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The S&P/TSX Oil & Gas Storage and Transportation Total Return Index is down approximately 14.7% year-to-date (through April 26). Rising interest rates, larger than normal discounts for western Canadian natural gas and crude oil (particularly heavier crude oil), and various delays with new projects have all given analysts, pundits, and the media plenty of material to construct a negative narrative.
This article appeared in the Spring 2018 issue of our newsletter, “Interest Gained”. To read the full newsletter, please click here.
Since the mid 70s the Chairman of the Federal Reserve Board have served at least two consecutive terms (terms are 4 years at a time). The appointment of Janet Yellen, being the first women Chairperson of the Federal Reserve Board, back in 2014 by Barack Obama marks the first break in that trend, serving only one term. Many have asked if this change in Chairs will make a difference in the interest rate hike cycle in the US. Our Short answer: NO.
This article appeared in the Spring 2018 issue of our newsletter, “Interest Gained”. To read the full newsletter, please click here.
Chairman Gerry Connor in conjunction with Sukyong Yang, Lead Manager Global Equities, have prepared an informal briefing or “Cheat Sheet” on the possible outcomes of the US election. While there are many unknowns and variables, we hope this summary will provide relevant perspectives and our insights.
The Brexit referendum answered one question but raised a number of complex issues. In their respective commentaries, Lead Strategist, Gerald Connor, CIO, Peter Jackson and Global Equities PM, Sukyong Yang review their perspectives on this significant outcome and the impact it could have at this early stage.
While all three commentaries share commonalities, they also focus on different key elements. Click on the links below to read more.
Introduction
The 2008 financial crisis was scary. So was the 2011 European crisis, the 2000 tech collapse, the 1987 market crash and the 1974 recession. Media pundits warned that the markets may never recover. Fearful investors ran for the exits. Yet, in each case, markets regained their equilibrium in relatively short order, producing stellar gains along the way. The question is why do some investors sell at the bottom while others get into position for a recovery? And why do most sit on the sidelines while a select few profit from historic rebounds? We believe successful investors have sound investment principles to guide their decisions and the experience to act with confidence. At Cumberland, we’ve been refining our investment principles through more than four decades, including five major economic cycles and innumerable ups and downs in the market. These principles have given us the courage to capitalize even while others are afraid and keep our clients a step or two ahead of the market for a very long time.
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