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The Stan Clark Financial Team

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Asset allocation

Address 1285 West Pender Street Suite 400 Vancouver BC, V6E 4B1
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The Stan Clark Financial Team’s Perspectives on

Asset Allocation

Key Readings

 

Asset Allocation: Your most important investment decision

Your first – and probably your most important – investment decision is how to divide your money into different types of assets. This is called asset allocation. In this white paper, we will discuss: What asset allocation means; the types of assets; and how they differ. Finally, we’ll look at how to decide the best asset allocation for you.  Learn more

What's your best mix

Some people invest aggressively in the stock market hoping for fast gains. Others play it safe, sticking to bonds. Too often, both types of people lose. The first type loses money by over-estimating their ability to withstand volatility. The second type loses by failing to keep up with inflation or their future financial needs.  Learn more

154 year returns

Compares the historical stock and bond returns for 154 years. Also shows how the returns, risks and consistency changes depending on the time horizon.  Learn more

Financial fundamentals

Three of the most important financial fundamentals – life expectancy, inflation and compound interest.  Learn more

 

Asset Allocation – your most important investment decision

Tom Cowans talks about how to divide your money into different types of assets – also known as asset allocation

 

Asset Allocation – Your Most Important Investment Decision

[Upbeat music]

[Tom Cowans

Portfolio Manager & Wealth Advisor

CIBC Private Wealth – Wood Gundy]

With investing, your first and most important decision is how to divide your money into

different types of assets.

Hello, my name is Tom Cowans, and I’d like to talk about Asset Allocation – your most

important investment decision.

[Asset Allocation:

Your Most Important Investment Decision]

Most investments can be considered one of two basic asset classes: equities or fixed

income.

[Graphic of a balanced seesaw, with the titles Equities (Stocks) and Fixed Income

(Bonds) on opposite sides.]

These are also called stocks and bonds, different words for essentially the same thing.

Equities and fixed income differ greatly. The balance greatly affects the risk and

return of your portfolio so you need to focus on this first. With fixed income you are

usually paid a fixed rate of interest with the principal to be repaid at maturity. Fixed

income varies by who is guaranteeing the payments and also by the term, the length of

time your money is tied up. Fixed-income investments include things like Savings

accounts, GICs, bonds and preferred shares.

The main benefit of fixed income is your return is more certain and known in advance.

The main drawback is it’s often not that high and is eroded by inflation. So, your “real”

return, after inflation, is uncertain and could be much lower than you expected.

[Image of a business meeting with 5 individuals at a table, 2 of them are shaking hands]

[For any one company, future profits are uncertain.]

[Graphic of 10 unidentified companies with different line graphs showing their

unidentified profits and losses]

[If you look at all companies together, profits are more stable]

Equities represent ownership in businesses. Owners of stocks own a share of the profits

of companies; which ultimately determine their value. For any one company, future

profits are uncertain - every company faces competition. However, if you look at all

companies together, profits are more stable.

[Animation showing profits of one company’s line graph cancelling out the loss of

another company line graph, leaving 6 line graphs remaining, all with profit line graphs

ascending.]

[One line graph ascending showing overall profits increasing]

One company's decline is usually offset by another company's gain.

[A column graph with the heading ‘The U.S. S&P 500 group of companies have never

experienced a negative year of aggregate earnings”.

The Y-axis has dollar values from $0 ranging to $250 at the top. The X-axis shows

years in 10-year increments from 1871 to 2021. The column graph depicts the slight ups

and downs but is consistently trending upwards. From 1871 to 1961, the columns are in

the range of$0-$50. From 1961-2001 the columns are in the range of $50-$100. From

2001-2011, the columns are in the $100-$150 range. From 2011-2021, the columns are

range from $100 to just over $200 at the peak.]

In fact, as shown by research from the economist Robert Shiller, since good data

became available the largest 500 public companies in the U.S. have never had a

negative year of earnings.

Aggregate earnings fluctuate due to the business cycle. But declines typically recover

quickly as companies adjust their businesses.

Over the longer term, earnings on equities are usually higher than the interest on fixed

income and provide a long-term hedge against inflation.

They also benefit from improvements in productivity as is shown by the upward trend in

their “real” earnings.

