Weekly "Focus" and Pet Sounds

I was saddened to learn of the passing of Brian Wilson this week, lead singer and legendary co-founder and creative mastermind of The Beach Boys, one of the favourite bands from my youth. His passing at the age of 82 brought tributes from artists like Bob Dylan, Elton John and Paul McCartney. The group’s 11^th album Pet Sounds released in 1966 is considered one of the most influential albums of all-time featuring songs such as “God Only Knows”, “Wouldn’t It Be Nice” and “Sloop John B”.

 

My pet dog Luna makes very few sounds but now at almost three is beginning to bark at strangers who come to our door. Norm’s dog Romeo enjoys chilling on the sofa. We would love to see a picture of your pet.

 

 

Pet owners are known to spoil their pets (of course not us) and Chewy (CHWY) has become the go-to e-commerce company for pet food and pet-related supplies. Annual sales exceed US$11 billion, and the company has grown to have a market value of US$19 billion (i). Shareholders have seen the value of the company increase by more than 25% in 2025, but the shares still sit 50% below their level during the height of COVID in 2021 when shopping from home was paramount (i).

 

 

This week’s "Focus" from our economics team is attached.

 

Have a great weekend,

 

Brad

Senior Portfolio Manager and Senior Investment Advisor