2025 Mid-Year Update Webinar-Meeting Recording

[Cover slide: The image is a title slide from a presentation by CIBC Private Wealth. It features the CIBC logo in red at the top left corner. Below the logo, the text "R&R INVESTMENT PARTNERS" is written in red. The central title reads:  

- "Investing in Turbulent Times:" in bold red text.  

- "This Time is Not Different" with "Not" italicized, bold, and red for emphasis.  

At the bottom of the slide, the date "June 24, 2025" is written in fine red print, and the word "CONFIDENTIAL" appears in small gray text at the bottom center. The background is plain white, and the top right corner contains the text "CIBC PRIVATE WEALTH" in red. The slide suggests a financial presentation focusing on investment strategies during economic volatility.]

 

Munro, Ian   1:51
Good afternoon and welcome.
Thanks for tuning in.
My name is Ian Munro.
I'm here with my business partners Randy Yozipovic and Harrison Love and we welcome you to our 2025 mid year webinar titled Investing in Turbulent Times.
This time is not different.
 

[Slide 1: The slide has a maroon background with white text. The main statement reads:  

- "Our mission is to simplify your financial life so you can live your life doing what you truly love" in bold, large font.  

Below it, italicized subtext reads:  

- "Because everyone deserves straightforward advice, where you are treated like family."  

The CIBC logo is displayed in the bottom left corner, and the word "CONFIDENTIAL" is centered at the bottom in small white text. The slide number "1" is in the bottom right corner. The slide communicates CIBC's mission statement, emphasizing simplicity, care, and client-focused values.]

 

Before we get into the formal part of the presentation, as always, we want to take a moment just to chat about our group's mission statement, our mission to our clients is to simplify your financial lives so you can live your life doing what you truly love. Because everyone deserves straightforward advice where they're treated like family.
We talked about this mission statement pretty much on all of our presentations because it is important to us and it is what keeps us coming to the office on a daily basis. We drafted this ourselves.
And it is everything that we try to accomplish on a day in, day out basis and we hear great stories from all of you about how we've helped and made an impact on your worlds. And we thank you for that and that's the encouragement we need to continue to take care of your needs.

[Slide 2: The slide introduces team members from CIBC's R&R Investment Partners. The title at the top reads "How we serve you" in bold red text. Two sections are highlighted:  

1. Wealth Advisors (in a gray bar):  

   - Randy B. Yozipovic, Ian S. Munro, and Harrison J Love are listed with their titles, contact details, and professional photos.  

2. Who do you call if you need... (in another gray bar):  

   - Tanya Kittananthawongs, Pedro A. Montoya, and Colton Yozipovic are listed similarly.  

Each individual is professionally dressed, and the CIBC logo is in the bottom left corner. The word "CONFIDENTIAL" is at the bottom center, and the slide number "2" is in the bottom right corner.]

 

We do function as a collective. Everything we do and how we serve all of our clients is done in a group effort.
You're gonna hear from the three advisors on this presentation today, but know that everything that takes place is done as a group of nine.
So whether you're talking to myself, Harrison or Randy or Tanya or Pedro or Colton 

 

[Slide 3:The slide continues introducing team members under the header "How we serve you" in red text. The subheader "Who do you call if you need..." is in a gray box. Three individuals are listed with their names, titles, contact information, and professional photos:  

- Vanessa Espiritu (Client Associate), Eliora Johnson (Administrative Assistant), and Kate Couture (Administrative Assistant).  

The CIBC logo is in the bottom left corner, and "CONFIDENTIAL" is centered at the bottom. The slide number "3" is in the bottom right corner.]

 

or Vanessa or Eliora or Kate, everything is done in a group effort to serve your needs.

[Slide 4: The slide is divided into two sections:

- Left Panel (Dark Gray Background): The word "AGENDA" is in bold white text near the top. The CIBC logo and "CONFIDENTIAL" are at the bottom left.  

- Right Panel (White Background): Contains bullet points in dark red and dark red text under the first bullet point "What has happened in 2025", topics include Canadian election, Trump/ tariffs, monetary policy (Canada cuts vs. US holds), CAD/USD FX, and changes to taxation on US dividends for Canadians. Additional sections include "R&R Strategies", "Managing your real life", and "Questions" (all in red). The slide number "4" is in the bottom right corner.]

 

As far as the agenda, today, we're gonna do a a somewhat brief recap to a very busy start of 2025. Harrison's then gonna jump on and talk about our R&R investment partners strategies.
And then Randy will close things up with managing your real life and then we'll open it up to questions.
Know that in this setting and in this format there is a Q&A button on the top of your screen, you can ask us questions anonymously.
You can ask us questions with your name attached and we will do our best at the end of the presentation to go through those questions.
 

[Slide 5: The slide is split into two sections:  

- Left Panel (Maroon Background): The title "What has happened so far in 2025" is in large white text. The CIBC logo and "CONFIDENTIAL" are at the bottom left.  

- Right Panel (White Background): Contains maroon bullet points discussing events like a new Canadian government, US tariff policies, and monetary policy changes. Sub-bullets detail impacts like market volatility and bond yield changes. The slide number "5" is in the bottom right corner.]

