and preferred shares all offer return potential we have not seen in many years.
The time has come to get a second opinion, and prepare your portfolio for the long term Do you want to discuss your alternatives? Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
Wareham Weekly Insights
The big picture
U.S. rejects call for new reserve currency
On Thursday, U.S. and European officials outlined plans for strict new financial rules to stabilize the economy and curb the risk-taking that nearly destroyed the banking sector and set off a worldwide recession. The news came as the U.S. revised fourth-quarter GDP data showing the economy shrank at its fastest pace since 1982 in the fourth quarter as corporate profits fell a record $120.1 billion. However, these revisions were not as bad as expected.
Earlier in the week, Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Timothy Geithner flatly rejected a call from a senior Chinese official to drop the dollar as the world's key reserve currency. Zhou Xiaochuan, head of the People's Bank of China, proposed the creation of a new international reserve currency in an essay published by the central bank's Web site on Monday. China has the world's biggest foreign exchange reserves and is the top holder of U.S. Treasury securities. According to Canadian Finance Minister Jim Flaherty, China's proposal to replace the U.S. dollar as the international reserve currency will not get much attention at the next week’s G20 summit.
The markets
Indices continue to show resilience
The S&P/TSX continued to gain ground this week, climbing over the 9,000-point level on Thursday and taking it back into positive territory following the selloffs of late February and early March. The rebound has been driven in large part by significant moves in oil and copper prices and a recovery in financial stocks. Since the rally took hold March 10, the main TSX index is up over 16% while the Dow industrials have risen over 18%.
Following Monday’s announcement of the proposed $19.1 billion merger between Suncor Energy Inc. and Petro-Canada, the Canadian federal government says it will review the proposed deal to ensure it does not violate federal restrictions on Petro-Canada's share ownership. Meanwhile, WestJet Airlines said it expects significant growth in market share over the medium to long term, despite the difficult year ahead. The airline’s tone of optimism was echoed by Bombardier saying it expects big gains as the economy picks up and companies start to replace older, inefficient planes mothballed during the downturn.
Tata Motors, the Indian owner of such venerable auto brands as Jaguar and Range Rover, launched its ultra-compact Nano model on Monday for about USD$2,000 – making it the cheapest car in the world.
Our recommendation
Time to selectively build positions
· Equities. Economic statistics are anticipated to be at their worst over the next several months and Stephen Uzielli, Portfolio Manager, Portfolio Advisory Group suggests that in response to any negative market reactions investors should be selectively building equity positions in quality companies to position portfolios for the next cycle.
· Fixed income. Chris Kennedy, Associate Director, Portfolio Advisory Group, says high quality corporate bonds, such as Canadian banks and insurance companies, continue to offer attractive yields relative to government issues. Although credit spreads have tightened significantly, they still remain wide, and we recommend investors following the laddered portfolio process add exposure to these sectors when rolling maturities at this time.
· Portfolio strategy. With volatility still at record highs, it’s important to review the impact on your portfolio allocations and ensure that your holdings remain appropriate for your goals and risk tolerance.
Privacy Policy and Legal Disclaimer
TM Trademarks used under authorization and control of The Bank of Nova Scotia.
ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice. All performance data represents past performance and is not indicative of future performance. Scotia Capital Inc. and its affiliates collectively beneficially own in excess of 1% of one or more classes of the issued and outstanding equity securities of Royal Bank. Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting liability with respect to equity or debt securities of, or have provided advice for a fee with respect to Royal Bank. TM Trademark used under authorization and control of The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.
U.S. rejects call for new reserve currency
On Thursday, U.S. and European officials outlined plans for strict new financial rules to stabilize the economy and curb the risk-taking that nearly destroyed the banking sector and set off a worldwide recession. The news came as the U.S. revised fourth-quarter GDP data showing the economy shrank at its fastest pace since 1982 in the fourth quarter as corporate profits fell a record $120.1 billion. However, these revisions were not as bad as expected.
Earlier in the week, Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Timothy Geithner flatly rejected a call from a senior Chinese official to drop the dollar as the world's key reserve currency. Zhou Xiaochuan, head of the People's Bank of China, proposed the creation of a new international reserve currency in an essay published by the central bank's Web site on Monday. China has the world's biggest foreign exchange reserves and is the top holder of U.S. Treasury securities. According to Canadian Finance Minister Jim Flaherty, China's proposal to replace the U.S. dollar as the international reserve currency will not get much attention at the next week’s G20 summit.