[A chart with two-line graphs with the heading “Real Growth from $1000 – 1871-2023”

On the Y-axis, the dollar value ranges from $100 to $100,000,000. The X-axis shows years,

ranging from 1870-2023, increasing by 8 years each increment. The stock line graph shows

a steady increase from $1,000 in 1870 to nearly $100,000,000 in 2023. Along the stock line

graph, diƯerent events are marked throughout the years – “The end of WWI, Spanish Flu”,

“Great Depression”, “U.S. Enters WWII”, “End of WWII”, “OPEC Oil Crisis”, “Dot Com

Boom”, “Dot Com Bust”, “Global Financial crisis”.

The bonds line graph shows less of an increase, from $1,000 in 1870 to approximately

$15,000 in 2023.]

When we look at how stock returns have compared to bonds in the past, we see that stocks

are the clear winner over the long run.

Over the past 150+ years, after inflation, stocks have returned over 1000 times as much as

bonds.

[A chart with two-line graphs with the heading “Real Returns for 1 Year – 1871 to 2023” The

Y-axis has values beginning at -40 and increasing by 20 each increment to 100. The X-axis

shows years, beginning in 1871 increasing by 5-year increments ending in 2021.

A formula to the side shows:

Real growth from $100,000

Stocks show an average of $7,416. The best at $79,780. The worst at $35,025 and a

negative of 31%

Bonds show an average of $2,400. The best at $23,764. The worst at $13,636 and a negative

of 29%]

However, if you look at annual returns we see stocks are more volatile. If you need money

for spending in a year’s time, stocks would clearly be riskier than bonds. But what about

the money you aren’t planning to spend in the next year?

[A chart with two-line graphs with the heading “Average Annual Real Returns for 10 Years –

1871 to 2023” The Y-axis has values beginning at -40 and increasing by 20 each increment

to 100. The X-axis shows years, beginning in 1881 increasing by 5-year increments ending in

2021.

A formula to the side shows:

Real growth from $100,000

Stocks show a median of $112,165. The best at $397,063. The worst at $33,289 and a

negative of 6%

Bonds show a median of $19,953. The best at $119,849. The worst at $30,164 and a

negative of 25%]

As you look at longer and longer time horizons and consider the eƯects of inflation, stocks

look better because returns compound faster and risk falls relative to fixed income.

If you can invest for 10 or more years, the chances of a negative real return are considerably

lower than that of bonds. Bonds turn out to be riskier than stocks in the long run once you

take inflation into account.

[A chart with two-line graphs with the heading “Average Annual Real Returns for 20

Years – 1871 to 2023” The Y-axis has values beginning at -40 and increasing by 20

each increment to 100. The X-axis shows years, beginning in 1881 increasing by 5-year

increments ending in 2021.

A formula to the side shows:

Real growth from $100,000

Stocks show a median of $308,811. The best at $1,092,667. The worst at $13,418 and

a negative of 0%

Bonds show a median of $49,129. The best at $295,415. The worst at $29,995 and a

negative of 15%]

And when you look at 15 or 20 years or longer, stocks look better yet. Over 20 year

periods, the worst return for stocks was a profit of $13,000 above inflation, compared to

a nearly

$30,000 loss for bonds.

[The time horizon of your money is critical in determining the right asset allocation.]

So, the time horizon of your money is critical in determining the right asset allocation.

Short term needs should be mostly in fixed income but money for longer-term needs

can have more invested in equities.

[A chart with six-line graphs with the heading “Best Mix Equities Percentages” The Yaxis has values beginning at 0.0% and increasing by 10.0% each increment to 100.0%.

The X-axis values is the “Holding Period (years), starting at 1 increasing by 2 year

increments to 17.

The line graphs are labelled, “Aggressive”, “Tolerant”, “Moderate”, “Prudent”,

“Conservative”, and “Minimum Risk”.

Aggressive begins at 30.0% at year 1 and increases to 100.0% between years 3 and 5.

Tolerant begins at 10.0% at year 1 and increases to 100.0% between years 5 and 7.

Moderate begins at 10.0% at year 1 and increases to 100.0% between years 5 and 7.

Prudent begins at 10.0% at year 1 and increases to 100.0% by year 9.

