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Global markets have been on an upswing. It's especially important to look outside NA on a currency basis, because big moves up in the US stock market have coincided with big moves down in the USD. So if you're a Canadian holding US stocks, there's been a lag in US performance because of the currency. Whereas on a more common currency basis, Canadian and international equities have done better than US ones.

Investing 101: Willingness to Accept Risk vs. Ability to Accept Risk

Willingness to accept risk

An investor's willingness to accept risk relates to whether they are a risk-seeking individual or not. This piece caters more to the psychological side of things such as how much volatility they can withstand and what kind of returns they expect. It also looks at what an investor wants to get out of their portfolio.

Ability to accept risk

This piece focuses more on the facts of one's financial situation and less on the qualitative side. This looks at items like age, knowledge/experience, portfolio size, employment status and salary. Someone who is more able to accept risk is someone who is young, gainfully employed, understands investing and has a large portfolio to begin with.
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Several decades since we've seen this. Gold has played a major role in shifts in reserve currencies. Investors are looking more closely at gold, and at gold equities, as an investment alternative.

Gold has doubled over the last 3 years. Up 47-48% YTD. Things really kicked off when Russia invaded Ukraine, and sovereign countries realized that no assets are safe. So it's been a steady move, with significant velocity picking up in 2025. There's been increased geopolitical uncertainty this year with Ukraine and the Middle East, as well as around the Federal Reserve and Trump trying to assert his influence.

There's also diminishing comfort around the US dollar, retail demand for ETFs, and insatiable Chinese retail demand. Gold bullion and gold ETFs have become easier to own in China.

Velocity and momentum in gold should continue.

The focus has shifted from tariffs to rate cuts. The Canadian and US central banks have delivered cuts that kicked off a new cycle. Initial reaction was mixed, but that's not unusual as investors recalibrate the path and pace of future cuts. We could see a bigger pullback from all-time highs, but not a break from this uptrend, led by the tech giants, consumer discretionary and utilities. On the TSX, materials and financials continue to lead. Bank stocks are climbing (she's bullish). Industrials lag, waiting for a clear outlook.

Investing 101: The Rule of 72 (and 144)

Compounding allows money to grow at an exponential rate, which is often a concept that we as humans have difficulty grasping. For example, $100 growing at 10% gets to $1,700 at the end of a 30-year period, but naturally, our brains couldn’t calculate this exponential amount. A good method to get around this is through the ‘Rule of 72’. The Rule of 72 states that the number of years it takes for invested money to double is 72 divided by the interest rate. For example, money growing at 10% annually will require 7 years to double (72 / 10 = ~7 years). The Rule of 72 can also be expanded to 144 – this would provide us with the time it takes to quadruple invested capital. For example, it would take 14.4 years to quadruple invested money growing at 10% annually (144 / 10 = 14.4 years). 
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 A spec that makes money.

Oil prices have been low. Trump has said, "Drill, baby, drill," but the rig count is falling, because the producer don;'t pump when prices are low or falling. Oil has chopped from low-60s to mid-70s. Trump now wants to keep oil prices down to tame inflation. We're rangebound so buy weakness. Strategic reserves in the US has started to be replenished, but still a huge ways to previous levels; is rising slowly to avoid depressing prices and triggering inflation ahead of the US Midterm Elections. Forecast prices for the next decade are flat. The E&P companies are worth investing in during dips. Look at ZWBN, EMAX and ENCC, options covered call energy ETFs if we remain rangebound.

Dividends in the sector are growing because the property fundamentals are so strong. It's a very bullish sign. Great sign to see cashflow increasing and, with it, the ability to pass it on to unitholders.