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2013 January/February
2013-04-12
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2013 March/April
IN THIS ISSUE of CastleMoore Investment News
THE LAWS OF DIMINISHING RETURNS
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
The universe appears to be infinite, with no with boundaries, that its expanding (this theory has been around for some time but now its an accepted state) not contracting, that dark matter is being stretched with the expansion and is finite, and that a newer discovery, dark energy, accounts for the expansion and pace of acceleration of the universe, and more than 70% of the universe’s density. The point is that principles, even as they are updated, reaffirmed or refuted, must guide our understanding of things about us, including economics. We may disrupt economic trajectories, but we cannot suspend them.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
FROM THE KITCHEN TABLE... ERRR…FLOOR
By Thomas Kleinschmidt, Associate Portfolio Manager
Why the heck am I on the kitchen floor?!? Toronto Star, Thursday February 21st. Business Section, page B2. “Retirement dream on hold”. That’s why. “Only 27 per cent of Canadians expect to quit working at age 66”. I knew the reason – the crushing hit most retirement investments took and keep taking – not that folks are loving their jobs and simply don’t want to quit.
FOLLOW THE DATA
By Jason Dubbeldam, Client Liaison Executive
In any portfolio, there are different kinds of risk that affect its holdings and performance. To varying degrees, portfolios are influenced by credit risk, liquidity risk, interest rate risk, policy risk, etc. Two that are quickly becoming top of mind to many are market risk and economic risk, and how the two may mingle. To find out what’s really going on, we often have to sift through the data.
INSIGHT: THE EXTREME FORECAST
By Guest Columnist, Mukul Pal
It’s not the first time, but on many prior occasions I have been accused of getting too extreme with forecasts. My running forecasts of DOW 20,000, Nifty 10,000, Oil 300 dollars, Gold 10,000 dollars, Indian Rupee-USD sub-40 could also be considered extreme for the next 36 months. With all the objectivity that we talk about and all the objectivity that investors seek, do we really need an extreme forecast?
2013-04-12
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2012 November/December
IN THIS ISSUE of CastleMoore Investment News
2013: WHAT'S GOING ON DOWN IN THE DEEP?
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
In today's investment environment, people are preferring to invest in predictable profit and income-generating securities. With investor objectives of performance and asset preservation in mind, Hap notes the changes that are occurring in asset classes, sectors, TSX stocks and countries, while laying out an investment map for 2013.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
BAD ATTITUDE
By Ken Norquay, CMT & Partner
Following investor attitude toward the stock market is an essential investment technique used by modern market technicians. In this edition of CMIN, Ken comments on the importance of investor attitude and what he has observed throughout the years.
FROM THE KITCHEN TABLE... AN INVESTMENT POLICY STATEMENT OR CAT FOOD?
By Thomas Kleinschmidt, Associate Portfolio Manager
Most family decisions are made around the kitchen table. Thomas sits down with you at yours to discuss a critical document, the Investment Policy Statement.
INVESTOR SENTIMENT READING ANALYSIS
By Jason Dubbeldam, Client Liaison Executive
Modern financial theory and empirical observation reveal how equity markets are influenced by the mentality of investors. Jason examines how sentiment indicators and polling can be used in successful money management.
"BAD IS STRONGER THAN GOOD"
By Guest Columnist, Mukul Pal
Stock markets demonstrate the strength of bad, as investors fixate more on losses than gains. Being able to handle loss and being conscious about these experiences allows people to learn and adapt. Mukul elaborates inside.
HOPE AND A PRAYER FOR... END THE GRIDLOCK!
By Guest Columnist, David Rosenberg of Gluskin-Sheff
David emphasises return of capital as yet again re-emerging as a very important theme, and too the need to focus on risk- adjusted returns. This in turn means that a strategy that minimizes both the volatility of the portfolio and the correlation with the equity market is completely appropriate
ADVENTURES OF AN ACCIDENTAL AMERICAN
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
Are you an American citizen? The penalties that an accidental American can face for not filing a tax return are horrendous, but that isn't the first problem. Ed walks us through step one of confronting this issue - getting a US social security number.
2012-12-03
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2012 September/October
IN THIS ISSUE of CastleMoore Investment News
THEORIES SOMETIMES WORK; PRICE ALWAYS DOES
By Ken Norquay, CMT & Partner
Economic Theory is interesting stuff. It's basic logic and it's all supply and demand. When a government increases money supply, it's like throwing a log on the economic fire; it gets hotter. And when they indulge in tight money policy, it's like choking off the air supply to that fire. When the theory works it is a delight to behold.
HOW DO INVESTORS MAKE MONEY IN BONDS: A BRIEF FIXED INCOME PRIMER (WITH AN UPDATE TWO YEARS LATER)
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
Setting aside the macro-economic debate for a moment - growth or slower historical growth vs deflation or disinflation - many investors wonder how you can make a decent profit in bonds when say the 10 year Government of Canada benchmark is only yielding 3%. Or, how can one lock up money for 10 years at that rate? Or, if fixed income is where it's at why shouldn't investors just purchase bank guaranteed deposits (GICs) and be done with it?
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
WHAT HAPPENED TO MARK TWAIN AND ISAAC NEWTON'S PORTFOLIOS DURING THE CRASH?
By Thomas Kleinschmidt, Associate Portfolio Manager
I hit the phones recently, calling on those folks who at some point joined out investor centre. I wanted to know what kind of investors they were and what happens to their portfolios during market crashes.
THE BUY SIDE; THE SELL SIDE
By Jason Dubbeldam, Client Liaison Executive
Here at CastleMoore, you may have heard us refer to ourselves as an Investment Counsellor/Portfolio Manager (ICPM) and how that sets us apart. But what does that mean exactly? Do we simply provide investment advice like anyone else? Not exactly.
RUBBER BAND SIGNALS
By Guest Columnist, Makul Pal
If it was once a fortnight, once a week or once a day, it would have been nice. But signals and signal generators have no religion. If you need a signal, the market has it; for any market, any time. And, if you are not going to challenge the signal, it could come stamped with 100 percent accuracy.
THE WEALTH EFFECT RIP?
By Guest Columnist, David Rosenberg of Gluskin-Sheff
So the Fed is pinning its hopes on stimulating the economy via the wealth effect again, as it did when it revived the post-tech-wreck asset bubble in housing and credit in that now infamous 2003-07 period of radical excess.
