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Newsletter – January / February 2010 – Short Sighted

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Short Sighted

I wonder why we do it every year. Every New Year’s season we like to look back at the old year: what happened in 2009 and what might be in store for us in 2010.

Let’s change this familiar pattern this year. We are in the investment business. Let’s look specifically at the financial trends that are in place as we enter the New Year. Maybe we can learn something from looking back at more than the old year: let’s look at the old decade.

In January 2000 the Canadian market was around 8,000 and now it’s around 12,000: a 50% gain over 10 years. But a closer look shows it was around 8,000 in January of 2009 too, only one year ago. Short term investors made as much money in the past year as long term investors made over the past 10 years.

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