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Managed Money Home  |
Issue 185, July 2002 | Issue 185 July 2002 |
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| Editors: Carl Spiess, CFP, CIM, FMA, FCSI,
MBA, Director, Wealth Management Allan McGlade, CFP, CLU, Senior Wealth Advisor Featured Articles |
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Reflections as The Bear Growls"Now that the bear market for stocks has lasted three years it is well to remember that both bear markets and business depressions are temporary. People do not remain pessimistic forever." While it is hard to be optimistic in these times, it is important to realize that the quote above was penned over 50 years ago, in June 1949 to be exact, by none other than Sir John Templeton. Through dozens of market cycles, the old adage of buy equities and hold for the long term remains. A recent Globe & Mail article summed things up well: "Guess What? Investing is Hard", which stresses the importance of professional management. Warren Buffet's Berkshire Hathaway is held up as a well run company, and that company is essentially a mutual fund, diversified by owning several great businesses. Berkshire Hathaway is a major holding in 29 AIC funds, including the AIC Advantage funds, 10 Mackenzie Ivy funds and the 6 CI Harbour funds. While market returns and headlines are very discouraging, it is important to realize how much does not change. Friends, family, and work obligations continue. And very real, especially for those in or near retirement mode, is the fact that bills and expenses keep coming in. While that last part can be difficult, as investors, it is important to realize the world is not ending. All those companies that we will buy things from today, tomorrow and next week, expect to send us bills, get paid, and earn profits. And they will or they will shut down, to be replaced by more efficient organizations, earning more money for their shareholders.
The answer to all of the above is "yes". The reason is the relentless improvements that technology can provide. And long term, for same reason, we can expect our economy to become more efficient, and shareholders will be rewarded. While we are optimistic long term, we recognize how difficult it is to see months and now even years of declines. Financial markets have been turbulent for many investors. As financial advisors, we work very hard to help people reach their goals. We at ScotiaMcLeod would like to thank all of our clients for their continued trust and confidence in us. Please contact us at any time if you wish to have a personal review of your investments and goals. Improved Fund Information on Scotia Online
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