November 28, 2025 | Pipeline Politics Meets Demand Reality

Alberta and Ottawa’s sweeping new energy accord, signed by Prime Minister Mark Carney and Premier Danielle Smith, is being framed as a nation‑building effort Alberta and Ottawa’s sweeping new energy accord, signed by Prime Minister Mark Carney and Premier Danielle Smith, is being framed as a nation‑building effort to position Canada as a global energy […]

November 28, 2025 | The Fountain of Youth

The Fountain of Youth is a legendary spring believed to have the power to halt or reverse aging. Tales of this miraculous body of water have originated in places ranging from Japan to England to the Caribbean. Perhaps the most famous legend associated with the Fountain of Youth is sixteenth-century Spanish explorer Juan Ponce de […]

November 28, 2025 | Black Friday Shoppers Prepared to Take on Debt

Retailers are predicting a slight decline in Black Friday/Cyber Monday sales, an early indication of holiday-season spending and Q4 sales. Total sales in the US alone are expected to exceed $1 trillion, with growth between 3.7% and 4.2%, a bit beneath last year’s 4.8% growth. However, individual shoppers are expected to spend 4% less. Dive […]

November 27, 2025 | Will Rate Cuts Continue in December?

Happy American Thanksgiving to our US readers. The segment below offers a worthwhile macro update. David Rosenberg, founder at Rosenberg Research, discusses the market outlook while awaiting the latest Fed decision. Here is a direct video link.

November 27, 2025 | Happy Thanksgiving

November 26, 2025 | Training AI vs. Inference AI

Artificial intelligence (AI) isn’t one big process – it’s like a two-part job: training (teaching the AI) and inference (using what it learned). Each part needs different computer hardware, called chips, which is why companies like Nvidia and AMD lead in some areas, while others compete elsewhere. For investors, understanding this split helps spot opportunities […]

November 26, 2025 | “Inelastic” Gold Means Much Higher Prices

Economists have a useful concept called “elasticity,” which measures how one thing responds to another. For example, if the price of corn goes up, farmers plant more acres and produce more grain. The supply of corn is thus “elastic,” because it rises in response to higher prices. In contrast, something that doesn’t respond to price […]

November 26, 2025 | Potential Proxy War in Venezuela

  No one blinked when Venezuela declared itself at war with the US. President Trump said he would not bother declaring a war against the drug cartels, opting to simply kill any potential smugglers. Venezuelan President Nicolas Maduro was labeled a terrorist by US intelligence agencies this week. The West showed no concern over the […]

November 26, 2025 | AI Assisted Heat Pumps are a Gamechanger

Heat Pumps are the future of home heating. But until recently most companies have grossly over sized the Heat Pump systems they install for fear of leaving the client with a cold home. In the age of super-efficiency that level of shoddy service is completely unacceptable. That’s all changed now though with the launch of […]

November 25, 2025 | Connecting The Dots….Reveals A Dire Picture

Reflect on what happens when a terrible winter blizzard strikes. You hear the weather warning but probably fail to act on it. The sky darkens. Then the storm hits with full fury, and the air is a howling whiteness. One by one, your links to the machine age break down. Electricity flickers out, cutting off […]

November 25, 2025 | About That: If the AI Bubble Pops, Will The Economy Go With It?

As investors pour billions into artificial intelligence, warnings of a looming AI bubble are intensifying. Andrew Chang explains what’s fuelling those fears and breaks down key factors that could contribute to a burst bubble. Here is a direct video link. 

November 25, 2025 | Boris Johnson Urges Ukraine to Continue War

  Trump’s proposal for peace in Ukraine has been met with an overwhelming condemnation from the world’s neocons. Former UK Prime Minister Boris Johnson reemerges from the shadows whenever he hears word that a war may be winding down. He played an instrumental role in persuading Zelensky not to negotiate a peace treaty with Russia when it […]

November 24, 2025 | Proformas

Happy Monday Morning! Last month we wrote a piece titled ‘Hold the Applause’ in which we cautioned the Carney Government for taking a victory lap following a bounce in September housing starts. For the record, we believe his policy team knows better, but couldn’t resist a good tweet. As we noted, The seasonally adjusted annualized […]

