January 2019 edition of Views from the Crowsnest

Welcome to the January 2019 edition of Views from the Crowsnest.

Long-term financial prosperity pre-supposes survival of short-term crises. Survivors are guided by brutally-honest practicality versus high-minded theories and prognostications. People who obsess over appearing impressive rarely are (e.g. cable news), whereas those who focus on being effective usually succeed. Therefore, I will concentrate on practical solutions to a couple key challenges that we see from up here in the Crowsnest. Do what works – and nothing else.

In this issue: 1) easing the burden for those charged with handling the financial affairs of deceased and/or incapacitated family & friends, and 2) allowing the Canadian energy industry to prosper while keeping Confederation intact.

Fortunately, the world is full of smart, dedicated, conscientious and industrious people of good will. It’s our job to find, harness and direct the best in their respective fields to optimize Client outcomes. Leveraging technology positively is the common thread in our solutions. Do what works – and nothing else.

1) In 2019, we’ll be introducing a service to our Clients which will significantly decrease the stress, time and complexity associated with the management and wind-down of an Estate. This will include helping our Clients to minimize the burden left for their offspring, as well as other family members. Anything substantive we can do to reduce preventable stress for our Clients is a priority for IWM. This will be an additional service in our overall wealth management offering, with zero additional cost to Clients. We’ll roll it out no later than this summer, starting with our retired Client Families. Technology is the key.

2) How can we allow the Canadian energy industry to prosper while keeping Canadian Confederation intact? This is THE question emerging from the current Canadian energy industry crisis. Make no mistake; this is a national crisis that just happens to be headquartered in Alberta. The financial consequences for all investors could be disastrous, not to mention the future political stability and peacefulness of our very nation.

The fancy people in the mainstream media are downplaying the rising voices of Western Separatism, and it really annoys me. While we fully expect that from our state-owned broadcaster, the self-appointed leaders of popular opinion are (ironically) completely detached from popular opinion in Alberta. Is this a deliberate choice by owners of The Globe & Mail, Post Media and the Toronto Star? After all, they have to “earn” their piece of the new $595 million slush fund offered by the federal Liberals to help in their October 2019 re-election bid. The longer the mainstream dismisses or ignores this reality, the worse the situation becomes.

Meanwhile, back in the real world many serious people are talking more openly and sincerely about how badly Alberta is treated within Canada, and what must change in order for Alberta to remain. For the 35 years since the National Energy Program hatched by the smarter Trudeau, Albertans have quietly muttered about how Quebec is treated “more equally” than any other province.

Fortunately, we’ve had our time filled with things like work. When economic times are good, everyone is “fat and happy,” busily enjoying the fruits (and carbs!) of their labor. Not anymore. The anger is palpable, the rhetoric is rising, and the financial facts are pretty damning.  Albertans’ collective frustration is legitimate and understandable.

For the sake of crystal clarity, I am NOT a Western Separatist. I am a very passionate and frustrated patriot. I exist – quite literally – because of Canadian bravery, resilience and pure grit during World War 2. My parents recounted the elation they – and all of Holland – experienced as CANADIAN TROOPS liberated their starving, bombed-out country.

Being the 8th born of immigrants whose homeland is largely below sea level, I’m a hard-core pragmatist. Thanks to Jim Dines, I also understand the power of mass psychology; in this case the rising popularity of the desire of many Albertans to self-determine, rather than being treated as the goose that lays the golden egg…and which the political and media elites look down upon as an embarrassment that leaves unwanted treasures on their yachts.

Canada’s golden goose – the fossil fuel industry – has a major image problem. The industry hasn’t fought back early (or strongly) enough against the decades-long “de-marketing” and disinformation campaign waged by the radical environmental activists – funded largely by US donors. Canada’s energy industry is full of ethical, educated, innovative and industrious people…but they forgot to watch their own backs. Vivian Krause will shed more light on this on March 16, 2019.

Now the industry has awakened to how much abuse it has taken, and how deliberate the process of land-locking Alberta oil has been. Anger PLUS feelings of righteous indignation combine into a very powerful – and dangerous – force. We need to collectively inform, direct and harness this energy in a positive way…or there’s REAL trouble on the horizon. We need calm, mature and principled leadership to get us through this; but we currently have Justin Trudeau.

Integrated Wealth Management is stepping up to do its part: a) I’ve already initiated discussions with our Portfolio Managers on defensive measures that need to be in place should this situation escalate, b) I will be travelling to Ottawa in February to participate in a planned rally in support of the Canadian energy industry. We need to bring this problem in front of the Ontario and Quebec media, and c) we’ve scheduled a special event for March 16, 2019 to specifically address this issue.

The event on Saturday, March 16th 2019 will be held at Mt Royal University. When we booked this venue in the summer of 2018, we had a different agenda planned but have shifted gears to adapt to the biggest financial issue facing Albertans. We’ll have four primary speakers: Mark Milke, Josef Schachter, Vivian Krause and Michael Campbell. Click here

Tickets will be free for our Clients, and we’ll also offer a discount PROMO code for our clients to share with their family and friends. We’ll have full registration functions up and going on our website shortly. Capacity for this venue is around 600, so we recommend registering when we send out the first invitation.

We’re also making excellent progress in the development our long-term project: a long-short pool combining the expertise, systems and insights of some key professionals. We’ll be ready when the last remaining analytical tool becomes available, hopefully very soon.

In the meantime, North American equity markets appear to have bottomed since Boxing Day. It’s been an ugly year-end in global equity indices (particularly on Canada), and we’re very grateful that our Portfolio Managers have done an admirable job of buffering client accounts from the worst of the damage. We’ve taken some bruises, but nothing close to catastrophic. Mission accomplished on surviving this recent mini-crisis. Long term financial prosperity can now be pursued.

And just today, it appears that there MAY be some positive movement in the US-China tariff battle. I don’t want to read too much into this just yet, but this headline from the BBC suggests that China’s leadership MAY have just blinked in the negotiation process. I’ve openly criticized Trump’s use of tariffs (a tax on consumers to temporarily save some jobs in key states), and I sincerely hope that he pulls a rabbit out of the hat here. I will gladly “eat that hat,” speaking figuratively, of course.

