While some single securities do appear to be under the spell of speculation, the purpose of this report is to show that the overall condition of the market may be better than at first glance. Our intent is not to be complacent nor to say "this time is different," but rather to show that everything is a matter of perspective: valuations are rarely a good timing tool. To be sure, we look at trends in multiples, recent price appreciation, and the current level of interest rates.
** 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 **