Artis Real Estate Investment Pref Shs Series E T.AX.UN

Doesn't have to be all doom

[DZtrader]

Was just enjoying a scrumptious breakfast here in the Philippines when I was interrupted by the usual poster (or two, but same) distractions. While I believe that we will be under pressure with rates it doesn't have to be all doom and gloom. We still have some tail winds that can help. Big business has been holding off spending pending election clarity. I expect Capex to gain some momo here. While the bond market has flashed its hand of late I do expect Powell to continue cutting in the near term. The premise of tax cuts and deregulation will add to this. On top of this we are heading into stronger seasonality in particular after election. I can only hope Trumps bark is worse than his bite as has been his tendency of past, time will tell.

I have maintained we can live with rates where we are (reit wise) it will just take time to adjust. Canada will continue with oversized cuts which at some point has to offset the U.S. tempered outlook. I don't feel quite as good as I once did but will continue to hold for now and keep a very vigil watch. I really hate it when I don't know whether to sell or buy and thats where I find myself right here, doesn't happen often. To make matters worse massive time change has me reviewing AFTER market close. Just can't put in blind buy nor sell orders. Good luck boys.

Stay good,

DZ

[jmkOttawa]

Thanks for your thoughtful comments DZ. Enjoy your time in the Philippines.