The BIG Picture

The rally in 2025 and throughout the longer bull market cycle has been uneven with the largest of large-cap stocks dominating. Key charts illustrate this phenomenon, and we discuss how to factor this into portfolio strategies.

The market backdrop appears constructive, with the U.S. government shutdown now behind us and a strong earnings season bolstering equity market sentiment.

Approaching the one-month point of the U.S. federal government shutdown, the Federal Reserve (Fed) has been forced to make an interest rate decision with only partial visibility into the economy.

The U.S. federal government remains shut down. For now, investor attention is shifting to the Q3 earnings season.

Following recent signs of weakening labour market conditions in Canada and the U.S., central banks in both countries have decided to reduce their benchmark interest rates...

There was further evidence of a recovery is taking hold in many housing markets across Canada in August, but local price trends still varied considerably with declines continuing in affordability-challenged areas where inventory has piled up. Early reports...

As Q2 earnings season concludes, we move into what’s historically been a weaker month for stocks.

Despite ample reasons for pessimism this year, the global economy and markets have largely exceeded expectations.

As I have highlighted in recent letters, this summer has been far from quiet.