Newsletter – November / December 2012 – 2013: What’s going on down in the deep?


2013: What’s going on down in the deep?

Prognostication on the future can be a mug’s game. You look like a goat if you’re wrong and some kind of wizard if you’re right. But I learned early on in my career at Richardson Greenshields, and then RBC Dominion Securities, working with the influence of some great people like Don Vialoux or Ray Hansen that true investment success comes from understanding probabilities. It’s a stark, uneventful way to assess opportunity, and act, but the most relevant now. With the contemporary twin investor objectives of performance and asset preservation having one’s cake and eating too, or at least a bit of both, is the portfolio manager’s job these days.

From today’s standpoint – that is post-QEternity, post-US presidential election, pre & post the Euro mess, and as we (especially the non- American “we”), march along with the US on their lemming saunter (it is like a slow motion train wreck isn’t it?) towards the fiscal cliff – here’s what changes are occurring in asset classes, sectors, TSX stocks and countries. They lay out an investment map for 2013.

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