From the Desk of Our CIO
Is the Juice Worth the Squeeze: Extreme Weather Underpins the OJ Rally
In what continues to be a challenging growing season for certain agricultural commodities, orange juice prices have resumed their upward trend as a combination of disease and extreme weather continue to wreak havoc on orange crops in Brazil. Frozen orange juice prices are up +32% so far this year, as excessive heat during the key […]
From the Desk of Our CIO
Two to Tango: Choreographing the BoC & Fed’s Monetary Policy Moves
About a month ago, I wrote a brief note pondering if it was time to start getting back to benchmark duration weights in U.S. fixed income portfolios. The rationale for why it is too early to be extending duration is due to U.S. monetary policy being in a balancing feedback loop, which is the basis […]
Invested Newsletter
INVESTED: May Edition
Explore the latest philanthropic trends, energy developments, and economic insights in this month’s Invested newsletter, featuring thought-provoking articles on the challenges of “biznification” in charity, the impact of the first TMX oil shipment, the shifting value of the Canadian dollar, and high-stakes developments in U.S.-China trade relations. Happy reading! VIEWPOINT SPOTLIGHT SCOTT SMITH FEATURED IN CANADIAN FAMILY […]
From the Desk of Our CIO
Cuckoo for Cocoa Futures
The rollercoaster ride for cocoa prices has continued throughout May with front-month futures prices down roughly -40% from the top in late April. For commodity managers that use volatility to adjust their position sizing, these managers would have sidestepped a good chunk of the negative price action. The increasing volatility of cocoa would have signaled […]
From the Desk of Our CIO
Scott Smith Featured in Canadian Family Offices Article
Recently, CIO Scott Smith was featured in an article by Canadian Family Offices to emphasize the importance of commodities in a balanced portfolio for ultra-high-net-worth investors during the current commodities supercycle. Smith asserts that this supercycle began post-COVID-19 in 2020, fueled by significant fiscal stimulus. This cycle, expected to last 10 to 15 years, is characterized by […]
From the Desk of Our CIO
Sparks Fly: Electrification & Data Centers Fuel Copper’s Rally
Copper continued its upward climb on Monday, with front-month futures on the London Metal Exchange (LME) hitting a new record of $11k/ton before pulling back prior to the close. Copper prices have risen +30% year to date and the industrial metal is one of the top performing commodities in 2024. As such, copper has been […]
From the Desk of Our CIO
Doubling Down on China: Tariffs & the Reindustrialization of the West
One of the key themes on which we’ve been focusing this year in the run-up to the U.S. election has been foreign trade policy and how this could impact everything from growth and inflation, to the U.S. dollar. While both political parties in the U.S. can’t seem to agree on much, one thing they have […]
From the Desk of Our CIO
Is Winter Coming for the U.S. Economy?
It’s probably best to start this note right up front and say the stock market is not the real economy, lest we get into a debate about whether it’s rational for bad news to be good for stocks and vice versa. On Friday, employment numbers for the U.S. economy were released, and there was a […]
From the Desk of Our CIO
A Great Day for Bird Lovers: Powell Appeases the Doves & the Hawks
Today’s interest rate announcement from the Federal Reserve (Fed) was highly anticipated, given how the economic picture has evolved over the last month. Economic growth has remained steady, if a bit uneven, while inflation has been stickier than the markets and the Fed would like to see. Over the last month, market participants have dialed […]