Emerging Markets | Fee-based Advisors | A Requiem for the Jays
It may be pre-election jitters, or just old fashion randomness, but the markets have continued to endure increased volatility over the last little while. Last week saw global markets falling some, but most international markets have rallied fairly strongly this week.
Given the volatility hasn't been overly pronounced, I'm not too concerned as our portfolios have held up well, even when the markets have fallen. However, it is something I'm keeping my eye on to see if we can take advantage of the situation should it change.
Looking ahead, I'm hoping to add a second emerging market (EM) position. With their relative low GDP-per-capita and valuations, not to mention that 90% of people under 30 live in EMs, I feel their returns should dramatically outperform the developed world over the next decade or two.
This is not to say EM returns won't be volatile-------if history is any indication, they will be volatile. However, as we re-balance our portfolios on a regular basis, the volatility will be to our advantage. We'll continue to trim positions that have had a great performance and add to those that have had bad years.
Lastly, the investment industry has been in the midst of a lot of change over the past few years. One of the biggest trends we've see is the move from commission-based to fee-based compensation. I'm proud to say I've been a few years ahead of this curve. If you're interested in the pros and cons of both methods, one of my
recent blogs
covers this topic.
In the review queue
Debt: The First 5,000 Years
by David Graeber: I had high hopes for this book as it is one of
Seth Godin
's favourites. Unfortunately, my experience was quite different. Listening to it felt like an unnecessarily long (almost 18 hours) and rambling history of money and debt with more social commentary than warranted. That being said, I did learn that the common belief that a barter system precedes a money economy is actually a myth. I may attempt to read this book, as it may be one of those where listening doesn't do it justice.
The Green Mile
by Stephen King: It's been a couple of decades since I read my first Stephen King novel, so I wasn't sure how much I'd like this one. Not having seen the movie, I thoroughly enjoyed the various plot lines, twists, and turns, and his overall writing style. It's probably not worth the read if you've seen the movie, but it's an enjoyable page-turner if you haven't.
Born Standing Up: A Comic's Life
by Steve Martin: This audiobook is a great memoir by actor and comedian Steve Martin. Martin reflects on his early years and his stand-up career. It's a quick four-hour listen and definitely worth your time if you like him or are curious about his early life, how he rose to fame, or why his stand-up career ended so suddenly.
The Building of Bill Belichick
by David Fleming: As a die-hard Buffalo Bills fan, the New England Patriots are as close to a sworn enemy as it gets. In spite of this, their perennial success has earned my respect. This ESPN feature delves into the individual I feel is largely responsible for their success: head coach Bill Belichick. Even if you aren't a football fan, it gives a great insight into how a successful organization can be run and how it can dominate its competition.
When You Hear the Margin of Error Is Plus or Minus 3 Percent, Think 7 Instead
by David Rothchild and Sharad Goel: This year's presidential campaign has been one of the most spirited and contentious in recent memory, and possibly in all of history. For those who hang on to the results of every poll, this article sheds some light on the historical inaccuracy of political polls, relative to what the statistic textbooks say they should be.
In Memoriam
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Matthew Lekushoff, CIMA
Financial Advisor
Raymond James Ltd.
T: 416-777-6368 | F: 416-777-7020 www.Matthewlekushoff.ca   
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