The markets
Indices continue to show resilience
The S&P/TSX continued to gain ground this week, climbing over the 9,000-point level on Thursday and taking it back into positive territory following the selloffs of late February and early March. The rebound has been driven in large part by significant moves in oil and copper prices and a recovery in financial stocks. Since the rally took hold March 10, the main TSX index is up over 16% while the Dow industrials have risen over 18%.
Following Monday’s announcement of the proposed $19.1 billion merger between Suncor Energy Inc. and Petro-Canada, the Canadian federal government says it will review the proposed deal to ensure it does not violate federal restrictions on Petro-Canada's share ownership. Meanwhile, WestJet Airlines said it expects significant growth in market share over the medium to long term, despite the difficult year ahead. The airline’s tone of optimism was echoed by Bombardier saying it expects big gains as the economy picks up and companies start to replace older, inefficient planes mothballed during the downturn.
Tata Motors, the Indian owner of such venerable auto brands as Jaguar and Range Rover, launched its ultra-compact Nano model on Monday for about USD$2,000 – making it the cheapest car in the world.
Our recommendation
Time to selectively build positions
· Equities. Economic statistics are anticipated to be at their worst over the next several months and Stephen Uzielli, Portfolio Manager, Portfolio Advisory Group suggests that in response to any negative market reactions investors should be selectively building equity positions in quality companies to position portfolios for the next cycle.
· Fixed income. Chris Kennedy, Associate Director, Portfolio Advisory Group, says high quality corporate bonds, such as Canadian banks and insurance companies, continue to offer attractive yields relative to government issues. Although credit spreads have tightened significantly, they still remain wide, and we recommend investors following the laddered portfolio process add exposure to these sectors when rolling maturities at this time.
· Portfolio strategy. With volatility still at record highs, it’s important to review the impact on your portfolio allocations and ensure that your holdings remain appropriate for your goals and risk tolerance.
Privacy Policy and Legal Disclaimer
TM Trademarks used under authorization and control of The Bank of Nova Scotia.
ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice. All performance data represents past performance and is not indicative of future performance. Scotia Capital Inc. and its affiliates collectively beneficially own in excess of 1% of one or more classes of the issued and outstanding equity securities of Royal Bank. Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting liability with respect to equity or debt securities of, or have provided advice for a fee with respect to Royal Bank. TM Trademark used under authorization and control of The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.
Wednesday, March 25, 2009
getting ready for the eventual recovery
This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts
for investors outgrowing their mutual funds.
Falling stock prices may be pushing you to consider your alternatives.
A change may be in order, but what kind of change should you make?
Equity mutual funds have followed markets lower, and many have fallen
more dramatically than the market. If your portfolio is large enough
to justify it, youu really should consider working with an advisor,
and own quality stocks and bonds, focusing on balancing growth with
safety.. Over the long term, this approach should give you the best
opportunity to rebuild your wealth, without the impact of the
expensive management costs associated with most mutual funds.
Do you want to discuss your alternatives?
Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit,
www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only
for investors outgrowing their mutual funds.
Falling stock prices may be pushing you to consider your alternatives.
A change may be in order, but what kind of change should you make?
Equity mutual funds have followed markets lower, and many have fallen
more dramatically than the market. If your portfolio is large enough
to justify it, youu really should consider working with an advisor,
and own quality stocks and bonds, focusing on balancing growth with
safety.. Over the long term, this approach should give you the best
opportunity to rebuild your wealth, without the impact of the
expensive management costs associated with most mutual funds.
Do you want to discuss your alternatives?
Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit,
www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only
Monday, March 23, 2009
Weekly Newsletter
The big picture
Bank of Canada forecast tempered
Former Bank of Canada (BoC) Governor David Dodge countered the rosy forecasts of current BoC Governor Mark Carney and Prime Minister Harper in an interview on Wednesday, saying that the recession will be “long and deep”, and that expectations of recovery by the third quarter are “totally unrealistic.” On Saturday, at a meeting of G20 financial watchdogs in England, Carney conceded that earlier predictions of a recovery by the second half of 2009 will likely be adjusted downwards.
