By: Jeff Pollock It’s difficult to dispute the seasonal weakness that September historically accompanies. Many call it the “September Effect”. Going back almost a century, it’s the only month of the year when the S&P 500 statistically posts a loss more often than a gain. Since 1930, September has delivered a median return of -0.4%. […]
Strategist Ed Yardeni coined the phrase “bond vigilantes” in 1983. It describes the bond market investors who sell government bonds to drive yields higher as a protest against inflationary government policy. Recently, we’ve watched these vigilantes emerge not only in the U.S. but in several places around the globe (Japan, France, and Germany). The 30-year […]
Drivers in the Greater Toronto Area got a rude awakening at the pumps yesterday. Thanks to escalating geopolitical tensions in Iran, gas prices spiked by 8 cents per litre overnight, pushing the average price for regular fuel up to roughly $1.73 per litre, leaving many motorists feeling gouged at the pumps. Since the conflict in […]
Many have said “bull markets don’t die of old age; central bankers kill them.” The conventional wisdom is that once rates start to head higher, stocks are less attractive because the cost of borrowing becomes more expensive and investors are offered an income-producing alternative by the bond market. However, history says they are wrong. The […]
Yes, Canadian banks are trading at valuation multiples unseen in years. However, comparing these multiples to their historical valuations may not make all that much sense. The banking industry has changed drastically over the years. Decades ago, banks were mostly just mortgage lenders. They would take in deposits from savers, keep a very small fraction […]
On October 19, 2026, Alberta will have a referendum about whether it should have a referendum to separate from Canada. The exact wording on the ballot for one of the ten questions will read: Should Alberta remain a province of Canada, or should the Government of Alberta commence the legal process required under the Canadian […]
September has historically been a weak month for stocks, and this year’s sentiment will hinge on Jay Powell’s speech tomorrow at Jackson Hole Students aren’t the only ones uneasy about September—stocks often dread it too. Historically, it’s the worst month for the market. Since 1930, the S&P 500 has fallen about 55% of the time […]
