Insights

Periodic insights from our Investment and Private Client Teams on a broad range of investment and advice-related topics

Markets & Economy

Episode 33 – Beyond the Mag 7: Exploring Recent Market Growth & Opportunities (March 2024)

Join us this month as the KJH team explores the latest market dynamics, including the prevailing market optimism and growth.

KJ Harrison’s Rest-of-2024 Outlook (February 2024)

We offer the current outlook for the rest of the year. It outlines our view on where markets are, how they got here, and where they may be headed.

Episode 32 – Holding the Course: A Look Back at 2023 and Ahead to 2024 (February 2024)

Joel and Sarah discuss our market outlook for 2024, including the AI digital revolution, continued geopolitical instability, and the resurgence of fixed income as a significant contributor to portfolio returns.

Episode 31 – Three Big Themes For The Markets (November 2023)

Join the KJH team as we discuss geopolitical instability, changing credit conditions and the continued opportunities in the bond market.

Episode 30 – Weighing Up the Risk Versus Return in the Current Market Environment (October 2023)

The KJH team discuss the move in bond yields, its impact on the equity market, the question of a hard or soft landing, and the investment opportunities arising in the credit markets.

Episode 29 – Opportunities in Equities & Bonds During Inflation Challenges (September 2023)

Tune in to hear the KJH team discuss resurging inflation, persistent rate hike forecasts, and historical levels of bifurcation in the equity markets.

Episode 28 – What’s Top of Mind (August 2023)

Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss the rebound of inflation, the breakout in bond yields, and the vulnerability of asset values following a strong run over the summer on the latest KJH Insights podcast.

Episode 27 – The Return of the Traditional Balanced Portfolio (July 2023)

Tune in to hear Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss the ongoing resilience of the economy, central banks' determination to curb inflation, and the market bifurcation as mega-cap tech stocks rally.

Episode 26 – Inflation Has Likely Peaked but Is a Recession Still on the Horizon for 2023? (December 2022)

Listen to Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss a Fed pivot, the impending economic recession, and the impact of the sticky labour market on earnings.

Episode 25 – The Unintended Consequences of Interest Rate Hikes (November 2022)

Listen to Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss the economic slowdown, declining corporate earnings, the impact of big tech job losses on Fed policy, and the long-term investment opportunities in Canada. 

Episode 24 – Are We Nearing the Bottom of the Bear Market? (October 2022)

Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss the signs of worldwide financial stress resulting in a slowing global economy, as well as the impact of what is expected to be a difficult Q3 earnings season.

Macroeconomic Outlook: While the Fed Tightens, a Crisis Brews in Europe (September 2022)

The nagging truth about today’s interconnected global economy is that the ripple effects of one event or policy tend to run into ripple effects created by other events thousands of miles away. The result is, often, crisis.

Episode 23 – An Uncertain Macroeconomic Environment Calls for Patience (September 2022)

Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss the European energy crisis, the slowing global economy, and the short to medium-term opportunities in fixed income.

Macroeconomic Outlook: Now the Hard Part Begins (August 2022)

Through aggressive rate hikes and quantitative tightening, central bankers are fighting runaway inflation by curbing demand and slowing down the economy, and they are trying extra-hard because they know they are behind the curve.

Episode 22 – Inflation vs Growth: The Balancing Act Continues (August 2022)

Listen to Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss the Fed's ongoing response to inflation, the recession risk, and the sweet spot in credit markets.

Reflections on Q2 2022 and What Lies Ahead

In fact, the time to play defence is probably behind us. Valuations are down and they might well go lower, but the second half is when it makes sense to look for the beginning of a bottoming-out. Investors must be thinking about opportunity now.

Episode 21 – Have We Hit Peak Inflation? (July 2022)

Listen to Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss central banks' response to rising inflation, the US dollar, and what a recession means for investors.

Macroeconomic outlook: How to keep your perspective in a bear market (June 2022)

By Joel Clark, CEO - Current macroeconomic factors have created a trifecta of headwinds for markets – namely, inflation, the monetary policy response to inflation, and the very real possibility of an economic downturn as a result of that policy response.

