Market commentary, research, and the CIO's perspective from Viewpoint Investment Partners.https://viewpointinvestment.ca/https://viewpointinvestment.ca/insights/invested/invested-may-edition-3/https://viewpointinvestment.ca/insights/invested/invested-may-edition-3/Good morning! This month’s edition of Invested explores the growing complexity shaping markets, mental health, philanthropy, and long-term stewardship. From revisiting CIO Scott Smith’s timely insights on energy security and coal’s enduring role in a shifting global economy, to examining how hormoneFri, 29 May 2026 10:00:40 GMThttps://viewpointinvestment.ca/insights/invested/invested-april-edition-3/https://viewpointinvestment.ca/insights/invested/invested-april-edition-3/Good morning! This month’s Invested explores how global disruption, innovation, and long-term thinking are reshaping markets and society. We examine fertilizer inflation and commodity shocks tied to the Iran conflict, Canada’s evolving energy opportunity, and the cybersecurity risks of advanced AI. Fri, 24 Apr 2026 09:00:37 GMThttps://viewpointinvestment.ca/insights/cio/the-fertilizer-front-how-the-iran-war-is-repricing-the-commodity-complex/https://viewpointinvestment.ca/insights/cio/the-fertilizer-front-how-the-iran-war-is-repricing-the-commodity-complex/Executive Summary Almost a month into the Iran conflict, de-escalations are underway, but none constitute a credible off-ramp. Iran’s leverage is real and Tehran may not yet believe it has extracted sufficient deterrent value to stand down. A ground force operation targeting Kharg Island, which handMon, 30 Mar 2026 00:14:17 GMThttps://viewpointinvestment.ca/insights/invested/invested-march-edition-2/https://viewpointinvestment.ca/insights/invested/invested-march-edition-2/Good morning! This month’s Invested explores how geopolitics, energy markets, and broader social trends are shaping the economic landscape. The articles that we curated examine the escalating tensions with Iran and what they mean for oil prices, inflation risks, and the role commodities play as a geFri, 20 Mar 2026 18:51:34 GMThttps://viewpointinvestment.ca/insights/cio/iran-week-two-the-off-ramp-is-narrowing-and-the-risks-are-broadening/https://viewpointinvestment.ca/insights/cio/iran-week-two-the-off-ramp-is-narrowing-and-the-risks-are-broadening/Executive Summary As we enter the second week of the conflict, there has been no meaningful de-escalation, with attacks reported on Iranian oil infrastructure and desalination facilities in both Iran and Bahrain. Iran has named Mojtaba Khamenei as the new Supreme Leader, reinforcing regime continuitTue, 10 Mar 2026 02:25:55 GMThttps://viewpointinvestment.ca/insights/cio/iran-midterm-incentives-and-the-energy-risk-premium-not-just-an-oil-story/https://viewpointinvestment.ca/insights/cio/iran-midterm-incentives-and-the-energy-risk-premium-not-just-an-oil-story/Executive Summary My starting point in early 2026 was dovish on major U.S. escalation with Iran. Midterms amplify the political cost of higher energy prices Iran is not a “quick regime calibration candidate” case like Venezuela. Post-SOTU, escalation risk rose – fewer visible affordability reforms iMon, 02 Mar 2026 21:48:53 GMThttps://viewpointinvestment.ca/insights/invested/invested-february-edition-2/https://viewpointinvestment.ca/insights/invested/invested-february-edition-2/Good morning! This month in Invested, we explore shifting dynamics across markets, policy, and philanthropy. From the Supreme Court’s ruling on tariffs and the market implications of Kevin Warsh’s Fed nomination, to lessons in risk-parity investing drawn from cocoa’s dramatic price cycle, the ViewpoFri, 27 Feb 2026 10:00:17 GMThttps://viewpointinvestment.ca/insights/cio/tariffs-after-ieepa-the-instant-dial-is-gone-not-the-regime/https://viewpointinvestment.ca/insights/cio/tariffs-after-ieepa-the-instant-dial-is-gone-not-the-regime/In our January outlook, we argued the era of peak tariffs was behind us, both from the perspective of U.S. consumer affordability and policy constraints on the U.S. administration from the courts. The Supreme Court’s decision to strike down tariffs implemented under the IEEPA statute is a prime examMon, 23 Feb 2026 21:39:57 GMThttps://viewpointinvestment.ca/insights/cio/cocoas-round-trip-and-the-case-for-risk-parity-portfolio-construction/https://viewpointinvestment.ca/insights/cio/cocoas-round-trip-and-the-case-for-risk-parity-portfolio-construction/Executive Summary Cocoa’s 2023–2026 price cycle was one of the most extreme agricultural commodity moves in recent decades, compressing years of commodity dynamics into 24 months. Structural supply deficits, critically low inventories, and inelastic demand led to a tripling in price followed by a shWed, 18 Feb 2026 18:44:16 GMThttps://viewpointinvestment.ca/insights/cio/the-warsh-reckoning-a-liquidity-reset-or-a-temporary-repricing/https://viewpointinvestment.ca/insights/cio/the-warsh-reckoning-a-liquidity-reset-or-a-temporary-repricing/The nomination of Kevin Warsh as the next Chair of the Federal Reserve landed with more force in financial markets than many anticipated. Expectations heading into the decision were that any incoming Chair would lean more dovish than Jerome Powell, reflecting the Trump administration’s sustained preMon, 02 Feb 2026 15:49:04 GMThttps://viewpointinvestment.ca/insights/invested/invested-january-edition-3/https://viewpointinvestment.ca/insights/invested/invested-january-edition-3/Good morning! This month’s Invested examines how geopolitics, confidence, and resilience are increasingly shaping both markets and social systems. CIO Scott Smith explores why copper’s standout performance reflects supply risk rather than demand, what Venezuela’s post-Maduro uncertainty means for glMon, 02 Feb 2026 10:05:54 GMThttps://viewpointinvestment.ca/insights/cio/running-hot-growing-uneven-a-2026-market-outlook/https://viewpointinvestment.ca/insights/cio/running-hot-growing-uneven-a-2026-market-outlook/As we enter 2026, financial markets are being shaped less by any single economic narrative and more by the interaction between monetary policy, fiscal policy, geopolitics, and late-cycle dynamics. U.S. growth remains constructive even as employment softens, and productivity gains continue to supportWed, 14 Jan 2026 14:29:22 GMThttps://viewpointinvestment.ca/insights/cio/a-sword-over-the-state-venezuelas-post-maduro-risk-premium/https://viewpointinvestment.ca/insights/cio/a-sword-over-the-state-venezuelas-post-maduro-risk-premium/Financial markets love clean narratives, but geopolitical developments rarely deliver them. The U.S. capture of Venezuelan President Nicolás Maduro over the weekend was a headline shock, yet the most likely commodity-market outcome is near-term ambiguity with messier second-order implications. The bTue, 06 Jan 2026 18:22:53 GMThttps://viewpointinvestment.ca/insights/cio/coppers-geopolitical-premium-and-chiles-opportunity/https://viewpointinvestment.ca/insights/cio/coppers-geopolitical-premium-and-chiles-opportunity/For commodity markets, 2025 will go down as the year of the metals. Precious and industrial metals both delivered standout returns. Silver, platinum, and palladium grabbed headlines late in the year as speculative positioning drove sharp volatility. Copper, meanwhile, quietly put up its best annual Mon, 05 Jan 2026 10:15:06 GMThttps://viewpointinvestment.ca/insights/invested/invested-december-edition-2/https://viewpointinvestment.ca/insights/invested/invested-december-edition-2/Good morning! December’s Invested brings together market insight, emerging risks, and cautious optimism. From navigating volatility across multi-asset and commodities strategies, to exploring AI’s role in mental-health care, evolving environment, social, and governance (ESG) dynamics, stablecoins, aFri, 19 Dec 2025 10:00:41 GMThttps://viewpointinvestment.ca/insights/invested/invested-november-edition-2/https://viewpointinvestment.ca/insights/invested/invested-november-edition-2/Good morning! This month’s Invested dives into the forces reshaping everything from markets to mental health. From AI’s breakneck infrastructure boom to the emotional risks of chatbot companionship, and from a surreal trillion-dollar economic norms, to a corporate collapse that rattled Wall Street. Fri, 28 Nov 2025 10:15:14 GMThttps://viewpointinvestment.ca/insights/cio/laying-the-ai-rails-boon-bubble-or-both/https://viewpointinvestment.ca/insights/cio/laying-the-ai-rails-boon-bubble-or-both/Equities paused last week as investors questioned whether the AI capital-expenditure (capex) boom is sustainable and whether future earnings justify the vast build-out. Emerging vendor-financing loops in mega-cap tech—think Nvidia investing in OpenAI, OpenAI inking a cloud deal with Oracle, and OracMon, 10 Nov 2025 21:02:17 GMThttps://viewpointinvestment.ca/insights/invested/invested-october-edition-2/https://viewpointinvestment.ca/insights/invested/invested-october-edition-2/Happy Halloween! 