January 2026
Brent Joyce, CFA, Chief Investment Strategist
“Never confuse genius with luck and a bull market.”
– John “Jack” Bogle (1929 – 2019), American investor, business magnate and philanthropist, founder of The Vanguard Group
Resilience and feedback are two words that best sum up 2025. The year may also go down as the “t” year: tariffs, tensions, trade, TACO and Trump all featured prominently. However, “t” words also dominated the latter half of the year: turnaround, terrific and all-time highs. Most of the world’s stock market indices posted positive returns, some spectacular and surprising. Among the world’s top performers were benchmark stock indices in Canada (+28.3%), Mexico (+29.9%), and Korea (+75.6%), three countries that are heavily reliant on U.S. trade. In our opinion, the single most important development of the year was the crucial feedback the U.S. bond market delivered to the Trump administration, paving the way for a recalibration of its tariff policies.
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Do not hesitate to give either of us a call at 416 359-7565 or 416-359-7564 or email Sharon Kubicek or Alisa Carli if you have any questions respecting your portfolio and the prevailing investment, economic and political issues at play today.