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November Monthly Commentary
The King of all astrological signs (is a Portfolio Manager) …
Alternative Quarterly Commentary – Q3 2023
Alternative Trust Update: The goals of the Alternative Trust are to generate attractive risk-adjusted returns using private investment opportunities so investors can reduce their dependence on public market investments. During the third quarter of 2023 the trust was higher by approximately 1.4%. Returns from private real estate and hedge funds were higher during the quarter, and strong enough to offset mixed results in private equity. During the quarter, the trust realized two notable exit transactions and made a small number of carefully thought-out new investments. The trust also experienced a more familiar pace of general transaction activity on the part of its investments, with capital being harvested from older vintage partnerships and called to newer vintage deals earlier in their investment periods which we view as positive. September also marks the trust’s final month as a “child” and of its transition to teenagerhood in October.
The Q3 Commentary 2023
Lead times, lag times, good times, bad times… In Comparison of Experienced and Novice Drivers’ Visual and Driving Behaviors during Warned or Unwarned Near–Forward Collisions, researchers: Jordan Navarro, Emmanuelle Raynaud Marie, Claude-Ouimet and Damien Schnebelen used forward collision warning system (FCWS) data to elucidate the difference between braking reaction times in experienced drivers and inexperienced drivers. In this classic example of what artificial intelligence and real intelligence can do when androids and humans join forces, the researchers provided an analogue to show inexperienced drivers substantially lag their seasoned counterparts when it came to stopping a car safely.
The Monthly – September 2023
Septembers have traditionally received failing grades when it comes to their performance in the stock market. June and October are slackers too, but their failings somehow tend to be issued a passing grade by most investors.
The Monthly – August 2023
2022 saw most balanced investors schooled in the main constituents of a balanced portfolio (stocks and bonds). Even educated investors had to quickly remind themselves that fixed income securities can lose value and that stocks aren’t the only asset class that can fluctuate every now and again.
Alternative Quarterly Commentary – Q2, 2023
During the second quarter of 2023, the MacNicol Investment Team observed a number of key developments in the world of alternative assets though we highlight only the most salient ones to you
The Q2 Commentary 2023
Market consolidation, Nvidia, market multiples, Valuations, Interest rates, Central Banks, Mortgage rates
The Monthly – June 2023
There are few things I enjoy more than a genuinely satisfying cup of coffee. The smell, the taste, the overall experience is something I have loved from the very first
The Monthly – May 2023
Sell in May and you will pay… Over the past twenty years I have developed a reputation for making prudent investment decisions for clients at inopportune times.

With these commentaries, we plan to communicate with you every month about our thoughts on the markets, some snapshots of metrics, a section on behavioural investing and finally an update on MacNicol & Associates Asset Management (MAAM). We hope you enjoy this information, as it allows you to better understand what we see going on in the marketplace.
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