2011

The first rule of investing:  Prepare to be surprised
GlobeAdvisor.com, December 30, 2011

“The macro-economic bible of gloom for next year could be a report this month by Pierre Lapointe, a strategist at Montreal-based Brockhouse Cooper, and his analyst colleague, Alex Bellefleur. Amid charts and commentary analyzing global stocks, bonds, economies, central banks, currencies and trade flows, they aim their what-ifs at a single target: What could go wrong in 2012?

“We think that a deeper-than-expected financial and economic contagion from Europe has not yet been factored in for the U.S. and emerging markets,” said Mr. Lapointe and Mr. Bellefleur.


Winners in tempestuous times
Globe and Mail, December 7, 2011

“Brockhouse Cooper global macro strategist Pierre Lapointe and financial economist Alex Bellefleur recently analyzed global stocks that were best able to beat the market, both in good times and bad, over the tempestuous past few months.

“While investing in low-beta sectors is useful to diversify risk, it doesn’t help to generate outperformance. Low-beta sectors will underperform in rising markets,” they said. ”


Beware the flip-side of positive economic surprises
Globe and Mail, November 18, 2011

“The string of unexpectedly strong U.S. economic indicators this autumn has undoubtedly been a key driver in the resurgence of stocks from their early-October lows. But history shows that once economic surprises get too far above economists’ expectations, it usually means a period of underperformance is on the way for equities, researchers at brokerage house Brockhouse Cooper said. ”


Escalating risks hurt U.S. banking shares
Globe and Mail, November 1, 2011

“Experts said the exposure of U.S. banks, both to MF Global and at-risk European debt, is not onerous. However, the MF Global situation was a reminder that financial firms may have other exposures to European debt – either directly or through assets of European banks that may be in danger in the event of an outright Greek default – that investors can’t see.

“The direct exposure is pretty low. It’s not that important,” said Pierre Lapointe, global macro strategist at Brockhouse Cooper in Montreal. “What we don’t know is the indirect exposure – do they hold any paper of the European banks?”


At the bell:  Three charts to start your week
Globe & Mail, October 31, 2011

“Stock market volatility has shaken the confidence of retail investors, but it didn’t perturb the “smart money” crowd of institutional investors, according to Pierre Lapointe and Alex Bellefleur of Brockhouse Cooper. In the first half-hour of a typical trading day, impulsive stock-market players react to overnight news and economic releases. Smart-money managers, on the other hand, take their time to sift through the news and are not averse to investing later in the day, the economists write in a recent report.


Inflation may stop rate cuts from lifting P/E’s:  Chart of the Day
Bloomberg news, October 28, 2011


Do stocks have more jet fuel after rocketing in October
Financial Post, October 28, 2011

“Pierre Lapointe, a global macro strategist at Brockhouse Cooper, is also bullish on equities and despite the massive rally, thinks stocks have more room to grow.

He said the recent soft patch in the global economy was typical of a mid-cycle slowdown – a view supported for now by the latest U.S. growth figures that said the world’s biggest economy grew 2.5% in the third quarter.”


High-quality stocks — and good buys to boot
Globe and Mail, October 27, 2011

“Contrary to the rest of the world, Canadian investors do not pay a premium for quality stocks,” Mr. Lapointe and Mr. Bellefleur wrote in a research paper. “For this reason, we would conclude that Canadian quality stocks are not expensive.”


Are the Fed’s latest stimulus plans just talk?
Globe and Mail, October 26, 2011

“…Pierre Lapointe, global macro strategist at Brockhouse Cooper, believes Fed officials might simply be jawboning the possibility of quantitative easing here – that is, talking up the possibility of more monetary policy stimulus to convince people that it still has the ability to give the economy a boost. Taking action is another matter, though.”


October dark no more
National Post, October 25, 2011

“Pierre Lapointe, a strategist at Brockhouse Cooper, said so-called “smart money,” a concept that refers to the performance of an index when you remove the emotional transactions that take place at the start of the trading session, indicates long-term institutional investors have been buying the dip in markets this summer.”


