1/ The following chart provides a forecast for Canadian equity returns over the next 8 years.

Currently projecting an 8% annualized return from present levels over the next 8 years, it& #39;s important to note that the TSX is NOT the US stock market.

2/ Valuations in Canada were not remotely as stretched to the upside as in the US. Where forward projections in the US have returns at 2 to 3 percent over the next decade, in Canada at the recent spike low, TSX returns were forecast to be approximately 9%

3/ Note that this is NOT a recommendation to buy Canadian equities. It merely provides a way to view future Canadian equity returns in a non-discretionary manner based on past economic growth and a reliance on historical valuation relationships.