Peter Guay

MBA, CFA, Portfolio Manager

Peter joined PWL Capital in 2004 to learn the business from the ground up. 14 years, many designations and an MBA later, Peter is now a Partner, Portfolio Manager and Financial Planner in the Layton-Guay Team.

Peter joined PWL Capital in 2004 to learn the business from the ground up. 14 years, many designations and an MBA later, Peter is now a Partner, Portfolio Manager and Financial Planner in the Layton-Guay Team.

Behavioural Finance
Montreal, Residential-Area, Plateau-Mont- Royal, Canada

Myth BUSTED: ETFs and Market Efficiency

The Myth: Everyone is piling into ETFs, and that makes stock markets less efficient. The argument: The more people invest through indexes and ETFs, the fewer people there are scrutinizing the fundamentals of stock prices to figure out if individual stocks are cheap or expensive. That must make it easier to pick stocks, right?

Market Research
Blowing Bubbles Street Performance vitaliy paykov on unsplash

Do ETFs Cause Market Bubbles?

One of the biggest myths about passive investing is that ETFs and indexing will cause stock market bubbles. The thinking is simplistic: since index funds have to buy all companies in the stock market, they have to blindly buy stocks whose prices have gone up, right? This makes stock market bubbles worse, right?

Market Research
Solar Panel Solar Farm by zbynek burival on unsplash

How rigorous is ESG research?

In my previous blog post, I talked about Environmental, Social and Governance (ESG) investing, why investors are interested and the different ways to implement it in your portfolio. This naturally raises the next question: how rigorous is the ESG research and does it actually differentiate and reward good from bad behavior?

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  • PWL is proactive in sharing general financial advice and insights as well as highly responsive to questions, concerns and requests for action and processing of transactions. Wise, straightforward advice and very good communication … plain language when necessary for those who are not
    very literate in the world of investments.

    Anne Carlyle Carlyle Designs - Ottawa, ON
  • We feel confident that our portfolio is in good hands and that our interests are looked after. We have easy access to Peter and Tony and appreciate the relationship that has been built. Most of all, we appreciate the confidentiality afforded to us by placing our interests with PWL.

    Andrée Savoie and Mathieu Richard Adelin Properties Dieppe, New Brunswick
  • The PWL Capital team is simply the best in the country. PWL’s client care and services have been absolutely superb, from my very first meeting with
    Peter, Tony and their colleagues to my frequent and regular interactions with them. There are so many different things on which to focus in our busy lives, but I rest easy knowing that PWL is looking after my investments.

    Patrick M. Shea
  • It is important to understand that investing for the future is best left to professionals who understand one’s immediate, medium and long-term needs. Tony Layton and his team at PWL Capital are perfectly positioned to understand the needs of every individual client. We have worked with Tony and his team for a number of years, and we can recommend them wholeheartedly in terms of bringing their clients peace of mind as far as investments are concerned in a volatile world.

    David and Jill McDonald
  • Anthony Layton has served as my financial advisor for more than 20 years. I value his judgment and have relied exclusively on his skill in managing my finances and my estate planning during a less than salubrious time for the markets. I have recommended him to colleagues, to friends and to family and do so unstintingly.

    Derek Burney Norton Rose
  • During 2008 and 2009, Tony’s discipline kept me on track to fully capture the market recovery. He and his team ensured that my investment decisions didn’t get sidetracked by the media noise and my own emotions.

    Robert Murdoch Ritchie Brothers Auctioneers
  • Tony and his team have helped me to organize my financial affairs and achieve significant tax efficiencies, despite my extremely busy lifestyle. They have considerably reduced this burden for me and my family.

    David McAusland McCarthy Tétrault
  • Tony and Peter bring a personal touch to a very personalized approach to wealth management in all its dimensions. They are our true partners.

    Jane Hope TAXI Canada Ltd
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    Who We Are

    Trust. A notion too often assumed and not earned. Tony, Peter and their experienced team have earned a highly valued position of trust with families across Canada, acting as lead advisors in their financial affairs. Working with Tony and Peter, you can expect a relationship based on transparency and objectivity.

    Conflict-free, transparent and independent advice

    The PWL Capital team is fee-based and not compensated by investment products sold — unlike “big bank” brokerage firms that collect commissions and often underwrite the products they sell and stocks they promote.

    Reduced uncertainty and risk

    By investing based on scientific evidence with a sound strategy grounded in academic research, you can break the typical cycle of simply “betting” on stocks and trying to guess the future.

    Going beyond the portfolio

    Tony and Peter stand ready to provide valuable financial advice on issues involving family, cottages, business interests and charitable giving.

    Leveraging a multi-disciplinary team

    Clients derive added value from a multi-disciplinary team that structures cohesive strategies for investments, tax, retirement and other planning.

    Get in Touch with the Layton-Guay Team


    • PWL Capital works with clients who have, or will soon have, $500,000 or more to invest. If you do not meet this criteria, feel free to get in touch; we will be happy to point you in the right direction.
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