Blog: Cutting Through the Noise

What Now? Part II

Excerpt from Tom Bradley's blog on August 10, 2011

What are the stock market declines telling us (other than we’re temporarily poorer)? Are they signaling the end of the world as we know it or, as a veteran value manager suggested to me yesterday, are we entering “opportunity-laden times?” In my view...

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The Danger of Being Spooked by Doom and Gloom Headlines

Excerpt from Tom Bradley's blog on August 6, 2011

“Hey Tom, how was your holiday? The weather’s been great – skiing conditions must have been calm?” “Oh Ralphie, it was amazing. Two weeks of Crystal Lake at its best. I’m totally decompressed. But what about you man? You’re looking pretty ragged...

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Slow Growth, Debt Burdened ... What Now?

Excerpt from Tom Bradley's blog on August 5, 2011

The Grip, which is our tool for expressing our overall portfolio strategy, was a new feature in the June Quarterly Report, but the cautious stance it signaled was not. Since January, we’ve recommended that clients be positioned conservatively and where...

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Five Predictions for the Wealth Management Industry

Excerpt from Tom Bradley's blog on July 23, 2011

I recently spoke at a conference about the future of the wealth management industry. It was a good audience, but a bad gig. No matter what I said, I was sure to be wrong about some things. As Yogi Berra said, "It1s tough to make predictions, especially...

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Will the Banks Grow?

Excerpt from Tom Bradley's blog on July 18, 2011

My last Globe column (Of Cash and Quality Stocks) prompted a reader to ask, “Do you believe Canadian Banks will be able to grow their dividends at a healthy clip going forward? Is the growth of the Canadian Banks over?” In the past, I've underestimated...

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Mind the Gap

Excerpt from Tom Bradley's blog on July 14, 2011

In a post last week, Larry Swedroe wrote about one of our favourite topics – the behavioral gap. I’m referring of course to investor behavior, not child rearing or post-Stanley Cup rioting. In an investment context, the term refers to the gap in returns between mutual funds and the investors that buy them. In study after study...

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Of Cash and Quality Stocks

Excerpt from Tom Bradley's blog on July 8, 2011

Are you confused? I certainly am. It’s not clear whether investors are on a risk-taking binge, or are battening down the hatches for another market decline. There is plenty of evidence in support of the risk binge. Technology IPOs are coming out at exotic...

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Peace, Love and Better Returns

Excerpt from Tom Bradley's blog on June 28, 2011

Canadian Couch Potato posted an interesting blog yesterday. Dan Bortolotti, the author of this highly-rated blog (in a recent Globe and Mail contest, it was voted the best investing blog in Canada), thinks we need to stop fighting about which is better...

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Beware the Distortions of Too-low Interest Rates

Excerpt from Tom Bradley's blog on June 24, 2011

We’ve had low interest rates for years, and really low rates for almost three. We’re used to them, and may even be getting complacent. I had more questions and concerns from clients about rising interest rates a year or two ago than I do now. Well, I’m here to...

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Digging Ourselves Out

Excerpt from Tom Bradley's blog on June 20, 2011

In his June 6th letter, Tim Price of PFP Wealth Management in the UK provides a thoughtful take on our debt burden. “From a narrowly financial perspective, government debt is an asset class, albeit an asset class now offering vast potential for capital...

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Banking on an Icon

Excerpt from Tom Bradley's blog on June 14, 2011

When I was an analyst on the brokerage side of the business (1980’s ... I was a teenager), there were a few iconic people that we all looked up to. Hugh Brown, who was with Burns Fry (now part of BMO), was one such person. He was the guy on...

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The Secret of Vanguard's Viral Appeal

Excerpt from Tom Bradley's blog on June 10, 2011

We heard this week that Vanguard, the giant U.S. asset manager, is coming to Canada. As a permanent student of the business, I’ve been fascinated by Vanguard for many years. It’s an example of a company that grew through word of mouth. It went viral...

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