By: Helénè Gagne
Bien utilisés, les FNB constituent la pierre angulaire d’un portefeuille robuste
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By: Raymond Kerzérho, RESEARCH DEPARTMENT
Abstract: When investors opt for currency-hedged foreign-equity funds, they usually assume that this will eliminate the impact of currency fluctuations and get them a return similar to a domestic portfolio. This paper documents many of the pitfalls of currency hedging, through a study of S&P500 index funds offered on the Canadian retail marketplace. I conclude that currency hedging can be far more expensive than expected. Most of these costs can be attributed to the unforeseen but significant technical challenges involved in effectively hedging an equity portfolio. Institutional and retail investors are equally exposed to these high costs. While it is clear that perfect hedging is unattainable, I propose a procedure that may potentially reduce the cost of hedging.*
By: Peter Hadekel
The Gazette’s Peter Hadekel reviewed our PWL Capital event in Montreal with guest speaker Don Drummond, highlighting his comments on Canadian economic challenges and our expectations in a world of low interest rates.
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By: Sharon Singleton
Speaking at a PWL Capital luncheon in Toronto, Don Drummond said "most consumers seem to expect to get from their investments."
Read Sharon Singleton's Canoe.ca review of the event entitled "Canadians need to save more as portfolios yield less". This leading Canadian economist observed that Canadians won’t be able to rely on near double-digit returns on their investment portfolios and will have to set aside more for their retirement as the U.S. and Canada enter a protracted period of slow economic growth.
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By: Hélène Gagné
« Bien utilisés, les FNB constituent la pierre angulaire d’un portefeuille robuste »
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By: Stéphanie Grammond, La Presse
In the French paper LA PRESSE dated March 15, Stéphanie Grammond interviewed Raymond Kerzérho, Director of Research with PWL Capital and sourcing his white paper: The Art of Profitable Rebalancing Other PWL Reports and White Paper are also available online from our Research Department. Read the full article (French only)...
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By: Andrew Allentuck, Financial Post
Read Marc Stern's comments as quoted in the of article of February 24, 2010 edition of The Financial Post.
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By: Marie-Claude Morin, Les Affaires
Read Hélène Gagné’s comments as quoted in the of article of February 20 - 26, 2010 issue of Les Affaires.
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By: Nancy Graham
Recently I was asked to respond to a question that a reader posed to the Financial Post Magazine. In the last year over a billion dollars of new preferred shares have been issued by large Canadian corporations and banks. They were issued in response to the credit crisis and the need for the banks to shore up their capital balances. The question is: are they a good investment? Click on the title to find out more.
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By: André Dubuc, Les Affaires
Read Hélène Gagné’s comments as quoted in the of article of October 24 - 30, 2009 issue of Les Affaires.
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By: Richard Dufour, La Presse
Hélène Gagné, Porfolio Manager with PWL Capital in Montreal is interviewed in the French paper La Presse, SUR LE RADAR.
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The magazine Le Bel Âge interviews Hélène Gagné. Read the artcle (In French only)
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By: Hélène Gagné
This article written by Hélène Gagné, Portfolio Manager with PWL Capital, is featured in the French magazine 'La Revue'. Read the full article.
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By: Hélène Gagné
This article written Hélène Gagné is featured in the French magazine 'La Revue'. Read the full article...
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Raymond Kerzérho, Director of Research at PWL Capital is quoted in the French paper La Presse. Article by Stéphanie Grammond. Read the full article (In French only)
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By: Mark Sutcliffe, Ottawa Citizen
"[Leonard] Mlodinow was in town this week at a presentation sponsored by a local investment firm. PWL Capital. What is an investment firm doing sponsoring a talk by a guy who disses most of the investment community? PWL doesn't take the approach of most firms. They favour an index-based strategy that doesn't try to beat the market."
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'Facelift' asked Caroline Nalbantoglu, a registered financial planner with PWL Advisor Inc. in Montreal, to provide advice about maintaining current lifestyle during retirement. 'Me and My Money' profiles Nancy Graham, an Investement Advisor with PWL Capital Inc. in Ottawa. Read the articles
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By: Jonathan Chevreau, Ottawa Citizen - Financial Post
Jonathan Chevreau's Financial Post article on how investors must recognize randomness as author Leonard Mlodinow writes in his book, The Drunkard's Walk.
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By: Peter Hadekel, The Gazette
An interview with Dr.Leonard Mlodinow about his book, The Drunkard's Walk.
"If you're a baseball fan, you've no doubt heard about Joe DiMaggio's 56-game hitting streak - the major league record for consecutive games with at least one base hit.
It stands as one of the game's most hallowed achievements and accounts in part for DiMaggio's heroic stature in the sport.
But what if his magnificent accomplishment was a fluke - the result of random processes rather than pure talent?"
