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30 04, 2024

Alternative Quarterly Commentary – Q1 2024

By |2024-05-07T14:04:15-04:00April 30th, 2024|Alternative Commentaries, Commentaries|

During the first quarter of 2024, the Trust was higher by 4.1% net of costs, and this brings the Trust’s annualized rate of return since inception [October 2010] to 9.5%underpins a situation where government spending is leading to unsustainable levels of debt and deficit.

30 01, 2024

Alternative Quarterly Commentary – Q4 2023

By |2024-01-30T16:03:59-05:00January 30th, 2024|Alternative Commentaries, Commentaries|

During the fourth quarter of 2023, the MacNicol Investment Team continued to observe a widening gap between the inflation expectations of market participants and both voting and non-voting central bank officials. Catalyzing our concerns that financial markets may have “jumped to conclusions” when it comes to interest rates and a labor market that stands 200 basis points below its long-term (ex-COVID) average and fiscal profligacy that underpins a situation where government spending is leading to unsustainable levels of debt and deficit.

12 12, 2023

The Monthly – December 2023

By |2024-01-30T16:04:47-05:00December 12th, 2023|Commentaries, Monthly Commentaries|

Told you… The late Charlie Munger once said, “The best thing a human being can do is help another human being know more”, and we completely agree. Could one human who may benefit from knowing more be Bank of Canada Governor Tiff Macklem? Macklem’s Bank of Canada (BOC) recently convened to offer Canadian consumers and businesses its view on the economy, inflation, and financial markets, and to administer their latest decision on interest rates. The decision on interest rates was self-explanatory: no change. But knowing why the BOC suddenly threw the idea of further rate hikes under the bus requires some digging1. In any event, for the time being this country’s trend setting interest rate will remain at 5%. In his remarks, Macklem acknowledged that global economy momentum continues to cool, and this has caused inflation to ease further. Reductions in long-term inflation expectations caused a mini rally in the bond market, with long yields retracting from peak levels in early October. Canadian economic growth stalled, and consumption growth was near zero. Business investment was flat over the past year although government spending and new home construction boosted an otherwise lukewarm fiscal spending picture.

29 11, 2023

The Monthly – November 2023

By |2024-01-30T16:06:23-05:00November 29th, 2023|Commentaries, Monthly Commentaries|

As those of you born between October 23rd and November 21st already know, Scorpio is the superior and greatest of all the astrological signs, and there are very good reasons why. Scorpions are intelligent, good-looking, well liked and above all very modest and humble

30 10, 2023

Alternative Quarterly Commentary – Q3 2023

By |2024-01-30T16:07:12-05:00October 30th, 2023|Alternative Commentaries, Commentaries|

Alternative Trust Update: The goals of the Alternative Trust are to generate attractive risk-adjusted returns using private investment opportunities so investors can reduce their dependence on public market investments. During the third quarter of 2023 the trust was higher by approximately 1.4%. Returns from private real estate and hedge funds were higher during the quarter, and strong enough to offset mixed results in private equity.

19 10, 2023

The Q3 Commentary 2023

By |2023-12-14T12:35:08-05:00October 19th, 2023|Commentaries|

With this commentary, we plan to communicate with you every month about our thoughts on the markets, some snapshots of metrics, a section on behavioral investing and finally an update on MacNicol & Associates Asset Management (MAAM). We hope you enjoy this information, and it allows you to better understand what we see going on in the marketplace.

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