Dear Valued Clients:
As expressed in our October newsletter (Click Here), further patience is unfortunately required as financial markets continue to use global economic uncertainty as the primary reason to remain volatile and without a sense of direction. I concur with the opinion of ScotiaMcLeod’s Portfolio Advisory Group that “the Canadian equity market is approaching oversold levels.” This is also the case for preferred shares that trade in low volumes and still await meaningful upward direction in Canadian bond yields. We continue to place high priority on defensive and high quality names. At some point we believe investment sentiment will take a 180 degree turn.
Our newsletter also provides you with comments on the new Retirement Income Fund regulations and on important changes in Canadian tax law regarding Estates. Also please see Page Four highlighting some upcoming client events that require RSVPs to our office.
As we move into Autumn, we extend very best wishes to all our valued clients and friends. I thank you for your continued support and confidence in our disciplined process.