Navigating volatility during a Canadian bear market can define your long‑term success
When markets start to tumble, many investors begin to question their strategy—especially if headlines warn of a looming Canadian bear market. It’s easy to feel pressure to sell when stock values drop sharply, but history shows that the worst decision you can make in a downturn is to exit the market entirely.
Whether you’re an experienced investor or just starting out, navigating a Canadian bear market requires perspective, patience, and a focus on fundamentals. Sharp market corrections are unsettling, but they’re also a normal part of the economic cycle—and they often set the stage for future gains.
At TSI Network, we’ve consistently advised our readers to think long-term, even when short-term conditions look bleak. A Canadian bear market—defined by a decline of 20% or more from recent highs—is not the end of opportunity, but rather a moment to reassess and reaffirm your investment goals.
In the sections below, we look at historical market data, long-term equity trends, and why staying invested—even during a Canadian bear market—can pay off in the years ahead.
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What can we learn from past bear markets?
The traditional bear market threshold is a 20% drop from a market peak. And although, in our view, looking at past market movements is no guide to what happens next, it’s interesting to note that stocks have always bounced back from market downturns.
The market disruption that started in mid‑February of 2025, and continued in March and April, has seen declines for the U.S. market as much as 19% at times.
But consistently staying invested in stocks–and even during bear markets–should pay off for you.
What drives a Canadian bear market?
The natural tendency for equity markets is to rise over time. The average annual growth in U.S. equities over the past 97 years has been 9.9% per year. This was 6.8% per year higher than inflation, and 6.6% higher than the return on cash. However, for this additional return, investors faced higher risks. These risks come in the form of higher volatility, but also sharp declines in stock prices that can last several months or longer.
Still, these risks should not be overemphasized–especially for investors with investment horizons of 5 years or longer. For investments into a broad basket of U.S. equities with holding periods longer than 5 years, the risk of capital loss is less than 10%; for holding periods longer than 10 years, less than 5%; and zero for holding periods over 15 years.
The current market decline is mostly attributable to the uncertainty created by the Trump administration’s tariffs, but there may be other contributing factors in the decline such as a mature equity bull market, stretched valuations, fears of a U.S. recession, and heavily indebted companies and investors
How often does a bear market hit?
The first of our studies looks at declines in the S&P 500 of 20% or more over the past 70 years. There were only 12 such occasions where the S&P 500 index dropped by more than 20% before it resumed its upward trend.
The worst of these happened between 2007 to 2009 when the market declined by 57%. Across all the bear markets, the average decline was 33% and it took an average of 245 trading days (12 months) from peak to bottom.
However, some bear markets reached their bottoms very quickly (1987, 2018, and 2020) while others took much longer–up to 2.5 years (2002).
Not shown in the study was the biggest of all bear markets which happened during and after the time of the great depression.
Between 1929 and 1932, the U.S. stock market declined by 87% and it took 22 years before the market exceeded its previous high.
Is this a good time to buy?
When markets fall sharply–typically 20% or more–it can feel unnerving. But historically, markets have shown resilience. For example, even after a mean drop of around 33%, markets returned to positive territory within 12 months. That means a bear market can offer strategic buying points.
For Canadian investors, passive exposure through low-fee ETFs has proven effective. Products such as XIU and XDV provide low-cost, diversified access to the TSX–ideal for staying invested through volatility.
Low-fee ETFs and diversified strategies remain smart approaches, even in volatile times. Likewise, bear funds can be risky and are often best avoided by long-term investors.
How long does a bear market last?
Bear markets vary in length–from sharp drops and swift recoveries to prolonged multi-year declines. In the U.S., the average slide takes about a year (245 trading days), though extremes exist. Canada often mirrors U.S. trends, especially due to interconnected financial systems. But its timing can be affected by commodities, national policy moves, or Bank of Canada decisions. That being said, patience has historically paid dividends.
For Canadian investors, low-fee ETFs and diversified strategies remain smart approaches, even in volatile times. Likewise, bear funds can be risky and are often best avoided by long-term investors.
What lessons does history teach us?
Strong rebounds follow steep drops. The average 33% decline is typically followed by full recovery within 12 months.
Bear markets are inevitable–and healthy. They correct bubbles, prune excess, and set the stage for the next bull cycle.
Staying calm matters most. If you can hold equities through 3–5 years, downturns often become opportunities.
A Canadian bear market isn’t a signal to panic–it’s a reminder that markets move in cycles.
Investors can ride out volatility and emerge stronger. Stay disciplined–and let downturns work for your future, not against it.
What are your thoughts on staying invested during a Canadian bear market? Have you made any strategic shifts in your portfolio in response to recent market declines? Let us know in the comments below.
To determine when to buy ETFs, some investors use technical analysis and other tools. But you need to dig deeper.
Investors often wonder: what is a good entry point when purchasing a stock or an ETF?
The first question before asking when to buy an ETF, when to when to buy etfs, is whether an exchange traded fund investment is right for your portfolio. An ETF investment is one of the most popular and most benign investing innovations of our time. ETF investments are a little like conventional mutual funds, but with two key differences.
First, ETF investments trade on a stock exchange throughout the day, much like ordinary stocks. That immediately, help answer the question of when to buy ETFs. You can buy them through a broker whenever the stock market is open, and generally you pay the same commission rate that you pay to buy stocks. In contrast, you can only buy most conventional mutual funds at the end of the day. What’s more, commissions vary widely, depending on negotiations with your broker or fund dealer.
The second part of answering, when to buy ETFs involves the MER. The MER (Management Expense Ratio) is generally much lower on ETFs than on conventional mutual funds. That’s because most ETFs take a much simpler approach to investing. Instead of actively managing clients’ investments, traditional ETF providers invest so as to mirror the holdings and performance of a particular stock-market index.
Traditional ETFs practice this “passive” fund management, in contrast to the “active” management that conventional mutual funds provide at much higher costs. Traditional ETFs stick with this passive management—they follow the lead of the sponsor of the index (for example, Standard & Poors). Sponsors of stock indexes do from time to time change the stocks that make up the index, but generally only when the market weighting of stocks change. They don’t attempt to pick and choose which stocks they think have the best prospects.
This traditional, passive style also keeps turnover very low, and that in turn keeps trading costs for your ETF investment down. It also supports our guidance that trying to time the market to determine when to buy ETFs is an unnecessary and fruitless exercise. Learning how to know when to buy an etf is a valuable skill for investors.
