Vienna, Austria

I’m in beautiful Vienna this week for a few days visiting our good friends at Valartis Bank located on the Rathaustrasse in the university district. The architecture this time of year is especially mind-blowing. I urge anyone who has never been to Vienna to make a visit. Despite this being my 35th trip since the late 1990s, I’m continuously in awe of this magnificent capital.

Barcelona, Spain

Can the stock market peak in this cycle without the individual investor? If history is any guide, the odds are pretty low that equities will tank because investors remain net sellers of stocks funds. From a contrarian perspective, the individual investor is a useful barometer; but based on historical evidence, retail fund-flows really don't boost the market. Hedge fund trading boosts the market because they command swaths of cash.

Barcelona, Spain

When I first started coming to Barcelona more than 40 years ago, the airport consisted of one terminal and no gates. Buses picked up passengers and then whisked you to the terminal. My late grandfather was always waiting for us at customs; we never waited in line because he knew customs officials by their first name. That was a long time ago.

Montreal, Canada

There’s no doubt that over the longer term, fees make a world of difference and can impact your bottom line. Nobody likes forking over a big fee for an investment and passive investment management companies have capitalized on this trend since 2000. When it comes to investing, lower fees can make or break your performance in a tough year for the markets.

Montreal, Canada

Since October 2002 when stocks hit a low in the first of two bear markets in the 2000s, emerging market equities have dominated global investing. That trend continues in a rough 2010 for most investors as major benchmarks struggle since April.

Since 2000, the MSCI Emerging Markets Index has gained 8.9% per annum compared to a loss of 1.7% per annum for the MSCI World Index of mature economies.