Economists define a “technical recession” as two consecutive quarters of negative economic growth. After shrinking by 1.0% in the final quarter of 2025, the economy dipped an additional 0.1% in the first quarter of 2026. This latest contraction is minor, and it is a preliminary figure that will likely be revised upward or downward in […]
Alphabet (formerly known as Google) announced its plans Monday evening to raise cash by selling $80 billion in stock. We were surprised by the news, especially for a company that generates $165 billion in cash flow each year. Furthermore, they’ve only tapped the equity market twice before — once when it went public in 2004 […]
On October 19, 2026, Alberta will have a referendum about whether it should have a referendum to separate from Canada. The exact wording on the ballot for one of the ten questions will read: Should Alberta remain a province of Canada, or should the Government of Alberta commence the legal process required under the Canadian […]
With the market hitting record highs daily, finding compelling new opportunities at attractive entry points has become increasingly challenging. Brookfield Infrastructure (“BIPC”), which hit almost $70 as recently as March, has pulled back just about 25% the last several weeks to $53.34 today. (Disclosure: Clients, Jeff Pollock, and Sunni Schneider have a financial interest in […]
Several years ago, a friend reached out about a distressing personal matter involving her mother’s retirement savings. Her mother, a client at one of Canada’s “Big Six” banks, had her savings spread across four different mutual funds, and two of those four funds became suddenly frozen. (Note: Mutual funds are pooled vehicles and their underlying […]
Even after the Strait of Hormuz eventually reopens and Iranian tensions ease, it’s doubtful that the West Texas Intermediate (“WTI”) oil price will decline to its pre-strike level of $65. Instead, we expect today’s $98 price to settle in the $80–90 per barrel range. There are several reasons why we expect a higher floor for […]
Last week, Donald Trump announced he would nominate Kevin Warsh to be the next Federal Reserve Chair, a move that surprised plenty (including us, since we thought Rick Rieder would be selected). The market did not take the announcement well. Many attributed the selloff to Warsh’s criticism of easy-money policies and the large expansion of […]
When our clients first became shareholders of South Bow (SOBO) on September 25, 2024, it wasn’t by choice. The new company was a spinoff from TC Energy. To be frank, we weren’t expecting much. (Disclosure: Clients, Jeff Pollock, and Sunni Schneider hold a financial interest in South Bow as shareholders but no compensation was offered to […]
To my surprise, Maple Leaf Foods (“MFI”) has been our strongest performer this year, up nearly 80%. (Disclosure: Clients, Jeff Pollock, and Sunni Schneider are shareholders of MFI. No compensation was received to write this blog.) On February 26, 2024, we started buying MFI for clients at $22.82. At the time, the stock was about […]
September has historically been a weak month for stocks, and this year’s sentiment will hinge on Jay Powell’s speech tomorrow at Jackson Hole Students aren’t the only ones uneasy about September—stocks often dread it too. Historically, it’s the worst month for the market. Since 1930, the S&P 500 has fallen about 55% of the time […]
Our investment in Canadian Utilities (“CU”), which delivers gas and electricity, in November 2023 was based on a straightforward premise: its attractive 5.7% dividend yield positioned it as a prime beneficiary of anticipated interest rate cuts. We believed falling rates would naturally enhance the appeal of high-yielding dividend stocks like CU for income investors seeking […]