🎃 As October draws to a close and the ghosts of market fears and global uncertainty linger, this month’s issue of Invested proves that not everything goes bump in the night. From resilient markets that refuse to be spooked by inflation or tariffs, to a new era of philanthropy risinFri, 31 Oct 2025 16:00:29 GMThttps://viewpointinvestment.ca/insights/cio/from-gold-rush-to-risk-rush-concentration-to-diversification/https://viewpointinvestment.ca/insights/cio/from-gold-rush-to-risk-rush-concentration-to-diversification/Gold has been making headlines this year, extending an uptrend that began in late 2022. Recent months have been especially sharp, with higher prices accompanied by more volatility. Even after a pullback of 6% from last week’s all-time high, gold remains up 7% in October, 50% year-to-date, and 30% anTue, 28 Oct 2025 12:00:22 GMThttps://viewpointinvestment.ca/insights/invested/invested-september-edition-2/https://viewpointinvestment.ca/insights/invested/invested-september-edition-2/Good morning! This month’s Invested spans markets, philanthropy, and strategy. Highlights include Fed independence risks, commodities’ potential super cycle, and Canadian equities’ sweet spot. The Viewpoint Foundation spotlights the psychology of high-control systems, while we also explore governancSat, 27 Sep 2025 02:03:58 GMThttps://viewpointinvestment.ca/insights/cio/the-erosion-of-fed-independence-and-its-inflationary-consequences/https://viewpointinvestment.ca/insights/cio/the-erosion-of-fed-independence-and-its-inflationary-consequences/The U.S. economy is approaching a critical juncture, as a softening labor market coincides with growing pressure on the Federal Reserve to ease policy. Markets now expect a September rate cut, with more likely to follow by year-end. Political tensions have intensified, as the administration presses Mon, 08 Sep 2025 19:16:26 GMThttps://viewpointinvestment.ca/insights/invested/invested-august-edition-2/https://viewpointinvestment.ca/insights/invested/invested-august-edition-2/Good morning! This month’s issue of Invested is packed with insights, from being featured by the Calgary Chamber, to tariffs and commodities, to warnings about Canada’s capital drain. Plus, we explore the psychology of conspiracy theories. Curious what it all means for investors and families? Find oFri, 29 Aug 2025 10:00:40 GMThttps://viewpointinvestment.ca/insights/cio/dial-a-tariff-policy-pivots-keep-growth-cushioned-but-craftsmanship-decides-commodity-outcomes/https://viewpointinvestment.ca/insights/cio/dial-a-tariff-policy-pivots-keep-growth-cushioned-but-craftsmanship-decides-commodity-outcomes/Calgary hasn’t felt like summer with all the rain, but the sun has been shining on equities and risk sentiment. Global equity markets continue to climb the proverbial “wall of worry,” well above pre-liberation day levels and are near all-time highs. On the plus side, ultra-aggressive trade policy haMon, 11 Aug 2025 20:32:40 GMThttps://viewpointinvestment.ca/insights/markets/viewpoint-global-multi-asset-trust-announces-change-in-investment-risk-classification-in-series-f-usd-vwp-209/https://viewpointinvestment.ca/insights/markets/viewpoint-global-multi-asset-trust-announces-change-in-investment-risk-classification-in-series-f-usd-vwp-209/FOR IMMEDIATE RELEASE Calgary, Alberta — August 5, 2025 — Viewpoint Investment Management Corporation, the manager of Viewpoint Global Multi-Asset Trust (the “Fund”), today announced a material change in the Fund’s Series F-USD investment risk classification. Effective August 5, 2025, the Fund’s risTue, 05 Aug 2025 16:27:24 GMThttps://viewpointinvestment.ca/insights/invested/invested-july-edition-2/https://viewpointinvestment.ca/insights/invested/invested-july-edition-2/Good morning! Dive into this month’s Invested newsletter for the latest trends and insights—from surging precious metals and MAGA’s mounting cognitive dissonance to a sobering reality check on alternative investments. We also explore shifting markets, ETF momentum, inflation signals, and surprising Fri, 25 Jul 2025 10:00:11 GMThttps://viewpointinvestment.ca/insights/cio/the-catalysts-are-converting-platinum-palladium-reignite/https://viewpointinvestment.ca/insights/cio/the-catalysts-are-converting-platinum-palladium-reignite/In a year marked by shifting macro narratives and renewed enthusiasm for real assets, platinum and palladium have emerged as standout performers in the commodity space. Both metals posted strong price gains in Q2 2025, driven by tightening supply and resilient industrial demand, prompting a strategiMon, 21 Jul 2025 18:16:55 GMThttps://viewpointinvestment.ca/insights/invested/invested-june-edition-2/https://viewpointinvestment.ca/insights/invested/invested-june-edition-2/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! From gold-fueled market highs in Canada to shifting sentiment on Big Tech and the mainstreaming of crypto, this month’s newsletter explores the evolving landscape of global investing. We also spotlight the ethFri, 27 Jun 2025 10:00:20 GMThttps://viewpointinvestment.ca/insights/cio/powering-the-future-the-case-for-uranium-in-your-portfolio/https://viewpointinvestment.ca/insights/cio/powering-the-future-the-case-for-uranium-in-your-portfolio/With the worst of the trade war likely in the rearview for financial markets, attention has now turned to rising geopolitical tensions in the Middle East. Oil prices spiked on the back of Israeli airstrikes under “Operation Rising Lion” that targeted Iranian nuclear infrastructure and oil and gas faMon, 23 Jun 2025 17:10:39 GMThttps://viewpointinvestment.ca/insights/cio/the-new-front-in-the-trade-war-section-899-gives-investors-another-reason-to-diversify/https://viewpointinvestment.ca/insights/cio/the-new-front-in-the-trade-war-section-899-gives-investors-another-reason-to-diversify/Despite swirling uncertainty around trade policy, global equity markets have shrugged off the noise with U.S. stocks rallying back to levels last seen in February. The latest spark was the May jobs report for the U.S that came in stronger than expected, with 139,000 new positions added—enough to booMon, 09 Jun 2025 17:15:26 GMThttps://viewpointinvestment.ca/insights/invested/invested-may-edition-2/https://viewpointinvestment.ca/insights/invested/invested-may-edition-2/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! This month, we explore the psychological and economic forces shaping our world—from shrinking U.S. beef supplies just as grilling season begins, to a growing global retreat from U.S. assets, and the mounting pFri, 30 May 2025 10:00:21 GMThttps://viewpointinvestment.ca/insights/cio/high-steaks-whats-driving-the-beef-price-surge/https://viewpointinvestment.ca/insights/cio/high-steaks-whats-driving-the-beef-price-surge/With headlines dominated by tariffs and trade tensions, many are bracing for higher prices at the checkout. But when it comes to summer grilling staples, it’s not just tariffs turning up the heat—beef prices are already on a tear. Live and feeder cattle futures are up double digits in 2025, and whenMon, 26 May 2025 09:30:16 GMThttps://viewpointinvestment.ca/insights/cio/smile-turned-snarl-tariffs-treasuries-the-dollars-slide/https://viewpointinvestment.ca/insights/cio/smile-turned-snarl-tariffs-treasuries-the-dollars-slide/If you managed to disconnect from news headlines for the month of April and avoided checking any financial charts, you’d have no idea that equity markets had just endured a full-blown anxiety attack. As quickly as market sentiment soured from the reciprocal tariff announcements on Liberation Day, eqMon, 12 May 2025 16:28:30 GMThttps://viewpointinvestment.ca/insights/cio/fragile-victory-fragile-markets-canadas-political-shift-in-focus/https://viewpointinvestment.ca/insights/cio/fragile-victory-fragile-markets-canadas-political-shift-in-focus/Canadians headed to the polls on Monday and handed the Liberal Party a fourth consecutive election victory. While the comeback seemed unthinkable earlier this year, the narrow margin of victory leaves the Liberals with a weaker mandate than pre-election polling had forecasted. Heading into election Wed, 30 Apr 2025 09:30:49 GMThttps://viewpointinvestment.ca/insights/invested/invested-april-edition-2/https://viewpointinvestment.ca/insights/invested/invested-april-edition-2/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! This month’s edition spans leadership insights, market disruption, and our shared responsibility to the planet. Viewpoint Chair Mac Van Wielingen reflects on legacy and risk on The Trevor Rose Podcast, while gFri, 25 Apr 2025 10:00:22 GMThttps://viewpointinvestment.ca/insights/cio/from-safe-haven-to-shaky-ground-the-u-s-bond-market-flashes-warning-signs/https://viewpointinvestment.ca/insights/cio/from-safe-haven-to-shaky-ground-the-u-s-bond-market-flashes-warning-signs/While the initial shock from the April 2nd “Liberation Day” tariff announcement has subsided, markets remain stuck on a rollercoaster of policy uncertainty. Headlines continue to drive intraday volatility as investors try to make sense of shifting trade rules—new tariff categories, exemptions, and dFri, 18 Apr 2025 23:31:05 GMThttps://viewpointinvestment.ca/insights/cio/liberation-day-or-detonation-day-markets-rattle-as-tariffs-roar/https://viewpointinvestment.ca/insights/cio/liberation-day-or-detonation-day-markets-rattle-as-tariffs-roar/Given the events that transpired this week, it seems suitable to lead with one of Vladimir Lenin’s famous quotes: “There are decades where nothing happens; and there are weeks where decades happen.” What was dubbed by the U.S. administration as “Liberation Day” on April 2nd will go down in history aSun, 06 Apr 2025 19:34:08 GMThttps://viewpointinvestment.ca/insights/cio/strategic-metal-strategic-moment-copper-at-the-heart-of-geopolitical-tensions/https://viewpointinvestment.ca/insights/cio/strategic-metal-strategic-moment-copper-at-the-heart-of-geopolitical-tensions/After dropping into correction territory earlier this month, U.S. equities have stabilized somewhat, finding some support on the hopes of a less aggressive rollout of wider U.S. tariffs next week and a Federal Open Market Committee (FOMC) meeting where Federal Reserve (Fed) Chairman Jerome Powell doFri, 28 Mar 2025 14:00:45 GMThttps://viewpointinvestment.ca/insights/invested/invested-march-edition/https://viewpointinvestment.ca/insights/invested/invested-march-edition/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! From geopolitical shifts to commodity surges and evolving leadership in philanthropy, this month’s newsletter explores the forces shaping markets, policy, and purpose-driven capital. Inside, we spotlight the gFri, 28 Mar 2025 10:00:36 GMThttps://viewpointinvestment.ca/insights/cio/canadas-crossroads-an-upcoming-election-to-ignite-a-new-economic-era/https://viewpointinvestment.ca/insights/cio/canadas-crossroads-an-upcoming-election-to-ignite-a-new-economic-era/In what has already been a rollercoaster of a year, Canadians will be heading to the ballot boxes in a little over a month, with the aim of electing a leader to shepherd the country through an extremely tumultuous period. Not only is Canada in the midst of a trade war with one of […]Mon, 24 Mar 2025 18:23:16 GMThttps://viewpointinvestment.ca/insights/cio/u-s-hits-the-brakes-germany-hits-the-accelerator/https://viewpointinvestment.ca/insights/cio/u-s-hits-the-brakes-germany-hits-the-accelerator/Is the U.S. economy on the verge of a major reset? As the U.S. administration continues to signal a shift toward fiscal discipline aimed at fostering a more entrepreneurial, pro-business environment, warnings of a short-term growth shock are permeating through financials markets. Last Friday’s FebruMon, 10 Mar 2025 16:20:40 