{"id":10715,"date":"2025-12-09T09:24:58","date_gmt":"2025-12-09T14:24:58","guid":{"rendered":"https:\/\/www.guardiancapital.com/investmentsolutions\/?post_type=insight&#038;p=10715"},"modified":"2025-12-11T09:25:21","modified_gmt":"2025-12-11T14:25:21","slug":"macro-musings-december-2025","status":"publish","type":"insight","link":"https:\/\/www.guardiancapital.com/investmentsolutions\/insights\/macro-musings-december-2025\/","title":{"rendered":"Macro Musings: Choose Your Own Adventure &#8211; December 2025"},"content":{"rendered":"<p><em>(performance data as of November 30, 2025)<\/em><\/p>\n<h2><strong>The Quick-Hits <\/strong><\/h2>\n<ul class=\"bullets\">\n<li>Cautious optimism heading into 2026<\/li>\n<li>Will momentum persist, or will 2026 be the year of fundamentals and risk management?<\/li>\n<li>Fixed Income in 2026: The year of coupon clipping vs. capital gains<\/li>\n<li>Growth stocks decline in November, though our proprietary AI analytics model* predicts strong earnings growth for U.S. Tech in 2026<\/li>\n<li>Canadian equities surge further ahead, driven by strong commodity demand<\/li>\n<li>Bank of Canada likely done cutting rates, markets expect no change through year-end 2026<\/li>\n<li>Markets expecting 3-4 rate cuts in the U.S. through year-end 2026, though much uncertainty remains<\/li>\n<li>Quote of the month:<br \/>\n<em>\u201cMy estimation of value in securities is not now, and has not been for some time, in sync with the markets.\u201d<\/em><br \/>\n\u2013 Michael Burry, Founder of Scion Asset Management<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Macro Musings<\/strong><\/h2>\n<p>As we approach year-end, it\u2019s safe to say that 2025 has been quite an eventful year. Perhaps, surprisingly to some (me included), it was also quite a fruitful year, despite a backdrop that seemed to all but conspire against positivity \u2013 military conflict, a growing wave of protectionism (not just in the U.S. but globally), frothy Tech valuations that have largely defied talk of a bubble\u2026the list goes on. But as the year has progressed and I\u2019ve consistently flagged concerns and risks to both economic growth and market returns, I\u2019m reminded how powerful momentum can be and how foolish it might be to fight against entrenched momentum in the short term. After all, history shows the investment return of optimists tends to exceed that of pessimists over the long term (as evidenced by historical equity market performance) and, to paraphrase John Maynard Keynes, markets can remain irrational far longer than an individual can remain solvent.<\/p>\n<p>Speaking of which, those paying attention to the headlines in November would have seen that Michael Burry, founder and hedge fund manager at Scion Asset Management \u2013 the same Michael Burry played by Christian Bale in The Big Short \u2013 decided to close up shop. Recall that Michael famously predicted, and profited handsomely, from the 2007-08 subprime mortgage crisis \u2013 a feat he was narrowly able to accomplish. He had been calling for a collapse in a subprime mortgage market early and took on short positions that put his hedge fund on the brink of disaster as margin calls piled up and the market kept climbing higher. Ultimately, he was able to remain solvent just long enough for his short trade to pay off \u2013 big time.<\/p>\n<p>Fast forward to this year. Michael made headlines first for declaring that he had built significant short positions against both NVIDIA and Palantir \u2013 two of the highest-flying stocks in recent memory. Shortly thereafter, he announced that he would be closing up shop and returning funds to investors. He believes that the market is heading for a prolonged downturn, stating, \u201cI think the stock market could be in for many bad years\u201d, citing that the dominance of passive investing could exacerbate negative returns. Further, he admitted, \u201cMy estimation of value in securities is not now, and has not been for some time, in sync with the markets\u201d. Rather than revisit his 2007-08 experience of being potentially right, but too early and fighting against momentum, he stated, \u201cSometimes, the only winning move is not to play\u201d.<\/p>\n<p>His view \u2013 concern around lofty valuations potentially out of sync with reality and fundamentals \u2013 is certainly not a niche idea in an obscure part of the market. This has been a theme we\u2019ve discussed multiple times this year and is, arguably, the trillion-dollar question on most people\u2019s minds.