On Sunday, U.S. Federal Reserve Chairman Ben Bernanke made an unprecedented appearance on the television program 60 Minutes in which he defended steps taken by the government to resuscitate the banking system, adding that sustained recovery can only happen once the financial sector has achieved solid footing. Bernanke’s optimism was supported this week by the second consecutive monthly increase in consumer prices, offering hope that the economy will avoid a deflationary spiral.
However, more global economic cracks were exposed this week as U.K. unemployment soared to a record high of over two million. Meanwhile, the European Central Bank said it is mulling a further cut of its record-low 1.5% interest rate.
The markets
Strongest rally since November 2008
Markets hit a high point this week, with pharmaceuticals, automakers and financial companies showing promising gains. In an unexpected move on Wednesday, the U.S. Federal Reserve announced plans to buy up to $300 billion in longer-term Treasuries – the first such move since the early 1960s. The aggressive measures helped spur the markets higher.
The Wall Street Journal reported that negotiations are underway for IBM to purchase rival Sun Microsystems in a deal worth upwards of $6.5 billion. The acquisition would substantially boost IBM’s competitive edge in the server market.
Democrats rushed to pass a bill on Thursday that will impose a 90% tax on bonuses given to employees of firms that received a government bailout and that have more than $250,000 in household income. The bill is meant to address the widespread fury over AIG employees who received a total of $165 million in bonuses, despite their hand in the insurer’s near-collapse and the subsequent $180 billion government bailout required to keep the firm afloat.
Our recommendation
Consider moving off the sidelines
· Equities. Economic statistics are anticipated to be at their worst over the next several months and Stephen Uzielli, Portfolio Manager, Portfolio Advisory Group suggests that in response to any negative market reactions investors should be selectively building equity positions in quality companies to position portfolios for the next cycle.
· Fixed income. Chris Kennedy, Associate Director, Portfolio Advisory Group, says high quality corporate bonds, such as Canadian banks and insurance companies, continue to offer attractive yields relative to government issues. Although credit spreads have tightened significantly, they still remain wide, and we recommend investors following the laddered portfolio process add exposure to these sectors when rolling maturities at this time.
· Portfolio strategy. With volatility still at record highs, it’s important to review the impact on your portfolio allocations and ensure that your holdings remain appropriate for your goals and risk tolerance.
Jeff Wareham
Wealth Advisor
ScotiaMcLeod
148 Fullarton Street,
Suite 1801
London, ON
N6A 5P3
Tel: (519) 660-3260
Toll Free: (800) 265-1242
Fax: (519) 660-3208
Privacy Policy and Legal Disclaimer
TM Trademarks used under authorization and control of The Bank of Nova Scotia.
ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice. All performance data represents past performance and is not indicative of future performance. Scotia Capital Inc. and its affiliates collectively beneficially own in excess of 1% of one or more classes of the issued and outstanding equity securities of Royal Bank. Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting liability with respect to equity or debt securities of, or have provided advice for a fee with respect to Royal Bank. TM Trademark used under authorization and control of The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.
Bank of Canada forecast tempered
Former Bank of Canada (BoC) Governor David Dodge countered the rosy forecasts of current BoC Governor Mark Carney and Prime Minister Harper in an interview on Wednesday, saying that the recession will be “long and deep”, and that expectations of recovery by the third quarter are “totally unrealistic.” On Saturday, at a meeting of G20 financial watchdogs in England, Carney conceded that earlier predictions of a recovery by the second half of 2009 will likely be adjusted downwards.
On Sunday, U.S. Federal Reserve Chairman Ben Bernanke made an unprecedented appearance on the television program 60 Minutes in which he defended steps taken by the government to resuscitate the banking system, adding that sustained recovery can only happen once the financial sector has achieved solid footing. Bernanke’s optimism was supported this week by the second consecutive monthly increase in consumer prices, offering hope that the economy will avoid a deflationary spiral.
However, more global economic cracks were exposed this week as U.K. unemployment soared to a record high of over two million. Meanwhile, the European Central Bank said it is mulling a further cut of its record-low 1.5% interest rate.
The markets
Strongest rally since November 2008
Markets hit a high point this week, with pharmaceuticals, automakers and financial companies showing promising gains. In an unexpected move on Wednesday, the U.S. Federal Reserve announced plans to buy up to $300 billion in longer-term Treasuries – the first such move since the early 1960s. The aggressive measures helped spur the markets higher.
