July 21, 2025 | The Great Pivot

Happy Monday Morning! Last week we wrote a piece called The Only Game in Town, in which we argued CMHC has financed nearly 90% of all new rental construction in the country, up from just 5% in 2017. They have become the only game in town and the financial exposure was concerning in an environment where […]

July 21, 2025 | Grantham: Don’t Be Conned By Those Selling Shovels In The Gold Rush

The Next Twelve Months Price-to-Earnings ratio (NTM P/E, shown below courtesy of ISABELNET) is one of the historically relevant forward-looking valuation metrics that compares a company’s current share price to its projected earnings over the next 12 months. Today’s sky-high US equity valuations, highlighted in dark blue, are comparable only to the rare, infamous peaks of […]

July 21, 2025 | The Treaty of Versailles Part II?

  Vladimir Putin has 580 billion additional reasons not to end the war. German Chancellor Friedrich Merz entered office with a clear intent to usher Germany into World War III. Not only has Merz mobilized troops and the largest military spending package in modern European history, but he is now demanding that Russia pay reparations […]

July 20, 2025 | Tomorrow’s Job Market: DO NOT Learn To Code – Do Become a Mining Engineer

In late 2023, I posted an article on how to develop the skills necessary to get through a protracted supply chain disruption: Skill Stacking, Part 1: Handymen Will Inherit the Earth. But since then, the stakes have gotten even higher. A financial/supply chain crisis is still coming. But now AI is altering the job market in […]

July 20, 2025 | Interview: An Independent Alberta Matters

July 20, 2025 | Is Obama About to Get His Comeuppance?

The stock market continues to waft higher with the riskless predictability of loaded dice. DaBoyz have trained their firepower on just a few high-flyers, chiefly Microsoft and Nvidia, in order to squeeze the broad averages skyward with an absolute minimum of capital. I’ve explained here before in exhaustive detail how this carnival midway trick is […]

July 20, 2025 | Inflationary Confusion

If you listen to the media—both MSM and social media—it seems like everyone in the world wants lower interest rates. Historically low rates were the landscape for most of the last 15 years, and anyone who borrowed money enjoyed it. Savers, not so much, but the idea of going back to low mortgage rates, bank […]

July 19, 2025 | Trading Desk Notes for July 19, 2025

The Trend Is Your Friend – summerweight edition! The S&P has rallied nearly 10X in the last 16 years. It is up ~3X from the covid lows five years ago. It’s up ~30% from the April 2025 “Liberation Day” lows. And this week, when the S&P fell ~100 points on “fresh news” that Trump was planning […]

July 19, 2025 | This Week in Money

• Ross Clark: Stock Markets, Nasdaq, S&P, Bitcoin, Platinum, Palladium, Gold, Uranium, Oil, USD, Canadian Dollar.
• Maxime Bernier – Leader of the People’s Party of Canada: (10:00) Globalization, Canada’s Economic Future, Alberta Separatism, CBDC, Privacy.
• Matthew Pauly – Stop Bill C-293 : (10:00)
• Robert Campbell: (1:38:36) US Real Estate, Tariffs, Health Tips.

July 19, 2025 | Tech Talk for Saturday July 19th 2025

The Bottom Line Focuses this week are on second quarter earnings reports by major U.S. and Canadian companies. Look for additional surprisingly strong results relative to consensus! Consensus for Earnings and Revenues for S&P 500 companies Source: www.factset.com The second quarter earnings season continues to surprise: 60 S&P 500 companies have reported results to date […]

July 18, 2025 | China’s Auto Industry is About To Crush The Competition — and Ford’s CEO Knows It

Chinese automakers are rapidly dismantling the global pecking order—and there’s growing evidence they’re about to take the top spot. Ford CEO Jim Farley has issued a stark warning: many Detroit automakers might not survive this existential threat. Take Xiaomi’s new electric sedan, the SU7. Priced between US$35,340 and $45,995, this EV boasts specs that outclass most […]