<\/p>\n<p>A Financial Times article published in October entitled, \u201cThe real value trade is abroad\u201d, cites Goldman Sachs strategists predicting that U.S. equities will likely underperform global peers for the next decade based on concerns about high valuations coupled with concentration risk in the U.S.<\/p>\n<p>Aswath Damodaran, Professor of Finance at the NYU Stern School of Business and voted one of the top U.S. business school professors by BusinessWeek, also shares concerns. The \u201cDean of Valuation,\u201d as he\u2019s often referred to, was recently interviewed\u00b9 and said there\u2019s no place to hide in stocks, emphasizing that market valuations are stretched across the board, making it hard to find undervalued sectors. Furthermore, he believes that small caps and value stocks are no longer reliable as their historical premiums have been eroded by structural changes such as passive investing dominance and concentration within mega-cap tech. This has led, in turn, to increased correlation not only within equities but also across asset classes. While he does sound rather bearish, his advice to those with longer time horizons is to remain invested but be realistic about future return expectations, diversify globally and don\u2019t get overly wrapped up in Artificial Intelligence (AI) hype without understanding the fundamentals. And finally, he stresses the importance of maintaining valuation discipline, which matters more than ever in a market dominated by momentum.<\/p>\n<p>Another prominent investor picked up on this theme about not relying on the AI trade. Ruchir Sharma, Chair of Rockefeller International, a U.S. financial research and advisory firm, drafted an article for the Financial Times on December 1 (\u201cThe best time to buy quality stocks is now\u201d) outlining the case for quality companies with stable earnings growth, low debt levels and high return on equity. In his view, there is now a \u201conce-in-a-generation\u201d opportunity in global markets that could deliver strong returns regardless of how AI mania plays out. Sharma notes that \u201cquality\u201d has just suffered one of its worst relative declines ever in developed markets, lagging behind the broader (global equity) market by almost 10 percentage points over the past year, before going on to say that quality stocks have typically delivered their best returns after similar (but rare) periods of such underperformance, which is why this moment feels so ripe.<\/p>\n<p>But, as is often the case, the view of where we go from here is cloudy, and not everyone believes we\u2019re destined for drawdowns. In fact, if we ask ourselves, \u201cWhat could go right?\u201d, there are some positive tailwinds that could propel the momentum well into 2026.<\/p>\n<p>In our latest \u201c<a href=\"\/buy-the-way\/\">Buy the Way<\/a>\u201d podcast episode (episode #6, airing early next week), I sat down with James Francis, Client Portfolio Manager supporting Guardian Capital LP\u2019s i\u00b3 Investments\u2122 Team*, to discuss how AI is revolutionizing stock analysis. An interesting takeaway from the discussion was that the team maintains high conviction in the U.S. Information Technology sector, as their proprietary AI model* is predicting very strong earnings growth in 2026. This, of course, is one of the main concerns that has been floating in the media in the midst of the staggering levels of AI capital expenditures \u2013 whether these mega cap stocks will be able to drive higher earnings growth to justify these capital outlays. While it may be premature to draw a direct line between AI capital expenditures and increased earnings growth, it\u2019s a positive signal nonetheless for sustained momentum in the sector and, by extension, the broader global equity market.<\/p>\n<p>Sara Devereux, Vanguard\u2019s Fixed Income Chief, says she expects AI infrastructure spending will continue at a blistering pace next year, causing U.S. GDP growth to increase from 2025\u2019s 1.9% rate to an estimated 2.25% in 2026, contributing (in her view) to fewer interest rate cuts by the U.S. Federal Reserve (Fed) than the market is currently expecting\u00b2 (more on that below in our fixed income section).<\/p>\n<p>The U.S. political environment also seems primed to influence markets next year. The President\u2019s approval rating, at just 36%, is now at the same level as Joe Biden\u2019s after his horrendous debate performance raised concerns about his age-related cognitive decline and ultimately pushed him out of the running in 2024. If \u201cTrump is horrendously unpopular and even MAGA is catching on\u201d,\u00b3 and the economy is far and away the single largest concern for American voters, it stands to reason that the current administration will amplify its efforts even further, pulling any levers it can to improve affordability and stimulate the economy. Failing to do so will likely exacerbate the issue facing Republicans today, where they were handily beaten in several recent elections. As it increasingly feels like the U.S. is having a referendum on Trump, he\u2019s at risk of a Democratic wave sweeping the 2026 mid-term elections and becoming a lame duck to ride out his second term. I, for one, don\u2019t expect him to sit on his hands.