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VOLATILITY: A COMMON FEATURE OF THE MARKETS
Even the Good Years Have Down Times While many aspects of investing in the equity markets may seem unpredictable, one constant remains: volatility. Just how common are market fluctuations? Even in years when the S&P/TSX Composite Index has performed well, we...
Half Full or Half Empty?
Half Full or Half Empty? How do you view the glass — half full or half empty? This question aptly captures the dual nature of sentiment today. On one hand, our standard of living is among the highest in history, fuelled by technological advances, improved quality of...
Market Insights by James Thorne: THE GREAT DELUSION
Are We Trapped in a Cycle of Change That Never Changes? A Forecast for 2025 and Beyond The Mirage of Recovery: How We're Fooling Ourselves As we emerge from the shadow of COVID-19, a narrative of robust economic recovery has taken hold. Yet, beneath this veneer of...
Navigating the Journey: Seven Investing Pitfalls
“It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes.” — Warren Buffett While we can learn much about successful investing by studying the best investors, there may be valuable lessons learned by examining our mistakes. The CFA...
Perspectives on Retirement Saving & Spending
“Chances are you will be the happiest you have beensince you were a teenager.” According to an article in the popular press, this is what many of us can anticipate in retirement.1 If you’re retired, perhaps you concur. If retirement is still on the horizon, the...
SUMMER BRINGS HOME-BUYING SEASON
FHSA or HBP: Reasons to Prioritize the FHSA As a result of the federal budget increasing the withdrawal amount for the Home Buyer’s Plan (HBP), some clients have asked which plan is better for younger family members: the First-Home Savings Account (FHSA) or the HBP,...
Market Insights by James Thorne: Trump’s Trade War
America’s Imperial Twilight or Dawn of a New Golden Age? A Non-Consensus Call for Interest Rates to be “Lower for Longer" Download this PDF here. The Rise and Fall of the American Empire Tales of empires are as old as civilization itself. From ancient...
Cultivating Financial Habits From a Young Age
“The best way to teach your kids about taxes is by eating 30 percent of their ice cream.” — Bill Murray, Comedian While repeated in jest, this witty remark highlights an important truth: teaching children about financial responsibilities early on can have lasting...
A BRIEF LOOK AT INDICES
Does the Dow Matter? What’s in an Index The Dow Jones Industrial Average (DJIA or Dow) is one of the most widely watched stock market indices and the second oldest in the world. Created in 1896 by Charles Dow, then-editor of the Wall Street Journal, it originally...
WHAT’S BEHIND OUR INCREASING EXPENDITURES?
Three Perspectives on Our Higher Cost of Living With higher inflation, the increasing cost of living has been top of mind for many Canadians. While there has been good news on the inflation front given continuing signs of easing, here are three perspectives on our...
Market Insights by James Thorne: Trump’s Fiscal Frenzy
Godfather of Modern Monetary Theory Warns of “Drunken Sailor” Spending “Neither a borrower nor a lender be; For loan oft loses both itself and friend, and borrowing dulls the edge of husbandry.” – William Shakespeare, Hamlet Download this PDF here. At this very...
Live Long & Prosper: Better Health, Better Wealth
Many of us remember the classic Star Trek mantra ‘live long and prosper,’ which may be worth reflection as we enter the leisurely summer months. The keys to a longer and more prosperous life are often rooted in fundamentals that include both health and wealth. Better...
Dow at One Million?
When the Dow Jones Industrial Average (Dow) crossed a new high of 40,000 in May, it achieved a milestone that appeared implausible given recent popular sentiment. Just two years earlier, central banks were still on the path of aggressively hiking rates to curb...
Increasing Capital Gains Inclusion Rate: Planning for the Cottage or Cabin
Welcome to the summer — and the return of cottage and cabin season! While many of us are eager for some rest and relaxation, cottage and cabin owners may face new concerns due to increases to the capital gains inclusion rate. Looking ahead to when the property is...