2012-11-27
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2012 July/August
IN THIS ISSUE of CastleMoore Investment News
IF YOU CAN'T STAND THE HEAT...
By Ken Norquay, CMT & Partner
Many investors want to learn about investing by doing it themselves, which is great for hands-on experience. But with the EU in serious trouble, problems in the Real Estate markets, and continuous international economic weakness, the "heat" is getting too hot for most, and it may be time to look at some "cooling" options.
SOME CONTEMPORARY MONEY MANAGEMENT & PORTFOLIO CONSTRUCTION RULES
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
Absolute return, aggregate portfolio beta, secular bull vs secular bear markets; these are just a few crucial terms all money managers nowadays should familiarize themselves with. In this article, Hap explains the importance of each and what key factors they play now that the investing world has changed from the last secular bull market of 1982 - 2000.
NEW U.S. TAX AMNESTY PROGRAM
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
It's very important for U.S citizens living in Canada to start filing U.S personal tax returns, if they haven't done so already. This article is a nice follow up/reminder from another Ed wrote for us back in January/February this year. Once again, no detail goes overlooked.
THE FALSE DEITIES OF ECONOMISTS
By Guest Columnist, Barry Ritholtz
Barry Ritholtz, named on the "15 Most Important Economic Journalists" in the U.S., shares an article with us discussing the problem with many economists, their backwards thinking, and their "one size fits all" solutions that lead to failure after failure after failure...
LOVE THY NIFTY
By Guest Columnist, Makul Pal
In this article, Makul shares a brief story about a short-lived TV appearance he did and his afterthoughts regarding how his methodology of mean reversion, which is based on "mere statistics", isn't always well perceived by the mainstream media. Also find out why this same thinking has Makul bullish on the underperforming National Stock Exchange of India.
WAIT A SEC! - HOW SECTORS BEHAVE SO CAN YOU
By Thomas Kleinschmidt, Associate Portfolio Manager
To understand the movements of the broad markets it's necessary to take a look at how the sectors within them are performing. Thomas uses SVA (Structural Valuation Analysis) research to dive into these market components to find where the strength really is.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
POST CARDS FROM EUROPE
By Guest Columnist, William Chin
The crisis of the experimental Euro zone is still leading all the financial headlines. With much complexity and uncertainty in these uncharted waters, William looks to the "key" players for clues towards future developments.
SEASONAL INVESTING IN GOLD AND GOLD EQUITIES
By Guest Columnist, Don Vialoux, CMT
With a technical, seasonal, and economical look at gold, Don sees a high probability/low risk buying opportunity on the short horizon. Check inside to understand his thinking, strategies, and cues.
2012-07-13
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2012 May/June
IN THIS ISSUE of CastleMoore Investment News
VALUE INVESTING
By Ken Norquay, CMT & Partner
What does value investing mean to you? For many financial advisors it probably means buying stocks when they're "undervalued" according to some financial statement analysis. To us, it means finding stocks or assets that can add "value" to your portfolio. Learn more inside...
DOUBLE OR NOTHING: HOW WALL STREET IS DESTROYING ITSELF
By Guest Columnist, John Aziz
Has Wall Street moved from an investment-led model to a gambling-led model? John Aziz offers a refreshing view on how Wall Street's adaptation of the Martingale betting strategy might seem flawless in theory, but in reality, "picking up nickels in front of a steamroller" can only end one way...
INVESTING LIKE ODYSSEUS
By Guest Columnist, Makul Pal
Many investors seem more eager to cut out a gain quicker than an equivalent sized loss, though their intentions may be different when first opening a position. Makul demonstrates why investing with more self restraint, like Odysseus, is such a valuable asset for an investor to acquire.
6 OR 7 OUT OF 10 IS GOOD (Reminder from Jan/Feb 2009 Newsletter)
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
Good portfolio management, like many things in life, is about managing your mistakes, about managing your investment misses. Another way of looking at it is through the process of risk management…
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
FROM THE KITCHEN TABLE… NEW & IMPROVED FINANCIAL PRODUCTS
By Thomas Kleinschmidt, Associate Portfolio Manager
Thomas sits down with you once again at the dinner table, this time to discuss tactical asset allocation funds which include cash as a key position - Finally, finally, finally!
YOUR POWER OF ATTORNEY FOR PROPERTY
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
Once again, Ed Arbuckle returns and breaks down a complicated legal process into a simple guideline that we can all, and should, adhere to. Learn everything you need to know about giving and accepting POA responsibilities inside...
THE WHEEL'S ON FIRE
By Guest Columnist, William Chin
As new elections are sweeping across Europe, more waves of uncertainty and challenges are waiting just around the corner...
2012-05-31
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2012 March/April
IN THIS ISSUE of CastleMoore Investment News
VIKING FINANCE
By Ken Norquay, CMT & Partner
Wonder what ever happened to Iceland since their banking crisis and rebellious electorate were making headlines? We haven’t heard much since their default in early 2010. Ken learns first hand of the repercussions of not paying one’s debts and explains why those with the power to are doing all they can to avoid a similar script being written in Greece.l
HANDICAPPING INTEREST RATES
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
There are those among us who seem to have a knack for pouring over injury reports and statistics, feeling out momentum and confidence, dissecting the program and comparing strategies and matchups to find a way to beat the betting lines. In this edition of CMIN, Hap gives up his “read” on the nature and direction of interest rates.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
THE BLACK CROW
By Guest Columnist, Mukul Pal
The only reason we have such labels and associations with negative events as “Black Crows” and “Black Swans” is because they are rare and they seem to coincide with negative events, either actual or perceived. But, these events also have to repeat. And it’s that repetition that Mukul takes a closer look at to see if we can scientifically time the cycle of outliers.
THE RELATIONSHIP BETWEEN VELOCITY OF CIRCULATION AND ECONOMIC GROWTH
By Guest Columnist, William Chin
To understand why growth is anaemic despite Herculean efforts by governments and central banks, one has to look at the velocity of circulation, which correlates extremely closely to changes in economic growth. William elaborates inside.
FROM THE KITCHEN TABLE…LOWER RISKS FOR HIGHER RETURNS
By Thomas Kleinschmidt, Associate Portfolio Manager
Most family decisions are made around the kitchen table. Thomas sits down with you at yours to discuss current markets and timing.
