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MD Blog

  • Thank You for Not Smoking... in My Retirement Fund

    Would you be alarmed if your retirement fund was hooked on cigarettes? I recently met Dr. Bronwyn King, a practising radiation oncologist from Australia and founder of Tobacco Free Portfolios, a non-profit group that aims to eliminate pension fund investments in tobacco. In 2010, Dr. King was dismayed to find out she profited from the very products responsible for her patients’ life-threatening illnesses. Like other Australian health ...

  • Facebook: How the Best Action Was Inaction

    One of the greatest temptations in investing is trying to make a quick buck. Who hasn’t wished in hindsight that they’d bought the proverbial “ten bagger” and then sold at its peak? Of course, the realities of investing aren’t so simple—and sometimes stocks do the exact opposite of what you want them to do. Even the best stocks can have a poor start Recently I wrote about the high growth rates of the FAANG (Facebook, Amazon, Apple, Netflix ...

  • Active and Index Investing: Can’t We All Just Get Along?

    We are experiencing the second longest bull market in U.S. history. Since bottoming out in March 2009, the S&P 500 has risen to all-time highs, fueled by low interest rates and investors chasing higher stock returns. This historic run has led some to challenge the merits of active investment management. While active investing involves expert portfolio construction, measured allocations of capital to the best investments and being ...

  • Why Moody’s Downgrade of Canadian Banks Didn’t Keep Me Up At Night

    Did you all catch the big news headlines roughly two weeks ago when Canada’s big six banks had their credit ratings downgraded by Moody’s? According to Moody’s, the downgrade reflects its “ongoing concerns” about how the “continued growth in Canadian consumer debt and elevated housing prices leaves consumers, and Canadian banks, more vulnerable to downside risks facing the Canadian economy than in the past.” Banks are critically ...

  • Why FAANG Stocks Aren’t Getting Long in the Tooth

    I find it hard to remember life before Google. What did I do before I could just instantly search for useless information and find what I need at my fingertips? I’m sure many of you feel the same way. Google is one of the so-called FAANG stocks (Facebook, Amazon, Apple, Netflix and Google) that have been collectively driving up stock market returns. As of May 17, 2017 the S&P 500 is up over 7.6% (CAD), however one third of this return has ...

  • Teck Resources: How We Manage a Highly Volatile Stock

    I’d love to tell you a story about how we bought Teck Resources (TSX: TECK.B) in January 2016 when it hit a low of $3.80, and sold it in November 2016 when it reached a high of $35.02—a rise of 822%! But that would be pure fantasy. Owning Teck Resources has indeed contributed to the outperformance of one of our portfolios—the Canadian Equity Segregated Portfolio. But the fact is, we have been systematically reducing our exposure to Teck over ...