When to buy ETFs
Some investors decide when to buy an ETF with the help of technical analysis. Knowing how to know when to buy an etf using technical analysis can be useful.
Technical analysis is a useful tool, in deciding when to buy ETFs, but only if you recognize it as one of many tools. Before making any recommendations or transactions in client accounts, I always look at a chart. However, I don’t look at the chart for a prediction of what’s going to happen. I look to see if the pattern on the chart seems to support the view I’ve formed of the stock based on its finances and other fundamental factors.
I find it encouraging if the two seem congruent, and they usually do. But sometimes one contradicts the other, and that’s when I know I have to dig deeper, and perhaps wait until the situation clarifies itself.
After all, there’s a large random element in all stock price changes, even for ETFs, especially in the short term. When you focus on timing buy and sell decisions to improve your investment results, you are trying to come up with a system that can outguess a random factor. But a random factor is something you can’t outguess.
You can, however, offset the random factor indirectly, by taking advantage of our three-part Successful Investor approach. You can enhance our approach with a simple-but-not-easy tactic: Get used to the idea that when you decide to include a new investment in your portfolio, you should buy while there’s still some doubt in your mind.
If you wait to buy an ETF until you are sure it will pay off for you, you’ll probably pay a higher price. You are better off to buy sooner—when you are “pretty sure,” rather than “certain.” Learning how to know when to buy an etf at the right time is key.
By the time you’re sure an ETF is a good buy, many other investors may have come to share that opinion. This is another way of saying that investor expectations have risen. That usually means the stock has used up some of its immediate potential for gain.
By buying sooner, you of course increase the risk of a short-term loss on any one investment. But our three-part Successful Investor approach automatically offsets a lot of your overall risk. Developing a sense for how to know when to buy an etf can help manage risk as well.
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What to buy is as important as when to buy ETFs
We think you should stick with “traditional” ETFs. However, when an investment product faces booming demand as ETFs do today, investment companies try to expand sales by creating new versions of the underlying formula.
These new ETFs use a conventional stock-market index as a base, but add their own refinements. These refinements are tailored to current investor preferences or prejudices. That’s distinctly different from the traditional ETF, which simply aims to mimic an index. These newer, theme varieties may attract attention—and sales—but they frequently carry higher MERs.
In some cases, the new ETF may provide investment benefits but not consistently. In fact, it may hurt results in the long run. The worst cases are bad enough to turn investor profits into losses. One sure result is that the higher MERs will cut into the value of your ETF portfolio every year.
Another drawback to the new ETF is how much easier it is for investors to act on an urge to invest in a specific stock or stock group without doing any messy and time-consuming research. If you want to invest in oil stocks or gold stocks or Swedish stocks or wind power stocks, or any of hundreds of other stock groups, you can act on that urge. However, that may not produce the best results.
Below is a list of 6 things you should consider before buying an ETF investment or deciding when to buy ETFs:
Know how broad the fund is, so you can determine its volatility. The broader the ETF, the less volatility it may have. A sector-based ETF like one that tracks resource stocks may be more volatile.
Know the economic stability of countries when investing in international ETFs. It’s also good to mention that foreign leaders may not be your ally when it comes to passing legislation that can affect your investments
Know the liquidity of ETFs you invest in.
Determine if the ETFs you buy will include capital gains distributions.
Consider buying ETFs in a lump sum rather than periodic small amounts to cut down on brokerage fees.
It’s impossible to time the market, or eliminate all risk. But you have a variety of risk-cutting techniques to choose from, and some work better than others.
In summary, investing in ETFs can be a smart choice for many investors, but it’s important to understand the key factors to consider when deciding how to know when to buy an etf. Unlike conventional mutual funds, ETFs trade on stock exchanges throughout the day and generally have lower management expense ratios (MERs). Traditional ETFs practice passive fund management, mirroring the holdings and performance of a stock-market index. While technical analysis can be a useful tool in deciding when to buy ETFs, it should be combined with fundamental analysis. Investors should be cautious of newer, theme-based ETFs that may have higher MERs and increased volatility. Before investing in ETFs, consider factors such as the fund’s breadth, the economic stability of countries for international ETFs, liquidity, capital gains distributions, and brokerage fees. While it’s impossible to completely eliminate risk or perfectly time the market, understanding how to know when to buy an etf and utilizing a diversified investment approach can help manage risk and optimize returns.
How do you know when to buy an ETF? What signals do you look for? Share your thoughts in the comments below.
This article was initially published in March 2016 and is updated regularly.
In Canada, there are some places to hold the best investments for retirement income that are much better than others
Are you interested in the best investments for retirement income? Here are some tips. We recommend that, above all, you base your retirement planning on a sound financial plan. That’s because a successful retirement begins with a successful retirement income strategy.
Note too, that if you’re heading into retirement and are short of money, you should move your investing in the direction of safer, more conservative investments. That’s a far better option than taking one last gamble.
A Registered Retirement Savings Plan (RRSP) is a great starting place for investors looking for a place to put their best investments for retirement income
An RRSP is a great way for investors to cut their tax bills and make more money from their retirement investing.
They were introduced by the federal government in 1957 to encourage Canadians to save for retirement. Before RRSPs, only individuals who belonged to employer-sponsored registered pension plans could deduct pension contributions from their taxable income.
RRSPs are a form of tax-deferred savings plan. They are a little like other investment accounts, except for their tax treatment. RRSP contributions are tax deductible, and the investments grow tax-free.
You might think of investment gains in an RRSP as a double profit. Instead of paying up to 50% of your profit to the government in taxes and keeping 50% to work for you, you keep 100% of your profit working for you, until you take it out.
You can convert an RRSP to a RRIF to create one of the best investments for retirement income
A Registered Retirement Income Fund (RRIF) is another good long-term investing strategy for retirement
Converting your RRSP to a RRIF is clearly one of the best of three alternatives at age 71. That’s because RRIFs offer more flexibility and tax savings than annuities (see the pros and cons of annuities on TSI Network) or a lump-sum withdrawal (which in most cases is a poor retirement investing option, since you’ll be taxed on the entire amount in that year as ordinary income).
Like an RRSP, a RRIF can hold a range of investments. You don’t need to sell your RRSP holdings when you convert—you just transfer them to your RRIF.
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When you hold a RRIF, you must withdraw a minimum each year and report that amount for tax purposes. (You may withdraw amounts above the minimum at any time.) Revenue Canada sets your minimum withdrawal for each year according to a schedule that starts at 5.28% of the RRIF’s year-end value at age 71, reaches 6.82% at age 80, and levels off at 20% at age 95.
