A Nightmare on Bay Street

Ryan M Oct 29, 2014

It was a volatile and turbulent market and the growing fog on Bay Street was clouding the fund managers’, advisors’ and deal makers’ ability to outperform. It was a scary time and the smell of fear was in the air.

Markets have seen the first real decline in years, exposing the undiversified and poorly constructed portfolios. The blood-red lines on statements were becoming hard to ignore.

The robots were slowly invading the street, taking business away from the advisors and heartlessly accumulating assets without a concern for the clients’ net worth.  Not only were they stealing assets small and large, but also doing it for less!

The evil ETF companies were continually driving fees lower, lower and lower, making it more and more difficult to justify investing in high-cost mutual funds. At the same time, it has never been easier for investors to educate themselves and invest on their own at low costs. Closet indexers were being cast aside and left behind like yesterdays Tim Hortons cup.

Gold was trundling along like a hobbled zombie in need of sustenance to bring some life back into prices. Deal flow was collapsing and the TSX was suffering without the help of the precious metals.

Housing prices continued to climb higher and higher, leaving young savers alone with nowhere to go and waiting for the correction that never seems to happen…and maybe never will.

If it wasn’t scary enough, the ominous FED, with a wave of its long, cold hand could render any investment strategy useless. Managers could only hope that their own asset classes and sectors were not the next victims of a chilling whisper on valuations from the FED.

Sports fans were fanatically tearing though the streets, screaming and celebrating as the Toronto Maple Leafs had won the Stanley Cup…at that moment, investment professionals across Canada woke up, hands clammy, sweat dripping down their forehead…it was just a dream they thought, but it seemed so real until the end!

They put on their clothes and headed off to work, but the dream lingered in their minds with many unable to shake the feeling that the investment landscape is changing, especially for retail investors.

Happy Halloween!



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Nov 1, 2014
Well Done! Still laughing, especially the part about Leafs and Stanley Cup!
Oct 30, 2014
Thanks, no costume for me this year, we will be dressing our dog up to scare the trick or treaters however!
Oct 30, 2014
not appreciated really.
Oct 30, 2014
Very good the fiction at the end made me laugh.
Oct 30, 2014
Creative article Ryan, job well done. Do you and Peter have your Halloween costumes yet?