November 24, 2025 | Happy Third Birthday, AI Mania

November marks the third anniversary of ChatGPT, OpenAI’s AI language model. Since the fall of 2022, competitor models have been released, including Claude (Anthropic), Gemini (Google), Copilot (Microsoft), Llama-based systems (Meta ecosystem), Mistral (Europe) and others. OpenAI and its partners have been pumping hundreds of billions of dollars into new data centers in the United […]

November 23, 2025 | Nvidia’s Dive Is More than Merely Disappointing

There’ll be more to say about the bear market as it develops. It has taken some baby steps so far, with a 2,100-point slide in the Dow over several days, then a stunning, 1,115-point reversal to the downside after Nvidia announced strong earnings last Thursday. Talking heads and editorialists opined that quarterly numbers were not […]

November 23, 2025 | Reconstructing the Fed

he Mariner S. Eccles Federal Reserve Board Building, completed in 1937, faces Washington’s stately Constitution Avenue. Its classical architecture presents an appearance of strength and stability. But as we all know, appearances can be deceiving. In fact, the Eccles Building has been showing its age for many years. It is currently being renovated, a project […]

November 23, 2025 | Trump’s 28-Point Peace Plan

  Peace is on the table—my detailed outline for ending the Russia-Ukraine-NATO war has been read and received by Moscow and Washington. Peace only emerges when both sides have something to gain and nothing to lose by walking away from war. Washington is listening; the Trump Administration’s 28-point peace plan for Russia successfully changed the […]

November 22, 2025 | Trading Desk Notes for November 22, 2025

Volatile price action in leading global stock indices At Friday’s lows, the S&P was down ~6% from the October all-time highs, and the NAZ was down ~9%. Aggressive bullish sentiment and positioning in AI fuelled the run to October’s highs, but prices began to slip in November amid concerns about massive capex expenditures. Bulls were hoping NVDA […]

November 22, 2025 | Tech Talk for Saturday November 22nd 2025

The Bottom Line Look for volatile, but trendless equity prices on lower than average volume in North American equity markets this week. U.S. equity markets are closed for Thanks Giving on Thursday. Institutional investors have a history of “going on holidays” after the opening on Wednesday. Ditto for Canadian equity markets! The TSX Composite Index […]

November 21, 2025 | Evaluating Intel’s Resurgence in a Complex Semiconductor Market

Intel is starting to look much stronger in the semiconductor industry, and several big trends are working in its favor. We are watching Intel closely as a potential addition to our Trend Disruptors service—but as we mentioned yesterday, we’re also being patient. Nvidia reported very strong earnings last night, and while the stock initially jumped this morning, both […]

November 21, 2025 | Nvidia Earnings: Strong Results, Stronger Expectations

Nvidia once again reminded investors why it sits at the center of today’s market narrative. Late Wednesday, the chipmaker reported fiscal third‑quarter results that exceeded Wall Street’s expectations and offered a revenue outlook for the January quarter that was even more impressive.   Source: FactSet For the October quarter, Nvidia posted adjusted earnings per share […]

November 21, 2025 | Becoming Invisible, Part 18: Your Family Needs a “Safe Word”

Has anyone else been watching the 3I/Atlas story about the interstellar object passing through our solar system, igniting debate over whether it’s alien tech or just an ordinary rock? Some well-known scientists have appeared on YouTube, asserting that it’s clearly artificial. Except that it’s those scientists who are artificial. Most are AI-generated impostors saying things the real […]

November 21, 2025 | 1 in 8 American Students Unable to Understand Basic Math

UC San Diego released a troubling study that found that 1 in 8 college applicants has middle school-level math proficiency. UCSD has been forced to introduce remedial math courses for college students that cover math gaps from elementary through high school. The common denominator has been COVID as scores have rapidly fallen thirtyfold since 2020. […]

November 20, 2025 | Gambling Culture Doubles Down on Hardship

Levered financial bets take people down faster than emails with Epstein. And yet, there are nearly no limits on what our current system allows. Rogues and thieves being able to buy government policies in favour of predators and rampant gambling is a big part of the problem. Everyone is at greater risk when there are […]