Matthew Lekushoff | www.matthewlekushoff.ca

CANADIAN HOUSING

Although Canadian real estate prices fell for the third consecutive month, you still can't call it a crash. Rather, we're at an inflection point where a wait-and-see approach prevails.

There are three possible reasons for this crossroads: Recent regulations are making it harder and more expensive for foreign buyers to purchase property; there's an overall sense real estate prices are expensive and due for a correction; and/or recent rate hikes, and the potential for future hikes, are giving buyers and sellers pause. 

As you well know by now, I'm most worried about a scenario where interest rates continue to rise. Should this happen, I believe many people may not be able to afford their current mortgage payments, if variable, or future ones when renewing.

FOOD FOR THOUGHT

"I would rather have questions that can't be answered than answers which can't be questioned."
-----  Richard Feynman

MARKET UPDATE

I'm happy to report the past few weeks have been friendly to most markets, as almost all of them-----with the exception of energy being down slightly-----  have moved positively since our last letter. As always, it's hard to tell if this is the beginning of a trend or just normal volatility, but it's nice to see markets moving up again.

IN THE REVIEW QUEUE

Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger  by Janet Love: While I'm a huge fan of Charlie Munger, Damn Right! is the first biography I've read on him. Although I felt the author's writing somewhat lacklustre, the biography provided more complete picture of the challenges Munger faced and the perseverance required to become one of the most financially successful people of his generation, as well as one of the wisest and influential. More than anything, this book reminded me how helpful studying the lives of successful people (regardless of how you define it) can be in providing insights and clues to achieving your own success.  
 
Warren Buffett's "2 List" Strategy: How to Maximize Your Focus and Master Your Priorities  by James Clear: If you only read one article on how to accomplish more in your life, this should be the one!
 
Three reasons why we're bullish on Brazil  by Mark Jason (Invesco Canada): A quick look at some positive signs for Brazil, which is the largest geographical jurisdiction in one of our emerging market holdings.
 
The Oil Market is Bigger Than All Metal Markets Combined  by Visual Capitalist: Ever wonder how big the oil market is? Take a look at it when compared to all the metal markets combined.

Givers, Takers, and the Resilient Mind: My Conversation with Adam Grant by Farnam Street:  An interesting conversation with one of Wharton's most popular professor on topics, such as, giving and taking, work/life balance, and how to build resilience within yourself and those around you.

REMEMBERING VEGAS VICTIMS AND TOM PETTY

Matthew Lekushoff
416-777-6368
www.matthewlekushoff.ca


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