Better fundamentals in the U.S. have helped improve Canada’s economy from a weak first half in 2016. The merchandise trade balance in Canada posted its first surplus in November 2016 since September 2014. The gain in exports was volume-drive and broad-based with ten of eleven...
Here's what we saw. A company engaged in upstream oilfield services that was growing faster than its competition. Big Eagle was one of the largest private oilfield service firms in Western Canada. Others didn't see it. We did. Transaction Overview Third Eye Capital provided $10 million in secured...
Here's what we saw. A Canadian infrastructure construction company that was transitioning its market focus to faster growing sectors of the global economy. Wabi quickly established a market reputation that eventually led to its merger with one of the largest energy contractors in the world. Others...
Here's what we saw. An exploration stage junior gold company rich in resources. Metanor eventually put into operation a milling complex and is now producing gold from its most prolific mine. Others didn't see it. We did. Transaction Overview Third Eye Capital provided Metanor with financing for working...
Investors will need to become more discerning as the bull market rally in stocks and bonds matures. Broad allocations to indices was a winning strategy for the past seven years but investors have reason to be cautious since the policies that drove asset prices higher...
We cannot blame borrowers for wanting the lowest cost of financing – this is the easiest way for management and owners to increase the value of its company’s future cash flows, all other things being equal. Sometimes, however, borrowers are faced with imminent liquidity issues...
Some investors never weary of quietly ridiculing the timid caution of managers who refuse to make inglorious bets when markets are underpricing risk. Sitting in cash is anathema to institutional investors so many credit managers are forced to put money to work in assets with...
Canadian equities were stand-outs among developed stock markets in the second quarter with the S&P/TSX Composite Index gaining 6.4% in total returns (and 12.9% for the first half of the year). Earnings among Canadian publicly-listed companies have shown strong momentum this year, with growth up...
In the theatres of Ancient Greece, when dramatists brought a god on stage, they set him down with a hand-operated crane, expecting to produce the desired effect of awe within the audience. Aristotle criticized the device in Poetics, his c. 335 BC work on dramatic...
Regulatory pressures are reshaping the banking industry, with higher compliance and capital costs pushing banks to reevaluate the markets they serve. Amid the prospect of stricter regulatory oversight, banks are not only increasing capital levels (consistent with Basel III capital requirements) but reducing and sometimes...