<\/p>\n<p>Will the AI-powered economy continue to defy expectations alongside increased stimulative efforts from the White House? Perhaps with frothy equity valuations and fixed income credit spreads at near-decade tights, 2026 may favour the risk-conscious investor focusing more on fundamentals and quality and placing less reliance on corporate bonds. Both scenarios are entirely plausible, so investors will need to choose their own adventure.<\/p>\n<p>&nbsp;<\/p>\n<h2>Equities<\/h2>\n<p>Global equities eked out a positive return this month, with the U.S. market barely able to keep its head above water as Big Tech suffered drawdowns. Some of the hardest hit Tech names were Super Micro Computer Inc (-35%), Oracle Corp (-23%) and Dell Technologies Inc (-18%). But it was NVIDIA, the largest weight in the S&amp;P 500 Index<span class=\"box\">\u2074<\/span> at 8%, that most hurt the index, as shares fell almost 13% in November despite a staggeringly positive Q3 earnings report. NVIDIA\u2019s revenues were up 62% year-over-year (YoY), forward guidance beat expectations with $65 billion in revenue projected just for Q4 of 2025 and CEO Jensen Huang described sales as \u201coff the charts.\u201d The surprising development that likely contributed significantly to NVIDIA\u2019s share price pullback was that Alphabet (Google) emerged as a very real competitor, actually even signalling to some that it has an AI lead with its own AI-specialized chips, known as tensor processing units (TPUs). Unlike NVIDIA\u2019s general-purpose GPUs, these TPUs were developed by Google specifically to accelerate machine learning workloads, particularly deep learning models, and they have trained their leading-edge Gemini AI models solely on TPUs. Charlie McElligott, a strategist at Nomura, likened Gemini 3\u2019s impact to the DeepSeek shock from the Chinese in early 2025. He was cited in a recent Financial Times article\u2075 as saying that Alphabet\u2019s latest model has \u201creset the AI hierarchy chessboard\u201d and pulled the market into a new DeepSeek moment.<\/p>\n<p>Here in Canada, the S&amp;P\/TSX Composite Index\u2076 was the best-performing broad index we track at Guardian Capital, up nearly 4%. As has been the case throughout 2025, the Materials sector, yet again, propelled the index higher. The Materials sector was up almost 15% as broad commodity strength continued. Notably, Gold resumed its upward march after retreating late in October, finishing November north of 5%. In terms of the best-performing stocks last month, the top three consisted of Aris Mining Corp (+42%), Orla Mining Ltd (+35%) and Iamgold Corp (+35%). At the other end of the spectrum, the worst performers were Northland Power Inc (-32%), Energy Fuels Inc (-30%) and Denison Mines Corp (-19%).<\/p>\n<p>From a stylistic perspective, with Growth and Momentum in the red for November, Dividends, Value and Quality posted positive returns and closed the year-to-date (YTD) performance gap. As it stands, each of the respective five global factor indexes mentioned above\u2077 has returned between 13%-19% this year, with Dividends at the lower end and Growth at the top.<\/p>\n<p>Regarding currency, the Canadian dollar has been in a slow decline vs. the U.S. dollar over the past six months. However, late in November, the Canadian dollar rebounded and finished the month having appreciated by 0.6%, closing at US$0.7158.<\/p>\n<p>&nbsp;<\/p>\n<h2>Fixed Income<\/h2>\n<p>With regards to fixed income, U.S. bonds generally outperformed Canadian bonds. As was the case on both sides of the border, government bonds outperformed corporate bonds, though not by much, as the dispersion between aggregate\/universe, high yield, corporates and short-term bonds was quite narrow. From a YTD standpoint, corporates have outperformed, and we remain constructive on this area of fixed income for 2026.