IF Trump somehow manages to pry open China’s domestic markets for wider American competition – which no one else has ever managed to do – he will have pulled off the greatest economic victory of the last 50 years. Goodness knows there’s been more than enough chaos and hysteria around his administration…it would be nice if a second unambiguously positive policy could emerge from the White House. Tax reform was the first.

Patience and Discipline are accretive to your wealth, health and happiness – so focus on these.


Andrew H. Ruhland, CFP, CIM
Founder, Integrated Wealth Management
t: 403-517-2234

Views from the Crowsnest Nov 21 2018

“If you can keep your head when all about you
Are losing theirs and blaming it on you,”

Welcome to this special edition of Views from the Crowsnest on November 21, 2018. The quote above is the first two lines of Rudyard Kipling’s classic poem, “If.” It fits today, in ways both obvious and subtle. In these moments, our higher-order executive functions become more important than ever.

Rarely are we in the midst of historic events with a conscious awareness of their significance. Today is one of those rare occasions when we witness the collision of trends and forces so obviously converging; cinematic in their scope, with life-changing consequences for those directly in their paths. We knew it would eventually come to this; it had to. And then there are the ripple effects on the rest of us.

Exact outcomes are still unknown, but the meta-trends make the overall path inevitable, unchangeable and necessary, by force of nature. Such is the nature of recurring cycles, in politics, economics and markets. This is the just and necessary consequence of all the decisions that have led us to this moment.

I refer specifically to the challenging equity market machinations since September, but more broadly to the tectonic events unfolding in and around Europe. The cradle of western civilization is bringing us timeless lessons of the immutable laws of nature: physics, power, populism, psychology, economics, envy, manipulation of the many by the few, and the eventual awakening of those charged with decision-making authority. And the uncovering of secrets long kept through convention, personal utility, and fear.

As if “magically,” Martin Armstrong’s Economic Confidence Model (ECM) once again targeted today (2018.89) as a key date in the future of our institutions and the societies over which various levels of influence and control are exercised. Today is a rare “Pi Day” ,served up for all to witness and ponder. As Marty likes to say, “There’s order within chaos,” but we need to transcend the noise to understand the true big picture before responding to the noise and distraction on the ground. The imminent release of the Socrates Trader-Pro Level will be warmly welcomed when it happens.

Having attended the World Economic Conference 2018 in Orlando – my 4th – followed by a couple days of coastal relaxation and celebration, today we witness major events unfolding with Italy and the EU, the UK and its inept attempts at breaking away from the EU, and what will be a resumption of the most hated bull market in stocks ever…literally by force of nature.

Human history is a rhythmic poem describing the desire for liberty offset by the need for structure. Jordan Peterson describes this as the battle between Chaos and Order. Sometimes the weight of too much order becomes unbearable. Sometimes an unbalanced economic relationship reaches it inevitable end. Think Italy and Brexit.

These tectonic, structural changes lead to fear, uncertainty and doubt around the world. When market makers, traders and high-ranking decision makers get caught up in the drama and tension of the immediate situation (i.e. they LOSE their heads), we all feel the impact via declines like those which have recently buffeted our financial portfolios. This is temporary, not permanent. We know because we have the gifts of perspective from those whose systems and experience have washed away (fear-based) emotional REACTION, and given way to wise and prudent RESPONSE.

What does it all man? Capital flees risk and seeks opportunity. The bigger the systemic risks (Europe), the more violent – and unsettling – the temporary dislocations are, even as capital arrives on safer shores (U.S.). We are all more closely wired than ever before. The downside is a loss of true connection, but that’s a story for another day.

When we look back, we know that market panics pass rather quickly despite being so very painful when we’re swirling in their midst. This too shall pass. Thanks to wise counsel and humble recognition of those who know something we don’t, we remain steadfast in our view that this – the longest and most hated (ever) Bull Market in stocks, especially in the U.S. – remains intact.

There is major support not far below current levels. Even if we test these support levels, the tests will be temporary. Our Portfolio Managers hold some cash for buying bargains, non-correlated debt instruments for diversification and stability, and great companies trading at (or slightly below) their intrinsic values. They remain calm, focused and patient…ready to act decisively when fear is highest and risk therefore lowest.

To our Clients Families we suggest adding to your portfolio if you have cash available for longer term horizons; essentially be an Opportunist. Otherwise, do nothing right now because it would be financially self-destructive; impulsive moves now are giving into fear which turns us into Victims.

We have your back. We are keeping our heads. I recommend reading the entire text from Kipling by clicking here.

Patience and Discipline are accretive to your wealth, health and happiness – so focus on these.


Andrew H. Ruhland, CFP, CIM
Founder, Integrated Wealth Management
t: 403-517-2234

From the Crowsnest November 2018

Welcome to the November 2018 edition of Views from the Crowsnest. Despite less than six weeks elapsing since the last edition, a tremendous amount has happened. Markets, politics, and economics have dominated our various screens.

The civility of public discourse has reached new lows, equity markets appear to have established some interim lows, and the noise from the US mid-term elections have reached 150% of tolerable levels. Thank goodness tomorrow is Election Day. Perhaps we can return to some level of normalcy, or am I too optimistic?

Just before every major election, the hysteria reaches deafening levels, and this undoubtedly unsettles those involved in capital markets. While the US economy remains in juggernaut mode, broader US stock valuations were a little stretched – and some sectors, especially big tech, were very optimistically priced.

Canadian stocks were much more reasonably valued prior to the mid-October volatility, yet still declined with US indices. Capital is flowing out of Canada, at least as it relates to major investments in our resource sector, thanks to our exalted political leaders. That’s not a political statement; it’s a summary of current reality.

Pullbacks within uptrends always challenge our fears. As we climb the proverbial wall of worry, stumbles and setbacks are inevitable; they’re also necessary and downright helpful for patient and disciplined investors. Though unsettling, declines like the one we recently experienced allow our portfolio managers to buy back into full positions they had previously trimmed during strength. Sometimes entirely different and better upside opportunities arise, and pullbacks/corrections provide the cover for our calm portfolio managers to buy these companies from panicked sellers. It’s all about temperament.

