Tyler Mordy
Member since: Jul '16
President & CIO at
Forstrong Global Asset Management
Forstrong Global Asset Management
259 Opinions
Latest Top Picks
(A Top Pick Sep 26/19, Down 30%) He bought more in the March trough. Performance has been disappointing. Still holds a small position. It bounced back partly since March. The value and expectations in mortgage REITs is so low now, so he still holds a small position of this. This is trading well below book value. Pays an 11% dividend, so higher-risk, but continue to hold it.
(A Top Pick Sep 26/19, Down 18%) Expectations and valuations for European banks are so low now and have been so battered. A good sign is that Europe is moving towards a discal union. This ETF is poised for a massive cyclical bounce. At least, you're paid to wait with this ETF.
(A Top Pick Sep 26/19, Up 22%) South Korea has endured this pandemic and proven to be resilient, and not blown its national balance sheet (like western countries). Their main exports are cars and tech components. South Korean assets are overlooked and under-owned, trading at 10.5x earnings and pays a good yield. SK is integrated on global supply chains. It is the poster child for post-Covid success.
South Korean stocks are undervalued. The economy is resilient, having endured Covid well and totally integrated into world supply chains. It's benefitted from some supply chain shift away from China. South Korea is attracting more foreign capital flows. Samsung is EWY's biggest holding at 22%.
As tech has pushed up the broad markets this year during Covid, financials and industrials have been left behind, but they will rise in the coming recovery as a sign of the global economy healing and the global cycle taking off. We see early indications that momentum is starting to return in the industrial sector.
Signal
Opinion
Expert
Chart
COMMENT
COMMENT
November 3, 2020
Stocks are up on election day to anticipate the result of the vote, meaning a Biden "blue sweep" of the House and Senate. During Trump's
term, China's trade surplus with the US grew 25%. In other words, what corporations and presidents so are different. Essentially, it's very difficult to untangle the complex trading relationships that countries have with each other.
Show full opinionHide full opinion
Stocks are up on election day to anticipate the result of the vote, meaning a Biden "blue sweep" of the House and Senate. During Trump's
term, China's trade surplus with the US grew 25%. In other words, what corporations and presidents so are different. Essentially, it's very difficult to untangle the complex trading relationships that countries have with each other.
BUY
BUY
November 3, 2020
Since the 2008 crash, EM has not done well. The US has led, instead. Today, it's the opposite: emerging markets offer low valuations, currencies and expectations. So, he's extremely bullish EM in the next 5-10 years. DEM pays a huge dividend over 5%. It takes the broad MSCI EM index and converts it to a higher-dividend index, meaning away from tech and consumer discr to financials and materials. This works for him, because he expects global growth post-Covid to be higher in 2021 by rotating to back-to-work sectors.
Show full opinionHide full opinionSince the 2008 crash, EM has not done well. The US has led, instead. Today, it's the opposite: emerging markets offer low valuations, currencies and expectations. So, he's extremely bullish EM in the next 5-10 years. DEM pays a huge dividend over 5%. It takes the broad MSCI EM index and converts it to a higher-dividend index, meaning away from tech and consumer discr to financials and materials. This works for him, because he expects global growth post-Covid to be higher in 2021 by rotating to back-to-work sectors.
E.T.F.'s
COMMENT
COMMENT
November 3, 2020
When to use a CAD-hedged ETF? Currencies are like stocks and can be over-owned. Look for underloved, under-owned currencies. ETFs offer a variety of currency hedges in Canada and US. Embrace this hedged view; it's a secret weapon used to manage risk. Active currency management is good, managing risk. He feels that the USD will decline against other currencies, including the CAD, in coming years. Remember that emerging markets have been beat up for years, both their stocks and currencies. However, be unhedged in the Chinese and Brazillian currencies. Hedge to the USD.
Show full opinionHide full opinionWhen to use a CAD-hedged ETF? Currencies are like stocks and can be over-owned. Look for underloved, under-owned currencies. ETFs offer a variety of currency hedges in Canada and US. Embrace this hedged view; it's a secret weapon used to manage risk. Active currency management is good, managing risk. He feels that the USD will decline against other currencies, including the CAD, in coming years. Remember that emerging markets have been beat up for years, both their stocks and currencies. However, be unhedged in the Chinese and Brazillian currencies. Hedge to the USD.
