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Economic Pulse

2010

Securities from the Midfield (Part 2 of 2) July 13, 2010 Last month, we reviewed three asset classes that belong in the middle ground between safe assets (government bonds) and risky assets (equity). I will close this short series by reviewing three more classes. Download PDF of this Issue
Securities from the Midfield June 14, 2010 For decades, the golden rule of managing portfolio risk has been to start by deciding on the split between safe assets (government bonds) and risky assets (equity). But what about the asset classes that share some characteristics with both stocks and bonds? Let’s review some of the key features of three asset classes that stand at midfield between government bonds and equity. Download PDF of this Issue
Sudden Stock Market Drops: A Few Observations May 13, 2010 A steep equity-market drop occurred on May 7, 2010, which brought the S&P500 Index down 8.5% at one point during the day. This type of event worries a lot of investors. Download PDF of this Issue
An Anomaly in the U.S. Bond Market April 1, 2010 Bloomberg News recently reported that bonds from several high-quality corporate issuers have traded at a slightly lower yield-to-maturity than comparable U.S. Treasury securities. Download PDF of this Issue
The Greek Tragedy and European Stocks March 10, 2010 The recent turmoil in the finances of Greece resembles a Greek tragedy. On top of the intricacies of internal politics, street protests and union strikes, there is a crosscurrent of complex international issues at play. Download PDF of this Issue
Takeaways for Good Portfolio Governance February 9, 2010 Recently, Michael Sabia of the Caisse de Dépôt et Placement du Québec (CDPQ), was focused on public communications. He clearly wants to advise the public of where the CDPQ is heading. His reflections include some useful takeaways for individual investors. Download PDF of this Issue

2009

Monetary Policy For Extraordinary Times April 30, 2009 Last week, the Bank of Canada announced its latest interest rate cut, leaving the interbank lending rate to its lowest possible level: 0.25%. This rate cut, which caps a cumulative 4.25% reduction since December 2007, raises a question among investors: Has the Bank of Canada exhausted its capacity to further fight the Canadian recession? The central bank maintains it still has ammunition. In the coming months, it will use two new tools to help re-energize the economy. Download PDF of this Issue
Capital Trust Notes: An Overview April 2, 2009 In recent weeks, securities known as “Capital Trust Notes” (CTNs) have received a certain amount of attention. These securities, which are issued by Canadian banking and life-insurance conglomerates, seem to offer a high interest rate and the seeming safety of a familiar issuer. Download PDF of this Issue

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