No stock is a buy at any price. Although this caveat doesn’t apply to momentum-chasing traders who buy what’s rising and sell what’s falling, valuation is a critical component of the investment strategy underpinning our Lifelong Income Portfolio.
Investors preference for low-beta names and dividend payers has pushed valuations of consumer staples and other safety-first fare to frothy levels. Our favorite cyclical sectors, on the other hand, sport favorable valuations and solid upside potential.
Yield-hungry investors have bid up shares of US-listed real estate investment trusts to stratospheric levels, while many Canadian names continue to trade at reasonable valuations and pay monthly dividends.
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