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

Straight Talk on Passive Investing

Michael Burry’s words reported in a Bloomberg article caused a good deal of commotion and may even have shaken some investors’ confidence in passive funds. In my opinion, the article delivers three negative messages about index funds without offering the slightest proof. Let’s take a closer look.

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

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.