 

So what's happened so far in this busy 2025?
First thing we'll talk about is we did have our election in Canada and we do have the results in a Liberal minority and I think it's important that we remember whether you voted red or blue or orange or green.
We must follow the policies and not the personalities.
A lot of the headlines so far this year from a market standpoint have been dominated by tariff talks and this has created a lot of uncertainty simply because the US president continues to change his mind daily.
And as a result, it's created a lot of market volatility. The US Liberation Day has definitely created a US first policy, which again has created market volatility.
We talked about this last year in our year end review webinar and presentation. That 2024 was historically low volatility and that we should always be expecting market to to move up and down.
I guess the law of average has created that this year. So we have seen that increase in market volatility, but remember volatility when markets move up and markets move down, let's use them to our advantage. Market volatility on the downside does allow us to purchase assets at a discount. So if you were planning on saving, continuing to invest, use that volatility as an advantage.
We've seen rising bond yields in the US.
Again, because of this first, America first approach we've seen the bond yields go up U.S. dollar weaken.
This will make things challenging for the US for refinancing deficits, we've continued to see a weakening in the US dollar, a Canadian dollar strengthening, good for travelling, good for purchasing can create other challenges when it comes to Canadians owning US investments as everything that we do is priced back to the Canadian dollar.
And then when we look at monetary policy and interest rates, we think Canada continue to cut through the Bank of Canada and the US Federal Reserve continuing to hold rates.

 

[Slide 6: The slide is divided into two sections:  

- Left Panel (Maroon Background): The title "What has happened so far in 2025" is in bold white text. The CIBC logo and "CONFIDENTIAL" are at the bottom left.  

- Right Panel (White Background): Contains maroon bullet points discussing topics like the "One Big Beautiful Bill Act," government overspending, cash as an asset, and a humorous note about perceived economic stasis from February to May 2025. The slide number "6" is in the bottom right corner.]

 

We have had a lot of chatter about the one big, beautiful bill act that's being passed through the Senate right now in the US in one particular section of Section 899, which has a significant impact on Canadian investors as it could impose tax hikes from 15 to 50% on US dividends. This is impacted to Canadians that own U.S. stocks inside of a non registered account, a corporate account, tax free savings account, it will be exempt inside your RSP.
But this is something that we continue to monitor and continue to look at. When we look at government spending continues to drive higher deficits and money printing continues and it continues to decrease our purchasing power.
You know, when we look at the deficits, this new liberal government has proposed to run a 62 1/2 billion dollar deficit, this big, beautiful Bill act is estimated to increase the federal deficit in the United States by almost $2 trillion over the next 10 years. So remember, cash is a great asset.
It's a stable asset class and keeps you sane during market volatilities and downturns, and it's great for near term purchases, but it is the worst performing asset class and we remember that governments will continue to inflate your purchasing power away.
And a final commentary just on market volatility.
I think it's important that we have perspective.
If we all turned our phones off, turned the internet off, TV radio on February 15th and then returned back in May 15th and turned it all back on it would appear as nothing happened. You know, just remember that market volatility, market noise, it's loud.
It's always loud when things are going down and things are getting challenged.
So just remember, take things with perspective and remember that not all markets are created equal just because the S&P 500 or whatever the media is flogging at the time and talking about, you know down turn markets doesn't mean that that's impacting your portfolio in the same way.
 

[Slide 7: The slide features a chart titled "A decade of 10-year bond yields" in dark red text. The chart shows the Canada 10-Year Benchmark Bond Yield from 2015 to 2025, with a purple line graph. Key points include:  

- Hi: 4.26%, AVG: 2.07%, and Current: 3.27%.  

The CIBC logo is in the bottom left corner, and "CONFIDENTIAL" is centered at the bottom. The slide number "7" is in the bottom right corner.]

 

Another key theme for the year is we're seeing in Canada the 10 year bond and yields continue to come down from their highs. The 10 year bond yields is important than when you see the rates coming down bond market is signaling a slowing economy.
The ten year is also important.
It's not a direct way that the bank set fixed rate mortgage mortgages.
But typically when we do see yields drop you will see fixed rate mortgages come down, which is obviously good for new new borrowers and those refinancing mortgages from previous highs.
There's a lot of chatter and a few years ago when rates were going up about what's going to happen with all the outstanding mortgage debt in Canada and how is it going to be refinanced and and paid back with higher rates.
Well, we have seen yields come down quite substantially.
 

[Slide 8: The slide features a chart titled "A decade of CAD/USD FX rates" in maroon text. The chart shows the CAD/USD exchange rate from 2015 to mid-2025, with a purple line graph. Key points include:  

- Hi: 0.832, AVG: 0.758, and Current: 0.732.  

The CIBC logo is in the bottom left corner, and "CONFIDENTIAL" is centered at the bottom. The slide number "8" is in the bottom right corner.]

