Martin Pelletier
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People wear face masks to protect them from the novel coronavirus (COVID-19) in Toronto, Ontario, Canada on March 23, 2020. The city of Toronto and the province of Ontario have declared a state of emergency as cases of COVID-19 continue to rise. As of tomorrow all non-essential businesses and services will be forced to close or face stiff penalties. This comes after several reports of Canadians across the country not heeding the advice of officials and following social distancing (physical distancing) to slow the spread of the virus. (Photo by Creative Touch Imaging Ltd./NurPhoto via Getty Images)
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a tall building in a city: While there is plenty of disclosure on the depth of the situation in U.S. private-debt markets, surprisingly we’ve heard little of this in Canada despite our shadow banking market being valued at over $1.5 trillion and representing 10 per cent of total financial assets, says Martin Pelletier. © James MacDonald/Bloomberg While there is plenty of disclosure on the depth of the situation in U.S. private-debt markets, surprisingly we’ve heard little of this in Canada despite our shadow banking market being valued at over $1.5 trillion and representing 10 per cent of total financial assets, says Martin Pelletier.
Early on in this crisis, I hadn’t made up my mind about whether those arguing for the closing of the public equity markets deserved some proper consideration or not. After all, everything else was closing down so why not the exchanges themselves at least until we get some clarity on the economic consequences?
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The beautiful thing about investing in public markets is you get full transparency on pricing and more often than not liquidity isn’t an issue, as long as you stick to the larger company stocks and/or ETFs. This doesn’t mean that markets get it right all of the time as they are notorious for incorrectly pricing forward expectations.
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