Happy Canada Day.
There’s nothing quite like waking up to the sound of waves, with the scent of campfire still in your clothes and a quiet stillness in your mornings. I’ve spent the past few days with family and friends…campfires, beach days, barefoot laughter - and last night, as stories circled the fire, Wheat Kings floated out from the speaker without anyone touching a thing.
Every weekend is a good time for The Tragically Hip, but on Canada Day weekend, it should be a requirement.
This Canada Day, as we pause to appreciate the beauty and complexity of this country, it’s hard not to reflect on one of our most beloved voices - Gord Downie. His words, woven into the very soul of The Tragically Hip, gave us a uniquely Canadian lens through which to see not just our land, but our lives.
And in their own strange way, markets tell stories too.
The 12-Day War and the Strait of Hormuz
It’s been an eventful few weeks. Conflict in the Middle East escalated rapidly. On June 12th, Israel launched airstrikes against Iranian nuclear sites. Iran responded, and the U.S. joined the fray. The resulting volatility in oil prices was sharp, some of the largest single-day moves in years. A ceasefire has since been declared in what’s now being called the 12-Day War.
The Strait of Hormuz….through which 20% of the world’s oil flows….remains a potential pressure point. Any disruption here could ripple across supply chains and economies. For now, skepticism remains that Iran would block its own lifeline, but the risk lingers.
Markets, however, have remained remarkably resilient. As Gord once sang, “No dress rehearsal, this is our life.” It’s a reminder that while geopolitics may jolt the headlines, markets often dance to their own long-term rhythm.
Tariffs, the “Big Beautiful Bill,” and What Comes Next
Looking ahead, the second half of the year brings new uncertainties. The U.S. and China face upcoming tariff deadlines, and behind closed doors, major legislation—charmingly dubbed the “One Big Beautiful Bill” is being pushed forward. It’s a Frankenstein of tax cuts, military spending, and political ambition.
Bond markets initially flinched, but seem to have settled…for now. Much like a touring band promising an encore, the market’s reaction depends on what’s actually played… and what gets cut.
Meanwhile, economic data has held up surprisingly well. If resilience continues, so might earnings, and investor confidence. But let’s not forget: expectations are high. And as any Hip fan knows, it’s not the loudest song that lasts, but the one that stays with you.
Returns in the Face of Risk
Despite the noise, investment returns have been strong this year. It’s a reminder of one of the oldest lessons in investing (and in music): Don’t confuse headlines with harmony.
Markets are not built on perfect conditions. They’re built on adaptability.
Like Gord Downie, who turned personal tragedy into public art, great investors don’t run from risk, they reframe it. They turn discomfort into clarity. Volatility into vision.
What Gord Downie Taught Us About Wealth
Gord’s legacy goes far beyond music. In his final years, he taught us about grace, presence, and the richness of a life lived on purpose.
“Life is not a dress rehearsal. This is it.” —Gord Downie
Wealth isn’t just about returns. It’s about return to, returning to what matters. To family. To values. To time well spent. To standing for something.
On Canada Day, let’s remember: the richest life is the one where you show up fully. Even when it’s hard. Even when it’s uncertain. Especially then.
As we look forward to the second half of the year, let’s take inspiration from Gord’s parting gift, a reminder that courage isn’t about certainty, but about showing up anyway.
As you enjoy the day today, remember the words of Gord…“You can’t be fond of living in the past, ‘cause if you are then there’s no way that you’re gonna last.”
We’ll keep watching the markets. But more importantly, we’ll keep listening….to what really matters.
Happy Canada Day
Be well and enjoy the moments
Derek Henderson