GMThttps://viewpointinvestment.ca/insights/cio/fiscal-detox-how-spending-cuts-the-mar-a-lago-accord-are-reshaping-u-s-economic-outlook/https://viewpointinvestment.ca/insights/cio/fiscal-detox-how-spending-cuts-the-mar-a-lago-accord-are-reshaping-u-s-economic-outlook/The prevailing narrative in markets heading into the new year was that U.S. economic activity was rebounding after a bit of a soft patch and set to accelerate with the incoming Trump administration. The economic policy platform of the new administration was viewed as pro-growth and fiscally stimulatMon, 03 Mar 2025 15:30:10 GMThttps://viewpointinvestment.ca/insights/invested/invested-february-edition/https://viewpointinvestment.ca/insights/invested/invested-february-edition/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! In this issue, we examine the growing trend of news avoidance and the ripple effects of Trump’s tariffs on currency trading, stocks, and Canadian banks. Plus, we explore AI spending surges, key family office sFri, 28 Feb 2025 10:00:48 GMThttps://viewpointinvestment.ca/insights/cio/metal-mayhem-tariff-uncertainty-permeates-through-commodity-markets/https://viewpointinvestment.ca/insights/cio/metal-mayhem-tariff-uncertainty-permeates-through-commodity-markets/Hardly a day goes by without a new headline surrounding U.S. trade policy, with the result being an ever-increasing list of potential tariffs on U.S. trading partners. The next few weeks are unlikely to offer any reprieve from headline-induced shocks, with the delay of across-the-board tariffs origiTue, 25 Feb 2025 17:11:36 GMThttps://viewpointinvestment.ca/insights/cio/trump-taxes-treasuries-the-markets-reaction-to-fiscal-policy/https://viewpointinvestment.ca/insights/cio/trump-taxes-treasuries-the-markets-reaction-to-fiscal-policy/The 10-year U.S. Treasury yield might seem like just another data point in the vast sea of financial indicators, but in reality, it’s one of the most influential numbers in the global economy. It dictates everything from mortgage rates to corporate borrowing costs, influences stock market valuationsTue, 18 Feb 2025 14:10:44 GMThttps://viewpointinvestment.ca/insights/cio/wake-up-call-coffee-prices-hit-record-highs/https://viewpointinvestment.ca/insights/cio/wake-up-call-coffee-prices-hit-record-highs/Canadians were able to breathe a sigh of relief this week after an agreement was reached with the United States that delayed the implementation of tariffs on Canadian imports for 30 days. Not only would the proposed tariff schedule have put a dramatic dent in Canadian economic growth, but Canada wasThu, 06 Feb 2025 14:45:34 GMThttps://viewpointinvestment.ca/insights/cio/the-art-of-the-bad-deal-north-americas-trade-standoff/https://viewpointinvestment.ca/insights/cio/the-art-of-the-bad-deal-north-americas-trade-standoff/In an executive order posted on the White House website Saturday, Donald Trump invoked the International Emergency Economic Powers Act, citing the flow of illicit drugs across the United States’ northern border as the rationale for kicking off what The Wall Street Journal dubbed as “The Dumbest TradMon, 03 Feb 2025 17:12:14 GMThttps://viewpointinvestment.ca/insights/invested/invested-january-edition/https://viewpointinvestment.ca/insights/invested/invested-january-edition/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! In this issue, we explore key forces shaping financial markets in 2025, featuring expert insights from Viewpoint Chief Investment Officer Scott Smith. Additionally, we examine the intersection of urban design,Fri, 31 Jan 2025 10:00:19 GMThttps://viewpointinvestment.ca/insights/invested/invested-january-edition-2/https://viewpointinvestment.ca/insights/invested/invested-january-edition-2/Happy New Year! This month’s Invested examines how geopolitics, confidence, and resilience are increasingly shaping both markets and social systems. CIO Scott Smith explores why copper’s standout performance reflects supply risk rather than demand, what Venezuela’s post-Maduro uncertainty means for Thu, 30 Jan 2025 10:33:52 GMThttps://viewpointinvestment.ca/insights/cio/canadas-fork-in-the-road-adapting-to-a-shifting-geopolitical-landscape/https://viewpointinvestment.ca/insights/cio/canadas-fork-in-the-road-adapting-to-a-shifting-geopolitical-landscape/Financial markets are a complex web of interconnected systems, and while the outcomes may seem simple in hindsight, making sense of the intricacies and the ramifications of political decisions is anything but clear in the heat of the moment. At Viewpoint, we launched our first global multi-asset strTue, 21 Jan 2025 13:00:30 GMThttps://viewpointinvestment.ca/insights/cio/from-santa-claus-to-krampus-how-rising-yields-inflation-are-reshaping-markets-for-2025/https://viewpointinvestment.ca/insights/cio/from-santa-claus-to-krampus-how-rising-yields-inflation-are-reshaping-markets-for-2025/While equity investors enjoyed another strong year of returns, the end of the year finished with a whimper as opposed to a bang. The Santa Clause rally never really materialized as equities chopped sideways throughout December, though with global equities posting a +18% gain on the year in USD termsMon, 13 Jan 2025 15:00:27 GMThttps://viewpointinvestment.ca/insights/invested/invested-december-edition/https://viewpointinvestment.ca/insights/invested/invested-december-edition/Good morning! As 2024 wraps up, this month’s Invested newsletter highlights Viewpoint Foundation’s community-driven initiatives in mental health, financial literacy, and the arts. We also explore market trends like rising coffee and cocoa prices, climate-driven chili changes, and expert investment iFri, 20 Dec 2024 10:00:58 GMThttps://viewpointinvestment.ca/insights/cio/riding-the-digital-wave-bitcoins-role-in-the-new-commodity-supercycle/https://viewpointinvestment.ca/insights/cio/riding-the-digital-wave-bitcoins-role-in-the-new-commodity-supercycle/2024 has been an interesting year in commodity markets. As we’ve written about previously, we believe de-globalization and supply chain diversification have kicked off a confluence of supply and demand factors that has initiated a new commodity supercycle. However, this commodity supercycle is likelMon, 09 Dec 2024 13:30:46 GMThttps://viewpointinvestment.ca/insights/cio/chocolate-crisis-redux-should-the-easter-bunny-start-hedging/https://viewpointinvestment.ca/insights/cio/chocolate-crisis-redux-should-the-easter-bunny-start-hedging/The cocoa market has been relatively quiet over the past few months, with volatility subsiding from the eye-watering levels in the late spring when the price of cocoa was going parabolic. Although volatility hasn’t completely disappeared, prices have been rangebound between $7,000 and $10,000 per toMon, 02 Dec 2024 21:58:24 GMThttps://viewpointinvestment.ca/insights/invested/invested-november-edition/https://viewpointinvestment.ca/insights/invested/invested-november-edition/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! In this issue, we focus on the ripple effects of the recent U.S. election and Donald Trump’s return to the presidency. From sweeping tariffs and pro-growth energy policies to their implications for global markFri, 29 Nov 2024 10:00:04 GMThttps://viewpointinvestment.ca/insights/cio/steadying-the-ship-scott-bessents-vision-for-u-s-economic-stability/https://viewpointinvestment.ca/insights/cio/steadying-the-ship-scott-bessents-vision-for-u-s-economic-stability/The Board of Governors of the Federal Reserve (Fed) authors a semi-annual financial stability report that assesses the resilience of the U.S. financial system. Included in the report is a survey of financial market participants regarding what they view as near-term risks to the system, and the most Tue, 26 Nov 2024 14:30:15 GMThttps://viewpointinvestment.ca/insights/cio/drill-baby-drill-trumps-return-fuels-u-s-oil-boom-market-shifts/https://viewpointinvestment.ca/insights/cio/drill-baby-drill-trumps-return-fuels-u-s-oil-boom-market-shifts/As financial markets digest the implications of another presidential term for Donald Trump—this time with a more definite mandate as the Republicans control both legislative branches of Congress—one of the outcomes has been a rising U.S. dollar. The U.S. dollar has gained +3% against a basket of gloMon, 18 Nov 2024 11:45:35 GMThttps://viewpointinvestment.ca/insights/cio/trumps_return_to_the_white_house_what_his_economic_agenda_means_for_markets_the_working_class/https://viewpointinvestment.ca/insights/cio/trumps_return_to_the_white_house_what_his_economic_agenda_means_for_markets_the_working_class/In a historic week, the United States elected Donald Trump as their 47th president, only the second president to be elected for non-consecutive terms after Grover Cleveland in 1893. While not a landslide in relation to Obama’s first term where he won 365 seats and almost 54% of the popular vote, theMon, 11 Nov 2024 13:30:08 GMThttps://viewpointinvestment.ca/insights/cio/market-fireworks-ahead-u-s-election-fed-decision-drive-volatility-as-investors-brace-for-high-stakes-week/https://viewpointinvestment.ca/insights/cio/market-fireworks-ahead-u-s-election-fed-decision-drive-volatility-as-investors-brace-for-high-stakes-week/Investors are bracing for an eventful week in financial markets, with the U.S. election on Tuesday followed by the Federal Reserve (Fed) interest rate policy meeting that culminates on Thursday. As to be expected, volatility markets are placing a premium on near-term crash protection, though we’ve aTue, 05 Nov 2024 07:00:19 GMThttps://viewpointinvestment.ca/insights/cio/gold-rush-or-bubble-burst-navigating-the-precious-metals-market-amid-election-uncertainty-economic-shifts/https://viewpointinvestment.ca/insights/cio/gold-rush-or-bubble-burst-navigating-the-precious-metals-market-amid-election-uncertainty-economic-shifts/A couple of weeks ago, I wrote a note explaining that even though the Federal Reserve had recently reduced the overnight interest rate by 50 basis points, long-term bond yields have since moved higher, which could be counterintuitive for casual market watchers. Stronger-than-expected economic data wTue, 29 Oct 2024 15:16:48 GMThttps://viewpointinvestment.ca/insights/invested/invested-october-edition/https://viewpointinvestment.ca/insights/invested/invested-october-edition/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! In this issue, we explore everything from candy shrinkflation to the “Halloween strategy” of investing in our Halloween-themed Investment Pulse. Later, don’t miss Viewpoint Investment Partners