S&P/TSX 60

Well, a lot has to do with the fact that, uh, they have fees that are far lower than mutual funds.

And frankly, if you bought, uh, for example, like the TSX60 in ETF index or the S&P 500, is that over a 10-year period, you find that less than twenty percent of fund managers or portfolio managers actually beat a passive index.

And so a lot of people are going, "Well, why, why try to beat them? Why not just join them?" And especially, you know, when you're looking at high fees of funds, two plus or, you know, often even higher per annum, and you look at these things, and y- you know, many of the ETFs we're looking at, the fees are a third of a point or less.

So, you know, you can get a wide diversified portfolio.

AS I SAID, IT'S BEEN KIND OF FRUSTRATING BECAUSE THEY LOOK LIKE THEY'RE GOING TO GO, AND THEN THEY STOP, AND THEN THEY STOP.

IN TERMS OF RELATIVE STRENGTH, IN THE TSX60, CONSTELLATION SOFTWARE IS JUST IN THE UPPER HALF.

IT'S IN WHAT WE CALL THE NEUTRAL ZONE AT THIS POINT IN TIME.

SO IT'S NOT AMONG THE STRONGEST STOCKS, BUT IT'S NOT IN THE WEAKEST EITHER.

So the benchmark is quite easy to define.

I'm 50% invested in US, 50% US in Canada so I use a mix of XIU which tracks the TSX-60 and VFV which tracks the S&P 500 in Canadian dollar to make sure that when I look at the total return the currency is also included.

So I've beaten the market for several years in a row over the past two years.

I like it a little bit.

And one of the things that we talked about and kind of touched on a little bit at the top of the show was just what's happening and where the market could potentially be going.

And you've seen this reacceleration now in the MAG-7 in the U.S., and that's as the market in our opinion the market's starting to be a little bit concerned about you know where growth goes given that rates are starting to increase and it's moved up cap in the market so the tsx 60 would be the best place to be in canada because you're in the the strongest or the largest 60 companies, the one caveat to that is that you want to watch is just the banks.

Because if we continue to see this interest rate margin compress, it's going to be more difficult for the banks to be making their interest margin.

And then the second thing is that if we do see some type of slowdown in capital markets, that's going to affect their capital markets business, both from a mergers and acquisitions and financing perspective, but also from their investment management, wealth management arms.

And the banking sector makes up a big part of that TSX 60.

So just something to be aware of if you're investing in that.

Let's go to the next caller then.

We are fresh off the Canada Investment Summit.

I was one of two journalists that was allowed basically all access at the summit, which was the who's who of the TSX 60 and global investors.

I'm talking $120 trillion packed into one room to hear about why this is Canada's moment.

The prime minister announced a number of changes, including a mega tax deduction on certain investments, as well as shortening the review time for all projects, not just the major projects.

April 2nd was obviously kind of I guess we'll call it the end of that initial period.

Looking here, TSX-60, one box increase over the last two weeks, obviously really benefiting from commodity names.

And then there's some weakness in cyclical names and technology.

Got a bit of a rebound in some of the banks that lagged over the past few weeks just after their earnings, even though they were pretty strong earnings.