If you have one or more RRSPs, you’ll have to wind them up at the end of the year in which you turn 71.
ETFs can also be used in your retirement portfolio
We still feel that investors will profit the most with a well-balanced portfolio of high-quality individual stocks, but ETFs can also play a role in a portfolio.
There are three main reasons to use ETFs in your retirement investing.
ETFs diversify a portfolio. Using ETFs, you could build a diversified portfolio of conservative, mostly dividend-paying stocks spread out across most if not all of the five main economic sectors (Manufacturing & Industry, Resources, Finance, Utilities and Consumer). But you’ll need to look carefully at an ETF’s holdings to see if it follows this investment strategy.
Conservative ETFs are fairly low risk. Holding higher-risk stocks in your TFSA is a poor investment strategy because they come with a greater risk of loss. If you lose money in a TFSA, you lose both the money and the tax-deduction value of the loss. Conservative ETFs can be a good alternative.
ETFs are flexible. If funds are limited, you may need to choose between TFSA and RRSP contributions, but ETFs—perhaps purchased with small monthly contributions—can be used for either.
A sound investing strategy to use in conjunction with choosing the best investments for retirement income
Dollar-cost averaging brings automatic profits—and it’s also one of the best (reverse) retirement investment plans available.
The best retirement plan you can have is to start saving as early in your working career as possible. You then invest a steady or rising amount of that money in the stock market every year. When you follow this plan, you automatically profit from dollar-cost averaging. You will automatically buy more shares when prices are low, and fewer shares when prices are high.
In retirement, you reverse the process. You live off your dividends, and sell stocks only when you need more money. When you do that, you sell your lower-quality holdings first. That way, your sales have the added advantage of upgrading the quality of your portfolio.
Of course, you can improve your returns and cut risk if you structure your retirement investing around our three-part approach at TSI Network.
Invest mainly in high-quality investments;
Spread out your holdings across most if not all of the 5 main economic sectors (Manufacturing & Industry, Resources & Commodities, the Consumer sector, Finance and Utilities);
Stay out of stocks in the broker/media limelight.
Some people believe there is a looming crisis for workers that are not adequately preparing for retirement. Why do you agree or disagree with this?
Do you feel like you’re preparing for retirement in the best ways? What investment strategies are you using to help?
Is it wise to invest in at least a few low-priced stocks? That way, if they go up, you can make a good return quickly?
Many investors start out thinking that they can double or triple their money in low-priced stocks, then shift their newfound wealth into the higher-priced, less exciting investments we focus on here at TSI Network. Some say they “can’t afford” to buy stocks that trade well above $100, such as Apple or even Canadian Pacific Kansas City, at $111. They prefer to buy stocks trading between, say, $1 and $10. They can buy more shares that way, and the shares can produce big percentage profits with a small dollar gain.
Almost all investors who think this way wind up losing money. It’s easy to see why.
Occasionally a $1 stock goes to $5, if not $50 or more (perhaps splitting its shares several times along the way). But the odds are against it. That’s because low-priced stocks aren’t just those companies that are just starting up. Low-priced stocks include those stocks that are outright shams. Ostensibly, they exist to carry out mining exploration or develop computer software. But their main activity is selling stock to the public.
Instead of focusing on price-per-share, successful investors look at the value and growth appeal of a company. They calculate the total value of all its shares, plus they look at its outstanding debt, its sales, earnings and dividends. That’s less exciting than investing in $1 stocks that can jump 10% to 50% or more in a day, of course. But if excitement is your goal, the profit you make as a successful investor can pay for a lot of bungee jumps.
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Why we recommend you not to invest in low-priced stocks just for the sake of price
We’ve seen this scenario play out countless times over more than four decades of publishing investment advice: A novice investor is drawn to the low entry point and high potential upside of a $1 stock, hoping to strike it rich. But what begins as a seemingly harmless gamble can quickly derail a person’s financial future.
It’s not that all low-priced stocks are inherently bad. Some may represent early-stage companies with real potential. But the overwhelming majority of these so-called “penny stocks” (often classified as stocks trading below $5) lack transparency, liquidity, and a track record of financial performance. Many trade on junior exchanges with less stringent reporting requirements, making it difficult for investors to accurately assess risk.
Rather than trying to “get in early” on the next big thing, we encourage investors to consider why a stock is low-priced in the first place. In many cases, the market has already weighed the company’s prospects — and found them lacking. A low share price often reflects deep financial trouble, poor management, or a lack of meaningful revenue — all red flags that should prompt caution, not excitement.
Do shares of low-priced stocks mean more value?
It’s a common misconception that owning more shares of a low-priced company translates to greater opportunity. But this overlooks the fundamental concept of market capitalization — the total value of a company’s outstanding shares.
For example, owning 1,000 shares of a $1 stock gives you a $1,000 investment. But if that company’s market cap is just $5 million and it has no earnings or proven business model, you’re buying hope, not value.
Contrast that with buying just 5 shares of a $200 stock in a company with a $100 billion market cap, consistent profits, and a track record of paying dividends. The second scenario may not feel as exciting, but it’s far more likely to deliver real long-term returns.
At TSI Network, we prefer high-quality companies — regardless of share price — that demonstrate financial strength, operational discipline, and potential for sustainable growth. Whether a stock trades at $10 or $1,000 is less important than what the underlying business is worth.
Do you know how to spot a quality stock?
Rather than chasing daily fluctuations or betting on speculative plays, we recommend that investors focus on key indicators of long-term value:
Earnings growth: Is the company generating consistent profits over time?
Debt levels: Does the company manage debt responsibly, or is it overleveraged?
Dividend history: Are dividends paid consistently, and is there room for increases?
Cash flow: Is the company bringing in more money than it spends?
Industry leadership: Is it a dominant player in its sector?
These are the types of companies we identify and recommend in TSI Network’s investment newsletters, including The Successful Investor and Wall Street Stock Forecaster. These publications are designed to help Canadians avoid costly mistakes and build reliable wealth, step by step.
Real investing is not about excitement
Let’s be honest: investing in solid, well-run companies with reasonable valuations isn’t flashy. You’re unlikely to see a stock jump 300% overnight. But this steady, disciplined approach is what builds wealth — and protects it — over the long term.
If you’re craving excitement, we suggest a different outlet: learn a new skill, take up an adventurous hobby, or take a trip. The satisfaction that comes from watching your portfolio grow steadily over time is a different kind of thrill — one that rewards patience and prudence rather than luck.