Co-Founder Mac VThu, 24 Oct 2024 10:00:45 GMThttps://viewpointinvestment.ca/insights/cio/mind-your-duration-navigating-growth-inflation-the-fiscal-impulse/https://viewpointinvestment.ca/insights/cio/mind-your-duration-navigating-growth-inflation-the-fiscal-impulse/It’s been close to a month since the Federal Reserve (Fed) embarked on what is likely to be the start of a rate cutting cycle, lowering the overnight rate by 50bps. While attention was focused on the “jumbo” nature of the interest rate reduction, given the Fed generally adjusts interest rates in 25bTue, 15 Oct 2024 13:30:54 GMThttps://viewpointinvestment.ca/insights/invested/invested-september-edition/https://viewpointinvestment.ca/insights/invested/invested-september-edition/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! In this issue, we explore a myriad of topics from the Canadian Securities Administrators’ MRFP redesign, to trauma-informed spaces in mental health emergency rooms, to how the upcoming U.S. election could reshThu, 03 Oct 2024 21:54:06 GMThttps://viewpointinvestment.ca/insights/cio/chinas-adrenaline-shot-whatever-it-takes-stimulus-package-sparks-investor-sentiment/https://viewpointinvestment.ca/insights/cio/chinas-adrenaline-shot-whatever-it-takes-stimulus-package-sparks-investor-sentiment/A few weeks ago, I wrote a note on the state of the industrial metals market and how sentiment had been weighed down by sluggish demand out of China. Not only was a slumping property market stoking concerns that Beijing would miss their official growth target, but the upcoming U.S. election could haTue, 01 Oct 2024 21:03:13 GMThttps://viewpointinvestment.ca/insights/markets/are-you-a-meerkat-or-an-ostrich/https://viewpointinvestment.ca/insights/markets/are-you-a-meerkat-or-an-ostrich/When it comes to your ETF and mutual fund investments, how much attention do you pay to the Manufacturer Report on Fund Performance (MRFP)? Do you actively seek it out—either by searching online or asking your financial advisor? Do you actually read the entire document? (Glancing at graphics or tablTue, 24 Sep 2024 16:00:10 GMThttps://viewpointinvestment.ca/insights/cio/the-bitter-truth-why-your-morning-coffee-costs-more-whats-brewing-for-the-future/https://viewpointinvestment.ca/insights/cio/the-bitter-truth-why-your-morning-coffee-costs-more-whats-brewing-for-the-future/A key pillar of both U.S. political parties’ economic platforms is delivering a plan aimed at reducing consumer prices, which has been a major issue on both a local and global scale. In a recent note, we showed that the pace of rising food prices has been slowing, yet individuals are still unhappy wTue, 17 Sep 2024 09:00:56 GMThttps://viewpointinvestment.ca/insights/cio/industrial-metals-under-pressure-is-copper-nearing-a-turning-point-amid-global-uncertainty/https://viewpointinvestment.ca/insights/cio/industrial-metals-under-pressure-is-copper-nearing-a-turning-point-amid-global-uncertainty/Over the last three months, broad commodity markets have experienced a notable pullback. Outside of the softs sector, which encompasses commodities like cocoa, sugar, coffee, and orange juice, there aren’t many commodities that are in the green over the last three months. Industrial metals have expeMon, 09 Sep 2024 22:03:59 GMThttps://viewpointinvestment.ca/insights/cio/u-s-election-economics-how-harris-rise-could-impact-financial-markets/https://viewpointinvestment.ca/insights/cio/u-s-election-economics-how-harris-rise-could-impact-financial-markets/A little over a month ago we released a note detailing the pillars of Donald Trump’s economic platform, and if Trump were to win the presidential election in November, how these policies from the campaign trail could influence price action in financial markets. The note was released just after Joe BTue, 03 Sep 2024 09:00:45 GMThttps://viewpointinvestment.ca/insights/invested/invested-august-edition/https://viewpointinvestment.ca/insights/invested/invested-august-edition/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! In this issue, we explore how Rob and Mac Van Wielingen transitioned from founders to stewards in their family business on the Owners Circle Podcast. We also delve into the rising trend of Recovery Cafés as a Fri, 30 Aug 2024 10:00:55 GMThttps://viewpointinvestment.ca/insights/cio/market-mirage-or-canary-in-the-coal-mine-unpacking-the-august-volatility/https://viewpointinvestment.ca/insights/cio/market-mirage-or-canary-in-the-coal-mine-unpacking-the-august-volatility/We’re just over halfway through the month of August and it feels like the market volatility from early in the month is firmly in the rear-view mirror. Global equity markets are now in the green for August, just shy of all-time highs. Although much of the damage in financial markets seems to have beeThu, 22 Aug 2024 14:30:52 GMThttps://viewpointinvestment.ca/insights/cio/coals-surprising-resilience-the-global-energy-paradox/https://viewpointinvestment.ca/insights/cio/coals-surprising-resilience-the-global-energy-paradox/The ongoing progress and focus on the energy transition in the Western world has created the perception that coal is an obsolete commodity, relegated to the history books as a dirty fossil fuel no longer required for power generation or industrial use. In June, Alberta powered down its last fully deTue, 06 Aug 2024 09:00:53 GMThttps://viewpointinvestment.ca/insights/cio/u-s-election-heats-up-what-a-trump-presidency-could-mean-for-financial-markets/https://viewpointinvestment.ca/insights/cio/u-s-election-heats-up-what-a-trump-presidency-could-mean-for-financial-markets/In what has been dubbed as “the year of the elections” with approximately half of the world heading to the voting box in 2024, focus is now shifting to what is arguably the main event for the election calendar. The U.S. presidential election had been a relatively sleepy affair for the first half of Mon, 29 Jul 2024 09:00:38 GMThttps://viewpointinvestment.ca/insights/invested/invested-july-edition/https://viewpointinvestment.ca/insights/invested/invested-july-edition/Good morning! Discover the latest trends and insights in this month’s Invested newsletter! Viewpoint Investment Partners Co-Founder Mac Van Wielingen shares powerful takeaways from his recent Business Council of Alberta speech. Learn how to maximize your multi-year donations with insights from the VFri, 26 Jul 2024 09:00:09 GMThttps://viewpointinvestment.ca/insights/cio/gold-rush-2024-geopolitical-shifts-provoke-central-bank-buying/https://viewpointinvestment.ca/insights/cio/gold-rush-2024-geopolitical-shifts-provoke-central-bank-buying/While it hasn’t had the splashiest of headlines like cocoa, coffee, or copper this year, gold has been putting together a solid rally over the course of 2024, with front-month roll-adjusted futures up +19.1% to July 17th. One of the most interesting things about the rally has been that it’s happeninThu, 18 Jul 2024 09:00:19 GMThttps://viewpointinvestment.ca/insights/invested/invested-june-edition/https://viewpointinvestment.ca/insights/invested/invested-june-edition/Dive into the latest trends and insights in this month’s Invested newsletter! Viewpoint CCO Paula Sexsmith explores Canada’s T+1 settlement rule, while trust-based philanthropy is revolutionizing charitable giving. We also explore shifts in Canada’s financial and energy sectors and gain insights froFri, 28 Jun 2024 16:39:57 GMThttps://viewpointinvestment.ca/insights/research/unlocking-the-potential-of-direct-commodities-in-real-asset-funds/https://viewpointinvestment.ca/insights/research/unlocking-the-potential-of-direct-commodities-in-real-asset-funds/In the ever-evolving landscape of real asset investments, fund managers seek strategies to enhance portfolio resilience and performance. A compelling opportunity lies in the strategic allocation to direct commodities. This approach offers several advantages that align closely with the objectives of Fri, 21 Jun 2024 20:09:02 GMThttps://viewpointinvestment.ca/insights/cio/frexit-fears-spark-investor-anxiety/https://viewpointinvestment.ca/insights/cio/frexit-fears-spark-investor-anxiety/Global equity markets have powered higher for the first half of 2024, gaining ground on strong margin growth and the prospect of declining inflationary pressures. The U.S. equity market has been a stand-out, increasing by +19.8% in CAD terms, brushing off geopolitical concerns and any uncertainty arThu, 20 Jun 2024 17:18:59 GMThttps://viewpointinvestment.ca/insights/cio/dairy-dilemma-bird-flu-outbreak-sends-milk-markets-into-a-churn/https://viewpointinvestment.ca/insights/cio/dairy-dilemma-bird-flu-outbreak-sends-milk-markets-into-a-churn/If you thought the current macroeconomic landscape wasn’t interesting enough (e.g., ongoing geopolitical conflicts, election uncertainty, etc.), we can now add an influenza outbreak to the 2024 bingo card. In late March of this year, the United States Department of Agriculture (USDA) detected an outMon, 17 Jun 2024 12:30:19 GMThttps://viewpointinvestment.ca/insights/cio/doubling-down-cpi-crowds-fed-decision-day/https://viewpointinvestment.ca/insights/cio/doubling-down-cpi-crowds-fed-decision-day/Inflation data and the Federal Reserve’s (Fed) interest rate decisions are arguably two of the biggest announcements on the recurring economic calendar, with employment data rounding out the “big three.” The monthly inflation report for the U.S. has only coincided with the Fed’s interest rate announWed, 12 Jun 2024 23:53:07 GMThttps://viewpointinvestment.ca/insights/cio/is-the-juice-worth-the-squeeze-extreme-weather-underpins-the-oj-rally/https://viewpointinvestment.ca/insights/cio/is-the-juice-worth-the-squeeze-extreme-weather-underpins-the-oj-rally/In what continues to be a challenging growing season for certain agricultural commodities, orange juice prices have resumed their upward trend as a combination of disease and extreme weather continue to wreak havoc on orange crops in Brazil. Frozen orange juice prices are up +32% so far this year, aMon, 10 Jun 2024 11:45:59 GMThttps://viewpointinvestment.ca/insights/cio/two-to-tango-choreographing-the-boc-feds-monetary-policy-moves/https://viewpointinvestment.ca/insights/cio/two-to-tango-choreographing-the-boc-feds-monetary-policy-moves/About a month ago, I wrote a brief note pondering if it was time to start getting back to benchmark duration weights in U.S. fixed income portfolios. The rationale for why it is too early to