Cyber security. The pipeline shut down due to a breach underscores the importance of cyber security. It is critical infrastructure, serving the whole East Coast, that was vulnerable and it will be even more important going forward.

Job numbers. Starting to see upward pressure on wages. The economic data and estimates used do not account for the dynamics of covid. As we re-open, the job picture will continue to get better. Inflation is often talked about in hand with employment and wage pressure. Paying people to stay at home is also hurting a bit on job growth.

$1.3T of new bond supply. There is a deficit of $600B in new bonds. We did not have this last quarter. Now we have $600B being sucked out of liquidity. Liquidity has boosted markets and it can deflate markets when it changes currents. There will be some challenges in the next few quarters.

ZMT has been a holding since mid last year. It has steel, aluminum, copper and other base metal mining holdings. The infrastructure re-building will see steel playing a big part. REMX focuses in rare earths. Would go with the larger base metal play than just base metals.

ZMT has been a holding since mid last year. It has steel, aluminum, copper and other base metal mining holdings. The infrastructure re-building will see steel playing a big part. REMX focuses in rare earths. Would go with the larger base metal play than just base metals.

RBNK is a rather newer ETF that is weighted by the yield of the banks. You get extra yield in CIBC, RBC and Scotia which would be weighted a little more. HCA uses a mean reversion that overweights some that have underperformed and under-weights some that have out performed.

RBNK is a rather newer ETF that is weighted by the yield of the banks. You get extra yield in CIBC, RBC and Scotia which would be weighted a little more. HCA uses a mean reversion that overweights some that have underperformed and under-weights some that have out performed.

ZPAY is a US based dollar holding. When CAD becomes strong, you lose money holding a US asset. The move down is largely the CAD trading higher.

Currency exposure is a big factor when investing globally. You must factor in the currency impact. The currency accounts for 15% of the exposure. The CAD has gone a lot further than he has thought. There is a global sentiment that the USD will get weaker relative to other currencies.

A way to play the global market place. It is weighted half in the US market, 24% in Canada and emerging markets at 5%. International developed markets account for 25%. This ETF is overweight Canada. Good for when financials and energy does well. In the big picture, the Canadian plays will not do as well as they have done in the last year. A good ETF to get broad exposure.

Companies that are public mortgage investment corps. Lots of volatility. There is probably some value in the sector in returning to pre-covid levels. We do not know the extent of bankruptcies that will come once aid and payment relief is gone.

Educational Segment. Commodities are very cyclical. It depends on the cycle and which commodity. Looking at PICK, which is an ETF that gives you exposure to base metals and mining, it has seen a major move up close to previous highs. Looking at individual commodities, you can see that the copper story could be a fundamental shift that is different from previous cycles. Other commodities like corn and soy could see a new base price but right now we are in a spike market. A lot of the commodity spike is supply driven. Crude oil is the opposite of copper. As we electrify, this sector is at the start of a longer term secular downturn.

Market outlook. It is clear that all the stimulus and central bank actions are responsible for the boost in asset markets. Powell hinted at froth in the markets. What the feds are doing is not solving inequality and structural problems.

Inflation. The large parts of the inflationary impacts are supply issues. The real question is on incomes. People must have a will to spend, but also wages need to go up. If this goes up, inflation will really go up. Employment numbers in Canada and US is really where we must watch. Feds cannot do much about it since if rates go up, the economy will collapse.

You cannot taper bond issuances, and contrary to this, it must be stepped out. The debt must be financed and this will push yields higher.