As the Canadian economy begins to recover and reopen, Portfolio Manager and Director of Research Joe Overdevest shares his insights on key trends investors should be focused on with host Emily Anonuevo. Among other responsibilities, Joe co-manages Fidelity Global Natural Resources Fund alongside Darren Lekkerkerker. Joe centres this discussion on what he believes are the three main investment themes in the Canadian economy: earnings, commodities, and monetary and fiscal policy. The first theme is earnings. Joe notes that many stocks have moved up, but in the next year or so, we are going to determine where earnings didn’t go up as much as the market thought. Secondly, he believes as the Canadian economy opens, there’ll be more demand for commodities, which is positive for the Canadian market. Thirdly, there’s been a considerable amount of fiscal and monetary policy injected into the system; however, these policies are being lessened or taken away. Additionally, Joe shares what his role entails as Director of Research, which includes managing a team of research analysts. Joe also comments on the value of advice, and how ignoring the noise and headlines while staying focused on the long-term can be a wise approach.
Recorded on June 29, 2021.
Transcript available (PDF): https://mcdn.podbean.com/mf/web/9bquci/Overdevest_June29_Transcript.pdf