The bottom line for Canadian investors
The idea of “getting rich quick” is appealing — but it rarely works in practice. Low-priced stocks may seem like a shortcut, but they come with high risk and little reliability. TSI Network encourages investors to look beyond price-per-share and focus instead on real business fundamentals.
The market has always rewarded investors who prioritize value, quality, and time. That’s not just our opinion — it’s what the evidence shows again and again.
Your long-term financial success doesn’t come from picking the next big penny stock. It comes from owning a portfolio of reliable, growing businesses — the kind of companies that TSI Network has been researching and recommending to Canadian investors for over 40 years.
Have you ever invested in a low-priced stock? How did it turn out? Do you think share price matters when choosing a stock? Why or why not?
With share splits, a company is simply cutting itself up into a number of pieces, without changing its fundamental value. It wants its stock to trade in a price-per-share range that seems reasonable to investors. This can affect stock market trading in more ways than one.
Stock market trading: How a share split works
Things haven’t changed: It’s still often the case that if a stock’s price rises much beyond $50 a share in Canada (or $100 a share in the U.S.), some investors may shun it, since it seems expensive. A company’s management may then opt for a share split, or stock split, of two-for-one (for example). This turns one “old” share into two “new” shares. If you owned 100 shares of a $60 stock, you now own 200 shares of a $30 stock. You don’t need to take any action.
What is a share split?
A share split is a corporate action where a company divides its existing shares into multiple shares, increasing the number of shares while proportionally decreasing the price of each share, which makes the stock more affordable without changing the company’s overall market value or shareholders’ proportional ownership.
After conventional share splits, good news often follows. Companies mainly undertake share splits when they want to draw attention to themselves — because they expect earnings to rise faster than normal, say. At such times, they may also raise their dividends.
However, sometimes companies get overly optimistic. Their profits come in far below expectations, and they can’t keep paying the new, higher dividend. So a share split can be good or bad for your stock market trading, depending on the details.
Is investing in companies that announce stock splits a good strategy?
While stock splits may create short-term positive returns of 2% to 4%, they don’t change a company’s fundamental value, so investing solely based on split announcements isn’t a reliable strategy compared to focusing on underlying business strength, financial health, and growth prospects.
Keep an eye open for spinoffs, not just share splits
Some investors love share splits and rush to purchase them beforehand. While you may pick some winners by focusing on share splits, we feel that spinoffs are closer to a sure thing. A spinoff is when a division of a business is spun off into its own separate company. A number of studies have shown that after an initial adjustment period of a few months, spinoffs tend to outperform groups of comparable stocks for several years. For that matter, the parent companies also tend to outperform comparable firms for several years after a spinoff. That above-average performance makes sense for a couple of reasons.
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First, company managers naturally prefer to acquire or expand their assets, not get rid of them. Getting rid of assets reduces a company’s total potential profit, which reduces the funds it has available to pay its managers. The management of a parent company will only hand out a subsidiary to its own investors if it’s fairly confident that the subsidiary, and the parent, will be better off after the spin-off than before it.
Second, spinoffs involve a lot of work and legal fees. The parent will only spin off the unwanted subsidiary if it can’t sell the stock for what it feels it’s worth. That’s why companies only have an incentive to do spin-offs under two sets of favourable conditions: When they feel it isn’t a good time to sell (which often means it’s a good time to buy); or, when they feel the assets they plan to spin off will be worth substantially more in the future, possibly within a few years.
Oddly enough, many investors who embrace share splits react to spinoffs as a nuisance, because they leave you with a tiny holding in a stock you didn’t choose and know little about. Again, that’s often contrary to how investors feel about share splits. Both share splits and spinoffs can help you increase your wealth. But in general, share splits and consolidations (see below) are a minor investing detail. Don’t let them distract you from more important matters, such as a company’s fundamental value and how well it suits your investment objectives.
What is a reverse stock split?
A reverse stock split is a corporate action where a company reduces its number of outstanding shares by combining multiple existing shares into fewer, higher-priced shares, often implemented to increase share price when it has fallen too low, meet exchange listing requirements, or attract institutional investors who may avoid low-priced stocks.
If the value of a stock collapses to pennies a share, investors may think it is headed for zero. To bring its share price back up to more-respectable levels, the company may move in the opposite direction of share splits and decide to declare a reverse split: five, 10 or more “old” shares will then turn into one “new” share. This “reverse split” is also called a “share consolidation.” It’s what usually happens to penny mining companies that have spent all their money without finding any valuable mineral deposits.
After a reverse split, stock prices often fall back down again. Some investors sell because the stock seems more expensive than it was, even though a given holding represents the same percentage ownership of the company. Others sell because they fear the company will raise money by selling new shares, and this will drive down its stock price.
Our investing advice: Stock splits and consolidations are a minor stock market trading detail. Don’t let them distract you from more important matters, such as a company’s fundamental value and how well it suits your investment objectives.
Note: This article was originally published in 2011 and is regularly updated.
Within the five economic sectors, should you also spread out funds over some percentage of value, growth, and small-company stocks?
We talk frequently about the five economic sectors of investing (Manufacturing & Industry; Resources & Commodities; Consumer; Finance; and Utilities). But, we often get asked to dive deeper. What next?
Well, if you take account of your own financial and personal circumstances and temperament, and if you invest as we advise (diversifying across most if not all of the five main economic sectors, while confining your investments mainly to well-established companies), you will almost automatically buy some growth stocks and some value stocks; you will also near automatically buy some small-company stocks and some big-company stocks.
However, the five economic-sector diversification and overall investment quality of your portfolio are far more important than the relative amounts you invest in value, growth and small stocks.
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In any event, it’s impossible to come up with a one-size-fits-all answer when talking about the best balance among value stocks, more aggressive small stocks and growth stocks (some of which can fall into more than one category). The right answer for you depends on your investment objectives and financial circumstances. It also depends on the market outlook, and on where the best deals are available.
What types of companies should you invest in?
We feel most investors should hold the bulk of their investment portfolios in securities from well-established companies. All these stocks should offer good “value”—that is, they should trade at reasonable multiples of earnings, cash flow, book value and so on. Ideally, they should also have above-average growth prospects, compared to alternative investments.
For stock-market investors, this means holding a total of 10 to 20 mainly well-established, dividend-paying stocks, chosen mainly from our Average or higher Ratings and spreading their holdings out across most if not all of the five main economic sectors.
