Are You Set Up for What’s About to Come?
Happy Friday, !
It looks like we’re going to get at least another week of gorgeous weather! It’s looking like a beautiful weekend to get outside.
Here’s a pic from our last family adventure!
We are extremely fortunate to be at a firm that has no limits on what we can invest in. Previously, as you are likely well aware, we could only recommend proprietary investments. There were some good and some bad, but those were the only options. There weren’t resources available for us to listen to various opinions from esteemed experts at outside firms.
Why is this a problem?
Before we left in June of 2022, their Chief Investment Strategist had updated his outlook for the year and downgraded his expectations of double digit returns for the year to mid-single digit returns. As we’re aware, the S&P 500 saw losses of 19.44% in 2022 - a far cry from anything positive.
Now, this is not to say that he was alone in his predictions, but it definitely gave me and my team some pause when only looking at one thought process. Since moving to Harbourfront we have, and continue to, reach out to experts from various firms to make sure we’re getting a better picture of what the economic (and investing) landscape looks like.
Yesterday I was invited by RBC Global Asset Management to come to a small lunch with a presentation by Michel Dimanian from BlackRock Investment Institute. I love listening to Michel talk as well as other members from the Institute. Michel and his team have no link to the fund side of BlackRock - their sole job is to analyze the markets and trends to provide reports. Whatever the fund team does with that is up to them.
Why do I love this?
With the arms-length approach there is no hidden agenda. They might get it wrong, but it’s not to sell me (or you) anything. Looking back at the Investment Strategist in 2022 telling us that the markets would be positive, he’s encouraging us to keep our money invested (and hopefully in his funds). It’s highly unlikely that you will get a real opinion where they are telling you that things will get bad and you should move to cash (or other alternatives) - they have shareholders to worry about! By essentially having no skin in the game, we can actually get some real opinions and formulate our strategy based on what is best for you and your investments.
So, what did he say?
There was a lot! I have a 30 page copy of his presentation and I will be breaking it down in a short video that you will be able to find on our social media pages (see links below). I’m also happy to have a quick chat with you if you want to book a time using my calendar below.
Have a great weekend,
Trevor
P.S. One thing he did mention was being nimble and granular. Our Portfolio Managers are definitely both of those. Have a look here for the WPP trade notes from yesterday.