Market Insights by James Thorne: NAVIGATING THE DUAL REVOLUTIONS
AI’s Underestimated Truth and the Coming Fiscal Storm Mark Twain once delivered a sobering reminder of humanity’s tendency to disregard transformative ideas while allowing misconceptions to persist. As we stand on the precipice of two seismic shifts—the AI revolution...
INCREASES TO THE CAPITAL GAINS INCLUSION RATE
To Defer or Not to Defer: Realizing Capital Gains The proposed* increases to the capital gains inclusion rate have prompted some investors to ask the tax-planning question: To defer, or not to defer? Tax deferral is commonly viewed as a way for investors to create...
The Power of Economic Sentiment
“Have we all just become economic snowflakes?”1 This question emerged from a recent study analyzing the text of 200 million newspapers spanning almost two centuries. It concluded that both economic and non-economic sentiment have substantially declined over the past...
FACTORS IMPACTING THE CPP TIMING DECISION: More Perspectives on When To Start CPP Benefits
When it comes to the decision of when to start Canada Pension Plan (CPP) benefits, actuarial studies show that many are better off delaying benefits since the break-even age* commonly falls below our average life expectancy. Living beyond the break-even age means that...
Your Digital Footprint: Don’t Overlook Its Value
In estate planning, many of us tend to focus on assets with tangible value, such as investments and real estate. Yet, frequently disregarded are many digital assets due to their perceived lack of monetary value. However, a Wall Street Journal article reminds us that...
Market Insights by James Thorne: THE GRAND CHESSBOARD
Navigating Geopolitical Investments In the grand geopolitical game, it’s not always the most powerful states that hold sway, but often those positioned in critical locations. Their vulnerability can significantly impact the strategies of the world’s power players. –...
Unlocking High Net-Worth Financial Solutions with National Bank’s Private Banking 1859
https://youtu.be/sTnE3gmF2E4 Discover the exclusive world of National Bank's Private Banking 1859. In this episode of Small Convos, we dive into the services and benefits of private banking, tailored for high net-worth individuals. Learn from Senior Private Banker...
BE AWARE OF NEW REPORTING RULES: Are You Associated With a “Bare Trust” Arrangement?
Are you a legal owner of an asset where someone else is a beneficial owner and has a beneficial interest and oversight of the asset? I f so, you may be holding a “bare trust” and have a filing requirement where you previously did not. Here are some examples where a...
Thinking Beyond Retirement: A Higher Purpose
It has been said that “if you are what you do, when you don’t … you aren’t.” As you think ahead, have you contemplated a plan for what you will do in retirement? Many of us plan by working hard, saving consistently and investing for the future to ensure a financially...
Have U.S. Equities Become Overvalued?
With the rapid rise in the “Magnificent 7” stocks to start the year, there has been renewed discussion over whether U.S. stocks are becoming overvalued. What has been driving these returns? Stock prices are driven by a variety of factors. In a perfectly efficient...
Market Insights by James Thorne: Out Of Options
Navigating An Era Of Fiscal Dominance, Rate Cuts And Debt Monetization Those who fail to learn from history are condemned to repeat it. – Sir Winston Churchill The Ghost of Arthur Burns U.S. Federal Reserve Chair Jerome Powell, deeply mindful of Arthur Burns’ missteps...
Embrace the monsters of today’s financial world
Embrace the monsters of today’s financial world,” Dr. James Thorne tells investors who are navigating through a period of immense structural change and adjustment. Learn why in his April hashtag#MarketInsights here: https://bit.ly/3J0d6t9 hashtag#Investing...
TAX SEASON IS HERE AGAIN: A Reminder of How Interest Income Is Taxed
With rising rates, there has been increasing interest in guaranteed investment certificates (GICs). Now that tax season has arrived, here is a reminder of their tax treatment, as well as the taxation of bonds. The taxation of GICs — GICs are often “locked in” and...
Spring Cleaning Finances: Five Questions To Ask
Now that spring has sprung and many of us are in spring cleaning mode, perhaps you are looking for a bit of motivation when it comes to your finances. Here are five wealth planning questions that may be answered by simple “rules of thumb.” These may spark meaningful...