 

When we look at the Canadian dollar versus the US, the Canadian dollar has strengthened significantly since quote unquote Liberation Day in April.
But again, this does create a challenge for Canadian investors if we see the US stocks in your portfolio go up by 5%, but our dollar also strengthens by 5% to the US it means there's going to be a net zero made on your portfolio, so it's important that you consider hedging strategies.
We have these in place for many of our strategies that own US assets or assets outside of Canada and happy to chat further about that. 

 

[Slide 9: The slide is titled "Shift your focus: short-term to long-term" and features three graphs showing the performance of the iShares S&P/TSX 60 Index ETF (XIU.TO) over different time periods. Each graph highlights a short-term dip with a red oval, showing its diminishing significance over longer time horizons. The CIBC logo is in the bottom left corner, and "CONFIDENTIAL" is centered at the bottom. The slide number "9" is in the bottom right corner.]

 

When we look at market volatility, these are three charts of the year to date, year over year, and a five year chart. And I think it's just important that we shift our focus.
We need the ability to zoom out a little bit when we are going through challenging times in markets. And remember that every crisis has resolved itself to new highs.

 

[Slide 10: The slide is titled "Every crisis has resolved itself to *new* highs", with "new" italicized. A chart shows the growth of a hypothetical $100 investment in the S&P 500 Index from 1936 to 2022, annotated with major crises like WWII, the tech bubble, and COVID-19. The CIBC logo is in the bottom left corner, and "CONFIDENTIAL" is centered at the bottom. The slide number "10" is in the bottom right corner.]

 

Right now, obviously there's a lot happening in the world, whether it's economically,  geopolitically.
We don't know or pretend to know how everything is going to play itself out, but what we do know, again, is that every result every crisis has resolved itself to new highs and I think it's important to have a positive and an optimistic outlook on life and you know, we don't need to put on our blinders and ignore everything and and pretend that there's not any real challenges in the world but things do resolve themselves and and that's how we view looking at short term volatility. And with that I'm going to pass things over to Harrison and he'll talk a bit about our investment strategies.

 

[Slide 11: The image is a slide with a solid maroon background. At the center, a quote is written in white text:  

“Some people say they want to wait for a clearer view of the future. But when the future is again clear, the present bargains will have vanished. In fact, does anyone think that today’s prices will prevail once full confidence has been restored?”  

At the bottom-left corner, the CIBC logo (Canadian Imperial Bank of Commerce) is displayed, featuring the text "CIBC" followed by a small diamond shape. Centered at the bottom, the word "CONFIDENTIAL" is written in uppercase white text. The slide number "11" is displayed in white text at the bottom-right corner. The slide appears to be part of a presentation discussing investment decision-making during uncertain times, with a focus on market confidence and pricing.]

 

Love, Harrison   11:09
Thank you, Ian.
I wanna start with a comment that was made 93 years ago in May of 1932 by Dean Witter.
He made this comment just a few weeks before the end of the worst bear market in history.
So at the time, he said, some people say they wait or want to wait for a clear view of the future. But when the future is again clear, the present bargains will have vanished.
In fact, does anyone think that today's prices will prevail once full confidence has been restored?
We find that clients are often looking for deals in their lives and they're happy to see their favorite item at a discount.
But it's not as often that when clients are talking with us and they're looking at the stock market, that they actually see it as being on sale when it pulls back. And we think this is an important thing to kind of bring up and talk about.
 

[Slide 12: The slide contains an infographic titled "Markets go down, even in overall up years. Expect it!" at the top. The main content is a graph titled "S&P intra-year declines vs. calendar year returns," with a subtitle: "Despite average intra-year drops of 14.1%, annual returns were positive in 34 of 45 years." The y-axis ranges from -60% to +40%, showing percentage changes, while the x-axis spans years from 1980 to 2025. Gray bars represent calendar year returns, and red dots indicate intra-year declines. For example, in 1980, the calendar year return was 26% with a -17% intra-year decline. In 2008, the return was -38% with a -49% intra-year decline. The year-to-date (YTD) data for 2025 shows a -5% return and a -10% decline. At the bottom, the source is cited as "JP Morgan Asset Management, Market Insights, Guide to the Markets | U.S. | 2Q 2025 | As of March 31, 2025." The CIBC logo is displayed at the bottom-left, and "CONFIDENTIAL" is centered at the bottom. The slide number "12" is at the bottom-right corner.]

 

Because if you're seeing the return of volatility to the markets like Ian mentioned, which as we discussed in January is always something we should be on the watch for after a positive and stable year like we had in 2024.
As we talked about in January, even if 2025 turns out to be an overall positive year for the markets.
Client and client portfolios, we could still expect a pullback in the equity markets of about 15% to be considered kind of normal breathing.
For reference, our dividend growth strategy pulled back about 10% off its highs in mid February to its low in mid-April of this year.
One thing you also need to keep, maybe even more in your mind is that moderate and extreme return fluctuations can also occur like in 2007 or 2020, and the only way to properly manage them is through managing our behavior.
This graph that we've shown here, we've shown you guys before too, and you know over time there's a lot of wealth creation.
This is the S&P 500 over 40 years and there's an average 10% return throughout the whole life of this chart.
But there's lots of ups and downs, right and periods where the market can be a bit uncomfortable.
So we just wanna keep this top of mind. 

