COMMENTARY JULY 2026

The market has two forces with a hand on the wheel, each seemingly steering in its own direction: artificial intelligence and geopolitics.

AI keeps making headlines, and advances in the space over the past few years have been nothing short of extraordinary. Yet beneath the enthusiasm runs a current of the unknown. How will it reshape our careers, our retirements, and the way our children and we ourselves learn? The questions, at this stage, outnumber the answers.

At the same time, geopolitical realignment is rewriting trade patterns that held for generations. Tariffs are becoming the norm, protectionism is rising, and the tenets of globalization are being called into question. Today’s trade partners are shifting, and history seems to rhyme: as in generations past, Canada is looking once more toward Europe and further abroad.

Where all this leads, we’re not sure. Daunting as that may sound, the unknown is also what makes the work and life itself worth doing. Memorable moments tend to arrive unannounced, born not of the plan but of the surprise. The company the market shuns today, despite strong financials, is often next year’s best performer. Uncertainty, handled with discipline, is where opportunity hides.