<\/p>\n<p>As things stand today, it seems unlikely that bondholders should expect much in the way of capital gains in 2026. Rather, we believe it\u2019s going to be more of a coupon-clipping year. Why? First, because the Bank of Canada (BoC) appears done with interest rate cuts and, second, corporate bond spreads are near historic tights, so they\u2019re an asymmetrical skew to the risk of widening spreads from here. In an environment where broad benchmarks will be subject to these previous assessments, there\u2019s perhaps no better time to allocate money to actively managed fixed income strategies. On the government bond side, levers exist to add alpha primarily by tactically deploying between Provincial and Federal bonds, as well as determining where along the yield curve to obtain duration exposure. Similarly, on the corporate side, while spreads in aggregate may be tight, there is a wide dispersion of quality and opportunities to sift through.<\/p>\n<p>Barring any major changes or shocks to the economy, our Fixed Income Team\u2019s base case assessment for 2026 is one of economic expansion that should favour corporate bonds over government bonds. Within Guardian Capital\u2019s fund lineup, the highest conviction approach to position for this theme is likely the Guardian Strategic Income Fund, followed by the Guardian Investment Grade Corporate Bond Fund, both of which could be suitable for investors willing to assume relatively more risk than our core fixed income strategy, the Guardian Canadian Bond Fund.<\/p>\n<p>Neither the BoC nor the Fed met in November, meaning the overnight rate here in Canada remains at 2.25% and the target for the overnight rate in the U.S. remains at 3.75-4.00%. What has changed considerably, however, is the expectation for an upcoming U.S. rate cut by the Fed. The market-implied probability started in November at around a 40% chance of a cut in December; however, as of writing, it appears a December cut is a foregone conclusion. In Canada, as mentioned previously, no rate cuts are expected. The market implied probability of a cut in Canada is essentially flat through the end of 2026.<\/p>\n<p>As alluded to previously, Sara Devereux of Vanguard expects the Fed will cut rates once or twice more over the coming year, not three or four times as the market expects today. Along with her view that the market is over-relying on rate cuts, she also warned that U.S. corporate bond prices were likely to take a hit in the coming months as the market digests a flood of issuance by companies including Amazon, Meta, Alphabet and Oracle. She was quoted in the Financial Times as also saying, \u201cWe are going to see some defaults in private credit. This is a year of discipline. This is a year of precision. Not all boats will rise.\u201d\u2078<\/p>\n<p>&nbsp;<\/p>\n<h2>Don\u2019t miss\u2026<\/h2>\n<p>In our latest episode of the <a href=\"\/buy-the-way\/\">Buy the Way<\/a> podcast (Episode #6), I sit down with James Francis to discuss the practical implementation of AI into stock analysis within Guardian Capital\u2019s i\u00b3 Investments\u2122 Team. We touch on how their proprietary AI analytics model seeks to deliver valuable predictions of earnings and dividends, why they maintain high conviction in the Tech sector, and how they believe AI plus human judgment creates deeper insights for long-term growth and more.<\/p>\n<p>Thank you for your continued support and feedback on this newsletter, our podcast, and, of course, for entrusting Guardian Capital LP to manage your investments. Wishing you all a wonderful December. Merry Christmas and Happy Holidays!<\/p>\n<p><strong>John Pagliacci<\/strong><br \/>\n<em>Vice President, Investment Programs and National Accounts | Guardian Capital LP<\/em><br \/>\nJohn Pagliacci is Vice President, Investment Programs and National Accounts for Guardian Capital LP. He contributes to strategic planning for the Canadian retail asset management business, including product strategy and development, overall sales enablement initiatives and serving as a brand ambassador.<\/p>\n<p><strong>David Onyett-Jeffries<\/strong><br \/>\n<em>Vice President, Economics &amp; Multi Asset Solutions | Guardian Capital LP<\/em><br \/>\nDavid Onyett-Jeffries is Vice President, Economics &amp; Multi Asset Solutions, at Guardian Capital LP (GCLP). He provides macroeconomic guidance to GCLP and its affiliates. Additionally, he is a portfolio manager of GCLP\u2019s multi-asset portfolios and funds and works closely with GCLP\u2019s Directed Outcomes team.<\/p>\n<p>&nbsp;<\/p>\n<p>*i\u00b3 Investments\u2122 Team is a portfolio management team with Guardian Capital LP, a registered portfolio manager.