November 2025
Brent Joyce, CFA, Chief Investment Strategist
“On this day in 1929, William Peter Hamilton, editor of Wall Street Journal and one of the leading advocates of the "Dow Theory" of technical analysis, correctly predicted the coming demise of the bull market. But since Hamilton had already predicted the death of the bull market in January 1927, June 1928, and July 1928, nobody listened.”
– Wall Street Journal, Today in Markets History, October 21, 2025
Capital markets continued to forge ahead despite a fog around most official U.S. economic data courtesy of the government shutdown. October saw a minor scare in U.S. private credit markets, gold’s sharp reversal of fortune, and perceived hawkish-leaning policy meetings of central banks in Canada, the U.S. and Europe. Outweighing these negatives was progress on trade relations between the U.S. and China (can kicked, again) and, most significantly, very solid corporate earnings reports.
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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.