Forget the horse; own the racetrack thumbnail
Reflections & Insights

Q1 2026

Forget the horse; own the racetrack

This is the time of year when prognostications bloom. The reality is that nobody has any idea what will happen in the year ahead.

Amplify: Edition 13 thumbnail
Amplify Magazine

January 2026

Amplify: Edition 13

This edition of Amplify is dedicated to helping families navigate the complex and deeply personal journey of eldercare in Canada.

An Object in Motion thumbnail
Quarterly Commentary

Q4 2025

An Object in Motion

Despite an extremely tumultuous start to the year that saw a surge in uncertainty as the changing of the guard in the White House threatened long-standing global economic relationships...

An Ode to the Year That Was thumbnail
Perspectives

December 2025

An Ode to the Year That Was

‘Tis the month before year-end, and for that we feel blessed.

Striking a Balance thumbnail
Economic Outlook

November 2025

Striking a Balance

While there continue to be plenty of material risks looming large over the economic outlook, the last few months have seen something of a balance emerge, uneasy as it may be.

Q: Is it a recession, boom or bubble? A: Yes. thumbnail
Perspectives

November 2025

Q: Is it a recession, boom or bubble? A: Yes.

Right now, there is likely at least some area of the global economy or markets that can fit any narrative.

An exercise in magical thinking? thumbnail
Reflections & Insights

Q4 2025

An exercise in magical thinking?

The U.S. economy is not in fine fettle, but nor is it moribund.

All that Glitters… thumbnail
Quarterly Commentary

Q3 2025

All that Glitters…

The third quarter of the year was another rewarding one for developed market equity investors, creating excellent year-to-date returns that belie the anxiety spurred by U.S. tariff announcements only six months ago.

Two streets diverged in a yellow wood… thumbnail
Perspectives

September 2025

Two streets diverged in a yellow wood…

The macroeconomic narrative has generally turned for the worse in the last few months as the dataflow indicates softening global growth, while reports of rising hardship and associated risks are increasingly common in the media.

An ode to Bobby Bonilla (and his agent) thumbnail
Perspectives

August 2025

An ode to Bobby Bonilla (and his agent)

Bobby Bonilla was a very good but not “Hall of Fame” calibre baseball player whose career took off with the Pittsburgh Pirates in the early 1990s.

A possibility for a “good” outlook thumbnail
Economic Outlook

July 2025

A possibility for a “good” outlook

There is [the] potential for the outlook to not only turn “less bad” but possibly actually “good.”

Alright, but apart from the… thumbnail
Reflections & Insights

Q3 2025

Alright, but apart from the…

Looking back at the last of these reviews, three months old, instead of finding something relevant, it all seems like old hat.

“Less Bad” thumbnail
Quarterly Commentary

Q2 2025

“Less Bad”

Developed Market (DM) equities posted healthy gains worldwide in the second quarter, overshadowing the sharp early-April drop triggered by the Trump administration’s aggressive import tariff announcements.

Amplify: Edition 12 thumbnail
Amplify Magazine

June 2025

Amplify: Edition 12

As fireworks light the sky and flags ripple in the breeze this Canada Day, it’s worth reflecting on one of the quiet but extraordinary forces that binds our country together – the not-for-profit sector.

If it is not one thing, it is another… thumbnail
Perspectives

June 2025

If it is not one thing, it is another…

It’s fair to say that recent trade headlines have been of the “less bad” variety. US-China trade tensions came off the boil with a 90-day delay in implementing the more stringent tariffs that were announced back in April.

The crystal ball ain’t so crystal clear thumbnail
Perspectives

May 2025

The crystal ball ain’t so crystal clear

It has been a volatile last 100 days against the heightened uncertainty surrounding US economic policy and the highly unpredictable nature of the related decisions. What might all of this suggest for the road ahead?

The only certainty is uncertainty thumbnail
Quarterly Commentary

Q1 2025

The only certainty is uncertainty

Following two impressive years of Developed Market (DM) equity performance that was propelled by a cohort of US information technology heavyweights, early 2025 saw a reversal of market leadership.