<\/p>\n<p>The i\u00b3 Investments\u2122 Team combines quantitative and fundamental analysis in managing investment portfolios. The quantitative component of the team\u2019s investment process has evolved as new tools and datasets have become available and, over time, new quantitative models which incorporate aspects of artificial intelligence have been incorporated. The i\u00b3 Investments\u2122 Team provides a modern approach to portfolio construction, combining the advantages of quantitative analysis, big data, and artificial intelligence with the experience, perspective, and decision-making of our investment team. The application of quantitative investment analysis that incorporates artificial intelligence and machine learning in a forecast model is forward-looking, and the simulated results are subject to inherent limitations. Investment strategies which rely on predictive artificial intelligence and quantitative models may perform differently than expected, as a result of, among other things, the factors used in the models, the weight placed on each factor, changes from the factors\u2019 historical trends and the limitations of technology in the construction and implementation of the models. There is no guarantee that the use of the quantitative model and artificial intelligence will result in effective investment decisions. There are no guarantees that dividend-paying stocks will continue to pay dividends. All investments are subject to risk, including loss. There is no assurance that any investment strategy will be successful.<\/p>\n<p>James Francis is employed by Alta Capital Management, LLC, a U.S.-based affiliate of Guardian Capital LP, and is engaged in the marketing and promotion of Guardian Capital LP\u2019s investment products and services in Canada and the U.S.<\/p>\n<p>\u00b9 Prof G Markets Podcast, November 14, 2025: \u201cAswath Damodaran Says There\u2019s No Place to Hide in Stocks\u201d<br \/>\n\u00b2\u00a0Financial Times article, published November 21, 2025: \u201c<a href=\"https:\/\/www.ft.com\/content\/22b5e0e8-1db9-44c3-bade-11269f2fa670\" target=\"_blank\" rel=\"noopener\">Wall Street is banking on too many Federal Reserve rate cuts, Vanguard warns<\/a>\u201d<br \/>\n\u00b3\u00a0USA Today article, published December 2, 2025: \u201c<a href=\"https:\/\/www.usatoday.com\/story\/opinion\/columnist\/2025\/12\/02\/trump-approval-rating-end-maga-movement\/87552318007\/\" target=\"_blank\" rel=\"noopener\">Trump is horrendously unpopular. Even MAGA is catching on.<\/a>\u201d<br \/>\n<span class=\"box\">\u2074<\/span>\u00a0The S&amp;P 500 is an index of 500 stocks designed to reflect the risk\/return characteristics of the large-cap US equity universe.<br \/>\n\u2075\u00a0Financial Times article published November 26, 2025: \u201c<a href=\"https:\/\/www.ft.com\/content\/7d0cd87e-99b0-4411-b54f-f5b239af8e76\" target=\"_blank\" rel=\"noopener\">Nvidia shares fall on signs Google gaining upper hand in AI<\/a>\u201d.<br \/>\n\u2076\u00a0The S&amp;P\/TSX Composite Index is the benchmark Canadian index, representing roughly 70% of the total market capitalization on the Toronto Stock Exchange (TSX) with<br \/>\nabout 250 companies included in it.<br \/>\n\u2077\u00a0The MSCI World Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across 23 Developed Markets (DM) countries; the<br \/>\nMSCI World High Dividend Yield is designed to reflect the performance of equities in the MSCI World Index (excluding REITs) with higher dividend income and quality<br \/>\ncharacteristics than average dividend yields that are both sustainable and persistent; the MSCI World Momentum Index is designed to reflect the performance of an equity<br \/>\nmomentum strategy by emphasizing stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate index turnover; the MSCI World Quality Index aims to capture the performance of quality growth stocks by identifying stocks with high quality scores based on three main<br \/>\nfundamental variables: high return on equity (ROE), stable year-over-year earnings growth and low financial leverage; and the MSCI World Value Index captures large and mid cap securities exhibiting overall value style characteristics across Developed Markets countries.<br \/>\n\u2078 Financial Times article, published November 21, 2025: \u201c<a href=\"https:\/\/www.ft.com\/content\/22b5e0e8-1db9-44c3-bade-11269f2fa670\" target=\"_blank\" rel=\"noopener\">Wall Street is banking on too many Federal Reserve rate cuts, Vanguard warns<\/a>\u201d<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u00a0 \u00a0<\/strong><\/p>\n<p><strong>This commentary is for general informational purposes only and does not constitute investment, financial, legal, accounting, tax advice or a recommendation to buy, sell or hold a security. It shall under no circumstances be considered an offer or solicitation to deal in any product or security mentioned herein. It is only intended for the audience to whom it has been distributed and may not be reproduced or redistributed without the consent of Guardian Capital LP. This information is not intended for distribution into any jurisdiction where such distribution is restricted by law or regulation.