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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 15, 2026 | Focus Wealth Management | 0.0% | 0.0% | BNS.TO, DRX.L, JWEL.TO, RY.TO, SPB | AI, Bubble, Canada, diversification, gold, Quality, technology, Valuations | AI-related companies led market gains in 2025, creating froth and excess in valuations. The current AI hype cycle parallels the late 1990s tech bubble, with valuations requiring everything to go right for modest returns. The manager views this as a generational technological shift similar to the Internet era. Gold became a defining risk-off expression in 2025, rising over 60% from mid-$2000s to above $4000 per ounce due to waning confidence in the US dollar. Gold mining companies delivered outsized returns, with Canada's TSX benefiting from its 13% weighting to gold and precious metals. Stock markets reached historically elevated levels with S&P 500 trading at 22x forward earnings. Only four times in the last 100 years have markets been so expensive. Valuation dispersion between large-cap and small/mid-cap stocks mirrors 1999/2000 conditions. | SPB DRX LN JWEL CN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||