DISCLOSING FOREIGN PROPERTY ON YOUR TAX RETURN
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
Page two of your personal tax return has a seemingly harmless little question to answer. Did you own or hold foreign property at any time with a total cost of more than $100,000? The huge penalties that
honest taxpayers can encounter by not filing correctly has Ed delving into the possible answers.
2012-04-02
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2012 January/February
IN THIS ISSUE of CastleMoore Investment News
GOLD BUG LOGIC
By Ken Norquay, CMT & Partner
It seems that no matter what the markets are doing there are two main investment influencers who always stick to their story. The gold bugs, who always believe it's a good time to buy gold, and the financial planning industry who always believe it's a good time to buy stocks. Unfortunately, they can't both be right all the time, so perhaps it's time we look for a third story teller...
INVESTMENT CYCLES MUST MATTER FOR INVESTORS
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
Just like there are cycles in weather, birth rates, time etc., there are also cycles within the stock market, bond market, real estate etc. But with cycles ranging from seconds to centuries, it can be difficult to know which ones to pay attention to or even how to use them. In this article, Hap demonstrates how you can make cycles applicable in your investing.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
LOWER RISK FOR HIGHER RETURNS
By Thomas Kleinschmidt, Associate Portfolio Manager
In this article, Thomas does a review of 2011's trading activity and discusses what lessons we could have learned. Additionally, he demonstrates through various markets how using a simple methodology, as presented by Structural Analysis Corporation (who CastleMoore has forged a corporate relationship with over the last year), can help investors easily avoid the big losses.
A REPRIEVE FROM PENALTIES FOR US NON-FILERS
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
Very important information pertaining to any US citizens living in Canada about filing overdue US tax returns without penalty. If you were born in the US, have two US citizen parents (no matter where you were born) and in some cases even one US citizen parent, even if you have been filing Canadian returns, you are still required to file to the US as well. Read inside for more info...
VOLATILITY IS HERE TO STAY
By Jason Dubbeldam, Client Liaison Executive
With the last 11 years being some of the most volatile for many investors, it's become apparent that volatility can present huge challenges in successful investing. What's been the cause of all this volatility? And what can investors do to combat it? Jason offers great insight inside.
2012-01-19
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2011 November/December
IN THIS ISSUE of CastleMoore Investment News
THE CHANGE
By Ken Norquay, CMT & Partner
It's often said and widely known that "big money moves the markets" and "fear and greed are the markets emotions". So, with all the recent stock market volatility displayed by big up and down swings, what are the big institutional money managers so excited about? What are they so afraid of? Ken might have the answer for you inside...
PORTFOLIO MANAGEMENT: WHAT'S IMPORTANT? HERE'S WHAT CASTLEMOORE DOES...
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
Don't let the shiny pamphlets and financial double-talk of some Investment Firms influence your decision in choosing a Portfolio Manager. While many factors are essential, few are crucial. Hap lays out the key components one should be looking for in an Investment Manager and helps you understand what questions to ask and what answers to ignore to find a Portfolio Manager that offers an investment style most suitable to you.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
THE BENTLEY AND THE SCOOTER
By Thomas Kleinschmidt, Associate Portfolio Manager
Dollars or Percentage points: What's really affecting your bottom line? We track percentage gains/losses on individual positions and overall portfolios and we look at long term Rate of Returns, but we make dollars, spend dollars and report to the CRA in dollars. Does that make sense? Thomas doesn't think so. Peer inside to uncover a more "apples-to-apples" approach of tracking your investment returns.
INVESTMENT MANAGEMENT FEES
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
With the after tax fee cost having such a big long-term impact on your portfolio, brushing up on your investment fee knowledge is a must for any investor. Do you know the difference between Mutual Fund Fees and Investment Management Fees? What about tax deductibility? How are fees constructed and what are they charging you for? Is it worth it? Ed simplifies this topic inside and offers great insight into the confusing world of investment fees.
2011-11-30
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2011 September/October
IN THIS ISSUE of CastleMoore Investment News
THEY CHOSE THE ROCK
By Ken Norquay, CMT & Partner
Ken takes a focused look at the debt problems America, Greece, Ireland, Italy, Portugal, Spain and now France are all facing today. Will trying to fix these problems with more lending (the cause of this disaster) work? Have countries finally maxed out on their debt? More importantly, what can you as an investor do to protect your assets as these events unfold?
NO INVESTMENT RELIGION FOR US, WE'RE AGNOSTIC
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
It's alright to hypothesize on the eventual outcomes of big picture issues such as the true rate of inflation, the secular cycle of equities or the Greek debt drama. However, this thinking should never get in the way of investment decisions. In this article, Hap explains why CastleMoore chooses to instead rely on our in-house methodology to make investment decisions and shows two recent transactions we've made based off of signals our models have generated for us.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
DÉJÀ VU, ANOTHER SHOE?
By Thomas Kleinschmidt, Associate Portfolio Manager
Many investors were caught paralyzed when the equity markets dropped in 2008, and it seems like many are having moments of déjà vu now. Peer inside and learn what behavioural finance techniques you can apply to your investment decision to ensure you minimize similar issues in any upcoming market movements.
RRSP'S - INVEST YOUR TAX SAVINGS TO STAY AHEAD
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
RRPS's are a great investment tool - if you're utilizing them properly. Ed Arbuckle breaks down the common mistake many investors are making with their RRSPs and explains how you need to manage your RRSP in order to take advantage of the major benefit it offers.
2011-09-23
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2011 July/August
IN THIS ISSUE of CastleMoore Investment News
INVESTING "IN THE NOW"
By Ken Norquay, CMT & Partner
Spotting a trend change, knowing exactly when to buy and exactly when to sell is always easy - in hindsight. But in the real world, we make decisions based on the very last tick of the chart only - and mistakes are always inevitable. In this article, Ken teaches us how to keep these mistakes small and correctable rather than large and costly.
RECESSION & RECOVERIES ARE ESSENTIAL TO LONG TERM GROWTH, BUT ARE MARKETS NOW "TOO BIG TO FAIL"?
