It was 1921. The world was trying to recover from the Great War in which millions had perished, and the Spanish flu pandemic which had killed even more. New businesses and modernized methods of production were emerging. Harold Mara and Leigh McCarthy saw the opportunity and seized the chance to create their own stock brokerage firm.

It was a handshake deal. In those days your handshake and your word was enough. Was it risky? Sure. As it turned out it was only 8 years before the beginning of the Great Depression, followed shortly by another World War. Though they didn’t know what was to come, it took true grit to make a go of it.

What they started nearly 100 years ago is still going strong. We are proud of our history and heritage and we would like to share our story with you.

Over the next few months, as we celebrate our 100th year, we will be sharing some snapshots of moments in time in world history and in our firm’s history. Join us on our journey through the last 100 years.

While our name may have changed over the years, our
values have not.
Here is to the next 100 years.

On October 29, 1929 “Black Tuesday” hit Wall Street as panicked sellers dumped millions of shares on the New York Stock Exchange. In Toronto, within the first hour after the opening bell “Black Tuesday” became the worst stock market crash in the history of the Toronto Stock Exchange. “Losses have been enormous and fortunes wiped out overnight” reported the Toronto Star. Horrified investors clogged the financial districts while brokerage houses worked desperately to stay ahead of the paperwork while managing the flood of margin calls.

We were there. Looking at the ticker tape in disbelief. This was a day that changed the course of history, and marked the beginning of the Great Depression which followed.

What doesn’t kill you makes you stronger. We are proud that in even some of the darkest moments of financial history, our lights were never shut off. Together with our clients we stood steadfast with the resolve to emerge even stronger.

While our name may have changed over the years, our values have not. Here is to the next 100 years.

It was May 1940 and Canada was at war. Nazi forces had swept across much of Europe and the Allied forces had been driven from Continental Europe. It was now clear that Canada would play a vital role in the Allied war effort-–particularly in providing naval support to the supply chain across the north Atlantic.

Building the necessary ships, airplanes and munitions would require a lot of money. Approximately half of the Canadian war cost was funded by the issue of War Savings Certificates and war bonds known as "Victory Bonds". Certificates began selling in 1940 and were sold door-to-door by volunteers as well as at banks, post offices and our firm then known as Andras, Hatch and Hetherington.

We were there. Standing behind our troops. Financially rallying for the war effort.

Events like that changed the course of history, and shaped our nation. We are proud that in even some of the darkest moments of history, our lights were never shut off. We stood steadfast with our clients with a resolve to emerge even stronger.

While our name may have changed over the years, our values have not. Here is to the next 100 years.

On October 19, 1987 stock markets around the world collapsed. Known as Black Monday, the Dow Jones Industrial Average toppled 508 points (over 22%!), the largest one day percentage drop in history. It is estimated that US$1.7 trillion was wiped out worldwide. If you thought the crash of 1929 was bad, this was worse. Panic sentiment led to thoughts of this being the precursor to the Great Depression 2.0.

But the economy was doing fine. So what really caused the sudden market plunge? Mostly it was the result of program trading. Newly developed computer systems had added greatly to stock market efficiency, but circuit breakers had not yet been put in place to prevent runaway program trading before rational thought could intervene.

What did we do? Stayed the course with four tenets that we had learned from times like these:

1. Stay objective, not emotional
2. What goes up goes down even faster
3. Be like Buffet: Buy on fear, sell on greed
4. Don’t get over-leveraged. Margin calls can make you sell when you don’t want to

And now we had a new lesson. Program trading will amplify the ups and downs of the market, causing unwarranted increased volatility.

We are proud that in even some of the darkest moments of financial history, our lights were never shut off. It's challenges like those that have taught us valuable lessons in strength and perseverance; the critical difference between being reactive and proactive.

While our name may have changed over the years, our values have not.

Here is to the next 100 years.

On the morning of September 15, 2008, Lehman Brothers, holding over $600 Billion USD in assets, filed for Chapter 11 bankruptcy protection, starting what became referred to as the Global Financial Crisis (GFC). In actual fact, the downward spiral had begun months before, when Bear Sterns collapsed in an escalating credit crisis. The impact on credit markets and stock markets was world wide.

In Canada, issuers of Asset Backed Commercial Paper defaulted as tightening of credit made refinancing of their notes impossible. The TSX composite index dropped more than 40% from August 2008 to March 2009. What to do? Sell and save what’s left? Keep the companies with strong balance sheets?

It is times like these when experience makes the difference. We worked fervently with our clients to manage the portfolio impact spinning from the effects of a toppling market that no one saw coming.

By the end of 2009 the TSX had recovered 65% of its decline. Together with our clients we weathered the storm, having added another experience to our long list.

While our name may have changed over the years, our values have not.

Here is to the next 100 years.

In 1994, Clive Beddoe, Westjet's founder, assembled a team of low cost airline veterans, and hatched a bold plan to create Canada’s first low cost carrier. It had never been done before. The idea was to respond to the high prices and impersonal service typical of the country’s incumbent mainline carriers. It was a Calgary initiative, spearheaded by highly entpreneurial westerners.

By 1996 they were ready to fly and raise the launch capital. Up to this point, the founders had provided the seed funding out of their own pockets. They needed $20 million to launch, and much more if successful. They approached a large bank-owned investment dealer. The dealer’s most senior investment banking personnel in Calgary handled the file. The bank was formally engaged to raise the money and all systems were go until, at the last minute, it was discovered that the bank had a long standing business relationship with one of the major airline competitors, and its Calgary investment banking team had undertaken this assignment, without head office approval. Clive and his team were taken for a ride and left at the altar (actually, left at the gate).

It was a potentially disasterous blow.

Clive wasn't about to be defeated. He contacted his good friend, Ian Griffin, our former Chairman and now Honourary Chairman to see if he could help. Ian mobilized our Investment banking team. Private company financing for startup airlines was unheard of at the time. But it was an enlightened plan by established industry veterans committed to see their mission succeed. We raised $20 million dollars in one month!! WestJet was in the air!

We are proud to have been a part of the Westjet story. WestJet went on to become one of the world's most successful low cost carriers and when it was sold to Onex in late 2019 ,a $180,000 investment had become worth almost $9 million. We are privileged to have been able to repeat this success for countless other early stage growth companies over the succeeding decades.

While our name may have changed over the years, our values have not.

Here is to the next 100 years.