More aggressive investors may want to hold above-average proportions of their portfolios in Manufacturing or Resources stocks, while conservative investors may want to stress the Utility and Finance sectors.
We can be wrong on any of our stock or fund recommendations, of course. When we’re wrong on a speculative stock, losses are likely to be larger than with a well-established company.
What percentage of your portfolio should be held in conservative or aggressive investments?
The percentage of your portfolio that you should hold in conservative or aggressive investments depends on both your financial and personal circumstances. One key financial consideration is how soon you need to depend on your investments for income. If you only plan to begin dipping into your portfolio for income many years in the future, you can afford to take some risk in aggressive funds or stocks. But, depending on your temperament, you may prefer to stick with more conservative choices.
Our Income Portfolios provide a top selection of investments for very conservative investors and those who need regular income. Stocks on our Income Portfolios tend to be more stable than those in our other portfolios. The Income Portfolios do include a number of securities that also appear on our Conservative Growth Portfolio. That’s because they provide a high level of current income — but also have good growth prospects.
Investors who are nearing retirement often focus on stocks with high current yields. But, since your retirement could last 10 to 20 years or more, you also need stocks with rising dividends. Their yields (based on your cost) can rise to a worthwhile level over a period of years. But as dividends rise, stock prices will rise as well, so these stocks can provide a capital-gains bonus. For our Conservative Growth Portfolios, we look for stocks with rising dividends.
Our Aggressive Growth Portfolio selections tend to be more highly leveraged and more volatile than our Conservative Portfolio recommendations, and they can give you bigger gains and bigger losses. This may be due to financial leverage, or to the risk and potential growth in the industry or the company, itself.
Keep in mind that these or any aggressive investments should make up no more than, say, a third of most investor portfolios.
Why invest in the five economic sectors?
You should aim to invest initially in a minimum of four or five stocks—one from each of most, if not all, of the five main economic sectors (Resources & Commodities, Finance, Manufacturing & Industry, Utilities and Consumer).
You can buy them one at a time or over a period of months (or even years), rather than all at once. After that, you can gradually add new names to your portfolio as funds become available, taking care to spread your holdings out as we recommend.
A successful investment is one that provides long-term gains for its investors. Profitability will mean different things to many investors. One key to making a successful investment is you need to disregard or at least downplay investment marketing messages.
This is especially true with new investment innovations. Investors need to be vigilant when looking at different types of investments because investment firms work hard on their marketing. They do this because it can attract customers and spur sales. But investment marketing can do damage when it makes an inherently risky investment look safe.
Don’t depend on luck to make money for you or to prevent losses.
Be skeptical of the claims and recommendations of brokers, promoters or anybody else with a vested interest in a particular investment.
Don’t do anything stupid.
Win by not losing.
Successful investors try to arrange their portfolios so that they more-or-less automatically tap into the profit and long-term growth that inevitably comes to well-established companies.
All in all, to be profitable in any market, use TSI Network’s three-part Successful Investor philosophy:
Invest mainly in well-established companies;
Spread your money out across most if not all of the five main economic sectors (Manufacturing & Industry; Resources & Commodities; the Consumer sector; Finance; Utilities);
Downplay or avoid stocks in the broker/media limelight.
Do you agree, or do you use another strategy? I’d love to hear what’s working for you.
Tax shelters in Canada that can help you save money when you use them correctly
Tax shelters in Canada aim to reduce or eliminate your tax liability and protect your gains on quality stocks to buy. As such, we at TSI Network have always advised investors to take advantage of legal tax shelters.
These legal investment vehicles let investors pay less tax on quality stocks to buy. Still, some are risky and should be avoided, like flow-through limited partnerships, while others, like RRSPs and TFSAs, are great ways for Canadian investors to cut their tax bills using legal tax shelters. (In the U.S., IRAs and 401ks are examples of retirement tax shelters.) Those tax shelters are closely monitored and regulated by governments.
The federal government first made the tax free savings account (TFSA) available to Canadian investors in January 2009. These accounts let you focus on quality stocks to buy and earn investment income—including interest, dividends and capital gains—free from tax. You could contribute $5,000 in 2009 to start your tax free savings account. The only qualification was that account holders be 18 years or older.
In 2013, the annual contribution limit rose to $5,500 and stayed at that level in 2014. It increased to $10,000 in 2015, but returned to $5,500 from 2016 to 2018. The annual contribution then rose to $6,000 for 2019 to 2022, and increased to $6,500 in 2023 and $7,000 for 20224. That means that if you haven’t contributed yet (and were 18 years or older in 2009) you can now contribute up to $95,000. Note TSI Network has several posts on making the most of these annual contributions.
Tax-free savings accounts are popular legal tax shelters that let you earn investment income from quality stocks to buy—including from interest, dividends and capital gains—tax free. But unlike a registered retirement savings plan (RRSP), contributions to TFSAs are not tax deductible. Rather, the withdrawals you make from a TFSA are not taxed.
The only restriction is that you can’t put the money you took out back in the same year. However, if you have sufficient unused contribution room, putting the money back won’t trigger a penalty from the Canada Revenue Agency.
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Tax shelters in Canada: Registered Retirement Savings Plans (RRSPs)
You can put money in a Canadian RRSP (Registered Retirement Savings Plan) tax shelter each year (up to a limit based on your income) and deduct it from your taxable income. You only pay income tax on your investment (quality stocks to buy), and the income it earns, when you make withdrawals from your RRSP.
An investment portfolio structured, following TSI Network principles, can let you take advantage of the low tax rate on capital gains and dividend income outside of your RRSP, while it shelters your higher-taxed interest income in your RRSP.
TSI Network Tip: Generally speaking, it’s best to hold interest-bearing investments inside an RRSP. That’s because, of the three forms of income (interest, dividends and capital gains), interest is the highest taxed. Dividend-paying investments, and those expected to yield capital gains, are best held outside—unless you only hold dividend-paying stocks, and then they are okay to hold in your RRSP. Some investors only invest RRSP funds in interest-paying securities, because they hate to see tax advantages go to waste. However, this makes less sense when interest rates are low.
Stocks come with two key tax advantages. The dividend tax credit applies to dividends from Canadian companies, so they are worth around one-third more, after tax, than the same amount of income from interest. This advantage goes to waste in an RRSP.