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
There can be an overwhelming amount of economic factors to consider when making an investment, but there's really only one that need be learned. Hap discusses the four stages of the basic economical cycle and how we can use them to make better investment decisions for current market conditions.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
WAIT A SEC! - HOW SECTORS BEHAVE SO CAN YOU
By Thomas Kleinschmidt, Associate Portfolio Manager
Want more insight into what's moving the major indexes? Thomas shows you how to take a simple look at the 10 major sectors that make up the TSX or S&P500 to get a clearer picture of what's really going on.
AN EQUITY MARKET OUTLOOK FOR THE 2ND HALF OF 2011
By Guest Columnist, Don Vialoux, CMT
Peer inside as Don Vialoux reveals his seasonality statistics for the second half of 2011 and how he expects certain investments to play out.
THE PRACTICAL SIDE OF ESTATE PLANNING
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
Most people will spend 50+ years carefully building an estate but give very little thought on how to distribute it. Check out Ed's list of "Fifteen Basic Rules" for good estate planning and will preparation that everyone needs to know.
2011-07-18
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2011 May/June
IN THIS ISSUE of CastleMoore Investment News
SIMPLE LOGIC
By Ken Norquay, CMT & Partner
Many investors fall victim to quirky, yet industry standard, investment logic that hinders their desired investment results. Find out what four logical rules you can follow to keep your portfolio growing in uptrends and protected in downtrends.
THE CAPTAIN GETS THE SEAS HE'S GIVEN: MONETARY & FISCAL POLICY AND ELECTION CAMPAIGNING
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
With election time fresh in our minds, it's time to set the record straight on politicians and their influence, or lack thereof, on economic conditions. Peer inside to see how fiscal and monetary actions are used to impact the economy and the different time frames they require for their desired results.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
UP, DOWN OR JUST SIDEWAYS?
By Thomas Kleinschmidt, CCO, Associate Portfolio Manager
You may be familiar with bar and/or candlestick charts, but have you ever seen a Structural Valuation Analysis chart from Strategic Analysis Corporation? With the launch of SVA portfolios at CastleMoore, Thomas showcases how SAC uses company balance sheets overlaid on a price chart to reveal many different factors about the underlying investment.
OUR HOME, OUR COTTAGE, OUR FARM, OUR WINTER CONDO! TAX PLANNING = MEGA TAX SAVINGS
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
It's that dreaded tax season again and your head is full of questions on how to file your return to maximize tax savings. With so many different tax return scenarios and so many different rules for each one, learn how hiring a dedicated Tax Planner can actually save you money this year.
2011-05-19
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2011 March/April
BNN TV: Friday, March 25, 2011 7:00-8:00PM catch us in playback as we field calls and e-mails on macro portfolio strategy: http://watch.bnn.ca/market-call-tonight/march-2011/market-call-tonight-march-25-2011/
IN THIS ISSUE of CastleMoore Investment News
RISKY BUSINESS
By Ken Norquay, CMT & Partner
Since the low in March of 2009, the TSX has recovered about 85% of its loss, but will these "buy and hold" investors finally breakeven this year? And who's pushing these markets higher? Let's take a closer look of what the charts are saying.
NATURAL DISASTERS AND THE INVESTMENT IMPACT
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
How much of an impact do natural disasters really have on the stock markets? Is there a way our portfolios can take advantage of these unfortunate and unforeseen events? Look inside as we've analyzed major natural disasters over the last 20 years and noted their effects on the S&P500.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
CHALLENGES AND CONSIDERATIONS FOR 2011 - A FOLLOW UP
By Thomas Kleinschmidt, CCO, Associate Portfolio Manager
Everyday investors are in an uphill battle against the markets and its unpredictable influences. Learn why having a few investment strategies at your disposal is a great way to protect yourself at all times. For investors interested in having some capital dedicated to equity only positions, please check out our new North American Growth Portfolio - more details inside.
TAXPAYER RELIEF, REFUNDS AND AMENDED TAX ELECTIONS
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP
Looking for relief from tax collections, re-filing or refund provisions of the Income Tax Act but not sure where to start? Included in this article is an easy to follow step-by-step guideline of everything you'll need to know regarding these tax concerns.
2011-03-28
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2011 January/February
BNN TV: Wednesday, January 05, 2011 7:00-8:00PM catch us as we field calls and e-mails on macro portfolio strategy: http://www.castlemoore.com/businessnewsnetwork.php
IN THIS ISSUE of CastleMoore Investment News
KEEPING THE FAITH
By Ken Norquay, CMT & Partner
Designed to keep prosperity growing, the Canadian and U.S monetary systems are far from perfect – the 2007/’08 mortgage collapse is a perfect example of what can go wrong. Ken offers valuable advice for what you can do to keep your personal part of the economy safe during these unsafe times.
INVENTORY AND CREDIT RECESSIONS MAY APPEAR THE SAME AT FIRST, BUT THEY’RE NOT: An update almost a year later
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
In the 2010 March/April Newsletter Hap talked about the differences between Inventory and Credit recessions and explained how the 2008 collapse was really an extension of the 2001-2002 credit-based recession. Well, what has changed in the last 10 months?
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
HOW WILL YOU HAVE YOUR INVESTMENTS MANAGED IN 2011?
By Thomas Kleinschmidt, CCO, APM Candidate
With the TSX almost “back on track”, are you finally ready to kick back and relax? Or are you taking action to ensure your investments don’t take another hit like the sucker punch from the 2008 sell off? Learn what behavioural finance attributes hold back most investors and what you can do to start staying ahead of the pack.
CASTLEMOORE IS LAUNCHING UNIQUE EQUITY PORTFOLIOS!
For investors seeking risk managed exposure to equity markets CastleMoore has teamed up with Strategic Analysis Corporation (SAC) to bring investors SAC’s exclusive Structural Valuation Analysis combined with CastleMoore’s “Know when to sell” philosophy for two new portfolios.
AN OUTLOOK FOR NORTH AMERICAN EQUITY MARKETS IN 2011
By Guest Columnist, Don Vialoux, CMT
Historically, the best time to own North American equity markets during the presidential cycle has been from October, prior to the mid-term election, to October in a pre-election year. Read about why this cycle works and the unfortunate catch in 2011 that may cause the North American markets to vary briefly from this historic pattern.
2011-01-01
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2010 November/December
ENERGY IN MOTION: E-MOTION
By Ken Norquay, CMT & Partner
Recent activity in the S&P 500 reveals investor emotion growing stronger and stronger
as market upswings and downswings continue to form more wildly. Are emotions affecting
your investment decisions? How can you remove emotion from your investment decisions?
