The Finish Line Commentaries: Do What Others Aren't Doing


Author: Danny Popescu  |   April 9, 2020

Good day,

While COVID-19 continues to spread, governments around the world are taking drastic monetary measures to prop up their respective economies. This week, investors tried to comprehend the impact these events will have on global markets. While the masses did more selling than buying this week (some sales were forced sales due to margin covering), billionaire investor, Bill Ackman, called stocks “bargains of a lifetime”, and Bloomberg noted that Carl Icahn & Warren Buffet added over $1 billion combined to their equity holdings. 

I, like many of our clients, did some bargain shopping as well, pressing the ‘buy’ button both Tuesday and Friday. Should stocks continue to decline (and I hope they do), I will continue to add to my equity holdings over the coming days/weeks.

Here are some wise tips from one of our advisors in Ontario.


Almost everyone knows this intellectually BUT few practice it. Why? FEAR. 

‘Fear is the mind-killer’ (for SCI-FI geeks like me)

Question: if you own preferred shares (issued by banks and utility companies) that pay you 4-6% per year in TAX ADVANTAGED income BUT are currently selling at a SUBSTANTIAL DISCOUNT because interest rates have fallen to unheard of levels in North America do you sell now or do you spend the income knowing interest rates will recover as this situation fades?

Question: if you own a bond/debenture (paying you 5-6% a year) that MATURES in 2-4 years and because of our current situation it’s current-temporary selling price is $60-80 dollars instead of the $100 (you will get at maturity) do you sell it now or spend the interest income each year and wait to get your $100 at maturity?

IMPORTANT TO REMEMBER:  your statement currently reflects what you can sell investments for NOW during a period of crisis, NOT their intrinsic value or what they will be worth once we move beyond this.

For those in retirement, focus on the income generated by your investments and what opportunities are out there for above-average yield right now.

For those saving for retirement, focus on where investments will be 1-2 years out and what opportunities are out there for above average gains.


I encourage everyone to increase their knowledge so they can reduce their fear and ACT!

Have a great weekend,

Danny Popescu


“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.