Quarterly Newsletter

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2021 Q4 Newsletter
December 31, 2021

As we head into a new and hopefully more normal year, the fourth quarter equity returns, and 2021 yearly returns were double-digit strong. The Q4 return for the S&P 500 was up US$ +11% and the 2021 return was up US$ +28.7%. Earnings were up over 30% last year, explaining almost 100% of the 2021 return. In 2021, the Canadian market roughly matched the U.S. market.

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