What’s in a name?

According to a 2014  Advocis sponsored  PwC report there are approximately 100,000 financial advisors in Canada (yes, 1 for every 350 man, woman and child).  Of those, 44% are insurance based, 33% non-bank dealer based, 13% bank based and 10% at full service brokers.  (The report only lists 450 “fee-only financial planners”). Business models run the […]

Beware the man bearing low risk stable returns

An “article” in a leading Canadian financial daily last week urged investors to consider alternative investments such as hedge funds, private debt funds, factoring funds, etc in order to achieve solid investment returns without taking on high risk.  Once the privilege of the ultra-rich, such investment opportunities are now becoming increasingly available to a larger swath of the […]

Do people hate the stock market? Or are institutional investors delusional?

Investor sentiment surveys measure the percentage of investors that are positive about the future of stock market returns (bullish) versus those that are negative (bearish).  The most commonly followed metric is the Yale investor sentiment survey which splits investors into two distinct groups: 1) institutional investors (pension funds, endowments, etc) and 2) individual investors.  For […]

Sell in May and go away?

Wouldn’t it be just so easy if it were true?  Well, if you believe the academic research, this odd anomaly does seem to hold up historically.  There are a number of supposed stock market anomalies based on seasonality – The January Effect, the Monday effect, the Holiday Effect, the End of the Month Effect.  These […]

Only the winners get to tell their story

In Friday’s Morningstar article “Sequoia Fund Symbolizes What Was, But No Longer Is”, John Rekenthaler chronicles the recent woes of the legendary Sequoia Fund and suggests it may symbolize the end of an investing era – things have changed since the time Sequoia launched forty years ago: Index funds are more prevalent and fewer managers can demonstrate exception […]