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Economic Insights

What to expect in 2024

It is the time of the year when we reflect, celebrate and look forward. Following a tougher 2022, equity and fixed income both returned positively in 2023. Technology companies (the “magnificent seven” in particular), that are now a big part of our lifestyle, contributed significantly to equity market returns. Central banks, such as the Federal […]

Monetizing the Tech Revolution

It has been 49 years since the launch of the first personal computer. Since then, humans have been asking the same question: When will computers and robots replace humans? Not 40 years ago, not 30, not 20, and also not a decade ago. However, it now feels we are a lot closer to being eclipsed […]

Pressure Continues to Build

Market Outlook Equity implied volatility is in the mid-teens, suggesting a possibility that investors have become complacent. This is happening despite a relentless increase in market interest rates, which is slowly building pressure on the system. After a year and a half of policy rate increases, and later, stern warnings from economists, central bankers, and […]

Monetizing the Tech Revolution

It has been 49 years since the launch of the first personal computer. Since then, humans have been asking the same question: When will computers and robots replace humans? Not 40 years ago, not 30, not 20, and also not a decade ago. However, it now feels we are a lot closer to being eclipsed […]

Pressure Continues to Build

Market Outlook Equity implied volatility is in the mid-teens, suggesting a possibility that investors have become complacent. This is happening despite a relentless increase in market interest rates, which is slowly building pressure on the system. After a year and a half of policy rate increases, and later, stern warnings from economists, central bankers, and […]

A New Era of Disruptive Tech

Technology is disruptive. This statement is somewhat true, somewhat untrue. Disruptive tech of the past Since the introduction of the personal computer in the ‘80s, human beings have experienced growing exposure to technology which changes how we “normally” do things. The first-generation personal computer performed basic computation, data storage and gaming. The capabilities of computer […]

Inflation: So Far, So Good, but the Road Gets Tougher

Headline inflation has been the single biggest macro factor affecting financial markets over the past 18 months due to the resulting impact on global monetary policy. Central banks around the world have scurried to remove monetary accommodation by raising short-term policy rates at the fastest pace in decades. This has been done to avert a […]

Finding Value in Canadian Growth

My career began within the financial services group at Ernst & Young and while three years of rigid audit tasks left little room for creativity, they provided a sound foundation in financial statement analysis and, given my client focus, an introduction to the capital markets. After obtaining my chartered accountant (CA) designation, I joined Macquarie […]

Is the U.S. Print-To-Pay Policy Coming to an End?

Is the U.S. Print-To-Pay Policy Coming to an End? In our lives, we often deal with uncertainties. Some are “known unknowns”, meaning we were aware of the event/issue but uncertain about the outcome; some are “unknown unknowns”, meaning no one saw it coming, it was sudden and random, like the COVID-19 outbreak in 2020. Today, […]

Lessons from March’s Bank Run

The misdirect Investors began the year with an extremely optimistic belief that an economic soft landing would be achieved in the U.S. with cooling inflation and that the U.S. Federal Reserve was very close to finished hiking rates. The S&P 500 Index rose to 4180 during the quarter (see chart below). This optimistic expectation was […]