RBC Blog

In Today’s Note: We split the AI landscape into three groups: infrastructure builders, compute scalers, and AI application developers The infrastructure builders have been remarkably profitable this year, funded by unprecedented capital spending from...

Stock market valuations have risen to historically elevated levels this year, particularly in the tech-heavy U.S. market. We view investing in high valuation stocks much like high altitude mountain climbing in thin air: it’s not impossible to keep cl

In today’s note: Trump can’t fire Powell in theory but can in practice. Either way, Powell will be replaced by a Trump pick in May. A more “accommodative” Fed Chair will be yet another tailwind to push inflation higher, and watching the yield curve’s...

In this month’s note: Unspent or uninvested dollars decay over time – this gradual debasement is not a bug of the system, it’s the way it was designed Market prices are set not just by intrinsic value, but by scarcity Scarcity assets like gold provide...

Several clients have inquired about a little-noticed provision buried within the “One Big Beautiful Bill Act” (OBBBA), which passed the U.S. House of Representatives on May 22nd and is now under Senate review. In this note we will explore the implications...

Why do our valued clients hear us talk about valuations so frequently? They have likely heard some variation of the below comments during investment strategy discussions over the past 6-12 months: It’s a great company and business model, but the valuation...

In this month’s note: Markets can neither fully price in nor price out tariff risk Investors should see uncertainty as an opportunity, since uncertainty is the driving force behind long-term excess market returns Risk cannot be eliminated, but disciplined...

As portfolio managers, our job is to make sure we’re on top of every development, policy change, rate cut, data release, and headline. We’ve certainly had plenty of those to keep track of in the last few weeks. Sweeping U.S. import tariffs were announced...

The weeks that immediately followed a Republican sweep of the White House, Congress and Senate were met with a surge of optimism in markets: the S&P 500 climbed 5%, megacap tech stocks jumped, Bitcoin surged to an all-time high, and a variety of so-called...