Canada Day Reflections

Dear Clients,

As we turn the page into July and celebrate Canada Day, it feels like a good moment to pause and reflect, especially on the uncertainty we faced earlier this year and how things have unfolded since.

Back in April, when markets were reeling from tariff uncertainty and global trade tensions, I shared a few thoughts: that the volatility, while uncomfortable, would be temporary; that markets were reacting to uncertainty, not weakness; and that, once the dust settled, they would recover, just as they always have.

And here we are.

The noise around tariffs has quieted, at least for now. Markets have regained much of what they lost. The strategy behind the U.S. administration’s moves has come into sharper focus. Just as we anticipated, economies and companies are adapting, digesting, and moving forward.

This recovery is not surprising. In fact, it follows a familiar rhythm:

  • The pandemic shock of 2020 gave way to one of the strongest years on record, for those who stayed the course.

  • The inflation-driven selloff of 2022 was followed by strong gains in 2023 and 2024.

  • The tariff-related volatility of early 2025 has largely reversed, at least for the time being, as markets regain their footing.

But we also remember: not every recovery is swift. The 2008 financial crisis was a deeper, longer chapter, a reminder that markets test our patience in different ways. That’s why your ability to stay focused on long-term goals, rather than short-term noise, is not just admirable, it’s essential.

That said, political headlines, especially from south of the border, may still cause further volatility. While we can’t predict the next policy twist, we remain confident in the long-term strength and positioning of the portfolios we’ve built together.

A Testament to You

So while it’s tempting for me to say, “See? We were right,” this moment is just as much about you. Once again, you did the right thing. You tuned out the headlines, trusted your plan, and let discipline , not emotion, be your guide.

That’s not easy. But it’s the reason long-term investing works. Volatility may feel like the enemy in the moment, but in hindsight, it’s always been our ally, creating opportunity, rewarding patience, and reaffirming our strategy.

The companies we invest in have weathered wars, recessions, political upheaval, and disruptive policy. They’ve been around for decades and aren’t going anywhere. And with best-in-class money management behind your portfolio, we’re doing exactly what successful investors do: stay invested, stay diversified, and stay the course.

Looking Ahead

Uncertainty never fully disappears. There will always be something, an election, a crisis, a new headline. But history continues to show: markets reset, recover, and reward discipline.

We’re proud of how you’ve navigated the year so far. It’s a true reflection of the clarity and conviction we aim to build into every plan.

Wishing you and your family a safe and joyful Canada Day.

Thanks again!

Steve & Quinn

QSA Wealth Management

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A Historical Perspective in Times of Uncertainty