This is a two-part series written for private clients as a companion piece to “Has Value Had Its Last Dance?,” a more technical article we wrote recently for our institutional clients. In part one of this series, we provide a straightforward explanation of what makes a stock “Value” or “Growth,” explore what it...

We find it somewhat ironic (and encouraging) that at the current extremes of fear and greed – moments that we Value managers need and indeed celebrate – fresh suggestions are arising that Value is dead. It is encouraging because these “capitulations” of sentiment often mark the peak of the pain and the beginning...

In this edition of Planning Matters, we turned to accountants Jeffrey Brockman and Jim Chang for tax advice. They offer some excellent tips for income splitting, deducting home renovation costs, and claiming home office expenses during COVID-19. Prescribed Rate Loan Planning As governments borrow to fund COVID-19 programs, our clients are increasingly asking...

Due to the outbreak of COVID-19, the past few months have been unprecedented on many levels. With the combination of elevated market volatility, a steep decline in portfolio values, and a surplus of time to get wrapped up in the daily news, many are concerned about their businesses, savings, and the resulting risk...

If we no longer have to care about the price we pay for a company, then Value is dead. If the prices paid for businesses are impervious to human emotion and the fear and greed to which we have previously been susceptible, I suppose we can read Value its last rights. And if...

It seems the past two months have been a steady cycle of uncertainty and questions, answered mostly by more questions and uncertainty. In response, we decided to change the format for Planning Matters this quarter so that we might pass on some needed facts, direction and advice to our clients across a variety...

Back in early 2019, we published our annual outlook edition of Quiet Counsel in which we made the case that market corrections such as what occurred in December 2018 are in fact a relatively common phenomenon. We suggested support from central banks through lower interest rates would reduce the near-term risks of recession...

The 2010s were capped off by a strong 2019 in which the majority of asset classes globally enjoyed significant gains.In Canada, the FTSE Canada Universe Bond Index rose 6.9 percent last year, the third-best year of the decade and one which handily beat the 4.3 percent 10-year annualized rate of return. Strong bond...

Joint assets are a topic shrouded in misinformation. It has been over a decade since the laws governing their use underwent a seismic shift, yet they continue to be used casually with little appreciation for the risks. Notably, since this shift flowed from the Supreme Court of Canada, all provinces and territories are...

If the idea of negative interest rates confuses you, you’re not alone. The concept seems to undermine our understanding of how lending is supposed to work: investors loan their money to governments or companies that then use it to invest in their operations. The relationship relies on the promise that you will be...

Humans are imperfect beings. We can educate ourselves, gain experience, and even learn from our mistakes but still, our minds can and will play tricks on us. As investors, this is a minefield. With the list of psychological biases a mile long, every time we make a decision we risk stepping on one...

In “Managing Capacity,” we discussed planning strategies in the case of diminished mental capacity through dementia. This quarter, we explore the broader issue of estate planning should your kids, your spouse, or your parents suffer from a mental health disorder. The quality of life for your surviving family is at stake should their...