2025 looked like the kind of year that should have broken markets — geopolitical shocks, political dysfunction, and nonstop macro stress. Instead, risk assets powered ahead. That disconnect is exactly why investors should be paying attention.

In this episode of the Global Thinking Podcast Rob Duncan sits down with Forstrong's Lead Portfolio Manager, David Kletz, to explain why markets ignored the noise, why Canada quietly led global equity returns, and how fiscal spending has become the real backstop for risk. They dig into the uncomfortable reality of a K-shaped economy, where a handful of winners dominate while much of the economy struggles beneath the surface — a setup that is distorting valuations, concentrating risk, and leaving many portfolios exposed to a far narrower opportunity set than investors realize.

More importantly, the conversation looks forward. With 2026 underway, the risks are shifting — not disappearing. U.S. markets face tougher valuations, narrowing leadership, and growing dependency on policy support, while international markets are setting up for leadership investors may not be positioned for. Lastly, with gold catching all the headlines, commodities like copper are emerging as critical pressure points in a world rebuilding infrastructure and electrifying everything.

This episode is a warning shot for complacent portfolios and a roadmap for investors willing to adapt before stability becomes scarce.

Chapters

00:00 Introduction and Year-End Reflections

04:11 2025 Market Overview and Performance

11:05 Investment Strategies and Market Positioning

16:52 Regional Insights: Canada, US, and International Markets

21:55 Canada's Economic Outlook and Challenges

26:07 US Economic Dynamics and Central Bank Policies

30:46 K-Shaped Economy Outcomes: Divergence and Convergence

35:03 Commodities: Focus on Copper and Precious Metals

41:52 Currency Projections and Global Economic Trends

43:51 Closing Thoughts and Recommendations

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, rduncan@forstrong.com

In this episode of the Global Thinking Podcast, Rob Duncan is joined by Forstrong CEO and CIO, Tyler Mordy, to unpack a market that refuses to send a single, clear signal. Equity markets are strong, yet risks are building — a Split-Screen World where optimism and fragility coexist.

Tyler provides some insight into the annual Forstrong Super Trends report, Double Vision. From recession risk and cracks in credit to AI's gap between investment and earnings. The conversation then shifts to the bigger forces shaping 2026: the rise of fiscal dominance, the return of the real economy, and the broadening of market leadership beyond the United States.

They explore why international and emerging markets are gaining relevance, how AI's next phase is about productivity rather than hype, and why traditional safe havens no longer behave the way investors expect. The result is a clear-eyed discussion focused on where risk is being mispriced — and where opportunity may be quietly building for 2026.

A must-listen for investors navigating markets that look healthy on the surface, but far more complex underneath. Listen hear or access the full report below.

Forstrong Super Trends 2026: Double Vision

Chapters

00:00 Introduction to Global Thinking Podcast

02:18 Understanding the Split Screen World

04:50 Risks in a K-Shaped Economy

08:15 The Shift from Monetary to Fiscal Policy

12:36 Global Rotation in Market Leadership

18:13 AI's Second Act: From Hype to Productivity

21:43 The Revenge of the Real Economy

25:41 Currency Cold War and Safe Haven Shakeup

30:17 Investment Strategies for 2026

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, rduncan@forstrong.com

In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Matthew Barasch, Senior Portfolio Manager at RBC Dominion Securities, for a candid, wide-ranging look at the realities of investing in today's market environment. Barasch calls this one of the toughest years of his 25-year career — a market defined by narrow leadership, stubborn inflation, and a handful of tech and gold names carrying the load while everything else fights to keep up.

But beneath the volatility, Barasch sees a shift taking shape. He argues the worst may be behind Canada, pointing to improving job data, a more pro-growth federal budget, and the long-term lift from the country's massive immigration wave. With potential growth now outpacing the U.S., Canada may be better positioned than investors think.

The conversation digs into the Bank of Canada's rate-cut trajectory, the pressure cooker inside the U.S. Federal Reserve, and the implications for housing, consumers, and credit markets. Barasch spotlights high-quality Canadian names being overlooked, and offers a clear-eyed take on the gold market — a volatile but increasingly relevant refuge in a world drowning in debt.

Smart, direct, and refreshingly honest, this episode cuts through the noise to show where Canadian investors can still find solid footing — and where caution remains essential.

Chapters:

00:03:00 - Guest Introduction: Matthew Barasch

00:06:00 - Canadian Economic Outlook

00:09:00 - Role of Canadian Energy and Materials

00:12:00 - US Large Cap and Tech Concentration

00:15:00 - Market Challenges and Opportunities

00:18:00 - Impact of AI on Investments

00:21:00 - Global Financials and Economic Climate

00:24:00 - Future of Interest Rates

00:27:00 - International Equities and Market Potential

00:30:00 - Client Concerns and Market Sentiment

00:33:00 - Investment Strategies and Risk Management

00:36:00 - The Role of Technology in Finance

00:39:00 - Global Market Trends and Predictions

00:42:00 - Closing Thoughts and Recommendations

00:45:00 - Book Recommendations and Personal Insights

00:48:00 - Final Remarks and Episode Wrap-Up

00:51:00 - Outro and Call to Action

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, rduncan@forstrong.com