February 11, 2021
The fourth quarter of 2020 marked the reemergence of the equity bulls, as stock markets around the world accelerated to the upside starting in November. The timing was coincident with the announcement and expected rollout of several highly effective vaccine treatments for COVID-19, as well as renewed lockdowns and restrictions across many regions. Significant macroeconomic […]
October 29, 2020
In the third quarter, economic activity bounced back forcefully from the record-breaking economic contractions the quarter earlier. Equity markets rallied alongside the improved economic data before correcting in September, as it became evident that governments globally were once again considering shutting down economies to combat the spread of COVID-19. Economic output remains far below that […]
August 12, 2020
Asset markets continued their-V-shaped bounce off the March lows, with many equity markets nearly recovering to all-time highs by the end of June. This continues to be in stark contrast to economic activity, which is still undeniably weak and recovering much more slowly in the face of on-again, off-again lockdowns and general COVID-19 fears. In […]
May 5, 2020
The first quarter of 2020 started on a positive note with easing of trade tensions between the United States and China and geopolitical tensions between U.S. and Iran, but ultimately will be remembered for generations for the COVID-19 pandemic, the economic impact of government responses globally, and the record speed in which it negatively impacted […]
February 28, 2020
(all returns in Canadian dollars) The fourth quarter of 2019 concluded a spectacular year for bonds and equities. Despite escalating trade tensions between the United States and China, protests against the political establishment in Hong Kong, Lebanon, Chile, Ecuador, and many other places, Brexit uncertainty, and a slowdown in the global economy, the year progressed […]
November 7, 2019
Assisted by accommodative interest rate policies, most developed stock markets continued higher in the third quarter of 2019. This was despite ongoing problems including political uncertainties, U.S.-China trade tensions, issues in the Middle East, and concerns around slowing global economic growth. Central banks continued to ease interest rates to help boost their economies, although most […]
September 23, 2019
Markets were generally higher in the second quarter and the U.S. S&P 500 index closed the first half of 2019 at an all-time high. Stock markets produced the strongest first half-year gains in over twenty years since 1997. However, the bond market seemed to be sending conflicting signals as U.S. interest rates have dropped back […]
May 21, 2019
After a very weak fourth quarter in 2018, the markets bounced back very strongly in the first quarter of 2019. Most stock markets experienced double-digit gains even though much of the economic data showed continuing weakness. Many central banks still expressed concerns around low economic growth prospects but this did little to deter the rise […]
January 31, 2019
The fourth quarter of 2018 witnessed a dramatic correction across all markets with most stock indices experiencing near double-digit declines for the quarter. This was the first major annual correction in the decade-long expansion of the markets since the Great Financial Crisis in 2008. Global economic activity weakened in most regions except the U.S. Several […]
November 30, 2023
Results: UBC Faculty Pension Plan Election
November 20, 2023
UBC Faculty Pension Plan Election – Voting now closed
November 7, 2023
Faculty Pension Plan Update Newsletter – November 2023
UBC Faculty Pension Plan Election – Vote by Nov 20
2023 Pension Forum Presentation – Recording and Slides
Market Commentary – First Quarter 2021
May 12, 2021
In his 2004 book, The Misbehavior of Markets, mathematician and inventor of fractal geometry Benoit Mandelbrot succinctly illustrates how market crashes happen more frequently than modern portfolio theory would suggest. We expect volatility from the equity market, but some of the precipitous declines experienced by investors over the past three decades are just not supposed […]