COMMENT
Gold. Highlighted the disappointment in gold in the past weeks. The compelling nature of negative real yields means gold should be significantly higher than it has been. In 2011 and 2012, we had seen a similar divergence to develop before gold broke down. Thinks there is one more move to the upside but disappointing for gold bulls. Short term, it is a buying opportunity but increasingly, it will be difficult for it to sustain above $2000.
COMMENT
The disinflation aspect of the recovery versus the risk on markets. Gold weakens because inflation expectations came down. We will surely not go back to massive lockdowns. There are ripple effects on inflation expectations due to the delta variant and new wave.
COMMENT
In October or November, they will run out of extraordinary measures. Congress needs to pass new budget bills and raise debt ceilings. It will be messy for a couple months. Equities should not be sent into a tailspin but it is not bullish.
COMMENT

ZCH is more focused on the tech names with BABA counting for 22% of the holdings. There is virtually no financials. XCH has about 20% banks. Must understand what you own. Internet names have been pounded recently. KWEB could be a good way to play it.

COMMENT

ZCH is more focused on the tech names with BABA counting for 22% of the holdings. There is virtually no financials. XCH has about 20% banks. Must understand what you own. Internet names have been pounded recently. KWEB could be a good way to play it.

DON'T BUY

The bond markets are impaired and will be for a while. Low interest rates are here to stay. Income focused ETFs with exposure to bonds will not return 4-5%. Are you getting return of capital or yield? Must look into the structure where the returns are coming from. Both are similar. Both ZMI and XTR give you exposure to diversified income. All fixed income has negative return after inflation.

DON'T BUY

The bond markets are impaired and will be for a while. Low interest rates are here to stay. Income focused ETFs with exposure to bonds will not return 4-5%. Are you getting return of capital or yield? Must look into the structure where the returns are coming from. Both are similar. Both ZMI and XTR give you exposure to diversified income. All fixed income has negative return after inflation.

DON'T BUY
For the next year or two, energy will probably outperform. The reflation trade will buoy energy. Dips will be good occasions. Further than 5 years and the sector is less desirable. A pure play in large cap energy is probably a better way to go.
BUY ON WEAKNESS
Above $35, has sold all exposure to AMLP. Closer to $30, it is a good place to enter for a trade. Probably will do well buying dips and selling rallies in the near term. Maximum upside is probably $40. Long term, there are some challenges.
DON'T BUY
The challenge for the banks is the inverted yield curve, low rates and this low rate environment will continue for a while. The curve will not go much steeper. Central banks will continue to buy bonds and suppress yields. There has been steepening and global financials have done well. There will be not much growth. Europe is a challenge. Would stick to Canada for banks.
COMMENT
Educational Segment. Seasonal patterns are most powerful in markets when there is a fundamental catalyst that sets it up. We have had a strong market in the past couple months. When we get into seasonal weakness, there is a good reason to pull back. Monetary policy has been behind the strong earnings. The debt is a perennial problem. Seasonality points to weakness in the next little while. Market breadth is starting to decay. There is a perfect storm brewing. The last 5% correction was in February and we can revisit this over the next couple months.
N/A
Market. Earnings is the biggest driver. COVID is still a driver, but it feels like investors are looking to the eventual end to COVID. The rates market has been pretty interesting, based on the level being so low and the volatility seems a little high. There are structural reasons that rates can stay low. His view is that with demographics and labour markets, as people retire and there are fewer people in the workforce, and considering the demographic curve in China, it could weight on rates. Debt is in a weird way deflationary as in when you are tapped out how much more can you borrow. His company is taking a diversified view to the markets. He has holdings that will do well if interest rates remain low – renewable energy (European), which did not do well this year, and clean technology names in solar, hydrogen and electric vehicles, are starting to recover. For real estate he is positioned for a continued growth in E-commerce.
DON'T BUY
You need to ask your financial institution as to what you can do with your ADR holdings, now that Trump black listed some Chinese stocks. It is not a great thing that happened here. This stock still trades in Hong Kong. It's been a giant disappointment. It would make sense for it to do well but the story has not yet paid out. He would stay away from this and look at higher caps, which don’t have so much risk to be de-listed.
BUY

What does he think over the next 5 to 10 years. It is a great company and you could comfortably hold it for probably a decade. We are not in the early innings in the transition away from cash. As the global economy grows, Visa and MasterCard are too big to fail. As a merchant you have to have a value if you don't want to lose out. A lot of the smaller competitors are using the network of these two guys.

BUY
People learn new behaviours and they like them and stick with them. ABNB has come through COVID and people will continue to use them. He thinks this is an attractive name and this is the leader of the alternative accommodations. (Analysts’ price target is $170.00)