Global bank stocks trade at 40-year low
Globe and Mail, October 24, 2011

“While we agree that European and American banks are not out of the woods yet, we argue that the financial sector is oversold in countries with sound banking systems,” Pierre Lapointe and Alex Bellefleur of Montreal-based Brockhouse Cooper said in a strategy note. “We believe that the financials decline in countries with sound banking systems is overdone.”


Europe has a plan — Sort of
Bloomberg Businessweek, October 20, 2011

“A system “where France effectively insures Italy’s and Spain’s debt will probably be the catalyst for France to lose its top rating,” analysts Pierre Lapointe and Alex Bellefleur at Brockhouse & Cooper…”


Brazil cuts rates.  Is China Next?
CNN Money, October 20, 2011

“Economists at Brockhouse Cooper, a brokerage firm in Montreal, pointed out in a note Thursday that there has been a direct correlation between China rate hikes and commodity prices going down this year.”


US stocks decline amid Europe Crisis
Bloomberg News, October 19, 2011

“Speculators are staying away from U.S. stocks even though the economy is rebounding and risk is easing, according to Pierre Lapointe, Brockhouse & Cooper Inc.’s global strategist. He reached that conclusion by tracking the gap between the number of E-mini S&P 500 futures that smaller investors own and the number sold short, a bet on lower stock prices.”


Time to ditch commodities?
Wall Street Journal, Weekend Investor, October 15, 2011

“While most commodities look increasingly speculative, commodity producers may be worth owning. They often trade at a discount to the underlying price of the commodity itself: At $82 a barrel, for example, oil is priced for moderate global growth, says Pierre Lapointe, a Montreal-based strategist at brokerage firm Brockhouse Cooper, while oil stocks are priced for a recession. Whether or not a recession is in the cards, he believes that makes stocks a better bet.”


China likes energy stocks.  Others should, too
Globe & Mail, October 12, 2011

“Alex Bellefleur, financial economist at Brockhouse Cooper, argued in a note to clients that energy stocks are priced for a recession, but crude oil is not – making energy stocks attractive for reasons beyond prospective deal-making.”


U.S. earnings:  A reality test for the fear-mongers
Globe & Mail, October 11, 2011

“Pierre Lapointe, global macro strategist at Brockhouse Cooper in Montreal, believes that if we’re in for any surprise this earnings season, it’s likely to be on the upside. He said that over the past three months – roughly coinciding with the period in which the stock market’s outlook took a sharp turn for the worse – 351 publicly listed companies in the U.S. lowered their earnings guidance, one of the lowest totals in the past decade.”


Pummelled emerging markets offer growing temptation
Globe & Mail, October 6, 2011

“On a price-to-earnings basis, emerging market equities are now better value than those in developed markets, according to Pierre Lapointe, global market strategist, and Alex Bellefleur, financial economist, at Brockhouse Cooper.


Provincial bonds offer opportunity
National Post, October 1, 2011

“There is an implicit understanding that the federal government will rescue any Canadian province that runs into trouble in the bond market,” Pierre Lapointe, global macro strategist with Brockhouse Cooper, said in a recent research report.”


Can Q4 get any worse?
Financial Post, September 30, 2011

“Pierre Lapointe, a macro strategist at Brockhouse Cooper, also believes that stocks could move higher during earnings season, noting the low level of profit warnings issued by corporate managers in the U.S. over the past three months heralds positive earnings surprises.”


Hunt is on for quality stocks with stable profitability
Globe & Mail, September 29, 2011

“In highly volatile and risky markets, investors are increasingly focusing on quality. Which stocks offer consistently superior returns? Which are less exposed to the unpredictable credit markets? Which are least susceptible to volatile swings in profits? Toward that end, we look at global high quality stocks with stable profits – courtesy of the Montreal-based research team at Brockhouse Cooper.”


For defensive players, dividends are in the pipelines
Globe & Mail, September 26, 2011

“Pierre Lapointe, a global macro strategist at Brockhouse Cooper, said the attraction of defensive stocks is understandable given the darkening outlook for the global economy. “We expect Europe will fall into a recession,” while the U.S. economy is stalling, he said.”


