A quick reminder this week: bull markets last a lot longer than bear markets. Markets spend far more time building wealth than tearing it down, which is why staying invested and letting compounding do its thing matters (even when a pullback feels imminent). The chart below makes that point pretty clearly.

 

Source: Charlie Bilello, Creative Planning. Jan 27, 2026.

 

I bring this up because we are still getting a lot of calls about an A.I. bubble, which we think is unlikely in the short term but entirely possible. It is important to remember that A.I. is just one part of the market (albeit a very important part), and bull markets tend to keep making new highs as new sectors take over. A few months ago, I wrote about commodities starting to move higher. That’s a good example of what we’re seeing now. You may be worried about one part of the market, but another part can (and often does) take over. This kind of rotation isn’t a problem; it’s a healthy feature of a bull markets.

 

Bull markets don’t need everything to work – just something.

 

I have also included a piece from our CIBC Economic team entitled “Not the Warsht pick, but...”.

 

As always, if you have any questions, please feel free to give us a call at any time.

 

Have a great weekend.

 

Milan