Richard Orrell

Maybe we are not at the panic stage yet but the markets are retreating due to tariffs, AI questions, uncertain U.S. economic and foreign policy. Maybe we have hit a bottom but we can't tell. He is looking for new lows earlier in the day followed by buying back in later. Consumer spending which has been constant is shifting along with sentiment so there is concern going forward. He has been taking some of the volatility out of clients' portfolios through asset allocation while still protecting them against the cost of living increases, inflation and their need for money in the next few years. With the downdraft this is an opportunity for younger people to double up on the the market.

He is seeing growth being the biggest draw down in the market. There are tailwinds for tech so you can look to add if you have a long time frame.

It is fine for financials and provides a little insulation. He wouldn't go any higher than 10% on a single ETF in a sector.

They are both relatively safe or stable sectors so you could add both to your portfolio.

They are both relatively safe or stable sectors so you could add both to your portfolio.

The U.S. is often the leader in what's going on in the world. He would wait before investing in a European ETF.

This would be for a RESP account. He likes a multi-sector ETF. Enhanced means leveraged. It's an OK buy for students and the long term.

The question was on an i shares Composite High Dividend ETF and individual securities. He would not go into single securities at this time. An ETF is more stable because it is diversified and can take draw downs. He has been and still is avoiding Canada, now because of tariffs and the economy. Also there is an election coming up and there will be a new administration.

He doesn't know if it's geared to low BETA or not. It is fine as a component of a retirement portfolio.

The question was on ETF's hedging the U.S. dollar. This involves timing and that is an issue. He is going unhedged recently. If the U.S. dollar is strong then go unhedged. If the Canadian dollar is strong and going up then hedge. Sometimes it's best to not pay attention to hedging and just let it play out.

He is not putting money into Canada even though it is cheap. He is more worried about tariff impacts, etc.

It has 75 different stocks and some are down substantially. They are part of a growth story and the market has discounted growth. He will continue to hold.

It uses a covered call strategy to insulate what we're seeing and the window for covered call is still open. The income is tax efficient.

It is a solid ETF at quite a low cost. Its companies, tech and otherwise are so cemented and still seeing growth. Tech is concentrated on higher tech names. He is holding and adding some.

Diversification goes back to asset allocation between fixed income and equities. There are over 1500 ETF's in Canada,