Corporate bonds look set to beat stocks
Financial Post, September 22, 2011

“At this point, Pierre Lapointe, a macro strategist at Brockhouse Cooper in Montreal said credit spreads are at mildly recessionary levels. In terms of lower-rated credit, he said U.S. high yield spreads are currently at levels seen during the 2001 recession or the early 1990s recession. Meanwhile, investment grade spreads are also at levels observed in the early 2000s recession.  “Credit risk premiums are not at levels seen during the doldrums of 2008, but they nevertheless signal clearly that credit markets are not enamoured with the state of the U.S. economy,” he said in a note this week.”


The fed needs a little help from its friends
CNN Money, September 21, 2011

“…analysts at Brockhouse Cooper, a brokerage firm in Montreal, pointed out in a report Wednesday that Australia, like many other nations, is starting to feel the pinch from a decline in commodity prices and weakening industrial production. “We wonder how long Australia can keep raising interest rates while the rest of the developed world is lowering them,” wrote the Brockhouse Cooper analysts.”


Sub-Saharan Africa’s big move up
Vancouver Sun, September 19, 2011

“…Pierre Lapointe, a macro global strategist at Brockhouse Cooper in Montreal, contends, the increased optimism and focus on Africa are more than justified. “Conventional wisdom says that Africa is not reducing poverty fast enough and that African economic growth is purely extractive, benefiting only foreigners and the corrupt elites at the top,” he says “But this view is wrong. Our belief is that Africa might be the world’s next explosive growth.”


Canada’s own Spain and Portugal
Globe & Mail, September 19, 2011

“If Ontario and Quebec were independent countries, their debt burdens would consist of their own current debts as well as their shares of the federal debt. According to Brockhouse Cooper economists Pierre Lapointe and Alex Bellefleur, both provinces would be more indebted than Spain and just slightly less indebted than Portugal, two of the problem children in the European Union.”


Euro bond proposal threatens alliance
Business News Network, September 15, 2011

“The joint-and-several guarantee, coupled with robust fiscal rules, would make euro bonds more or less similar to the bonds issued by the most creditworthy entities within Europe,” Brockhouse Cooper, a boutique brokerage and consulting firm in Montreal, said in a note on Tuesday.”


Is default the next Greek tragedy
CNN Money, September 12, 2011

“There is no way you can have a sovereign nation default and have it not impact confidence in the financial system,” said Bellefleur. “A country going broke is obviously a pretty serious thing.”


Do juicy dividends have room to grow?  Follow the cash
Globe & Mail, September 2, 2011

“High dividend yields are indeed looking attractive at the moment, especially when considering the current low interest rate environment,” said Brockhouse Cooper global macro strategist Pierre Lapointe and financial economist Alex Bellefleur in a report this week. “But how sustainable are they?” they asked. “High dividend yields are not meaningful if they are not going to be sustained.”


High-yield debt’s fall looking overdone
National Post, August 23, 2011

“Pierre Lapointe, a global macro strategist at Brockhouse Cooper, said widening spreads from the credit markets are consistent with markets who fear slower growth, but given that investment-grade corporate bond yields have actually fallen as yields in the high yield segment have risen, he doesn’t believe wider spreads are consistent with expectations of recession.”


Earnings have never been harder to predict
Globe & Mail, August 12, 2011

“Strategist Pierre Lapointe and financial economist Alex Bellefleur of Brockhouse Cooper say the statistical links between actual earnings and both past earnings and analysts’ estimates are weaker than they have been in more than a decade. They believe the lack of predictability contributes to the elevated risk premiums being built into equity markets – which help keep valuations at historically low levels.”


Salvation in corporate earnings
Financial Post, August 6, 2011

“Having deleveraged substantially and improved cash positions, the corporate sector also still has room to improve on profit margins, even with dramatic increases over the past two years, said Pierre Lapointe, a macro strategist at Brockhouse Cooper in Montreal.”


These stocks refuse to follow the crowd
Globe and Mail, July 28, 2011

Mr. Lapointe and Mr. Bellefleur believe the high correlations relate to the “risk” trade that has dominated global financial markets in recent months.”


The allure of the consistent share buyback
Globe and Mail, July 26, 2011

While it’s hard to argue with the value to any stock of a dividend increase – you’re putting more money directly in the hands of shareholders, increasing their total returns – the question of buybacks is a more complicated one, said Brockhouse Cooper strategist Pierre Lapointe and financial economist Alex Bellefleur.”


