MARKET PERSPECTIVE —

Every battle is won before it is fought
-Sun Tzu

The age old wisdom of Chinese military strategist Sun Tzu rings true as we watch Russia’s invasion of Ukraine unfold. On several fronts political, military, and economic – it’s not going well for Russia. President Putin seems to have misjudged the tolerance of the international community, been deficient in planning and misjudged the chaos that the Ukrainian people would unleash. The results serve as a useful reminder of investing principles – namely that the actions we take before investing often matter most. Put another way – what are your principles and process?

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MARKET PERSPECTIVE — Although North American equity indices have steadily climbed year-to-date, index performance hides much of the choppiness that lies beneath its surface. Last quarter, we cautioned investors about the risks of normalizing economic growth & above-average inflation, and are now beginning to see softness appear in broad-based economic data. Market jitters last quarter surrounding Evergrande, global supply chain bottlenecks, the Central Bank’s dilemma and multiple spending bills on the desk of US Congress, have all added to the level of implied volatility in the financial markets.

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MARKET PERSPECTIVE — In the pandemic’s early days, policymakers’ major concerns were predicated on whether or not unprecedented stimulus measures would be enough to rejuvenate the economy from the worst global recession since the Great Financial Crisis. Chief among which was whether or not there would be an economic rebound strong enough to prevent broad-based GDP deterioration and/or lasting unemployment.

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MARKET PERSPECTIVE — The first quarter of 2021 brought a change in leadership, not just in Washington, but in all corners of the market. That which had been hot for so long, ceased to be, while that which had been cold, warmed up. Dividend stocks rose, the energy sector bested them all, and inflation reared its head.

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MARKET PERSPECTIVE — As the return of colder weather across the northern hemisphere has forced activities and people indoors, in less ventilated environments and in closer proximity to one another, a esurgrent second wave of COVID-19 infections has accelerated with ferocity both here in Canada and particularly in the United States and across Europe, as well as in other global hot spots.

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