While we certainly didn’t plan it this way, the timing of our Straight Talk for Retirement Success workshops was serendipitous. The theme was how to bullet-proof your retirement plan in advance of the next financial crisis, and still generate solid returns in the interim. I focused on a series of very specific strategies that help to generate incremental positive returns AND reduce downside market volatility, as well as how to create a contingency plan in advance of the next financial crisis. It was all about how to avoid being the bug on the windshield yet again.

These workshops were very well-attended, and based on numerous requests from our newsletter readers and the MoneyTalks audience, we decided to record the last session here in Calgary.

You can Click here to watch the recording for free.

I encourage you to download/print the self-assessment form and to realistically assess your current strategies versus those I speak to in the workshop. If you’d like to request a confidential review of your current portfolio and retirement plan, simply reply to this email.

You’re also welcome to forward this note onto others who may have been asking you what you’re doing to protect and grow your portfolio. We know that many people are unsettled by the current environment and are looking for practical and realistic solutions, so perhaps our workshop might be helpful for them?

Speaking of unsettling, the current hyper-partisan screeching around the US mid-term elections is almost over. Thank goodness. Will the “Blue Wave” of Democratic dominance actually manifest itself? Earlier in the year, those on the Left were chortling about taking back control of both Houses of Congress. Not much mention of anything positive they might do with that power, curiously enough. They’re sounding much less confident in recent weeks, though.

Today it appears much more likely that the Republicans will hold – perhaps build – their slim Senate majority, and the Democrats look poised to tip the balance in their favour in the House of Representatives. If memory serves me correctly, the Democrats need to pick up 23 more Congressional seats to gain control. This is really only ever about control, i.e. power. It’s the same for both sides.

Many of these “toss-up” seats are within the “normal margin of error” for pre-election polling, so who knows? And who really knows what the true margin of error is for polls anymore? Does the obvious social stigma of voting for Trump (being smeared as racist, misogynist, homophobe, Islama-phobe, bigoted redneck, white nationalist, transphobe, etc.) cause some people to conceal their voting intentions from pollsters?

Given the level of smearing, it wouldn’t shock me if many people would prefer to publicly disassociate from Trump. He’s now seemingly responsible for all political violence in America – at least according to every media outlet left of Fox News, which is to say > 80% of media. Decent people (i.e. most of the population) abhor the ideas that Trump supporters are accused of espousing, so why risk being labelled as one of these “Deplorables?”

The 2016 election of Donald Trump surprised all the mainstream pollsters, and stunned the mainstream media pundits on election night. Did social stigma contribute to the polls being dead wrong? The pain of losing an election that was supposedly easily won was on full display in the weeks afterward. And apparently these are still open wounds for those on the “Loud Left” as evidenced by their vitriol. Losing power when you were already making plans must have been devastating.

Naturally, the folks on the “Loud Right” are matching or exceeding the rhetoric on the Left, generating their own talking points – some accurate and others caustic and/or incendiary – and the vicious circle of partisan politics continues its escalation. Neither party impresses me, despite the fact that I am a small-c “conservatarian.”

In my September newsletter, I mused about whether or not the Democrats had overplayed their hand with the accusations of then-Supreme Court nominee Brett Kavanagh. It felt like a carefully planned last-minute bombshell to both derail the confirmation process itself and to also gain the upper hand in tomorrow’s mid-terms. They failed on the first objective. Jim Dines famously said, “Over-efforting creates countervailing forces,” and that’s what it felt like to me. No one is ever right 100% of the time and only time will tell if my intuition was accurate on this subject. We’ll know shortly.

Whatever the electoral outcomes are, my deepest hope is that we can get back to reasonable conversations about important subjects that require actual solutions. I know that many politicians would rather perpetuate the problems (as galvanizing issues) than find and implement effective solutions. If there are no problems left to solve, then how to attract votes? The current discourse is socially toxic and has become quite literally deadly. Real leadership on this matter is necessary to re-stabilize volatile America. Leadership from everyone involved.

I’m looking forward to attending my fourth World Economic Conference in Orlando. Martin Armstrong’s insights and his computer’s unbiased analysis will be very helpful in the volatile times ahead. Hopefully we’ll also hear some good news in respect of the full Socrates system getting launched. Everyone’s patience has been tested by the delays, and it would be nice to be able to move forward.

Patience and Discipline are accretive to your wealth, health and happiness; so focus on these.


Andrew H. Ruhland, CFP, CIM

Founder of Integrated Wealth Management Inc.

Views from the Crowsnest, September 2018

In this issue: adapting to today’s faster pace, Trump, Trudeau, voices of reason, keeping our eye on the financial ball, Socrates update, and Straight Talk for Retirement Success workshops.

Trigger warning: this newsletter contains sharp criticisms and politically incorrect opinion. The truth hurts when it ought to.

Adapting to today’s frenzied pace is challenging, lest we also become frenetic. The gap since my last full Views from the Crowsnest newsletter is the longest ever, as I’ve struggled with finding a balance. The inputs have been almost all positive (presenting workshops in 5 cities, improving nutrition & exercise habits, a little R & R, welcoming numerous new clients to our firm, walking my eldest daughter down the aisle, preparing for our fall workshops, etc.) but there’s been little time left to cobble together this missive.

I’ve also been struggling mightily with how to select, filter, decipher and integrate the “outrage tsunami” that is today’s news cycle. The vitriol in today’s media is profoundly disheartening, especially if you welcome vigorous and intellectually-honest debate of important issues. I’m deeply disturbed that the Left has degraded to the point where the typical response to an argument or person they find “problematic” is yelling, smearing, lying, de-platforming, and Twitter-mobbing. And some on the right go down there, too.

What ever happened to dismantling an erroneous argument with facts? This You Tube video is a great summary of why so many “classical liberals” have left the Left in favour of being part of the reasonable conservative center. Dennis Prager does an excellent job of distinguishing between the Left and liberals in this short video.

