As we bid farewell to summer, I wanted to take a moment to share some updates on our portfolio strategy, our outlook for the coming year, and how we're performing relative to our financial plan. It's always a pleasure to connect with you, and I'm excited to share some positive developments.
 
Firstly, we've been making strategic moves in our portfolio by gradually reducing our exposure to tech stocks since May. We've reinvested the proceeds into underperforming dividend-value stocks, including banks, insurance companies, and telecoms. This disciplined approach has proven to be quite rewarding, especially as we've witnessed a pullback in the growth tech sector. Year-to-date, our equity portfolio has outperformed the benchmark index, doubling its performance. We remain committed to our long-term perspective, focusing on the bigger picture and avoiding the daily market noise. It's important to remember that psychology often influences investment decisions, with many individuals buying at market peaks and selling at troughs. Our role is to navigate through market cycles and harness the benefits of compounding interest and dividends in a tax-efficient manner.
 
Looking ahead to the next twelve months, we anticipate changes in consumer behaviour. We expect reduced personal spending, which may have a negative impact on consumer discretionary stocks. The primary drivers of this shift are persistent inflation eroding our purchasing power and leading to higher interest rates, including potentially higher mortgage payments. Additionally, labour disputes are expected to create supply chain disruptions across North America, potentially leading to imbalances in supply and demand, reminiscent of the challenges we faced in 2020-2021.
 
Now, you may be wondering if this means it's time to sell all your investments and move to cash. The short answer is absolutely not. Markets have a remarkable ability to adapt to real-world inefficiencies through innovation, and history has shown that they tend to be forward-looking. The bottom line is that staying invested and adhering to a disciplined financial plan will likely yield better results than attempting to time a market correction.
 
In conclusion, despite the changing landscape, we remain optimistic and committed to your financial well-being. We believe in the power of a well-structured, long-term strategy, and we're here to navigate these fluctuations with you. Please feel free to reach out if you have any questions or concerns. We're here to support you on your financial journey.
 
Warm regards,

​Dale