Martin Hubbes: Jury is still out on market recovery

Cost-cutting strengthens CGI, while Rogers looks "ridiculously cheap." Junior golds outshine Barrick. The outlook for UTS: Heading down?

Sonita Horvitch 27 May, 2009 | 6:00PM
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 Martin Hubbes, chief investment officer of Toronto-based AGF Funds Inc., poses a key question for equity investors: Is the recent rebound a prelude to a prolonged bull market, or is it simply a relief rally?

"The massive advance in the equity market reflects investor expectation that there will be a full-fledged economic recovery following the recent signs of improved health." The jury is still out on this, he says, and "this is why I remain somewhat cautious."

Hubbes says that he has been "surprised at the resiliency of the U.S. economy despite the degree of leverage of the U.S. consumer and the high-profile problems of the financial services sector." There remain many problems in the U.S. and global economy that have to be addressed, he says.

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Sonita Horvitch

Sonita Horvitch  

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