Michael's Blog

Large-cap tech stocks have dominated U.S. equity performance this year, but recently the rest of the market has been trying to take the baton. Let’s discuss the main factors needed to make a clean handoff. The question facing the U.S. equity market is...

Good Morning, While AI and the Magnificent 7 have obvious contributors to this bull market, today we will spotlight two other trends with a clear impact on portfolio performance. The S&P 500 continues to surge in 2024 despite numerous concerns, and narrow...

We are going to have a bit of a change of pace this week. Our usually writings centre on financial markets and the economy at large. Today we will examine the efforts made through science to extent longevity, and what this could mean for our society....

While the U.S. stock market rally continues its impressive run, several factors make for a more toned-down backdrop. Today we’ll discuss drivers of the rally and how to position equity portfolios. The S&P 500 has continued to surge amid rather low volatility...

Our U.S. Recession Scorecard saw an important negative shift in May, when a third of seven leading indicators was re-rated from cautionary yellow to recessionary red. A fourth may undergo a similar shift in the coming months. Equity investors should take...

The BoC lowered its policy rate, and it will likely continue to cut rates sooner and faster than the Fed. This may not be a passing fad given Canada’s relatively high debt load and weaker productivity. Divergence between the Fed and other central banks...

Investors have become more confident that a “soft landing” is the most probable outcome over the next 12 months. We’ll provide an update on the macro environment and its implications for portfolios. The Global Economy The world economy remains in expansion...

The current yield curve inversion, a potential recession indicator, looks out of line with record equity markets and robust commodity pricing. Let’s examine some reasons investors are accepting lower yields on longer-maturity bonds. The relationship between...

We had the opportunity to sit down with RBC Capital Markets, LLC Commodity Strategist Christopher Louney, to discuss the gold rally and explain how world events and policy shifts could impact its prospects. Christopher also gives his take on why gold...