November 2025 Newsletter

Market Overview

The past year, as you can see from the graphic above, shows a strong trend to growth in the back half to this year.   That said, it may be wise to discuss your portfolio to ensure the asset allocations are still compatible with your risk tolerances and time horizons.  I welcome the opportunity to discuss this with you, especially if you have had any significant changes in your life that you think may warrant a review.  I will leave off here with an overview which follows from our investment team and also a caution about the emergence of ‘Finfluencers’. 

 The global economy slowed in the second quarter, driven by renewed U.S. tariff pressures and weaker consumer demand. The global growth forecast decreased because of trade uncertainty. Developed economies underperformed, while emerging markets, particularly in Asia, showed greater resilience.

Inflation remained relatively elevated worldwide, and central banks generally held interest rates steady. Trade tensions hampered business investment and industrial activity in export-dependent nations. Despite these challenges, government spending in Europe and China provided some support.

Global equity markets rose. Developed market equities gained, with the MSCI World Index and S&P 500 Index reaching new highs. Large technology companies rebounded in the U.S.

Non-U.S. equities, including in Europe and emerging Asia, generally performed well as the U.S. dollar weakened. However, prospects of renewed tariffs led to ongoing uncertainty.

Gold prices rose to above US$3,400 per ounce as investors sought relative safety amid trade tensions and elevated inflation.

Finfluencers

There has been some recent news coverage regarding people who have been given bad or inaccurate advice from the internet and more specifically, social media.

“Exercising caution when viewing financial influencers ("finfluencers") is crucial due to the potential for significant financial losses stemming from unregulated, biased, or unqualified advice. Unlike certified financial professionals who are held to strict legal and ethical standards, many finfluencers operate without oversight or formal expertise, and their advice may not be in your best interest.  The unregulated nature of the space makes it a breeding ground for scams, such as "pump-and-dump" schemes or fake investment opportunities. Regulators have issued multiple warnings, noting that investors who follow finfluencer advice are significantly more likely to be scammed or experience investment losses.”