As someone with a lot to say about current events, one of the “outlets” I’ve adopted is posting frequently on LinkedIn, as well as starting a Facebook page for IWM. We’ll see how long it takes for me to get banned by Mark Zuckerberg for posting real news stories. I don’t wear gloves for these platforms, and take incredible pleasure in relentlessly pointing out the absurdity of the mainstream media narrative and their favored characters. I invite you to find and connect with us and FOLLOW me on LinkedIn (Andrew Ruhland) and Facebook (Integrated Wealth Management).

Twitter is too fast-paced, mean-spirited and left-leaning for me to even bother. Bare knuckle fighting is one thing, but fighting fairly isn’t the culture of Twitter… they’re more brass knuckles, bike locks and garrottes. I wonder how quickly Twitter would crumble if Trump found an alternative? Perhaps Peter Thiel might consider building a platform to rival Twitter, YouTube and Facebook?

Speaking of Trump, since everyone is doing so ALL THE TIME, he has become THE obsession of the Left. When people ask me if I’m pro-Trump or anti-Trump, my answer is “yes.” I hate false choices. Let’s face it, Trump does and says many VERY stupid things. Chief amongst the stupid things is his tariffs and trade war baiting. Politicians always think of tariffs in terms of jobs saved or created while ignoring the cost for consumers; after all, tariffs are collected by governments and paid for by consumers through higher prices. This is clearly Trump throwing red meat to blue collar voters in the rust belt swing states (Pennsylvania, Ohio, Michigan, and Wisconsin). Imposing tariffs is one campaign promise that Trump should NOT have followed through on.

Trump also does and says some VERY smart things, though every media outlet left of Fox News refuses to admit anything positive. Trump is “such an idiot” that he has managed to reduce the Unemployment Rate (3.9%) below their GDP Growth Rate (4%). With “idiots” like this in the White House, who needs fancy geniuses peddling ineffective policies? Could Obama maybe coach Trump on how to charismatically deliver an extremely well-written epic speech? I suggest you read it and think of someone else delivering it eloquently and skillfully.

Trump is really a centrist with blue-collar populist appeal, and the mainstream media hates the fact that he dominates almost every news cycle, so they have to talk about him…which makes them hate Trump even more. It’s kind of pathetic, actually. And it’s endlessly funny, but dangerous.

Trump dominates the center on most matters, and CNN – which used to be only slightly left-of-center – continues to crumble; MSNBC is picking up former CNN viewers who want a hard-core leftist filter on everything, and Fox News is growing faster than MSNBC. They ALL have their biases, and what irritates me is that you have to invest additional time to hear both sides of any particular issue and try to piece together a fact-based conclusion.

Given that roughly 70% of people get most of their news from Facebook, public perceptions are being aggressively pushed FAR left. Starting at age 6 all the way through Graduate Studies, students are being taught that socialism is good, that gender is a “social construct,” and your group identity is the most important thing about any person, we have “Trouble in River City.” This short video is excellent!

It will take time to reverse the decades of brainwashing, but it absolutely must be done. The continued stability – nay existence – of our prosperous, free, liberal, open western capitalist culture is at stake. That’s not hyperbolic, but it is scary, so we need to be practical, intelligent, articulate, and absolutely resolute in this ideological battle. The battle is to maintain an open conversation between the reasonable left and the reasonable right in pursuit of a certain homeostasis that I’ll call “The Reasonable Center.”

I’ve long been fascinated by the outrage culture of mainstream media and about 18 months ago started devoting some of my personal learning time to understanding this phenomenon. I’ve explored the works of many credible commentators, pundits, academics and philosophers. Here’s the Executive Summary: the tendency for those on the left – personality wise – is to be more expressive about their political views (conservatives tend toward practicality), to experience a much wider range of feelings (emotional lability) versus those on the right; and to prioritize group identity over individuality, whereas those on the right prioritize personal responsibility and the sovereignty of the individual. When conservatives see unequal treatment they want to stop it; those on the left wasn’t to reverse unequal treatment, which is the basis of their obsession with identity politics.

Those on the Left also tend to be easier to “trigger,” which I candidly admit is extremely fun to watch; it’s a hell of a lot funnier than almost every “comedian” out there. Trump does this every single time he Tweets. For those with time, this video is an excellent explanation.

Meanwhile, back here in Canada, we are seeing the catastrophic results of our electoral choices. “Rachel-come-lately” Notley and her merry band of adolescent socialists have worsened Alberta and Saskatchewan’s economic reality. They didn’t cause the plummeting oil prices that precipitated our current situation, but they’ve managed to make it MUCH worse by several orders of magnitude. They’ve hired massive numbers of provincial employees to shore up their union support…exceptionally stupid fiscal policy when Alberta is hurting so badly.

Only recently has the Premier’s office started acting like leaders who support those who fund government-delivered services. Prior to the UCP formation with the media-savvy Jason Kenney at the helm, the NDP bad-mouthed our core industry, demonized those who dare to disagree, and passively aided and abetted the B.C. enviro-radicals and their political pawns “running” the federal government. The NDP’s desperation is now on full display as they launch attacks on Kenney and the UCP related to all things “LGBTQIA…” Hopefully, Kenney is wise enough to NOT get baited by the Left on this one. The CBC cannot feature enough stories painting the UCP as homophobic, sexist, racist, transphobic, etc.

This brings us to Justin Trudeau. Argghh! Let me pause, catch my breath and distill what I think of him into a few words: embarrassing, narcissistic, intellectually shallow, immature, completely out of touch with reality, brainwashed (identity politics and socialism), and yet extremely “well managed” by his closest handlers, Gerald Butts primarily. Justin Trudeau makes me look back fondly on the bumbling Jean Chretien. At least we had Paul Martin running Finance.

For more revelations on Mr. Trudeau, please add me to your LinkedIn network (and FOLLOW me) or join our Facebook page. And then share our posts liberally, NOT Liberally. Trudeau has the CBC, Global, CTV, the Globe & Mail and the Toronto Star on his side…let’s get social media working for clear-headed governance!