be extending duration is due to U.S. monetary policy being in a balancing feedback loop, which is the basis [Mon, 03 Jun 2024 11:45:17 GMThttps://viewpointinvestment.ca/insights/invested/invested-may-edition/https://viewpointinvestment.ca/insights/invested/invested-may-edition/Explore the latest philanthropic trends, energy developments, and economic insights in this month’s Invested newsletter, featuring thought-provoking articles on the challenges of “biznification” in charity, the impact of the first TMX oil shipment, the shifting value of the Canadian dollar, and highFri, 31 May 2024 10:00:48 GMThttps://viewpointinvestment.ca/insights/cio/cuckoo-for-cocoa-futures/https://viewpointinvestment.ca/insights/cio/cuckoo-for-cocoa-futures/The rollercoaster ride for cocoa prices has continued throughout May with front-month futures prices down roughly -40% from the top in late April. For commodity managers that use volatility to adjust their position sizing, these managers would have sidestepped a good chunk of the negative price actiThu, 23 May 2024 11:00:11 GMThttps://viewpointinvestment.ca/insights/cio/scott-smith-featured-in-canadian-family-offices-article/https://viewpointinvestment.ca/insights/cio/scott-smith-featured-in-canadian-family-offices-article/Recently, CIO Scott Smith was featured in an article by Canadian Family Offices to emphasize the importance of commodities in a balanced portfolio for ultra-high-net-worth investors during the current commodities supercycle. Smith asserts that this supercycle began post-COVID-19 in 2020, fueled by sWed, 22 May 2024 14:45:35 GMThttps://viewpointinvestment.ca/insights/cio/sparks-fly-electrification-data-centers-fuel-coppers-rally/https://viewpointinvestment.ca/insights/cio/sparks-fly-electrification-data-centers-fuel-coppers-rally/Copper continued its upward climb on Monday, with front-month futures on the London Metal Exchange (LME) hitting a new record of $11k/ton before pulling back prior to the close. Copper prices have risen +30% year to date and the industrial metal is one of the top performing commodities in 2024. As sTue, 21 May 2024 16:05:14 GMThttps://viewpointinvestment.ca/insights/cio/doubling-down-on-china-tariffs-the-reindustrialization-of-the-west/https://viewpointinvestment.ca/insights/cio/doubling-down-on-china-tariffs-the-reindustrialization-of-the-west/One of the key themes on which we’ve been focusing this year in the run-up to the U.S. election has been foreign trade policy and how this could impact everything from growth and inflation, to the U.S. dollar. While both political parties in the U.S. can’t seem to agree on much, one thing they have Wed, 15 May 2024 21:44:31 GMThttps://viewpointinvestment.ca/insights/cio/is-winter-coming-for-the-u-s-economy/https://viewpointinvestment.ca/insights/cio/is-winter-coming-for-the-u-s-economy/It’s probably best to start this note right up front and say the stock market is not the real economy, lest we get into a debate about whether it’s rational for bad news to be good for stocks and vice versa. On Friday, employment numbers for the U.S. economy were released, and there was a […]Tue, 07 May 2024 14:00:50 GMThttps://viewpointinvestment.ca/insights/cio/a-great-day-for-bird-lovers-powell-appeases-the-doves-the-hawks/https://viewpointinvestment.ca/insights/cio/a-great-day-for-bird-lovers-powell-appeases-the-doves-the-hawks/Today’s interest rate announcement from the Federal Reserve (Fed) was highly anticipated, given how the economic picture has evolved over the last month. Economic growth has remained steady, if a bit uneven, while inflation has been stickier than the markets and the Fed would like to see. Over the lWed, 01 May 2024 18:30:54 GMThttps://viewpointinvestment.ca/insights/cio/commodity-chaos-cocoa-collapses-copper-surges/https://viewpointinvestment.ca/insights/cio/commodity-chaos-cocoa-collapses-copper-surges/Those with a sweet tooth breathed a sigh of relief yesterday as cocoa prices retreated from their nosebleed levels in the biggest one-day drop in 65 years. The violent collapse in prices sent the actively traded front month futures contract down -15.7%, effectively erasing most of the gains made in Tue, 30 Apr 2024 14:00:51 GMThttps://viewpointinvestment.ca/insights/cio/is-it-time-to-start-buying-duration/https://viewpointinvestment.ca/insights/cio/is-it-time-to-start-buying-duration/At Viewpoint, we’ve been in the camp that the current macroeconomic backdrop isn’t conducive to the Federal Reserve (Fed) being able to skirt a recession and reduce interest rates back to a long-term equilibrium, all while inflation remains under control. This is what would otherwise be known as a “Fri, 26 Apr 2024 15:00:07 GMThttps://viewpointinvestment.ca/insights/invested/invested-april-edition/https://viewpointinvestment.ca/insights/invested/invested-april-edition/WE’RE SWITCHING THINGS UP! Introducing the new and improved Invested! Now, in addition to the trusted insights from Viewpoint Investment Partners and the Viewpoint Foundation, we’re bringing you a curated selection of must-read articles and must-listen podcasts that have captured our attention over Fri, 26 Apr 2024 10:00:53 GMThttps://viewpointinvestment.ca/insights/cio/the-buzz-on-beans-from-cocoa-to-coffee/https://viewpointinvestment.ca/insights/cio/the-buzz-on-beans-from-cocoa-to-coffee/The astonishing run for cocoa prices has yet to lose steam, with the commodity rising by +21.6% over the month of April, bringing the year-to-date gain to +223.3% as of April 19th. I wrote a note a little over a month ago about the supply issues in the cocoa industry that have caused the parabolic mMon, 22 Apr 2024 22:02:50 GMThttps://viewpointinvestment.ca/insights/cio/from-missiles-to-metals-market-volatility-in-the-face-of-geopolitical-tensions/https://viewpointinvestment.ca/insights/cio/from-missiles-to-metals-market-volatility-in-the-face-of-geopolitical-tensions/The initial shock from the retaliatory attack on Israel by Iran over the weekend had been well absorbed by markets when trading opened this morning. But as the day progressed, the prospects of rising geopolitical tensions weighed on risk appetite. The communication from Iran was that the barrage of Tue, 16 Apr 2024 00:18:07 GMThttps://viewpointinvestment.ca/insights/cio/economic-crossroads-inflation-oil-markets-and-central-bank-dilemmas/https://viewpointinvestment.ca/insights/cio/economic-crossroads-inflation-oil-markets-and-central-bank-dilemmas/Financial markets hit another speed bump this morning, with U.S. inflation coming in warmer than anticipated. Both headline and core consumer prices surprised to the upside, with headline CPI increasing by +3.5% relative to one year ago, missing expectations of a +3.4% increase and up from February’Wed, 10 Apr 2024 16:00:49 GMThttps://viewpointinvestment.ca/insights/cio/trump-trade-and-the-greenback/https://viewpointinvestment.ca/insights/cio/trump-trade-and-the-greenback/Friday’s blockbuster U.S. employment report may have upended the bond market’s optimism that monetary policy easing will begin in June as the labour market in the U.S. refuses to soften. The U.S. labour market added 303k new jobs in March, close to 100k more than had been expected. The unemployment Tue, 09 Apr 2024 13:00:19 GMThttps://viewpointinvestment.ca/insights/cio/insights-from-the-francis-sabourin-hour-podcast/https://viewpointinvestment.ca/insights/cio/insights-from-the-francis-sabourin-hour-podcast/Check out this great podcast from The Francis Sabourin Hour Podcast! “We seem to be in the first few years of the latest commodities super-cycle.” Join me as I step into the world of commodities with Francis Sabourin on his podcast, The Francis Sabourin Hour (March 14th, 2024 edition). Tune in as weMon, 01 Apr 2024 09:00:49 GMThttps://viewpointinvestment.ca/insights/markets/nurturing-responsible-wealth-inheritors/https://viewpointinvestment.ca/insights/markets/nurturing-responsible-wealth-inheritors/— December 19, 2024 Edit — As the year comes to a close, we wanted to revisit a piece from our March issue of Invested: “Nurturing Responsible Wealth Inheritors.” This article explores the unique challenges and opportunities families face in preparing the next generation for responsible wealth stewaFri, 29 Mar 2024 09:30:09 GMThttps://viewpointinvestment.ca/insights/markets/unraveling-market-mysteries-one-equation-at-a-time/https://viewpointinvestment.ca/insights/markets/unraveling-market-mysteries-one-equation-at-a-time/Using Greek letters, numbers, and equations to describe the world is strange. Before I embarked on a near decade-long academic pursuit in the field of theoretical physics, I distinctly remember thinking about this peculiarity while sitting in my high school physics class staring at Newton’s laws of Fri, 29 Mar 2024 09:30:02 GMThttps://viewpointinvestment.ca/insights/cio/fed-takes-international-day-of-happiness-to-heart/https://viewpointinvestment.ca/insights/cio/fed-takes-international-day-of-happiness-to-heart/The Federal Open Market Committee (FOMC) concluded their March meeting today and, as expected, left interest rates unchanged at 5.25%-5.50%. Given that this was widely anticipated, market participants looked through the main interest rate announcement and took their cues from Jerome Powell’s press cWed, 20 Mar 2024 18:30:35 GMThttps://viewpointinvestment.ca/insights/cio/cocoa-prices-go-parabolic-bunny-budgets-crumble/https://viewpointinvestment.ca/insights/cio/cocoa-prices-go-parabolic-bunny-budgets-crumble/The historic rise in cocoa prices is showing little signs of slowing down, with prices having doubled in less than three months. While chocolate manufacturers typically buy beans months ahead of time, the surge in prices will likely soon flow through to consumers, as inventories are being whittled dTue, 19 Mar 2024 11:00:37 GMThttps://viewpointinvestment.ca/insights/cio/oil-outlook-2024-trends-tensions-and-trajectories/https://viewpointinvestment.ca/insights/cio/oil-outlook-2024-trends-tensions-and-trajectories/Escalating geopolitical tensions in the Middle East and an ongoing war in Ukraine have yet to jolt oil price materially higher, with crude benchmarks continuing to trade below the recent highs seen at the end of Q3 2023. Oil prices did find some support to start 2024 as extreme weather conditions inTue, 27 Feb 2024 15:00:02 GMThttps://viewpointinvestment.ca/insights/markets/election-economics-fiscal-frenzy-market-musings/https://viewpointinvestment.ca/insights/markets/election-economics-fiscal-frenzy-market-musings/Much