Markets. If you buy good companies, good balance sheets, dividend paying stocks that will continue to pay more and more dividends over the next several years, you should be fine. Feels the debt overhang at the sovereign level is going to take a long time to be reduced. It took Canada a long time so doesn’t see that other countries will be any shorter. Doesn’t expect to see excessive growth but there will be slow growth, which is fine, low inflation and low rates and in this environment you want to own a good dividend stock.
Paul Harris, CFA
Portfolio Manager and Partner, Avenue Investment Management