Conservative begins at 10.0% at year 1 and increases to 100.0% between years 11 and

13. Minimum Risk begins at 5.0% at year 1 and increases to 100.0% by year 17.]

Our team thoroughly analyzed risk and return since 1871 and determined the Best Mix

Equities Percentages for six different levels of risk and for holding periods ranging from

1 to 30 years.

We then built into our Personal Financial Plan, unique to our team, a process to

determine an overall asset mix that is ideal for you, based on your specific future plans.

We also consider your comfort level with volatility to ensure your equities target is

properly customized to you.

Do you remember your last review meeting and all the time we spent discussing your

goals and vision for the future? Well, that was important work and time well spent

because we need to clarify these in order to get your asset allocation right.

Sylvia has a video titled “The Importance of Financial Planning” that explains how it all

ties together. If you haven’t done so already, be sure to check it out.

Once your asset allocation mix is determined the key is to then stick closely to the

chosen target. As shown by research in Behavioral Finance, this helps us avoid the

mistakes and losses that come from trying to time the market’s ups and downs.

Hopefully you’ve been reading Stan’s Perspectives articles or even seen his video on

behavioral finance and how it is at the core of the work we do together.

Our final point on Asset Allocation and how we work with you to get it right is to

remember your situation changes over time, and your ideal Equities Target can also

change. That's why it's important we do regular reviews of your financial plan to make

sure you stay on track. We’ll usually reach out to you when we think it’s time to

schedule a review, but we are happy to update your plan any time you’d like.

I also invite you to learn more about Asset Allocation and how our team incorporates

behavioral finance and our unique financial planning and rules-based investing

strategies to grow and protect your wealth. You can find more about all of these,

including summary videos on each by Stan, Sylvia and Mike, on the “Our Perspectives”

section of our team’s website.

And please contact us by phone or email if you would like to discuss how any of this

applies to your specific situation.

[CIBC Logo

CIBC Private Wealth

The Stan Clark Financial Team]

[Best Mix Equities Percentages are based on the calculations of the Stan Clark

Financial Team.

CIBC Private Wealth consists of services provided by CIBC and certain of its

subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The

CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.

“Wood Gundy” is a registered trademark of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be

reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and

CIBC World Markets Inc., their affiliates, directors, officers and employees may buy,

sell, or hold a position in securities of a company mentioned herein, its affiliates or

subsidiaries, and may also perform financial advisory services, investment banking or

other services for, or have lending or other credit relationships with the same. CIBC

World Markets Inc. and its representatives will receive sales commissions and/or a

spread between bid and ask prices if you purchase, sell or hold the securities referred to

above. © CIBC World Markets Inc. 2025.

The contents of this video are for informational purposes only and are not being

provided in the context of an offering of a security, sector, or financial instrument, and is

not an endorsement, recommendation, or solicitation to buy, hold or sell any security.

Commissions, trailing commissions, management fees and expenses all may be

associated with mutual fund investments and the use of an asset allocation service.

Please read the prospectus of the mutual funds in which investment may be made

under the asset allocation service before investing. Mutual funds are not guaranteed,

their values change frequently and past performance may not be repeated.

Tom Cowans is a Portfolio Manager and Wealth Advisor with CIBC Wood Gundy in

Vancouver. The views of Tom Cowans do not necessarily reflect those of CIBC World

Markets Inc.

GIC - For more information about this product, please contact your Investment Advisor.

If you are currently a CIBC Wood Gundy client, please contact your Investment

Advisor.]

Asset Allocation – Your Most Important Investment Decision

[Upbeat music]

[Tom Cowans

Portfolio Manager & Wealth Advisor

CIBC Private Wealth – Wood Gundy]

With investing, your first and most important decision is how to divide your money into

different types of assets.

Hello, my name is Tom Cowans, and I’d like to talk about Asset Allocation – your most

important investment decision.

[Asset Allocation:

Your Most Important Investment Decision]

Most investments can be considered one of two basic asset classes: equities or fixed

income.

[Graphic of a balanced seesaw, with the titles Equities (Stocks) and Fixed Income

(Bonds) on opposite sides.]

These are also called stocks and bonds, different words for essentially the same thing.