The Wall Street Journal reported that negotiations are underway for IBM to purchase rival Sun Microsystems in a deal worth upwards of $6.5 billion. The acquisition would substantially boost IBM’s competitive edge in the server market.
Democrats rushed to pass a bill on Thursday that will impose a 90% tax on bonuses given to employees of firms that received a government bailout and that have more than $250,000 in household income. The bill is meant to address the widespread fury over AIG employees who received a total of $165 million in bonuses, despite their hand in the insurer’s near-collapse and the subsequent $180 billion government bailout required to keep the firm afloat.
Our recommendation
Consider moving off the sidelines
· Equities. Economic statistics are anticipated to be at their worst over the next several months and Stephen Uzielli, Portfolio Manager, Portfolio Advisory Group suggests that in response to any negative market reactions investors should be selectively building equity positions in quality companies to position portfolios for the next cycle.
· Fixed income. Chris Kennedy, Associate Director, Portfolio Advisory Group, says high quality corporate bonds, such as Canadian banks and insurance companies, continue to offer attractive yields relative to government issues. Although credit spreads have tightened significantly, they still remain wide, and we recommend investors following the laddered portfolio process add exposure to these sectors when rolling maturities at this time.
· Portfolio strategy. With volatility still at record highs, it’s important to review the impact on your portfolio allocations and ensure that your holdings remain appropriate for your goals and risk tolerance.
Jeff Wareham
Wealth Advisor
ScotiaMcLeod
148 Fullarton Street,
Suite 1801
London, ON
N6A 5P3
Tel: (519) 660-3260
Toll Free: (800) 265-1242
Fax: (519) 660-3208
Privacy Policy and Legal Disclaimer
TM Trademarks used under authorization and control of The Bank of Nova Scotia.
ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice. All performance data represents past performance and is not indicative of future performance. Scotia Capital Inc. and its affiliates collectively beneficially own in excess of 1% of one or more classes of the issued and outstanding equity securities of Royal Bank. Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting liability with respect to equity or debt securities of, or have provided advice for a fee with respect to Royal Bank. TM Trademark used under authorization and control of The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.
There may be light at the end of the tunnel
This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds.
This market remains very tough, but there are signs that things may be improving. After a couple of positive weeks, more encouraging news today as Americans will get detail on the program to purchase toxic assets of their banks, and Canadians awake to the news that Suncor is buying Petrocanada. Both of these items give hope that there may be light at the end of the tunnel, but we have seen ten rallies of ten percent during this bear market, so it is too ealry to get excited.
Regardless, now is a great time to get a second opinion, and ensure your portfolio is positioned to meet your long term goals. . Do you want to discuss your alternatives?
Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees,contribute cash this year. and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
This market remains very tough, but there are signs that things may be improving. After a couple of positive weeks, more encouraging news today as Americans will get detail on the program to purchase toxic assets of their banks, and Canadians awake to the news that Suncor is buying Petrocanada. Both of these items give hope that there may be light at the end of the tunnel, but we have seen ten rallies of ten percent during this bear market, so it is too ealry to get excited.
Regardless, now is a great time to get a second opinion, and ensure your portfolio is positioned to meet your long term goals. . Do you want to discuss your alternatives?
Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees,contribute cash this year. and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
Monday, March 16, 2009
Weekly Newsletter
Market Watch
The big picture
PM strikes optimistic tone
Prime Minister Stephen Harper struck an optimistic tone Tuesday with his state-of-the nation speech on the recession. “Canada was the last advanced country to fall into this recession,” he said. “We will come out of this faster than anyone and stronger than ever.” Meanwhile, Statistics Canada reported on Friday that Canada lost 82,600 jobs in February, sending the unemployment rate up to 7.7 percent.
In London, a £260-billion deal resulted in the nationalization of Britain’s third-largest bank, Lloyds Banking Group PLC. As the majority stakeholder, the British government will insure more than $470-billion in assets on condition that Lloyds increases lending – primarily to businesses – by £28-billion over the next two years.
Earlier this week, U.S. Federal Reserve (the Fed) Chairman Bernanke stated governments should continue to intervene in the economy even after markets rebound. Chairman Bernanke will be appearing on CBS’s 60 Minutes this Sunday (March 15th) to discuss the recession and the Fed’s response.
