After months of uncanny calm and stability, volatility came back forcefully in February. In our view, this pullback had more to do with a mean reversion to a more sustainable trend. In the next few weeks, we will continue to closely monitor levels of complacency or market weaness, and consider some profit-taking given the very tactical nature of this positioning. Still, with an economic bacdrop just as strong as before the pullback and rates set on an upward trajectory, we continue to beleive stocks will outperform fixed-income assets in 2018.
** I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone, and may not reflect the views of National Bank Financial Group. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by the Research Department of National Bank Financial **