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The Crude Reality of OPEC’S Cartel

Apr 2017 Issue

A little over a decade ago, some investors began to question the relevance of the US Federal Reserve. Given the reputation that the US central bank had carved out for itself since the 1980s, this was a stunning turn of events for many. Eventually, the Federal Reserve took notice of…

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Testing Trumponomics Against the Realities of the Federal Reserve

Jan 2017 Issue

As we have commented in prior first quarter commentaries, we are somewhat puzzled at the amount of energy Wall Street and the financial media expend into making annual predictions each January. This time is no different. Seldom do the predictions pan out and most major political, economic and geopolitical events…

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DEBT: The Economic Challenge for the Next President

Oct 2016 Issue

Shortly after winning the 1992 presidential election, some commentators said that the problems facing the country were so large that Bill Clinton might end up wishing he had lost. At the time, the US was facing a budget deficit of $450 billion which was about 4.5% of GDP and an…

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Push for More Stimulus Ignores Risks of Japan’s Experience

Oct 2016 Issue

This September has been an eventful month for China. Apart from defending its assertion to vast areas of the South China Sea, it also hosted world leaders at the G20 Summit to discuss ways to raise global economic growth rates. All of the political leaders agreed that they needed to…

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Has Vancouver’s housing market peaked?

Sep 2016 Issue

Naveen Gopal from Pacifica Partners speaks to Business News Network’s House Money host Greg Bonnell about why China’s looming credit bubble will have a significant effect on the Vancouver housing market.  Please click below to watch interview.  

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Vancouver’s Housing Bubble Fueled by China’s Credit Bubble

Jul 2016 Issue

Many of us are under the impression that there is an endless supply of multi-millionaires in China who are intent on scooping up Vancouver properties at any price, often before they even hit the market. But the underlying source of the money does indeed have a limit, and we might…

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Global Markets Trying to Overcome Economic Challenges

Jun 2016 Issue

The chart below looks at the return of the stock markets from the ten largest economies in the world. It shows how far those markets have dropped from their prior high (peak level) and how long ago that peak was reached. The data shows that the US equity market has…

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The Limits of Economic Experimentation

Apr 2016 Issue

Pacifica Partners Spring 2016 Quarterly Commentary: This quarter’s newsletter gets its title from the growing global trend towards the acceptance of negative interest rates as a component of mainstream economic policy.  Negative interest rate policy (NIRP) is increasingly being seen as an act of economic desperation by the markets. Currently,…

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Taking an Inventory of Investor Worries

Jan 2016 Issue

The Pacifica Partners Winter 2016 Quarterly Commentary: Most years, financial markets tend to rally in the month of December. As the 2015 holiday season wound down, investors found that Santa had deprived them of their traditional yearend rally. Instead of a rally, investors were left showered with volatility to close…

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US Consumers Riding to the Rescue Again

Oct 2015 Issue

The Pacifica Partners Fall 2015 Quarterly Commentary: There are not many things in finance that one can find a near perfect consensus on. One that comes close to unanimity is the notion that the current regime of low interest rates globally has about run its course in being able to…

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