When looking at quality stocks to buy, note that if you hold dividend-paying stocks in your RRSP tax shelter, you defer taxes, but lose the dividend tax credit. When you withdraw money from your RRSP, you’ll pay taxes on those dividends at the same rate as regular income, regardless of how you earned the money. So it’s best to hold dividend-paying quality stocks to buy outside your RRSP—again, unless you only hold dividend-paying stocks, and then they are okay to hold in your RRSP.
For example, Ontario investors in the highest tax bracket pay tax of around 39% on dividends, compared to 53% on interest income. Investors in the higher tax bracket pay tax on capital gains at a rate of 27%.
So, if you hold dividend-paying stocks in your RRSP tax shelters, you defer taxes, but lose the dividend tax credit. When you withdraw money from your RRSP, you’ll pay taxes at the same rate as regular income, regardless of how you earned the money. So, following TSI Network guidance, it’s best to hold dividend-paying stocks outside your RRSP.
Tax shelters in Canada: Registered Retirement Income Funds (RRIFs)
A RRIF is a Registered Retirement Income Fund, a tax-deferred retirement plan for your Registered Retirement Saving Plan (RRSP). RRIFs are used by those who don’t plan to cash out their RRSP as a lump sum when they retire, and prefer to extend their investment (say, in quality stocks to buy) and take smaller withdrawals by converting to a RRIF. Registered Retirement Income Funds offer more flexibility and tax savings than annuities or a lump-sum withdrawal.
TSI Network Tip: Converting to a RRIF is the best retirement investing option for most investors. That’s because RRIFs offer more flexibility and tax savings than annuities or a lump-sum withdrawal.
Like an RRSP, a RRIF can hold a range of investments. You don’t need to sell your RRSP holdings when you convert—you just transfer them to your RRIF.
When you hold a RRIF, you must withdraw a minimum each year and report that amount for tax purposes. (You may withdraw amounts above the minimum at any time.) Revenue Canada sets your minimum withdrawal for each year according to a schedule that starts at 5.28% of the RRIF’s year-end value at age 71, reaches 6.82% at age 80, and levels off at 20% at age 95.
In summary, this article discusses various legal tax shelters available to Canadian investors to reduce their tax liability on investment income. The main tax shelters covered are Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), and Registered Retirement Income Funds (RRIFs). TFSAs allow investors to earn tax-free income on their investments, with contribution limits increasing over the years. RRSPs provide tax deductions on contributions and tax-deferred growth, with strategies for optimizing the types of investments held within them. RRIFs are a tax-deferred option for those who want to extend their RRSP investments and make smaller withdrawals in retirement. The article emphasizes the importance of understanding the tax implications of different investment types and structuring portfolios accordingly to maximize tax efficiency. It also provides specific tips and guidance from TSI Network on making the most of these legal tax shelters.
At TSI Network, we’ve noted that our subscribers, like most Canadians, don’t seem as interested in RRSP as they once were. What’s your current use of an RRSP?
This article was originally published in 2017 and is regularly updated.
Spotting good Canadian penny stocks to add to your portfolio is difficult, but it is possible—especially if you follow these key tips.
If you’re buying penny stocks that will be perpetual money losers, they will eventually go broke, no matter how impressive their technology. But if a junior company makes even a little money, it can stay in business and perhaps reap the bonanza of a new product or service.
Diversifying helps this positive effect, and since you should only invest in the most speculative of good Canadian penny stocks with money you’re willing to lose, you may have a greater chance at winning.
Even good Canadian penny stocks come with sizeable risks for investors
Periodic penny stock bubbles have helped investors profit. However, when the bubbles burst, prices of low-quality stocks inevitably come crashing down.
After all, it’s much easier to launch a stock promotion than it is to create a successful, lasting business.
Penny stocks tend to be more speculative, and are engaged in such things as finding mineral deposits that can be mined at a profit, commercializing an unproven technology or launching new software.
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Follow these tips to spot good Canadian penny stocks worth taking a chance on
Avoid penny stocks that trade at unsustainably high prices because of broker hype or investor mania about the underlying commodity.
Look out for acquisitions. Acquisitions can bring “time-bomb” risk. Companies sometimes grow quickly by buying other companies. But it may also be the case that those selling the companies may simply want to bail out of a losing situation.
Spread your penny stocks out across different market segments. When making a list of penny stocks, we recommend investing in a range of markets. This includes software, biotech, technology, mineral exploration and so on.
Apply our sell-half rule. Selling half your holdings after you double your investment is a good strategy for any high-risk investment, but especially so for penny stocks. This can give you a clearer perspective on what to do with the other half of your investment. After all, if you are too slow to sell speculative stuff, your profits and even your principal can evaporate all too quickly.
Cryptocurrency firms may not be good Canadian penny stocks to buy
We advise staying out of stock promotions for highly speculative Canadian cryptocurrency penny stocks or similar promotions for anything else. They attract the wrong kind of people. Stock promotion is a take-the-money-and-run type of business. Most successful entrepreneurs value their reputations, and want to build a profitable, sustainable business that can pay off for investors. So they generally go into some other line of work, and stay out of stock promotion.
These days, it’s faster and easier than ever to launch a stock promotion, thanks to the Internet. One recent “penny crypto” investing stock scam almost seems like an MBA-style case study on how to launch one of these frauds online. To avoid being taken in, it pays to read more, and to think before you invest. This includes start-up or speculative cryptocurrency stocks.
Here are two of the biggest risks you face when you invest in lower-quality Canadian penny stocks
Low-quality Canadian penny stocks are quick to fall when a bubble bursts: Investors are less concerned about the possibilities of market corrections and their impact on well-established companies. But a couple of decades ago, buyers of Internet start-ups made far more profit than investors who stuck with these well-established companies. The same thing happened when many investors bought low-quality resource stocks in 2007 and 2008, and it has happened in the past in penny stock bubbles. When the bubble bursts, however, prices of low-quality stocks inevitably come crashing down.
The longer you play, the likelier you are to lose: If you lose money in speculative or other low-quality stocks (or ETFs that invest in low-quality stocks), you may think your main mistake was bad timing. That’s a misconception. You can get lucky in penny stocks, just as in lotteries. But if you play long enough, the “house odds” eventually triumph over any run of luck. In penny stocks or games of chance, the odds are against you. The longer or more often you play, the likelier you are to lose.
Use our three-part Successful Investor approach to make better investments, including those involving good Canadian penny stocks
Invest mainly in well-established, dividend-paying companies;
Spread your money out across most if not all of the five main economic sectors (Manufacturing & Industry; Resources & Commodities; Consumer; Finance; Utilities);
Downplay or avoid stocks in the broker/media limelight.
