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Smith Falconer Financial Group

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Address CIBC Wood Gundy Toronto Bay Adelaide Branch 333 Bay St., Suite 2800 Toronto ON, M5H 2R2
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Smith Falconer Financial Group

March 04, 2025

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Lois and Rodney smiling in their offices

In conversation with Lois and Rodney

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…

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<p><span style="line-height:10.5pt"><span style="font-size:9.0pt"><span style="color:#606366">&ldquo;CIBC Private Wealth&rdquo; consists of services provided by CIBC and certain of its subsidiaries, through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (&ldquo;CAM&rdquo;); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (&ldquo;WMI&rdquo;). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (&ldquo;ISI&rdquo;), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. The CIBC logo and &ldquo;CIBC Private Wealth&rdquo; are trademarks of CIBC, used under license. &ldquo;Wood Gundy&rdquo; is a registered trademark of CIBC World Markets Inc.</span></span></span></p> <p><span style="line-height:10.5pt"><span style="font-size:9.0pt"><span style="color:#606366">This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives will receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. &copy; CIBC World Markets Inc. 2024.&nbsp;</span></span></span></p> <p>&nbsp;</p> <p><span style="line-height:10.5pt"><span style="font-size:9.0pt"><span style="color:#606366">Lois Smith and Rodney Falconer are Investment Advisors with CIBC Wood Gundy in Toronto. The views of Lois Smith and Rodney Falconer do not necessarily reflect those of CIBC World Markets Inc.</span></span></span></p> <p>&nbsp;</p> <p><span style="line-height:10.5pt"><span style="font-size:9.0pt"><span style="color:#606366">Insurance services are available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are available through CIBC Wood Gundy Financial Services (Quebec) Inc</span></span></span></p> <p>&nbsp;</p> <p><span style="line-height:10.5pt"><span style="font-size:9.0pt"><span style="color:#606366">Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.</span></span></span></p>
 

“CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries, through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives will receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2024. 

 

Lois Smith and Rodney Falconer are Investment Advisors with CIBC Wood Gundy in Toronto. The views of Lois Smith and Rodney Falconer do not necessarily reflect those of CIBC World Markets Inc.

 

Insurance services are available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are available through CIBC Wood Gundy Financial Services (Quebec) Inc

 

Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.

 
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CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc.


CIBC Private Wealth services are available to qualified individuals. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.