Thought of the Moment - 2003Dec12 A helpful thought from RESULTS ORIENTED

SAD People Finance professor Lisa Kramer (UofT), financial economist Mark Kamstra (FRB Atlanta), and international finance professor Maurice Levi (UBC)studied the investing patterns of people with seasonal affective disorder (SAD). People with SAD become risk-averse during fall (autumn) as the days grow shorter. Once the days become longer, they appear willing to take financial risks. The fluctuations are more pronounced, the further from the equator the people live and work. Implications: SAD causes varying levels of depression, due to reduced daylight and affects 15% of the population. Are these fluctuations in line, or out of step with your business cycle? Source: University of Toronto Magazine, 2003, 'Taking Stock of SAD'