Market Outlook This week in the market has had a lot of issues to deal with. Going forward investors need to be cognizant of these points and how they may impact their portfolios. There is a potential in the US to see the pandemic case and death counts tick up. He suggested investors should re-think asset allocations. Those heading into retirement should want some exposure into fixed income and increasingly into cash.

US Banks? The big US banks have reported this week. All have pre-signalled what they expect loan losses from the pandemic to be. All the expected losses have been big, making this sector one he is suggesting patience with. He might suggest WFC as they have new executives in place. The company has been hurt and could be moving away from the issues dogging them in the past.

Nasdaq vs TSE exchanges? If you look at the Nasdaq, it has been dominated by just a few names with the shift of work to home. We are likely to see mean reversion. He might trim a Nasdaq position and add to a TSE position. He also would look outside North America due to the correlation of the TSE with US markets. He might suggest looking into a Eurostock 600 ETF to be added.

Markets. A battle between the bulls and the bears. The quality of this rally, looking at institutions and retail flows, is poor. The rally is really coming from small individual investors and not institutions. It's driven by central bank support and liquidity that hasn't really solved any of the risk issues that is in the backdrop.

The fundamentals are not bullish, especially since central banks in many countries had to take on debt and print money. It's an inherent sign of the fundamental weakness in the world economy. It doesn't mean the markets can't continue to go higher, especially with investors who fear missing out but he sees tougher times ahead.

Gold. One of his favourite asset classes. It's a great hedge for market uncertainty and volatility. He sees it going even higher.

Share buybacks. He sees buying back stocks as a form of financial engineering that compensates the C-suite tremendously. He is a critique of share buybacks. He thinks that companies that have bought back stocks will have regulatory restrictions, such as the aviation industry.