Despite all the negative news in the last few months, equity markets have enjoyed a strong upswing since the end of May. The major developed equity markets around the world are all positive so far this year except Spain. Germany is leading the pack, up 21% year to date (+13% in Canadian dollars) and the US is up a strong 13% year to date (+9% in Canadian dollars).
Though the recent results of the Quebec election have created concern about the future of Quebec’s economy, there is little doubt that another election will be forthcoming shortly. We do not see this as a cause for concern with respect to PWL portfolios, given the massive diversification across Canadian, US and International equity markets.
The attached article by our friend, Dan Bortolloti, “Another Weak Criticism of Indexing” is a good response to a poorly argued attack on indexing and market based investing that appeared in the Globe and Mail a few weeks ago.
Enjoy the read,
Tony & Peter