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Staying invested

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Jean-François Bélanger, Michael Sager and Giuseppe Pietrantonio Nov. 15, 2023 10-minute read

Summary

Equity markets have been the cornerstone of financial wealth creation for many decades. We expect them to retain this position for the foreseeable future.
Equity market volatility can be elevated in short-term periods. This feature often encourages investors to try and time their participation in equity markets.
Market timing is difficult to do well. Investors are generally better served by establishing a long-term plan specific to their investment goals.
Patient, well-diversified investors have a greater probability of achieving their long-term investment goals.

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Written by

Jean-François Bélanger, MBA
Senior Associate, Indigenous Markets, CIBC Asset Management

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Michael Sager, Ph.D.

Managing Director and CIO,
Multi-Asset & Currency Management
CIBC Asset Management

Giuseppe Pietrantonio, CFA
Directeur et vice-président, Solutions, Multiclasse d’actifs et gestion des devises
Gestion d’actifs CIBC

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The views expressed in this document are the views of CIBC Asset Management Inc. and are subject to change at any time. CIBC Asset Management Inc. does not undertake any obligation or responsibility to update such opinions. This document is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this document should consult with his or her advisor. All opinions and estimates expressed in this document are as of the date of publication unless otherwise indicated, and are subject to change.

Data Source & Proxies:
Proxy indices for these asset classes are: FTSE Canada 91 Day T-Bills Index for cash; FTSE Bond Universe Index for Canadian bonds since inception (1990), prior to 1990, All Government Canadian Bonds with 10yr + maturity; Barclay’s Global Aggregate Bond Index for global bonds since inception (1990). 1986 to 1990 JP Morgan Global Government Bond Ex Canada, 1960 to 1985 U.S. Intermediate Government (%Total Return) in Canadian Dollars, 1950 to 1960 U.S. Intermediate Government (%Total Return) - Currency Prorated; Bank of America Merrill Lynch BB-B US Cash Pay High Yield Index (CAD) for U.S. high-yield bonds since Sep 1988, Merrill Lynch U.S. High-yield Master II Index (1986 to September 1988). Prior to 1986, U.S. high-yield asset class returns were approximated with a 20/80 blend of the S&P 500 Index with either U.S. government bonds (1950 to 1975) or the Barclays Global Aggregate Debt Index (1975 to 1986). S&P/TSX Composite Index for Canadian Stock returns since inception (1956), prior to 1956 data was from the Montreal Exchange and Toronto Stock Exchange Market Review (1950 to 1955); MSCI World Index for Global Stocks since inception (1982), 1950-1982 Global Financial Data C$ World. “Bloomberg®” is a service mark of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices(collectively, “Bloomberg”) and have been licensed for use for certain purposes by CIBC Asset Management Inc.

Bloomberg is not affiliated with CIBC Asset Management Inc. ,and Bloomberg does not approve, endorse, review, or recommend any CIBC Asset Management Inc. products. CIBC Asset Management and the CIBC logo are trademarks of CIBC, used under license.

The material and/or its contents may not be reproduced without the express written consent of CIBC Asset Management Inc. All information in this document is as of July 2022 unless otherwise indicated and is subject to change.