Top picks from Gordon Reid, president and CEO, Goodreid Investment Counsel
As much as regional financials dominated the narrative in first quarter, the market talk of the second quarter was artificial intelligence . Other issues, although continuing in relevance, took a backseat, but at Goodreid we are keeping a keen eye because the path of inflation, interest rate hikes, the health of the Canadian and U.S. economies, not to mention the Chinese economy, are likely to play more into future market opportunities than AI.
After such a strong start to 2023, one can expect occasional bull market corrections. History books will define the current bull market from the low market levels of last October, which to date have propelled the large cap U.S. market by 24 per cent and the small cap U.S. market by 14 per cent. A widely referenced sentiment tracker is the American Institute of Individual Investors survey. It tends to negatively correlate with market direction and is now at the highest recording since early 2022.
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