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PerspectiveNewsletter

February 2011

2011: Steering a Steady Course for Capital Preservation

While many investors and market participants have seen yet another year of ups and downs in the markets, PWL Capital and its clients have, by and large, seen their portfolios restored and growing.

As we begin this new year, allow me to thank our clients for their continued support of our investment philosophy — managing and rebalancing your portfolio with a long-term view that reduces risk and taxes, maximizes returns and achieves wealth through defined objectives. On behalf of all PWL advisors, we greatly appreciate the opportunity to work with each of you and we remain committed to representing your best interests.

Before commenting briefly on the year that was and what lies ahead, I would also like to express my appreciation for our highly capable and growing team. Thanks to our support staff members, the Montreal office smoothly and successfully moved to new space without any interruption in client service. We were also very pleased to add a new advisor to our growing ranks. In Waterloo, Graham Westmacott and his assistant, Anastasia Kriushina, bring a holistic approach to investing for clients such as senior business owners, executives and professionals with complex financial situations.

Our increasing depth of expertise across all of our offices comes at an excellent time. The past year saw steady performance for clients, and most portfolios have now recovered from the 2008-2009 “crash” and its subsequent volatility. We stayed the course during 2010, pro-actively looking for opportunities to rebalance portfolios as needed and maintaining diversity in our investments. As a result, our clients can look forward to a strong 2011.

Despite the positive returns of the last two years, capital preservation will be a key theme at PWL Capital. We will continue investing a significant portion of our portfolios in low-risk and short-dated vehicles. Clients can expect our advisors to structure their portfolios to remain highly diversified, since this is the best protection against the collapse of a company, a sector or even a country. Currency-risk hedging is also part of our strategy, since it makes returns on U.S. and international equities more reliable.

In line with our philosophy of achieving defined objectives, we also encourage all of our clients to stay focused on pro-active financial and retirement planning. Our advisors stand ready to provide the latest advice and ideas to help ensure your wealth continues to grow as we move through 2011.