Outside the Box

Valley of the Dollars: excerpt from Basic Points

John Mauldin

December 20, 2004

This week we look at another interesting essay by Donald Coxe, the Global Portfolio Strategist, BMO Financial Group. He is also the Chairman and Chief Strategist of Harris Investment Management in Chicago, and Chairman of Jones Heward Investments in Toronto. Coxe writes a monthly piece called "Basic Points" and his latest is this week's "Outside the Box."

This essay explores the current situation with currencies, gold and commodities. Plus I normally don't include investment recommendations, but felt that they deserved to be included this time. Today's letter is excerpted from the December 14, 2004: "Valley of the Dollars."

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Valley of the Dollars: excerpt from Basic Points

By Donald Coxe

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For Americans, the bear market is over.

For Europeans, Canadians, Australians, New Zealanders and South Africans, the bear market grinds on. If we are right in our forecast that the Canadian dollar will reach par on the greenback by mid-2006, a Canadian holding an S&P Index…

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