Article: Uncertainty tax: Why Vanguard bigwigs expect economic growth to slow in 2020

Article - Media, Publications

Uncertainty tax: Why Vanguard bigwigs expect economic growth to slow in 2020

Erin Arvedlund, 11 July 2020

Vanguard’s top executives held a webcast Thursday evening addressing key factors that could affect the U.S. and global economies, trends to watch for in the financial markets, and what’s new for Vanguard clients in 2020.

“We’ve seen a significant rally last year, so for returns in bonds, we expect overall 2-2.5% over the next decade” annually, said chief investment officer Greg Davis on the one-hour program. For U.S. equities, Vanguard expects annual returns of slightly under 5% and international equities of 7.5% annually. Continue reading “Article: Uncertainty tax: Why Vanguard bigwigs expect economic growth to slow in 2020”

Lawyer: Paul Davis


Paul Davis has a practice focused on mergers and acquisitions, proxy fights, corporate governance, corporate finance and business restructuring, and a broad range of securities and business law matters for both private and public issuers. Paul is the Co-Chair of the firm’s Capital Markets & M&A practice group and leads and coordinates the practice’s efforts across Canada.

Continue reading “Lawyer: Paul Davis”

Paper: Analysis of Short Selling in Canada


Short Selling in Canada: Regulations are Weak and a New Path Forward is Needed to Reduce Systemic Risk 

Based on our research, it is clear that IIROC’s largely non-interventionist approach and its focus on maintaining liquidity have made Canadian companies attractive targets for short campaigns. From 2015 to 2018 there was an increase in the number of short campaigns in Canada, while generally in other jurisdictions there was a decrease. Additionally, the number of short campaigns in Canada is utterly disproportionate to the size of our capital markets when compared to the United States, the European Union and Australia (as examples). The reason for this seems clear: short selling regulations in Canada are out of step with regulations in those other jurisdictions – see Schedule A attached hereto. As a result of inherent weaknesses in the Canadian short sale regulatory regime, short sellers may well be attracted to the Canadian capital markets.

PDF (164 Pages): Paper Analysis of the Short Selling Landscape of Canada

Article: Short-Sellers Are Burned by Novastar

Article - Media

Short-Sellers Are Burned by Novastar

Roddy Boyd

New York Post, 16 April 2006

One Midwestern financial company, long a target of short-sellers, has deployed an infrequently used tactic to inflict pain on its naysayers: Its management has put in place a strategy that consistently makes money.

The stock of Novastar Financial, a Kansas City, Mo.-based home-equity real estate investment trust, has been a battleground between long-term holders in love with its juicy dividends and short-sellers who suspect that the company has massive default risk with those loans.

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