Newsletter

The start of 2026 has only brought more uncertainty to the financial markets. Canadian equity markets have outperformed their US counterparts, but performance has varied widely across sectors, industries and companies. Artificial Intelligence (AI) continues to be a driving force behind the choppiness. Those companies expected to benefit from AI (the “winners”) are being rewarded. […]

In investing, attention often gravitates toward fast-growing companies promising rapid expansion over a few short years. Yet, the most enduring sources of shareholder value typically do not come from explosive growth. They come from the slow, steady march of durable businesses capable of compounding and reinvesting earnings over decades. When a company can survive and

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

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

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