GREENSPAN’S GAME OF THRONES: Navigating the Monsters and Bubbles of Today’s Transformative Economy
Now is the Time of Monsters We are at a pivotal moment in history, one that former U.S. Federal Reserve Chairman Alan Greenspan might liken to a historical juncture, where the intertwined narratives obscure the uniqueness of our era. As we contend with a world that...
Reminders for Tax Season
It is personal income tax season once again. Given increasing interest rates, don’t overlook the importance of filing your taxes and paying balances and instalments on time, as interest assessed on insufficient payments can be significant. Tax Filing Deadlines — The...
Market Insight: April 2023 – Dr. James Thorne, Ph.D., Chief Market Strategist
This year’s federal budget proposed a new tool intended to help support new home buyers. Expected to begin in 2023, the First Home Savings Account (FHSA) is a registered plan that combines the tax benefits of the RRSP and TFSA. The FHSA will allow Canadian...
March Market Insights: Fire and Ice – The Fight Between Inflation and Deflation
“Some say the world will end in fire, some say ice. From what I’ve tasted of desire, I hold with those who favor fire. But if it had to perish twice, I think I know enough of hate to know that for destruction, ice is also great and would suffice.¹”What’s a More...
February Market Insights: Apocalypse Delayed – The U.S. Debt-Ceiling Debate
“It’s never paid to bet against America.” — Warren BuffettWhat if the US Government Defaults on its Debt? If the U.S. was to default on its debt obligations, it would cause investors to flee from U.S. Treasuries, leading to a decrease in confidence in U.S. government...
The 2023 Market Forecast – The Pause that Refreshes
“All models are wrong. Some models are useful.” — George E. P. Box, statistician “Patience is a form of wisdom,” notes Jon Kabat-Zinn, creator of the Stress Reduction Clinic and the Center for Mindfulness in Medicine at the University of Massachusetts Medical School....
September Market Insights: Waiting for Godot and passing the peak sagitta of the inflation and rate expectation arcs in 2022
Waiting for Godot and passing the peak sagitta of the inflation and rate expectation arcs in 2022 Waiting For Godot is Samuel Beckett’s portrait of the human condition in limbo. The play is about two men, Vladimir and Estragon, who are waiting for another man called...
July Market Insights: The Fed & Its Use of Economic Coercion: This is Not Coin-Flip Policymaking
With new declarations by Chairman Powell that “overall economic activity appears to have picked up,” after its aggressive actions in June to increase interest rates by 75 bps at a time when global economies are slowing, investors may be easily confused. Yet, there may...
The Fed: From Tragedy to Rebirth? Just Follow the Path of the Credit Markets
The first half of 2022 has supported the consensus narrative of “tragedy” that has dominated the financial markets. Indeed, the market pullbacks to start the year have been intense. However, a closer look at the credit markets suggests a changing dynamic. The Fed...
Combatting Higher Prices: Finding Ways To Deal With Inflation
Download PDF Version Here As the theme of inflation continues to dominate the financial headlines, investors may be wondering what steps can be taken to combat rising prices. Higher inflation has been more persistent than many expected, largely driven by the anomalies...
The RRIF: Four Things You May Not Know
If you have yet to reach the retirement age, consider the opportunity to think ahead to the time when you will eventually access retirement funds. Here are four things you bout the Registered Retirement Income Fund (RRIF).Download PDF Version Here1. You can convert...
Tax Season is Here: Consider These Ways To Be Tax Savvy
Spring is here again and with it brings personal income tax season. Many of us feel we pay too much tax and there may be actions we can take to help minimize these liabilities. This may be especially important in these times of high inflation. Here are some...
April Market Insights – Detonating a Tactical Financial Nuclear Weapon: A New Financial World Order?
“With proper tactics, nuclear war need not be as destructive as it appears.” — Dr. Henry A. Kissinger The Ukraine/Russia crisis has highlighted a historic moment in the evolution of geopolitical balance. While the humanitarian perspective cannot be overlooked — and...
