2025 - Fourth Quarter

December 31, 2025 | Joshua Brown

In this world of rapid change and accelerating technological advancement, it is tempting for investors to buy into the latest tech companies so they can own the equivalent of Apple when it first traded in 1980. In this newsletter, in addition to reviewing the current market and economic environment, we will look at older innovations that revolutionized the world, from the automobile to the internet and the lessons investors learned along the way.

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2025 - Third Quarter

September 30, 2025 | Joshua Brown

“What is life without a little risk?”
Sirius Black from Harry Potter movies

There is a big difference between the risk of getting on a plane for a vacation in Mexico and getting close to a grizzly bear in the wild for a selfie. The prospect of some extra likes on Instagram is not really commensurate with the risk of getting mauled. We discuss a growing risk for investors that have largely flown under the radar and increasingly disconnected from its potential return. If you are guessing AI stocks or crypto currencies, you would be wrong. 

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2025 - Second Quarter

June 30, 2025 | Joshua Brown

Ever feel you missed out on something? It could be the overtime goal in the hockey finals, attending the Taylor Swift Eras tour or the last free chocolate donut in the lunchroom. In this newsletter we discuss some of the opportunities that investors may soon miss out on and how I almost missed out on a once in a lifetime opportunity with my dad. 

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2025 - First Quarter

March 31, 2025 | Joshua Brown

This year, uncertainty around trade has reached all-time highs and business confidence has reached all-time lows with businesses sentiment now lower than during the 9/11 terrorist attack, the tech crash in 2000, the 2008 financial crisis, and the 2020 Coronavirus Pandemic.

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2024 - Fourth Quarter

December 31, 2024 | Joshua Brown

The Canadian consumer is in rough shape. Over the last two years, real Gross Domestic Product (GDP) per person in Canada has been falling and sits at the same level it was at seven years ago.

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2024 - Third Quarter

September 30, 2024 | Joshua Brown

Under Kamala Harris’s plan, the US total deficit will increase by $1.7 trillion over the next decade  and under Donald Trump it is forecasted to increase by $4 trillion. In Canada, recent estimates show deficits will continue to grow with no plans for a balanced budget. Politicians today are too busy trying to get elected or re-elected to worry about the future and there are no plans on either side of the border to address this quietly growing risk.  

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2024 - Second quarter

June 30, 2024 | Joshua Brown

We went from the most accommodative monetary environment in history in 2020, to the most restrictive monetary environment since the Great Depression a few years after. This has caused markets to roar ahead when central banks were accommodative, to a large sell-off when they became restrictive. As central banks have already started cutting rates or plan to later this year. It is important for investors to be positioned for the next leg in of our journey.

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2024 - First quarter

March 31, 2024 | Joshua Brown

Now coming up to almost a year, dropping the final level of inflation from 3% to the targeted 2% seems to drag on like our long hike in the dark. As the battle against inflation rages on, mortgage and debt holders are feeling the pain. 80% of mortgages that were outstanding two years ago are renewing this year at two to three times their current rates.

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2023 - Fourth quarter

December 31, 2023 | Joshua Brown

Justin had to leave the airport, get his passport stamped by immigration, come back through customs, and then run halfway across the terminal to our gate where our plane will hopefully still be waiting. It was like an episode of Amazing Race. He either completes it in time or it's Hasta La Vista Justin. 

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2023 - Third quarter

September 30, 2023 | Joshua Brown

Friends of ours were heading out of town for the weekend and needed help with their little ball of energy, cute, six-month-old puppy, Cheesy. I had not taken care of a dog before and thought it would be a fun and an interesting experience. How hard could it be?

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2023 - Second quarter

June 30, 2023 | Joshua Brown

I woke up and I am falling…floating high amongst the clouds and looking down at a river flowing peacefully through the sloping hills of the canyon below. Am I am dreaming? I hear a voice calling my name, ‘Joshua...Joshua’ and I realize I am being shaken back and forth like a bobble head and suddenly remember where I am…in a plane…hanging upside down.

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2023 - First quarter

March 31, 2023 | Joshua Brown

While most kids were dreaming about being whisked away by prince charming, travelling through space, or walking with the dinosaurs, I was busy worrying about my financial future, kind of like Alex P. Keaton (played by Michael J Fox) from the classic sitcom Family Ties.

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2022 - Fourth quarter

December 31, 2022 | Joshua Brown

The economy was hit with a hurricane in 2022. Interest rates rose at the fastest pace in 50 years

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2022 - Third quarter

Sep 30, 2022 | Joshua Brown

The FED has pivoted this year from zero interest rates to the fastest pace of interest rate hikes in 50 years.

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2022 - Second quarter

June 30, 2022 | Joshua Brown

Half of the NASDAQ Index consists of technology stocks that reached extreme valuations last year. The average stock in the NASDAQ Index has fallen 50%.

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2022 - First quarter

March 31, 2022 | Joshua Brown

On January 1st 2021, the 5 Year Government of Canada bond rate was 0.4%. Less than a year and half later on March 31st , 2022 it was 2.49%, an increase of over 500%.

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2021 - Fourth quarter

December 31, 2021 | Joshua Brown

Canada has borrowed more money under our current Prime Minister than all previous Prime Ministers of this country in the last 154 years… combined.

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2021 - Third quarter

Sept 30, 2021 | Joshua Brown

25% of all money in the United States did not exist a year ago

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2021 - Second quarter

June 30, 2021 | Joshua Brown

Over the past 100 years, there have been 5 periods of time when investors made no money over a decade in a traditional balanced portfolio of 40% bonds, 60% stocks.1

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2021 - First quarter

April 30, 2021 | Joshua Brown

I became a millionaire at age 23. It was a lot easier than I thought.

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