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As we enter the heart of the summer season, we expect
equity markets to drift due to vacations, lack of interest and normal
seasonality. We have noted a number of times that this seasonality often
presents excellent buying and selling opportunities. Presently with the
growing investor infatuation with income trusts and in particular, with the
recent Yellow Pages financing, there appears to be more interest in chasing
yield and less inclination to undertake serious investigative analysis to hunt
for undervalued stocks. As contrarians, we believe that these
circumstances will provide for excellent, selective buying opportunities for the
patient and persevering investor. |
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