The markets
Markets somewhat optimistic – deals getting done, U.S. financials making money
Among the major announcements this week were reports that both Citigroup and Bank of America were profitable in January and February, the release of stronger-than-expected retail sales data, word that GM will not require a $2 billion government loan it had previously requested, and news that a cut in GE’s credit rating was not as deep as expected. The Dow Jones Industrial Average and TSX index both gained about 9% in just three days—the largest gains since November 2008.
Weeks after Pfizer announced its $68 billion bid for Wyeth, further consolidation is taking place in the pharmaceutical industry. Merck & Co has announced a $41.1 billion merger with Schering-Plough Corp., giving the struggling drug firm access to key new businesses, a pipeline of products, and the chance to further cut costs and eliminate jobs. In addition, Thursday saw Swiss drug maker Roche clinch a $46.8 billion deal for the 44 percent of the U.S. biotech group Genentech it didn’t already own for. Roche's initial bid was rejected last year and the Basel-based company turned hostile after several months, during which the financial crisis raised doubts about financing and Genentech's shares fell below the offer price.
Our recommendation
Consider moving off the sidelines
• Equities. Economic statistics are anticipated to be at their worst over the next several months and Stephen Uzielli, Portfolio Manager, Portfolio Advisory Group suggests that in response to any negative market reactions investors should be selectively building equity positions in quality companies to position portfolios for the next cycle.
• Fixed income. Chris Kennedy, Associate Director, Portfolio Advisory Group, says high quality corporate bonds, such as Canadian banks and insurance companies, continue to offer attractive yields relative to government issues. Although credit spreads have tightened significantly, they still remain wide, and we recommend investors following the laddered portfolio process add exposure to these sectors when rolling maturities at this time.
• Portfolio strategy. With volatility still at record highs, it’s important to review the impact on your portfolio allocations and ensure that your holdings remain appropriate for your goals and risk tolerance.
Privacy Policy and Legal Disclaimer
TM Trademarks used under authorization and control of The Bank of Nova Scotia.
ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice. All performance data represents past performance and is not indicative of future performance. Scotia Capital Inc. and its affiliates collectively beneficially own in excess of 1% of one or more classes of the issued and outstanding equity securities of Royal Bank. Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting liability with respect to equity or debt securities of, or have provided advice for a fee with respect to Royal Bank. TM Trademark used under authorization and control of The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.
The big picture
PM strikes optimistic tone
Prime Minister Stephen Harper struck an optimistic tone Tuesday with his state-of-the nation speech on the recession. “Canada was the last advanced country to fall into this recession,” he said. “We will come out of this faster than anyone and stronger than ever.” Meanwhile, Statistics Canada reported on Friday that Canada lost 82,600 jobs in February, sending the unemployment rate up to 7.7 percent.
In London, a £260-billion deal resulted in the nationalization of Britain’s third-largest bank, Lloyds Banking Group PLC. As the majority stakeholder, the British government will insure more than $470-billion in assets on condition that Lloyds increases lending – primarily to businesses – by £28-billion over the next two years.
Earlier this week, U.S. Federal Reserve (the Fed) Chairman Bernanke stated governments should continue to intervene in the economy even after markets rebound. Chairman Bernanke will be appearing on CBS’s 60 Minutes this Sunday (March 15th) to discuss the recession and the Fed’s response.
The markets
Markets somewhat optimistic – deals getting done, U.S. financials making money
Among the major announcements this week were reports that both Citigroup and Bank of America were profitable in January and February, the release of stronger-than-expected retail sales data, word that GM will not require a $2 billion government loan it had previously requested, and news that a cut in GE’s credit rating was not as deep as expected. The Dow Jones Industrial Average and TSX index both gained about 9% in just three days—the largest gains since November 2008.
Weeks after Pfizer announced its $68 billion bid for Wyeth, further consolidation is taking place in the pharmaceutical industry. Merck & Co has announced a $41.1 billion merger with Schering-Plough Corp., giving the struggling drug firm access to key new businesses, a pipeline of products, and the chance to further cut costs and eliminate jobs. In addition, Thursday saw Swiss drug maker Roche clinch a $46.8 billion deal for the 44 percent of the U.S. biotech group Genentech it didn’t already own for. Roche's initial bid was rejected last year and the Basel-based company turned hostile after several months, during which the financial crisis raised doubts about financing and Genentech's shares fell below the offer price.