QUANTITATIVE EASING: WHAT DOES IT MEAN, AND WILL IT WORK?
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
The Fed is purchasing long term bonds with hopes to decrease long term rates, which
should in turn increase lending, stimulate economic growth and promote inflation. But is
encouraging spending amongst a country holding an immense debt-to-income ratio the
best thing for the economy right now?
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal
mine - along commentary suggesting what we are looking at to gauge market direction.
THERE’S A PUNGLE IN THE JUNGLE
By Thomas Kleinschmidt, CCO, APM Candidate
Do you find yourself often chasing explosive moves in price only to get in at the top?
Do you know when to exit a position that has been working for you? Does your investment
advisor remind you of a friendly, fun, energetic, bouncy and enthusiastic tiger? Learn why Tigger
is bad for the investment jungle.
BEN’S PARADOX
By Guest Columnist, Paul V. Azzopardi, Portfolio Manager, APV Investment Management
There are 3 central tools that an investor can use to analyze what is going on in current
markets. In this article, Paul discusses his SEP (Sentiment, Economics & Price) model which
he uses to uncover what forces are presently driving the markets. To learn more about Paul’s
SEP model or his investment philosophies, please check out his new book, Behavioural Technical
Analysis – an Introduction to Behavioural Finance and its Role in Technical Analysis.
2010-11-24
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2010 September/October
DINOSAURS LEAVE TRACKS
By Ken Norquay, CMT & Partner
The 10 year rate of return on the S&P is -2.3%. The TSX is not much better. How will the future investment decisions
of the largest investors such as pension funds change investing? Why does it matter? They can change the landscape underneath your feet.
HOW DO INVESTORS MAKE MONEY IN BOND: A BRIEF FIXED INCOME PRIMER
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
How you can make a decent profit in bonds when say the 10 year Government of Canada benchmark is only yielding 3%?
Or, how can one lock up your money for 10 years at that rate? Or, if fixed income is where it’s at why shouldn’t investors just purchase bank guaranteed deposits (GICs) and be done with it?
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
BEHAVIOURAL FINANCE: THE BENTLEY THEORY
By Thomas Kleinschmidt, CCO, APM Candidate
The study of behavioural finance points to why – even if investors knew ahead of time that they were going to suffer
serious loss – most would still not sell to preserve their capital.
HOCKEY PLAYERS SHOULDN'T GIVE TENNIS LESSONS
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP, Personal Wealth Strategies
Ed, a fee-for financial planner, explains why those who put together your investment plan shouldn't also be the ones to
make purchase decisions. Mixing planning and investing is a recipe for disappointment as many investors are realising.
AN OUTLOOK FOR NORTH AMERICAN EQUITY MARKETS FOR 2010
By Guest Columnist, Don Vialoux, CMT, Timing the Markets
Don gives his take on the outlook for North American markets for the remainder of the 2010.
2010-09-14
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2010 July/August
BIG GAME HUNTING
By Ken Norquay, CMT & Partner
In ancient times our ancestors hunted to survive. In modern times successful investors need to learn the same skills.
In order for us to hunt in today’s financial market jungles, we need to stalk the activities of our prey: the ones from whom we
make our profits.
A FEW TOPICS TO PONDER: INTEREST RATES, CORPORATE EARNINGS & STRUCTURAL CHANGES
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
A brief look at a few key things at play today for investors and how the realities may be rather different from the hype.
TAX FREE SAVINGS ACCOUNTS - DON'T USE AS A BANK ACCOUNT
TSFA's offer another way to protect investment growth from taxation, but you should know about a wrinkle now emerging.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are
looking at to gauge market direction.
WHEN THINGS LET GO WATCH OUT BELOW
By Thomas Kleinschmidt, COO, CFA Candidate
Investors need a plan and sometimes multiple plans to deal with contingencies and the unforeseen.
MAKING A NEW RRSP OR RRIF DESIGNATION IN YOUR WILL - BEWARE!
By Guest Columnist, Ed Arbuckle, CA, FCA, TEP of Personal Wealth Strategies
Ed, who is only a fee-for financial planner (no plans that lead to product sales like all the rest) discusses updating or
changing your account beneficiaries and some missteps investors make in doing so. As we are specialists in investment
management, Ed too is a specialist but in financial planning.
2010-08-03
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2010 May/June
WHAT'S NEWS
By Ken Norquay, CMT & Partner
With all this valuable information, why are the world’s financial markets still wrought with news-inspired panic selling? Why doesn’t “the smart money” quietly sell their risky investments before the panic hits?
WHAT DOES BUY & HOLD TRULY MEAN
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
Investors, and moreover, their advisors must be prepared to shrug off passive and easy fee collection by working harder and smarter, seeking returns through focussing on what is working, jettisoning what is not, and being able to know when to just be patient on the sidelines. The premise of “buy and hold” still underpins proper portfolio management – we just need to know when we are using “hope” instead of proper selling, buying and allocation of assets within our portfolio. It’s okay to be wrong, it’s not okay or, more importantly, financially prudent to stay wrong.
THE GOLDMAN SACHS EFFECT
By Guest Columnists, Don Vialoux, CMT, Timing the Markets & Jon Vialoux, Equity Clock
Goldman Sachs has been at the forefront of news lately due to allegations surrounding creation of subprime mortgage products and investment positions placed against these products. Those who benefited are alleged to have made billions of dollars. Events and negative news on Goldman were one of the reasons why equity markets began reeling a few weeks ago. Investors are losing faith in the company and the markets that it makes.
DRIVE-BY MORTGAGING
By Ken Norquay, CMT & Partner
If you own investment real estate, should you sell to the current surge of buying? Should you cash in your chips? If the market does drop as it did in the early 1990s, real estate investors with lots of cash will be poised to buy at the bottom. To sell or not to sell? Tough decision?
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along with some commentary. These are the horizons where our gaze it fixed.
A COMMON-SENSE APPROACH TO RISK AND REWARD – Part 4: WHEN IT'S GONE IT'S GONE FOREVER
By Thomas Kleinschmidt, COO and Client Service
Did you end hold on to your equities portfolio during the stock market correction of 2008 and watching the values fall, and then fall even further and further? Are you determined to avoid the next bear market?
