5 from 5i - Are markets becoming less efficient?

Michael Southern Oct 21, 2016

The S&P/TSX Composite hit a near 16-month high this week, as gains in financial stocks helped offset mining stocks weighed by a pullback in gold prices. Rogers Communications (RCI.B) said CEO Guy Laurence is leaving the company. Former TELUS (T) CEO Joseph Natale is set to replace him. No explanation was cited. New Flyer Industries (NFI) traded lower after the company reported its Q3/16 order activity and backlog. Deliveries decreased 135 equivalent units compared to Q2/16. Home Capital Group (HCG) issued a statement on the anticipated impact of recently announced changes to mortgage insurance rules by the Government of Canada. HCG anticipates that certain limitations could significantly reduce the ability to profitably originate low-ratio government-backed insured mortgages. Here's five stories we found interesting this week:

  1. Are markets showing less efficiency in pricing stocks around earnings
  2. A deep dive into correctly applying valuations across an industry. A bit lengthy but good primer on relative valuation analysis.
  3. Are you seeking investment management or financial advice?
  4. Reality check: are good returns reinforcing bad behaviour?
  5. A look into the current state of Silicon Valley.


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