April 15, 2013

The Big Picture – April, 2013

The global economy continues to slow and is likely to disappoint again in 2013. A recession is unlikely to begin this year and our revised base case outlook is for a disappointing but poistive path for the economy. Global, U.S. and Canadian inflation rates are expected to remian low, and short-term interest rates are likely to stay at their current low levels in the developed economies through 2014. This differs from the consensus outlook, which has economic growth rates increasing steadily over 2013 and 2014 for almost every country. Please click on the link below to read the April, 2013 publication of “The Big Picture”.

The Big Picture – April, 2013

April 26, 2013

Missing The Boat

“A public opinion poll is no substitute for thought.” Warren Buffett

We want to buy ‘Great’ companies at fair prices. Occasionally, one can do so at ‘Bargain’ prices. Being able to find these ‘Great Bargains’ often entails buying companies when they have experienced inevitable difficulty, or the general humour of investors is dour.

Please click on the link below to read the entire Chairman’s Letter.

Missing The Boat

April 30, 2013

Monarchs of Money

On April 29, 2013, CBC’s ‘The National’ presented an excellent segment entitled the Monarchs of Money, which deals with the large amounts of money that has been created by central banks and the long period of ultra-low interest rates that investors have faced. It walks us through the pros and cons of the central bank policy actions and the difficult trade-off between helping those who have borrowed too much while hurting more prudent savers.

Please click on the link below to watch the clip and read our additional commentary.

Monarchs of Money