Equities and fixed income differ greatly. The balance greatly affects the risk and

return of your portfolio so you need to focus on this first. With fixed income you are

usually paid a fixed rate of interest with the principal to be repaid at maturity. Fixed

income varies by who is guaranteeing the payments and also by the term, the length of

time your money is tied up. Fixed-income investments include things like Savings

accounts, GICs, bonds and preferred shares.

The main benefit of fixed income is your return is more certain and known in advance.

The main drawback is it’s often not that high and is eroded by inflation. So, your “real”

return, after inflation, is uncertain and could be much lower than you expected.

[Image of a business meeting with 5 individuals at a table, 2 of them are shaking hands]

[For any one company, future profits are uncertain.]

[Graphic of 10 unidentified companies with different line graphs showing their

unidentified profits and losses]

[If you look at all companies together, profits are more stable]

Equities represent ownership in businesses. Owners of stocks own a share of the profits

of companies; which ultimately determine their value. For any one company, future

profits are uncertain - every company faces competition. However, if you look at all

companies together, profits are more stable.

[Animation showing profits of one company’s line graph cancelling out the loss of

another company line graph, leaving 6 line graphs remaining, all with profit line graphs

ascending.]

[One line graph ascending showing overall profits increasing]

One company's decline is usually offset by another company's gain.

[A column graph with the heading ‘The U.S. S&P 500 group of companies have never

experienced a negative year of aggregate earnings”.

The Y-axis has dollar values from $0 ranging to $250 at the top. The X-axis shows

years in 10-year increments from 1871 to 2021. The column graph depicts the slight ups

and downs but is consistently trending upwards. From 1871 to 1961, the columns are in

the range of$0-$50. From 1961-2001 the columns are in the range of $50-$100. From

2001-2011, the columns are in the $100-$150 range. From 2011-2021, the columns are

range from $100 to just over $200 at the peak.]

In fact, as shown by research from the economist Robert Shiller, since good data

became available the largest 500 public companies in the U.S. have never had a

negative year of earnings.

Aggregate earnings fluctuate due to the business cycle. But declines typically recover

quickly as companies adjust their businesses.

Over the longer term, earnings on equities are usually higher than the interest on fixed

income and provide a long-term hedge against inflation.

They also benefit from improvements in productivity as is shown by the upward trend in

their “real” earnings.

[A chart with two-line graphs with the heading “Real Growth from $1000 – 1871-2023”

On the Y-axis, the dollar value ranges from $100 to $100,000,000. The X-axis shows years,

ranging from 1870-2023, increasing by 8 years each increment. The stock line graph shows

a steady increase from $1,000 in 1870 to nearly $100,000,000 in 2023. Along the stock line

graph, diƯerent events are marked throughout the years – “The end of WWI, Spanish Flu”,

“Great Depression”, “U.S. Enters WWII”, “End of WWII”, “OPEC Oil Crisis”, “Dot Com

Boom”, “Dot Com Bust”, “Global Financial crisis”.

The bonds line graph shows less of an increase, from $1,000 in 1870 to approximately

$15,000 in 2023.]

When we look at how stock returns have compared to bonds in the past, we see that stocks

are the clear winner over the long run.

Over the past 150+ years, after inflation, stocks have returned over 1000 times as much as

bonds.

[A chart with two-line graphs with the heading “Real Returns for 1 Year – 1871 to 2023” The

Y-axis has values beginning at -40 and increasing by 20 each increment to 100. The X-axis

shows years, beginning in 1871 increasing by 5-year increments ending in 2021.

A formula to the side shows:

Real growth from $100,000

Stocks show an average of $7,416. The best at $79,780. The worst at $35,025 and a

negative of 31%

Bonds show an average of $2,400. The best at $23,764. The worst at $13,636 and a negative

of 29%]

However, if you look at annual returns we see stocks are more volatile. If you need money

for spending in a year’s time, stocks would clearly be riskier than bonds. But what about

the money you aren’t planning to spend in the next year?

[A chart with two-line graphs with the heading “Average Annual Real Returns for 10 Years –

1871 to 2023” The Y-axis has values beginning at -40 and increasing by 20 each increment

to 100. The X-axis shows years, beginning in 1881 increasing by 5-year increments ending in

2021.