Balancing risk in today’s investing environment
Globe and Mail, July 18, 2011

“The investment world is once again proving to be a complicated, messy, risky place for investors’ money. Other than under your mattress, is there anywhere safe – let alone profitable – to put your hard-earned dollars? In this month’s Virtual Water Cooler, Globe reporter David Parkinson chats via e-mail with a group of experts to consider the possibilities.”


Why are market bears so sleepy?
CNN Money, July 18, 2011

“According to research from Brockhouse Cooper, a Montreal-based brokerage firm, short interest on the New York Stock Exchange is just 3.4% of overall shares. That’s about where this level was in December 2007. And it’s off sharply from the peak of 4.9% during the height of the 2008-2009 bear market panic.”


Emerging-Market View Favours Stocks Over Bonds: Chart of the Day
-Bloomberg, July 15, 2011

“Emerging-market stocks are more appealing than the debt of developing countries after their struggle to advance this year, according to Pierre Lapointe, Brockhouse & Cooper Inc.’s global strategist.”


Rollover? Haircut? Greece faces ugly choices
Globe and Mail, July 12, 2011

“There’s no magic trick to solving sovereign insolvency. At the end of the day, it always comes down to haircuts,” said Alex Bellefleur, financial economist at Brockhouse Cooper in Montreal.”


Fears trigger equities exodus
Financial Post, July 12, 2011

“Greece, Ireland and Portugal, you can make the case that it’s a containable problem,” said Alex Bellefleur, a financial economist at Brockhouse Cooper. “The Italian economy is very large, the Italian debt market is enormous and it’s probably too big to bail out.”


Best Currency Forecasters Say Dollar Slump Coming to an End
Bloomberg, July 11, 2011

“Earnings growth is rebounding in the U.S., albeit at a slower pace. Companies in the Standard & Poor’s 500 Index are poised to boost income by 19 percent in 2011, including a 13 percent advance in the second quarter, according to analyst estimates compiled by Bloomberg. The gain will push profits back in line with their average increase of 6.9 percent over the last 51 years, data compiled by Brockhouse & Cooper Inc. and Bloomberg show.”


Profits Climb to 51-Year Mean as S&P 500 P/E at Crisis Level
Bloomberg Businessweek, July 11, 2011

“The last time S&P 500 profits exceeded their trend level, during the four years ended October 2008, the difference between earnings and the trend averaged 14.5 percent, according to Brockhouse. Should they overshoot by a similar margin this time, earnings may reach $126.80 a share by 2013, Brockhouse estimated. Analysts project $124.52 for that year, Bloomberg data show.”


US stocks a bargain as profits keep chugging
Financial Post, July 11, 2011

“Companies in the S&P 500 are poised to boost net income by 19% in 2011, including a 13% gain in the second quarter, according to analyst estimates compiled by Bloomberg. The gain will push profits back in line with their average increase of 6.9% over the last 51 years, data compiled by Brockhouse & Cooper Inc. and Bloomberg show. At the same time, the index is trading for 13.5 times projected 2011 earnings, 7.8% less than the average since the start of 2006.”


CEOs maintain their bullish outlook
Globe and Mail, July 11, 2011

“As economic recoveries go, the one under way in the United States has certainly been rocky. And yet, equities have more or less doubled in value over the past two years in most countries, say Pierre Lapointe and Alex Bellefleur of Brockhouse Cooper.”


Eurozone members face tough choice
Pretoria News, July 3, 2011

“Strategists at Brockhouse & Cooper, a Montreal-based brokerage, say funding Greece, Ireland and Portugal will amount to about 2 percent of the GDP in France and Germany this year, roughly the same as their growth rates”.


Tale of Two Visions for Euro Boils Beneath Fight to Fix Greek Debt Crisis
Bloomberg, June 29, 2011

“Strategists at Brockhouse & Cooper Inc., a Montreal-based brokerage, say funding Greece, Ireland and Portugal will amount to about 2 percent of the gross domestic product in France and Germany in 2011, roughly the same as their growth rates.”


