Podcast
All-Terrain Portfolios
Will Simpson and Greg Wise
May 29, 2026
Why positioning matters as AI, commodities, interest rates, and geopolitical risk pull markets in different directions.
Markets had a pretty solid week, with gains showing up across most major indexes. The TSX was up +0.4%, the S&P 500 gained +1.4%, the Nasdaq led the way at +2.3%, and MSCI EM had a big week at +4.1%.
The Canadian story this week was not really the market return, it was the economy. Canadian GDP dipped -0.1% annualized in Q1, which was a pretty big miss versus expectations for growth of around +1.5%. That also came after a revised decline in Q4, so cue the “technical recession” headlines. It is probably not the type of recession people feel in a traditional sense just yet, especially with the unemployment rate still relatively steady and Canadian financials doing pretty well, but it does show how little momentum Canada’s economy has had over the past year.
It seems like peace is on the horizon, or at least markets are trading that way. WTI crude pulled back by roughly 9%, which helped take some pressure off the inflation narrative and gave investors another reason to lean into risk assets. It is too early to declare the all-clear, but between lower oil, yields coming off their highs, and continued strength in tech and growth, markets appear set to move higher.
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