Mirador Portfolio Management Update for the First Quarter of 2025

Dear Friends and Clients,

Because we have issued two market updates already in April, we are going to keep this quarterly report short and sweet. Here is a website link that will take you to the other two recent updates: Mirador Wealth | Quarterly Reports.

We always follow the markets closely, but lately, we are literally managing day-by-day, and on many days, minute-by-minute. We have never seen volatility like this in our 35 years in the investment industry. Not even 2008 – 2009 was this volatile. It is so very extreme. I never dreamt that social media posts from government officials would create such major market reversal both up and down. Many times, we have seen huge percentage moves in minutes, if not seconds.

Here is something we’d like you to consider – despite all the negative media hype about tariff cruelty to Canada, our stock market is outperforming the U.S. market year-to-date by an extraordinarily significant amount. And, since its low in early February, the Canadian dollar is up over 6.5%. Many of you may recall us talking about the stock market as the best leading economic indicator. The stock market and Canadian dollar value are the facts, and they are not signalling doom and gloom and economic catastrophe for Canada – not now at least. Let me run and check the Bloomberg Terminal to see if that has changed since I started typing this! Ha! Ha! But seriously, that is the way life has been for us the last while.

We all must remain focused on the data, not the media hype or some famous commentators’ predictions that rarely become true. Some of the data we are focusing on are the technical analysis indicators of market and individual stock direction. We have had to adjust the time frames of this analysis because of the short-term volatility. And we have had to be the most active we have ever been transacting in the portfolios to safeguard capital, but to also to take advantage of great yield opportunities.

Here are some percentage drawdown numbers as of last Friday, April the 18th:

The above is incredibly good news. We have not declined much at all, and this leaves our capital mostly intact to take advantage of better times around the corner. Due to the small decline in the unit value, the current yield is 7.85%. This means it’s a great time to buy more units. If you have cash withering away in a bank account or other capital that you would like to earn better income with, but still have decent stability, now is the time to call Joyce and get the money over here. If you have friends or family that are wondering what to do now, we would love to talk with them.

Here is the current allocation for the Mirador Income and Stability programs:

The main changes since the last update have been:

• Increased Fixed Income Preferreds
• Increased call writing to reflect the mildly bullish market stance
• Increased call writing in the form of ETFs to increase U.S. allocation
• Increased Equity income to take advantage of the higher yields

Out here in the Longview hills, calving season is in full force. So that means extra work for me checking the herd several times a day. It is lots of walking, and that’s a good thing. There have been a couple sleep deprived nights – somehow I need to train them to have calves during regular daytime hours!

That’s it for Q1 2025. As always, phone or reply to this email to just say hello, or if you have any questions comments or ideas. Please watch for our email newsletters that announce new blog updates. Going forward, the website and blog will be our main source of communication with you rather than the old school email, notes and letters. Please visit our website to read these (control and mouse click); Mirador Corporation and feel free to share our blogs and updates with your family.

Sincerely,

Stan 403-608-4664

Joyce 403-978-6798