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June 13, 2019
Market. He is a bottom up fundamentalist. He is not as much focused on the macro. Small caps have underperformed so far this year. They often are not as big a dividend payer. People are pushing up valuations of REITs and utilities. The energy stocks are not doing better as you would think they would do on a day like today. There are a few mining stocks that have done well. As gold prices move up in US$, they are moving up much faster in Canada because of currency. He thinks there is better opportunity in the small cap space in gold.
Market. He is a bottom up fundamentalist. He is not as much focused on the macro. Small caps have underperformed so far this year. They often are not as big a dividend payer. People are pushing up valuations of REITs and utilities. The energy stocks are not doing better as you would think they would do on a day like today. There are a few mining stocks that have done well. As gold prices move up in US$, they are moving up much faster in Canada because of currency. He thinks there is better opportunity in the small cap space in gold.
Peter Imhof
Vice President & Portfolio Manager, AGF Investments Inc
COMMENT
COMMENT
June 13, 2019
Market Outlook - Geopolitical tensions affected oil. A draconian scenario in the situation more severe than what happened today at the the strategic Strait of Hormuz would cause a shortage in oil and an increase in oil. For now the oil market is fairly supplied. In the long run oil is broadly locked in the 40 - 80 range and we are kind of at the bottom half of that. For Canada is different as we don;t have enough capacity to move the oil. This is a political issue and it might change in October. The market is pricing a rate cut in the US. It is kind of strange given record levels of employment. Maybe the Fed is more focused on the inflation target as it has been running below 2%.
Market Outlook - Geopolitical tensions affected oil. A draconian scenario in the situation more severe than what happened today at the the strategic Strait of Hormuz would cause a shortage in oil and an increase in oil. For now the oil market is fairly supplied. In the long run oil is broadly locked in the 40 - 80 range and we are kind of at the bottom half of that. For Canada is different as we don;t have enough capacity to move the oil. This is a political issue and it might change in October. The market is pricing a rate cut in the US. It is kind of strange given record levels of employment. Maybe the Fed is more focused on the inflation target as it has been running below 2%.
Brian Madden
Senior VP & Portfolio Manager, Goodreid Investment Council