Martin Lefebvre, Chief Investment Officer & Strategist at National Bank Investments joined us for a chat to discuss the tug of war that is going on between the bulls and bears.

Our conversation begins with Martin Lefebvre’s background as an economist, a portfolio manager and his rise to the CIO position at National Bank Investments. From there, we quickly segué into what’s been going on in markets, sentiment, and his office’s perspective on how investors should think about positioning their asset allocations for the period ahead. We also discuss in detail his team’s process and the factors and data they track and use on an ongoing basis to inform their asset allocation models, as well as the inclusion of alternative investments.

2022 has been a rocky and volatile year, so far, marked by what appears to be a change in economic and market regime, triggered by inflation volatility (supply chain disruptions and a tight labour market) and rising rates (central bank tightening), war in Ukraine, and energy crisis and economic upheaval in Europe. Broadly speaking, both stock and bond prices have seen sharp declines and while investors have suffered, they nonetheless have also bifurcated into two camps. Those who feel the Fed may begin to turn dovish sooner rather than later (hope), as a result of softening economic conditions, and those who believe we are in for a longer stretch where monetary tightening is concerned (fear).

Which camp is more likely correct? Join us for this conversation – please enjoy.