2010-05-25
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2010 March/April
Featured Articles Include:
THE SECOND WAVE
By Ken Norquay, CMT & Partner
We all know about the wave of pressure on US home prices. But what about the second wave on its way and how it will impact investors portfolios? Ken talks about the housing industry and what you should be aware of.
INVENTORY & CREDIT RECESSION APPEAR THE SAME AT FIRST, BUT THEY ARE NOT
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
All recessions are not the same. Most investors have been accustomed to tidy and predictable inventory-based recessions. This recession which is really an extension of the one 2001-2002 is a credit-based recession. The recovery process and how it impacts investment decisions is very different.
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
A COMMON-SENSE APPROACH TO RISK AND REWARD – Part 3: To Sell or Not To Sell
By Thomas Kleinschmidt, COO and Client Service
Does selling to protect capital conflict with minimizing capital gains tax liabilities? Here is a graphical way to look at the problem to be able to see where the tax issue sits on the chart as a ‘decision line’ so we can make better decisions.
AN OUTLOOK FOR NORTH AMERICAN EQUITY MARKETS FOR 2010
By Guest Columnist, Don Vialoux, CMT, Timing the Markets
The Canadian Dollar has a history of moving higher from mid March to the end of May. Will history repeat this year?
2010-03-25
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2010 January/February
Featured Articles Include:
SHORT SIGHTED
By Ken Norquay, CMT & Partner
Retrospection often occurs each year on the year that was. But what about taking a longer look back at things, like ten years?
A FEW VIGNETTES
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
A brief look at a few key things at play today and how their realities may be different from the hype: China, the US Dollar and Government Bonds
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
WHAT NOT TO LEARN FROM A COYOTE
By Sheldon Liberman, PM, CCO
Investors would do well to learn to stand down from an idea. As it is with the rascally Wild E. Coyote persistence does not always pay off.
AN OUTLOOK FOR NORTH AMERICAN EQUITY MARKETS FOR 2010
By Guest Columnist, Don Vialoux, CMT, Timing the Markets
Our colleague and good friend Don talks about profiting in 2010.
2010-02-11
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2009 November/December
Featured Articles Include:
THE ROLE OF FEAR IN ROR
By Ken Norquay, CMT & Partner
Extreme or complete lack of fear can negatively effect our investment decisions, but learning to invest with just the right amount of fear can actually do wonders for your portfolio’s return.
A LITTLE BIT OF THIS, A LITTLE BIT OF THAT
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
A hodge podge of things that Hap finds interesting or educational in today's investing climate
THE CHART PAGES
A unique visual look at some market components - the canaries in the coal mine - along commentary suggesting what we are looking at to gauge market direction.
NO RESPECT AT ALL
By Sheldon Liberman, PM, CCO
Everyone goes through ups and downs in their lives, and with the respect you receive only being as good as your latest achievement or performance, it’s perseverance that rewards you in the end.
2009-11-25
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2009 September/October
Featured Articles Include:
WASTING AWAY
By Ken Norquay, CMT & Partner
Learning from our investment mistakes is challenging, especially if we think later, once the pain is gone, that we don’t have to learn anything.
MARKET RALLIES AND TIMEFRAME
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
The 2000-2003 bear market is very similar to the current state of markets and economics, yet it has some deeper issues that weren’t around back then.
THE CHART PAGES
A visual observation of some canaries in the coal mines, a few things we watch that maybe portend of the state of affairs down in the deep.
LIQUIDITY
By Sheldon Liberman, PM, CCO
There’s been lots of talk liquidity and cash on the sidelines, both oft talked about current and future drivers of markets, but what do they really mean now and in the future.
SEASONAL INFLUENCES ON THE MARKETS IN THE MONTH OF SEPTEMBER
GUEST COLUMN By Don Vialoux, CMT, Timing the Market
Don’s looks at the month of September from a seasonal and historical perspective
2009-09-24
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2009 July/August
Featured Articles Include:
PENSION PLAN BLUES
By Ken Norquay, CMT & Partner
The 2009 demise of America’s auto industry shone the spotlight of public scrutiny on some pension plans’ inability to meet their obligations to pensioners. But it goes beyond the auto industry.
DEFLATION OR INFLATION? IT REALLY MATTERS
By Robert “Hap” Sneddon, PM, FCSI, President & Founder
We developed a hypothesis several years ago that we would head into a strong period of deflation at some point in the future. Our methodology calls for us to move a hypothesis to a thesis and finally to action, as data and trend, either supportive or destructive, comes to the fore. Even before this notion formed, we were anticipating a large stock market correction. This could be a single deflationary event or it could beget more deflation like the tip of an iceberg.
A COMMON-SENSE APPROACH TO RISK AND REWARD – PART TWO
By Thomas Kleinschmidt, Client Service
Effectively, only bond investors who hold to maturity in the same currency are rewarded for risk. Said differently, without a selling strategy outside of bonds, you’re a gambler not an investor
DI-WORSE-IFICATION
By Sheldon Liberman, PM, CCO
When the stock market suffers a serious decline, as it did in 2008, financial theory comes under close scrutiny. Investors, and in particular the media, start to wonder how portfolio managers could have ever embraced certain ideas in the first place.
THE CHART PAGE
A visual observation of economic trends.
2009-08-03
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2009 May/June
Featured Articles Include:
WHAT DOES BUY AND HOLD TRULY MEAN?
By Robert “Hap” Sneddon FCSI, President
The March-April newsletter was closed out with a brief synopsis of a complex topic: Modern Portfolio Theory and specifically how it actually has faired over a long study based on the data…
SEARCHING FOR A SUMMER SEASONAL TRADE GUEST COLUMN
By Don Vialoux, CMT
A favourable outlook for grain prices in the second half of 2009 is setting the stage for an interesting seasonal trade this summer.
FYI…
By Sheldon Liberman Portfolio Manager
I have a friend who asked me about the advisability of buying the stock in a particular company. My friend had a friend in the company who informed him that the company was going to exceed its profit forecast for the quarter, and that we should own the stock before…
A COMMON-SENSE APPROACH TO RISK AND REWARD – PART ONE
By Thomas Kleinschmidt, Client Service
Your portfolio’s rate of return is improved by NOT participating in the major downtrends. Additionally, calculable risks rise and fall according to a selling strategy – thus the timing of selling is more important than the timing of buying.