<\/strong><\/p>\n<p>The opinions expressed are as of the date of publication and are subject to change without notice. Assumptions, opinions and estimates are provided for illustrative purposes only and are subject to significant limitations. Reliance upon this information is at the sole discretion of the reader. This document includes information concerning financial markets that were developed at a particular point in time. This information is subject to change at any time, without notice, and without update. This commentary may also include forward-looking statements concerning anticipated results, circumstances, and expectations regarding future events. Forward-looking statements require assumptions to be made and are, therefore, subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Investing involves risk. Equity markets are volatile and will increase and decrease in response to economic, political, regulatory and other developments. Investments in foreign securities involve certain risks that differ from the risks of investing in domestic securities. Adverse political, economic, social or other conditions in a foreign country may make the stocks of that country difficult or impossible to sell. It is more difficult to obtain reliable information about some foreign securities. The costs of investing in some foreign markets may be higher than investing in domestic markets. Investments in foreign securities are also subject to currency fluctuations. The risks and potential rewards are usually greater for small companies and companies located in emerging markets. Bond markets and fixed-income securities are sensitive to interest rate movements. Inflation, credit and default risks are all associated with fixed-income securities. Diversification may not protect against market risk and loss of principal may result. Index returns are for information purposes only and do not represent actual strategy or fund performance. Index performance returns do not reflect the impact of management fees, transaction costs or expenses. Certain information contained in this document has been obtained from external parties, which we believe to be reliable; however, we cannot guarantee its accuracy.<\/p>\n<p>Guardian Capital LP manages portfolios for defined benefit and defined contribution pension plans, insurance companies, foundations, endowments and investment funds. Guardian Capital LP is a wholly owned subsidiary of Guardian Capital Group Limited, a publicly traded firm listed on the Toronto Stock Exchange. For further information on Guardian Capital LP, please visit <a href=\"http:\/\/www.guardiancapital.com\/\">www.guardiancapital.com<\/a><a href=\"http:\/\/www.guardiancapital.com\/\">.<\/a> All trademarks, registered and unregistered, are owned by Guardian Capital Group Limited and are used under license.<\/p>\n<p>Published: December 9, 2025<\/p>\n<style>ul.bullets {list-style-type: disc; margin-left: 2rem; margin-bottom: 1rem;}<span style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" data-mce-type=\"bookmark\" class=\"mce_SELRES_start\">\ufeff<\/span><\/style>\n","protected":false},"excerpt":{"rendered":"<p>As we approach year-end, it\u2019s safe to say that 2025 has been quite an eventful year.<\/p>\n","protected":false},"comment_status":"closed","ping_status":"closed","template":"","insight_tags":[155],"class_list":["post-10715","insight","type-insight","status-publish","hentry","insight_category-insights","insight_tags-market-insights"],"acf":[],"lang":"en","translations":{"en":10715},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/www.guardiancapital.com/investmentsolutions\/wp-json\/wp\/v2\/insight\/10715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.guardiancapital.com/investmentsolutions\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.guardiancapital.com/investmentsolutions\/wp-json\/wp\/v2\/types\/insight"}],"replies":[{"embeddable":true,"href":"https:\/\/www.guardiancapital.com/investmentsolutions\/wp-json\/wp\/v2\/comments?post=10715"}],"wp:attachment":[{"href":"https:\/\/www.guardiancapital.com/investmentsolutions\/wp-json\/wp\/v2\/media?parent=10715"}],"wp:term":[{"taxonomy":"insight_tags","embeddable":true,"href":"https:\/\/www.guardiancapital.com/investmentsolutions\/wp-json\/wp\/v2\/insight_tags?post=10715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}