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MoneyTalk LIVE with TD Waterhouse II

Continuing on with my adventure with MoneyTalk Live with TD Waterhouse, lets now talk about the highlights from the economics and portfolio experts of TD Waterhouse.  As noted from part I, after eating and drinking a few beer, we were ushered into the conference room.

As I sat down, I noticed a folder with a pen and notepad within it for notes.  So, as any good financial blogger would do, I took notes so that I could report back to my readers.  Here are some of the relevant notes that I took. 

Highlights from Derek Burleton's (Associate VP TD Economics) Interview:

  • Predicts a mild recession in the U.S.
  • Pointed out the correlation between the USD and the price of oil.
  • Also that the current price is oil is speculation as there is real shortage of oil and no political unrest.  Supply meets demand.
  • Predicts that the USD has bottomed and will start to strengthen, thus bringing down the price of oil to the mid-low 90's (providing no political unrest).
  • Estimates that Canada has more rate cuts in store, he predicts that the Bank of Canada will cut 0.75% more this year/early next year.
  • With the USD strengthening, predicts that the CAD will be around $0.95 at year end.
  • Hypothesizes that global growth will slow down to 3.5% from 5% last year.  

Highlights from Bob Gorman's (Chief Portfolio Stategist TD Waterhouse) Interview:

  • US markets will end in the positive for the 6th year in a row.
  • Canadian markets will end in the positive for the 6th year in a row.
  • He likes high quality U.S financials like Bank of America and Wells Fargo particularly their high dividend yield.
  • Mr. Gorman thinks that there will be a return of the growth stock.  Right now, Blue Chips are all the rage, but he believes that growth stocks will be back in style later this year.
  • Growth sector he likes the most is technology (Cisco, Oracle, Microsoft).
  • In terms of rail plays, he likes CNR.
  • Canadian financials, he likes the insurers the best (Manulife Financial, Power Financial, Sun Life, Great West Life).
  • Thinks gold is overbought.
  • Energy, his favorite is Encana (they hold a large position).  Others include Imperial Oil, Talisman, Suncor, and Precision Drilling. 

After the talk, they even offered dessert/tea/coffee!  This wasn't just simple cookies and coffee, they had a variety of cakes/pies, fruit, a giant chocolate fondue fountain, and my favorite..  rice crispy squares.  

If you get the opportunity to attend one of these shows, I would highly recommend it.  TD really knows how to treat/spoil their clients at these events.

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FT About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 8 comments… add one }
  • FrugalTrader May 6, 2008, 10:48 am

    Who else feels that oil is currently overbought?

  • Telly May 6, 2008, 10:53 am

    Lots of “experts” have been predicting the strengthening of the USD through this year and into next. I hope they’re right. :)

    Glad to hear you enjoyed the shindig FT. Seems to me bankers and engineers seem to be very different in a lot of ways. Hope you wore your fanciest suit. ;)

  • FrugalTrader May 6, 2008, 11:05 am

    Telly, white tube socks, black shoes, and a big winter jacket. The typical Engineer uniform. ;)

    I actually had my big winter jacket on initially, but my friend convinced me to change into my leather jacket. Good thing too cuz everyone there was dressed to impress!

  • Geoff May 6, 2008, 11:25 am

    A good overview of the pastries and yummy treats! This is a very good indicator for TD! :)

  • Geoff May 6, 2008, 11:28 am

    Did they say how they think gold is overbought? Are they referring to MACD or just waving their hands in the air …

    I’d love for people who say oil & gold are too high could show me fundamentals. China/India are consuming more of both, including a rapid domestic consumption from oil producers – the US is not the dominant indicator of consumption or trends any longer.

  • ETF Income May 6, 2008, 11:45 am

    I don’t think oil is over bought. There are oil, but oil are harder to find and it is more expensive to find. The increase cost will transfer to a higher price.

  • Cash Instinct May 7, 2008, 9:31 pm

    On the long run (last +- 100 years), gold’s price did not keep up with inflation if I remember well statistics I saw.

    I would not invest a lot in gold!

  • Cash Canuck May 7, 2008, 10:07 pm

    I love how you are most descriptive about the food.

    If the advice was half as good as the buffet, you’re in good shape!

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