A formula to the side shows:

Real growth from $100,000

Stocks show a median of $112,165. The best at $397,063. The worst at $33,289 and a

negative of 6%

Bonds show a median of $19,953. The best at $119,849. The worst at $30,164 and a

negative of 25%]

As you look at longer and longer time horizons and consider the eƯects of inflation, stocks

look better because returns compound faster and risk falls relative to fixed income.

If you can invest for 10 or more years, the chances of a negative real return are considerably

lower than that of bonds. Bonds turn out to be riskier than stocks in the long run once you

take inflation into account.

[A chart with two-line graphs with the heading “Average Annual Real Returns for 20

Years – 1871 to 2023” The Y-axis has values beginning at -40 and increasing by 20

each increment to 100. The X-axis shows years, beginning in 1881 increasing by 5-year

increments ending in 2021.

A formula to the side shows:

Real growth from $100,000

Stocks show a median of $308,811. The best at $1,092,667. The worst at $13,418 and

a negative of 0%

Bonds show a median of $49,129. The best at $295,415. The worst at $29,995 and a

negative of 15%]

And when you look at 15 or 20 years or longer, stocks look better yet. Over 20 year

periods, the worst return for stocks was a profit of $13,000 above inflation, compared to

a nearly

$30,000 loss for bonds.

[The time horizon of your money is critical in determining the right asset allocation.]

So, the time horizon of your money is critical in determining the right asset allocation.

Short term needs should be mostly in fixed income but money for longer-term needs

can have more invested in equities.

[A chart with six-line graphs with the heading “Best Mix Equities Percentages” The Yaxis has values beginning at 0.0% and increasing by 10.0% each increment to 100.0%.

The X-axis values is the “Holding Period (years), starting at 1 increasing by 2 year

increments to 17.

The line graphs are labelled, “Aggressive”, “Tolerant”, “Moderate”, “Prudent”,

“Conservative”, and “Minimum Risk”.

Aggressive begins at 30.0% at year 1 and increases to 100.0% between years 3 and 5.

Tolerant begins at 10.0% at year 1 and increases to 100.0% between years 5 and 7.

Moderate begins at 10.0% at year 1 and increases to 100.0% between years 5 and 7.

Prudent begins at 10.0% at year 1 and increases to 100.0% by year 9.

Conservative begins at 10.0% at year 1 and increases to 100.0% between years 11 and

13. Minimum Risk begins at 5.0% at year 1 and increases to 100.0% by year 17.]

Our team thoroughly analyzed risk and return since 1871 and determined the Best Mix

Equities Percentages for six different levels of risk and for holding periods ranging from

1 to 30 years.

We then built into our Personal Financial Plan, unique to our team, a process to

determine an overall asset mix that is ideal for you, based on your specific future plans.

We also consider your comfort level with volatility to ensure your equities target is

properly customized to you.

Do you remember your last review meeting and all the time we spent discussing your

goals and vision for the future? Well, that was important work and time well spent

because we need to clarify these in order to get your asset allocation right.

Sylvia has a video titled “The Importance of Financial Planning” that explains how it all

ties together. If you haven’t done so already, be sure to check it out.

Once your asset allocation mix is determined the key is to then stick closely to the

chosen target. As shown by research in Behavioral Finance, this helps us avoid the

mistakes and losses that come from trying to time the market’s ups and downs.

Hopefully you’ve been reading Stan’s Perspectives articles or even seen his video on

behavioral finance and how it is at the core of the work we do together.

Our final point on Asset Allocation and how we work with you to get it right is to

remember your situation changes over time, and your ideal Equities Target can also

change. That's why it's important we do regular reviews of your financial plan to make

sure you stay on track. We’ll usually reach out to you when we think it’s time to

schedule a review, but we are happy to update your plan any time you’d like.

I also invite you to learn more about Asset Allocation and how our team incorporates

behavioral finance and our unique financial planning and rules-based investing

strategies to grow and protect your wealth. You can find more about all of these,

including summary videos on each by Stan, Sylvia and Mike, on the “Our Perspectives”

section of our team’s website.

And please contact us by phone or email if you would like to discuss how any of this

applies to your specific situation.

[CIBC Logo

CIBC Private Wealth

The Stan Clark Financial Team]

[Best Mix Equities Percentages are based on the calculations of the Stan Clark

Financial Team.