 

[Slide 13: The slide features a table titled "Year-to-date strategy returns" in bold, dark red text. The table lists annualized returns (%) for various investment strategies over 1, 3, 5, and 10 years. Categories include "Canadian Focused Balanced Strategies," "Global Balanced Strategies," "Canadian Equity Strategy," "North American Equity Strategy," "U.S. Equity Strategy," and "Global Equity Strategy." For example, the "Canadian Dividend Income" strategy under "Canadian Equity Strategy" shows returns of 24.31% (1 year), 10.02% (3 years), 11.21% (5 years), and 7.87% (10 years). A note at the bottom states, "Source: AMA Program, gross of fees. As of May 31, 2025. *Returns are annualized for periods longer than one year. †Returns are in USD." The CIBC logo is at the bottom-left, "CONFIDENTIAL" is centered at the bottom, and the slide number "13" is at the bottom-right corner.]

 

And as we move on to the next slide and look at our strategy returns, you know they reflect that exact reality after a pull back through late February, March and April, all our equity strategies are now back into positive territory for the year, our balance strategies are also on positive numbers. After pulling back a few percent over that same period.
So with this tells us is that despite you know all these tariffs threats of recession, inflationary periods, military conflicts, people who actually allocated their money properly throughout there and let their portfolios run their course actually got rewarded for doing this.
So it's maybe a stretch to say that full confidence has been restored in the markets, but the prices from April surely aren't here with us today.

 

[Slide 14: The slide is titled "Income note strategy: Historic weighted coupon received" in bold red text. A line chart shows weighted coupon returns from January 2021 to May 2025. The y-axis ranges from 7.00% to 13.00%, and the x-axis displays dates. A red line fluctuates, starting very slightly above 12% in January 2021, dropping below 10%, and stabilizing very slightly below 10% by May 2025. A gray reference line marks an average of 10.18%. The source is cited as "R&R Investment Partners" and includes data from multiple financial institutions. The CIBC logo is at the bottom-left, "CONFIDENTIAL" is centered at the bottom, and the slide number "14" is at the bottom-right corner.]

 

We also want to briefly look at and remind on the income note strategy, which we continue to run as an attractive one for investors who are looking to generate income or diversify their portfolios.
In short, this is a strategy that generates income monthly.
But you should think of the principal as being invested for a number of years.
This graph we're seeing shows you the received coupons clients have actually gotten from holding this strategy, and it's averaged about 10.18%.
It got up to about 12% at one time, got down to about 8% at other times when couple of notes stopped paying according to their rules.
But we're still happy allocating this to people's portfolios where it makes sense.
 

[Slide 15: The slide is titled "How we invest your money: The Buckets" and features a chart with three metal buckets labeled "Stable," "Income," and "Long-term growth." The vertical axis represents "Possible fluctuations in value" (Low, Medium, High), and the horizontal axis represents "In how many years do you need the money?" (1, 2, 3, 4, 5+ years). The buckets are placed along a dotted diagonal line, symbolizing increasing risk and investment duration. The CIBC logo is at the bottom-left, "CONFIDENTIAL" is centered at the bottom, and the slide number "15" is at the bottom-right corner.]

 

And the way that we understand how it makes sense, as we've also talked about many times is the buckets.
And this is the best way to manage your allocations during periods of stress, just like during periods of calm.
Basically, if there's money you need to spend over the next couple of years, that's money we're gonna be always recommending that you keep in cash, maybe a GIC, or some high interest savings to earn a little bit of interest, but not taking on fluctuation of the principal.
Then when we're getting out to three to five years until you need the money back, that's where we start to look at balance strategies or maybe some income notes taking on some risk but being somewhat defensive at the same time.
And then for money, that's needed five or more years from now. That's where we're looking at all equity strategies.
But you could also consider, you know, things look like your real estate or your business as being part of that long term capital and you kind of want to take the same perspective on your stock portfolio that you would on your business or your real estate that you're going to hold for quite a long time.
 

[Slide 16: The slide compares the performance of "$2 million invested: Dividend Growth Strategy since May 2015 vs 3.00% GIC." A line graph shows two lines: a red line for the Dividend Growth Strategy, which grows from $2 million in May 2015 to over $5 million in May 2025, and a yellow/orange line for the GIC, which grows linearly to slightly above $2.5 million. The y-axis ranges from $1,500,000 to $6,000,000, and the x-axis spans May 2015 to May 2025. The source is cited as "F&R Investment Partners, AMA Composite Performance Reporting (Gross of Fees). As of May 31, 2025." The CIBC logo is at the bottom-left, "CONFIDENTIAL" is centered at the bottom, and the slide number "16" is at the bottom-right corner]

 

As an example, kind of the bucket three  strategies that we run for people, we can look at our dividend growth strategy.
It's 100% equity, 50% Canadian, 50% US and over the last 10 years that's what this chart is gonna the performance of the last 10 years, $2,000,000 invested is now about $5.4 million before fees.
But there's lots of fluctuations throughout this it's not just a one way street.
If you look at 2020. 2018, 2014 there's lots of ups and downs there, but there's lots of capital appreciation over time, right? In recent years, we've had the COVID crisis, the Ukraine War, Israel/ Palestine War, debt crisis, lots of changes with inflation, lots of elections.
But the businesses and investors are able to deal with these challenges and continue to grow. 

