General comments from an expert | StockChase
10683
A Comment -- General Comments From an Expert (A Commentary)

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Sometimes an expert talks about things other then a particular stock. We think it may be useful to include it, so this is the spot we use.


General comments from an expert


Signal Opinion Expert
     

2017-11-23

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A Comment -- General Comments From an Expert 

Market.  Every year he wonders if we will plateau in ETF inflows or will we break records and it looks like we are headed to break records again this year.  There are about 640 ETFs in Canada now.  There are more to come including actively managed ones.  We have a friendlier regulatory environment for actively managed ETFs in Canada.  It is more like mutual funds.  The Canadian ETF market has more headroom to grow than the US.  The whole world comes to the US ETF market to invest.  Many Canadian investors have a home bias.  Equal weighting is a good way to get a sector weight exposure.

Daniel Straus

Head of ETF Research & Strategy, National Bank Financial

Price: $0.020
Owned: _N/A

2017-11-23

WAIT
A Comment -- General Comments From an Expert 

US$ Investments in Telecoms.  Today’s telecom is not like your granddaddies telecom.  They could then deliver stable dividends and returns.  There will be a lot of shifts to that classification.  Over the next year there will be a shakeup in how telecom stocks are classified.  A lot of social networking companies will come into the space.  It is an interesting investment theme but he wants to take a wait and see approach.  You will get currency risk in US investment accounts.

Daniel Straus

Head of ETF Research & Strategy, National Bank Financial

Price: $0.020
Owned: Unknown

2017-11-23

COMMENT
A Comment -- General Comments From an Expert 

Canadian listed ETF to US counterpart.  Taxes, fees and so on all play a part.  US ETFs are often cheaper.  Currency is a major factor and in a Canadian ETF you may have the option of a hedged ETF. 

Daniel Straus

Head of ETF Research & Strategy, National Bank Financial

Price: $0.020
Owned: Unknown

2017-11-23

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A Comment -- General Comments From an Expert 

Market. The US economic data has been pretty good until recently when there was another downturn in capital spending. Canada is a completely different story with the 2 surprise back to back rate hikes. We are just beginning to see the full impact of those 2 rate hikes. On the July 11 rate hike, there was an expected 1% increase in retail sales for September, but it came in only at 0.1%. The 2nd hike was on Sept 6, which will start to bear the brunt of the 2 rate hikes. We lost more than 10% in exports for 4 months in a row. He can’t wait to see the rest of the September numbers, and October could be even worse. We might have a little reprieve, because the Cdn$ had turned weaker by October. The Federal Reserve wants to raise rates, and are switching back to rule-based monetary policy. Because inflation is so low, there is still an argument that there is no need to raise rates quickly. The bull market is still very much intact.

William Chin

Portfolio manager, Caldwell Investment Management

Price: $0.020
Owned: _N/A

2017-11-23

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A Comment -- General Comments From an Expert 

Gold? Chart shows a saucer formation with lower highs and lower lows in 2015, but it has now turned around. More interestingly, during 2016 and 2017, the federal reserve has been raising interest rates, and the US$ has been relatively strong. During periods of stronger US$s, gold mathematically should go down, but it is going up indicating that there is organic inherent strength in gold. He thinks it is going higher, but don’t chase it. Be patient and try to buy the dips. When you are buying gold, you are also buying the US$.

William Chin

Portfolio manager, Caldwell Investment Management

Price: $0.020
Owned: _N/A

2017-11-22

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A Comment -- General Comments From an Expert 

Market. This is the time of year when we might see some distortions in the market, when certain Selling and Buying occur. One level is where institutional investors are looking to lock in bonuses and not have difficult conversations with their bosses. There is also the tax loss selling process, which we are beginning to see in some of the Canadian names. It’s the time of year when valuations can get a little obscure. As we move further into the holiday season, there tends to be a lot of people on holidays. If you have fresh capital and are looking to buy some quality names that have been beaten up, now is a good time to start thinking about it. Also, for tax planning, taking a little money off the table is a good idea. If you are in the FAANG stocks, you want to probably cut it in half at this point.

Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $0.020
Owned: _N/A

2017-11-22

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A Comment -- General Comments From an Expert 

With US$ falling, would investing internationally be smart? After the global financial crisis, we really got the lesson that if you didn’t invest internationally, it was really tough. If you want a portfolio that is going to be diversified by currency, product line, geography and income streams, over time you will end up with a more stable type of income stream. The answer is Yes, Buy internationally.

Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $0.020
Owned: _N/A

2017-11-22

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A Comment -- General Comments From an Expert 

Blockchain crypto currency technology? Thinks the technology has a serious amount of vapour beneath it. Longer-term, it is obviously serious technology, because a lot of industries are looking to use the technology. For him, the big challenge is who is actually controlling this. The old concept of having a currency and it being controlled by a central bank, completely goes out the window on a crypto currency context. He does think it is going to evolve in the form of a few bankruptcies, but out of that noise, we will ultimately get a new technology which will be highly beneficial.

Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $0.020
Owned: _N/A

2017-11-22

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A Comment -- General Comments From an Expert 

Market. The TSX 10-year chart shows it breaking into highs which were reached before the financial crisis, which is pretty sad. The TSX index is the worst major Index in the world. It is dominated by resource and financials. Normally, a country’s stock index should reflect the economy of a country. Because so many of our large companies are foreign owned or privately owned, ours does not reflect that at all. In the US and in most countries, their main index better reflects their economies. He would never own a Canadian Index product. Most indexes are market cap weighted, so that as a stock goes up in value its percentage in that index keeps going up. There is an index you can buy called an equal weight index, where all stocks are weighted equally. It better reflects what is really going on in markets.

Norman Levine

Managing Director, Portfolio Management Corp

Price: $0.020
Owned: _N/A

2017-11-21

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A Comment -- General Comments From an Expert 

Investing. If he doesn’t like the look of a sector, he stays out of it. There used to be the phenomena where people thought that if you picked the best house on a bad block, you’d be okay. For most of his career, that was true, but it is becoming less and less of an appropriate way of looking at things. Everybody remembers the banks and insurance companies having a difficult time during the global financial crisis. It created a tremendous opportunity within real estate, but he noticed his real estate companies were getting hurt on days when other financials were getting hurt, then he realized real estate was part of the financials. Today credit spreads are very narrow, the economy is growing very nicely, so if looking for an underperformer in an outperforming sector, is the market telling you that it is going to do poorly the next time the market corrects? Also, a lot of that is incredibly time sensitive. To him, 3-5 years is what counts. 

David Fingold

VP and Portfolio Manager, Dynamic Funds

Price: $0.020
Owned: _N/A

2017-11-21

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A Comment -- General Comments From an Expert 

Market. North American equity markets made new all-time highs in 2013, the 1st time since the 90s. We rallied 2 years into 2015 and corrected globally. Since February 2016, the market has been slowly making its way higher. We had begun a long reflation of equities in 2016. We have a synchronized growth going on globally, and equities are really an attractive asset class when you have the beginnings of reflation. It can go on for a long time. The hardest thing in a bull market is to stay in your winning positions. Everybody worries, which is good. Looking at the 3 years that came after the first major correction in a bull market of the 50s, there was a rally for 3 years with no volatility. In the rally after the first major correction in 1984 for the 80s and 90s bull market, you had 3 years with no major correction. Since February 2016, we’ve been getting 3%-4% corrections. Another correction is not coming, as there are people with cash sitting waiting for it. In the next 12 months you are going to see a real correction, and then you’ll probably get another 3-4 years of good markets. Regarding cyclicals, flows out of bonds has barely begun. (They’ve been flowing into bonds for over 40 years.) It is relatively early. US banks are trading at 1X BV, and they traded at 2X-3X in the past, and BV is growing.

David Burrows

President & Chief Investment Strategist, Barometer Capital Management

Price: $0.020
Owned: _N/A

2017-11-21

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A Comment -- General Comments From an Expert 

Price to Book ratio? The value you pay for an asset in the event there was a problem. When looking at US banks trading at 1X or 1.5X BV, you are not paying that much for the assets you are getting.

David Burrows

President & Chief Investment Strategist, Barometer Capital Management

Price: $0.020
Owned: _N/A

2017-11-20

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A Comment -- General Comments From an Expert 

[Today's show was pre-empted by BNN's coverage of the Nabraska vote on Keystone XL Pipeline.]

Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $0.020
Owned: _N/A

2017-11-20

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A Comment -- General Comments From an Expert 

Market.  The economies around the world are in synchrony and are good.  It has helped the international markets.  The emerging markets have led the ride.  They have been the best performers.  It is partly driven by a strong economy in China.  The big question is what happens in normalization of interest rates and lack of stimulation.  The macroeconomic text books were wrong and have to be re-written after we see what happens in 10 years.  Inflated real estate is a global phenomenon.  Prices are much higher than they have been in the past.  Sweden is a signal of what comes afterwards.  House prices are starting to decline and it will give us a road map as to what happens as housing prices around the world start to decline. 

Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.020
Owned: _N/A

2017-11-20

COMMENT
A Comment -- General Comments From an Expert 

Oil and gas is an area he does not focus on because his Canadian investors can get it here.  He has only owned TOT-N, which he thinks is the best and number two is RDS.A-N.  Tot-N is fully integrated and has the best growth profile of all the majors in Europe.

Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.020
Owned: Yes

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