Brandon Snow's blog

Year in review

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We have had another amazing year in the market, not all good and not all bad but overall pretty wild! With everything that happened in 2015 it's funny to sit back and watch, with two hours to go before the final closing bell of the year, the S&P is sitting at 2055.65, almost exactly the level it opened the year – of course the TSX didn't do so well, down 10% in local currency.  Before discussing our approach to 2016, I wanted to discuss a few of the big drivers in 2015:

1. Energy prices sink again:

Mid-year review: the more things stay the same, the more they change

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While we have had fairly consistent drivers for the markets over the last few years, we have also had some very interesting things bubbling under the surface this year. If you just tuned in for the first time, you wouldn’t notice much action across markets over the past seven months:

Thoughts on negative interest rates

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About six weeks ago, a Scandinavian bank management team visited our office. The country they operate in have had negative yields for some time and during our meeting the team mentioned that the bank had lent out its first negative interest rate mortgage with a rate of -0.01%. This made me think about how wonky the world is today. Governments can borrow money at negative yields, which in essence means someone gives the government money today and pays them for the privilege!

2015 portfolio update

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Another year has passed and with the changing of the calendar we repeatedly get asked what's in store for the next 12 months. Of course it's impossible to predict the future, and a calendar year is an arbitrary timeframe, but we are always happy to discuss opportunities we are seeing as we go through our investment process.


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