Tony Layton, Peter Guay and their PWL Capital team members are here to help you achieve your financial goals. Driven by an investment philosophy centered on scientific evidence with a sound strategy grounded in academic research, the Layton-Guay team will help you make the financial choices for your future.

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?

Market Research
Fall Season Autumn Leaves Falling Sunset by bronwyn on unsplash

Tony’s Take: The worst of times, the best of times

What’s the worst month for stock market returns? If you said October, you would be wrong, but no one would blame you. Many people associate October with stock market misery because of three infamous crashes that occurred during the month—the Great Crash of 1929, the Black Monday crash of 1987 and the financial crisis crash of 2008.

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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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    MBA, CIM®, CEO, Portfolio Manager
    Tony is a founding partner, CEO and Portfolio Manager at PWL Capital Inc. in Montreal with over 35 years of experience helping clients achieve their financial goals. He is a firm believer that conflict-free advice is the only way to properly serve Canadian investors.
    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.
    MBA, CIM, Portfolio Manager
    Shweta joined the Layton-Guay team in 2009. As Portfolio Manager, she is a ‘right hand’ to Tony and Peter. Shweta’s experience and meticulous nature are cornerstones of the team's dedication to superior client service.
    Senior Financial Planner & Financial Security Advisor
    Mario joined PWL Advisors in 2000. His dedication and commitment are second only to his ability to provide clients with meticulous financial planning. He creates practical solutions to clients’ problems involving complex individual needs.
    Rebecca Solyom - PWL Capital
    Executive Assistant & Communications
    Rebecca joined the Layton-Guay team in 2013. Rebecca co-ordinates communications and events for the Layton-Guay team and manages all manner of administrative duties. She also performs countless specialized tasks in order deliver an exceptional client experience.
    Julia McKinnon - PWL Capital
    Administrative Assistant
    Julia joined the Layton-Guay team in 2016. She works closely with Peter as the first point of contact for clients and manages all account paperwork for the team. Julia brings to the team an incomparable level of client service and attention to detail.
    Justin Spina - PWL Capital
    Tax Analyst
    Justin has been employed as a tax specialist at PWL Capital since 2008. His primary duties entail tax preparation, tax and financial planning, and acting as an intermediary between clients and federal/provincial tax authorities.
    PWL Headshot: Simona Ivanovska
    Front Office Leader

    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.

    Recommended Resources

      • A Guide to Responsible Investing – Doing Well by Doing Good

        ESG and SRI investments are becoming more prevalent in the investment universe. This document covers the three main strategies of ESG investing: passive, integration, and active. We review the implementation of each strategy, the consequences for portfolio returns, and we recommend some options for investing according to ESG.

        Contributors
      • The Passive vs. Active Fund Monitor (2018)

        This report describes the competitive landscape for passively and actively managed funds over the last twelve years in Canada and the United States.

        Contributors
      • Passive versus Active Report (2016)

        This report describes the competitive landscape for passively and actively managed funds over the last ten years in Canada and the United States.

        Contributors
      • Market Statistics – September 2018

        Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of September for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Market Statistics – August 2018

        Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of August for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Market Statistics – July 2018

        Here you’ll find a PDF document of the monthly statistics for the month of July for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Market Statistics – June 2018

        Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of June for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Market Statistics – May 2018

        Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of May for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Market Statistics – September 2018
        Summary

        Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of September for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Market Statistics – August 2018
        Summary

        Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of August for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Market Statistics – July 2018
        Summary

        Here you’ll find a PDF document of the monthly statistics for the month of July for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Market Statistics – June 2018
        Summary

        Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of June for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Market Statistics – May 2018
        Summary

        Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of May for the various Canadian, U.S. and international markets that we follow.

        Contributors
      • Playing the Winner’s Game (Swedroe, 2013)

        The instant access to unlimited information on the Internet has not improved experienced investors’ chances of having a positive investing experience. The need to rise above the noise with out busy lives has never been greater. That is where this book comes in.

      • The Behavior Gap

        As a financial planner, Carl Richards grew frustrated watching people he cared about make the same mistakes over and over with their money. They were letting emotion get in the way of making smart financial decisions. He named this phenomenon—the distance between what we should do and what we actually do— “the behavior gap.”

      • Keeping the Cottage in the Family

        A country place is a symbol of relaxation, continuity in life, and family harmony. But when the topic of ownership succession is raised, that lovely spot can be transformed into a source of stress, uncertainty and family strife.

        Contributors
      • Playing the Winner’s Game (Swedroe, 2013)
        Summary

        The instant access to unlimited information on the Internet has not improved experienced investors’ chances of having a positive investing experience. The need to rise above the noise with out busy lives has never been greater. That is where this book comes in.

      • The Behavior Gap
        Summary

        As a financial planner, Carl Richards grew frustrated watching people he cared about make the same mistakes over and over with their money. They were letting emotion get in the way of making smart financial decisions. He named this phenomenon—the distance between what we should do and what we actually do— “the behavior gap.”

      • Keeping the Cottage in the Family
        Summary

        A country place is a symbol of relaxation, continuity in life, and family harmony. But when the topic of ownership succession is raised, that lovely spot can be transformed into a source of stress, uncertainty and family strife.

        Contributors

    Our Community

    Anthony, Peter and the rest of the team are proud to support the following communities in the Montreal area

    Montreal Heart Institute

    The Montreal Heart Institute (MHI) is the leading specialized cardiology hospital in Canada and one of the largest cardiology institutes in the world.

    Nature Conservancy of Canada

    The Nature Conservancy of Canada (NCC) is Canada’s leading national land conservation organization.

    Loyola High School Foundation

    Men for Others – A call to action that guides the development of all students that pass through the halls of this venerable Montreal Institution.

    McGill Desautels Faculty of Management

    Founded in 1906, the Desautels Faculty of Management at McGill University is ranked as one of the world’s top international business schools by BusinessWeek, Canadian Business, Forbes, The Economist and the Financial Times.

    Morgan Myatt Sailing

    Arielle Morgan and Heather Myatt, a 49erFX sailing team are athletes from Montreal campaigning to represent Canada in sailing at the 2016 Olympics in Rio De Janeiro, Brazil.

    Kabir Centre for Arts & Culture

    Kabir Centre for Arts & Culture is a charitable organization incorporated in the province of Quebec.

    Get in touch with us

    Montreal

    3400 de Maisonneuve Ouest
    Suite 1501
    Montreal

    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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