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The Applegath Group (T.A.G.)

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Address West Tower, The Bay Adelaide Centre 333 Bay St., Suite 2800 Toronto ON, M5H 2R2
Telephone Number (416) 594-7948
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Lisa Applegath

April 22, 2025

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Our Portfolios are Built for Times Like These

The past eight days in the markets have been nothing short of extraordinary. We’ve seen:

 

•    Huge market swings—some of the biggest in history  
•    Geopolitical tension that rivals what we saw during COVID and wartime  
•    Long term investors are reluctant to make portfolio changes with the shifting tariff messaging
•    Traders were caught off-guard when the larger than expected tariffs were announced which added to the volatility 
•    With corporate bond spreads widening and US treasury yields rising despite increased fears of a recession
•    A weaker U.S. dollar—signaling possible cracks in global confidence in the U.S. economy  

 

Here’s What We've Done—And Why It Matters

 

The good news: our portfolios were already well-positioned heading into this turbulent stretch. We took a cautious and strategic approach because we anticipated increased instability. That decision is proving to be the right one.

 

Here’s how we’re navigating the current environment:

 

- Tariff Shock: We expected modest tariffs, not the more aggressive trade deficit-based measures that were announced. These are unlikely to solve trade imbalances and could drive up prices across the board, disrupting supply chains.  

- Earnings Insight: While Q1 earnings might get a temporary boost from businesses front-loading orders, most companies are now pausing future investments. Forward guidance will be a key signal of what's next.

- Valuation Discipline: Despite sharp moves in the market, valuations remain elevated. We are not chasing rebounds. Instead, we're staying patient and focused on long-term fundamentals. History shows that true buying opportunities often come *after* the "buy the dip" mentality fades.

- U.S. Market Outlook: We’re watching the 4800 level on the S&P 500 closely. That’s a key long-term support level, tied to a more reasonable 17x earnings multiple for 2025. We came close to testing it earlier this week.

- Canadian Market Watch: The TSX looks vulnerable as energy stocks slide on global demand concerns. Banks are also under pressure as recession fears grow.

- Global Diversification: We're slowly increasing exposure to developed international markets (EAFE), which may offer more attractive opportunities outside North America.

 

Bottom Line: We’re Built for This

 

Our portfolios are structured with this kind of market in mind—diversified, risk-aware, and flexible. This environment rewards discipline and preparation, not panic. We continue to monitor conditions closely, stay in touch with our portfolio managers, and make thoughtful adjustments where needed.

 

If you have any questions or want to talk about your specific portfolio, don’t hesitate to reach out. 

 

 

 

My Lifestyle

(Feature of the Month)

Your lifestyle isn’t just about numbers on a spreadsheet—it’s about living fully while confidently securing your future. Financial independence means more than just saving; it’s about structuring your money in a way that allows you to enjoy life today while ensuring you have the resources for tomorrow.  

 

That’s where our bespoke Life Design approach comes in. Instead of forcing you to choose between present enjoyment and future security, we align your cash flow so that your money works for you in the right sequence. This ensures that your financial priorities are met without unnecessary sacrifice.  


Your Financial Independence Questions Answered            

       

How can I prepare for the next milestone in my life?
Life’s big moments need financial preparation. That’s why having a financial plan in place and reviewing it regularly is an important part of what we do. Each year at your annual review we take the time to discuss and plan for these big special moments in your life.

 

What does retirement look like for me?  
Retirement is not just an age—it’s a lifestyle choice. Whether you envision traveling the world, mentoring the next generation, or starting a passion project, your financial strategy should reflect your aspirations.  

 

Do I have to sacrifice my lifestyle now to save for the future?

No. Smart financial planning isn’t about deprivation—it’s about design. By prioritizing your cash flow effectively, you can live well today while preparing for the future.  

 

How do I set goals for the future? Is it too late for me?
It’s never too late to take control of your financial future. The key is setting clear, personalized goals that align with your values and adjusting your financial structure to support them.  

 

Once I retire will I be able to use my assets to maintain the lifestyle I choose?

With the right strategy, retirement doesn’t have to mean scaling back. Your assets should be structured to sustain the lifestyle you envision, whether that’s continuing to travel, supporting your family, or pursuing new passions.  


Financial independence isn’t about sacrifice. It’s about structure, strategy, and ensuring that your money flows in the right way to support the life you want—now and in the future.


Suggested articles for further reading:

https://financialpost.com/wealth/smart-money/live-to-100-wealth

 

 

 

T.A.G. Golf

Golf Season Returns to Toronto: A Promising Start Amidst Unpredictable Weather

 

The arrival of golf season in Toronto is often synonymous with the first signs of spring, as the city gradually transitions from winter’s grey chill to the vibrant greens of the fairways. Typically beginning in late April or early May, the season is eagerly anticipated by golf enthusiasts across the region. As temperatures rise and the snow recedes, many look forward to returning to the course. However, much like the financial markets, this April’s weather has proven to be unpredictable—initial warm spells reaching the high teens quickly gave way to below-zero temperatures and snow flurries, leaving many golfers in limbo.

 

Despite the volatility, golf courses throughout the Greater Toronto Area are well underway in their preparations. Grounds crews are diligently working to ensure fairways are trimmed, greens are rolled to perfection, and bunkers are ready for play. Clubs are also preparing for the season’s kick-off events, including opening tournaments and community days that welcome both returning members and newcomers to the sport.

 

Whether you’ve been refining your swing over the winter months or are simply eager to break in new equipment, the start of the golf season is a time to reconnect with friends, enjoy the outdoors, and perhaps engage in a little friendly competition. Here's to a successful season—may your drives stay long and your putts stay true.


Stu’s Golf Course Recommendations for 2025

 

1. Osprey Valley – Alton, ON  
Located about an hour northwest of Toronto near Orangeville, Osprey Valley is a premier golf destination featuring multiple courses on one expansive property. The North Course, fresh off an extensive renovation completed last year, is set to host the 2025 RBC Canadian Open—its first time serving as a venue for the prestigious event. In addition to the upgraded facilities, 17 new on-site villas are expected to open this season, offering guests the convenience of staying overnight and enjoying multiple rounds across the beautifully maintained courses.

 

2. Eagles Nest Golf Club – King, ON
Consistently ranked among the top public golf courses in the GTA, Eagles Nest offers a dynamic 18-hole layout that caters to players of all skill levels. With dramatic elevation changes, fast undulating greens, and strategically placed bunkers, each round promises a memorable challenge. Highlights include the formidable par-3 fifth hole, known for its unforgiving hazards, and the narrow par-4 11th, where deep bunkers along the right side penalize even slightly errant tee shots.

 

T.A.G. Admin

 

As tax season draws to a close, please inform Mara as soon as possible if you are still missing any tax slips or require additional assistance to ensure everything is submitted on time.

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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.


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