Good morning!
This month’s Invested examines how geopolitics, confidence, and resilience are increasingly shaping both markets and social systems. CIO Scott Smith explores why copper’s standout performance reflects supply risk rather than demand, what Venezuela’s post-Maduro uncertainty means for global oil markets, and why 2026 is shaping up to be a more uneven and selective investment environment. This issue also looks at how rising pessimism, as well as institutional strain, including growing political pressure on the Federal Reserve are becoming important economic forces. Additionally we turn to philanthropy, where high-impact giving is moving from good intentions to measurable outcomes as governments pull back. Together, these pieces highlight a central theme: in a more fragmented world, disciplined strategy and long-term thinking matter more than ever.
Happy Reading!
VIEWPOINT SPOTLIGHT
INSIGHTS FROM THE VIEWPOINT TEAM
COPPER’S GEOPOLITICAL PREMIUM (& CHILE’S OPPORTUNITY)
Copper quietly stole the spotlight in 2025, delivering its strongest performance since 2009, not on booming demand, but on mounting supply risk. From mine disruptions to shifting trade dynamics, reliability is now being priced in. What does this mean for investors heading into 2026? Read the full article from CIO Scott Smith for a deeper analysis and outlook.
A SWORD OVER THE STATE: VENEZUELA’S POST-MADURO RISK PREMIUM
Markets are reacting to the capture of Venezuela’s president with a tidy narrative, but the real implications for oil and geopolitics are far messier. From supply-chain security to Canadian crude risk, this shift reshapes how commodities are priced in a multipolar world. Read the full article from CIO Scott Smith for a nuanced take on what comes next and why it matters for investors.
RUNNING HOT, GROWING UNEVEN: A 2026 MARKET OUTLOOK
As 2026 begins, markets are being driven by policy tension, late-cycle dynamics, and growing divergence beneath headline growth. From affordability politics to Fed pressure and geopolitical risk, the investment landscape is becoming less forgiving. What matters now is selectivity, resilience, and global flexibility. Read the full article from CIO Scott Smith for his outlook and positioning for the year ahead.
INSIGHTS FROM THE VIEWPOINT FOUNDATION
EXPLORING PHILANTHROPIC TRENDS & IMPACTFUL INITIATIVES
HIGH-IMPACT PHILANTHROPY AND OTHER TRENDS FOR GIVING IN 2026
As governments pull back, philanthropy is being asked to do more, and to do it better. High-impact giving shifts the focus from intentions to outcomes, emphasizing evidence, resilience, and long-term systems change. What does effective philanthropy look like in 2026? Read the full article from the Viewpoint Foundation to explore the trends shaping the coming year.
JANUARY’S INVESTMENT PULSE
WHAT TODAY’S MODERN MARKET TRENDS REVEAL ABOUT INVESTOR THINKING
CHINA, CANADA INK ENERGY PACT AS CARNEY AIMS TO CUT US RELIANCE
Canada is recalibrating its energy strategy as Prime Minister Mark Carney deepens ties with China to reduce reliance on the U.S. From oil and gas to batteries and clean tech, the shift signals a notable geopolitical and economic pivot. What’s driving the move, and what are the risks? Read the full article from Bloomberg for the details and implications.
PESSIMISM IS THE WORLD’S MAIN ECONOMIC PROBLEM
Economic pessimism is no longer just a mood, it’s becoming a drag on growth, investment, and policy effectiveness. As gloomy expectations harden across advanced economies, confidence is shaping outcomes as much as data. From delayed decisions to zero-sum politics, the consequences are mounting. Read the full article from The Economist to explore why pessimism may now be the world’s biggest economic risk.
PODCAST PICK
UNLOCKING INSIGHTS, ONE EPISODE AT A TIME
THE FIGHT OVER FED INDEPENDENCE JUST GOT TAKEN TO A WHOLE NEW LEVEL
Political pressure on the Federal Reserve has escalated dramatically, raising new questions about institutional independence and legal risk. This episode from Odd Lots explores the mounting tensions facing the Fed, the implications of DOJ involvement, and what comes next for monetary governance. Featuring expert insight from leading legal scholar Lev Menand, the episode unpacks why this moment marks a critical turning point.
MORE TO EXPLORE
CURATED READS FOR THE INQUISITIVE
2026 WORLD ECONOMIC FORUM
From January 19-23, the 2026 World Economic Forum Annual Meeting in Davos is bringing together global leaders, CEOs, and policymakers under the theme “A Spirit of Dialogue,” focusing on cooperation amid geopolitical tensions, technological shifts, economic growth, and climate resilience. Explore the World Economic Forum’s website for videos and article on trade, AI, inequality, and water security and see how it is setting the tone for global priorities this year.
EIGHT FORMIDIBLE RISKS ON FAMILY OFFICES’ RADAR IN 2026
From geopolitics and market volatility to cybersecurity, AI, and succession planning, family offices are entering 2026 facing a complex risk landscape. Many are already rethinking asset allocation, governance, and preparedness strategies to stay resilient. What are the most pressing threats of the year, and how are leading offices responding? Read the full article from Canadian Family Offices for expert insights and practical considerations.