If there’s one lesson I’ve learned from writing these market updates after the rollercoaster ride of recent years, it’s that when markets remain positive for an extended period, finding something truly insightful to say can be unexpectedly challenging.
That’s not to say things have been quiet—far from it. Since our last update, we’ve seen markets briefly wobble due to concerns over the Japanese central bank actions, a major revision to U.S. payrolls (the largest in 15 years), a continued rise in global geopolitical tensions, and a short-lived inflation scare tied to a US port strike. Despite all this noise, markets have shown resilience, shaking off concerns and focusing on positive trends:
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Even with some market jitters surrounding the upcoming U.S. election—primarily driven by outcome uncertainty—we expect this upward trend to continue through year-end and into 2025. This outlook is bolstered by fading inflationary worries, a new global rate cut cycle (with the U.S. making a supersized cut last month and the Bank of Canada likely to follow suit this week), foreign stimulus efforts (particularly from China), stable—albeit softening—economic data, healthy corporate earnings growth, and ongoing AI advancements. With substantial capital still on the sidelines as investors debate the strength of the current bull market, echoing the sentiment of 2009, it’s reasonable to expect that as global liquidity improves and risk-free rates continue to decline, markets will continue to benefit as investors allocate more into the market.
As we enter the final quarter of 2024—a year that truly embodies the saying, "when markets rise, the year moves fast"—we encourage everyone to take stock of this current bull run. Despite the volatility markets may throw at us in any given year, real outcomes continue to support the long-term mindsets we so often advocate. By staying the course through inevitable bouts of volatility, investors benefit from cyclical bull markets like those seen over the past year, as well as the secular bull markets that have prevailed for much of the last 20 years.
Stay the course.
- Jack
2024 year-end tax-planning checklist
As the year comes to a close, it's time to focus on your tax planning. Key deadlines, opportunities, and strategic considerations to keep in mind include:
- Tax instalments
- Capital gain/loss planning, taking into account the proposed changes to the capital gains inclusion rate
- TFSAs, FHSAs, RESPs and RDSPs
- Planning for incorporated business owners
- Charitable giving; and much more
Ready to make the most of your 2024 tax strategy?
Visit our website to access the full 2024 year-end tax-planning checklist, and feel free to reach out with any questions.
Polymarket: A Groundbreaking Crypto Application
In the ever-evolving world of finance, innovation continues to drive new and interesting developments. One example is Polymarket, a decentralized prediction market that has started to gain attention beyond the blockchain community for its unique approach to forecasting events. While still relatively unknown to the broader public, it has been referenced in discussions about significant events, including polling in the upcoming U.S. election, highlighting its potential as a tool for real-time, data-driven insights. Polymarket allows users to predict the outcomes of various events—ranging from elections to global issues—by buying shares based on their expectations. The platform operates on Ethereum, showcasing the blockchain network's value as an application layer.
While Polymarket demonstrates the broader potential of blockchain, it’s important to remember that this technology is still emerging. Its ability to provide indicators of public sentiment is intriguing, but it remains early in its development. As with any new innovation, time will tell how effective decentralized platforms like Polymarket will be in reshaping decision-making and offering reliable insights into future events.
Sam Altman: Leading Us Into the Intelligence Age
Sam Altman, CEO of OpenAI, is arguably one of the most important figures shaping the future of technology today. As AI continues to revolutionize industries, OpenAI is at the forefront, and Altman is steering the ship through uncharted waters. His unique insights and experience with cutting-edge AI advancements make him a voice worth paying attention to.
Altman recently released a thought-provoking blog post titled The Intelligence Age, where he shares his vision of how AI will dramatically enhance human capabilities over the coming decades. He draws an intriguing parallel between the rapid progress in AI and historical advancements that seemed like "magic" to past generations. Altman predicts that AI will not only help us tackle immense challenges—like improving healthcare and education—but will also enable prosperity at levels we can barely imagine today.
His post provides a deep dive into the foundations of this progress, explaining how breakthroughs like deep learning have set the stage for the transformative era we’re entering. He’s confident that AI will continue to improve with scale, unlocking vast potential for both individual and societal growth. As Altman has written before, there are valuable breadcrumbs here for readers to follow—hints about what’s coming and how AI could reshape our lives. He even touches on the potential risks, but his optimism for what lies ahead shines through.
For anyone interested in where AI is headed, this is a must-read. You can find the full post, The Intelligence Age, on his blog (here).
In this month's featured video, Sarah Whidmeyer, Senior Vice President of Wealth Strategies at Richardson Wealth, joins a panel to discuss the unique financial and emotional challenges faced by women in the "sandwich generation." This demographic, often balancing the care of aging parents while supporting their own children, faces increased financial pressure and burnout. Sarah, alongside clinical psychologist Katti Camara and dementia care expert Claire Webster, provides valuable insights and practical strategies to help women manage these dual responsibilities, plan for their financial future, and prioritize self-care. Watch the full discussion for expert advice on navigating the complexities of caregiving and financial planning.
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