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COMMENT
COMMENT
May 29, 2020
Market Outlook Earnings expectations have been revised downwards -- chopped by over 35% on the TSX. This is still going to be attractive relative to bond yields. He thinks gold could see further moves higher, perhaps over $2650. Canadian gold producers are reaping improved cash flows thanks to a weakening CAD exchange rate. He thinks low real interest rates will continue, making gold a good asset to hold going forward.
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Market Outlook Earnings expectations have been revised downwards -- chopped by over 35% on the TSX. This is still going to be attractive relative to bond yields. He thinks gold could see further moves higher, perhaps over $2650. Canadian gold producers are reaping improved cash flows thanks to a weakening CAD exchange rate. He thinks low real interest rates will continue, making gold a good asset to hold going forward.
N/A
N/A
May 29, 2020
Market. LB-T cut their dividend, violating the sanctity of the Canadian Bank Dividend. Is there a possibility of others having to do this? Look at real estate. Banks set aside a record amount for loans going sour. People got mortgage deferrals. We can do that for a couple of months but not for ever. It is going to take quite a while for things to normalize. The vast majority of the loan books in Canada are syndicated and the banks don't have massive exposure but they do have exposure to lending. He thinks it will be for longer than the markets realize. Trump made his pronouncement about China and it was not as bad as some feared. He knows what to say and what not to say. As we get closer to the election he will get more brazen in his rhetoric about China. The markets are underestimating the importance of it.
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Market. LB-T cut their dividend, violating the sanctity of the Canadian Bank Dividend. Is there a possibility of others having to do this? Look at real estate. Banks set aside a record amount for loans going sour. People got mortgage deferrals. We can do that for a couple of months but not for ever. It is going to take quite a while for things to normalize. The vast majority of the loan books in Canada are syndicated and the banks don't have massive exposure but they do have exposure to lending. He thinks it will be for longer than the markets realize. Trump made his pronouncement about China and it was not as bad as some feared. He knows what to say and what not to say. As we get closer to the election he will get more brazen in his rhetoric about China. The markets are underestimating the importance of it.
BUY
BUY
May 29, 2020
Favourite Gold Stock. It is one of his favourite asset classes. He does not pick stocks out of the group. He would rather get the right theme. Play the sector with ZGD-T or XGD-T or GDX-N, GDXJ-N or ZJG-T, rather than a particular stock.
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Favourite Gold Stock. It is one of his favourite asset classes. He does not pick stocks out of the group. He would rather get the right theme. Play the sector with ZGD-T or XGD-T or GDX-N, GDXJ-N or ZJG-T, rather than a particular stock.
COMMENT
COMMENT
May 29, 2020
Hedging and how. If it is a taxable account it is more robust than in a registered account. You can use inverse ETFs but you would have to be half in cash. You could go to VBAL-T. It depends what kind of account you have.
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Hedging and how. If it is a taxable account it is more robust than in a registered account. You can use inverse ETFs but you would have to be half in cash. You could go to VBAL-T. It depends what kind of account you have.
COMMENT
COMMENT
May 29, 2020
There are going to be challenges to REITs and what he likes now is the apartment REIT. He would be patient.
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There are going to be challenges to REITs and what he likes now is the apartment REIT. He would be patient.
DON'T BUY
DON'T BUY
May 29, 2020
Strip Bonds. You HAD the benefit of falling interest rates. He thinks you will have stagflation going forward. It will prevent bond yields going up so he could not stay with strips.
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Strip Bonds. You HAD the benefit of falling interest rates. He thinks you will have stagflation going forward. It will prevent bond yields going up so he could not stay with strips.
COMMENT
COMMENT
May 29, 2020
Educational Segment. V' Shaped Market Recovery. Fundamentally the risk factors are equity market valuations. Earnings estimates are too high for the S&P. The market is as expensive now as it was in 2000. Markets don’t bottom until we wash out expectations on earnings. There is a lot more to do on the downside before we can get bullish.
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Educational Segment. V' Shaped Market Recovery. Fundamentally the risk factors are equity market valuations. Earnings estimates are too high for the S&P. The market is as expensive now as it was in 2000. Markets don’t bottom until we wash out expectations on earnings. There is a lot more to do on the downside before we can get bullish.