of the focus in financial markets over the past few months has been on the Federal Reserve and forecasts for when they will start to cut interest rates. At Viewpoint, we’ve been keenly interested in the interplay between monetary and fiscal policy, and the implications on the health of the econFri, 23 Feb 2024 09:30:54 GMThttps://viewpointinvestment.ca/insights/markets/craftsmanship-in-whisky-and-wealth/https://viewpointinvestment.ca/insights/markets/craftsmanship-in-whisky-and-wealth/Five years ago, I had the pleasure of taking a trip to Japan. A popular tourist destination, the country is well known for its culinary scene, cultural heritage, and beautiful landscapes. And, while I was excited to eat my weight in sushi and ramen, as well as explore the beautiful architecture in KFri, 23 Feb 2024 09:30:14 GMThttps://viewpointinvestment.ca/insights/cio/chinas-siren-song/https://viewpointinvestment.ca/insights/cio/chinas-siren-song/I wrote a note just over two years ago about the Chinese investment landscape, and how the sweeping regulatory reforms that were enacted in early 2022 would likely act as a drag on equity multiples and investor sentiment. Fast forward to today and investor sentiment has improved little. Since the enWed, 21 Feb 2024 13:00:15 GMThttps://viewpointinvestment.ca/insights/cio/brace-for-a-bumpy-ride/https://viewpointinvestment.ca/insights/cio/brace-for-a-bumpy-ride/Please fasten your seatbelts and return your tray table to its full upright and locked position. Hopefully, the economy isn’t flying on a Boeing 737 MAX… Financial markets hit some turbulence yesterday, with both equities and bonds seeing broad based selling pressure after a warmer than anticipated Wed, 14 Feb 2024 15:00:10 GMThttps://viewpointinvestment.ca/insights/cio/bond-bulls-break-records/https://viewpointinvestment.ca/insights/cio/bond-bulls-break-records/The U.S. Treasury sold a record $42 billion of 10-year notes on Wednesday and, much to relief of bond bulls, the auction saw strong demand with a bid-to-cover higher than the average over the past six auctions. The auction also stopped through, which means that the highest yield resulting from the aFri, 09 Feb 2024 14:30:08 GMThttps://viewpointinvestment.ca/insights/cio/decoding-macro-trends/https://viewpointinvestment.ca/insights/cio/decoding-macro-trends/Check out this great podcast from Bloomberg Odd Lots and Kris Sidial on the growing popularity of options trading! Kris Sidial notes that along with overall option volume growing, the market maker ecosystem has become more concentrated, increasing the risk of positioning pressure should there be an Tue, 06 Feb 2024 14:30:41 GMThttps://viewpointinvestment.ca/insights/markets/price-controls/https://viewpointinvestment.ca/insights/markets/price-controls/While listening to a Palisades Gold Radio podcast on government spending, debt loads and inflation, the ever-dour John Rubino made note of a recent survey which revealed that 62% of Americans were supportive of government set price controls to control inflation. Although much of the content of the pThu, 25 Jan 2024 16:21:02 GMThttps://viewpointinvestment.ca/insights/markets/look-to-the-stars/https://viewpointinvestment.ca/insights/markets/look-to-the-stars/Amid resolution planning to start the new year fresh, there is no time like a transition from one year to the next to look forward, and nothing epitomizes a forward-looking viewpoint more than the immortal words of Patrick Stewart (and other Star Trek captains alike), “Space: The Final Frontier.” InFri, 22 Dec 2023 09:00:24 GMThttps://viewpointinvestment.ca/insights/markets/strategic-bluffs-game-theory-in-action/https://viewpointinvestment.ca/insights/markets/strategic-bluffs-game-theory-in-action/Strategic decision making involves the identification and evaluation of choices to determine the best course of action to achieve specific goals. In the early 19th century, John Von Neumann published On the Theory of Games of Strategy, which birthed the field of game theory. This theory has revolutiFri, 22 Dec 2023 09:00:22 GMThttps://viewpointinvestment.ca/insights/markets/funded-status-the-tip-of-the-risk-iceberg/https://viewpointinvestment.ca/insights/markets/funded-status-the-tip-of-the-risk-iceberg/The rise in interest rates over the past couple of years has caused many headaches for most investors. Stocks experienced significant losses last year, while bonds – normally seen as the safer part of a portfolio – suffered their worst performance in history. There has been almost no place to hide, Fri, 24 Nov 2023 09:00:14 GMThttps://viewpointinvestment.ca/insights/research/risk-parity-pension-portfolios-a-perfect-match/https://viewpointinvestment.ca/insights/research/risk-parity-pension-portfolios-a-perfect-match/Geek Level: Read Time: The Speed Read: Growth sleeves within a pension’s asset-liability framework are built with the intention of improving funded status, but depending on the path of different macroeconomic drivers, these portfolios can lead to adverse outcomes due to risk mismatches. Key risks inTue, 14 Nov 2023 10:00:15 GMThttps://viewpointinvestment.ca/insights/markets/inflation-bond-vigilantes/https://viewpointinvestment.ca/insights/markets/inflation-bond-vigilantes/Back in August, when I wrote If It Isn’t Hurting, It Isn’t Working, there was a persistent belief that we had achieved either a “soft landing” or “no landing.” Although these outcomes would be hard to differentiate, they both assume a “goldilocks” outcome where the Federal Reserve – and other globalFri, 27 Oct 2023 09:00:48 GMThttps://viewpointinvestment.ca/insights/markets/the-affirmation-of-james-carville/https://viewpointinvestment.ca/insights/markets/the-affirmation-of-james-carville/In 1994, James Carville, a political adviser to President Clinton, remarked, “I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody.” Almost Fri, 27 Oct 2023 09:00:16 GMThttps://viewpointinvestment.ca/insights/markets/the-boiling-frog/https://viewpointinvestment.ca/insights/markets/the-boiling-frog/The boiling frog is a somewhat morbid ‘apologue’ [1] that tells of how a frog will sense and react to changes in temperature as opposed to its absolute level. This means that if you were to put a frog into tepid water and slowly raise the temperature, the frog would meet its demise, feeling no urge Fri, 29 Sep 2023 09:00:51 GMThttps://viewpointinvestment.ca/insights/markets/unveiling-hidden-risks-how-shifts-in-stock-bond-correlations-impact-investment-portfolios/https://viewpointinvestment.ca/insights/markets/unveiling-hidden-risks-how-shifts-in-stock-bond-correlations-impact-investment-portfolios/When investors are contemplating how best to achieve their financial goals, the discussion generally centres around the required return needed to meet those goals, along with how much risk an investor is willing to bear. Once those two related topics have been decided, attention then turns to portfoFri, 25 Aug 2023 09:00:54 GMThttps://viewpointinvestment.ca/insights/markets/if-it-isnt-hurting-it-isnt-working/https://viewpointinvestment.ca/insights/markets/if-it-isnt-hurting-it-isnt-working/Having experienced the sharpest rate hike cycle ever seen in the United States, it is shocking to many that the impact has been so limited. Figure 1 shows the incremental monthly increase in the Fed Funds rate from the initiation of rate hikes. (Federal Reserve Economic Data, 2023) This chart shows Fri, 25 Aug 2023 09:00:40 GMThttps://viewpointinvestment.ca/insights/markets/wanna-bet-how-much/https://viewpointinvestment.ca/insights/markets/wanna-bet-how-much/What is the largest amount of money you would bet on a fair coin flip? I like asking people this question, because the answers I get are often very interesting and very diverse. It gets at the heart of a person’s risk tolerance, as it is a bet with an expected value of 0, given […]Fri, 28 Jul 2023 09:00:10 GMThttps://viewpointinvestment.ca/insights/markets/oranges-to-aliens-divining-the-future-of-the-commodities-complex/https://viewpointinvestment.ca/insights/markets/oranges-to-aliens-divining-the-future-of-the-commodities-complex/Commodities markets are where raw material producers (farmers, miners, etc.) and consumers (grocery stores, bakers, manufacturing facilities, etc.) come together to trade their respective resources amongst one another. Here, the market reflects a relatively pure example of supply and demand dynamicsFri, 28 Jul 2023 09:00:02 GMThttps://viewpointinvestment.ca/insights/research/make-sure-the-free-lunch-isnt-moldy/https://viewpointinvestment.ca/insights/research/make-sure-the-free-lunch-isnt-moldy/Speed Read: The concept of diversification has a long history and is often considered “the only free lunch” in investing. The benefits of diversification are well studied in academic literature, but in practice, correlations between traditional assets like stocks and bonds can change, affecting the Fri, 21 Jul 2023 09:00:25 GMThttps://viewpointinvestment.ca/insights/markets/weathering-the-storm/https://viewpointinvestment.ca/insights/markets/weathering-the-storm/Over the past three years, the macroeconomic landscape has been remarkably volatile. A non-exhaustive list of events includes a pandemic, a war in Ukraine, skyrocketing inflation, and a regional banking crisis in the United States. These macroeconomic surprises have translated into heightened volatiFri, 30 Jun 2023 09:00:41 GMThttps://viewpointinvestment.ca/insights/markets/we-have-a-moral-obligation-to-support-canadian-oil-gas/https://viewpointinvestment.ca/insights/markets/we-have-a-moral-obligation-to-support-canadian-oil-gas/Please note, none of the information contained in this blog post should be construed as investment advice. The opinions expressed within the content belong solely to the author and do not reflect the opinions and beliefs of Viewpoint or its affiliates. I come from an oil & gas family. After World WaFri, 30 Jun 2023 09:00:20 GMThttps://viewpointinvestment.ca/insights/markets/whale-watching-in-the-financial-seas/https://viewpointinvestment.ca/insights/markets/whale-watching-in-the-financial-seas/As our regular readers might ascertain from prior pieces like FOMC Gymnastics and a Potential Policy Misstep, Walking a Tightrope with the Fed, and Policy Pivots & the Federal Reserve Reaction Function, it has always been important to consider