Anthony Layton MBA, CIM

Chairman & CEO, Portfolio Manager

Peter Guay MBA, CFA

Portfolio Manager
  • T514.875.7566 x 224
  • 1.800.875.7566
  • F514.875.9611
  • Place Alexis Nihon
  • 3400 de Maisonneuve Ouest,
    Suite 1501
  • Montreal, Quebec H3Z 3B8

2009 Markets in Retrospect

With 2009 behind us, it’s the time of year when investors look back to take stock of how their portfolio performed.  The recovery has been swifter and stronger than most expected.  Rob Carrick of the Globe and Mail proves the point in his recent article “Post-traumatic Stress Investing” (Feb. 4, 2010, G&M):

“Rebounding after a catastrophic 2008, the S&P/TSX composite index surged last year by 33 per cent.[…] the polling firm Angus Reid recently delved into the question of how much investors benefited from this rally.  The poll results suggested that around 87 per cent of investors flat out missed it, and 86 per cent weren’t even aware of the extent of the turnaround.” Read the complete article.

For PWL clients, 2009 was a good year. Our portfolios remained invested - if not over-weighted - in equities to capture this rebound.  This has resulted in recovering most of the downside of 2008 without increasing the risk exposure of the portfolios.

The recovery is not over yet.  If you are holding cash on the sidelines or are not satisfied with the service you are receiving elsewhere, Peter and I would be glad to discuss any questions you may have.

On another note, it is also time to consider your 2009 RSP contributions. The amount you can contribute can be found on the bottom of your 2008 Notice of Assessment from the Canada Revenue Agency. Cheques for RSP contributions should be made payable to “TD Waterhouse.”

Don’t hesitate to call if you have any questions.

Best regards,


By: Anthony Layton & Peter Guay | 0 comments

Economic Pulse – February 2010

The Economic Pulse is back!  In this latest edition, Raymond Kerzérho, PWL’s Director of Research, reviews how Michael Sabia is redirecting Quebec’s Caisse de Dépot for 2010.  Sabia’s objectives reflect what PWL has been doing for a decade:

1.      Avoid negative market surprises by using index funds
2.      Avoid unnecessary risk by focusing on long-term investing
3.      Avoid complex investments with unseen risks
Ray is not alone in pointing out that investors can learn from Sabia’s decisions.  The Economist recently ran an article about Norway’s sovereign fund, which is entering into a similar debate about its investment policy.
PWL learned these principles years ago and our clients are happy today.  I encourage you to read both of these articles.
I also invite you to visit other sections of our website where you can find out more about us, our philosophy and what we can do for you.  Our Broadcast Centre contains articles written by or featuring PWL Advisors as well previous editions of the monthly Economic Pulse, PWL’s bi-annual Perspective Newsletter, and our weekly radio interview Webcasts.
Happy reading!


By: Anthony Layton & Peter Guay | 0 comments