We use a top-down approach to investing that follows three steps:

  1. Examine the macroeconomic outlook and the estimated relative returns for equities and fixed income securities.
  2. Decide which industries have the most favourable outlook and are most likely to outperform the market.
  3. Select the best Canadian and U.S. companies within those industries.

Only after completing thorough research and financial analysis do we seek opportunities to purchase securities at reasonable prices.