He expects rates to be steady for a long time and maybe have some deflation. He does not expect high inflation in the near future despite what others have been saying. Deleveraging by the private sector will balance public sector leveraging.
He liked quality corporate bonds (high quality means higher duration, lower quality lower duration) in a deflationary environment.
However, he is not shunning equities totally. He likes the dividend growth , dividend yield stocks. Stable income streams, defensive sectors such as healthcare, utilities, staples. These are not affected by loss of pricing power.
Dividend payouts have gone up this year.
He recommends Gold as it can do well in deflation as well as inflation. Gold is a hedge against uncertainty. Gold is not attractive when there is Peace, prosperity and price power. Gold demand from Asian central banks. He invests via gold and silver mining companies. 13% of Canadian stock market is in Gold and Silver stocks. That has helped its currency.
You have to be in good currencies as well. Canada has a pro-business pro-capitalist government.
He thinks we are in a secular bear market. He says we should be selling on rallies and not buying on dips.
One recommendation from him : Buy Canadian corporate bonds.
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