Is this the top of the market? Should I get out? These are probably the biggest questions investors areasking today. Makes sense. The S&P 500 and the Nasdaq are at, or near, all-time highs, largely driven bya very narrow group of mega-cap tech and AI-related themes. Some may be wondering whether all thistech euphoria seems a little too reminiscent of the 2000 Tech Wreck.

Many of the risks that were top-of-mind at the start of 2024 are still here. Worries about deglobalization have turned into worries about global trade conflict. U.S. trade negotiations are ongoing, the Mag-7 stock shave, following the sharp sell-off in April, led a V-shaped rally in U.S. equities. And the risk of regional conflict today is higher than it’s been in the past four decades, as regional players try to fill the void created by increased U.S. isolationism, and tilt the geopolitical environment in their favour.

"When you blow at high dough” rings across the Canadian psyche and is probably as recognizable in
the Great White North as “we stand on guard for thee.” It’s a call to avoid acting impulsively or carelessly
when you have a lot riding on something, such as your life savings. It suggests a cautionary approach,
urging one to be patient and not overstep the bounds of what's appropriate at a given stage, like what to
do in the middle of financial-market volatility.