A year ago, pessimists were a dime a dozen. We would not sell ourselves so cheaply but we were among them. Some might accuse QV Investors of feeling good about feeling bad. We were bearish three years before the crack in equity ...
Against a deflationary backdrop in the United States, and in the world, of faltering employment, of contracting bank loans, of failing banks, (to say nothing of the failings of ambitious Gulf States), and of slipping house prices (US), the authorities continue to ...
On Wednesday, November 11, QV Investors celebrated thirteen years in the business of managing investment portfolios. From a start of three: Wendy Booker-Urban, Gordon Singer, and Leigh Pullen, and a few million dollars, we have grown to a staff of twelve ...
The market's recovery is vigorous but unsustainable. The market holds neither the promise of enduring profits or value. The unprecedented, concerted global spate of spending and bank system liquidity has boosted both bonds and stocks and delivered a mite of a business ...
The S&P 500 is today 49% above its lows of March 9, 2009. The TSX is up 42%. With such a rapid rise in the markets, we thought we would outline our strategy and thoughts for each of the QV Funds.
Not being believers in a world running out of oil, but being believers in sensible valuations, we held no energy stocks in the Global Equity Fund last year. We benefited as oil and share prices tumbled. At the beginning of 2009, we ...
It has been quite the ride for bond investors over the past two years. After enduring the scepticism of many during the equity bull market, bond investing has become the flavour again. Whether from weary investors tired of the volatility in the ...
In asking one of my colleagues last week for a thought on the theme of this letter he turned to me and said, "Gosh Leigh, it is kind of tough to think of anything optimistic to say right now." Admittedly, he was ...
Bailing with Bigger Buckets - The Boat Still Leaks
Yesterday, Timothy Geithner, Barack Obama's Secretary of the Treasury, introduced the Financial Stability Plan FSP, replacing, the Troubled Assets Relief Program, or TARP, the acronym of which had the unfortunate connotation of a cover-up. ...
Ms N. and Mr M. are financial consultants whose views and questions we respect. They have asked us two posers during recent client presentations - Ms N. asked, "When will it end?" and Mr M. asked, "What could make you wrong?"
For equity investors, the months of September and October seemed like an eternity. Losses, year-to-date, were worse than even the "bears," like ourselves, predicted. One must now go back to the early 1970's and, even worse, the 1930's, to compare with other ...
If you glance at QV's Pooled Fund returns, at the bottom of the next page, you will see the month of August shows a positive glow. Briefly, we were happy.
Autumn has come early, frosty and fast to commodity prices. In the first half of the year, with the exception of March, every month of '08 had seen higher prices set by the Commodity Research Bureau's Index. Metals, oil, natural gas, minerals, ...
John Templeton, the nonagenarian money manager of the
Templeton Funds advised investors to buy shares at their
point of maximum distress, to benefit long-term from
their recovery. Our purpose in showing the US banking
chart is to ponder if equity markets have ...
On Monday April 28, 2008, QV Investors hosted a client reception and presentation. A summary of our remarks follows.
Aware as they are that the credit crisis and now economic crisis is broadening and deepening, policymakers in Ottawa and Washington are in full disaster recovery mode and possibly blowing another bubble.
We present this month's strategy review in a Question and Answer format. We address key questions from our clients on the financial markets and on our investment strategy.
Five months after the start of faltering credit conditions and after witnessing a growing list of distressed financial institutions, we expect the Bank of Canada and the Federal Reserve Board will again cut interest rates in December.
This month's letter is designed to address some of the concerns by our clients regarding the negative rates of returns achieved to date in the Global Equity Fund.
August will be seen as a pivotal month in examining investor psychology and how quickly a change can affect the direction of the equity markets. Our frequent ruminations about the speculation in the equity markets and the riskier environment this presents to ...
North American equity indices continued their increase during the first half of July. The S&P/TSX hit a high of 14,656 on July 19 and the S&P 500 hit a high of 1,555. As we write this letter, the S&P/TSX has fallen nearly ...
The Canadian dollar cannot seem to stop climbing! Foreign interest in our dollar has been fuelled by strong economic fundamentals and firm commodity prices. The possibility of Canadian/US dollar parity is now more of a reality than a pipe dream!
With Canadian corporate profits up 20% for Q1 of 2007 over Q1 of 06, and up 7% in the US, and with the acquisition frenzy unabated, the Toronto market rallied another 10 percent in the last six months. The BMO Small Cap ...
With the exception of the Global Equity Fund, unit values advanced into the end of February. On a per unit basis, the Global Fund dropped 2.2% from December, something we would prefer not to display at start-up. A glance at the Total ...
In January and early February, confidence in the economy and profits buoyed share prices. The GNP in the US in the fourth quarter was strong.
Given same economic growth, ongoing strength in employment and consumer prices along with no concessions as yet ...