WANT TO BECOME A BETTER INVESTOR? GET BRAIN DAMAGE GUEST COLUMN
By Barry Ritholtz,
Regular contributor and guest on CNBC, a significant US market voice.
That’s the finding of a rather unusual study by researchers from Carnegie Mellon University, the Stanford Graduate School of Business and the University of Iowa.
2009-06-05
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2009 March/April
Featured Articles Include:
FINANCIAL MORALITY
By Ken Norquay, CMT and Partner.
“Love of money is the root of all evil.”
When we think of good and evil in investing, we usually think of whether we make money or lose money. Making money is good: losing is bad. In the investing world, good and evil are defined in dollars and cents.
VOLUME AND MARKET TREND CHANGES
By Robert “Hap” Sneddon FCSI, President
“It would be a mistake to assume that most changes in trend are very abrupt afairs. The fact is that important changes in trend usually require a period of transition. The problem is that these periods of transition do not always signal a trend reversal.
CHANGE
By Sheldon Liberman Portfolio Manager
Action and reaction, ebb and fow, trial and error, change – this is the
rhythm of living. Out of our over-confdence, fear; out of our fear, clearer
vision, fresh hope. And out of hope, progress. (Bruce Barton)
2009-04-26
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2009 January/February
Featured Articles Include:
TWO BIG THREE’S
By Ken Norquay, CMT and Partner.
Amidst all the auto bail out bumph of late 2008, we heard the phrase “Gradual Bankruptcy.” Some US politician was commenting on the inevitable failure of one or more of the Big Three US auto manufacturers…
6 OR 7 OUT OF 10 IS GOOD
By Robert “Hap” Sneddon FCSI, President
Good portfolio management, like many things in life, is about managing your mistakes, about managing your investment misses. Another way of looking at it is through the process of risk management…
INVESTING IN EXCHANGE TRADED FUNDS (ETFS)
By Don Vialoux, CMT
Exchange Traded Funds are simple and valuable investments with strange sounding names! ETFs essentially are mutual funds that trade like a stock.
LESSONS FROM COACH HOLTZ
By Sheldon Liberman Portfolio Manager
I’ve always found sports analogies to be particularly applicable to the business of investment management. For instance, in a recent blog article sheldonliberman.blogspot.com, I discussed how much investing was like playing tennis, in the sense that they are both losers’ games…
2009-01-02
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2008 November/December
Featured Articles Include:
Stop the Bubble Machine
By Ken Norquay, CMT and Partner.
Okay, you’re an investor. The family next door bought their house for $400,000 a few years ago with no down payment and a 40-year amortization…
What Now? How Do You “Recover”? What’s the Strategy?
By Robert “Hap” Sneddon FCSI, President
Though we seem to have some stability in the markets at the time of writing with theVIX, a measure of volatility (see Sep/Oct 08 and VIX update for more on volatility), coming off historic highs, the last few months have been a tough stretch…
Holiday Wishes, Ode to the New Year
By Sheldon Liberman Portfolio Manager
The year 2008 is about to give way to a new, and hopefully profitable, investment year. Although our clients have come through the current crisis well, we at CastleMoore nevertheless look forward to a fresh start…
2008-11-12
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2008 September/October
Featured Articles Include:
Economic Tsunami:The Crest of the Wave
By Ken Norquay, CMT and Partner.
The ripple began 2 or 3 years ago. Then the US subprime mortgage wave hit the headlines 14 months ago…
TIME AND VOLATILITY: HOW HAS IT CHANGED THINGS?
By Robert “Hap” Sneddon FCSI, President
Making investment decisions in the last year seemed like a mugs game. Investors, whether professional or individuals, may have done their homework, hopefully dotting all the “i’s” and crossing all the “t’s”, yet still feel like they’ve been played for a fool…
U.S. Equity Markets and the U.S. Presidential Election Cycle
By Don Vialoux, CMT
U.S. equity markets historically have moved higher during U.S. presidential election years. Data for U.S. election years starting in 1888 shows that the S&P 500 Index advanced in 23 of the past 30 periods…
Hurting Days Hath September
By Sheldon Liberman Portfolio Manager
I’ve always loved the month of September. The weather was usually agreeable, the pennant races were in the home stretch, hockey was becoming more the buzz (go Habs!) and the NFL season was kicking off…
2008-09-10
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2008 July/August
Featured Articles Include:
Boiling Oil
By Ken Norquay, CMT and Partner.
Rookie stock bro-ker: “How far up will it go?” Grizzled veteran broker: “Farther than you think!”
The Seeds of a Company, CastleMoore
By Robert “Hap” Sneddon FCSI, President
CastleMoore was created out of a hypothesis and sustained through facts that there was a need for a new approach to managing money…
My Choice of Careers (Part II)
By Sheldon Liberman Portfolio Manager
In my last column (and there are a few choice words waiting for those who suggested it should be my last column) I put forth some perspective on being CastleMoore’s Portfolio Manager…
2008-07-08
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2008 May/June
Featured Articles Include:
Market Psychology: Challenges of CastleMoore’s Contrarian Style
By Ken Norquay, CMT and Partner.
The stock market is not solely about good news or bad news. It’s really about the context of the news…
The Big Picture: Some Great Summer Reading
By Robert “Hap” Sneddon FCSI, President
I don’t read the business section that often. By and large, to me, most of the news reported isn’t useful in making investment decisions or charting a course…
My Choice of Careers
By Sheldon Liberman Portfolio Manager
They say that a man is known by the company he keeps. A portfolio manager is known for the companies he keeps…
2008-05-06
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2008 March/April
Featured Articles Include:
Investor Amnesia?
By Ken Norquay, CMT and Partner.
The majority of investors have such short memories. Do you have investors’ amnesia?
What’s The Deal With Bonds?
By Robert “Hap” Sneddon FCSI, President
CastleMoore’s benchmark, a relative measurement of our performance, consists of 35% Cdn bonds, 35% Cdn, 15% US and 15% International equities…
The Winter of Our Discontent
By Sheldon Liberman Portfolio Manager
The severity of this winter in Ontario has, on occasion, invited comparison to the winters I experienced growing up in Montreal…
2008-03-04
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2008 January/February
Featured Articles Include:
Sub-Prime: The Understatement of the Year 2007
By Ken Norquay, CMT and Partner.
