With recent experience of two outstanding years of growth in the stock markets, 2025 has felt uncertain and volatile.

It is a natural instinct to feel anxious. It is easy to say, “we have never seen anything like this before – so it could be different this time”.

We cannot predict what the future will hold, but we can predict that a long-term investor will experience stock market volatility.

Perceived risks captivate investors, clouding judgement about long-term financial goals.

“Look at the big news stories that move the needle — COVID-19, 9/11, Pearl Harbor, the Great Depression. Their common trait isn’t necessarily that they were big; it’s that they were surprises, on virtually no one’s radar until they arrived.”

“Predicting what the world will look like fifty years from now is impossible. But predicting that people will still respond to greed, fear, opportunity, exploitation, risk, uncertainty, tribal affiliations, and social persuasion in the same way is a bet I’d take.”

- Morgan Housel, author of The Psychology of Money and Same as Ever

and now, for a conversation with Lois and Rodney…

Question: How are you feeling?

Lois: I feel the same emotions that clients may be feeling about geopolitical and economic uncertainty. This is why I enjoy spending my day speaking with clients. If I’ve made a client feel better by the end of a call, it is time well spent.

Rodney: I feel great, because we do not hold a single investment for our clients that we believe to be speculative. We look to own quality businesses, who can adapt and grow regardless of the environment. 

Question: What provides you comfort?

Lois: The trust we have in our roster of active managers that we routinely recommend to clients. Volatile periods of time are where they differentiate themselves from passive investments, as they can raise and deploy cash opportunistically.

Rodney: With the benefit of time and patience, investors can stay the course during periods of uncertainty and volatility. Looking back, that has been the right decision to make. I really like the quote “if making money in the market was easy, everyone would be truly wealthy”.

Question: What can clients do?

Lois: If you have a “known liability” in the next twelve months, for example, a tax bill, or real estate closing, put that money on the sidelines. This will alleviate pressure from your portfolio. Remain confident that your well-invested, high-quality portfolio will serve you well, for decades to come.

Rodney: Stay informed through the commentary of our team, and our CIBC partners. We enjoy it when clients reach out to find out what Benjamin Tal (CIBC Deputy Economist) is saying throughout the year. We are proud to be able to offer an exclusive interactive session with Ben to clients typically each November.

When it comes to investing, patience is the most powerful virtue. A buckled seat belt is also advised…