As we move into 2025, market uncertainty is once again top of mind for investors. The return of a Trump presidency has reignited familiar concerns—questions about policy direction, economic stability, and how shifting political winds might impact portfolios. The market’s initial reaction has been what we expected: volatility. Investors are searching for clarity, yet history reminds us that certainty in the short term is elusive.
In the past, policy shifts under a Trump administration have triggered strong market reactions, only for sentiment to stabilize as businesses and investors adapt. The reality is that market cycles, economic fundamentals, and innovation tend to matter far more in the long run than any one political figure. That’s why, rather than reacting to every headline, we remain committed to a strategy focused on long-term secular trends.
Navigating Uncertainty with a Steady Hand
One of the biggest mistakes investors can make is allowing short-term market noise to dictate long-term strategy—and with the current news cycle, that noise has never been louder. Policy decisions—particularly under an unconventional administration—can be unpredictable, and while they may create short-term turbulence, their lasting impact is often far less extreme than feared.
Consider the tariffs imposed on China during Trump’s first term. Initial market reactions were negative, but businesses adjusted, supply chains evolved, and the economy absorbed the changes. The Biden administration, despite opposing these policies politically, largely kept them in place. This illustrates a crucial point: while policy decisions can create waves, markets have a remarkable ability to adapt and move forward.
Rather than getting caught up in speculation, we focus on long-term trends, strong business performance, and fundamental advantages that extend beyond election cycles. Economic policy may shift, but well-run companies adapt and thrive—and those who invest with a long-term perspective tend to benefit.
Investing in the U.S.: A Long-Term Commitment
Recently, we've seen growing concern from clients regarding our U.S. investments, given the uncertainty surrounding tariffs and broader economic policy shifts. Our view remains clear: the U.S. is home to some of the world’s most dominant companies, particularly in areas of technology innovation. Despite trading on a U.S. stock exchange, these firms aren’t just national leaders—they are global powerhouses, with operations, products, and services that span continents. In many ways, thinking of them as purely “U.S.-based” is often a misnomer.
For the past eight years, we’ve prioritized U.S. investments because of their leadership in key long-term trends—delivering strong results for our clients. That commitment remains unchanged. In fact, we believe the case for maintaining exposure is stronger than ever. While political debates dominate headlines, they often overshadow the extraordinary technological transformation underway—specifically, the rise of AI and what many have dubbed the Fourth Industrial Revolution.
This is the conversation investors should be focused on. AI breakthroughs are set to reshape industries across the board: Driving productivity gains for corporations, transforming healthcare by rapidly turning scientific discoveries into real-world innovations, revolutionizing transportation through automation, and redefining the workforce with humanoid robots that will fundamentally change how we live and work—all while advancing toward artificial general intelligence capable of solving humanity’s most complex scientific challenges. The companies leading this charge are overwhelmingly U.S.-based, reinforcing America’s position as the world’s dominant economic and technological force for the foreseeable future.
We are at a major inflection point in innovation—one that demands focus and long-term perspective. The companies driving this shift are still in the early stages of their journey, making this a pivotal time for investors. It’s important to remember that this transformation began long before the current administration and will continue well beyond it.
The Bigger Picture
Through every cycle of uncertainty, our message has remained the same: stay focused on the bigger picture. Over the past eight years, we’ve navigated Trump’s first term, trade wars, interest rate shocks in both directions, a global pandemic, wars, and historic inflation. Each of these moments stirred investor anxiety. Yet, time and again, those who maintained discipline and avoided reactionary decisions were rewarded.
This time is no different. Markets will fluctuate, headlines will fuel concern, and volatility may persist. But in the long run, strong businesses will continue to execute, and the themes driving growth will remain intact. The key is to trust the process, filter out the noise, and keep sight of the opportunities that lie ahead.
- Jack
Quick Reminder: RRSP Contribution Limits and Deadlines
As we approach the RRSP deadline, here’s a quick reminder of key details:
- RRSP Contribution Deadline: March 3, 2025 (for the 2024 tax year)
- RRSP Limit: 18% of your 2023 earned income, up to $31,560
Maximizing your contributions can help you grow your savings tax-efficiently. Check your 2024 Notice of Assessment or CRA’s My Account for your exact contribution room. Be mindful that TFSA contribution room shown on CRA may not reflect recent deposits.
Don’t miss out—plan your contributions today!
ICYMI: Team Canada FTW!
While I’m sure many of you have seen the goal by now (maybe more than once—we don’t blame you!), sometimes, reliving a great moment is well worth it.
Team Canada’s win over the U.S. in the inaugural Four Nations Face-Off wasn’t just about the final score—it was about the intensity, the compete level, and the excitement this new tournament brings. The team left it all on the ice, and we know many of you felt that same energy watching.
And if you haven’t had your fill yet, here’s another look at the game-winner—because some moments are just that good.
Play Video
