Bristol Gate Canadian Equity Discussion


Bristol Gate Canadian Equity Discussion - September 2021 from Bristol Gate on Vimeo. On September 16. 2021, Bristol Gate Canadian Equity portfolio manager Izet Elmazi discussed the differences in the Canadian equity market to the US Equity market, the importance of high active [...]

Bristol Gate Canadian Equity Discussion2021-09-27T11:43:31-04:00

Shopping with CAD


In the month of March, Canadian investors funneled $11.8 billion into U.S. Equities. These strong flows followed $12.3 billion of U.S. equity purchases in February[1]. Canadian investors have long-appreciated the U.S. equity market for a multitude of reasons; the depth and breadth of the [...]

Shopping with CAD2021-06-03T10:44:08-04:00

High Quality – On Sale


At times the market presents opportunities where dividend growth and high quality companies appear cheaper than their lower quality peers. Our Q1 letter discussed what worked during the quarter but on the back of the economy reopening in the U.S. there has been a [...]

High Quality – On Sale2021-05-05T15:54:01-04:00

Capital Gains Tax Hikes and the Equity Markets


Last week news broke that U.S. President Joe Biden is expected to propose a raise of the federal capital gains tax from its current base rate of 20%. Combined with the Obamacare levy, Americans earning over $1 Million per year will pay as high [...]

Capital Gains Tax Hikes and the Equity Markets2021-04-29T08:49:32-04:00

Rising Interest Rates and Inflation – What Does This Mean for the Equity Markets?


Despite a global pandemic the likes of which we have not seen since 1918, the S&P 500 returned +18.4% in 2020 (in USD). Underneath the surface, the distribution of returns paints a much more detailed picture. 77% of the return in the index was [...]

Rising Interest Rates and Inflation – What Does This Mean for the Equity Markets?2021-03-25T13:15:56-04:00

What Has Worked in 2021 (so far…)


The S&P500’s return in 2020 was very different from what we have seen work thus far in 2021. In 2020,  77% of the total return was driven by the top 10 holdings.  The mega-cap technology companies that were market leaders last year have been [...]

What Has Worked in 2021 (so far…)2021-03-19T14:43:55-04:00

The Spending Dilemma – Endowments and Foundations


The ultimate goals and purposes of specific foundations and endowments may vary slightly; however, these investments typically aim to provide stable and reliable payouts to support charitable missions and operations, while maintaining the independence from the institution and growing the endowed capital. Understanding the [...]

The Spending Dilemma – Endowments and Foundations2020-10-26T15:15:41-04:00

Looking Beyond the Bargain Bin


The first three quarters of this year will not be easily forgotten. The S&P 500 experienced the fastest selloff in history, declining 30% in only 22 trading days[1], spanning February to March, 2020. Subsequently, we have also witnessed one of the fastest recoveries in [...]

Looking Beyond the Bargain Bin2020-10-19T08:43:01-04:00

Fitting Dividend Growth into the Asset Pie


When most of us think of dividend strategies, we think of how much income we will receive today with a focus on the current yield. The types of companies that can deliver high yields are often mature companies with consistent, predictable cash flows. These [...]

Fitting Dividend Growth into the Asset Pie2020-10-01T18:01:29-04:00

Which Companies Value their Shareholders? Buybacks vs. Dividends


Throughout the past 20 years buybacks have become an increasingly popular way for senior management to use excess free cash flow generated from business activities. By reducing shares outstanding, buybacks increase the percentage ownership of ongoing shareholders. Unfortunately, buybacks do not treat all shareholders [...]

Which Companies Value their Shareholders? Buybacks vs. Dividends2020-09-28T16:36:28-04:00

Diamonds in the Rough


Much has been made of the unprecedented market rally over the past five months. Names like Apple, Google, Amazon, and Tesla have grabbed headlines by rewarding their investors with incredible returns since the March 23 lows; however, this spectacular performance among few high flying [...]

Diamonds in the Rough2020-09-28T09:24:54-04:00

Stagnant Wage Growth in Canada


Real wage growth in Canada has been stagnant over the past 30 years. After inflation, Canadians have been struggling to increase their income year-over-year, making it increasingly difficult to get ahead. Additionally, interest rates have been steadily declining throughout this same period, making it [...]

Stagnant Wage Growth in Canada2020-08-21T09:20:23-04:00
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