Our Peter Pan Prime Minister and his team have awakened to the fact that they’ve mismanaged every portfolio under their control. In a curious but shrewd pivot, it looks like they’ve decided to wage their next campaign against Donald Trump, since so many Canadians hate Trump – and not many people know who Andrew Scheer is anyway…literally.

The federal Conservatives are raising lots of money, and starting some early campaign ads during sporting events. Hopefully some of their money will be used to help Mr. Scheer grow a spine before the writ is dropped. Canada is ready for someone who isn’t obsessed with every camera, someone with intellectual substance, and maybe a practical economic plan…as distinct from “budgets that balance themselves,” a series of obsessions with plastic straws and other red herrings, divisive identity politics gamesmanship, and just letting our “gender-balanced” economy “grow from the heart outwards.” The grown-ups in other countries openly mock our current Prime Minister, but their politically correct fancy people humour him by letting him sit at the adult table. Scroll down below the video of Trump’s UN speech

All of this acerbic pre-amble is actually relevant to your financial wellbeing, so hopefully you’re still reading. I don’t care if you hate Trump and love Trudeau, Notley and John “Horrible Horgan.” The fact is that you can ignore economics as much as you like, but economics won’t ignore you. The reality is that Trump’s fiscal and economic policies have strengthened the already stable US economy and their equity markets reflect that. Canada has terribly misguided political leadership and our country is living with the consequences of our leadership.

Europe is in turmoil from Brexit (or not) and facing the very real possibility of the end of the European (utopian) project: Italy, Hungary, Sweden, Czech Republic and Poland are all extremely unhappy with being forced to accept Merkel’s open borders policies. I’ll take the economic and geo-political substance of the inarticulate, bumbling and unfiltered Donald Trump over the clowns we have in power in Alberta, B.C. and Ottawa…8 days out of 7.

My primary near-term concerns are based on trade wars and the US mid-term elections, with the media in full-blown hysteria over anything and anyone that Trump has done or recommended. Have the Democrats leaned too far over their skis, thus awakening the Republican voters who could stop the flip of the House and Senate to the Democrats? Only time will tell.

Our job is to keep our eyes on the “financial ball” amidst all the chaos. And to be logical, patient, disciplined, wise, prudent and effective. We’re staying focused on what’s working and avoiding what’s not. It’s boring an effective. We bring order within the chaos, and we’re extremely good at it. I’d venture to say we’re radically competent; not perfect, but radically competent. And I’m much nicer in person, or at least I should be.

So, what exactly are you doing to protect your family’s nest egg from catastrophic loss in the next financial crisis (whenever that happens) and to grow your portfolio in the interim? It’s best to prepare well in advance…kind of like building a solid structure to store the annual harvest from the coming winter. I love teaching workshops, so I’m thrilled to get back in front of classrooms of great savers, business owners and professionals over age 50 in Calgary, Red Deer and Edmonton. We’re calling these workshops “Straight Talk for Retirement Success.” Through this newsletter, we’re giving all our subscribers an opportunity for early registration for these free 2-hour workshops BEFORE my next interview with Mike Campbell on Saturday Sept 29th starting between 9:52 and 9:55 am on Money Talks. Click here for more information and to register.

Oh yes, and we’re still waiting for the release of Socrates from Armstrong Economics. We’re ready at our end, and I’ll share more details during our upcoming workshops.

These are the voices of reasons that keep me sane: my wife, Martin Armstrong, Michael Campbell, Jordan Peterson, Jonathan Haidt, Dave Rubin, Dennis Prager, Thomas Sowell, Larry Elder, Christina Hoff-Somers, Heather MacDonald, Douglas Murray, Bill Whittle, Rex Murphy, Lorne Gunter, Anthony Furey, Candice Malcolm, Mark Milke, Joe Warmington, Laurie Goldstein, Tucker Carlson, Newshub Nation, and Brian Lilley. My guilty pleasures: Andrew Klavan, Ben Shapiro, Steven Crowder, Paul Joseph Watson, and Mark Steyn.

Patience and Discipline are accretive to your wealth, health and happiness so focus on these.

Andrew Henry Ruhland, CFP, CIM
Founder, Integrated Wealth Management Inc.

February 2017 Newsletter

Welcome to the February 2017 edition of Views from the Crowsnest. It’s been quite some time since I donned my winter gear, climbed the mast to spend time drinking in the panoramic view from high above the water’s surface, and then had the quiet space required reflect and distill my observations. Thanks for your patience.

We each have our own unique sensitivity to current events, but the last six to eight months has felt eerily similar to the financial crisis of 2008-9 – energetically. Obviously, we’ve not had a market crash like 8 years ago, but the U.S. has definitely undergone, and continues to experience a very intense crisis driven by the sudden disruption of their political status quo. Love him or hate him, The Donald is the Molotov cocktail Americans were warned about. Things really are upside down when Michael Moore nails the story.

Nearly everywhere you look or listen, partisan invective continues to fly, with little relief in sight. The victors continue to dance in the end zone, and the vanquished are still weeping and screaming from their sideline; each side’s response is magnified and amplified by their respective supporters in media. The rhetoric from the left is perhaps more intense, as they grapple with the reality of having lost control of the political power structure – at least its Executive Branch. Can we provide them with participation ribbons? Now we’re facing four years of “Trump is literally Hitler” versus “All criticism of the President is Fake News based on Alternative Facts.”

Thank goodness we have the leadership of entertainment industry elites to show us the way toward peaceful, reasoned and solution-oriented dialogue. Where would we be without their hasty, awkward, angry and ignorant rhetoric? I think my sharp tongue just pierced my cheek…who else can I blame for my own actions? Shall I virtue-signal some more so I can win a medal in the “Oppression Olympics” and then give it away to someone I deem to be more deserving…or should I do something constructive and useful?

Since Mr. Trump is the President for the time being, my hope – as previously expressed – is that he follows through on some of his biggest campaign promises, and moderates the most controversial and extreme ones. Personally, I am very supportive of tax cuts (corporate and personal), term limits for Congressional Members, and School Choice driven by parents. All are controversial to someone in some way, but they’re all necessary to creating meaningful positive change. School Choice is bad for the teachers’ unions and the Democratic Party but offers genuine hope for inner city families yearning to break the cycle of violence and poverty.

No one is above criticism, especially those who volunteer for political office. My sincere hope is that the White House slows down and does a more mature, thorough and professional job as it moves forward. Tactically, why rush things and issue sloppy and incomplete Executive Orders? Haste makes waste.

Oh, how the status quo has started to shake at its core. Canada will have its turn, too, after France, The Netherlands, Germany, Italy, Poland and Hungary…with yet another “Greece fire” ready to trigger the alarms in the crowded theatre. The dark horse of populism gutted out an amazing “kick” in the final stretch of the Brexit vote, and has excellent financial support and tactical coaching for future races.

In my opinion, the success of populism depends on its various leaders’ ability to distance themselves from the genuinely dark elements on the fringes of their support base. This is the best political ad I have ever seen…it resonates elegantly and powerfully with the spirit of the age, in an obvious attempt to focus on the positive messages connected to LePen’s cause. Recent riots in France are serving to amplify this message…over-efforting creates countervailing forces.

Long-time readers are unsurprised by these events. Martin Armstrong’s Economic Confidence Model (ECM) has obviously been correct yet again: we’ve passed the peak of confidence in government. The non-stop hysteria around all things “Trumpian” is a formidable distraction for anyone focused on becoming or remaining financially independent. The negative energy of our public discourse is causing widespread battle fatigue and stress, and (almost) nobody makes optimal decisions under high stress.

Most of us have our “fight, flight or freeze” instincts triggered…very similar to investor responses during the 2008-9 financial crisis, except that more investors appear to be more influenced by their Fear of Missing Out (FOMO) than Fear of Loss of Capital. This observation inspired an article and a workshop. Last weekend, my colleague Randy Balkenstein and I participated in Michael Campbell’s World Outlook Financial Conference, with excellent attendance at our “Intelligently Investing Lump Sums” workshops. You can view a condensed video of this workshop by clicking here.

One of the “diamonds” uncovered in this media-driven war on free speech is – for me – the very calm, respectful and articulate Dave Rubin . This self-described “progressive liberal” recently discovered that his love of personal liberty forced him to re-think his political allegiances. My hope is that more people like him will emerge; we need people like him to lower the intensity and raise the intelligence of public discourse on political issues. The two videos linked in bold above are well worth the time investment.

One of the most challenging elements of writing and editing material for any audience – especially for a discerning audience with a rapidly shrinking attention span – is being disciplined and humble enough to say only what is absolutely necessary. This practical constraint is a yoke upon all who step into the public forum, and frustrating for those who crave nuance and subtlety – audience and presenter alike. This modern reality is clearly juxtaposed to what we do…which requires time.

Our professional expertise -and passion – is the collaborative creation, real-time implementation and ongoing management of our independent-minded Clients’ wealth management plans. In part, this requires us to listen and think both fast and slow, to reflect and distill the core principals driving our Clients’ decision-making (their Life Goals™) and to work in partnership with Clients in their quest to become and remain financially independent. It also requires us to constantly filter and discard endless streams of trivial information, so we’re left with actionable wisdom.

In an effort to bridge the chasm between communicating both fast and slow, we’ve made the decision to begin the process of mapping, creating and producing a series of videos shorts on both time-sensitive and timeless topics related to comprehensive holistic wealth management. We look forward to sharing more on this project as we progress.

And we’re edging ever closer to the launch of our Socrates-based investment platforms. We have tentatively scheduled a webinar for Saturday March 25th at 11:15 am (Mountain Time) to explain more on how our Portfolio Managers will utilize Martin Armstrong’s system. We will have limited space available for this event, and you can reserve your participation by simply replying to this email with your name and other contact information.

Patience, discipline and compassion are accretive to your wealth, health and happiness – so focus on these.

Andrew H. Ruhland, CFP, CIM
Founder, Integrated Wealth Management Inc.

What I Learned at Martin Armstrong’s Orlando Conference

Last week I attended the Institutional and Technical Analysis sessions at Martin Armstrong’s World Economic Conference in balmy Orlando, along with the Chief Investment Officer of one of our discretionary Portfolio Managers from Toronto. This trip was the most recent step of my 22 year project of bringing Marty’s precision models into how our Clients’ money is managed.


The three most important takeaways were: we’re on the right track, most people using the Socrates system as a standalone are still challenged, and Socrates is a very precise tool best used by skilled hands. Here’s a bullet-point summary:

We’re on the right track:

1) Marty’s major forecasts around currency allocation, gold, stocks and government bonds have been exceptionally accurate, so our Client portfolios are well –positioned, and ready for what lies ahead

2) Trump’s election does NOT change the bigger picture long-term trend directions, but he may help to steepen/accelerate a few of them, like:

  • capital inflows to the $USD, stocks, etc. by virtue of proposed reductions in corporate taxation
  • rising bond yields based on promises of massive infrastructure spending that will need to be financed with additional debt…pushing the U.S. closer to the crest of the slippery slope

3) The fact that Trump’s election and some of his early Cabinet appointments have shaken things up in virtually every major Establishment institution (EU, UN, MSM, the Fed, et al) probably means he’s headed in the right direction. In particular, the MSM snowflakes are proving why their trust ratings are bunched up down around their collective ankles

4) I met conference attendees from about 10 different countries, and a clear theme emerged: very successful non-mainstream people have become successful mostly because they understand that being non-mainstream is not “extreme.” The masses are – by definition – wrong at the extremes, but they create the trend in between. Being an independent thinker means that you are willing and able to “ride the herd without becoming one of them,” and you don’t really care at all about being popular

  • Most people who are using Socrates as a standalone platform are having trouble:

1) Marty’s ECM and Socrates works very effectively when used properly, but it’s a new and different framework with its own language

2) Socrates does not prevent people from making foolish investment decisions based on their own biases and psychological weaknesses

3) The people who are using Socrates unsuccessfully have some common traits: insufficient diversification, undisciplined trade execution, hyper-active trading frequency, and very sloppy risk management

  • Socrates is a very precise tool best used by skilled hands.  As one of Marty’s team explained it, a wise parent wouldn’t give a sniper rifle to a child…because they can hurt themselves and others without the proper training and maturity. Specifically:

1) Socrates is NOT supposed to be used as a day-trading platform

2) Socrates should be used in tandem with an existing disciplined framework, including proper diversification, disciplined trade execution, moderate trading frequency, and with very disciplined risk management in place

3) Our managers will utilize Socrates to make sure Client portfolios:

  • Are on the right side of every major currency move
  • Are over-weighted in asset classes that have the best risk : reward potential
  • Avoid major losses from high-risk asset classes, and possibly benefit by shorting these asset classes
  • Click here to find out more about how this works https://integratedwealthmanagement.ca/special-video/

Our team is looking forward to hearing Marty again at Michael Campbell’s upcoming World Outlook Financial Conference, as well as sharing our insights with attendees during the Personal Finance Workshops.

Patience and discipline are accretive to your wealth, health and happiness – so focus on these.


Andrew H. Ruhland, CFP, CIM

Founder and President

Integrated Wealth Management Inc.

Dealing with Lump Sums

Are you sitting with a large cash position and wondering what to do? Are you feeling anxious over the market conditions based on the U.S. election, and not sure about making the next move? You’re not alone, and this article can help.


Whether the cash came from the sale of a business or real estate, a pension roll-out or stock option exercise, an inheritance or simply seeking shelter from the next anticipated market downturn…having a large amount in cash is both comforting AND anxiety provoking.

The older you are and the bigger the lump sum, the more challenging this becomes. It’s easy to over-think the situation and end up feeling like the proverbial “deer in the headlights” especially if you’re concerned about market valuations and event risk.

A wise mentor once told me that “when your principles are sound, they can never fight you,” so in our firm we’ve designed principle-based processes to deal with almost every major situation that clients experience over a lifetime…we live the mantra “process provides protection.” Maybe that’s why intelligent and analytical people are drawn to us? What I know for certain is that this methodical process dramatically reduces stress and improves the longer-term outcomes. Here it is:

  • Assess how this lump sum needs to complement the other investments you currently have, including these questions:
    1. How confident are we in how the rest of our portfolio is being managed, especially regarding risk management?
    2. Does our current financial advisor have all the tools necessary to deal with future challenges and opportunities?
    3. If you’re self-managing, do you still want to have the primary responsibility for day to day investment decisions?
    4. If you have your portfolio divided between multiple advisors, have you considered the potential cost savings, portfolio coordination benefits and additional tax deductions that you could be missing out on?
  • Once you’ve carefully answered the questions above, and are comfortable with the asset mix and investment vehicles you’ll be buying into, we get to the most stressful part. Just like eating an elephant, we recommend doing it one bite at a time. Here’s how we implement:
    1. Decide on how many tranches you want to divide your lump sum into. It could be 3 or 4 equal portions, or another number you’re comfortable with.
    2. Decide on the frequency of getting the subsequent tranches of capital invested, perhaps monthly or every six weeks.
    3. Add tactically to each asset class as it experiences its own natural dip
    4. Be ready to pounce. Crisis contains danger for the unprepared, and opportunity for the well-prepared and patient types. If a major buying opportunity materializes during the systematic implementation process described so far, that’s the best thing that could possibly happen. You get to buy under-valued assets while others are selling them in a panic, thus taking advantage of “Mass Psychology” instead of being the victim of it.
  • Once fully implemented, monitor and adjust as necessary, using the risk management parameters and systems that you’re comfortable with. If someone else is managing the portfolio, get clarity on exactly how they manage downside risk.

This process works like a charm, but you need to follow it systematically.

Patience and discipline are accretive to your wealth, health and happiness, so focus on these.


Andrew H. Ruhland, CFP, CIM

Founder and President

Integrated Wealth Management Inc. in Calgary

Never ever count out the dark horse

Hangover, shock, disbelief, anger, damaged egos…all part of the aftermath of the U.S. elections. Oh, and a very different tone on mainstream TV shows.

Martin Armstrong’s models got it right once again. 3 out of his 4 models called a Republican victory with > 80% voter turnout. This is yet another confirmation that Armstrong’s computer is truly special.

US equity futures plummeted as the Trump victory started to emerge last night but have recovered most of the declines just as markets are poised to open.

The very best thing about Trump’s victory last night is that “the little guy” who has been disenfranchised by the elitist power structure exercised their democratic franchise to push back against the corrupt political classes.

Trump himself is still a buffoon in many ways, but he and his team proved that they had superior focus, determination, and commitment. Most importantly they understood the widespread feelings of powerlessness within the very divided states of America. And they did it with less than 25% of the media spend than the other side.

I’m quite enjoying watching the talking heads on every US network choke on their humble pie. It’s also interesting to note that they actually understand the populist essence of this victory. Joe Scarborough on MSNBC just admitted the arrogance and advocacy role of the mainstream media.

The US has now elected one of its two deeply flawed candidates to be President and the hard work begins…with roughly 49% of the electorate hating him. We’ll see what he does with 2 years of Republican majorities in the House and Senate.

Never EVER count out a dark horse. They have depth, desire and focus…and they thrive on the challenge of beating the odds.

It’s interesting that Hillary hasn’t spoken publicly yet. Was she asleep before the final results or perhaps having one of her legendary meltdowns? Or maybe “putting out a contract” on Donald Trump like she has with roughly 66 previous political opponents? Will she contest the results?



A bold prediction…we’ll see how it turns out

First of all, I wish to express my sincere regrets that the U.S. elections are such big news even here in Canada…collectively it feels like we need to be deloused and scrubbed with disinfectant.

I’ve been pretty clear in my various newsletters, articles and conversations that I believe that neither of the two leading Presidential candidates are worthy of the Office they seek. To be brutally frank, both candidates have disgusted me in ways that were unthinkable until about 16 months ago. I cannot cast a ballot, nor do I endorse either candidate.

I’ve unequivocally stated – ad nauseam for some – that whomever wins, America loses. And whomever loses, they will call for vote re-counts and accuse the other side of voter fraud. I’ve already seen numerous stories of fraud in respect of counting early voter ballots, and that story will explode. Neither candidate can be accurately characterized as a gracious loser.

I believe the Whitehouse will be occupied starting in late January 2017 by the candidate whom the largest block of voters “fear and hate less.” Will that be one misogynist or two?

I’ve also stated that the popularity of Trump is not based (primarily) on Trump himself even though I’m sure The Donald secretly wishes it were so…it’s because he has aligned his campaign with an incredibly large segment of the U.S. electorate who feel – for a variety of reasons – that the corruption and elitism of the U.S. system needs to be cleaned up, and that Donald Trump is brazen enough to actually do it. It’s elitism/status quo versus populism and necessary change.

Whether or not he could or would follow through on his promise to “drain the swamp” of Washington, D.C. is quite another matter, but Trump has become the candidate who gives many people their first real hope of actually dismantling the expensive corruption that pervades all federal institutions – regardless of which party is in power in Congress or the White House. Trump gives many disempowered people the hope of actually being empowered. He’s not particularly articulate, but this serves to endear him to many people who have learned by experience to distrust people who are too articulate, too polished, and got too rich while working in “public service.”

One of the great things about this election is the fact that the mainstream media (excluding Fox and Rebel.Media) has been outed as being horribly biased, scheming, misleading, disingenuous and downright dishonest colluding cheerleaders for the Clinton campaign. They have basically given the Clinton campaign a free ride, and the polls are still incredibly close. This speaks to the weakness of the Clinton campaign, which has spent most of its time trying to suppress investigations and actively manipulating media coverage of the MANY Clinton scandals…and more recently trying to run out the clock.

The article below is from Breitbart, one of several “deplorable, Alt-right” news sites that I visit in order to counter-balance the bias of CNN, MSNBC, ABC/NBC/CBS/GLOBAL/CBC and most of traditional print journalism. Mainstream journalism has openly shown that it is part of the Establishment itself, so they won’t report honestly on their own corruption. This includes Facebook, Twitter and Google…all of whom have been caught red-handed suppressing trending stories or search results that hurt Clinton or favor Trump.


With almost every influential celebrity, media outlet and popular technology platform on her side, shouldn’t this already be a blow-out in Clinton’s favor? Even Hillary admitted in one video a month ago that she should be ahead by 15 % points.

This is definitely a change election, and the article above is a very thorough explanation of how Trump just might pull off a dark horse victory, similar to the surprise “Leave” victory in the Brexit vote back on June 23rd. Our managers are watching today’s market surge which has been attributed to traders’ belief that Clinton will win…and are prepared for all outcomes.

To me, this feels a lot like the market top that happened back in May 2, 2011 when the Obama administration proudly announced the capture and killing of Osama bin Laden, which makes me very cautious. The principles of Mass Psychology don’t apply only to the investment markets.

What I do know with certainty is that public confidence in government will continue to decline in the U.S., and this trend is just getting started. It’s good for U.S. stocks because the U.S. is the relatively-strongest economy in the world, and investors have more confidence in corporations than they do in governments. Eventually it will also be VERY good for precious metals investments as well.

Like everyone I discuss this with, I am happiest that the election is finally about to be over with…though the consequences will be felt for years to come. Buckle up, everyone…this is just about to get REALLY interesting.

Namaste 🙂

~ Andrew

October 2016 Update

I just wanted to drop a note as an update to my newsletter from Sept 26th….the springs continue to tighten.

As we approach the Nov 8th U.S. elections, there are several other important “weather systems” converging and which, taken collectively, we believe could trigger some short-term equity market volatility.

The three most significant systems are:

1) the sabre-rattling between the U.S. and Russia in Syria, with the potential of war contagion; both of these nuclear powers are benefitting from the promotion of an external enemy to distract from domestic challenges. Yesterday, Russia urgently recommended that Russian students abroad return home as soon as possible;

2) instability in the Eurozone banks orbiting around Deutsche Bank, stagnant GDP, an immigration crisis that is overwhelming their already stretched welfare systems, and the uncertainties created by a departing U.K and federal elections in France and Germany…and a potential Italian catalyst, and

3) desperation and frustration in Japan stemming from the futility of over 26 years of ineffective monetary and fiscal policy, choking Debt:GDP and an aging population.

We’re in ongoing contact with our Portfolio Managers as part of normal operations, and I’m happy to report that our managers already shared these concerns and had been taking defensive actions within client portfolios as a result of their own internal risk management processes. They have some dry powder after harvesting recent gains, and are patiently awaiting key support levels to get fully long again. If these support levels don’t hold, portfolios can be quickly de-risked even further.

Given how they handled the early 2016 market volatility and the post-Brexit “market zigzag” I am very comfortable with their positioning. With the added benefit of Martin Armstrong’s Socrates(TM) system to provide confirmation, I’m sleeping soundly knowing our Portfolio Managers are vigilant and pro-active, but there will be some short-term volatility that it would be wise to simply tolerate.

Over the summer, we worked on refreshing our website to coincide with beginning to provide editorial content to Michael Campbell’s Money Talks blog. I’ll be posting these articles on our new homepage, including an audio recording of my live radio interview with Mike on Saturday October 15th around 9:53 am Mountain time.

Over the last several years, both long-time and more recent clients have been discussing issues in a few key areas. Many people are starting to see global tensions rise and chatting within their social circles about the potential financial fall-out, and numerous clients started asking us how we’re prepared to deal with these rising risks. To that end, I created this special video to explain what we do and how we do it.

Patience, discipline and compassion are accretive to your wealth, health and happiness – so focus on these.

Andrew H. Ruhland, CFP, CIM
Founder, Integrated Wealth Management Inc.