Canso Investment Counsel

The Hour Between Dog and Wolf To illustrate the turmoil that has characterized the last three weeks, below we plot the daily movements in high yield credit spreads dating back to 1997. Of little surprise, on…

The Financial World Changed It is sad to think that no matter what we write about it, what happened in the first quarter of 2025 will bear no relevance to what’s happening now. The announcement of…

Fifty-Fifty In the fourth quarter, the Bank of Canada (BOC) implemented two consecutive 50 basis points (bps) rate cuts. The overnight rate in Canada, which started 2024 at 5%, now sits at 3% following the BOC’s…

  Not Sparing the Expens-ive The powerful rally in risk assets in 2023 imbued 2024 with a continued enthusiasm for risk. That saw investors chasing returns at literally any cost or price. Patient or risk averse…

Come On In Another quarter has passed, and we continue to watch corporate credit spreads “Come On In”. Despite significant volatility over the August long-weekend, high yield spreads ended the quarter tighter than where they began.…

Be Careful What You Wonder About We were writing about the confused state of political and economic affairs in June and wondered, like the Marvin Gaye song title, “What’s Going On?”. We marvelled at how the…