The naked truth about the market outlook
Globe and Mail, June 24, 2011

“As the folks at Brockhouse Cooper explain, stock market returns depend on four factors. The first is the pace at which corporate sales expand. The second is the slice of those sales that wind up as profit. The third is the price that investors are willing to pay for a share of those profits. And the final element is dividends.”


The humble Greek (and Argentine) depositor
-ft.com/alphaville, June 17, 2011


Why not to invest in China: Let’s count the reasons
Globe and Mail, June 16, 2011

“To my mind, the only question is when the Chinese economy will start to decisively slow down. Brockhouse Cooper, the Montreal investing firm, noted in a recent report that high electricity demand in China indicates the country’s economy is still red hot.”


Markets leap as economic data brighten
Globe and Mail, June 14, 2011

“The fact that data surprises are worse than last year, while business conditions remain generally similar to last year, suggests that this is a case of expectations getting ahead of themselves more than a complete data meltdown,” wrote Pierre Lapointe and Alex Bellefleur of Brockhouse Cooper in Montreal in a report this week.”


QE3? Don’t bet on it just yet
CNNMoney, June 13, 2011

“One month does not make a trend and more instances of sub-100,000 job creation would be needed to conclude that QE3 would be warranted,” wrote Pierre Lapointe, global macro strategist with Brockhouse Cooper, a brokerage in Montreal, in a report Monday.”


Emerging markets offer best shot at decent stock values
Globe and Mail, June 13, 2011

“A recent assessment of stocks offering good value – based on a set of stringent criteria – by analysts Pierre Lapointe and Alex Bellefleur Brockhouse Cooper’s came up with 34 companies, most of which are based in emerging countries.”


Three charts to start your week
Globe and Mail, June 2, 2011

“Pierre Laporte and Alex Bellefleur of Brockhouse Cooper aren’t convinced that China is slowing. They contend that a current electricity shortage in the Middle Kingdom is a strong indicator that its economy is still firing on all cylinders.”


Markets slide on fears of growing economic weakness
Globe and Mail, June 2, 2011

“Pierre Lapointe, global macro strategist at Brockhouse Cooper, a Montreal-based boutique investment firm, says that based on the recent statistics “a lot of investors are worried that we’ll have very lacklustre economic growth” for the rest of the year.”


Modest growth seen beyond solid quarter
Financial Post, May 30, 2011

“In order to control prices and avoid wild swings in the economy, we are of the opinion that the Bank of Canada should be more aggressive in the normalization of its monetary policy than what the market expects,” Pierre Lapointe, a global macro strategist at Brockhouse Cooper, said in a note to clients.”


Why stock recommendations are like a two-star movie
Globe and Mail, May 20, 2011

“Research from Brockhouse Cooper global macro strategist Pierre Lapointe and financial economist Alex Bellefleur found that Canada’s analysts are among the most bullish in the world with their stock recommendations.”


End of QE2 roundup: What Wall Street Thinks Will and Will Not Move
The Wall Street Journal, May 19, 2011


Is lower oil good for energy stocks? (watch the video)
Globe and Mail, May 13, 2011


The case for plowing funds into agribusinesses
Globe and Mail, May 13, 2011

“Agriculture also has believers at Brockhouse Cooper, the Montreal-based boutique institutional brokerage firm. It issued a call on Tuesday to buy fertilizer stocks, arguing that prices have come down to a favourable point because of the correction in commodity markets.”


And the money kept rolling in…
Financial Times, May 12, 2011


The market worm is turning today. Here’s why
Financial Post, May 6, 2011


NDP menace evaporates under scrutiny
Montreal Gazette, April 29, 2011

“Analysts Pierre Lapointe and Alex Bellefleur at Brockhouse Cooper went through the NDP platform looking for things to worry about. They found a few, but concluded that the party’s policies seem mixed at worst.”


Three charts to start your week
Globe and Mail, April 18, 2011

“China’s appetite for global commodities continues apace, as shown by recent trade numbers reflecting China’s manufacturing activity.”


