The markets have remained not far off all time highs yet we have experienced some choppiness in the last few weeks. In Canada, we are trying to pass a budget which would see a lot more infrastructure spending which will help but we do need trade deals and industry growth to help our economy. The longer this goes the more challenging for our country it will be. The one good thing is our commodities and power will be needed and we have been quietly buying into utilities like Enbridge and starting a new position in Hydro One. I do see some risks in Uranium and Gold going forward as these two commodities have gone parabolic and, like everything, what goes up fast can come down just as fast. These are two areas that we are underweight in and will continue to stay that way.

     In the US, the same old story takes place - the big seven companies continue to drive all the performance. If you took away the performance of those big seven companies, the S&P 500 performance would be substandard. 493 companies in the index have basically done not too much. Some would look at this as bad, I look at this as opportunity that there is hidden value in that area of the market that will come to fruition one day. I have read and listened a bunch on the AI theme being in a bubble and that the semi-conductors having a short life before they need to be replaced is a big unknown and of course creates uncertainty. These are issues that will get discovered as time goes along but the overall theme of AI remains a big movement and this is not ending anytime soon. Like anything there will be volatility in this area but it still remains a great area for growth going forward. We continue to stay with our themes and with the Fed on a path to reduce rates and with income tax breaks coming in the US, the potential for more growth south of the border is evident.

     I look forward to reporting more as this story unfolds and thank you for your continued trust in our team.