 

[Slide 17: The slide is titled "Long-Term Bucket Three: Dividend Growth Strategy" and features a bar chart showing yearly dividend growth performance from 2016 to 2025. The y-axis ranges from -10.00% to 30.00%, and the x-axis spans 2016 to 2025. Red bars represent performance, with notable years including 2018 (about -6%) 2019 (close to 20%) and 2024 (near 25%). A gray reference line marks an average return of 10.00% over the time period covered. The source is cited as "R&R Investment Partners, AMA Composite Performance Reporting (Gross of Fees). Performance figure for 2025 is year-to-date. As of May 31, 2025." The CIBC logo is at the bottom-left, "CONFIDENTIAL" is centered at the bottom, and the slide number "17" is at the bottom-right corner.]

 

When you look at the year to year returns of the dividend growth strategy, it's the same story, right?
There's an average of 10% overtime that people get by remaining invested in this strategy, but they never actually got that 10%.
And it's something that they got from staying in it for the whole time.
So you want to look at years where you're not doing as well as buying opportunities, years where the market's pulling back as buying opportunities and in this chart you can clearly see if you bought in in 2018 when the portfolio was down, your getting in at a time where you're followed by three very strong years.
 

[Slide 18: The slide is titled "You own quality businesses" in bold dark red text. Below, six company names are listed in two columns:  

- Left column: Coca Cola Co, Canadian Pacific Kansas City Ltd, Exxon Mobil Corp.  

- Right column: Intact Financial Corp, Loblaw Cos Ltd, Sun Life Financial Inc.  

At the bottom, a disclosure mentions CIBC's investment banking or securities-related services for some listed companies, and “this document is not to be construed as an offer to sell, or solicitation for, or an offer to buy any AMA strategy or other securities. Consideration of individual circumstances and current events is critical to sound investment planning. All investments carry a certain degree of risk. It is important to review objectives, risk tolerance, liquidity needs, tax consequences and any other considerations before choosing an AMA strategy.’

The CIBC logo is at the bottom-left, "CONFIDENTIAL" is centered at the bottom, and the slide number "18" is at the bottom-right corner.]

 

And it's no surprise when you look at what's under the hood when you look at the companies we own as investors in dividend growth, you know that here's an example of a few of them.
They're recognizable group of companies, they they continue to generate revenue regardless of the current environment because they're high quality businesses with products in demand.
It doesn't mean that they don't experience some ups and downs in their businesses or in their stock price, but they've been around and they expect that.
So when you plan for the future and you make sensible decisions, short term volatility can be absorbed by both companies and investors as well.
Now I'm going to hand it over to Randy, who's going to talk a little bit more about how we can apply some of these sensible strategies in our own lives.

 

[Slide 19: The slide is divided into two panels. The left panel has a maroon background with white text: "Jim Fullerton, Capital Group Chairman, November 1974." The CIBC logo is at the bottom-left, and "CONFIDENTIAL" is at the bottom-right. The right panel has a grayscale 3/4 portrait of a bespectacled man in a suit. The text "Source: capitalgroup.com" is at the bottom-right. The slide number "19" is at the bottom-right corner.]

 

Yozipovic, Randy   18:37
Thanks Harry.
Thank you, Harry.
This is a picture of Jim Fullerton.
He's a former chairman of a large investment firm in the US called Capital Group, and in 1974 he sent a letter to their investment clients about the difficult investing environment at the time, which was characterized by massive stock market correction, stagflation, oil issues in the Middle East and political troubles.
Sounds like today, and it's interesting because a lot of times people today say, boy, I've never seen anything like this.
And the conditions were very similar in 1974.
But the issue is anybody who's say 50 60 70 years old today with a significant net worth, even if they were alive in 1974, they weren't paying attention the way we are today.
And so Jim wrote this letter to their clients in 1974 talking about a similar terrible time, which was 1942 during World War Two, and he said today there's so many bewildering uncertainties and so many problems still facing us, both long and short, but there's no there's no hope for more than an occasional rally until some of these uncertainties are cleared up.
This is what he was saying, people were saying that this is a very difficult time and it's a terrible time.
It's a whole new ball game.
And he says, you know, in 1942, we knew it was a whole new ball game, we were losing the war, the Germans had overrun France, the British were thrown out of Dunkirk, the Pacific fleet, for the US Navy was destroyed at Pearl Harbor.
The British had surrendered Singapore. the US was so ill prepared for war that 75% of their field artillery was equipped with horse drawn French 75mm guns, model 1897. Inflation was rampant, prices were out of control and then all of a sudden one day economically things just started to get better.
And I think our whole theme of this message is that it's not different.
There's always stuff going on in the world.
There's stuff going on in the Middle East today.
There was in 1974.
Sound investment management, sound wealth management principles don't change.
 