A well-traveled portfolio thumbnail
Perspectives

March 2025

A well-traveled portfolio

Coming out of the Financial Crisis, the past 15 years have been a wonderful span for anyone invested in the US stock markets.

It’s like déjà vu all over again thumbnail
Economic Outlook

February 2025

It’s like déjà vu all over again

They say the definition of insanity is doing the same thing over and over again and expecting different results. If so, it would seem that the post-pandemic era has driven economic forecasters a little insane.

Amplify: Edition 11 thumbnail
Amplify Magazine

February 2025

Amplify: Edition 11

A Vision for 2025 | As we enter 2025, the not-for-profit sector continues to adapt to a dynamic and evolving environment. Charitable organizations are under increasing pressure to balance mission-driven goals with financial stability.

The currency of our discontent thumbnail
Perspectives

February 2025

The currency of our discontent

One of the more interesting developments in financial markets over the last few months is ...

I have a foreboding… thumbnail
Reflections & Insights

Q1 2025

I have a foreboding…

Politics don’t matter. At least that’s what you might have concluded from last quarter’s review which avoided any mention of the US election...

Is there more where that came from? thumbnail
Quarterly Commentary

Q4 2024

Is there more where that came from?

While it was not a simple matter of smooth sailing on calm seas throughout the last 12 months, the record books will show that ...

2024 – Stockings are Stuffed thumbnail
Perspectives

December 2024

2024 – Stockings are Stuffed

‘tis once again year-end and things are okay, with stock markets up in a material way.
And though the tide may not be lifting all boats, far more stocks than just seven are hitting high notes.

The whistle doesn’t pull the train thumbnail
Economic Outlook

November 2024

The whistle doesn’t pull the train

Undeniably, there is plenty of value in listening to what people, businesses, governments and central banks are saying when it comes to trying to determine the direction of the global economy.

Investors vs. traders thumbnail
Perspectives

November 2024

Investors vs. traders

World equity markets have seen some sizeable moves in recent weeks. Investors observing these shifts may feel tempted to quickly enter and exit the market to avoid major losses and capitalize on sharp rallies.

Forecasts may tell you a great deal about the forecaster… thumbnail
Reflections & Insights

Q4 2024

Forecasts may tell you a great deal about the forecaster…

Another quarter goes by and markets rack up another excellent performance against a mixed economic background and a geopolitical horror show.

Cozying up for fall(ing policy rates) thumbnail
Quarterly Commentary

Q3 2024

Cozying up for fall(ing policy rates)

The US Federal Reserve joined the ranks of the Bank of Canada, European Central Bank, and Bank of England (and central banks for other Developed Markets and a host of Emerging Markets) in September in cutting its policy interest rate.

Ignorance can be bliss thumbnail
Perspectives

September 2024

Ignorance can be bliss

For those who tuned out the financial news to enjoy the warm summer weather, it would appear that it was a quiet August for markets.

Upon further inflection thumbnail
Economic Outlook

August 2024

Upon further inflection

Previously assumed downward inflection for growth replaced by a fairly flat and stable trajectory across the forecast horizon.

Time is on my side thumbnail
Perspectives

August 2024

Time is on my side

In the face of price swings, investors are well served to remind themselves of the Rolling Stones’ classic, “Time is on my side.”

“I was born not knowing…” thumbnail
Reflections & Insights

Q3 2024

“I was born not knowing…”

When you write reviews with a quarterly cadence, sometimes it’s hard to think of new things to say. Things go up, things go down, things go sideways, or some variant thereof.

The value proposition thumbnail
Quarterly Commentary

Q2 2024

The value proposition

After a lengthy upswing over 2023 and early 2024, the complexion of Developed Market (DM) equities during the second quarter was decidedly more mixed.

Encouraging advancements thumbnail
Amplify Magazine

July 2024

Encouraging advancements

In 2024, charitable organizations in Canada have been navigating a landscape of opportunities and challenges. Despite uncertainties, a cautious optimism prevails ...

Back to the Future, Part IV thumbnail
Perspectives

June 2024

Back to the Future, Part IV

Don’t be buying a plutonium fission reactor powering a flux capacitor to launch your DeLorean to manage your portfolio. Instead, take a moment to read this for a good summary of the past, present and maybe the future of markets.

