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OCTOBER PORTFOLIO REVIEW

Konnichiwa! 

Our October market report is being written in a small café in Kyoto, Japan, as Bruce and Jamie tour different parts of Asia following a family wedding. Never fear, our commitment to investing (and jet lag) have kept us closely following the rise in equity markets to all-time highs.

We will touch on some thoughts from our Asian travels in our November monthly research. Read

IBM: Signs of a turnaround afoot

IBM reported its financial results last night. While earnings were inline, revenue misses in its legacy businesses sent the shares down 6% in trading. Nevertheless, we believe IBM is poised to move higher as the company returns to revenue growth in 2020-2021. Its newly acquired business, Red Hat, posted accelerating revenue growth in its first quarter under IBM and should get much bigger as IBM cross sells its products through its massive sales channel. As well, improving employee reviews of the company highlight a culture changing for the better. With low expectations and low valuation, IBM is an attractive tech holding in a volatile market.

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MWG on BNN

Jamie Murray, Portfolio Manager and Head of Research at The Murray Wealth Group, takes viewer questions on North American equities on BNN Market Call Tonight (October 8th 2019).

Watch him discuss company outlooks including one of his most controversial Top Picks… IBM!

 

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SEPTEMBER PORTFOLIO REVIEW

Icarus Complex.

September brought a major rotation in equity markets, with growth stocks suffering substantial pullbacks from peak levels and out-of-favour value stocks rallying. Generally, the more profitable growth companies were able to withstand the volatile markets, but several high-profile growth-at-any-cost stocks (See Figure 1) suffered peak-to-trough pullbacks of 35-40%. With year-to-date gains still strong, long-term investors in high growth stocks are likely barely batting an eye, but the strong IPO slate in the first half of 2019 likely brought an influx of investor interest and new money into the sector. Read

AUGUST PORTFOLIO REVIEW

Ante Up!

Trade and tariff concerns escalated in early August as the Trump Administration raised the stakes with a new round of tariffs on Chinese goods and an escalation of existing tariffs. To date, the tariffs have had a limited effect on U.S. consumers as the U.S. has focused tariffs on products that are easily substitutable, with multiple origin destinations, and products that are isolated from the U.S. consumer. However, the new tariffs announced in early August will impact consumer-related goods such as apparel and electronics. Although the U.S. pushed back the implementation of the new tariffs after the initial announcement, it represents an escalation in the trade war between the two countries.

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