the Federal Reserve (the “Fed”) and actions of its FederFri, 26 May 2023 08:00:22 GMThttps://viewpointinvestment.ca/insights/research/lorem-ipsum/https://viewpointinvestment.ca/insights/research/lorem-ipsum/One of the great truisms in modelling is “garbage in, garbage out.” In few places is that more important than in financial modelling.Fri, 12 May 2023 12:49:06 GMThttps://viewpointinvestment.ca/insights/markets/fishing-on-thin-ice/https://viewpointinvestment.ca/insights/markets/fishing-on-thin-ice/Society is marching towards artificial general intelligence (AGI), whether we like it or not. The latest milestone towards AGI has been the developmentTue, 25 Apr 2023 10:03:51 GMThttps://viewpointinvestment.ca/insights/markets/will-artificial-intelligence-ever-beat-the-stock-market/https://viewpointinvestment.ca/insights/markets/will-artificial-intelligence-ever-beat-the-stock-market/Society is marching towards artificial general intelligence (AGI), whether we like it or not. The latest milestone towards AGI has been the development of ‘actually useful’ AI chatbots, ChatGPT (Microsoft) and Bard (Google). While in some ways these chatbots may seem trivial, this development is a mMon, 24 Apr 2023 09:50:37 GMThttps://viewpointinvestment.ca/insights/markets/breaking-the-bank/https://viewpointinvestment.ca/insights/markets/breaking-the-bank/One of the big questions on investors’ minds over the last few weeks is whether the dramatic rise in interest rates is finally starting to take its toll on the economy. The collapse of Silicon Valley Bank (SVB) set off contagion worries in the banking sector and has increased the risk of an economicWed, 29 Mar 2023 09:43:52 GMThttps://viewpointinvestment.ca/insights/markets/policy-pivots-the-federal-reserve-reaction-function/https://viewpointinvestment.ca/insights/markets/policy-pivots-the-federal-reserve-reaction-function/Since the onset of the Great Financial Crisis (GFC) in 2008 – and maybe back to the Dot Com bust in 2000 – market participants have become accustomed to easy financial policy and a supportive Federal Reserve (Fed). As discussed in Inflation – Why So Much Focus?, “[s]uccessive Federal Reserve Chairs Thu, 23 Feb 2023 09:20:09 GMThttps://viewpointinvestment.ca/insights/markets/the-acorn-optimist/https://viewpointinvestment.ca/insights/markets/the-acorn-optimist/Financial markets are always changing. This is not a new idea, but rather an accepted truth about their very nature. Being the sum-total of human consensus, markets capture and distill a great deal of information about a given entity into a single number: the price. As time has progressed and technoThu, 23 Feb 2023 09:16:47 GMThttps://viewpointinvestment.ca/insights/markets/the-uncertainty-portfolio/https://viewpointinvestment.ca/insights/markets/the-uncertainty-portfolio/“The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function. One should, for example, be able to see that things are hopeless yet be determined to make them otherwise.” – F. Scott Fitzgerald Readers of Viewpoint’sFri, 27 Jan 2023 14:57:09 GMThttps://viewpointinvestment.ca/insights/markets/game-changer/https://viewpointinvestment.ca/insights/markets/game-changer/I’ve been writing for some time about how the constraints that the Federal Reserve (Fed) is operating under make it such that it’s likely they will overreact to inflation, thus causing a recession. Despite the gravity of the ‘R’ word, the recession that is likely to materialize should be mild given Fri, 27 Jan 2023 09:14:18 GMThttps://viewpointinvestment.ca/insights/markets/structural-alpha-why-the-diversification-premium-isnt-going-anywhere/https://viewpointinvestment.ca/insights/markets/structural-alpha-why-the-diversification-premium-isnt-going-anywhere/Factor investing has become commonplace in the world of investment management ever since Eugene Fama and Kenneth French published their three-factor asset pricing model three decades ago. Since then, a lot of dedicated work has gone into uncovering new factors and sources of excess return unexplaineThu, 29 Dec 2022 12:42:04 GMThttps://viewpointinvestment.ca/insights/markets/the-worlds-sport/https://viewpointinvestment.ca/insights/markets/the-worlds-sport/In the wake of an entertaining FIFA World Cup, many of us may be reeling in our recollections of the wide variety of memorable upsets that took place. Whether it be the Saudi Arabia team starting their tournament with a victory over eventual champions Argentina, or the Moroccan team knocking out SpaThu, 29 Dec 2022 12:40:23 GMThttps://viewpointinvestment.ca/insights/markets/navigating-the-sea-change/https://viewpointinvestment.ca/insights/markets/navigating-the-sea-change/As we reflect on 2022, most investors will agree that it was challenging year. However, we can also take a prospective view that the challenges of 2022 have provided a much healthier opportunity set for investors looking into 2023 and beyond. For equity investors, depending on the strategy, most divThu, 29 Dec 2022 12:35:39 GMThttps://viewpointinvestment.ca/insights/markets/stop_concentrating_start_amplifying/https://viewpointinvestment.ca/insights/markets/stop_concentrating_start_amplifying/A well-known adage is that risk and reward go hand in hand. To increase your potential upside, you must be willing to withstand increasing levels of uncertainty as to whether that upside will be achieved. The prospect of becoming a famous actor in Hollywood sounds enticing, until you realize that thFri, 25 Nov 2022 12:30:28 GMThttps://viewpointinvestment.ca/insights/markets/who-killed-the-phillips-curve/https://viewpointinvestment.ca/insights/markets/who-killed-the-phillips-curve/As central banks around the world continue to tighten monetary policy in an effort to tame inflation, the question on everyone’s mind is if monetary policy will be able to slay the inflationary dragon without plunging the economy into a recession. Rhetoric from the Federal Reserve (Fed) would suggesFri, 25 Nov 2022 11:06:04 GMThttps://viewpointinvestment.ca/insights/markets/financial-literacy-what-is-it-good-for/https://viewpointinvestment.ca/insights/markets/financial-literacy-what-is-it-good-for/Many families struggle with conversations about money. When this includes potentially large inheritances, it can be very difficult knowing when to begin these discussions with the next generation. Do they have the skills to manage large amounts of capital? How will you help them understand this is mFri, 25 Nov 2022 11:04:20 GMThttps://viewpointinvestment.ca/insights/markets/deus-ex-machina-figuratively/https://viewpointinvestment.ca/insights/markets/deus-ex-machina-figuratively/Machine learning and artificial intelligence have seen a precipitous rise in popularity and noteworthiness over the past few decades, and with increasing vigor over the past few years. It seems like everyone and their dog is doing machine learning to solve some sort of problem. This herculean rise iFri, 28 Oct 2022 11:01:51 GMThttps://viewpointinvestment.ca/insights/markets/killing-me-softly/https://viewpointinvestment.ca/insights/markets/killing-me-softly/Just over a year ago, we wrote about a behavioural bias called the “freak-out” effect where sharp market downturns cause investors to “panic sell.” The authors of the paper studying the freak-out effect found that of the investors who engaged in panic-selling behaviour, 30.9% of these investors neveFri, 28 Oct 2022 10:59:25 GMThttps://viewpointinvestment.ca/insights/markets/the-evolution-of-alpha/https://viewpointinvestment.ca/insights/markets/the-evolution-of-alpha/The concept of alpha is the bedrock of financial markets. Without getting into the nuances of the active versus passive debate, investment managers aim to provide alpha to investors for which they charge a fee for their services. At its core, alpha is generally defined as excess return relative to aTue, 27 Sep 2022 12:26:48 GMThttps://viewpointinvestment.ca/insights/markets/fomc-gymnastics-the-potential-for-another-policy-misstep/https://viewpointinvestment.ca/insights/markets/fomc-gymnastics-the-potential-for-another-policy-misstep/Back in February, I wrote an article called FOMC Gymnastics and a Potential Policy Misstep, which explored the likelihood that the FOMC (Federal Open Market Committee) could make a policy misstep that would have negative implications for asset prices. That piece explored five factors which made the Tue, 27 Sep 2022 12:23:30 GMThttps://viewpointinvestment.ca/insights/research/peeky-blinders/https://viewpointinvestment.ca/insights/research/peeky-blinders/When individuals have uncertainty about a specific product or idea, they will often look to what their peer group is doing to help them decide. Social proof is a behavioural bias that can lead to decision making errors. By embracing a process-driven research flow to guard against behavioural biases Wed, 14 Sep 2022 12:14:15 GMThttps://viewpointinvestment.ca/insights/research/plot-twist-your-bond-portfolio-may-be-riskier-than-you-think/https://viewpointinvestment.ca/insights/research/plot-twist-your-bond-portfolio-may-be-riskier-than-you-think/Geek Level: Read Time: The Speed Read: Bonds are traditionally thought of as risk-free or safe-haven assets. However, fixed income investments have unique risks relating to their sensitivity to interest rate fluctuations. Sensitivity to interest rates movements means that bonds are not risk-free, esThu, 01 Sep 2022 12:03:13 GMThttps://viewpointinvestment.ca/insights/markets/stayin-alive/https://viewpointinvestment.ca/insights/markets/stayin-alive/High-frequency trading firms were thrust into the public spotlight when Michael Lewis published his book Flash Boys in 2014. The arc of the book was that proprietary trading firms had invested heavily in technological infrastructure to increase the speed by which they received financial market tradiFri, 26 Aug 2022 12:21:35 GMThttps://viewpointinvestment.ca/insights/research/rising-from-the-ashes/https://viewpointinvestment.ca/insights/research/rising-from-the-ashes/Geek Level: Read Time: The Speed Read: Diversification is the first line of defence for an investment portfolio. Utilizing a risk-parity engine for portfolio construction creates a portfolio that reduces the severity of drawdowns while increasing expected returns. Volatility scaling to tactically adFri, 08 Jul 2022 11:28:13 