TopPicks from John Hood, president and portfolio manager, J.C. Hood Investment Counsel
MARKET OUTLOOK:Tom Wolfe's novel became a best seller as Tom Hanks portrayed a hapless bond trader caught in the morass of the U.S. judicial system, racism and his own moral wavering and infidelities. In the wake of the October stock market crash in October 1987, bond traders were kings, the self-described"masters of the universe" making millions per year; recall Michael Milken in the 1980s.
The Canada bond index was down 10 per cent in the first quarter, with many bond funds and ETFs quoting 2.5 per cent yields at the beginning of the year, which are now down 5-10 per cent on a total return basis. There was a reason why, having sold all bond ETFs two years ago, we stayed in cash; it’s better to earn nothing than lose 10 per cent or more. Now that rates have begun to rise sharply, we have been buying three-year Government of Canada bonds yielding around 3.2 per cent.
Brian Belski, the chief investment strategist at BMO, stated inflation could fall faster than many people anticipate and upcoming earnings could exceed expectations.A bear market; possibly
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