Attractive EM valuations a shield against higher U.S. rates
Financial Post, April 15, 2011

“Fast-rising U.S. interest rates were a heavy burden for emerging market stocks in 1994 and many investors are anticipating a similar fate when the U.S Federal Reserve moves to tighten its monetary policy in the months ahead. But Pierre Lapointe, a macro global strategist at Brockhouse Cooper, isn’t buying the parallel because EM valuations are much more attractive now than they were 17 years ago.”


Small cap glory days are over
Globe & Mail, April 13, 2011

“Small cap stocks in the United States and elsewhere have enjoyed an impressive run ever since the economic recovery kicked in, outperforming their large-cap brethren by a wide margin. But with the recovery shifting to economic expansion, is there more room for outperformance? Pierre Lapointe and Alex Bellefleur at Brockhouse Cooper think not.”


Party isn’t over for upside earnings surprises
Globe & Mail, April 8, 2011

“Mr. Lapointe and Mr. Bellefleur noted that analysts’ 12-month forward earnings estimates for the MSCI World stock index – a global benchmark – have risen by 0.8 per cent over the past three months. It continues a trend of steadily rising expectations that has been in place ever since the recession ended. This is contrary to the broad historical trend; indeed, the overall average over the past 25 years shows that more often than not, analysts opt for downward revisions on a quarterly basis.”


Q1 earnings season looks promising
Financial Post, April 7, 2011

“All signs point to a positive earnings season ahead, an outlook that bodes well for equity markets”, according to Pierre Lapointe.


Bank Stress Tests May Be Too Lenient in Europe
Bloomberg, April 6, 2011

“Stress tests into whether European banks can withstand 20 percent losses on sovereign debt holdings may be too easy and lull investors into a false sense of security, according to Brockhouse & Cooper Inc. strategists.”


Japanese equities cheapest in years
Financial Post, April 4, 2011

“We are now at the point of maximum pessimism on Japan, and this is reflected in valuations that are at multi-year lows.”


U.S. hiring points to increase in confidence
Globe & Mail, April 1, 2011

“Pierre Lapointe, global macro strategist at Brockhouse Cooper in Montreal, reminded clients in a note that it will take monthly job creation of 250,000 to make a serious dent in the unemployment rate, which remains well above the Fed’s preferred level of about 5.5 per cent.”


Are risks starting to outweigh rewards?
Financial Post, April 1, 2011

“Pierre Lapointe, a macro global stratagist at Brockhouse Cooper doesn’t think equity markets can make up the additional ground needed to fully recoup their financial crisis-related losses this quarter. But he does believe they can keep moving in the right direction.”


Corporate profit margins still well below pre-crisis peak
– Montreal Gazette, March 30, 2011

“There is more upside for profit margin expansion in Canada than in the U.S.,” said Pierre Lapointe, global macro strategist at Brockhouse Cooper in Montreal.”


Election won’t change attractiveness of Canadian stocks, experts say
Montreal Gazette, March 26, 2011

“Canadian stocks do not exhibit clear pre- and post-election patterns” that would enable one to predict either gains or losses, say analysts Pierre Lapointe and Alex Bellefleur at Brockhouse Cooper, a Montreal brokerage and consulting firm.”


For TSX, it doesn’t matter who wins Canadian elections
Globe & Mail, March 25, 2011

“Canadian politics simply don’t matter that much for the country’s stocks. We are not worried by the successive minority governments and elections the country has experienced in recent years.”


Rate hikes less likely during elections
Financial Post, March 23, 2011

“If an election is called for May or June, said Pierre Lapointe, a global macro strategist at Brockhouse Cooper in Montreal, it could be late summer before the new government takes office and tables its budget.”


Taking stock of a looming slump in China
Globe & Mail, March 22, 2011

“Specifically, we are concerned by the country’s property and credit markets at a time when monetary authorities are tightening aggressively,” wrote Pierre Lapointe and Alex Bellefleur of Brockhouse Cooper in a recent report. “Moreover, we question the future of China’s real estate values, at a time when significant supply is hitting the market, banks are less willing to lend and monetary tightening is ongoing.”


End of QE2 no problem for equities
Financial Post, March 22, 2011

“The end of QE2 south of the border will be bad for bonds no doubt, but equity markets should be just fine, says Pierre Lapointe, a macro strategist at Brockhouse Cooper.”


