Raymond contributes to PWL with his thirty years of experience in investment strategy and fixed income portfolio management. A passionate blogger, he writes a monthly column in French-language newspaper Les Affaires and hosts the French podcast “L’investissement Décomplexé”. Raymond also teaches finance part-time at McGill University.

Market Research

It’s Wrong to Compare ETFs with CDOs

According to this Bloomberg article, Michael Burry (a hedge fund manager and the main character of the novel and movie The Big Short) draws a parallel between Collateralized Debt Obligations (CDOs), whose disastrous flaws were partly responsible for the 2008 financial crisis, and exchange-traded funds (ETFs), and concludes that there is potential for a potential similar outcome in this market as well.

Market Research
Stock Markets Ticker Window Street

Spotlight on high-yield bond ETFs

Given the meagre interest rates paid by investment-grade bonds and GICs, it is only normal that people are interested in investments with a higher return. That includes advisors, as high-yield bond (HYB) exchange traded funds (ETFs) offered by BMO and iShares alone hold over $2 billion in assets.That’s not chicken feed.

Market Research

Is your portfolio sufficiently diversified?

We have recently learned of the death of British mathematician Edward H. Simpson (1922-2019). Simpson first distinguished himself during World War II as a code breaker for the Royal Navy, when he enabled the interception of numerous ships carrying supplies for the troops led by Germany’s General Rommel.

Market Research
Keyboard White ETF in Writings

Even with equal fees, I prefer passive ETFs!

Shock and awe! In 2018, Vanguard Canada, a fervent advocate of passive management, launched traditional, actively managed mutual funds. Actively managed mutual fund companies also successively launched their own array of exchange traded funds (ETFs). As a result, the great majority of the Canadian market’s 33 suppliers now offer mainly active management. Are we looking at the end of passive ETFs?