A funny thing happened on the way to the downturn thumbnail
Economic Outlook

Spring 2024

A funny thing happened on the way to the downturn

One of the overriding narratives with respect to the economic outlook over the last few years has been the expectation that a downturn was imminent.

Don’t be narrow-minded thumbnail
Perspectives

May 2024

Don’t be narrow-minded

It is notoriously difficult to beat the performance of broad equity market benchmarks, and keeping up with the market becomes even more difficult when performance is narrow rather than broad.

‘Pessimists sound smart. Optimists make money.’ thumbnail
Reflections & Insights

Q2 2024

‘Pessimists sound smart. Optimists make money.’

This quotation has turned out to be prophetic, at least over the past quarter. There wasn’t any point agonizing about geopolitics or how expensive markets were ...

The view from the top thumbnail
Quarterly Commentary

Q1 2024

The view from the top

Equity markets are off to a good start this year, with stocks globally continuing to ride the momentum that began in earnest at the end of 2023.

Watching the paint dry thumbnail
Perspectives

March 2024

Watching the paint dry

Nobel Memorial Prize-winning economist Paul Samuelson famously stated that “investing should be dull, it shouldn't be exciting; investing should be more like watching paint dry or grass grow”.

More dragging in the Year of the Dragon? thumbnail
Emerging Markets Outlook

February 2024

More dragging in the Year of the Dragon?

In what has become a common refrain, Emerging Market (EM) equities once again found themselves lagging behind their Developed Market (DM) peers over the last calendar year.

When all is said and done thumbnail
Economic Outlook

Winter 2024

When all is said and done

The overall economic and market performance in 2023 provided yet another example of how assuming something is a foregone conclusion can be a risky proposition.

Cashing out thumbnail
Perspectives

February 2024

Cashing out

Money market funds have experienced a surge of inflows in recent years.

When everyone thinks alike, everyone is likely to be wrong thumbnail
Reflections & Insights

Q1 2024

When everyone thinks alike, everyone is likely to be wrong

You can never erase your digital footprint. With that in mind, we thought it might be worth revisiting the prognostications of this review at the beginning of 2023.

It ain’t over ’til it’s over thumbnail
Quarterly Commentary

Q4 2023

It ain’t over ’til it’s over

With it all now said and done, the financial market performance of the last year will hardly garner much attention …

Collective strength thumbnail
Amplify Magazine

December 2023

Collective strength

Shining a spotlight on two very worthy foundations, and news from the insurance industry.

Onwards and Upwards thumbnail
Perspectives

December 2023

Onwards and Upwards

Tis once again almost year-end and time to review the tumultuous past months that saw more than a few…

Kimberly Hu Amadori 2023 Women in Wealth awardee Q&A thumbnail
Special Features

November 2023

Kimberly Hu Amadori 2023 Women in Wealth awardee Q&A

Kimberly, Guardian Partners Vice President and Investment Counsellor, is a recipient of Wealth Professional Canada's Top 50 Leading Women in Wealth award for 2023.

GICs – a taxing opportunity cost? thumbnail
Perspectives

November 2023

GICs – a taxing opportunity cost?

At end of Q1’23, consumers accumulated record savings of C$2.06T in currency and deposits. Fixed-term deposits (i.e., GICs), have also spiked and stand at C$647B, also a new record.

Sooner? Or later? thumbnail
Economic Outlook

Fall 2023

Sooner? Or later?

An emphasis on outlook risks suggests that the name of the game is volatility, but …

Muddling through thumbnail
Reflections & Insights

Q4 2023

Muddling through

One of the under-sung effects of economics is the ‘muddle through’ hypothesis. This states that economies have natural balancing mechanisms which usually prevent the worst from happening…

May the odds be ever in your favour thumbnail
Quarterly Commentary

Q3 2023

May the odds be ever in your favour

The truth is, the house always wins at the casino. In comparison, for financial markets, history shows that the odds favour investors.

Money Making Real Money thumbnail
Perspectives

September 2023

Money Making Real Money

A goal for putting idle money into financial markets is to generate returns. Placing $1 under a mattress today is unlikely to buy the same goods next year.

