Nancy Graham CPA, CA, CIM, CFP, TEP

Portfolio Manager
  • T613.237.5544 x 303
  • 1.800.230.5544
  • F613.237.5949
  • 265 Carling Avenue,
    8th Floor,
  • Ottawa, Ontario K1S 2E1

You Are Invited to a Special Luncheon: Tour Your Financial Mind with “Subliminal” Author/Scientist Leonard Mlodinow

Every day, you make personal, financial and business decisions by consciously considering the important factors and acting accordingly. Or so you believe. Discover how decision-making really works by joining us for a fascinating tour of your own mind, presented by renowned “Subliminal” author and scientist Leonard Mlodinow, PhD.

Through entertaining illustrations (no mind probes are involved, we promise) and an overview of the latest research in neuroscience, Mlodinow will explore the daily tricks that the subconscious mind plays on even the savviest investor, such as perceiving market “patterns” where none exist, and reacting to “fight or flight” instincts instead of adhering to rational plans. He’ll also describe how you can apply simple self-awareness to enhance your decision-making – in investing and other important areas of your life.

You owe it to yourself to understand and apply the evidence that guides informed, sensible investing. At PWL Capital, we are here to help you fulfill this promise to yourself. We will have copies of “Subliminal” available at our luncheon with Mlodinow, as well as his forthcoming book, “The Upright Thinkers.” The event is by registration only and seating is limited. Register to attend today.

About the Presenter: Leonard Mlodinow, PhD

Leonard Mlodinow earned his PhD in theoretical physics from University of California, Berkeley and is now a professor at the California Institute of Technology. An engaging and entertaining speaker, he is author of “Subliminal” and “The Drunkard’s Walk,” and co-author with Stephen Hawking on two additional books. 

RSVP by April 27 to: Cheryl Gillies 613.237.5544 x 314  or

By: Nancy Graham | 0 comments

World Views Generate Nothing New for Investors

According to Dimensional Fund Advisors’ 2014 Review, two developed countries (in the MSCI Index) experienced 2014 annual returns of +22.77% and –22.04% in seesaw fashion. Can you guess which two these might be? Since there are so many to choose from, let’s narrow it down. Those highest and lowest returns came out of Israel and Norway. Now, which was which?

You’d be correct if you guessed that Israel experienced the highest returns of any MSCI Index country in 2014, with Norway experiencing the lowest. If you find that a bit surprising, you’d be realizing how arbitrary and unpredictable annual returns can be. The same can be said about U.S. large stocks experiencing a bang-up, double-digit year, outperforming many other major indices around the globe.

It so easily could have – and historically often has – been exactly the opposite, with international indices besting the U.S., or with both moving together. The same can be said for the finer dimensions of investing, such as small and value companies’ expected premium returns.

This year’s Dimensional Review reinforces our timeless message: Trying to position your portfolio to be at the right place at the right time by interpreting annual (or even multi-year) events remains as unlikely a tactic as ever for building long-term wealth.

Besides offering an informative snapshot of the 2014 markets against the backdrop of world news, the report explains how the premium returns expected from investing in various market factors often happen when you least expect them. “In the three-year period from 2009 to 2011, both value and small caps underperformed,” the report explains. “Yet, despite even extended negative-premium periods, small caps and value have outperformed over time, and when the premiums reversed, they often did so strongly and in multiple years.”

So what do we suggest for 2015 in light of Dimensional’s 2014 report? As the future remains as inscrutable as ever, our advice remains the same: Target market risks and expected rewards according to your personal financial goals. Diversify broadly – and, yes, internationally – to counteract the risks inherent to any overly concentrated position, anywhere in the world. Talk to us if you could use additional insights or strengthened resolve.

By: Nancy Graham | 0 comments