Q: May I ask your opinion on ZWB (BMO Covered Call Canadian Banks) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF)? In addition, does “covered call” offer any appreciable advantage over straight bank stocks or bank ETFs? And does the hedging of HYGH add risk or unpredictability versus the “straight” HYG? Thank you.

A: The BMO Covered Call Canadian Banks ETF, $18.62, symbol ZWB on Toronto (Units outstanding: 68.1 million; Market cap: $1.3 billion; www.bmo.com/gam), holds shares of Canada’s six largest banks (CIBC, TD Bank, Bank of Montreal, Bank of Nova Scotia, Royal Bank and National Bank) either… Read More

What is Pat’s commentary for the week of July 14, 2015

A number of Inner Circle have asked two key questions about so-called “robo-advisors”—automated, Internet-based advisory/portfolio management services.

Question 1. Will robo-advisors offer valuable new investment avenues for individual investors?

They may offer beginning investors a more efficient, lower-cost investment approach, compared to what’s now open to them… Read More

What is Pat’s commentary for the week of July 7, 2015

Here’s the text of the quarterly letter I recently sent to our Portfolio Management clients:
“Most investors find they improve their investment results when they invest conservatively. Speculating can pay off from time to time. But the gains are generally too small and/or… Read More