Happy Holidays!
As we extend our warmest holiday wishes to all friends of Gallant MacDonald, we will skip the usual charts on inflation, jobs, or viruses. We are looking forward to 2022...Continue reading
Excluding Everything
This chart is basically a parody of the recent coverage of inflation. Almost every month has included a new basket of things to exclude to unearth "true" inflation... Continue reading
Excuse Me?
This chart shows the percentage of companies which have had negative earnings over the last 12 months. If it shocked you, you're not alone... Continue reading
Music for the Masses
We are giving you a break with a lighter chart than usual after a few months of employment and debt data. This is a helpful reminder of the actual scale of the tech giants... Continue reading
Shifting Sands
This chart continues a theme we have touched on a few times – what does work look like post-pandemic? It is admittedly a small sample size, but the data is also reflective of the anecdotal evidence we are hearing from business owners... Continue reading
Another Debt Story
We wouldn’t dare add Gallant MacDonald to the long list of commentators that have incorrectly called a coming crash in Canadian housing, but to say there is some risky behaviour at play would be an understatement... Continue reading
Playing With Fire
Occasionally you come across a statistic that is truly jarring. This chart shocked us, and was magnified by the accompanying information that the debt was 38% personal loans and 14% credit card debt... Continue reading
It's The Little Things
This may seem trite, but we believe the most common characteristic of the impressive people we have been lucky enough to meet over the years is a relentless focus on improvement... Continue reading
The Inflation Trade
If you have opened a newspaper at some point this year you have probably seen a headline (or 10) highlighting recent inflation trends. If you are doing any work on your home, you may have firsthand experience as well... Continue reading
Shrinking Times
The average holding period for stocks is another one of the measures we regularly track to estimate market sentiment and speculation. The current low of around 5 months breaks the previous record... Continue reading
Stocks Only Go Up…
OK, maybe not. At this point the euphoria does make it seem that is the case some days. The two charts above show some metrics we regularly check in on. The first shows the percentage... Continue reading
Bubble Redux?
The above chart serves to remind us how difficult timing the market actually is. The figures shown are the returns from 1995, when the first warnings of a market bubble emerged, to the... Continue reading
Happy New Year!
The whole team at Gallant MacDonald hopes each of you has had an incredible holiday season so far! It has been a volatile year filled where every event seemed to have the word “unprecedented”... Continue reading
Where did all the pessimists go?
As COVID-19 cases continue to climb rapidly throughout the globe, equity markets are showing no signs of fear as indices soar to new all-time highs. In fact, the percentage... Continue reading
Story Stocks
We have highlighted the impact of retail investors on the market in past issues. One could perhaps make the argument that the Tesla chart above is spurious correlation, but given the current... Continue reading
Growth Predictions
Much has been written about the recent outperformance of growth stocks vs. value stocks. We have seen inklings of a rebound in more traditional businesses over the last few weeks,... Continue reading
Accelerating Change
It has become quite apparent that the pandemic has dramatically accelerated recent trends across many aspects of life. One topic that is subject to much debate is the future of work.... Continue reading
Tech Bulls
We have discussed how the recent rally has been driven by technology, but the extent of the S&P 500 now represented by the FAANGM group really is a jarring figure. There is, of course, justification... Continue reading
America First?
Markets have skyrocketed higher since late March, but the gains haven’t been shared equally around the globe. American outperformance has been an ongoing trend since the financial crisis... Continue reading
The Long Haul
The market has been remarkably correlated with Covid case counts and other “health” developments (i.e. news of vaccines, treatments, etc.) thus far in the crisis. Investors are focused... Continue reading
A Wild Ride
Oil’s precipitous decline was one of many wild market gyrations over the last month. The move was more technical in nature rather than a reflection of true pricing, but it is representative... Continue reading
Living History Treasury Rates Briefly Turned Negative
Jobless Claims Spiked in an Unprecedented Manner
Some ETFs Traded at a Significant Discount to Assets
Most Stocks Now Have Higher Dividends ... Continue reading
ESG and Private Markets in Vogue
The graphs above represent two very different asset classes undergoing very similar trends. Like it or not, when a particular asset class or theme is in vogue, sizeable... Continue reading
No One Loses Money in China?
Distributions of Return on Equity (ROE) for Mainland China and NYSE listed firms highlight the curious fact that very few Chinese companies seem to be losing money. The... Continue reading