Welcome,

We are very pleased to send you our monthly financial newsletter to keep you abreast of financial markets and world economy. We hope that you will enjoy reading these articles. As always, we welcome your comments and questions.

Sincerely,

Team Beauregard Farina Tourangeau

1250 boul. René-Lévesque West

Suite 1500

Montréal, QC

H3B 4W8

Markets Returns

	Value as of June 30 2015*	2015 Year to date	2014
S&P / TSX	14,553	-0.5 %	7.4 %
S&P 500	2,063	0.9 %	11.4 %
Euro Stoxx 50	3,424	8.8 %	1.2 %
MCSI emerging markets	972	1.7 %	-4.6 %
Oil ($US/Barrel)	$ 59.47	6.9 %	-41.6 %
Gold ($US/oz)	$ 1,172	-1.1 %	-1.9 %
$CAD / $USD	$ 0.80	-6.42 %	-8.5 %

Source : Bloomberg, Richardson GMP Limited

*Values are in local currency

Investment Strategies

Cash is no longer king - and never should be

Are you one of the millions of investors holding larger than normal amounts of cash for safety due to markets uncertainty? It may be surprising to some, but if your primary goal is to preserve your wealth, investing and maintaining exposure to the markets may be a better option than keeping your money in cash in the long term.

"The one thing I will tell you is the worst investment you can have is cash," Buffett is quoted as saying. "Everybody is talking about cash being king and that sort of thing. Cash is going to become worthless over time. But good businesses are going to become worth more over time."

How much cash you should keep on hand depends on your unique circumstances. But just remember: Don't let a single-minded focus on cash obscure the benefits of diversification, which is the real king.

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Tax & Estate Planning Strategies

Three retirement mistakes to avoid

Six out of 10 people have experienced major life events that challenged their original retirement planning goals. Flexibility and preparation are crucial for clients to overcome obstacles in their retirement years.

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In the news

Worried about Grexit?

What would happen if Greece exits the euro? Nobody knows, because euro membership is supposed to be irreversible. There's no legal framework for how a country would move out of the Eurozone. A Greek exit wouldn't happen automatically, or immediately, if the country defaults. The process would be gradual, thereby lessening market shocks.

Another reason markets wouldn't freefall, he adds, is that the Eurozone has put a number of new safeguards in place. For instance, its banking system is better capitalized. "So it's less fragile to a Greek collapse. But, in the short term, fears are still creating volatility and downside risk for equity markets.

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Europe is primed for a profit margin renaissance

Beyond short-term risks linked to Greek debt talks, rebounding profit margins in Europe could help the region's stocks outpace equities in the U.S., where margins may be peaking. Analysts say the fall in the euro over the past year, combined with lower commodity prices and cheaper financing costs for companies are set to fuel a revival in European margins.

European stocks' brisk rally in the first part of the year has stalled since April amid worries over Greece. The Stoxx 600 is still up 12 percent in 2015, however. The S&P 500 has only risen about 3 percent.

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Global investing: where to find opportunities

The historically weak euro is likely to get a boost as the European Central Bank carries out its quantitative easing program. It should favor undervalued companies based in the European Union. The EU's macroeconomic environment will begin to help competitively positioned companies domiciled in Europe realize their growth potential through productivity enhancements, savings in labor costs and increased access to capital.

Investment opportunities in European equities have more to do with individual companies rather than the countries where they are headquartered. Why? Because globalization has changed the currency exposure of most large-capitalization stocks.

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Eddy Farina, Fin. Pl., CIM
®

Senior Vice President, Investment Advisor

514.981.5727

" Choose a job you love, and you will never have to work a day in your life "

- Confucius

TeamBFT.com

514.981.5727

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DISCLAIMER

The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited or its affiliates. Assumptions, opinions and estimates constitute the author's judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own legal or tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances. Insurance services are offered through Richardson GMP Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC,NB,NS,PEI and NL. Additional administrative support and policy management are provided by PPI Partners. Richardson GMP Limited is a member of Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.