The talk of these markets appearing like they are in a bubble with similarities to the dot-com era is the topic of many conversations. I lived through that period and this sure does not seem to be the same. We had a huge amount of companies at that time that raised large sums of money with no revenue streams at all, just a good story. Today we have seven very large hyper scalers that have very deep pockets putting money into the development of Artificial Intelligence and it is a race for the U.S. to be number one in this area. That doesn’t mean there will be pockets of froth and these will be weeded out in time and our job is to try to avoid these pockets. The speed of adoption in AI and revenue growth is way beyond what the speed of adoption for the internet was. We have finally seen some short term volatility in the last week and this is a welcome event as markets should never go straight up.  They always give a chance for more investors to get on board a bull market on these pullbacks.  Markets are sitting in a very nice position and we have had great bank earnings (finally) and the future of more growth in the financials remains good. The growth in AI, data centers, cybersecurity, and the need for more power remain intact and these are the themes our portfolios are built around. I welcome the opportunity for more volatility so that we can add to these themes into year end.

     In Canada a trade deal with the U.S. would be a welcome event as our economy is not doing as well as south of the border. It appears we have had some good meetings between our two countries recently and this may be a good sign going into the final quarter. I am expecting a good market into year end and we are positioned accordingly.