INVESTED: September Edition

Good morning! This month’s Invested spans markets, philanthropy, and strategy. Highlights include Fed independence risks, commodities’ potential super cycle, and Canadian equities’ sweet spot. The Viewpoint Foundation spotlights the psychology of high-control systems, while we also explore governance in private foundations and key questions for wealth advisors. In our More to Explore section, we feature a podcast with Eric Nuttall that dives into Canada’s oil and gas outlook. Happy reading!

VIEWPOINT SPOTLIGHT

INSIGHTS FROM THE VIEWPOINT TEAM

The Erosion of Fed Independence & Its Inflationary Consequences

The Fed faces pressure as job growth falters, politics heat up, and markets fully price in September rate cuts. With long-term yields rising and independence under threat, investors confront an economy running hot into elections. Inflation risks persist, equities stay volatile, and commodities shine as the clearest hedge. Policy turbulence makes resilience essential. Follow the link below to see CIO Scott Smith’s full take!

INSIGHTS FROM THE VIEWPOINT FOUNDATION

EXPLORING PHILANTHROPIC TRENDS & IMPACTFUL INITIATIVES

Love, Loyalty, & Control: The Psychology of High-Control Systems

Cults, abusive relationships, and MLMs may look worlds apart, but they all thrive on the same psychology of control. From love bombing to gaslighting, these systems exploit our deepest needs for belonging and purpose, turning vulnerability into loyalty. Breaking free takes courage, compassion, and cognitive recovery. Click the link below to discover how control works, and how we reclaim ourselves.

SEPTEMBER’S INVESTMENT PULSE

What Today’s Modern Market Trends Reveal About Investor Thinking

Commodities Could Be On the Verge Of a New Super Cycle 

After a decade of weak performance, commodities may be poised for a new super cycle. Supply is constrained by underinvestment, geopolitical leverage, and declining ore grades, while demand is rising from electrification, AI data centers, and decarbonization. Read more in this Reuters piece, which explains how commodities may re-emerge as strategic portfolio anchors as prices remain below historic peaks and bonds lose their hedging power.

Why Canadian Stocks Could Be In a Sweet Spot as Markets Churn Higher

This Financial Post article explores why markets climbed as the Fed and Bank of Canada cut rates and highlights BMO strategist Brian Belski’s view that Canadian equities—particularly undervalued small caps—are primed for growth alongside U.S. gains. It also examines how global carry trades are rebounding as lower U.S. rates strengthen opportunities in emerging-market currencies.

Fed ‘Third Mandate’ Forces Bond Traders to Rethink Age-Old Rules

This Bloomberg article explores how the Trump administration’s embrace of the Fed’s little-known “third mandate”—pursuing moderate long-term rates—is unsettling bond markets. While no policies are in place, traders now weigh political pressure, rising debt costs, and unorthodox tactics into forecasts. Read on to see what this could mean for today’s investment landscape.

PODCAST PICK

UNLOCKING INSIGHTS, ONE EPISODE AT A TIME

The Canadian Oil & Gas Investor Perspective with Eric Nuttall

Eric Nuttall, Partner and Senior Portfolio Manager, joins Peter and Jackie on this episode of “ARC Energy Ideas” to unpack the outlook for Canadian oil and gas. He discusses valuation gaps with U.S. peers, resilient oil prices despite OPEC supply, weak natural gas pricing, industry consolidation, and the tension between buybacks and growth. Listen below for the full story!

MORE TO EXPLORE

CURATED READS FOR THE INQUISITIVE

The $4trn Accounting Puzzle at the Heart of the AI Cloud

This article from The Economist explores how AI’s trillion-dollar boom hides a massive accounting risk: how long hyperscalers’ costly AI chips really last. Tech giants like Microsoft, Alphabet, Amazon, Meta, and Oracle extend depreciation schedules even as rapid chip advances shorten usefulness. Read more about how analysts are warning that overstated profits could slash valuations by up to $4trn, exposing investors to hidden vulnerabilities in the AI cloud’s financial foundation.

The Top Five Questions to Ask Your Wealth Advisor/Consulting Team to Ensure Maximum Transparency and Understanding Potential Biases

In Canadian Family Offices, wealth expert Thane Stenner outlines five key questions ultra-high-net-worth families should ask advisors to ensure transparency and reduce bias: licensing, compensation, communication frequency, market views, and client load. These queries reveal strengths, conflicts, and capacity, helping families secure tailored advice. Stenner emphasizes that trust, accountability, and proactive engagement are essential for effective long-term wealth management.