Thoughtful stories —
Modern thinking to guide your way.
Market Ethos
Market Ethos
Sep 15 - 20257 min readHas the Emerging Market Winter Thawed?
In a year when most markets seem to be going up, emerging markets have been a bit of a star. But are attractive valuations and rising fund flows enough to make up for tariff and concentration risks? ...
Market Ethos
Sep 08 - 20256 min readTSX Gains: Is There More?
Despite gloomy headlines for the Canadian economy, the TSX has had an impressive year so far. Has it hit a ceiling, or is there still room to climb?...
Market Ethos
Sep 02 - 202512 min readDesperately Seeking Diversification
Diversifying across asset classes remains prudent, but not all options are suited for the current environment. So what's the right diversifier in a year that's been far from plain vanilla for investors? ...
Market Ethos
Aug 25 - 20255 min readRisk-Free Is a Bit Riskier
Is the “risk-free” rate really risk-free? Government bonds have long been the benchmark for safety, but with credit spreads sitting near historic lows, it raises new questions about what investors are actually being compensated for....
Market Ethos
Aug 18 - 20256 min readIs Inflation Stirring?
Inflation has eased but may be stirring again. Lessons from the 1970s show it can resurge if not fully controlled. With tariffs, strong spending, and wage pressures, the risk of higher prices remains, even as rate cuts loom, raising questions about how markets will react later in 2025....
Market Ethos
Aug 11 - 20255 min readEarnings Deliver
Despite lowered expectations, Q2 earnings season ended on a strong note. But with forward estimates trending higher, are downside risks still at play?...
Market Ethos
Aug 05 - 202513 min readThe Great Rebalance
International and emerging market equities have seen notable gains so far this year. But are they trending strongly to rebalance portfolios away from U.S. stocks?...
Market Ethos
Jul 28 - 20257 min readFrom FANG to FOMO
Everyone loves a good story, and for investors, memes can serve as a nice shorthand. But what are the pitfalls of investing based on an acronym?...
Market Ethos
Jul 21 - 20258 min readWhat’s Your Ethos?
Market volatility can either expose or mask bad decision-making. Understanding your own behavioural biases can help you navigate uncertainty and make better investment decisions....
Market Ethos
Jul 14 - 20257 min readDividend Dilemma
With bond yields becoming rangebound, dividend-focused investing could start to entice investors. So how can you navigate this difficult space?...
Market Ethos
Jul 07 - 202514 min readFalse Crises
Markets have performed well during the first half of 2025, but this certainly masks a lot of volatility and uncertainty. Markets may have overreacted to initial shocks, but are they now underreacting to underlying economic threats?...
Market Ethos
Jun 30 - 20255 min readHigh Valuations, High Stakes
It's been an odd year for markets. Indices are up, economic forecasts are down, and uncertainty remains. So what do high valuations mean for investors going forward?...
Market Ethos
Jun 23 - 20256 min readTo Hedge or Not to Hedge
Currency hedging is an evergreen topic in Canadian investing. But accurately forecasting where a currency is going next can be rather challenging. So which trends do Canadians need to examine when considering hedged investment opportunities?...
Market Ethos
Jun 16 - 20256 min readSmall, Medium, or Large?
Portfolio managers often wonder what to do with small- or mid-cap stocks. High valuations make them attractive, but is there more to consider?...
Market Ethos
Jun 09 - 20255 min readTrimming America
Higher-than-expected labour numbers lifted the S&P 500 over 6,000 last week. But amid this newfound optimism, are markets underreacting to slowing economic data and earnings revisions?...
Market Ethos
Jun 02 - 202515 min readEvolving Diversification
In an era of policy uncertainty, market corrections are becoming more and more unique. Now more than ever, a more tactical approach to diversifiers is crucial for portfolio management....
Market Ethos
May 20 - 20255 min readWill the Consumer Wobble?
Based on daily credit and debit card transactions, U.S. consumer spending appears to be holding up nicely. But do underlying indicators tell a different story?...
Market Ethos
May 12 - 20256 min readInternational Exceptionalism?
