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It’s been just over a year since the Liberation Day announcement of global tariffs that
inspired widespread stock selloffs and the S&P 500 to move beyond a correction
into bear market territory. This turned out to be the bottom for most equity indexes
despite several market moving headlines, including risk of the independence of the
Federal Reserve, a diplomatic crisis over Greenland, a grinding war in the Ukraine and
new conflict in the Middle East.

As we enter the second half of the Roaring Twenties, thank you for the trust you place
in us. We’re committed to supporting you through every stage of life, and from all
of us at Brazier Dupuis Wealth Management (BDWM), we wish you good health and
happiness in the year ahead.

We’re now in the home stretch for the year and despite little resolution to the tariff
situation, ongoing global conflicts, cooling labour markets and (as of writing) a
U.S. government shutdown, North American equity markets are near all-time highs.
Markets can instill humility, and this year’s performance reminds us how difficult,
if not impossible, it is to time them.

In Canada, over the next 10 years, three out of four business owners intend to exit
their businesses. As a result, more than $2 trillion in business assets will be transferred
to new owners. According to the Canadian Federation of Independent Business
(CFIB), only about nine percent of these owners have a formal business succession
plan in place.