Our recommendation
Consider moving off the sidelines
• Equities. Economic statistics are anticipated to be at their worst over the next several months and Stephen Uzielli, Portfolio Manager, Portfolio Advisory Group suggests that in response to any negative market reactions investors should be selectively building equity positions in quality companies to position portfolios for the next cycle.
• Fixed income. Chris Kennedy, Associate Director, Portfolio Advisory Group, says high quality corporate bonds, such as Canadian banks and insurance companies, continue to offer attractive yields relative to government issues. Although credit spreads have tightened significantly, they still remain wide, and we recommend investors following the laddered portfolio process add exposure to these sectors when rolling maturities at this time.
• Portfolio strategy. With volatility still at record highs, it’s important to review the impact on your portfolio allocations and ensure that your holdings remain appropriate for your goals and risk tolerance.
Privacy Policy and Legal Disclaimer
TM Trademarks used under authorization and control of The Bank of Nova Scotia.
ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice. All performance data represents past performance and is not indicative of future performance. Scotia Capital Inc. and its affiliates collectively beneficially own in excess of 1% of one or more classes of the issued and outstanding equity securities of Royal Bank. Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting liability with respect to equity or debt securities of, or have provided advice for a fee with respect to Royal Bank. TM Trademark used under authorization and control of The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.
Wednesday, March 11, 2009
Position Yourself For The Eventual Recovery
Investors reacted enthusiastically yesterday to news that Citibank, one of the most downtrodden companies of the credit crisis, was actually having a profitable quarter. The lessons from this is clear...there is money on the sidelines waiting to react when the economy shows signs of life, and many companies will benefit when the market recovers. It may not be time to jump back in, but why not book a second opinion and position yourself for the eventual recovery. Jeff Wareham, CFP, RHU Wealth Advisor ScotiaMcLeod 148 Fullarton Ave, Suite 1801 London, ON N6A 5P3 519 660 3260 http://www.jeffwareham.ca 1 800 265 1242 Fax 519 660 3208
Monday, March 9, 2009
Growth For The Long Term
This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds. This winter, and this market, seem to remain chilly for far longer than most of us would want. Regardless, the chill will break eventually, but it can be pretty depressing in the interim. Warren Buffet spent this morning reminding investors of the value of buying good businesses for the long term. He suggested that investors not worry about daily valuations of their investments, and focus on the quality of the franchise value of the companies you own. There is great wisdom in this approach. but it is hard to do this by buying a few mutual funds. A portfolio constructed of a number of good businesses makes sense for an investor seeking growth for the long term.
Do you want to discuss your alternatives?
Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees,contribute cash this year. and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
Do you want to discuss your alternatives?
Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees,contribute cash this year. and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
Saturday, March 7, 2009
Weekly Newsletter - Wareham Insights
The Big Picture
Rate cuts across the board
The Bank of Canada (BoC) took short-term interest rates nearly as low as they can go on Tuesday, slicing the trend-setting overnight rate half a percentage point to an all-time low of 0.5%. Meanwhile, the Bank of England and the European Central Bank (ECB) each cut interest rates by 50 basis points (a basis point is 1/100th of one percent) to record lows of 0.50% and 1.50% respectively.
ECB President Jean-Claude Trichet said this week that he still expects the euro zone economy to pick up by 2010, which he said is in accord with a number of current forecasts. Pierre Duguay, deputy governor at the BoC, stressed on Thursday the urgency of fiscal action to stimulate spending and ease credit as a string of bad economic news batters consumer and business confidence. However, he continued to reiterate the bank's prediction of a sharp recovery leading to 3.8 per cent growth in 2010.
On Tuesday, The U.S. Federal Reserve rolled out a much-awaited program aimed at boosting the availability of credit to consumers and small businesses. The bold program was first announced late last year, and is projected to generate up to USD$1 trillion of lending for businesses and households. Friday’s release of U.S. unemployment numbers for February was as expected; non farm payrolls -651k, unemployment rate 8.1%. However, revisions to the previous months payroll numbers indicating higher unemployment does not bode well for the market
The markets
No Chinese stimulus
Market volatility remained front and centre this week. Two developments continued to put downward pressure on equity markets on Thursday. One: Chinese Premier Wen Jiabao failed to announce any new stimulus measures at the annual session of the National People’s Congress. Two: General Motors’ annual report said that the company’s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations.