Time: The Investor’s Great Ally
It has been said that “history is just one damned thing after another.” This may be particularly fitting today. For many of us, there has been little respite from the challenges of the past two years. Looking forward, it seems as though there is no shortage of new...
MACROECONOMIC PERSPECTIVES: A Credit Downgrade
A Credit Downgrade: What’s in a Rating? In May, Moody’s downgraded the U.S. credit rating from the top Aaa to Aa1. This move by one of the major credit rating agencies—S&P and Fitch are the other two—raised the question: Does a downgrade matter? First, what is a...
A New Trade Order? How Tariffs Are Reshaping Global Dynamics
The global trade landscape was thrown into flux when the U.S. introduced a sweeping wave of tariffs on April’s “Liberation Day,” aimed at reshaping its economic relationships. While the situation continues to evolve, tariffs remain at the centre of global attention....
PERSPECTIVES ON MARKET VOLATILITY: The Merits of Hanging In (And Why April Felt So Bad)
It’s been a wild ride this year—and we’re only halfway through. If April’s market movements felt unsettling, you weren’t mistaken. While volatility is a natural part of equity markets, the magnitude of April’s decline was unusual. A two-day drop of more than 10...
Summer Celebrations: Advice for New Grads (and Old Grads Alike!)
If you want to change the world, start off by making your bed. —Admiral William H. McRaven In 2014, Admiral William McRaven delivered a commencement speech that quickly went viral, amassing over 10 million views. In it, he shared 10 principles he learned during his...
Spring Cleaning: Do You Know Where Your Retirement Money Is?
A recent article in the popular press posed the question: “Do you know where your retirement money is?” It highlighted the substantial amount of unclaimed pension plans—Ontario alone has $3.6 billion in unclaimed pension funds, due to nearly 200,000 “missing” plan...
Estate Planning Mistakes to Avoid: Why Corporate Executors Make Sense | Smokin’ Bulls Podcast
https://youtu.be/rYkeZDwVtbc ⚖️ How do smart Canadians avoid costly family fights over inheritance? ✅ The answer: choosing the right executor — and in many cases, that means hiring a corporate executor. In this power-packed Smokin’ Bulls episode, we talk with Jandy...
When Less Is More: Simplifying Your Finances
Former Wall Street Journal finance columnist Jonathan Clements has long advised readers to plan on living past age 90. But when, at age 61, he was diagnosed with an illness that gave him just a year to live, his financial priorities shifted. His focus turned to...
Is It Time to Revisit Your Insurance Strategy?
For many investors, insurance traditionally starts as a risk management tool to provide income protection in the event of unexpected life events. However, over a lifetime, insurance can evolve into a versatile tool that serves the multiple needs of high-net-worth...
Food for Thought: A Weaker Canadian Dollar
The Canadian dollar’s (CAD) weakness has raised questions about its broader impact and the path forward: The CAD is trading below its historical average. To start 2025, it fell below 68 U.S. cents—a level not seen in two decades. The decline has been driven by factors...
Why Warren Buffett’s Cash Reserve Is Growing
Warren Buffett’s increasing cash reserves at Berkshire Hathaway have drawn significant attention from market watchers. In his latest annual letter—eagerly awaited each year by many investors for its sage wisdom—Buffett addressed the topic directly: “Despite what some...
Oh, Canada: Trade Perspectives, in Brief
In brief, here are four perspectives on Canada/U.S. trade: 1. The U.S. is Canada’s main export market. In 2023, Canadian total exports were valued at C$965 billion, with 77 percent going tot he U.S. No other nation accounts for more than 5 percent of Canada’s...
A Turning Tide? Work From Home (& Tax Reminders)
Is the golden age of working from home (WFH) nearing its end? Last fall, the federal government mandated that employees return to the office (WFO) three days a week. Major corporations like Amazon and Dell have gone further, requiring full-time in-office work. The...
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