News & Events
Appointment of Timothy E. Price as President and CEO of MacDougall, MacDougall & MacTier Inc.
January 27th, 2012Please be advised that Daniel Thompson has tendered his resignation as President, CEO, UDP and Director of MacDougall, MacDougall & MacTier Inc. (and associated positions with MacDougall Investment Counsel Inc.) effective January 27, 2012. We wish Daniel every success in his future endeavours, and thank him for his efforts and contributions to the Firm.
The Board of Directors has met and approved the appointment of Timothy E. Price as President, CEO and UDP of the Firm effective on January 27, 2012.
Timothy Price served as President and CEO of 3 Macs from June 2002 to May 2009. He joined the Firm in 1984 and has been a Director of the Firm since 1992. Tim is a past Chair of the Investment Industry Association of Canada and has over 28 years of experience in the industry. He has been Chair of the Firm since February 2009.
The Board of Directors has met and approved the appointment of Timothy E. Price as President, CEO and UDP of the Firm effective on January 27, 2012.
Timothy Price served as President and CEO of 3 Macs from June 2002 to May 2009. He joined the Firm in 1984 and has been a Director of the Firm since 1992. Tim is a past Chair of the Investment Industry Association of Canada and has over 28 years of experience in the industry. He has been Chair of the Firm since February 2009.
January 2012 Market Commentary: 2012
January 4th, 2012Investors enter 2012 with an understandably cautious outlook. Economic indicators in most parts of the globe continue to be weak and the future of the Euro zone is very much in question. 2011 was a poor year for the Canadian stock market. For Canadian investors with a “buy and hold” strategy, the Toronto Stock Market had a negative return of 11.1%, including dividends a negative return of 8.7%. In the U.S. investors fared better with the S&P 500 ending the year the same as the start, but including dividends had a positive return of 2.1%. There are several reasons why 2011 proved to be disappointing, but we feel the prime reason was one of expectations. For the prior two years (2009 and 2010) stock markets did very well with the Canadian market up 30.7% and 14.4%, respectively, while the U.S. market (S&P 500) was up 23.4% and 13.8%, respectively. Investors were lulled into believing the nightmare of 2008 (the U.S. debt crisis) was over and better times lay ahead. Unfortunately this was not the case as the debt crisis re-appeared in Europe.
Despite the skepticism, we are optimistic 2012 will be a good year for investors (high single-digit to low double-digit returns). Our base case for 2012 is that it will be a mirror image of 2011. As mentioned entering 2011, investors felt positive towards the year and believed a continuation of the past two years was likely, but a series of economic shocks (the Arab uprising and rising oil prices, the Japanese tsunami, the U.S. debt ceiling debate along with the subsequent downgrading of the U.S. sovereign debt by Standard and Poor’s and finally the European debt crisis) dampened investors’ enthusiasm. For 2012, we enter the year with a great deal of skepticism/pessimism and unknowns. We acknowledge the first half of 2012 will likely be challenging as the series of economic shocks of 2011 have left the global economy and investor confidence in a fragile state. Nevertheless we feel continuing economic growth emanating from the U.S. and China (albeit at a slower rate than in previous years for China), further policy moves by the European governments and central banks, resilient earnings, low interest rates, an undervalued stock market and strategic mergers and acquisitions will convince investors the stock market will be an attractive area to invest. It is unlikely at the end of 2012 investors will be in a euphoric mood as debt problems and unknowns will still exist, but certainly less bearish and will view mid-single digit returns as a successful year.
See the complete commentary attached below:
See the complete commentary attached below:
