Mr. Coxe has more than 35 years of institutional investment experience in Canada and the U.S.. As chairman of Coxe Advisors LLC., he follows global capital markets, based on his maxim, "Never invest on the basis of a story on Page One - that is the efficient market. Invest on the basis of a story on Page Sixteen, that is headed on its way to Page One".
He is a former global portfolio strategist for BMO Financial Group and was co-manager of the flagship Harris Insight Equity Fund. Since 1992, Mr. Coxe has been analyzing and making recommendations on global markets for clients of BMO Financial Group through his monthly journal Basic Points. He was ranked No. 1 in 2007 and 2008, by Canadian institutional investors in the Brendan Woods survey.
At the end of 2008, Mr. Coxe retired to focus his efforts on his consulting business and new special projects.
The Coxe Commodity Strategy Fund launched in 2008 - at $297-million - was the largest IPO in Canada for the year. Mr. Coxe continues to serve as portfolio consultant to Harris Investment Management Inc., the investment adviser to the Coxe Commodity Fund.
In the future, Mr. Coxe intends to devote time to addressing the global food challenge, which is likely to become the global food crisis. Before entering the investment business, he served as general manager for the Ontario Federation of Agriculture and general counsel for the Canadian Federation of Agriculture. For many years, he was involved in framing public policy for agriculture and for public pension funds. He considers his greatest accomplishment the repeal of provincial death taxes on Canadian family farms.
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Sonali Verma, Globe Investor: Hello, welcome to our discussion! We have a lot of questions, so let's get straight to them.
Ed the Perplexed asks: Why will printing more money be inflationary in a deflationary environment? In the past year the world has lost an immense amount of wealth, tens of trillions of dollars. If governments print money, to start replacing that which has been lost, why is this inflationary to the currency printed? If there is an enormous hole in the ground, and governments are just starting to fill it up again, why will money lost its value?
Don Coxe: Inflation is primarily a transactional issue, although it usually eventually translates into asset pricing of assets deemed to be hedges against inflation. In the 70s, there was a deep recession, accompanied by high inflation because of excess monetary expansion at a time of soaring food and fuel prices. It could happen again.
Louis Silvestre asks: Hi there Don. I was wonder with the losses in the bank stock and the Government just printing money to replace those loses. Does that not make the out come flat. In the belief that bank stock where worth so much (US Bank) and now half or less. And with this printing ....brings us back. to the same position.----where inflation was? I also read some where that gov't use substitue inflation to lower or raise rates too... thank you
Don Coxe: Dear Louis,
Bad banks can go along with rising inflation if monetary authorities print excess money. That happened-to some extent-in the 70s. It should be far greater this time.
Rena & Wallace Rogers write: Hello,
Could you explain the difference between Cox.un and Ssj.un and specifically the different holdings.
Don Coxe: I do not know the investing philosophy or strategy implementation of the find you name. Our fund is built around the principles I've been enunciating for 7 years---there are no secrets and you either like that philosophy or you don't. those who've followed my work are in little doubt about what we do and why we do it