Quarterly Bulletin Q2 – 2017

The replacement of the Affordable Care Act (Obamacare) would have funded significant tax cuts in the U.S. and underpinned both economic growth and investors’ enthusiasm.



Q3 2017 aura permis de voir réapparaître des termes financiers absents du paysage depuis plusieurs années….


A multitude of risk factors have unsettled the markets during the first six months of the year.


Fortunately, the North American economy continues the expansionary momentum en-joyed over the last 5 years. Despite some ambiguous data, the improving economic conditions are palpable. We do not see any signs of a pending recession, therefore North American equity markets should do well. The risks perceived by investors are related primarily to three concerns.


Q3 2014 allowed some financial terms, absent from our lexicon for several years to resurface. Indeed, despite globalization which has been accelerating for decades, many economists and investors are now once again arguing in favor of the “decoupling” of economies to the benefit of the US and UK and to the detriment of Europe and […]


QE = RT « Quantitative Easing = Risk Taking ». This seems to have been the magic formula in 2013, a remarkable year for risk as- sets, most notably for equi- ties and corporate bonds.