July 18, 2025 | Market Pulse – July 18/25

Equities & Major Indices The S&P 500 and Nasdaq set new record highs early in the week, before slipping on profit-taking ahead of key earnings reports. The Dow Jones Industrial Average also edged lower in the final sessions. Despite Friday’s dip, the Canadian TSX posted a weekly gain of around +1.1%, marking a year-to-date increase […]

July 18, 2025 | Health Prepping: Eliminate Those Forever Chemicals

All roads lead to the microbiome Of all the environmental horror stories circulating out there, “forever chemicals” might be the creepiest. It seems that we live in a miasma of artificial molecules that, once inside the human body, refuse to leave. Instead, they build up until they trigger cancer or some other lethal condition. Here’s […]

July 18, 2025 | 60% of Canadians Face Rising Mortgage Payments by 2026

  Canadians with a mortgage renewal in the near future are facing trouble ahead. The Bank of Canada released a new report detailing that around 60% of outstanding mortgages are set to renew in 2025 or 2026, and those homeowners are highly likely to see a rise in monthly payments. Most borrowers went into a […]

July 18, 2025 | Putin Seizes $50 Billion from Oligarchs

The US Fed’s confusing inflation strategy

July 17, 2025 | The Stripper Index

One company has been looking to one of the world’s oldest professions to gauge the state of the economy—sex work. “The ‘stripper index’ is an unconventional economic indicator that correlates changes in sex work revenue, such as escort pricing, strip club tips, and related search interest, with broader economic cycles,” Erobella states on its website. […]

July 17, 2025 | Staying Focused Through Noise

In a series of heart-stopping swings, since mid-December, the tech-heavy S&P 500 and Nasdaq are currently up 2.9% and 2.7%, respectively, while the US dollar (as measured by the DXY) has fallen 10% against major trading partners. The more economically sensitive Dow Jones Index is down 2% since December, while the S&P 600 (small-cap companies) […]

July 17, 2025 | Is There Anything to Hold Crypto’s Back?

AI energy needs powering uranium comeback.

July 16, 2025 | US Total Stocks Rise 9.0 Mb/d Last Week And Total US Demand Fell 1.68 Mb/d To 19.2 Mb/d. Pressure On Crude Prices Increases

Summary: President Trump is sending out his unilateral tariff deals. He is giving time for counterparties to come forward (by early August) with better deals that might provide some relief from exorbitant tariffs that would kill or end trade. Any tariff deal over 25% changes trade relations and makes trade nearly impossible. Crude oil is […]

July 16, 2025 | Downcycles Bring Opportunity For Those Who Can Resist Consensus Views

Toronto home sales rose 8.1% in June, but were still 35% below the decade’s average; the average home sale price dropped 5.2% year-over-year to $1,151,600. Condo sales in Toronto have declined by 75% over the past three years (-37% in Vancouver) and are down 22% from June 2024; at the same time, new listings are […]

July 16, 2025 | Japan & MNRA Studies

Some people are reporting that Japanese researchers were able to obtain vaccine and death records for 21 million people, and determined that those who died from MNRA came in “death waves” that took place 3-4 months after the injections, not right away. The data also reveal how long it takes for your death risk to […]

July 15, 2025 | Housing Bust Intensifies As Inventories Surge

One of the reasons so few houses were on the market over the past few years was the disparity between 7% current mortgage rates and the 3% mortgages that many homeowners had. It made no sense to sell a house with a cheap mortgage and buy a new house with an expensive mortgage, so millions […]

July 15, 2025 | UK Data Use and Access Act – Digital Wallets Coming

  The Data (Use and Access) Act, also known as the DUA Bill, has provided the UK government with the ability to roll out a series of programs that will eventually force citizens to participate in a digital ID program. The law was enacted with the premise of reinforcing security and providing convenience for businesses […]

July 14, 2025 | The World’s Largest Pension Fund Down $61B Last Quarter – Warning for Japan

The world’s largest pension fund, the Government Pension Investment Fund (GPIF) of Japan, reported a $61.1 billion loss for the first quarter of the year. Half of the fund’s $1.5 trillion assets under management (AUM) are within overseas markets, and although susceptible to currency fluctuations, the true problem lies in the fund’s other 50% of its portfolio—government bonds […]