COMMENT
COMMENT
November 3, 2020
International bank outlook Look at the differences between the Canadian, US and European banks. We've had a lopsdied market where people chased tech and consumer discetionary. The US banks have the most lift in the next 3-5 years. Canadian ones are reliable dividend payers with good balance sheets. European ones trade far less in book value. Their dividends are paused this year, but next year will pay 6.5%. The US banks hold more growth in 2021. He's bullish the banks, but would rank Canadian ones here in the third rung.
Show full opinionHide full opinionInternational bank outlook Look at the differences between the Canadian, US and European banks. We've had a lopsdied market where people chased tech and consumer discetionary. The US banks have the most lift in the next 3-5 years. Canadian ones are reliable dividend payers with good balance sheets. European ones trade far less in book value. Their dividends are paused this year, but next year will pay 6.5%. The US banks hold more growth in 2021. He's bullish the banks, but would rank Canadian ones here in the third rung.
WEAK BUY
WEAK BUY
November 3, 2020
Inflation-protected bonds respond to interest rates and inflation expectations which are now low. If interest rates go down, then the price of the bond will rise. If inflation expectations rise, so will the bond. It you want to generate income, nominal bonds is not the place to do that. Real return bonds are slightly better. Inflation expectations last summer hit multi-year lows. Covid has forced fiscal policy to play a much bigger role. Real return bonds will pay decent returns over coming years, but the returns are low. Can't get excited over them. He likes this ETF, but you can look elsewhere around the world for income.
Show full opinionHide full opinionInflation-protected bonds respond to interest rates and inflation expectations which are now low. If interest rates go down, then the price of the bond will rise. If inflation expectations rise, so will the bond. It you want to generate income, nominal bonds is not the place to do that. Real return bonds are slightly better. Inflation expectations last summer hit multi-year lows. Covid has forced fiscal policy to play a much bigger role. Real return bonds will pay decent returns over coming years, but the returns are low. Can't get excited over them. He likes this ETF, but you can look elsewhere around the world for income.
COMMENT
COMMENT
November 3, 2020
A decent ETF. HUTL is globally diversified, fine, but his one concern is that utilities. He predicts global growth to be higher in 2021 than the consensus. Look also at Wisdom Tree ... Look at Asia. EUFN-Q offers a good dividend yield.
A decent ETF. HUTL is globally diversified, fine, but his one concern is that utilities. He predicts global growth to be higher in 2021 than the consensus. Look also at Wisdom Tree ... Look at Asia. EUFN-Q offers a good dividend yield.
E.T.F.'s
WATCH
WATCH
November 3, 2020
With Biden's green energy deal, renewables are up 150% YTD. But the sector and ICLN are frothy, too euphoric. Watch this. Now is not a good entry point. Also watch what green policies Biden actually passes if/when he takes the White House.
Show full opinionHide full opinionWith Biden's green energy deal, renewables are up 150% YTD. But the sector and ICLN are frothy, too euphoric. Watch this. Now is not a good entry point. Also watch what green policies Biden actually passes if/when he takes the White House.
PAST TOP PICK
PAST TOP PICK
November 3, 2020
(A Top Pick Sep 26/19, Down 30%) He bought more in the March trough. Performance has been disappointing. Still holds a small position. It bounced back partly since March. The value and expectations in mortgage REITs is so low now, so he still holds a small position of this. This is trading well below book value. Pays an 11% dividend, so higher-risk, but continue to hold it.
Show full opinionHide full opinion(A Top Pick Sep 26/19, Down 30%) He bought more in the March trough. Performance has been disappointing. Still holds a small position. It bounced back partly since March. The value and expectations in mortgage REITs is so low now, so he still holds a small position of this. This is trading well below book value. Pays an 11% dividend, so higher-risk, but continue to hold it.
E.T.F.'s
PAST TOP PICK
PAST TOP PICK
November 3, 2020
(A Top Pick Sep 26/19, Down 18%) Expectations and valuations for European banks are so low now and have been so battered. A good sign is that Europe is moving towards a discal union. This ETF is poised for a massive cyclical bounce. At least, you're paid to wait with this ETF.
