Category: Macroscope

The near-record plunge in the TSX Composite in the first quarter of 2020 illustrates yet again the fragility of an index that is heavily exposed to cyclical sectors; it also underscores the importance of geographic diversification for Canadian investors. Click here to read the rest of Macroscope 26.  

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(This article was written on March 25, 2020; all market data is of close on that date). Former U.S. Federal Reserve chairman Ben Bernanke immortalized the term “green shoots,” when he used it to refer to a nascent recovery in the American economy on March 12, 2009, literally days after U.S. stocks bottomed and the […]

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(This article was written on March 18, 2020; all market data is of close on that date). SUMMARY The global economy has not faced a worldwide threat like the COVID-19 pandemic since the Second World War. This is probably the first time in decades that large swathes of the global economy are grinding to a […]

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(This article was written on March 9, 2020; all market data is as of close on that date). Spring may be around the corner, but in the financial markets, it feels like a long, hard winter is setting in. The third week of the global market selloff commenced with a plunge for the record books, […]

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This week’s market correction is almost unparalleled in its ferocity (Figure 1), with major US indices plunging by double-digits in a matter of days. Incredible as it may seem, North American indices were at record highs just about a week ago. As of yesterday’s close, however, the S&P 500, DJIA and Nasdaq were more than […]

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May marks the beginning of the six-month period (May to October) when stocks have historically underperformed the other six months (November to April). This performance differential is the root cause of the well-known “Sell in May and go away” market adage. Click here to read our latest market bulletin.

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