[Slide 20: The slide is titled "Managing your real life: Keys to getting and staying wealthy" in bold red text. Below are six bullet points offering financial advice, such as "Invest your money like an institution" and "Be a long-term optimist." Sub-points emphasize generosity and sustainable spending. The CIBC logo is at the bottom-left, "CONFIDENTIAL" is centered at the bottom, and the slide number "20" is at the bottom-right corner.]

 

And so we want to talk about some of those on our next slide, which we refer to as managing your real life, not your theoretical life, not what the media's talking about, not what they're talking about on on the news, but your real life. So we believe that the first thing is we should invest our money like an institution.
What institutions do is they invest money for when they eventually need it back so if you need money for retirement in 30 years, let's say you're 30, you're retiring at 60, invest for the long term. If you have money and you need it back next week or in April for a tax bill, keep it liquid.
So invest the money for when you need it. That's how institutions invest, and more critically, they do not base their long term investment decisions on day-to-day feelings or day-to-day news movements, that's critical. For a family what's also critical is to update your will, and review who you want as your executor. This is an easy thing to not think about because it involves thinking about things that just aren't what we really want to talk about. But updating your will, making it current, making sure you're making sure your will says what you actually mean is critical, and how your life has changed.
And making sure your executor is somebody who's able, willing and capable for when you actually need them.
Now we talked about this earlier.
Keep your debts manageable.
Really hard to go bankrupt if you're debt free, keeping your debts manageable or down to zero helps people also have emotional resiliency.
Keep your spending sustainable.
Be on guard for lifestyle creep.
And as it relates to giving in relationships, I can tell you, you know in financial planning and in the wealth management  world, everybody gets focused on having this pot of money that will allow you to have financial freedom or do the stuff that you want to do.
But what makes that pot of money, good or useful, is actually having the people around that you care about and love that you can do stuff with.
And that's why we would encourage people to, you know, when we look at the most joyful clients we work with, they're generous and they're not generous because they have way too much money, they're just generous in spirit.
They invest in and enjoy their relationships because this is the true wealth of life and I think we all know that intuitively, but sometimes life gets in the way.
We would also encourage people be generous.
We're all going to give our money away one day for sure, and so you can be more intentional about it in your living about being generous.
It gives you joy.
It also helps you pay less tax.
But the joy filled part is definitely a big thing.
We would encourage people to be long term optimists.
Things work out, and even though as Ian mentioned, the markets are pretty much back to where they were in January and this periods gone through, we will have periods of time like this again, it's not if it's when. If we look at the next slide, we can see that.

 

[Slide 21: The image is a financial presentation slide featuring a line chart, text, and additional graphic elements.  

 

### Heading:  

- At the top, written in large maroon-colored text is the title:  

  "The power of staying invested vs 'I'm going to wait till the smoke clears'"  

 

Subheading/Explanation:  

- Directly below the title, there is context given:  

  "The Value of Staying Invested, Even Through Volatility in 2009"  

 

Chart Details:  

- The central part of the image is a line chart depicting three scenarios based on the S&P 500 Total Return:  

  1. Red Line: Represents "S&P 500 Total Return, with Cash since 3/9/2009 Total Return Growth." The red line is relatively flat and corresponds to very minimal growth over time.  

  2. Light Green Line: Represents "S&P 500 Total Return, with Cash between 3/9/2009 and 3/9/2010 Total Return Growth." This line shows moderate growth, but consistently underperforms the third line.  

  3. Dark Green Line: Represents "S&P 500 Total Return Growth." This line illustrates significant growth over time, demonstrating the highest returns compared to the other two lines.  

 

- The vertical axis represents the growth of an initial investment in dollars, with labels starting from $0 and climbing to beyond $600,000.  

- The horizontal axis represents time, spanning the date range of 12/31/2004 to 12/31/2024.  

 

Numerical Data:  

- A table above the chart shows the results for each investment strategy with two columns (VAL for value and ANN for annualized return rate):  

  1. Red (Cash since 2009):  

     - Value (VAL): $72.14K  

     - Annualized (ANN): -1.62%  

  2. Light green (Cash in 2009–2010):  

     - Value (VAL): $416.83K  

     - Annualized (ANN): 7.40%  

  3. Dark green (Fully invested):  

     - Value (VAL): $717.50K  

     - Annualized (ANN): 10.35%  

 

- These values are also labeled in the chart with corresponding markers in red, light green, and dark green to indicate the final amounts.  

 

Additional Notes Below Chart:  

- There are few disclaimers and footnotes:  

  - "Date Range: 12/31/2004 - 12/31/2024"  

  - "Initial Investment: $100,000. Past performance is no guarantee of future results. You cannot invest directly in an index."  

  - A timestamp in fine print: "Jan 7, 2025, 11:17 AM EST Powered by YCHARTS"  

 

Branding:  

- At the bottom left corner is a logo and name:  

  "CIBC" accompanied by a red diamond emblem.  

- A caption reads:  

  "Source: YCharts. Supercharged Asset Gathering: The Top Ten Visuals for Client and Prospect Meetings"  

 

Footer:  

- The bottom middle of the slide includes the text "CONFIDENTIAL" in all caps.  

