Podcast
Mastering Market Cycles
Will Simpson and Greg Wise
May 22, 2026
Why positioning matters more than prediction.
Markets had a pretty strong week, with gains spread across most major regions. The TSX was up +2.0%, the S&P 500 gained +1.4%, and the Dow had a solid week at +2.7%. International markets were the standout, with Europe up +3.7% and MSCI EAFE gaining +2.6%, while small caps also joined in with the Russell 2000 up +3.2%. After a stretch where market leadership has often felt very narrow, it was encouraging to see strength show up across regions.
The interesting part of the week was that markets seemed pretty comfortable looking through a lot of noise. Oil prices cooled a bit, bond yields came off their highs, and unconfirmed reports of progress between the U.S. and Iran were enough to calm some nerves. That does not mean the risks are gone. The market continues to have that “glass half full” feel, where bad news has to work a lot harder to derail the rally.
The other big story was in tech, where AI headlines seemed to come from every direction. Nvidia’s results were another reminder that the AI build-out is still running at full speed, while reports around Anthropic’s profitability and a potential OpenAI IPO dominated the headlines. SpaceX also entered the conversation, though that one seems to require a bit more imagination on valuation given the funding needs and moving pieces.
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