Leaves are changing colour. Morning temperatures can best be described as 'brisk'. Bins of pumpkins are appearing at grocery stores. Fall has arrived. Thanksgiving and Halloween are just weeks away! The Vancouver International Film Festival is well underway. Writers Fest is around the corner and the Vancouver Symphony Orchestra continues to strum along with weekly events. There will be no shortage of things to do this October.
"I'm so glad I live in a world where there are Octobers."
- L.M. Montgomery, Anne of Green Gables
September had no shortage of highlights and lowlights. Hurricane Dorian wreaked havoc along Atlantic coast as fires raged in the Amazon. Brexit continued it's spluttering finale while America and China do not seem any closer to reaching a deal. Vancouver saw the largest protest since the Walk for Peace of 1984 as an estimated 100,000 people joined the Global Climate Strike this past Friday. South of the border, the Democrats have started impeachment investigations that may well shape the outcome of the 2020 US election.
As we enter the fourth quarter, we continue to closely monitor global economic growth. Manufacturing, employment and consumer data are suggesting that more rate cuts may be yet to come at home and abroad as central banks move to spur the economy. We anticipate that a slowdown might be reflected in the next set of corporate earnings and we are watching to see how trade and tariffs continue to impact the markets. We remain vigilant on your behalf so you can focus on the things most important to you.
Looking out for the Future - Charitable Giving Strategies
The last few months of the year are typically filled with a sense of giving. We give thanks in October, remember in November and celebrate in December. With so many worthy causes all around us to support, it can be helpful to have a strategy for the most efficient way to support the charities you care about.
We've pulled together some resources on our website and encourage you to have a look. When it comes to your donations, there can be a number of tax benefits to consider especially if you have significant taxable income. We encourage everyone to consider their philanthropic plan as we work towards better and brighter future.
In the Shopping Cart: Bring it to Boyd
On the road of life, dings and dents are inevitable. The same can be said for the roads traversed by our vehicles, especially in the depths of a Canadian winter. An interesting company that we've owned for a long time is Boyd. Popularly known for their catchy jingle, they are the largest collision repair facility operator in Canada. Boyd has enough size for stability while retaining the personal feel of a local business. They also operate in fourteen U.S. states with affiliated service providers coast to coast. With a storied 25 years in the industry and have proven themselves to be resilient through the full spectrum of economic conditions. With strong cash flow and a healthy balance sheet, we anticipate that Boyd will continue to be an active acquirer of neighbourhood shops. Management has communicated a clear growth strategy which should continue to improve their market share in this $30+ billion dollar industry. Through consolidation with scale, Boyd can improve the efficiency of these businesses.
We welcomed the news of their imminent change from income trust to traditional corporate structure as this will open them up to better research coverage and institutional investment. We remain buyers, catchy jingle and all.
Reminder: We've Moved!
As a reminder, our office has moved a few blocks down the road to Guinness Tower. If you're dropping by, please check in to our new reception area on the 22nd floor.
You can now find us at our new address:
1055 West Hastings Street
With Thanksgiving just around the corner, pumpkin spice is finding its way into baked goods and beverages across the country. A classic end to the meal is of course pumpkin pie. Many of us will buy a pie from our local bakery or grocery store but if you're feeling up to the challenge it can be fun to bake your own. Melissa Clark from the New York Times food column posted a video a few years ago about her recommendations when it comes to her choice of pumpkins and her favorite pie recipe. Some food for thought!
Chernick & Associates Wealth Management Group
Richardson GMP Limited
Suite 2200 - 1055 West Hastings Street
Vancouver, BC V6E 2E9
Toll Free: 1.866.640.0400