Post by David R. Schneider

Dave's Top Ten for the Week of Dec 12th Believe it or not, Canadian stocks are in the running to post their best year in modern history. With less than a month to go, the S&P/TSX Composite Index is sporting a return of 30.4 per cent including dividends. That puts 2025 neck-and-neck in the race for the best year in Canadian equities, according to data dating back to 1988. The current high-water mark, set in 2009, is 35.1 per cent. Not bad for a country mired in a trade war/productivity crisis/housing slump. The Bank of Canada kept rates the same while the US dropped by 0.25%. In his latest memo, Howard Marks addresses the much-asked question, “Is there a bubble in AI?” He identifies the uncertainty associated with AI investments and the conspicuous parallels to previous bubbles, while also acknowledging why those comparisons could be inappropriate. Given AI’s vast potential but numerous unknowns, no one can say for certain whether investors’ current enthusiasm is merited or irrational. Thus, Howard emphasizes the importance of prudence and selectivity in navigating this transformative yet unpredictable technological revolution. Tom Bradley has some thoughts and advice on fixed income. Our senior fellow on MLI looks at America’s new national security strategy. A brilliant piece from NP’s Adam Pankratz on the Friday UNDRIP related story while Steve Saretsky explains that so many real estate issues are self-inflicted. Elon Musk is ahead of the curve on so many fronts, and his SpaceX IPO has a valuation of $1 Trillion or more. Google and Fidelity bot together a 10% piece and their shareholders will be happy. Joe Rogan with Nvidia’s Jensen Huang. At the 2.04 mark, he talks about coming to the US with his older brother and then being sent to the poorest county in the US. (Clark County in Kentucky) At 2.12 he talks about making cassette recordings to be sent to their mom and dad in Thailand as overseas calls were so expensive. The World Cup Draw took place in DC, and it added to a tough week for the Great One. Bruce Dowbiggin explains. David Ps- He bought an octopus at a South Korean market but decided to teach it how to play the piano instead https://lnkd.in/eJP47WF6

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