Important information
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Some references are US specific and may not apply to Canada.
All investing involves risk, including the risk of loss.
Past performance does not guarantee future results.
Investments cannot be made directly in an index.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.
Drawdown is the largest cumulative percentage decline in net asset value as measured on a month-end basis.
Maximum drawdown (or decline) refers to the largest percentage drop in value during the measured period.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The federal funds rate is the rate at which banks lend balances to each other overnight.
Diversification does not guarantee a profit or eliminate the risk of loss.
In general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.
Fluctuations in the price of gold and precious metals may affect the profitability of companies in the gold and precious metals sector. Changes in the political or economic conditions of countries where companies in the gold and precious metals sector are located may have a direct effect on the price of gold and precious metals.
Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.
Spread represents the difference between two values or asset returns.
Tightening monetary policy includes actions by a central bank to curb inflation.
West Texas Intermediate (WTI) is a type of light, sweet crude oil.
The Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes US dollar-denominated securities publicly issued by US and non-US industrial, utility, and financial issuers.
The Federal Reserve’s “dot plot” is a chart that the central bank uses to illustrate its outlook for the path of interest rates.
Gross domestic product (GDP) is a broad indicator of a region’s economic activity, measuring the monetary value of all the finished goods and services produced in that region over a specified period of time.
Inflation is the rate at which the general price level for goods and services is increasing.
Inventory-to-sales ratio depicts the relationship between a company’s end-of-month inventory values and monthly sales.
Leverage measures a company’s total debt relative to the company’s book value.
Monetary easing refers to the lowering of interest rates and deposit ratios by central banks.
The neutral rate is the theoretical federal funds rate at which the stance of Federal Reserve monetary policy is neither accommodative nor restrictive.
Option-adjusted spread (OAS) is the yield spread that must be added to a benchmark yield curve to discount a security’s payments to match its market price, using a dynamic pricing model that accounts for embedded options.
The risk-free rate represents the interest an investor would expect from an absolutely risk-free investment over a specified period of time.
The opinions referenced above are those of the author as of Sep 25,2024. These comments should not be construed as recommendations, but as an illustration of broader themes. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions; there can be no assurance that actual results will not differ materially from expectations.