Thoughtful stories —
Modern thinking to guide your way.
Market Ethos
Market Ethos
Oct 19 - 20268 min readAI Everywhere, Everything
Even if you don’t own many direct AI related bonds or many direct AI related equities, you may still be exposed....
Market Ethos
Oct 13 - 20267 min readDiversifying with Bonds
With AI now driving stock prices and a material share of global growth, three scenarios for the AI bubble show why bonds, at yields near multi-decade highs, can offset that risk even when stock and bond correlations are positive....
Market Ethos
Oct 05 - 202610 min readStealth Bear
As bond yields climb, we explain why weak market breadth beneath the S&P 500's headline strength matters for dividend portfolios, rate-sensitive sectors, and asset allocation....
Market Ethos
Sep 28 - 20266 min readHot in Herre
Yields are up and markets aren't bothered because of stronger growth. For the economy, it's getting hot in herre....
Market Ethos
Sep 21 - 20267 min readGold: Old and New
Gold used to be a reliable inflation hedge, but a new model built on ETF flows is now driving its price. And even though people call Bitcoin "digital gold," it might not offer the same protection in a portfolio....
Market Ethos
Sep 14 - 20268 min readYields Pushing Higher
With government debt service costs sitting at roughly $2 trillion globally and yields testing multi-year highs, is finally the start of a long-feared debt crisis — or just inflation, fiscal spending, and rate hikes doing what they do?...
Market Ethos
Sep 08 - 202612 min readYields, Tariffs, Seasonality and Flows
Tariffs grabbed the headlines again, but yields, seasonality, and Canadian equity flows are also strong factors shaping markets right now....
Market Ethos
Aug 31 - 20267 min readMore Debt, More Growth (For Now)
Rising debt and leverage are fueling today's growth and market highs, but understanding where that credit is flowing matters more than the headline numbers alone....
Market Ethos
Aug 24 - 20266 min readWhere Returns Have Come From
A look at whether the market's recent narrow, sector-driven gains reflect real skill or just being in the right place at the right time — the classic skill vs. luck question....
Market Ethos
Aug 17 - 20266 min readThe Fixer-Upper Trade: Why International Equities Still Have Room to Run
U.S. dominated in 2024, international in 2025 — now both are working. Valuations, improving governance, rising global trade, and Hormuz resolution potential keep the case for international equities intact, if less compelling than a year ago....
Market Ethos
Aug 10 - 20266 min readThe Anti-Robin Hood
SpaceX's record-breaking IPO is turning into a case study in systematic flows. It's a reminder that in today's markets, index rules can move nearly as much capital as fundamentals do....
Market Ethos
Aug 04 - 20269 min readSometimes Good Isn’t Good Enough
Earnings have been strong across the board this quarter, but the market is only rewarding the parts of it that aren't tied to AI. Even as gold is quietly turning a corner....
Market Ethos
Jul 27 - 20268 min readHow Much AI Do I Own?
In 2022, investors asked about bonds. In 2025, it was gold. In 2026, the question is "how much AI exposure do I have?" And the answer can change wildly depending on where you're invested....
Market Ethos
Jul 20 - 20265 min readThe Eh-OK Consumer
The global economy is in good shape thanks to tech spending, fiscal stimulus, a manufacturing upturn and a spendy consumer. Let's check in on the Canadian consumer....
Market Ethos
Jul 13 - 20266 min readDividend Divergence
For years, Canadian dividend strategies moved together. Since 2021, that single channel has split into many. ...
Market Ethos
Jul 06 - 202611 min readRise of the Market Technician
Fundamentals tell you what something is worth. Price tells you what the market is willing to pay for it right now. We go deeper on where the CFA and the CMT agree, and where they don't....
Market Ethos
Jun 29 - 20266 min readIt’s Not Us, It’s You
With the USD surging and CAD sitting at 70 cents, almost every factor — oil, growth, inflation, yields — has turned USD bullish at once. ...
Market Ethos
Jun 22 - 20268 min readBonds: Supply is the Headline, Demand tells the Story
"The shock absorber has been replaced by a buyer who has both a view and a choice." The bond market's buyer base has quietly transformed — and yield-sensitive private capital now calls the shots....
Market Ethos
Jun 15 - 202610 min readIPOs, Oil and Gold
Gold fell when war broke out — then kept falling as tensions eased. Oil barely moved when a major shipping strait closed. Markets don't always do what they're supposed to....
Market Ethos
Jun 05 - 20269 min read