CIBC Private Wealth consists of services provided by CIBC and certain of its

subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The

CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.

“Wood Gundy” is a registered trademark of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be

reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and

CIBC World Markets Inc., their affiliates, directors, officers and employees may buy,

sell, or hold a position in securities of a company mentioned herein, its affiliates or

subsidiaries, and may also perform financial advisory services, investment banking or

other services for, or have lending or other credit relationships with the same. CIBC

World Markets Inc. and its representatives will receive sales commissions and/or a

spread between bid and ask prices if you purchase, sell or hold the securities referred to

above. © CIBC World Markets Inc. 2025.

The contents of this video are for informational purposes only and are not being

provided in the context of an offering of a security, sector, or financial instrument, and is

not an endorsement, recommendation, or solicitation to buy, hold or sell any security.

Commissions, trailing commissions, management fees and expenses all may be

associated with mutual fund investments and the use of an asset allocation service.

Please read the prospectus of the mutual funds in which investment may be made

under the asset allocation service before investing. Mutual funds are not guaranteed,

their values change frequently and past performance may not be repeated.

Tom Cowans is a Portfolio Manager and Wealth Advisor with CIBC Wood Gundy in

Vancouver. The views of Tom Cowans do not necessarily reflect those of CIBC World

Markets Inc.

GIC - For more information about this product, please contact your Investment Advisor.

If you are currently a CIBC Wood Gundy client, please contact your Investment

Advisor.]

Back to Video
 

Perspectives articles by topic
Written by the Stan Clark Financial Team

 

Articles about your asset allocation

Asset allocation: Your most important investment decision   Read / Watch / Transcript

Asset allocation: Risks and returns of equities vs. fixed income   Read / Watch / Transcript

Asset allocation: Stocks vs. bonds over the past 154 years   Read

Asset allocation: The best asset mix for your needs   Read / Watch / Transcript

Asset Allocation: Finding your comfort level when stocks fluctuate   Read / Watch / Transcript

Asset Allocation: Your best mix – putting it all together   Read

Combined series
 


Stocks for the long run

Five reasons stocks help preserve and grow wealth   Read / Watch / Transcript

Compound interest – the eighth wonder of the world   Read / Watch / Transcript

With the stock market, the trend is your friend   Read

Records are meant to be broken   Read

Time in the market vs. timing the market   Read

Volatility is not the same as risk   Read

How earnings yield helps forecast stock market return   Read

Think – and act – for the long term   Read

Shiller vs. Siegel: Is the stock market overvalued?   Read
 


Why we need bonds

Why bother with bonds? Here are important reasons   Read

High-yield bonds and preferred shares – it's not a free lunch   Read / Watch / Transcript

Bond ladders   Read / Watch / Transcript


Don't ignore inflation

What is inflation/deflation – and how does it affect you? (Part 1)   Read / Watch / Transcript

How inflation/deflation affects you (Part 2)   Read / Watch / Transcript

Inflation vs. deflation: Which is more likely?   Read / Watch / Transcript

Inflation vs. deflation: Which is more likely? Part 2   Read / Watch / Transcript

Thinking for the long term: life expectancy and inflation   Read

Expecting more from life expectancy tables   Read

Inflation and stock market returns   Read

The CPI: How - and how well - it works as a measure of inflation  Read

Today's inflation - compared to massive inflation of the 1970s  Read

The 'suprasecular' decline in interest rates  Read


Other articles on asset allocation

The presidential election cycle and stock market returns   Read / Watch / Transcript

Currency ebbs and flows   Read / Watch / Transcript

Changing thoughts on dividend payouts   Read

Three Major Asset Classes…according to Warren Buffett   Read

Inverted yield curve: What is it really predicting?   Read

Benchmarks: How do you know how well you're doing?   Read

Benchmark indexes: They don't always tell the whole story   Read

Time to bust some popular investing myths   Read

Maybe not a recession, despite negative growth   Read

The case for international diversification  Read

Tariff Time or Temporary Reprieve (again)?  Read

On Buffett's retirement, we reflect on his brilliant – and clearly communicated – investment advice and insights  Read

 
 
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CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc.


CIBC Private Wealth services are available to qualified individuals. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.