What industries do you focus on for penny stock investing?
Where do you look to find good Canadian penny stocks?
When investing in rare earth metals, you need to look beyond just geological considerations to the unique geographical and political environment that the mining company works in.
What are rare earth metals and why are they important?
Rare earth metals are a group of 17 elements from the periodic table (including 15 lanthanides plus scandium and yttrium) that possess unique magnetic, luminescent, and electrochemical properties, making them essential components in modern technologies like electric vehicles, wind turbines, smartphones, and defense systems.
For most investors, profiting from rare earth metals involves buying shares of companies that explore for, mine and refine rare-earth elements. Rare earth elements and minerals are a group of metals with unique characteristics. These include scandium, ytterbium, lanthium and samarium.
Rare earth elements go into a variety of modern devices and applications, including catalytic converters and petroleum refining; magnets in small and large motors; glass additives and glass polishing compounds; rechargeable batteries; television and computer screens; lighting; X-ray machines; and lasers.
Why should I consider investing in rare earth metals?
Investing in rare earth metals can provide portfolio diversification, exposure to growing clean technology and high-tech industries, potential supply constraints that could drive price increases, and participation in the green energy transition due to their critical role in renewable energy technologies and electric vehicles.
China, which produces an estimated 60% of the world’s rare earths, has previously stated that it plans to begin the shutdown of rare-earth smelters for failing to meet environmental standards such as those for water treatment.
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China limits its rare-earth mining volume to a reported 120,000 tons a year. But an additional 50,000 to 60,000 tons appear to flow into the market from illegally mined sources. Smugglers use a range of methods, including injecting rare earths into pottery, which they then ship out of the country. The metals are later extracted when the pottery reaches its destination. However, once the government targets such mines, there is a possibility that about 60,000 tons of supply will be lost.
Demand remains especially strong for magnets from rare-earth metal. They’re used in motors for industrial robots as well as increasingly popular hybrid and electric vehicles. Electric vehicles require about 50% more rare-earth metals than gasoline-powered models.
Despite all these factors, it’s uncertain what the long-term outlook for prices will be. When prices rise, some users will move to substitute rare earths with cheaper materials. As well, if prices are high enough, rare-earth consumers will likely increase recycling, with metals firms reusing more lanthanum, dysprosium and other elements from industrial waste.
In addition, a sustained rise would make several closed mines and deposits in Australia and the U.S. once again economical.
What are the risks associated with investing in rare earth metals?
Investing in rare earth metals involves significant risks including market volatility due to China’s domination of the supply chain, geopolitical tensions affecting trade flows, environmental concerns from mining operations, technological substitution potentially reducing demand, complex processing requirements creating operational challenges, and price uncertainty driven by supply-demand imbalances and stockpiling activities.
The rare earth metals market faces considerable challenges due to fluctuating costs throughout the supply chain, with this price volatility being increased by market manipulation, speculation, and variable production costs affected by location, technology, and operational efficiency.
Investing in rare earth metals through penny stocks can greatly expand your risk
In general, we avoid penny stocks that promote themselves too aggressively (or do so misleadingly). This includes rare earth pennies. Here are some other factors we consider when we analyze penny stocks for aggressive investors.
We want to see experienced management with a proven ability to develop and finance a company.
We look at environmental constraints when we consider mining penny stocks in particular. When we recommend junior stocks exploring for minerals, we prefer those that operate in an area whose geology is similar to that of nearby producing mines.
We think you should avoid stocks that trade over the counter, where such things as regulatory reporting are lax.
We also like to see a sound balance sheet in all the penny stocks we recommend. We like to see enough cash to keep operations going without the need for dilutive share issues at low prices.
More tips on finding mining-stock gems, including investing in rare earth metals
In mining exploration, an “anomaly” is a geological formation that might attract a prospector’s interest. However, one rule of thumb is that you have to look at 1,000 anomalies to find one prospect—and fewer than one prospect in a thousand turns into a mine. In other words, finding a mine is a million-to-one shot.
We generally stay away from pennies—including rare earth stocks—that operate in insecure and politically unstable regions such as Mongolia or Kyrgyzstan. We also avoid those in countries with little respect for property rights and the rule of law. Mining is particularly vulnerable to political instability. You can’t move the mine to another country, and local citizens may sometimes get the impression that a foreign mining company is robbing them of their birthright, even though the foreign company’s capital and expertise would appear to be the best way to get any value out of the ground.
Some of the best metal mining stocks come from companies that have been producing for years. For the mining component of the resources segment of your portfolio, the focus should be on firms with positive cash flow and high-quality reserves. Resource stocks overall (and this includes metals, of course) should make up only a reasonable portion of a Successful Investor portfolio.
“Majors” are typically mining companies that have been in the mining business for many years, and more often than not they operate producing mines on a global scale. Successful majors have proven methods for exploration and mining, and have consistent output and cash flow, year over year. On the other hand, “juniors” typically have negative cash flow since they’re spending money in hopes of finding a mineable deposit.
When we recommend top metal stocks, we want to see positive cash flow, preferably even when commodity prices are low. Even better, we like to see mining companies that have cash flow from an existing mine that is sufficient to cover, or at least contribute to, the cost of developing a second mine.
Use our three-part Successful Investor approach to help you build a sound portfolio
Invest mainly in well-established, mostly dividend-paying companies
Spread your money out across most if not all of the five main economic sectors
Downplay or avoid stocks in the broker/media limelight
There is real doubt over how rare the so-called “rare earth metals” are. The United States Geological Survey actually considers these elements “moderately abundant.” Still, how much will EV demand drive up prices?
This post was originally published in March 2022 and is regularly updated.
Getting into the stock market for beginners can feel overwhelming, but only if you go at it without the tips we share in this article.
As many of our readers know, I had the good fortune to get introduced to the stock market early in life, at age 16, when I got an after-school job with an investment writer. I learned a lot about the stock market in that job. More important, I gradually acquired a hypothetical pair of stock-market-sensitive goggles. To this day, I put them on whenever I tackle a stock-market related question.
When getting into the stock market for beginners, investors typically have modest amounts of money to invest. If you ask investors who have a few decades of successful investing behind them, most will talk about the value of everyday qualities like patience, consistency and a healthy sense of skepticism—in short, the kind of qualities that bring success in all aspects of life, not just investing. This is the key to stock investing for beginners.