Head(wind)s or tail(wind)s? thumbnail
Emerging Markets Outlook

August 2023

Head(wind)s or tail(wind)s?

The market environment [for Emerging Markets] remains challenging amid ongoing uncertainty; however, macro fundamentals and market valuations suggest ...

Love and Legality: Understanding Ontario’s Family Law thumbnail
Special Features

August 2023

Love and Legality: Understanding Ontario’s Family Law

Marriage contracts and cohabitation agreements may not be the most romantic topics when it comes to weddings or long-term partnerships…

The watchers on the wall thumbnail
Economic Outlook

Summer 2023

The watchers on the wall

There is an old investing adage that bull markets climb the wall of worry while bear markets slide down the slope of hope.

What, me worry? thumbnail
Perspectives

August 2023

What, me worry?

“Time in,” not “timing” the market is the key to building wealth in the long-run — markets may lose their footing temporarily, but history shows they [gain] traction again.

Reflections & Insights – Q3 2023 thumbnail
Reflections & Insights

Q3 2023

Reflections & Insights – Q3 2023

The economy in the developed world is not yet responding to its monetary medicine, the first dose of which was administered over a year ago. Markets are jittery …

Personal experience may vary thumbnail
Quarterly Commentary

Q2 2023

Personal experience may vary

Performance was somewhat mixed for developed equity markets over the second quarter, as investors digested a mix of countervailing positive and negative forces across the economy.

Communication, Client-Focus and Conviction thumbnail
Special Features

June 2023

Communication, Client-Focus and Conviction

Anthony Messina shares his thoughts on trends in the wealth management industry, reflects on his early career days and provides advice for young professionals with CFA Society Toronto.

What is the debt ceiling? thumbnail
Perspectives

June 2023

What is the debt ceiling?

Once again, a last-minute deal to raise the US debt limit and avoid a default has been reached. While this game of political “chicken” seems to occur with regular frequency ...

More surprises in store? thumbnail
Economic Outlook

Spring 2023

More surprises in store?

As has been the case since the onset of the pandemic, the global economy has persistently outperformed increasingly dour expectations.

Perceptions versus reality thumbnail
Perspectives

May 2023

Perceptions versus reality

One of the more fascinating things about stock markets is how much they can move on a daily basis despite how little the underlying fundamentals, specifically the…

It is a year since interest rates started to rise substantially around the developed world thumbnail
Reflections & Insights

Spring 2023

It is a year since interest rates started to rise substantially around the developed world

It is a year since interest rates started to rise substantially around the developed world. It is hard to overstate the amount of ink spilt since trying to determine whether or when such rises…

A Time for Rejuvenation thumbnail
Amplify Magazine

April 2023

A Time for Rejuvenation

Philanthropy's role in Canada's health care system; important changes to charity regulations; and, transforming volunteerism.

Monday morning quarterback thumbnail
Quarterly Commentary

Q1 2023

Monday morning quarterback

A rally across Developed Markets in late 2022 continued into early 2023, with gains across all major equity markets in the first quarter.

Crain Currency’s Peer-to-Peer Insights thumbnail
Special Features

February 2023

Crain Currency’s Peer-to-Peer Insights

Anthony Messina offers his insights on family offices, including his lessons on starting a family office, meeting multigenerational goals and more.

For your interest (rates) thumbnail
Perspectives

March 2023

For your interest (rates)

There has been a lot of attention on interest rates over the last year, and understandably so, given that 12 months ago marked the starting point for …

No rest for the weary in Emerging Markets thumbnail
Emerging Markets Outlook

February 2023

No rest for the weary in Emerging Markets

The last 12 months have been extremely challenging for economies and financial markets, but perhaps nowhere was as impacted as Emerging Markets (EM). The broad expectation…

Risky Business thumbnail
Perspectives

February 2023

Risky Business

Investors could not really be blamed for eschewing a focus on risk management in their investment portfolios over the last decade, as the pre-pandemic backdrop of persistent growth…

Reset & Restart thumbnail
Economic Outlook

Winter 2023

Reset & Restart

A year ago, the outlook was pretty positive. The anticipated move back to “normal” levels of activity would underpin sustained economic growth rates above the past decade’s trends…

We all know what to do thumbnail
Reflections & Insights

Winter 2023

We all know what to do

At the end of 2021, it was all so obvious. Valuations high, interest rates low. It was bound to go wrong, and markets were going to fall. Oh, for the beauty of hindsight.

