September 2015 Commentary

The good news is that it's Q4, a quarter that has generated profits for investors ~13% of the time (see graph on page 3); the bad news, the discombobulated feeling investors were left with last week, given the stark contrast between lousy U.S. jobs data and the 10-year high in auto sales. However, since last month's market commentary, based on my take that the fear over China's economy is overblown, I've formed the view that non-resource equity markets will move higher into year end. But first, let's talk about September and the third quarter...

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