Episode 20 – Bear Market Conditions Take Hold (June 2022)

Listen to Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss soaring inflation and the Fed’s response, bear market volatility, and the risk of an earnings recession.

Navigating Today’s Technological Landscape

What was once only imaginable in our wildest dreams is now our reality ʺAs we look ahead into the next century, leaders will be those who empower others.ʺ – Bill Gates Tech Trends are Shaping […]

Macroeconomic Outlook: Hello, Chickens

To say that the past few weeks have been rough for financial markets might be the understatement of the year. From April 1 to mid-May, the S&P 500 declined by nearly 12% – a full-blown correction.

Episode 19 – Bear Market Sentiment (May 2022)

Listen to Joel Clark, CEO, and Sarah Bull, Partner & Portfolio Manager, discuss the Fed's plan for quantitative tightening, market volatility, and the risk of recession.

Macroeconomic Forces

Perhaps more than at any time in recent memory, today’s investing world seems to be driven by macroeconomic forces. No investor can afford to ignore what is going on in the big wide world – right now, it all matters.

Episode 18 – Confronting Rising Interest Rates (April 2022)

Listen to Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss the ongoing factors contributing to rising inflation, "de-globalization," and impending interest rate hikes.

Episode 17 – Navigating an Uncertain Macroeconomic Environment (March 2022)

Listen to Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss Russia’s invasion of Ukraine and its implications for inflation, economic growth and the Fed’s next move.

KJH Perspectives: A Portfolio Manager Discussion on the Technology Sector (January 2022)

Sarah Bull and Reza Samahin discuss the opportunities for technology and growth stocks. They look back on how the market has viewed tech stocks since 2020, the heightened market volatility, the recent sell-off in tech stocks, and share their views on the sector for 2022.

KJH Perspectives: A View On Equities – Navigating Inflation and Rising Rates (January 2022)

Sarah Bull and Andrew Csumrik discuss the current equity markets, offering insights on the current macro environment as well as our KJH investment philosophy and risk management strategies.

KJH Perspectives: Senior Loans – A Low Volatility Asset Class with Attractive Yields (January 2022)

Sarah Bull and Jeff Sujitno delve into the current fixed income environment and why senior loans are an important part of our asset allocation decisions for clients.

KJH Perspectives: Credit – The 60/40 Portfolio is Broken (January 2022)

Sarah Bull and Daniel Child discuss how the fixed income market dynamics have evolved and their expectations going forward, including how Fed policy is affecting the credit market, and how they are navigating the rising interest rate environment.

Episode 16 – What to Watch: A Look Back on 2021 and Our Investment Outlook for 2022 (January 2022)

Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss the current market, inflation risk and the Fed's anticipated response, as well as the investment opportunities in 2022.

Episode 15 – How the Market Is Dealing With the Omicron Variant and Fed Action (December 2021)

Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss the market volatility, the Fed’s response to inflation and the effects of the Omicron variant on the KJH Insights podcast.

Episode 14 – Fed Tapering, Growth and Inflation – What’s Ahead for the Market (November 2021)

Listen to Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss the Fed's accommodative policy, what Q3 earnings are signalling and the continued concerns around inflation.

Episode 13 – Supply Chain Bottlenecks – A Temporary Concern? (October 2021)

Listen to Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss the recent volatility in markets, accelerating inflation and the global supply chain bottleneck.

Episode 12 – “Goldilocks Scenario” (September 2021)

Listen to Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss the key themes influencing KJH’s investment decisions including ‘sticky’ inflation, robust earnings growth and an accommodative Fed.

Episode 11 – Signs of slowing global growth and ‘sticky’ inflation (August 2021)

Listen to Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss the key themes that influence KJH’s investment decisions including our thoughts on the market’s continued growth, the economic impact of the Delta variant and ‘sticky’ inflation.

Episode 10 – Managing Risk and Returns (July 2021)

Listen to Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss the key themes guiding KJH's investment decisions this month including the strength and longevity of the economic recovery and the true health of the market after many indices hit all-time highs.

