Raymond Kerzérho

CFA, Director of Research

Raymond is the Director of Research at PWL Capital. He rigorously analyzes PWL’s investment strategies and makes sure they are well supported by academic research. Raymond has worked extensively as an institutional portfolio manager, with a particular focus on fixed-income securities and derivative products
Raymond is the Director of Research at PWL Capital. He rigorously analyzes PWL’s investment strategies and makes sure they are well supported by academic research. Raymond has worked extensively as an institutional portfolio manager, with a particular focus on fixed-income securities and derivative products
Market Research

It’s Wrong to Compare ETFs with CDOs

According to this Bloomberg article, Michael Burry (a hedge fund manager and the main character of the novel and movie The Big Short) draws a parallel between Collateralized Debt Obligations (CDOs), whose disastrous flaws were partly responsible for the 2008 financial crisis, and exchange-traded funds (ETFs), and concludes that there is potential for a potential similar outcome in this market as well.

Market Research
Stock Markets Ticker Window Street

Spotlight on high-yield bond ETFs

Given the meagre interest rates paid by investment-grade bonds and GICs, it is only normal that people are interested in investments with a higher return. That includes advisors, as high-yield bond (HYB) exchange traded funds (ETFs) offered by BMO and iShares alone hold over $2 billion in assets.That’s not chicken feed.

Market Research

Is your portfolio sufficiently diversified?

We have recently learned of the death of British mathematician Edward H. Simpson (1922-2019). Simpson first distinguished himself during World War II as a code breaker for the Royal Navy, when he enabled the interception of numerous ships carrying supplies for the troops led by Germany’s General Rommel.

Market Research
Keyboard White ETF in Writings

Even with equal fees, I prefer passive ETFs!

Shock and awe! In 2018, Vanguard Canada, a fervent advocate of passive management, launched traditional, actively managed mutual funds. Actively managed mutual fund companies also successively launched their own array of exchange traded funds (ETFs). As a result, the great majority of the Canadian market’s 33 suppliers now offer mainly active management. Are we looking at the end of passive ETFs?

Market Research
Bear-Market-Figurine-Bear-On-Top-Tablet

Are You Ready for the Next Bear Market?

Almost 10 years after the 2009 stock market low, many investors are wondering whether another bear market is around the corner. Unfortunately, no one can predict the exact timing of a bear market. This being said, if you’re an investor with long-term goals, it’s in your best interest to adopt a strategic framework to guide your investment choices.

Market Research

Should you invest in “smart beta” funds?

The current trend in the world of investment funds is “smart beta.” The approach meets investors’ growing demand for funds that generate returns above the benchmark indices, without the exorbitant fees generally associated with traditional management involving the analysis of individual securities. In short, smart beta suggests that it can add value even after deduction of costs.

Market Research
Checklist On Paper Person Checking Checkbox

Checklist for your portfolio

I’m sometimes asked for my opinion about the portfolio of an investor who calls on the services of my employer, PWL Capital. Today’s blog post covers some of the most common flaws of the portfolios I’ve analyzed over the past few months. Do you recognize certain features of your own portfolio?