Beverley J. Moir
Implementing strategies and solutions for a financially healthy retirement!
May 2008
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Dear Bev,

After a long, harsh winter, it's time to get outside and enjoy the warmer, sunnier weather. It's also a time to focus beyond the short-term worries of the recent market downturn and recall that we'll spend up to a third of our lives in retirement. This gives plenty of time for continued portfolio growth from investment returns after we finish our working careers.

Corporate earnings reporting season is underway for companies listed on the S&P 500 and thus far, results have been much stronger than anticipated. These numbers are closely watched as they give an indication of the health of the economy. Not at all surprising, US financials and consumer discretionary companies reported the most declines in year over year earnings per share. These results mean that either there will be a longer than expected wait for corporate America to feel the negative impact of the housing slump and related mortgage debacle, or more likely, that management has collectively done a good job of "managing expectations" for profit growth, in effect under-promising and out-delivering! We maintain our position that analyst consensus estimates are too optimistic for 2008 and 2009 and are therefore subject to downward revisions.

In volatile markets and when investment portfolio returns are lower, it's not uncommon for investors to question the wisdom of past investment choices. Some investors might be tempted to pull out of long-term strategies or to invest too conservatively by shifting their portfolio towards guaranteed products such as GIC's. While there is a place for lower risk investments in a well-diversified portfolio, there is a danger of being too conservatively invested and missing the growth potential of the markets. Reduced real spending power during ones' retirement years and the possibility of re-investment risk in a declining interest rate environment are two concerns. If you would like more information, email me for a copy of "Overly Conservative Portfolios do not Guarantee Investment Success" by Russell Investments.

CP24 Tuesday May 20th at 2:45 p.m. on "Spring Cleaning" your financial affairs

June 3rd "Elder Care: What You Should Know" with Audrey Miller, MSW, RSW, CCRL

Savvy financial advice for using a tax refund:
  • pay down non-deductible debt
  • contribute to your RRSP or your child's RESP
  • hold the money for investment in new TFSA (2009)
  • invest in yourself by improving your fitness or your mind!
This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of reliance upon or use of this publication in contravention of this notice. TM Trademark used under authorization and control of The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.

Ingrid and I are here to serve you; please contact us anytime.

Bev Moir      Ingrid Sojka
        
Bev Moir               Ingrid Sojka


Beverley J. Moir, MHSA, FCSI, CIMA, Sr. Wealth Advisor
ScotiaMcLeod, Head Office Branch

phone: (416) 862-3911

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The Moir Team | ScotiaMcLeod, Head Office Branch | 40 King Street West | Suite 1500 | Toronto | ON | M5H 3Y2 | Canada