Autumn 2025 Newsletter

Change is hard. History shows it’s difficult to know, in the moment, which changes will reshape the world.

While the underlying economic challenges we’ve faced since the start of the year haven’t changed much, markets have performed well since their April lows. The S&P 500 surged more than 30 percent in just two months, one of the fastest rallies in recent history, and the S&P/TSX hit multiple new highs.

Summer 2025 Newsletter

It’s no wonder the average holding period for a stock has dropped from around eight years in the 1950s to roughly five months today. Technology continues to accelerate the speed at which we access, process and react to information—likely encouraging impulsive investor behaviour. Consider, for instance, that for every 100-millisecond improvement in load time, Amazon reportedly sees
a one percent boost in revenue.