1:02 – All about currency:

• The translation effect for Canadian invested in foreign equities
• NAFTA, monetary policy expectations, energy prices (WTI)are all working against the Canadian dollar
• International investors’ effect on Canadian equities

4:21 – What bank valuations say about how people are feeling about Canadian banks

“The interesting thing is that valuations or returns may reflect more expectations or concerns than the real numbers.”

5:24 – The biggest factors right now for finding a margin of safety for investors: diversify portfolios

6:42 – Mawer asset mix changes over the quarter: moving to a more neutral stance

• Reducing equities (60% equity and 40% fixed income)
• Reducing U.S. equity weight
• “Volatility is not the reason in and of itself to reduce equities.”

8:06 – Discussion on the difference between volatility and risk and Mawer’s approach to both

10:25 – Looking forward: the influencers that may cause market volatility to continue

• Full valuations
• Reactions to negative noise/news (NAFTA, U.S./China tariffs)

12:30 – Signs on where we are heading can be seen early on in the credit markets. How the credit markets were functioning over the quarter.

13:53 – Turning to the positives. What could keep the cycle going longer.

15:35 – The tipping point: when bonds look more attractive than equities

17:07 – A 60/40 asset mix and why investors should hold bonds