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BACK ISSUES

ISSUE #32: CHINA: THE FIRST "AXIS OF GROWTH"
This month, we begin the first of a three part series examining the global Debt Supercycle and deleveraging process and how it may affect three of the world's major trade blocs, namely China, Europe and the United States (the "Three Axis of Growth"). We discuss the challenges that affect each Axis of Growth, and the likely growth trajectory that each region will have over the next ten years.
April, 2012 Click here to view



ISSUE #31: HOW TO GET IN FRONT OF THE RISK-ON/RISK-OFF CROWD
In this month's Qwest for Returns, we introduce to you another tool we have developed that helps us, and our clients, see the changing direction of longer-term funds flow. The Qwest Funds Flow Model is a measure of the flow of the "smart money" as it moves into and exits equities.
March, 2012 Click here to view


ISSUE #30: TIME FOR ANOTHER UPLEG IN COMMODITY PRICES
As we look back at January's market environment, we see signs that indicate a more bullish tone. In particular, commodities are starting to form bullish trends.
February, 2012 Click here to view


ISSUE #29: DON'T BLAME YOUR INVESTMENT MANAGER: 2011 WAS A DROUGHT YEAR FOR ACTIVE MANAGEMENT
"Trendless", "whipsaw" and "like a fish flopping around out of water" - these were used by active managers to characterize the investment environment in 2011. Active manager returns were highly disappointing relative to their benchmarks in 2011. Broad hedge fund indices were down close to double digits in the year and the average broad-based US stock mutual fund lagged the S&P 500 by 4.5%, according to figures released in mid-December. Nothing worked! In this month's publication, we discuss the poor returns exhibited by active investment managers, the reasons why and the active management outlook for 2012.
January, 2012 Click here to view


ISSUE #28: THE EVOLUTION OF MARKET TIMERS AND TIMING
Finance students are taught that you can`t time the market and market timers are destined to be as extinct as dinosaurs. But we beg to differ. Many investors hire money managers to pick stocks and then let the manager decide to buy, hold or sell a stock. In other words, you are letting the manager decide when it is "time" to buy or sell. So the question an investor should ask is: what's wrong with hiring a manager to decide if a market is going up or down?
December, 2011 Click here to view


ISSUE #27: A GUIDE TO EUROZONE CRISIS: WHAT'S NEXT?
We believe that the current EU rescue plan will reflate their economy and kick the debt problem down the road. Our Timer Model has tactically picked up that signal to raise the level of risk exposure as the stock markets go into a rally. However, the rescue plan is deeply flawed and we could see another crisis in the near future. Should another accident happen in the near future which sends Europe and the global economy into another financial crisis, we would expect our Timer Model to pick up the signal of a "risk off or asset deflation" trend.
November, 2011 Click here to view


ISSUE #26: NEW ENERGY MARKETS IN A PEAK OIL ERA
We believe Peak - easy-to-find and cheap-to-develop - Oil is upon us today. That said, in Calgary there are many junior oil and gas companies who are quietly, and profitably, using technology to squeeze more oil and gas from hard to extract areas. Their work will not impact the global oil supply, but for their shareholders, the production per share increase is very meaningful.
October, 2011 Click here to view


ISSUE #25: CLIENT RELATIONSHIP MANAGEMENT AT TIMES OF FEAR AND GREED
With our view that markets will remain volatile for years to come, like they were in the '70s, effectively managing client expectations before the rollercoaster ride of fear and greed, will be critical to forming a long-lasting relationship with clients.
September, 2011 Click here to view


ISSUE #24: WE HAVE SEEN THIS MARKET BEFORE... USE THE RIGHT APPROACH!
In this issue we will present a number of techniques to apply to a portfolio which would make investors far more tolerant of assuming equity risk.
August, 2011 Click here to view


ISSUE #23: THE DUMMY'S GUIDE TO GROWTH STOCK INVESTING
This is the last part of a three-part series of our Qwest for Returns publication where we pause and think about what the investment environment, and next big sector opportunities, may be like over the next 10 years.
July, 2011 Click here to view


ISSUE #22: WHERE'S THE NEXT BUBBLE GOING TO BE?
To create wealth there are two very simple, but difficult, things we investors must do: first, do not lose money; and second, know where the next bull market trend and bubble will show up. We have some ideas on where the next hot investment areas will be.
June, 2011 Click here to view


ISSUE #21: CHINA’S LONG-TERM GROWTH HEADWINDS
From a macro-economic viewpoint there are many headwinds that need to be monitored for their short-term effect on markets and commodities. One of those headwinds is China and how their policy makers are responding to their consumer price inflation problems. Looking past the near term global asset price volatility risks, global demand growth for resources will continue to surprise and keep commodity prices on an upward trajectory.
May, 2011 Click here to view


ISSUE #20: STRETCHING THE YIELD VS TOTAL RETURN
Will the growing number of marco risks in the market (e.g. food inflation, Middle East unrest, Europe's rolling country and banking crisis, U.S. municipal bond market, etc.), it is time to think about portfolio risk. While many Canadians have stretched further up the risk curve to chase yield, have we forgotten to look at the total return picture? As we have all heard before, return of invested capital is just as important as return on invested capital.
April, 2011 Click here to view


ISSUE #19: IS SAUDI OIL PRODUCTION PEAKING?
In response to the recent Libyan unrest, Saudi Arabia has offered to ramp up oil production to fill the gap. Legendary investor and former Soros partner, Jim Rogers, responded: "Saudi Arabia has been lying about the reserves for decades. Saudi Arabia the last two times said they are going to increase production and they couldn't increase production. Don't fall for that. The reason oil is going up is the world is running out of known reserves of oil." This month, we write about the doubts about Saudi oil production and the implications for global oil supply.
March, 2011 Click here to view


ISSUE #18: A PRIMER ON MACRO RISK
The more conservative investor who has used the "buy and hold" approach to investing would benefit from understanding that a sideways and volatile market does not create good portfolio performance. A better approach is to be more tactical and dynamic in asset allocation. This approach will create better portfolio performance without taking increased risks.
February, 2011 Click here to view


ISSUE #17: SIMILAR VIEWS: GRANTHAM, ROSENBERG AND QWEST
This month's Qwest for Returns compares our macro-economic views with those of David Rosenberg and Jeremy Grantham. These respected strategists have a similar outlook with Qwest, but where we differ is in our approach for an investment solution to navigate through future market volatility.
January, 2011 Click here to view



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