Summer 2026 Newsletter

With summer vacation season upon us, many are taking a well-deserved break from work, business or the relentless flow of headlines. But what about your funds?
One of the more notable statistics to recently cross our desks is the growing pool of capital sitting on the sidelines. In the U.S., highly liquid, low-risk cash-equivalent holdings have doubled in less than five years, rising from $4 trillion during the pandemic to roughly $8 trillion today, even as equity markets have advanced.

Spring 2026 Newsletter 

Volatility returned to start the year, not just in financial markets, but in U.S. policy, driving geopolitical uncertainty amid widening global conflict. Even before recent events, this drove a flight to safety in precious metals, with swings in gold and silver prices, alongside a weakening U.S. dollar. Volatility extended to certain technology stocks, which, despite solid earnings, were punished for elevated capital spending, with concerns about the impact of artificial intelligence spreading beyond the sector.

Winter 2026 Newsletter 

In many ways, we may be living through a golden age of investing. Lower costs, technological advances and unprecedented access to information make markets more accessible than ever.

Consider how the investing landscape has evolved over the decades. Technology has automated trading systems, drastically lowering transaction costs, increasing access and fuelling trading activity. In the late 1980s, the New York Stock Exchange averaged around 500 million shares traded daily; by 2020, this figure doubled to over one billion. This has also changed investor behaviour: the average holding period for a stock, once spanning years, is now measured in months.

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.