Smart money recognizing pullback as opportunty
Financial Post, March 21, 2011

“Retail investors are often a contrarian indicator when market uncertainty increases. For this reason, we would side with institutional investors, which now see a continuation of the market rally, Pierre Lapointe, a global macro strategist at Brockhouse Cooper in Montreal said in a note to clients.”


Stocks can rise despite peaking profit margins
Financial Post, March 18, 2011

“Peaking profit margins do not mean P/E ratios will necessarily drop, says a new report from Brockhouse Cooper.”


Fear, fall, rebound
Financial Post, March 15, 2011

“Pierre Lapointe, a macro global strategist at Brockhouse Cooper still believes Japan’s economy can overcome its dire circumstances and that globally, economies will also be spared its ravages. But he also recognizes…”


Stock markets have a history of withstanding calamities
Globe & Mail, March 15, 2011

“If the Bank of Japan reacts forcefully to the disaster, implementing a round of asset purchases similar to the Federal Reserve’s quantitative easing program, inflation could rise, helping Japanese companies boost revenue once again, said Pierre Lapointe, global macro strategist at Brockhouse & Cooper Inc.”


Are investors underestimating Japan’s impact on markets?
Financial Post, March 14, 2011

“Pierre Lapointe, a strategist at Brockhouse Cooper says limited losses on equity markets outside Japan likely reflects the Bank of Japan’s monetary actions and a belief that the economy can rebound from the disaster fairly quickly.”


Climate change means agriculture exposure a good bet
Financial Post, March 14, 2011

“Pierre Lapointe, global macro strategist for Brockhouse Cooper, said that one commodity segment that will continue to spike in the face of volatility over the next few years is agriculture. And it’s not just a burgeoning global population that is putting supply pressures on agriculture. Mr. Lapointe points out…”


How to Play the Emerging Markets
– Despite the gloomy headlines, opportunities are cropping up in unexpected places
Wall Street Journal, March 12, 2011

“The increase in political turmoil is making investors look more at the idiosyncratic risks of each emerging market,” says Alex Bellefleur, a financial economist at investment bank Brockhouse & Cooper Inc. in Montreal.”


Sub-Saharan Africa’s big move up
Financial Post, March 12, 2011

“As Pierre Lapointe, a macro global strategist at Brockhouse Cooper in Montreal, contends, the increased optimism and focus on Africa is more than justified.”


Inflation genie could spook emerging markets
Financial Post, March 8, 2011

“Pierre Lapointe, global macro strategist at brokerage Brockhouse Cooper, said some of Beijing’s decisions proved successful in terms of curbing housing price increases, to 6% from 12%.”


Live from New York! It’s jobs Friday!
Wall Street Journal, March 4, 2011


Capitulating bears push short sales to lowest in three years
Bloomberg, February 28, 2011

“If the equity rally continues, we expect the positive impact of short covering to be the same,” said Pierre Lapointe, a strategist with Brockhouse & Cooper Inc. in Montreal.”


Turmoil exposure: These companies have it
Globe & Mail, February 24, 2011

“Pierre Lapointe and Alex Bellefleur at Brockhouse Cooper, ran a screen to find the companies within the S&P Global 1200 with the greatest revenue exposure to the region, where energy companies could see their operations disrupted and others could find that consumers have retrenched.”


Chart of the day
Bloomberg, February 17, 2011

“U.S. stocks are set up for a fall now that the Standard & Poor’s 500 Index has almost doubled in less than two years, according to Pierre Lapointe, a global strategist at Brockhouse & Cooper Inc.”


Did I miss the rally?
Financial Post, February 11, 2011

“Pierre Lapointe, a macro strategist at Brockhouse Cooper in Montreal says investors can be comfortable with forward P/Es at or below 15x given that the recovery is only just working up a head of steam. Based on his research, that has been the average multiple for global stocks 30 months following the end of recession, a watermark to be reached this time around in December.”


Investors, look to Africa
Globe & Mail, February 10, 2011

“Most emerging market growth stories are well known, and foreign investors have bought into them extensively,” said Pierre Lapointe, global macro strategist at Brockhouse Copper, in a note. ” Investors know these stories so well that in some markets, they have pushed equity valuations to levels that are sometimes hard to justify.”