Reset and Rewind thumbnail
Quarterly Commentary

Q4 2022

Reset and Rewind

Developed Market (DM) equities moved higher to end the final three months of the year, as hints of moderating inflationary pressure provided the catalyst sparking a broad rally.

How To Separate An Outsourced Chief Investment Officer From A Pretender thumbnail
Special Features

December 2022

How To Separate An Outsourced Chief Investment Officer From A Pretender

Those working and running foundations have more to accomplish in a day than ever before.

To better days ahead thumbnail
Perspectives

December 2022

To better days ahead

‘Tis once again almost year-end, and it can’t come soon enough

An Enhanced Charitable Giving Experience thumbnail
Special Features

November 2022

An Enhanced Charitable Giving Experience

A donor-advised fund (DAF) is a charitable investment account used for the sole purpose of supporting charitable organizations that you are passionate about. A DAF benefits you with an efficient…

Managing expectations thumbnail
Economic Outlook

Fall 2022

Managing expectations

More than anything, high initial expectations and subsequent significant revisions to the outlook have been the reason why 2022 has proven to be such a challenging year for markets…

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Perspectives

November 2022

Putting the “income” back into “fixed income”

October was yet another challenging month in what has been a historically difficult year for bond investors. The FTSE Canada Universe Bond Index, a broad gauge of the performance of…

Community Solidarity thumbnail
Amplify Magazine

November 2022

Community Solidarity

Explaining the amendments to Bill C-19; charity spotlight - Covenant House Toronto’s Sleep Out; and, two basic approaches for responsible investing – Divestment and Engagement.

Why introduce investments that are in offshore investment vehicles? thumbnail
Special Features

Q4 2022

Why introduce investments that are in offshore investment vehicles?

Given the market turmoil in 2022, the investment research team at Guardian Partners Inc. (“GPI”) recently updated their 10-year capital market return forecasts to take into account the decline in…

Markets fluctuate, Lisa. … thumbnail
Reflections & Insights

Q4 2022

Markets fluctuate, Lisa. …

Financial conditions have continued to deteriorate. Year-to-date, the S&P 500 Index is down 23% (all returns are stated in USD terms), which is its worst performance through three quarters of…

The “R” word thumbnail
Quarterly Commentary

Q3 2022

The “R” word

In North America, markets rallied handsomely over much of July and August on some economic optimism before retracing over the remainder of the quarter. The S&P/TSX Composite index ultimately fell…

Those that do not learn from history… thumbnail
Perspectives

September 2022

Those that do not learn from history…

A common refrain over the last two-and-a-half years is that we live in unprecedented times. While many of us are fatigued by the term “unprecedented” (and its close friend, “abundance…

Walking a fine line thumbnail
Economic Outlook

Summer 2022

Walking a fine line

The broad expectation at the start of the year was that the global economy would slow from last year’s elevated pandemic recovery-boosted rate of growth, but that the ongoing reopening…

Inflation Compensation thumbnail
Perspectives

August 2022

Inflation Compensation

It has been a difficult year for consumers, with rising prices for food, energy and durable goods rippling through the economy. Thankfully, investors with exposure to dividend-growing…

If you want a guarantee… thumbnail
Reflections & Insights

Q3 2022

If you want a guarantee…

Starting with the obvious, it hasn’t been a good quarter for risk assets. Global equity markets have fallen by more than 10% since the end of March and bond markets...

It’s different, but the same thumbnail
Perspectives

June 2022

It’s different, but the same

This year has not been a pleasant one for anybody with exposure to financial markets — and what, perhaps, makes it seem more painful than a “standard” market correction is…

Make it all make cents thumbnail
Quarterly Commentary

Q2 2022

Make it all make cents

The growing chance of an extended stretch of price inflation spooked developed equity markets in the second quarter, with all major indices falling substantially. Oil prices rose 6% as the…

A Sustainable Difference thumbnail
Amplify Magazine

June 2022

A Sustainable Difference

Top fallacies about Canadian private foundations; Guiding our Responsible Investing; and, charity spotlight - Conservation Halton’s From the Ground Up program.