Show full opinionHide full opinion(A Top Pick Sep 26/19, Down 18%) Expectations and valuations for European banks are so low now and have been so battered. A good sign is that Europe is moving towards a discal union. This ETF is poised for a massive cyclical bounce. At least, you're paid to wait with this ETF.
E.T.F.'s
PAST TOP PICK
PAST TOP PICK
November 3, 2020
(A Top Pick Sep 26/19, Up 22%) South Korea has endured this pandemic and proven to be resilient, and not blown its national balance sheet (like western countries). Their main exports are cars and tech components. South Korean assets are overlooked and under-owned, trading at 10.5x earnings and pays a good yield. SK is integrated on global supply chains. It is the poster child for post-Covid success.
Show full opinionHide full opinion(A Top Pick Sep 26/19, Up 22%) South Korea has endured this pandemic and proven to be resilient, and not blown its national balance sheet (like western countries). Their main exports are cars and tech components. South Korean assets are overlooked and under-owned, trading at 10.5x earnings and pays a good yield. SK is integrated on global supply chains. It is the poster child for post-Covid success.
E.T.F.'s
PARTIAL BUY
PARTIAL BUY
November 3, 2020
Pays an 8.25% dividend. It writes calls and has a currency hedge on the CAD-Euro exchange rate. It can do well in coming years. We're in a cyclical bounce, coming from the ashes of Covid. But there are other BMO ETFs that aren't hedged without covered calls, and are more cyclically oriented. But if you want income, this ETF will do well in coming years.
Show full opinionHide full opinionPays an 8.25% dividend. It writes calls and has a currency hedge on the CAD-Euro exchange rate. It can do well in coming years. We're in a cyclical bounce, coming from the ashes of Covid. But there are other BMO ETFs that aren't hedged without covered calls, and are more cyclically oriented. But if you want income, this ETF will do well in coming years.
E.T.F.'s
COMMENT
COMMENT
November 3, 2020
It's the US small caps index. They do better in times of declining yields and higher growth. This is good if you want to hunker down and hedge the US dollar. Small caps are beat up, but he predicts a rotation in the coming year to favour small caps. XSU is decent, but he prefers SCZ.
E.T.F.'s
PARTIAL SELL
PARTIAL SELL
November 3, 2020
This ETF has smashed it over the past 5 years. Medical devices are a hybrid of tech and healthcare, which he really likes. Problem is that market enthusiasm and growth are priced in here already (like the FAANGs). Take profits.
Show full opinionHide full opinionThis ETF has smashed it over the past 5 years. Medical devices are a hybrid of tech and healthcare, which he really likes. Problem is that market enthusiasm and growth are priced in here already (like the FAANGs). Take profits.
E.T.F.'s
PARTIAL SELL
PARTIAL SELL
November 3, 2020
Has done really well. It's full of tech/internet companies like Alibaba. The Chinese tech industry has done very well. He predicts a work-from-home to back-to-home, so values and cyclicals will do well in 2021. That doesn't mean to sell tech, but if you own this, take some profits and buy into value and cyclicals, like banks and industrials in EM and Europe.
Has done really well. It's full of tech/internet companies like Alibaba. The Chinese tech industry has done very well. He predicts a work-from-home to back-to-home, so values and cyclicals will do well in 2021. That doesn't mean to sell tech, but if you own this, take some profits and buy into value and cyclicals, like banks and industrials in EM and Europe.
E.T.F.'s
TOP PICK
TOP PICK
November 3, 2020
South Korean stocks are undervalued. The economy is resilient, having endured Covid well and totally integrated into world supply chains. It's benefitted from some supply chain shift away from China. South Korea is attracting more foreign capital flows. Samsung is EWY's biggest holding at 22%.
South Korean stocks are undervalued. The economy is resilient, having endured Covid well and totally integrated into world supply chains. It's benefitted from some supply chain shift away from China. South Korea is attracting more foreign capital flows. Samsung is EWY's biggest holding at 22%.
E.T.F.'s
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