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 […]

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 Ontario: Do you invest in gold and silver? […]

Many claim to be contrarian investors who “buy low” and “sell high.” But how many actually follow through? Here’s what we did last Monday as prices tumbled after Saturday’s tariff announcement. First, we didn’t sell a single security in our client accounts. Second, we put to work the cash we had raised throughout January. To […]

At $0.69 USD, we believe the Canadian dollar is unlikely to fall much further from its current level. This is a contrarian stance, as many expect the loonie to continue its decline due to more aggressive rate cuts by the Bank of Canada compared to the Federal Reserve. We actively seek contrarian opportunities—investments in ideas […]

In December 2022, sentiment around Suncor could not have been worse. The stock had plummeted by 14% over the previous month. On top of that, the company had suffered five tragic fatalities since 2019, more than all of its oil and gas peers combined. As a result, CEO Mark Little stepped down. To make matters […]

Dissention between Canada and the U.S. is nothing new. We even went to war in 1812 and set fire to the White House. In recent memory, John F. Kennedy publicly mocked Mr. Diefenbaker’s French; Lyndon Johnson grabbed Lester Pearson by his lapel for opposing the Vietnam war; and Richard Nixon was infamously recorded calling our […]

In October, U.S. regulators acted against TD Bank after uncovering that Chinese drug traffickers had bribed employees to launder at least US$653 million. Until TD addresses its anti-money laundering deficiencies to the regulators’ satisfaction, the bank is prohibited from growing its U.S. retail assets beyond US$434 billion, approximately their current level. TD is now the […]

This week was the 86th birthday of our late Honorary Founder, Nuge Schneider. I’m sure that if he were here with us, there would be a big swanky party at some place downtown in Sarasota where he spent his winters. Each Monday, Mr. Schneider would call me right around 9:45am. Sometimes he would ask, “what […]

Inflation may return next year, depending on the geography. After experiencing nearly a 9% inflation surge in both the U.S. and Canada throughout 2022, the last two years have brought much-needed relief. Both countries saw a similar pattern of inflationary spikes and subsequent declines. However, we expect to see a divergence in 2025. Looking ahead, […]

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 Ontario: Warren Buffett has been raising cash by […]