Consider these four research tips for safer and more profitable investing when getting into the stock market for beginners
Stock investing for beginners can be much more profitable with these stock market research tips that will help you cut risk and increase profits in your stock market portfolio. We’ve long recommended these tips:
Hold a reasonable portion of your portfolio in U.S. stocks
Give your investments time to pay off
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Stick to these stock market basics as your portfolio grows
You should aim to invest initially in a minimum of four or five stocks—one from each of most, if not all, of the five main economic sectors (Resources & Commodities, Finance, Manufacturing & Industry, Utilities and Consumer).
You can buy them one at a time or over a period of months (or even years), rather than all at once. After that, you can gradually add new names to your portfolio as funds become available, taking care to spread your holdings out as we recommend.
Learning when to buy and sell stocks for beginners requires going beyond charts and considering the random element
There’s a large random element in the stock market, as in human activity generally. If you react to stock-price changes impulsively or emotionally, you multiply the effect of that random factor.
It’s a mistake to buy or sell stocks just because they have gone up or down. That’s because of the large unpredictable element in stock-price direction. Investing in a random fashion almost inevitably costs you money in the long term.
People guess right on various topics every day. Random events like winning guesses tend to occur in bunches. However, nobody can predict the future with any consistency.
More tips for beginners:
Conflicts of interest have a big impact on what people believe, recommend, say and do. This is especially true if there’s money involved.
History never quite repeats itself in the stock market, but often seems like it’s about to do so.
A rising market climbs a “wall of worry.” Each brick in that wall—each new investor worry that comes along—could lead to a massive market decline if it continued for an unusually long period, and/or continually gains strength, rather than tapering off as most market worries do. That’s why you need to resist the urge to get out of the market during temporary downturns.
You need to be aware that at crucial times, the stock market acts as if it is going to do whatever is necessary to fool the largest number of people who hold strong opinions.
To succeed as an investor, you need to consistently follow investment practices that have paid off for large numbers of investors over long periods. If you take big risks—bet on long shots—you are likely to lose.
To make money in the market, you should only invest in stocks when you can afford to and intend to hang on to them for a lengthy period, perhaps two to five years. Your plans may change due to circumstances you can’t control, of course. But if you go into the market without committing to a lengthy stay, you are at risk of selling impulsively during the next short-term market downturn. Do that and you are likely to lose money.
Avoid frequent online trading when getting into the stock market for beginners
While online trading seems like an easy and convenient way to invest, it can also be an easy way to lose money. There are many hidden dangers that may not be easy to spot at first.
The main risks of online trading come from the fact that it all may seem deceptively easy. The lower costs and higher speeds of online trading can lead otherwise conservative investors to trade too frequently. As a result, you could wind up selling your best picks when they are just getting started.
Use our three-part Successful Investor approach for all of your investments, especially when getting into the stock market for beginners
Hold mostly high-quality, dividend-paying stocks.
Spread your money out across most if not all of the five main economic sectors: Manufacturing & Industry, Resources & Commodities, Consumer, Finance and Utilities.
Downplay or stay out of stocks in the broker/media limelight.
What do you wish you knew about the stock market when you first started investing?
What is one of the worst mistakes you made as a beginning investor?
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Special Note for Parents
TSI Network does not sell products for purchase by children. If you are under 18, you may use TSI Network's site only with involvement of a parent or guardian
How do we protect your personal information?
TSI Network does everything possible to prevent unauthorized intrusion to its websites and the alteration, acquisition or misuse of personal information by unauthorized persons. Notably passwords submitted by users of our websites are encrypted using encryption mechanisms. However, TSI Network cautions visitors to its websites that no network, including the Internet, is entirely secure. Accordingly, we cannot be responsible for loss, corruption or unauthorized acquisition of personal information provided to our websites, or for any damages resulting from such loss, corruption or unauthorized acquisition.
How do we maintain the integrity of your personal information?
TSI Network has procedures in place to keep your personal information accurate, complete and current for the purposes for which it is collected and used. You may review the information that you have provided to us and where appropriate you may request that it be corrected. If you wish to review your personal information please send a request to: service@tsinetwork.ca.
How do I withdraw my consent to use Personal Information? Access, Correction, Inquiries and Complaints
If you wish to request access to, or correction of, your personal information in our custody or control, or find out how we've used or disclosed that information, please make your request in writing to us. We may need to verify your identity before searching for or providing you with personal information. In some circumstances, we may not be able to provide access to your personal information, for example if it contains the personal information of other persons, if it constitutes confidential commercial information, or if it is protected by solicitor-client privilege. If we deny your request for access to, or refuse a request to correct, your personal information, we will advise you of the reasons for this refusal.
If you do not want to receive promotional offers, please notify TSI Network by sending an email to service@tsinetwork.ca.
How can you ask questions about our Privacy Policy and access your personal information?
The provision of information by you is entirely voluntary and you have the right not to provide information. Subject to applicable law, you may have the right to receive certain information as to whether or not personal information relating to you is held by TSI Network and to obtain a copy of such information that is sought. You may also have the right to require information, where appropriate, to be erased, blocked or made anonymous or to have data updated or corrected. If you do not wish TSI Network to hold information about you or if you wish to have access to information, modify information, or object to any processing of information or if you have questions please contact us.
What Choices Do I Have?
As discussed, you can always choose not to provide information even though it might be needed to make a purchase or to take advantage of TSI Network features.
You can add or update certain information as explained in the section "How Can I Change My Information?"
If you do not want to receive email or other mail from us, please notify TSI Network by sending an email to service@tsinetwork.ca.
The "Help" portion of the toolbar on most browsers will tell you how to prevent your browser from accepting new cookies, how to have the browser notify you when you receive a new cookie, or how to disable cookies altogether. However, you will not be able to use important features of TSI Network sites if you do not use cookies.
Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
Legal Notices and Disclaimers
The contents of this web site and our publications are based upon sources of information believed to be reliable, but no warranty or representation, expressed or implied, is given as to their accuracy or completeness. Any opinion reflects the Successful Investor’s judgment at the date of publication and neither the Successful Investor, nor any of its affiliated companies, nor any of their officers, directors or employees, accepts any responsibility in respect of the information or recommendations contained in the publications or on this web site. Moreover, the information or recommendations are subject to change without notice.
Information presented on this web site or contained in our publications is not an offer, nor a solicitation, to buy or sell any securities referred to on the web site or in the publications. The material is general information intended for recipients who understand the risks associated with an investment in any securities referred to in the publications or on this web site. The Successful Investor has made no determination regarding whether an investment, course of action, or associated risks are suitable for the recipient.
