Each week, our team publishes a blog and webcast.
April didn’t just bring showers—it dumped a cold bucket of water on the markets. Following Trump’s worse-than-expected tariff announcement on April 2, the S&P 500 tumbled nearly 11% in just two days. That kind of drop felt unprecedented—but it wasn’t. Since July 1933, the S&P 500 has fallen more than 10% over two consecutive days […]
The bond market is remarkably persuasive when it gets cranky. Yes, both stocks and bonds matter. When stocks climb, investors feel the “wealth effect” — richer on paper, so they book the vacation, upgrade the kitchen, and buy a second air fryer (because obviously, one isn’t enough). But the bond market? It’s bigger. Much bigger. […]
Back in the day, Richard Nixon employed the “madman theory”: act crazy enough that other world leaders would think twice before pushing too far. Trump, on the other hand, might have skipped the theory part and gone straight to the performance. It’s hard to say whether these global tariffs are meant to negotiate a new […]
While the world threw cash at “revenge travel” post-pandemic, we steered clear of airline stocks. They’re capital-intensive, cyclical, and full of turbulence—not our cup of tea. (See our August 2, 2024, blog Air Canada Has Too Much Baggage) That said, travel remains a dominant theme, but we’re playing it differently. CAE is a Canadian company […]
Earlier this month, Hudson’s Bay Company (“The Bay”) filed for creditor protection. It’s a sad moment for many, especially for those who remember when it was one of Canada’s last remaining retail giants. After Eaton’s closed its doors in 1999, The Bay stood alone as the flagship domestic department store for Canadian shoppers. In 2006, […]
This week, we dive into North America’s auto industry with University of Toronto Professor Dimitry Anastakis, an industry expert and author of Dream Car. As Professor Anastakis explains, it took decades to build an integrated North American automotive supply chain. Today, automakers rely on a just-in-time inventory system, meaning parts arrive precisely when needed. Before […]
Each month, we select a handful of questions that were asked by clients or soon-to-be clients. We like to post our answers online because others may have that same question as well. Here are a few of the things we were asked about most recently. Question from Toronto: Does tax get triggered if there are […]
On January 7, 2025, the Eaton Fire ignited in California’s Eaton Canyon, rapidly escalating into one of the state’s most catastrophic wildfires. Fueled by hurricane-force Santa Ana winds, the blaze ravaged over 14,000 acres, claimed 17 lives, and obliterated approximately 10,000 structures, including homes, businesses, and schools. In anticipation of these disasters, California established a […]
Canada seems clearly under attack by our southern “neighbours”. While the best-performing stocks over the past decade have mostly been U.S.-based, we’ve bucked the trend and are overweight in Canadian equities. Lately, we’re beginning to observe a home country bias. Maple Leaf Foods, which our clients own, reported a strong quarter earlier this week. Its […]
Exactly one year ago, we published a blog titled “Dial Back on Canadian Telco Exposure.” Between the corporate soap opera at Rogers Communications and BCE’s bloated debt amid sluggish growth, we were bearish on the sector. Telus was the sole exception. Fast-forward 52 weeks, and the numbers speak for themselves. Including dividends, BCE has nosedived […]