What’s all the fuss about? Summer 2007: Why did the central banks of the most sophisticated economies in the world have to bail out the Big Banks?
The Canaries in the Coal Mine
By Robert “Hap” Sneddon FCSI, President
The last year has been a wild ride for investors to say the least…
I Liked the Company So Much….
By Thomas Kleinschmidt, Client Service
I joined the company! For my inaugural submission to the CM Newsletter I wish to say hello to all readers…
2008-01-02
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2007 May/June
Featured Articles Include:
Going Looney for the Loonie
By Ken Norquay, CMT and Partner.
Every once in a while, we get to see a classic: all the forces come together in a “text book” example and we get to test our theories…
Prices Don’t Lie…
By Robert Sneddon FCSI, President
“Prices don’t lie!” she stated confidently while scanning the large room, seemingly to see who might raise a challenge or to maybe just to see who really looked confused...
Notes From the Trader’s Forum
By Sheldon Liberman Portfolio Manager
It had been quite awhile since I had attended an industry gathering of equity traders…
2007-05-06
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2007 March/April
Featured Articles Include:
The Second Shoe
By Ken Norquay, CMT and Partner.
In the Sept 06’ issue of CastleMoore Investment News, I wrote about the woes of General Motors, the once powerful auto manufacturer whose only remaining talent is making obsolete V-8 engines…
Prices Don’t Lie…
By Robert Sneddon FCSI, President
“Prices don’t lie!” she stated confidently while scanning the large room, seemingly to see who might raise a challenge or to maybe just to see who really looked confused.
Overweight’s the Norm
By Sheldon Liberman Portfolio Manager
Coach: What's shaking, Norm? Norm: All four cheeks and a couple of chins, Coach…
2007-03-04
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2007 January/February
Featured Articles Include:
Heartaches
By Ken Norquay, CMT and Partner.
Valentine’s Day is upon us: the season for human beings to celebrate our emotional nature…
The True Story About Loss
By Robert Sneddon FCSI, President
You may have seen the typical illustration used to highlight the impact of loss upon your investment portfolio…
When You’re Rich, You’re Eccentric
By Sheldon Liberman Portfolio Manager
What do the names Daddy Warbucks, C. Montgomery Burns, Scrooge McDuck, Ritchie Rich, Jed Clampett and Mr. Monopoly all have in common, besides being rumoured to have voted Democrat last November?
2007-01-02
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2006 November/December
Featured Articles Include:
Fed Up, Fed Down
By Ken Norquay, CMT and Partner.
The US Federal Reserve Board [“The Fed”] is the single most influential economic force in the world…
Financial Planning, Investment Decisions: Keep Them Separate
By Robert Sneddon FCSI, President
Financial planning is certainly a growth business with baby boomers wondering how much dough they’ll need for retirement…
Income Trusts: Where to Start?
By Robert Sneddon FCSI, President
We rarely talk about individual securities in our newsletters or to our clients.
Napoleon Blown-apart
By Sheldon Liberman Portfolio Manager
Imagine being an investor in London, England, on fifteenth of June, 1815…
2006-11-12
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2006 September/October
Featured Articles Include:
THE CLONE BUILDERS
By Bill Carrigan
According to the company, the Sentry Select Diversified Income Trust is a closed-end trust that invests primarily in a broad range of royalty and income trusts, real estate investment trusts and other high-yielding securities…
GM Genius
By Ken Norquay, CMT and Partner.
In late August 2006, GM announced its re-entry into the muscle car business…
Zzzz … (Part II)
By Sheldon Liberman Portfolio Manager
You may recall having read, or are at least somewhat familiar with, the story of Rip Van Winkle…
2006-09-10
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2006 June/July
Featured Articles Include:
THE DAY THE REPORTER CALLED ME
By Ken Norquay, CMT and Partner.
Newspaper reporters are an interesting lot. Their job often is to make something that is
really boring sound like something that is really interesting.…
The Monkey in US All
By Robert Sneddon, President of CastleMoore Inc.
I recently came across a study of Capuchin monkeys that reinforces why investors and money managers must act from a discipline which separates their instinctive tendencies
from their portfolio management decisions. …
Zzzz …
By Sheldon Liberman Portfolio Manager
There’s a time and a place for adventure. Your investment program should be neither. …
2006-06-07
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2006 April/May
Featured Articles Include:
GOLD STOCKS VS GOLD BULLION
By Robert Sneddon, President of CastleMoore Inc.
Some time ago we began purchasing units of bullion for our more conservative and moderate clients…
WHAT IS AN INVESTMENT COUNSELLOR?
By Ken Norquay, CMT and Partner
Most Canadians have their assets managed by one of four types of advisors…
INCOME TACKS
By Sheldon Liberman Portfolio Manager
It’s tax season again, and if you’re like most taxpayers, one of the following is true…
2006-04-05
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2006 February/March
Featured Articles Include:
BABY BOOMERS :WHEN ARE YOU SELLING ?
By Robert Sneddon, President of CastleMoore Inc.
I am not a baby boomer myself, but I’ve come to intimately understand their financial concerns and objectives. I had to.
MAINTAINING YOUR BALANCE
By Sheldon Liberman, Portfolio Manager
Ol’ Yogi likely wasn’t thinking of his investment portfolio when he favored us with that particular Yogiism, but in the mind of a portfolio manager, he might as well have been…
FOREIGN CONTENT RULES NOW SCRAPPED: NOW WHERE ARE THE GREENER PASTURES?
By Robert Sneddon, President of CastleMoore Inc.
Foreign content rules have recently changed. Beginning in 2006 Canadian RRSP investors are no longer bound by any federal rules that limit the amount of money that they can invest in security markets outside of Canada...
2006-02-03
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2005 November/December
Featured Articles Include:
Bah, Hummer Bug?
By Ken Norquay, CMT.
It’s the story of the stock market, isn’t it? There are winners and there are losers…
Curb Your Enthusiasm
By Robert Sneddon, President of CastleMoore Inc.
Want to become a better investor? Get brain damage…
Its’ the Earnings, Schmendrik!
By Sheldon Liberman, Portfolio Manager
The Stock had a P/E of 500, but the analyst recommending it said that it was too low, that it should have a P/E of 1000…
2005-11-12
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