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The Toronto Composite Index: a "closet" mutual fund?

How often do you look at the Toronto Composite Index? Once a day? Twice? Three times? More than that? Let’s face it. A lot of us closely monitor the Index’s ups and downs using it as a quick proxy for our own investments. But should we? Is the Toronto Composite Index still relevant to investors today? Read more…

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The natural flow of money: don't be fooled

Most things in life have a natural structure, cycle, or flow. Our societal structures, our human likes and dislikes, our fears and desires directly influence many of these natural states. The natural flow of money is no different. Read more…

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This is a credit cycle, not a manufacturing cycle! Part II - Evidence supporting this view.

As we discussed in our previous commentary ("This is a credit cycle, not a manufacturing cycle!"), the 2008 - 2009 financial crisis was the culmination of a decades-long credit expansion. The crisis was not a result of a manufacturing slowdown, it was the result of assets prices declining, where borrowers were no longer able to support the Ponzi borrowing that financed those assets. Read more…

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This is a credit cycle, not a manufacturing cycle!

Most of us are familiar with the economic boom and bust cycles that result from a manufacturing cycle, but not so familiar with the booms and busts from a credit cycle. Read more…

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Is history really the best teacher this time?

Often in our effort to understand unfolding world events, we look to the past for clues of what to expect and how we should react. Such was the case during the recent 2008 - 2009 financial crisis where financial experts also turned to the history books in an effort to understand what was happening and develop an appropriate policy response. Read more…

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