Things are never as bad as they seem thumbnail
Perspectives

May 2022

Things are never as bad as they seem

The last few years have seen a seemingly unending string of adverse shocks hit the world, disrupting the normal course of economic activity and, more generally everyday life. And while…

A series of unfortunate events thumbnail
Economic Outlook

Spring 2022

A series of unfortunate events

The last few years have seen a seemingly unending string of adverse shocks hit the world, disrupting the normal course of economic activity and, more generally, everyday life. And, while…

Something new to say thumbnail
Reflections & Insights

Q2 2022

Something new to say

Over the past decade and a half, the difficulty in putting together reviews like this has been in thinking up something new to say. Despite COVID, BREXIT, Trump and all…

Playing with Fire thumbnail
Quarterly Commentary

Q1 2022

Playing with Fire

A lengthy stretch of low volatility across developed equity markets came to a halt in early 2022, as investors recognized the potential for extended price inflation alongside escaping hostilities in…

Shaping the future of Gender Equality thumbnail
Quarterly Commentary

March 2022

Shaping the future of Gender Equality

Recently, Guardian Partners’ Kimberly Hu, Vice President, Investment Counsellor, was named to the board of the Canadian Women’s Foundation (CWF), Canada’s public foundation…

Quality Control thumbnail
Perspectives

March 2022

Quality Control

A rocky start to global stock markets in 2022 makes for a good time to remember the helpful attributes of diversification and downside protection within a portfolio. One key element…

Reflection and Action thumbnail
Amplify Magazine

February 2022

Reflection and Action

Edition 5

Central Banks vs. Central Nervous System thumbnail
Perspectives

February 2022

Central Banks vs. Central Nervous System

Global financial markets have been jolted to start the New Year, with both equities and bonds declining notably in the early days of 2022. Certainly, we can attribute some blame…

Different Degrees of Uncertainty thumbnail
Reflections & Insights

Q1 2022

Different Degrees of Uncertainty

Last January, the year began with some optimism after the trauma of 2020. The rollout of vaccines was just beginning, there was a boatload of fiscal support and inflation was low…

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Quarterly Commentary

Q4 2021

Let’s Be Positive

The pandemic has caused a previously unthinkable shift in how we conduct our daily lives over the last two years. Along with these dramatic changes, levels of anxiety and hardship…

One more time, with feeling thumbnail
Economic Outlook

Winter 2022

One more time, with feeling

One phrase that instills doubt and fear in the minds of economists and historians alike is “this time is different.” It is not often that this ends up being the…

Are we there yet? thumbnail
Perspectives

December 2021

Are we there yet?

‘Tis the month before year-end, the year’s almost done, And we eagerly look forward beyond twenty twenty-one. Sure, stocks have rallied, and in quite a hurry, As markets ascended that...

Inflated sense of self-worth thumbnail
Perspectives

November 2021

Inflated sense of self-worth

Just over a year ago, it was noted that inflation could soon return to the top of the list of investor considerations. Cut to today and the topic of rising…

We Stand on Guard for Thee thumbnail
Quarterly Commentary

Q3 2021

We Stand on Guard for Thee

You have to feel some sympathy for the poor souls who make a living trying to predict the future. Not astrologers, but economists and market strategists. The world has never…

Astrologers and Markets thumbnail
Reflections & Insights

Q4 2021

Astrologers and Markets

You have to feel some sympathy for the poor souls who make a living trying to predict the future. Not astrologers, but economists and market strategists.

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Emerging Markets Outlook

Q4 2021

Glimmers of Light

The last few months have been quite challenging for Emerging Market (EM) economies and financial markets alike as a confluence of factors have provided headwinds and weighed on equity market...

China in a Bull Shop thumbnail
Perspectives

September 2021

China in a Bull Shop

Emerging Markets (EM) typically benefit disproportionately from improved global growth given their role as a major supplier of inputs to production and finished goods (especially consumer goods). Yet...

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