Good afternoon,

 

Top Risks for 2026: This report (below) from RBC, was not written about Davos per se, but came out just before it, and touches on many of the themes we’ve seen dancing across our screens all week, not as with a script but with overtones (and with one upstaging actor in particular).

 

It’s a bit like Singing in the Rain, but with snow. The Broadway creators wrote the music well before they pieced together the storyline and gave the lead to the congenial Gene Kellyr. For today, rather than a fruitless effort at upstaging the Upstager-in-Chief, I present it as a measured look at some of the key issues, which will probably still be there on Monday, which is something like 8 tariff policies from today (Friday).

 

Themes: https://www.rbc.com/en/thought-leadership/the-growth-project/top-risks-2026-canada/

 

If you fall asleep in Sunday School and the instructor asks a question, it’s pretty safe to say “Jesus.”

 

If you fall asleep reading the news, and your wife asks what’s happening today…

 

Take a guess.

 

And, as usual, here’s our weekly investment newsletter, Global Insights.

 

The “Great Narrowing”: S&P 500 concentration

Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. As 2026 begins with markets near record highs, we believe this “Great Narrowing” should be top of mind for investors.

 

Regional developments: Canadian headline CPI ran hot but core measures eased; Long-term Treasury yields reach four-month highs; U.S.-Europe rift widens; Japanese government bonds see extreme volatility

 

More here: Global Insight Weekly.

 

 

Feel free to contact me with any questions and/or to discuss investment ideas

 

Enjoy your weekend!

 

 

Mark