Dinner with Signature Portfolio Manager

May 11, 2017

 

I had the opportunity to have dinner last night (along with a few other advisors) with Geoff Marshall of Signature.

 

Geoff is head of Signatures high-yield bond team and they manage one of the largest high-yield portfolios in Canada.

 

I just wanted to take this moment to pass on a few pieces of information as to Signatures viewpoint.

  • CDN$ is fair value at this time compared to US$

  • They do not see oil prices moving above $60

  • Possible Bank of Canada rate hike in second half

  • Inflation in 2-3 years will still be in the 2% range due to productivity increases (technology)

  • Equities will outperform bonds over the next 5 years (but not in a straight line)

  • 30-40% of malls in the United States will have to close

  • Amazon is changing the landscape

  • Only a matter of time till they have a similar effect in Canada

  • Open air malls will do better than ‘traditional’ malls…need to focus on quality (Sherway & Eaton Centre)

  • Remember: If it’s in the headline news its priced in…opportunity may be on page 20

 

I encourage all clients who I have not had an in depth meeting with in the last 60 days to contact the office and arrange a time to meet.

 

 

 

The views expressed do not necessarily reflect the opinion of Argosy Securities Inc. This does not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. Please consult a professional before making an investment decision.

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