January 2025
It seems few people today know about the Smoot-Hawley Tariff Act of 1930. At that time, one year into the Great Depression, the economies of Canada and the United States were in the dumps and political isolationism ushered in a protectionist trade policy that was prescribed as an antidote to job losses.…
December 2024
Around the middle of December, advisory firms and the people who work for them start putting out their retrospectives regarding the year that is just about to end and / or offer their forecast for the new year. I have long argued that forecasting is a mugs game. To the extent that I…
November 2024
Citizens throughout the western world have been coddled into believing economic growth and improved prosperity are their birthright. It's the elephant in the room. When historically prosperous people go to the ballot box, they routinely punish incumbent governments for what they believe are economic hard times. The old adage of “a car in…
October 2024
Nobody knows what will happen in the US election that’s just around the corner. Many people think no one should modify a portfolio in anticipation of an expected outcome. This is common advice now because things are so tight. But what we do know is that both candidates will be protectionist as President,…
Everyone encounters a point in their career where a pivotal decision is required. For me, that happened in 2009. I had been a financial advisor since 1993 and using investment policy statements (IPSs) to manage portfolios and guide investor behaviour. But I realized I could write IPSs on my own using much cheaper products while…
Research and evidence based (academic, dispassionate, independent)
Markets work (i.e., markets are “highly efficient”)
Tactical overweights and underweights based on valuations and risk
Emotional and behavioural factors play a bigger role than most acknowledge
Long-term perspective (preferably 20+ years)
Diversification within and throughout many asset classes
Account for taxes, both risk tolerance and risk capacity,…
There are two ways to invest in capital markets. The most prevalent way for retail investors is active management with a team of professionals reviewing information, trends and companies, and then making buy-and-sell decisions for like-minded unit-holders. The other way is passive management which aims to track a benchmark. The big difference is that passive products…
Household Account SizeTotal FeeAvg RateUnder $250,000$ 3,500.00$ 250,000.00 $ 3,500.001.40%$ 300,000.00 $ 3,900.001.30%$ 350,000.00 $ 4,300.001.23%$ 400,000.00 $ 4,700.001.18%$ 450,000.00 $ 5,100.001.13%$ 500,000.00 $ 5,500.001.10%$ 550,000.00 $ …
In building portfolios, I primarily use (F Class) Offering Memorandum (OM) products and Exchange Traded Funds (ETFs). The fee is in proportion to the size of total household investable assets and is reviewed and renewed annually. It is set at $3,500 on all assets up to the first $250,000; 0.8% on all additional household assets…
Returns are often highly variable. In the short run, returns are unknowable, while in the long run they are nearly inevitable. For planning purposes, please consider a time horizon of 4 years or less to be the short term, 4 to 10 years to be the medium term and anything over 10 years to be…
I help people to prepare for financial independence - I help people make informed decisions with their money. Still, I recognize that many people come to me primarily as an investment advisor who does planning. Planning might include specific plans for estate planning, insurance, and tax reduction. If you engage me, a letter of engagement…