On Thursday, Wal-Mart announced February sales results that far exceeded analysts' estimates. Select U.S. retailers continue to weather the slump in consumer spending better than expected. Wal-Mart also said it is raising its annual stock dividend by 15%. The increase comes as a wide range of U.S. companies have slashed their payouts to preserve cash during the global economic downturn.
Our recommendation
Consider moving off the sidelines
· Equities. Economic statistics are anticipated to be at their worst over the next several months and Stephen Uzielli, Portfolio Manager, Portfolio Advisory Group suggests that in response to any negative market reactions investors should be selectively building equity positions in quality companies to position portfolios for the next cycle.
· Fixed income. Chris Kennedy, Associate Director, Portfolio Advisory Group, says high quality corporate bonds, such as Canadian banks and insurance companies, continue to offer attractive yields relative to government issues. Although credit spreads have tightened significantly, they still remain wide, and we recommend investors following the laddered portfolio process add exposure to these sectors when rolling maturities at this time.
· Portfolio strategy. With volatility still at record highs, it’s important to review the impact on your portfolio allocations and ensure that your holdings remain appropriate for your goals and risk tolerance.
TM Trademarks used under authorization and control of The Bank of Nova Scotia.
ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice. All performance data represents past performance and is not indicative of future performance. Scotia Capital Inc. and its affiliates collectively beneficially own in excess of 1% of one or more classes of the issued and outstanding equity securities of Royal Bank. Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting liability with respect to equity or debt securities of, or have provided advice for a fee with respect to Royal Bank. TM Trademark used under authorization and control of The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.
Rate cuts across the board
The Bank of Canada (BoC) took short-term interest rates nearly as low as they can go on Tuesday, slicing the trend-setting overnight rate half a percentage point to an all-time low of 0.5%. Meanwhile, the Bank of England and the European Central Bank (ECB) each cut interest rates by 50 basis points (a basis point is 1/100th of one percent) to record lows of 0.50% and 1.50% respectively.
ECB President Jean-Claude Trichet said this week that he still expects the euro zone economy to pick up by 2010, which he said is in accord with a number of current forecasts. Pierre Duguay, deputy governor at the BoC, stressed on Thursday the urgency of fiscal action to stimulate spending and ease credit as a string of bad economic news batters consumer and business confidence. However, he continued to reiterate the bank's prediction of a sharp recovery leading to 3.8 per cent growth in 2010.
On Tuesday, The U.S. Federal Reserve rolled out a much-awaited program aimed at boosting the availability of credit to consumers and small businesses. The bold program was first announced late last year, and is projected to generate up to USD$1 trillion of lending for businesses and households. Friday’s release of U.S. unemployment numbers for February was as expected; non farm payrolls -651k, unemployment rate 8.1%. However, revisions to the previous months payroll numbers indicating higher unemployment does not bode well for the market
The markets
No Chinese stimulus
Market volatility remained front and centre this week. Two developments continued to put downward pressure on equity markets on Thursday. One: Chinese Premier Wen Jiabao failed to announce any new stimulus measures at the annual session of the National People’s Congress. Two: General Motors’ annual report said that the company’s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations.
On Thursday, Wal-Mart announced February sales results that far exceeded analysts' estimates. Select U.S. retailers continue to weather the slump in consumer spending better than expected. Wal-Mart also said it is raising its annual stock dividend by 15%. The increase comes as a wide range of U.S. companies have slashed their payouts to preserve cash during the global economic downturn.
Our recommendation
Consider moving off the sidelines
· Equities. Economic statistics are anticipated to be at their worst over the next several months and Stephen Uzielli, Portfolio Manager, Portfolio Advisory Group suggests that in response to any negative market reactions investors should be selectively building equity positions in quality companies to position portfolios for the next cycle.
· Fixed income. Chris Kennedy, Associate Director, Portfolio Advisory Group, says high quality corporate bonds, such as Canadian banks and insurance companies, continue to offer attractive yields relative to government issues. Although credit spreads have tightened significantly, they still remain wide, and we recommend investors following the laddered portfolio process add exposure to these sectors when rolling maturities at this time.
· Portfolio strategy. With volatility still at record highs, it’s important to review the impact on your portfolio allocations and ensure that your holdings remain appropriate for your goals and risk tolerance.
TM Trademarks used under authorization and control of The Bank of Nova Scotia.
ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice. All performance data represents past performance and is not indicative of future performance. Scotia Capital Inc. and its affiliates collectively beneficially own in excess of 1% of one or more classes of the issued and outstanding equity securities of Royal Bank. Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting liability with respect to equity or debt securities of, or have provided advice for a fee with respect to Royal Bank. TM Trademark used under authorization and control of The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.
Friday, March 6, 2009
Risk and Opportunity
This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds. Falling markets create risk and opportunity for you. Obviously, you may try to guess the best time to buy eqpuities, but this is risky, simply because market prices could continue to fall. The positive side is that income available on corporate bonds, preferred shares and even common stocks are exceptionally high. Regardless of when the market turns, you will eventually need income, and income producing investments have rarely been cheaper. Why not ride out this market volatility in the relative safety of bonds or preferred shares? Do you want to discuss your alternatives? Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees,contribute cash this year. and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees,contribute cash this year. and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
Wednesday, March 4, 2009
Corporate Bonds
This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts for investors outgrowing their mutual funds. Asset mix has always been important, but this market emphasizes the value that having some safer money in your portfolio. Over the past few weeks, I have frequently spoken about protecting your wealth with
bonds and income generating investments. With the market down by
half, bonds offer a great way to play defence, while still offering return on your money...but you really need to work with an advisor, as government bonds are paying near zero, while corporate bonds are offering very attractive yields. Do you want to discuss your alternatives? Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees,contribute cash this year. and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
bonds and income generating investments. With the market down by
half, bonds offer a great way to play defence, while still offering return on your money...but you really need to work with an advisor, as government bonds are paying near zero, while corporate bonds are offering very attractive yields. Do you want to discuss your alternatives? Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit, www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260. This program is for information purposes only. Fees, management fees,contribute cash this year. and commissions may be associated with mutual fund investing. Investors should consult their prospectus before investing. Views expressed are those of the author, not Scotia Capital. ScotiaMcLeod is a division of Scotia Capital Inc, member CIPF
Monday, March 2, 2009
Invest for the Long Term
This is Jeff Wareham, ScotiaMcLeod Wealth Advisor, with some thoughts
for investors outgrowing their mutual funds.
March of 2009 has just arrived, and it appears the Dow is poised to
break through the 7000 mark. Although the impact of that is primarily
psychological, it is a sign of the painful fall in wealth over the
last eighteen months. Since late 2007, The Dow and Standard and Poors
have been cut in half, and even legendary investors like Warren Buffet
have been hit very hard. However, amid all the doom and gloom, there
is still opportunity, as Buffet highlighted in his just released
letter to investors. If you are troubled by the state of your
portfolio, and looking to rebuild for the future, you really should
take Buffet's approach, and invest for the long term. One of the key
elements of his recent portfolio moves has been a focus on income, and
in volatile markets, being paid interest and dividends is a great way
to protect your wealth. Call me, and let me show you how.
Do you want to discuss your alternatives?
Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit,
www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management
fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views
expressed are those of the author, not Scotia Capital. ScotiaMcLeod is
a division of Scotia Capital Inc, member CIPF
for investors outgrowing their mutual funds.
March of 2009 has just arrived, and it appears the Dow is poised to
break through the 7000 mark. Although the impact of that is primarily
psychological, it is a sign of the painful fall in wealth over the
last eighteen months. Since late 2007, The Dow and Standard and Poors
have been cut in half, and even legendary investors like Warren Buffet
have been hit very hard. However, amid all the doom and gloom, there
is still opportunity, as Buffet highlighted in his just released
letter to investors. If you are troubled by the state of your
portfolio, and looking to rebuild for the future, you really should
take Buffet's approach, and invest for the long term. One of the key
elements of his recent portfolio moves has been a focus on income, and
in volatile markets, being paid interest and dividends is a great way
to protect your wealth. Call me, and let me show you how.
Do you want to discuss your alternatives?
Have you outgrown your mutual funds?
For a review your portfolio, or a complimentary copy of my CD, visit,
www.beyondfunds.ca or call me, Jeff Wareham, at 519 660 3260.
This program is for information purposes only. Fees, management
fees, and commissions may be associated with mutual fund investing.
Investors should consult their prospectus before investing. Views
expressed are those of the author, not Scotia Capital. ScotiaMcLeod is
a division of Scotia Capital Inc, member CIPF
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