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By: Hélène Gagné
This article written Hélène Gagné is featured in the French magazine 'La Revue'. Read the full article...
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A retirement to be re-examined, according to Hélène Gagné. Read the artcile in PDF Format (French only)
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By: Jonathan Chevreau, Wealthyboomer.ca, Financial Post
Jonathan Chevreau, in his Financial Post blog - WealthyBoomer.ca - interviews author, randomness guru and PWL Capital guest speaker Leonard Mlodinow.
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The traditional retirement is no longer. Read the article (French only)
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By: Jonathan Chevreau, Wealthyboomer.ca, Financial Post
The Drunkard's Walk: How randomness & luck affect our investments
“I started to read The Drunkard's Walk several months ago, ... I confess I only made it through the first four chapters when a review copy from PWL arrived on my desk last week. That motivated me to finish reading it over the weekend.” Jonathan Chevreau
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By: Hélène Gagné
Generations X and Y must forget about retiring at 55 years old, by Hélène Gagné, Journal Métro (February 25, 2009). Read the article (French only)...
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By: Rob Carrick, The Globe and Mail
In the Globe and Mail article by Rob Carrick, Stress test your holdings to guard against inflation, Tony comments on inflation and on what precautions to take in a balanced portfolio. Read the article.
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By: Hélène Gagné
The magazine Le Bel Âge interviews Hélène Gagné. Read the artcle (In French only)
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By: Hélène Gagné
This article by Hélène Gagné is featured in the French magazine 'La Revue'.
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By: Hélène Gagné
This article written Hélène Gagné is featured in the French magazine 'La Revue'. Read the full article...
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By: Kathleen Clough
Kathleen Clough has written an article about what to do when you lose your job. One of your first concerns is, naturally,your financial health. Deal with this concern right away, so you can go on to conduct a successful work search.
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La Presse, La grande séduction : les fonds négociés en Bourse. Raymond Kerzérho, Director of Research at PWL Capital is quoted in the French paper La Presse. Article by Stéphanie Grammond. Read the full article
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By: Marc Stern
Everyone seems to be hoping for or praying for a Bear Market rally, however, be careful of what you wish for.
The Bear Market Rally...
A time to get in the market or a time to exit the market—only time will tell for sure.
Source: PWL Capital
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By: Marc Stern
Will the inevitable move from a society of consumption without production to one of a society of savings prolong the economic crises or lead to renewed economic prosperity?
Source: PWL Capital
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The Globe and Mail's Investor Page has 2 PWL advisers side-by-side. 'Facelift' asked Caroline Nalbantoglu, a registered financial planner with PWL Advisor Inc. in Montreal, to provide advice about maintaining current lifestyle during retirement. 'Me and My Money' profiles Nancy Graham, an Investement Advisor with PWL Capital Inc. in Ottawa. Read the articles
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By: Andrew Baechler
Why you need to stop and consider long-term market trends before panicking.
There are many lessons that investors can takeaway from the current financial and market crisis. In his latest article, Andrew covers the need to always understand the various risks that are present in our portfolios. This is something that American International Group (AIG) neglected to do on their own balance sheet, and this oversight led the company to the brink of bankruptcy. The article and appeared in Ontario Dentist magazine.
Source: PWL Capital
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By: Hélène Gagné
This article written Hélène Gagné is featured in the French magazine 'La Revue'. Read the full article...
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By: Hélène Gagné
A retirement to be re-examined, according to Hélène Gagné. Read the artcile in PDF Format (French only)
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By: Hélène Gagné
The traditional retirement is no longer. Read the article (French only)
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By: Hélène Gagné
Listen to Hélène Gagné being interviewed by Gilles Parent from the Quebec City radio station 93.3fm on March 10, 2009. (Interview in French only)
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By: Hélène Gagné
Watch Hélène Gagné on the show 24 heures en 60 minutes | Radio-Canada.ca with Anne-Marie Dussault from the episodes of February 24, 25 and 26, 2009. (Interview in French only)
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By: Hélène Gagné
Generations X and Y must forget about retiring at 55 years old, by Hélène Gagné, Journal Métro (February 25, 2009). Read the article (French only)...
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By: Hélène Gagné
Listen to Hélène Gagné being interviewed by Christiane Charette from the radio station Radio-Canada 95.1 last February 17. (Interview in French only)
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By: Hélène Gagné
This article by Hélène Gagné is featured in the French magazine 'La Revue'
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By: Scot Blythe, Advisor’s Edge Report
Anthony Layton was featured on the cover story of Advisor’s Edge Report in the 'Advisor Q&A' section. Anthony Layton discusses the benefits on fee-based financial planning and passive investing. PWL Capital is growing and looking for advisors interested in bringing their clients over to the passive side of investing.
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By: Marc Stern
It is my fervent belief and hope that the US economy will, over time, rebound from its moribund state as will the major stock indices. The question that begs to be asked is when?