With EAFE up about 13% so far in 2025, folks are talking international equities once again. Will this be yet another false signal, or is this cyclical dance finally changing tunes? ...
Market Ethos
May 05 - 202514 min readApril’s Wild Ride
The market is often driven by confidence, but policy uncertainty has induced a unique degree of market sensitivity. And while the S&P gets most of the headlines, there were a lot of moving parts during the recent bout of volatility....
Market Ethos
Apr 28 - 20255 min readThe Anatomy of a Correction
Periods of market weakness experience similar paths from correction to trough to recovery. But every correction is somewhat different, and the last few have been especially unique....
Market Ethos
Apr 21 - 20256 min readJekyll & Hyde
Policy uncertainty has led to some very large daily market swings. The good news is that there's always an option to pivot policy, to reverse or mitigate market damage....
Market Ethos
Apr 14 - 20256 min readNonsense and Sensibility
It's hard to find any sense over the past week and a half. There is, however, plenty of emotion. We’re seeing sentiment extremes and massive market swings....
Market Ethos
Apr 04 - 20258 min readPush It to the Limit
In financial markets, knowing when to hold steady amid chaos often separates success from failure. This past week has been the largest test of investors’ resolve since the depths of the pandemic....
Market Ethos
Mar 31 - 202511 min readHard or Soft Data?
The tariff situation continues to provoke uncertainty for markets. But will the soft data translate into hard impacts on the economy and earnings reports?...
Market Ethos
Mar 24 - 20256 min readWhat Are Advisors Asking?
Since 2010, the U.S. equity market has really dominated most others thanks to significantly higher earnings growth. So, is the strong start for internationally developed equity market performance a new trend or another head fake?...
Market Ethos
Mar 17 - 20257 min readThe Correction Is Here… Now What?
The S&P 500 closed in correction territory last Thursday, down 10% from its previous high. Policy uncertainty and flip-floppery have worn down market patience....
Market Ethos
Mar 10 - 20255 min readAnother Week, Another Tariff Update
So far, tariffs have been on, delayed, on again, softened for autos and agriculture, then all delayed again. It appears the market is becoming exhausted as well, or at least fed up....
Market Ethos
Mar 03 - 202512 min readThe “Trump Put”
Markets rejoiced following Trump's election win. But like many sugar highs, it just didn't last. So what's the best approach to what could be a volatile year?...
Market Ethos
Feb 24 - 20258 min readThe Prompt Paradox
Artificial intelligence (AI) has clearly been a dominant market, economic and workflow theme over the past few years. This ethos is not about how much compute we need and how we will power those data centres. It is about using AI....
Market Ethos
Feb 18 - 20257 min readOpportunistic Thinking
The art of investing is dealing with uncertainty. Successfully identifying when the odds are sufficiently tilted in your favour is what makes a successful investor....
Market Ethos
Feb 10 - 20256 min readDo Commodities Really Hedge Inflation?
With inflationary pressures back on the rise, inflation ‘proofing’ portfolios remains popular. It is an age-old market truism that real assets are a standout asset class for inflation protection. The only issue with old market sayings is that they are not always entirely true....
Market Ethos
Feb 03 - 202513 min readTariff Time
We know President Trump is rather fond of using tariffs. Perhaps of great importance is the impact on portfolios. Listen to what is being said or proposed and look for a potential market overreaction. This is our playbook....
Market Ethos
Jan 27 - 20255 min readHas Spring Sprung for M&A?
M&A activity has been rather low over the past few years given a number of factors from higher yields and confidence. However, there are signs of improvement as a number of factors are switching over from being headwinds to tailwinds. ...
Market Ethos
Jan 20 - 20255 min readNo More Trailers, It's Show Time
Trump 2.0 starts next week, and everyone is sure it will be an attention grabber if the trailers have been any indication. In this Ethos, we talk a bit about the likelihood of politically-driven volatility and dive into bond yields...
Market Ethos
Jan 13 - 20256 min readYield-to-Risk Ratio
Given most yield-providing allocations are also expected to provide some portfolio defence, we have shared a risk-adjusted yield framework to help consider different yield strategies for a portfolio....
Market Ethos
Sep 15 - 20257 min read