The Szeto Report - May 5, 2023

Cinco de Mayo, 2023

We are Proud to be “Harbourfront”

Harbourfront has been named as one of the top Wealth Management firms in Canada (only eight firms earned this accolade out of thousands) by Wealth Professional Magazine.

Cinco de Mayo

Today, Mexicans, from all over the world, celebrate their historic victory over invading French forces in 1868. Happy Cinco de Mayo!

Reaching out?

We enjoyed connecting recently to share the nice start we’ve seen in portfolios in 2023. For those that we’ve missed, we will continue with our calls this week. The patience of staying invested has proved, once more, to be the best strategy. When you buy into the very best companies or invest with the very best managers, it makes it easier to make money longer term.?

Video Meetings - let’s give it a try?

We’ve had lots of success connecting this way. Being able to see each other makes it so much better.?Let us know if you’d be interested in trying this out versus finding parking and driving to our offices?

Markets this week?

Global markets continue to digest the U.S. regional banking issues as each passing week, there seems to be another that is under stress. We have seen opportunistic buying of these distressed regionals from bigger, more solvent banks. There eventually will be an end to this and when that time comes, there will be an opportunity. The US Regional?Banking Index, for those that are patient and can take volatility, looks to be good value at the moment. A more conservative approach would be to look at global banks, especially in Canada, as these have been coming down, in sympathy with the industry and not as a result of its own poor management.?

Apple saves the week. Apple reported a strong quarter last night, and its leadership and performance gives confidence to the rest of the market, ending this choppy week with a nice rally.?

Have a great weekend,

Peter, Jason, Don, Adam, Byron, Marie, and Jennie

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“I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone and may not reflect the views of Harbourfront Wealth Management. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by Harbourfront Wealth Management Inc.”?

Disclaimer – This information transmitted is intended to provide general guidance on matters of interest for the personal use of the reader who accepts full responsibility for its use and is not to be considered a definitive analysis of the law and factual situation of any particular individual or entity. As such, it should not be used as a substitute for consultation with a professional accounting, tax, legal or other professional advisor. Laws and regulations are continually changing, and their application and impact can vary widely based on the specific facts involved and will vary based on the particular situation of an individual or entity. Prior to making any decision or taking any action, you should consult with a professional advisor. The information is provided with the understanding that Harbourfront Wealth Management is not herein engaged in rendering legal, accounting, tax or other professional advice. While we have made every attempt to ensure the information contained in this document is reliable, Harbourfront Wealth Management is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided "as is," with no guarantee of completeness, accuracy, timeliness or as to the outcome to be obtained from the use of this information, and is without warranty of any kind, express or implied. The opinions expressed herein do not necessarily reflect those of Harbourfront Wealth Management Inc. The particulars contained herein were obtained from sources we believe to be reliable but are not guaranteed by us and may be incomplete. The opinions expressed are not to be construed as a solicitation or offer to buy or sell any securities mentioned herein. Harbourfront or any of its connected or related parties may act as financial advisor or fiscal agent for certain companies mentioned herein and may receive remuneration for its services. The comments and information pertaining to any investment products (The Portfolios) sponsored by Willoughby Asset Management are not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units of The Portfolios is made pursuant to the Offering Memorandum or Simplified Prospectus and only to investors in Canadian jurisdictions. Important information about The Portfolios is contained in the Offering Memorandum or Simplified Prospectus available through Willoughby Asset Management. Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with investments in The Portfolios. Investments in The Portfolios are not guaranteed, their values change frequently, and past performance may not be repeated. Historical annual compounded total returns including changes in unit value and reinvestment of all distributions do not take into account sales, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Unit values and investment returns will fluctuate and there is no assurance that The Portfolios can maintain a specific net asset value. Harbourfront Wealth Management Inc. (“Harbourfront”) has relationships with related and /or connected issuers, which may include the securities or funds discussed in this commentary and are disclosed in our Statement of Policies Regarding Related and Connected Issuers. This policy is included in your new client package, on our website, or can be obtained from your investment advisor on request.