WEALTH Matters — FALL 2009

Investment markets

Another way to protect yourself against inflation is to use investments whose value tends to grow with the rising cost of living – stocks and real estate. Dividends on such investments also come with a tax credit, and the after-tax return is often higher than bonds or GICs. Of course, these investments entail some risk, and their value will fluctuate.

The global credit crisis which began in 2007 affected capital markets well into 2009, depressing equity prices and returns. And, as has often been the case, the rebound in prices from the market bottom has been dramatic. Many solid companies have gained over 200% since their March lows. The S&P/TSX index of the Canadian stock market is still well below its peak values from June 2008, but has recovered about half its losses since the bottom in March 2009.


Investors who stuck to their target allocation are

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The index is again well above its level of 5 years ago. The equivalent annual rate of return of the index in that 5 years is over 4.5% per year.

Will the market keep rising smoothly from here or will it drop again? While nobody is certain which way it will go, one thing we can be sure of is that it won’t be smooth. We can also be sure that if you have a balanced portfolio and have been rebalancing back to your target periodically you will have had less volatility and a return higher than if the portfolio had just run with the market overall.

We help our clients choose an appropriate target allocation to various asset classes, to fit within their risk tolerance, and help them maintain that balance over time through periodic rebalancing.

Please call us if you would like to review your own situation with us.

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