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This year has been an exceptional year in many ways—tariffs; markets; geopolitics; the volatility in the first half of the year; the lack of volatility thus far in the latter half of the year. As Canadians, we might add the exceptional performance of the S&P/TSX Composite Index ('TSX') to that list.

Financial markets have a hard time being boring, but the second quarter of 2025 will surely go down as one of the least boring in history—at least eight days of it anyways.

When thinking back over the last several months, memories of the children’s games we played in kindergarten came flooding back. Perhaps it was the relative disorder the world suddenly found itself in that prompted the connection. Or maybe it was the fact that each child seemed to have their own understanding of the rules—and those rules weren't really going to impact how some played the game anyways!

2024 Year-in-Review