Episode 9 – Making Sense of the Markets (June 2021)

Listen to Joel Clark, CEO, and Sarah Bull, Portfolio Manager, discuss the key themes guiding KJH's investment decisions this month including the reopening of the economy, reflation and the risk of rising rates.

Episode 8 – Keeping a Close Eye on the Market Cycle (May 2021)

This month, we look at the top themes guiding KJH's investment decisions: the economic recovery, inflation risk and stretched equity valuations.

KJH Insights: Generating Yield in an Inflationary Environment

Learn more about the risk reflation poses to traditional bond allocations, the adverse impact of rising interest rates and alternative assets to generate income in this environment.

Episode 7 (Bonus) – Generating Yield in an Inflationary Environment (April 2021)

Many investors rely on the traditional 60% equities / 40% bonds model for a balanced portfolio which, for decades, has been a recipe for success. But in today's low rate environment, the 40% is no longer generating a reliable income and someinvestors are losing capital.

Episode 6 – Cyclical Recovery in the Global Market (April 2021)

This month, we discuss the top themes informing KJH's investment decisions including the reopening of the economy, particularly in the US, and the impact of rising rates on managing portfolio risk.

Episode 5 – The Reopening of the Economy (March 2021)

In this podcast, we talk about the top themes informing KJH's investment decisions including the progress of the vaccine and reopening of the economy, continued government stimulus and how higher yields affect investors.

Investing in the Senior Loans Market

Canadians are grossly underinvested in senior loans and Jeff Sujitno, Senior Portfolio Manager at Wellington Square Capital Partners, says it’s a missed opportunity. For context, this huge US$1.3 trillion market is equivalent to about 70% of the entire Canadian stock universe. Jeff explains this key advantage of the KJH Senior Loan Fund.

Episode 4 – Early Stages of Recovery (February 2021)

Our host Sarah Bull, Partner & Portfolio Manager at KJ Harrison Investors, talks with CEO, Joel Clark, about the top themes informing KJH's investment decisions including the changing macro-economic backdrop, pent-up consumer demand and the exciting growth opportunities in the US.

The Facts about SPACs

Since the first one launched in the early 2000s, special purpose acquisition companies – SPACs, for short – have largely occupied a small niche of the financial world.

Episode 3 – 2021 Investment Insights (January 2021)

Host Sarah Bull, Partner & Portfolio Manager at KJ Harrison Investors, talks with KJH's CEO, Joel Clark, about the top three themes informing our investment decisions in 2021: the blue wave, the vaccine and inflation. We also reflect on the many major events of 2020 and their impact on markets and investments.

Senior Loans – The Search for Income in a Low Yield Environment

KJH CEO, Joel Clark, and Wellington Square Portfolio Manager, Jeff Sujitno, outline the investment case for Senior Loans in a low-yield environment.

Episode 2 – COVID-19 Vaccination (December 2020)

Host Sarah Bull talks with KJH's CEO Joel Clark about the impact of the COVID-19 vaccine on markets, the effect of a lower US$, the strength of Canada's economy versus the US in 2021 and KJH's top investment themes in this reflationary environment.

Episode 1 – The US Election (November 2020)

Host Sarah Bull and CEO Joel Clark talk about the impact of the US election on the markets, the “big picture” and the tug-of-war between reflationary policies vs deflationary pressures, and how big companies are getting bigger and better.

Senior Loans: The Search for Income in a Low Yield Environment

KJH CEO, Joel Clark, and Wellington Square Portfolio Manager, Jeff Sujitno, outline the investment case for Senior Loans in a low-yield environment.

Black Swan Events

KJ Harrison’s Chief Investment Officer, Peter Barlas, explains the importance of a ‘barbell’ approach to investing when faced with unpredictable ‘black swan events’.

Alternative Asset Investment Strategies – An Important Source of Diversification in an Evolving Market

After a 30-year bull market in bonds and a strong, multi-year recovery in equities following the global Great Recession of 2008-09, investors wonder what lies ahead for financial markets.

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