- A slide number is located in the lower-right corner as "21".

 

Key Contextual Takeaway:  

- This slide is illustrating the importance of remaining fully invested in the market during volatile periods (such as the 2009 financial crisis), rather than attempting to time the market by staying in cash or delaying re-entry after a downturn. The clear message is that the strategy represented by the dark green line yields the highest long-term returns, while staying out of the market (red line) produces the poorest results. This slide is likely part of a financial advisory or investment presentation targeted at clients or prospects.]

 

And Harry pointed this out too.
Market fluctuations are just part of the process. This graph starts in 2005.
There's three key lines on this graph.
The red line is you kind of invested in 2005 you put away $100,000 you go through 2006, 2007, you make some money.
The market corrects heavily in 2009, the financial crisis. The theoretical investor following the red line converts to cash, stays there for the next, you know, period of time until 2025.
Their $100,000 is now worth 72,000.
The idea of I'm going to wait till the smoke clears and then getting a bit paralyzed, staying in cash, gives you that result.
The second investor, the light green line, they go to cash too, but they only stay there for one year, and their 100,000 grows to 416,000.
Much better than the person who went to cash. The next person, and keep in mind this is with their long term capital, right? This is bucket 3.
The long term person just stays invested.
They ride through the fluctuation of 09, allow the recovery to happen, go through the COVID correction.
Allow the recovery to happen in 2022 when rates started moving up and tech stock starts selling off a rode through that correction just left their money alone, left their long term bucket three money alone and it's $717,000.
The the idea of waiting for the smoke to clear might make us feel better in the short term, but it doesn't get us closer to our goals.
We should not only leave our long term money alone, but we should systematically add to it when their sell off.
So our message today is because we're not in the midst of a sell off is when the next one happens. That's a great time to add to your portfolio. If you have cash instead of waiting till the smoke clears.
And it's also a great time just to make sure that you stay invested. And so what we would say in a time like this, where things have recovered, if you think you might need extra cash, you think you might have some things coming up. Now is a pretty good time to raise that cash.
Not market time, but for your actual spending needs and your real life that that you all live. If you look at the top of the the screen on your computer there's a Q&A and a icon.

 

[Slide 22.PNG: The image is a presentation slide with minimalistic design elements, primarily intended to conclude a presentation and invite questions.  

Background:  

- The slide has a plain white background, giving it a clean and professional appearance.  

Text:  

- The word "Questions?" is written in bold, maroon color and is positioned slightly off-center to the left of the slide. This is most likely to prompt or invite questions at the end of a presentation.  

- The word "CONFIDENTIAL" is written in small, light gray, uppercase letters at the bottom center of the slide, indicating that the content of the slide might contain sensitive or proprietary information.

- The number "22" is present in the bottom-right corner of the slide. This is likely a page or slide indicator, suggesting it’s the 22nd slide in the presentation.]

 

It says Q&A and there's a question mark above it and if you click on that you can ask a question.
We're happy to answer any questions that you may have if your question is more personal in nature or more specifically about your portfolio that it should be more of a one-on-one conversation, we're happy to take that offline and do that while we're waiting for questions to come in. We would say we really hope that you all enjoy your summer.
And enjoy the good weather that we.
Have been having and look to be having. We would also say that if you have a friend, a colleague, somebody who needs assistance and you'd like to share this webinar, you can do that without any obligation.
Just send Pedro an email and he'll get you the details on how to to do that.
I don't see any questions that have come in, but if you have one after and you wanna send an email that would be perfect.
Keats, looking in the wrong spot or there are no questions.

Love, Harrison   27:38
Don't see any.

Jabri  Pickett, Keats   27:39
Nope, I don't see any on my end either.

Yozipovic, Randy   27:40
OK, perfect.
Thank you. On behalf of Ian Harrison and myself, we thank you very much for tuning in.
We appreciate your trust in allowing us to work and serve your families and have a wonderful summer, and we'll talk to you all soon. Take care.

 

[Slide 23: The image contains a disclaimer section related to financial services provided by CIBC (Canadian Imperial Bank of Commerce) or its subsidiaries.  

 

### Header:  

- "Disclaimers" - The word appears at the top left of the image in red bold text, emphasizing the purpose of the document.  

 

### Body Text:  

The main body consists of several disclaimers and conditions written in smaller, black text. The content is divided into paragraphs and addresses different aspects of financial services:  

 

1. Introduction:  

   - Mentions that CIBC Private Wealth offers services via CIBC and its subsidiaries such as CIBC Wood Gundy, which is a division of CIBC World Markets Inc.  

   - States that "CIBC," the "CIBC logo," and "CIBC Private Wealth" are trademarks of CIBC, used under license.  

   - Clarifies that "Wood Gundy" is a registered trademark of CIBC World Markets Inc.  

 

2. Reliability and Purpose of Information:  

   - States that the information provided (including opinions) is based on various sources deemed reliable but isn't guaranteed for accuracy and is subject to change.  

   - Mentions that employees of CIBC and its affiliates may engage in buying, selling, or holding positions in securities and may offer financial advisory, investment banking, or other services.  

