Greg Newman, Senior Wealth Advisor & Portfolio Manager, Newman Group, ScotiaMcLeod
Focus: North American Equities
Top Picks: Alphabet, Brookfield Corp., Amazon.com
MARKET OUTLOOK:
Bond yields have risen sharply in a short period. Add the prospect of further rate hikes, contentious midterm elections, tariffs, sticky inflation, weakening market breadth, a heavy initial public offering (IPO) calendar and geopolitical uncertainty, and it is understandable that investors are reassessing risk.
But this is not a one-sided story. Productivity is improving, earnings remain strong, and the scale of artificial intelligence (AI) investment could mark the beginning of a generational economic cycle.
AI may displace jobs and create profound disruption. Those risks are real. But history also shows that major innovations create new industries, raise productivity and expand wealth in ways that are difficult to anticipate at the outset.
This four-year-old bull market has already rewarded investors, but age alone does not end a bull market. Earnings, liquidity and excess matter far more. As long as earnings continue to advance and the investment cycle remains intact, I believe the path of least resistance is still higher. We are positioned for that outcome, while remaining alert to the risks.
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TOP PICKS:
Alphabet (GOOG NASD)
GOOG offers investors nice growth at a reasonable price
Brookfield Corp. (BN TSX)
BN offers investors nice growth at a compelling price
Amazon.com (AMZN NASD)
AMZN offers investors nice growth at a reasonable price
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| GOOG NASD | Y | Y | Y |
| BN TSX | Y | Y | Y |
| AMZN NASD | Y | Y | Y |
PAST PICKS: OCT. 27, 2025
iShares US Aerospace & Defense ETF (ITA CBOE)
Then: US$218.90
Now: US$202.86
Return: -7%
Total Return: -7%
Financial Select Sector SPDR Fund (XLF NYSE)
Then: US$53.33
Now: US$54.63
Return: 2%
Total Return: 4%
iShares Russell 2000 ETF (IWM NYSE)
Then: US$250.30
Now: US$271.50
Return: 8%
Total Return: 10%
Total Return Average: 2%
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| ITA CBOE | Y | Y | Y |
| XLF NYSE | Y | Y | Y |
| IWM NYSE | Y | Y | Y |
