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____ Summer Week 2: July 9 - July 15, 2015 ____

Summer Schedule: Exchange Morning Post is
distributed weekly, every Thursday from June 29 - September 4


Chart of the Week

When the tide goes out you get to see who is swimming naked

Kitchener - Below is a chart of the performance of 3 major equity markets over the last 20 years. The US is in black, Europe in blue & China in red.

From a high level perspective they definitely seem to move together with each having a turn leading. Europe in the run up to the first peak in 2000, China in the run up to the second peak in 2007 and the US leading the last wave which sure seems to be cresting right about now. It's very difficult not to guess where things will go next. If history is any guide the outlook for all 3 markets is challenged at best and outright dismal at worst.

As Warren Buffett so aptly said "when the tide goes out you get to see who is swimming naked". As the tide starts ebbing now, hopefully you have your swim trunks on!

Mike Hayhoe BSc, CIM, is Branch Manager & Senior Investment Advisor for Canaccord Genuity Wealth Managementis . A local Investment Advisor with 20 years of experience who leads a small independent team that loves working with great people to help them meet their financial goals.

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