Source: PWL Capital
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By: The Globe and Mail
The Globe and Mail's Facelift asked Caroline Nalbantoglu, a registered financial planner with PWL Advisor Inc. in Montreal, to provide advice about RRSP shrinkage…
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By: The Globe and Mail
The Globe and Mail's ‘Me and My Money’ asked Jane Baker, an investment advisor with PWL Capital Inc. in Toronto, about her investment choices.
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By: Marc Stern
By now the much heralded demises of Fannie Mae, Freddie Mac, Lehman Bros, Bear Stearns, along with the multi-billion dollar bailout of AIG, together with the shotgun marriages of Merrill Lynch and Wachovia Bank are familiar to all investors, North American and worldwide.
Source: PWL Capital
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By: The Globe and Mail's Facelift, Andrew Allentuck
The Globe and Mail's Facelift asked Caroline Nalbantoglu, a registered financial planner with PWL Advisors Inc. in Montreal, to work with Sally to define her income and investment choices…
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By: Anthony S. Layton
Passive investing is good for both clients and advisors.
Beating the stock market is a challenge that motivates many investors and their advisors to follow an aggressive active-management strategy. But as historical performance statistics have forever demonstrated, few active money managers are actually able to outperform the market.
Indeed, fewer than 9% of actively managed Canadian equity mutual funds outpaced the S&P/
TSX Composite Index during the five years ended 2007 on a compound annual return.
Source: Advisor Edge, July 2008
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By: Andrew Baechler
We’re all familiar with the saying: hindsight is 20/20. Nowhere is this more applicable than after you’ve lost money.
Recently many investment portfolios have probably been harmed by the bursting of the U.S. housing bubble. With the benefit of hindsight, we realise it should have been obvious that U.S. housing prices had reached ridiculous levels. It is clear that it wasn’t a boom — but a bubble.
Source: Ontario Dentist
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By: The Montreal Gazette
For its EXPERT OPINION piece, Bullish or SAD, about the state of the markets and the investment climate, The Montreal Gazette asked a group of diverse experts for their opinions. Our very own, Anthony Layton, was one of the five experts who opined on investing during bear markets and the economy in general. He spoke about how we can “frame” the bottom, rebalance and take advantage of an opportunity. Read the article to see more of his thoughts and those of the other experts cited.
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By: Andrew Baechler
An interesting and increasingly popular area of investment research is the subject of neuroeconomics, which combines the study of economics, neuroscience and psychology to better understand how we evaluate choices, categorize risks vs. rewards, and calculate probabilities. Most economic theories and models assume investors are rational decision makers who act in their own best interests. But, in reality, our investment brain often drives us to do things that are quite illogical, but make perfect emotional sense.
Source: PWL Capital
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By: Andrew Baechler
What are the different types of fees associated with bonds and mutual funds? It is definitely a case of “buyer beware”, as financial expert Andrew Baechler explains.
Source: Ontario Dentist
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By: Rob Carrick, The Globe and Mail
In the Globe and Mail article by Rob Carrick, Experts’ guidelines to surviving the freefall, Tony Layton was one of a group of experts asked to give guidance on how investors should handle the stock market decline, preferably using examples from what they themselves are doing. Tony Layton spoke of how the firm has been taking weekly looks at client portfolios to distinguish between strong and weak assets. Read the article to see more of his thoughts and recommendations on getting through this turbulent time.
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By: PWL Capital Research Group
The ongoing US mortgage crisis has developed into a banking crisis, which has, in turn, led to the stock market decline we have experienced in the last few weeks. Several analysts and commentators think we’re heading into a recession and an equity bear market. Regarding the recession, they may have it right.
Source: PWL Capital
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By: PWL Capital, Advisors Edge
A new advisor recruiting campaign has been launched in Advisor’s Edge, which highlights our drive to find more independent-minded advisors to join our team. Having dared to break away from the transaction-based standard to a fee-based structure, our advisors feel they have become better advisors for their clients. Check out what one of our advisors has to say on the subject in the new ad. Advisors who are intrigued by the ad might wish to see if you have positive answers to some of the questions posed in our careers section. Take a look at what the PWL difference can do for you and your clients.
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By: Nancy Graham, CA, CFP, TEP
There are many facets to a power of attorney. This paper deals exclusively with risk management where investment capital is involved. The premise is a situation where the individual, appointed through a power of attorney document, has been given full authority to manage the property of an incapacitated beneficiary.
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By: Andrew Allentuck, Globe Investor Magazine Online
A Handy Guide to Preferred Share Investing
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By: Andrew Allentuck, The Globe and Mail, Report on Business
Nomadic new Canadians aim to establish retirement base.
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By: Yannick Clérouin, Les Affaires, April 5 to 11, 2008
Cinq façons de vous prémunir contre l’inflation (French only)