December

When interest rates rise, existing bonds become less valuable and most debt fund NAVs fall. When rates fall, those same bonds are worth more and debt fund NAVs typically rise. Equity funds, on the other hand, feel the impact through valuations and earnings expectations: higher interest rates compress P/E multiples and raise discount rates; lower rates do the opposite.

Everybody knows Steve Jobs, but do you know who Mike Lazaridis is? Perhaps not! However, if you are of my generation, you have likely used the product he created – the BlackBerry.