Fall 2025
After a summer of significant gains, equity market advances have created a degree of nervousness for some investors. Indeed, the rebound has been remarkable: Since the April lows, the S&P 500 surged more than 30 percent in two months, marking one of the fastest rallies in recent history, with the S&P/TSX hitting multiple new all-time highs. One of the reasons has been strength in large tech-related earnings, fueled by market enthusiasm for artificial intelligence (AI).
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Summer 2025
The substantial volatility witnessed in April—and the sharp reversal that followed in May—serve as a reminder of just how quickly sentiment can shift. It is also a reason why I continue to emphasize the importance of discipline in investing. My summer newsletter, “A New Era of Acceleration,” discusses how we may have entered a new era—one where political disruption, rapidly shifting policies and the velocity of digital information collide. In a world where headlines can move markets in minutes, resisting the impulse to react can be key.
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Spring 2025
If the first months of 2025 reflect any sentiment, it may be captured by the title of my Spring newsletter: “Expect the Unexpected.” The tariff situation has been particularly unsettling for many, and we continue to assess the evolving developments. While the near term will always carry uncertainty, the next four years are likely to bring ongoing unpredictability driven by shifting policy stances south of the border.
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Winter 2025
With the market’s run in 2024, Warren Buffett’s Berkshire Hathaway became the eighth U.S. company to join the trillion-dollar valuation club. What is the path to a trillion? For companies achieving this milestone, success didn’t happen overnight — building substantial wealth often takes time. In my Winter newsletter — “What’s the Path to a Trillion?” — this perspective is worth remembering as we begin a new year: meaningful growth is often measured over decades, not merely days or even years.
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