 

3. Advisory Disclaimer:  

   - The presentation is for informational purposes only and does not constitute a recommendation, solicitation, or offer to buy, hold, or sell any security.  

 

4. Insurance Services:  

   - Insurance services are offered through CIBC Wood Gundy Financial Services Inc.  

   - In Quebec, these services are provided through CIBC Wood Gundy Financial Services (Quebec) Inc.  

 

5. Rates, Yield, and Investment Amounts:  

   - Mentions that yields and rates are as of May 31, 2025, and are subject to availability and change without notification.  

   - Minimum investment amounts may apply.  

 

6. Portfolio Disclaimer:  

   - Discusses that portfolio evaluations or consolidated statements are for assistance purposes and are not official records.  

   - Advises clients to consult their official account statements or tax slips for accurate reporting.  

   - Some securities may not be covered by the Canadian Investor Protection Fund (CIPF).  

 

7. Benchmarks and Calculations:  

   - Calculations and projections are based on assumptions and actual results may differ.  

   - Notes that performance benchmarks generally exclude dividend values unless specifically tied to a "Total Return Index."  

 

8. Client Responsibility:  

   - Advises clients to consult personal tax and legal advisors for specific circumstances.  

 

9. Contact Information:  

   - Encourages current CIBC Wood Gundy clients to contact their Investment Advisor.  

   - States that Randy Yozipovic, Ian Munro, and Harrison Love are Investment Advisors with CIBC Wood Gundy.  

 

Footer:  

- Logo:  

   - The CIBC logo is located at the bottom left corner in red and yellow colors.  

- Confidential Marking:  

   - The word "CONFIDENTIAL" is centered at the bottom in uppercase and gray text.  

- Page Number:  

   - The image shows a page number ("23") in the bottom-right corner, suggesting that it is part of a larger document or presentation.]

 

[Slide 24: The image provided is of a document that primarily consists of text related to disclaimers and investment information from CIBC (Canadian Imperial Bank of Commerce).  

 

Header:  

- Title: "Disclaimers" written in bold red text.  

 

Body Text (Black Text):  

- The document provides detailed disclaimers and explanations related to investment performance and strategies offered by CIBC Wood Gundy Advisor Managed Accounts (AMA).  

 

Key Points from the Text:  

1. Performance Results:  

   - Performance results are based on a composite of CIBC Wood Gundy AMA accounts with more than $75,000 invested.  

   - Composite inception dates are determined by the second month that the first AMA account was included in the strategy.  

   - Closed AMA accounts that held the strategy until its conclusion are included in the composite.  

 

2. List of Investment Strategies:  

   - A table is provided with two columns:  

     Composite/Strategy Name and Inception Date.  

 

     Table Content:  

      - Moderate Growth: Mar 2007  

      - Dividend Growth: Mar 2007  

      - Income & Growth: Apr 2007  

      - Canadian Dividend Income: Mar 2009  

      - Dynamic Growth: Aug 2009  

      - Income: Jan 2010  

      - U.S. Dividend Income: Feb 2017  

      - R&R Global Equity: Sep 2021  

      - N. American Dividend Income: Jun 2023  

 

3. Performance Returns:  

   - Performance returns are geometrically linked and weighted against the market value at the beginning of each month.  

   - Returns are calculated gross of investment management fees and other expenses.  

 

4. Factors Affecting Individual Results:  

   - Individual AMA performance results may differ due to account size, length of strategy use, cash flows, market conditions, trading prices, foreign exchange rates, and client constraints.  

 

5. Disclaimers on Future Performance:  

   - Past performance is not indicative of future results.  

   - The document is informational and subject to change without notice.  

 

6. Legal Disclaimers:  

   - The presentation should not be considered as an offer to sell or solicit investments.  

   - Investments carry risks, and clients should evaluate objectives, risk tolerance, tax consequences, and liquidity needs before choosing any strategy.  

 

Footer:  

- CIBC Logo:  

   - Located in the bottom-left corner of the document.  

   - The logo consists of the word "CIBC" in bold red letters alongside a geometric diamond-like icon.  

 

- Label:  

   - At the bottom-right corner, the word "CONFIDENTIAL" is written in capital letters to indicate that the document contains sensitive information.  

 

- Page Number:  

   - At the bottom-right corner, the number "24" suggests that this is page 24 of a larger document or presentation.  

 

Formatting Notes:  

- The text appears structured and formal, with paragraphs and bullet points.  

- Text is predominantly black, except for the red title ("Disclaimers") and the red CIBC logo in the bottom-left corner.  

- The document balances text with minimal spacing between sections but is relatively dense.  

 

Overall Context:  

The image appears to be a page from a professionally prepared investment or financial disclosure document, likely part of a presentation or report for clients or stakeholders of CIBC. The focus is on explaining the performance results and legal disclaimers regarding various investment strategies managed by CIBC Wood Gundy. The document stresses the importance of understanding risks and ensuring investments align with a client’s objectives and financial circumstances.]

Munro, Ian   27:57
Thanks everyone.

Love, Harrison   27:59
Thank you.