As July settles in, I’ve been reflecting on how much noise we navigate on a day-to-day basis, not just in the markets, but in life. Headlines continue to shift like sand, between optimism and anxiety. Economic signals flash in every direction and investors are asked to react, often before they’ve had time to think. In 2025 this has never been more evident as we’ve endured the whiplash of the “will-they-won’t-they” on the tariff-front and beyond.
Amidst the chaos, this is exactly when thinking matters most.
We’ve reached the halfway point of 2025 with modest gains across most major indices, and from a return perspective, we are sitting at all-time highs. AI-related companies continue to attract attention—and capital—while other sectors quietly build value in the background. Inflation has cooled, but the Bank of Canada remains cautious. Talk of rate cuts is now more about timing than certainty.
Beneath the surface though, there’s a feeling that many investors are still unsure whether to lean in or hold back. That hesitation is understandable. We’ve lived through a lot in the past few years.
One of the advantages of doing this work for more than two decades is my ability to recognize recurring patterns. When people feel uncertain, they tend to do one of two things: chase the last good idea, or freeze entirely. Neither approach is particularly useful.
Instead, I’ve been encouraging a third option: deliberate adjustment. This is why most of you are currently sitting on a slightly higher weighting to cash (raised this year), than has historically been the norm for us. You’ve understood the value of waiting for better buying opportunities/valuations to come along.
If something’s changed, we’ll adapt. If not, we stay the course. Either way, we decide on purpose – but not by reflex.
During a recent call, I asked my clients how they were feeling about the market and if they had any concerns. The reply was, “We are fine. We’ve been impressed with the annualized returns. Given the volatility of the past five years, from the pandemic to ongoing geopolitical tensions, that performance stands out even more.” Many of you have said a version of the same thing and for me professionally, this is the greatest compliment I could receive.
Stillness isn’t inaction, it’s awareness without panic. July is a good month to pause because reflection sharpens strategy.
As always, I’m here if you’d like to talk in more detail about what you’re seeing and feeling in this environment.
Enjoy the month ahead—however you spend it.
Libby
As a reminder, I am always happy to take referrals. If someone you know could benefit from a second opinion and fresh perspective, it costs nothing and can be invaluable for those who feel they’re not getting the care and attention they deserve. Please pass along my contact information to them. Thank you!
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