GMThttps://viewpointinvestment.ca/insights/markets/how-commodities-can-give-your-portfolio-a-fresh-start/https://viewpointinvestment.ca/insights/markets/how-commodities-can-give-your-portfolio-a-fresh-start/Katy Milkman authored a book that was published in 2021 titled “How to Change – the Science of Getting from Where You Are to Where You Want to Be.” Milkman is a behavioural scientist and a professor at the Wharton School of the University of Pennsylvania and specializes in change management. In the Mon, 02 May 2022 11:53:14 GMThttps://viewpointinvestment.ca/insights/research/rewiring-your-amygdala/https://viewpointinvestment.ca/insights/research/rewiring-your-amygdala/Geek Level: Read Time: When an individual contemplates whether they want to make an investment, generally the first thoughts revolve around return expectations. If I am willing to invest in a company, either through debt or equity, what is my expected return, and is the return enough for me to feel Thu, 03 Mar 2022 11:08:10 GMThttps://viewpointinvestment.ca/insights/markets/the-white-dragon-cometh/https://viewpointinvestment.ca/insights/markets/the-white-dragon-cometh/In Chinese mythology, the white dragon symbolizes death and rebirth. This analogy seems applicable for foreign investors in Chinese equity markets this year. The recent rout in Chinese equity markets has come as a shock to many market participants, especially considering the downdraft in risk is isoFri, 04 Feb 2022 17:10:47 GMThttps://viewpointinvestment.ca/insights/markets/own-the-commodity-not-the-company/https://viewpointinvestment.ca/insights/markets/own-the-commodity-not-the-company/The question of whether inflation is transitory (or is facing a structural shift higher) continues to dominate the narrative in financial markets. Alarm bells are sounding that a hyperinflationary environment is unavoidable and right around the corner, given that the “base-effects” have rolled off tFri, 05 Nov 2021 09:00:44 GMThttps://viewpointinvestment.ca/insights/markets/glide-path-to-a-crash-landing/https://viewpointinvestment.ca/insights/markets/glide-path-to-a-crash-landing/Innovation in the financial services industry happens frequently. While innovation is generally good for investors, conflicts of interest can and do arise, and if left unchecked, they can end up being detrimental to investors. One area where conflicts of interest are being brought to light are with Fri, 02 Apr 2021 09:00:30 GMThttps://viewpointinvestment.ca/insights/research/death-to-the-60-40-long-live-the-60-40/https://viewpointinvestment.ca/insights/research/death-to-the-60-40-long-live-the-60-40/The traditional 60/40 balanced portfolio is no stranger to coming under fire. Many pundits have decreed the death of the balanced portfolio, arguing that a low yield environment will prove insurmountable and bonds will no longer be able to provide necessary diversification for investor portfolios. TTue, 17 Nov 2020 09:00:07 GMThttps://viewpointinvestment.ca/insights/markets/flying-too-close-to-the-sun/https://viewpointinvestment.ca/insights/markets/flying-too-close-to-the-sun/Many have heard the ancient Greek myth of Icarus, the boy who was granted the gift of flight by his father who crafted wings out of wax and feathers in order for the duo to escape the labyrinth to which they were confined. Icarus’s father had only one warning for his son and that was […]Thu, 12 Nov 2020 09:00:19 GMThttps://viewpointinvestment.ca/insights/markets/monte-carlo-simulations-a-journey-down-many-paths/https://viewpointinvestment.ca/insights/markets/monte-carlo-simulations-a-journey-down-many-paths/In a previous blog post by Viewpoint Investment Partners, Volatility, A Skewed Reality, Amin Haji, Manager, Research & Analytics, explored the probability of specific wealth targets being achieved over a 20-year period when comparing investments with similar annual returns but differing volatilitiesWed, 11 Nov 2020 09:00:18 GMThttps://viewpointinvestment.ca/insights/markets/the-great-white-short-redux/https://viewpointinvestment.ca/insights/markets/the-great-white-short-redux/The International Monetary Fund (IMF) released their bi-annual Fiscal Monitor Report earlier this month, which drew a lot of attention. Governments are increasingly relying on fiscal stimulus measures to keep their economies afloat in various stages of lockdown while trying to battle the COVID-19 paFri, 30 Oct 2020 09:00:10 GMThttps://viewpointinvestment.ca/insights/markets/when-data-talks-out-of-both-sides-of-its-mouth/https://viewpointinvestment.ca/insights/markets/when-data-talks-out-of-both-sides-of-its-mouth/Imagine that you are a clinical physician recommending a promising new drug that has been shown to reduce the risk of heart attack in at-risk patients. At the end of the year, you ask one of your attending physicians to build an Excel sheet breaking down the efficacy of the drug in your patients. YoTue, 20 Oct 2020 09:00:27 GMThttps://viewpointinvestment.ca/insights/research/know-when-to-holdem-know-when-to-foldem/https://viewpointinvestment.ca/insights/research/know-when-to-holdem-know-when-to-foldem/In Part 1 of this blog series, we illustrated how applying a prudent amount of leverage to a risk parity strategy allows investors to harvest a “diversification premium,” potentially leading to a more efficient outcome for investors who require a risk and return profile similar to global equity markMon, 28 Sep 2020 09:00:16 GMThttps://viewpointinvestment.ca/insights/markets/esgs-internal-scorecard/https://viewpointinvestment.ca/insights/markets/esgs-internal-scorecard/Environmental, social, and governance (ESG) metrics for publicly traded companies has become one of the fastest growing movements in the investment management industry. The expectation is that companies who implement strong ESG metrics will become more profitable and valuable over time by improving Fri, 25 Sep 2020 09:00:37 GMThttps://viewpointinvestment.ca/insights/research/one-size-doesnt-fit-all-assessing-suitability-in-the-context-of-uncertainty/https://viewpointinvestment.ca/insights/research/one-size-doesnt-fit-all-assessing-suitability-in-the-context-of-uncertainty/My previous posts on volatility have covered what volatility is, why volatility matters, and how different constraints affect an investor’s ability to tolerate risk in the form of volatility. This installment in our volatility series will aim to provide a framework that helps to quantify an investorTue, 28 Jul 2020 09:00:10 GMThttps://viewpointinvestment.ca/insights/research/vitamin-d-harvesting-the-diversification-premium-through-prudent-leverage/https://viewpointinvestment.ca/insights/research/vitamin-d-harvesting-the-diversification-premium-through-prudent-leverage/We begin our discussion with a story to help us think about risk and bet sizing. Our protagonist, poker aficionado Annie, enters a casino prepared for a night of risk and reward. As a competent player, she finds she walks away with a few extra dollars in her wallet at the end of the night […]Mon, 29 Jun 2020 09:00:42 GMThttps://viewpointinvestment.ca/insights/research/going-the-distance-how-to-conquer-the-challenges-imposed-by-liquidity-requirements/https://viewpointinvestment.ca/insights/research/going-the-distance-how-to-conquer-the-challenges-imposed-by-liquidity-requirements/In Part 1 of our blog series, Understanding Risk, I introduced readers to the concept of volatility as a measure of risk and uncertainty, in addition to discussing the potential impact that volatility could have on wealth and that wealth is dependent on the path that returns take. In Part 2, I furthTue, 26 May 2020 09:00:09 GMThttps://viewpointinvestment.ca/insights/research/volatility-a-skewed-reality/https://viewpointinvestment.ca/insights/research/volatility-a-skewed-reality/In the previous installment of our volatility series, I explained what volatility is and how it relates to investing. I also introduced the concept of the divergence between arithmetic returns and geometric returns, and how volatility exacerbates this phenomenon, which is often referred to as volatiSat, 02 May 2020 09:00:37 GMThttps://viewpointinvestment.ca/insights/research/volatility-what-a-drag/https://viewpointinvestment.ca/insights/research/volatility-what-a-drag/Over the past couple of months, investors of all types have likely been caught off guard by global events that caused massive swings in the market value of their portfolio holdings. Unfortunately, some have realized that their investments are far too risky and have lost more than they could tolerateSat, 25 Apr 2020 09:00:43 GMThttps://viewpointinvestment.ca/insights/research/o-canada-why-we-diversify/https://viewpointinvestment.ca/insights/research/o-canada-why-we-diversify/The COVID-19 pandemic is a historic event that has galvanized inter-generational cohorts in the fight against a common enemy. I will not attempt to wax-poetic about the implications this will have on our way of life for when we inevitability get through to the other side of this pandemic, as there aThu, 16 Apr 2020 09:00:43 GMThttps://viewpointinvestment.ca/insights/research/etfs-tested-covid-free/https://viewpointinvestment.ca/insights/research/etfs-tested-covid-free/There has been a lot of talk over the past few years about how passive investing and the rise of exchange traded funds (ETFs) would be the next financial market bubble that would wreak havoc for investors. Since the Global Financial Crisis of 2008 and the ensuing period where index investing startedFri, 03 Apr 2020 09:00:21 GMThttps://viewpointinvestment.ca/insights/research/even-warren-buffett-cant-call-the-bottom/https://viewpointinvestment.ca/insights/research/even-warren-buffett-cant-call-the-bottom/Markets bounced back sharply last week, providing a much needed respite for equity investors. But, before we get too excited, we need to keep in mind that +20% rallies during bear markets are very common. In fact, the biggest up days in stock markets have historically occurred during major bear markTue, 31 Mar 2020 09:00:27 GMThttps://viewpointinvestment.ca/insights/research/these-stupid-things-called-brains/https://viewpointinvestment.ca/insights/research/these-stupid-things-called-brains/I recently attended the Calgary CFA Society’s Annual Forecast Dinner. It’s probably the only event of the year where the entirety of the city’s investment and finance professionals come out of their dens for some awkward hobnobbing. The event, of course, is centered around forecasting. It’s a magicaWed, 12 Feb 2020 09:00:02 GMT