So far, 2025 has been defined by strong financial market performance despite economic and geopolitical uncertainty. Equity and fixed income investments continue to perform well – buoyed by optimism around Artificial Intelligence (AI), lower interest rates and a resilient economy. Yet this strength has come against a backdrop of elevated valuations, macroeconomic fragility, and heightened […]
Real or Artificial? Read More »
Last month, a massive $140 billion flowed into US equity funds as investors embraced the re-election of Donald Trump. This “Trump trade” was driven by investor expectations that the new Trump administration will unleash sweeping tax cuts, deregulation and aggressive fiscal policies that will generate a further boon to corporate America. There is now a
American Exceptionalism Read More »
The Russian invasion of Ukraine in February 2022 essentially marked the end of a thirty-year peace dividend. During this relatively stable geopolitical period, major conflicts were regional (Afghanistan, Iraq, Libya, Syria) and “contained”, trade friction was subdued and supply chains were well established (other than during COVID). The world experienced above average economic growth driven
Intel and Reshoring Read More »
June 2024 2024 has seen a sizeable jump in the price of gold. After trending in the $USD 1,800 to 2,000 range for the past three years, the price of gold has increased 20% year to date. Historically, the price of gold has been a rough hedge against inflation. Recent post-covid inflation has been a
Gold and Geopolitics Read More »
2022 was a very difficult year for the global financial markets. Both North American stock and bond markets suffered double-digit negative returns. As measured by the Nasdaq Index, technology stocks fared the worst, ending the year down over 30%. In Canada, the average return for a Canadian balanced fund was a loss of 12%. Hemisphere
