Publications
Landry Morin is a leader in applied behavioural finance. Since 2002, the firm has concentrated most of its research effort on the momentum factor, in other words the continuity of returns. At the same time, it closely follows developments in scientific research and publishes economic and financial analyses.
Market Review
Our quarterly publication gives you a good perspective on financial markets. You can consult our back issues.
Subscribe to our bulletin
Four times a year, the Landry Morin team publishes an analysis of the economic context and the behaviour of markets in the previous quarter.
2012
First quarter
Stock markets were up in the first quarter with, in some cases, those considered the riskiest advancing the most. That
was the case of some of the European bourses and emerging markets (+12%). Several factors contributed to the advance,
starting with the restructuring of Greek debt, which was accomplished at the very last minute, and the European
Central Bank’s successful LTRO initiative, which essentially injected €1 trillion into Europe’s banking system.
Positive news about the economic recovery in the United States also contributed.
2011
Fourth quarter
While Europe’s political leaders held ever more meetings to devise a plan to avoid the financial crisis stalking them, the economic statistics improved slightly in the United States. The Europeans have not reached a convincing agreement but the stock markets were up just the same in the fourth quarter.
Third quarter
Investors were inundated with pessimistic news during the third quarter.
In the United States, politicians had so much difficulty agreeing on how
to address the budget deficit that they jeopardized the country’s credit
rating, with the result that Standard & Poor’s downgraded the country.
In Europe, the euro zone countries were unable to agree on a rescue plan
for Greece and several other countries.
Second quarter
Stock markets retreated in the second quarter and long-term interest rates fell. Investors are concerned about a slowdown that could tip the economy into a double-dip recession.
First quarter
March 2011 marks the second anniversary of the current bull market in equities. Investors who have held onto their equity investments since the end of the financial crisis have been well rewarded, with the U.S. and Canadian stock markets up 70% over the past two years.
2010
Fourth quarter
Stock markets were up in the fourth quarter, enabling the Canadian, U.S. and emerging markets indexes to record performances of about 15% (in local currency) for 2010.
Economic analysis
« Quel est le rendement à long terme de l'immobilier résidentiel ? » (March 2008)
It is tempting to believe that residential real estate is an excellent investment and can constitute the key component
of a retirement plan: all you have to do is buy a big house whose value will double every decade. You would be making a
serious mistake. (French only)
« Gardez le cap sur votre politique de placement ! » (March 2008)
Rational investors succeed in getting through turbulent times with relative serenity: they know that the calm comes
after the storm and that equities offer excellent returns to those who wait. Emotional investors, however, give in to
their emotions and sell their stocks at the worst time. (French only)
« Le dollar canadien : une pétro-monnaie » (November 2007)
The spectacular increase in the loonie will have a great deal of impact on the economies of Québec and Canada in the
years to come. Above all, it has already had an impact on portfolio returns this year. (French only)
Columns published by Les Affaires.com
« Fiscalitéet démographie:
La population québécoise augmente beaucoup moins vite que celle du reste du Canada », lesaffaires.com (August 2007)
The demographic changes taking place in Quebec can be considered bad news, but we can also see them as the result of
rational behaviour by Quebecers. (French only)
« Le comportement saisonnier de la Bourse canadienne », lesaffaires.com (August 2007)
Investors hold equities despite their considerable volatility because they know that over the long term they outperform
bonds and real estate. (French only)
« Une fiscalité trop complexe », lesaffaires.com (January 2007)
A flat income tax offers several advantages over our complex system. (French only)