Bigger might be better for equity returns
Financial Post, February 7, 2011

“Pierre Lapointe, a global macro strategist at Brockhouse Cooper, says relative outperformance of small caps in the first stages of recovery is a normal pattern in post-recession times.”


China’s manufacturing hits the sweet spot
Globe & Mail, February 1, 2011

“Alex Bellefleur, financial economist at Brockhouse Cooper puts it this way: “China’s PMI numbers are now in a sweet spot, except for the input prices sub-index, which at 69.3 is still too high for policy makers’ tastes. Overall, this is consistent with our view that China has now moved from recovery to expansion.”


Inflation worries hit factories
Edmonton Journal, February 1, 2011

“Alex Bellefleur, economist at Brockhouse Cooper brokerage in Montreal, said in the short-term inflation is not a worry, despite the survey results. Advanced economies are still riddled with excess capacity, through unemployment or idle factories, he argued, which will make it difficult for companies to pass on price increases as competition can jump in relatively quickly.”


Is Gold’s Golden Era Over?
Wall Street Journal, January 29, 2011

“For gold to rise there needs to be demand for a safe haven, a weak U.S. dollar and inflation fears,” says Pierre Lapointe, a strategist at brokerage firm Brockhouse Cooper. “We don’t see any of these in 2011.”


Divergence Watch!: Yellow flags on Dr. Copper?
Wall Street Journal, January 27, 2011

“The price has continued to surge through 2010, rising some 32%, thanks largely to the surge set off by Ben Bernanke’s restart of quantitative easing in the fall. Still since start of the year, copper is down about 3%. And the eagle eye Pierre LaPointe of Montreal-based brokerage Brockhouse Cooper spotlights a divergence in the copper charts that gives him pause.”


Is copper overvalued?
Financial Post, January 27, 2011


Lower correlations positive for stock picking
Financial Post, January 26, 2011

“A solid investment strategy process will still focus on the usual macro factors (asset allocation, country selection and sector rotation), said Pierre Lapointe, a macro strategist at Brockhouse Cooper. “But lower correlations mark the return of skillful stock picking as a legitimate part of the process.”


Gold off its perch?
Financial Post, January 24, 2011

“Investment demand for gold makes up a whopping 32.7% of overall demand, according to Brockhouse Cooper strategist Pierre Lapointe. If that demand dries up, he warned that prices could “retreat sharply.”


If everything’s coming up roses, why the spike in insider selling?
Globe & Mail, January 21, 2011

“When U.S. companies publicly disclose guidance to investors regarding their earnings expectations in advance of formally releasing their results (so-called “pre-announcements”), it’s typical that many more ratchet back their earnings estimates than increase them from earlier projections – the historical ratio of negative to positive announcements is roughly 2-to-1. But over the past three months, noted strategist Pierre Lapointe and economist Alex Bellefleur of Brockhouse Cooper, negative guidance announcements have faded to their lowest level in 10 years of collecting the data. Positive pre-announcements actually outnumber the negatives.”


Oil is the new gold
Financial Post, January 21, 2011

‘Similarly, Pierre Lapointe, a macro strategist at Brockhouse Cooper says oil at US$100 would likely result in OPEC expanding supply in the short term, in order to avoid a repeat of 2008, where inordinately high oil prices exacerbated the recession.”


Insider selling not a signal that stocks are overvalued
Financial Post, January 19, 2011


Food inflation strikes restaurants
Financial Post, January 17, 2011


Is it worthwhile for your company to provide financial guidance
Business Insider, January 10, 2011


Earnings season starts with a bang
Globe & Mail, January 10, 2011


More of the same in 2011, says Brockhouse Cooper
Financial Post, January 10, 2011


Rally in food prices still has room to run
Globe & Mail, January 7, 2011


U.S. job gains disappoint
Edmonton Journal, January 7, 2011


A Tale of two U.S. reports: Who’s right?
Globe & Mail, January 7, 2011


Food prices have room to rise further
Financial Post, January 6, 2011


Where the markets are headed: CNNMoney survey of investment strategists
CNNMoney, January 6, 2011


Stocks stealing gold’s thunder
Financial Post, January 4, 2011