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The note explains why gold exposure was added in November 2024, linking price gains to rising demand, scarcity dynamics, and limited intrinsic yield. It also addresses why markets can keep rising, emphasizing concentration in major tech and communications, strong free cash flow, and fundamentals versus past bubbles. The review covers global equity performance, currency moves, and Canadian economic recovery.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/back-to-school-september-2025-review/277898/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/back-to-school-september-2025-review/277898.png","ImageObject",442,249,{"name":88,"@type":89},"Fahsai","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-21","2026-09-15",true,{"@type":98,"interactionType":99,"userInteractionCount":76},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"Why did Derek add gold exposure to the portfolios in November 2024?","Question",{"text":108,"@type":109},"Gold exposure was added because gold prices rose strongly over the following months and gold historically performs well during uncertainty, inflation, and currency depreciation. Demand outpacing supply supports further price strength.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What does Derek say explains why markets and many portfolios are still going up?",{"text":113,"@type":109},"He attributes continued strength to market concentration: the biggest companies carry the largest index weights, and major technology and communications firms are generating substantial free cash flow and reinvesting in areas like AI and share buybacks.",{"name":115,"@type":106,"acceptedAnswer":116},"How does Derek distinguish permanent loss from normal market volatility?",{"text":117,"@type":109},"Permanent loss occurs when an investment never recovers to its purchase price, while volatility is the natural up-and-down movement of markets. The philosophy focuses on capital preservation and quality cash-flow generating companies.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},277898,1789978298,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":76,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":76},549768702563,"https://ap-avatar.wpscdn.com/avatar/8000c4aa63b76e948b?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786536092046926083","Back to school  \nA Note from Derek  \nGold: A Timely Addition  \nWe added gold exposure to our portfolios in November 2024. Over the past 11 months, gold prices have risen roughly 50%, making it a valuable addition to portfolios.  \nOur decision to buy gold was based on its historical performance during times of uncertainty, rising inflation, and currency depreciation. Simply put, when we have more buyers than sellers of gold, it goes up. We call this scarcity value.  \nSo, who’s buying?  \n1. Central Banks: Many central banks have been net buyers of gold, particularly those in struggling economies. Countries such as Russia, Venezuela, Argentina, and several in the Middle East have increased their gold reserves to hedge against weakening local currencies. Even China has been a consistent buyer.  \n2. Cultural Demand: In many regions, gold holds deep cultural significance. Demand typically rises during celebrations such as Diwali, providing seasonal support for prices.  \n3. Speculators and Investors: With easier access to gold through ETFs, both individual and institutional investors have joined the rally. We currently maintain a 3–4% allocation to gold across portfolios. In today’s environment, there’s a notable sense of FOMO (fear of missing out), driving continued momentum into assets that have recently performed well.  \nAs for gold’s intrinsic worth? It remains limited. It has few industrial uses and generates no yield or cash flow. We are certainly not returning to the Gold Standard (abandoned in 1971 under the Bretton Woods system) . For this reason, gold is not a “true investment” in the traditional sense—it doesn’t produce income or guarantee repayment.  \nHowever, as long as demand continues to outpace supply, gold’s price may continue to climb.  \nThe Portfolio: Why Are Markets Still Rising?  \nThere is not a day that goes by where I don’t get the question.  \n“Derek, why is my portfolio and the market going up? I feel like things are bad out there and potentially getting worse.”  \nLet’s start with the markets.  \nThe S&P 500 is a market-weighted index. In other words, the largest companies make up the biggest percentage of the index that we all follow. If a company has done historically really well (Apple, Google, MSFT, NVDA, TSLA, AMZN) then they will grow faster than their peers and be a bigger part of the index... Today, the Technology and Communication Services sectors make up more than 55% of the S&P500. Roughly 8–10 stocks—names like those mentioned above—represent close to half of the total weighting.  \nThese companies are performing exceptionally well. Collectively, they generate over $600 billion in free cash flow. This isn’t just sales, this is cash – and this figure is projected to double within three years. They’re using this cash to reinvest in AI infrastructure and buy back shares, both of which continue to support their stock prices.  \nThis is not the dot-com bubble of the late 1990s. I worked during that time, and back then, many companies had no earnings or cash flow. That was a bubble, and it burst. Today, we have real businesses generating substantial profits.  \nThat said, valuations are currently elevated. To manage this, we’ve taken a balanced approach:  \n• Trimmed positions in names that have performed exceptionally well—such as Cameco (+61% last year), Broadcom (+30% last quarter), and Google (+30% last quarter) .  \n• Added exposure to what I call our “boring but essential” companies—businesses less tied to technology, but vital to our daily lives and trading at attractive valuations.  \nRecent standouts include:  \n• Brookfield Infrastructure (+10% in the past 4 weeks)  \n• AstraZeneca (+13%) and Johnson & Johnson (+10%) in same time frame  \n• Utilities and pipeline companies such as Fortis and Enbridge, both these “boring” companies are up 14–18% year-to-date and they trade a lower valuations.  \nOur Investment Philosophy  \nBuilding a strong retirement portfolio entails taking a hard look at what could go w","cbCairWo4pMdfa9b","https://ap.wps.com/l/cbCairWo4pMdfa9b","pdf",638460,7,"English","# Back to school\n## A Note from Derek\n## The Portfolio: Why Are Markets Still Rising?\n## Our Investment Philosophy\n## Looking Ahead\n## Global macroeconomic update\n## Market review\n## Economics\n### Canada","[{\"question\":\"Why did Derek add gold exposure to the portfolios in November 2024?\",\"answer\":\"Gold exposure was added because gold prices rose strongly over the following months and gold historically performs well during uncertainty, inflation, and currency depreciation. Demand outpacing supply supports further price strength.\"},{\"question\":\"What does Derek say explains why markets and many portfolios are still going up?\",\"answer\":\"He attributes continued strength to market concentration: the biggest companies carry the largest index weights, and major technology and communications firms are generating substantial free cash flow and reinvesting in areas like AI and share buybacks.\"},{\"question\":\"How does Derek distinguish permanent loss from normal market volatility?\",\"answer\":\"Permanent loss occurs when an investment never recovers to its purchase price, while volatility is the natural up-and-down movement of markets. The philosophy focuses on capital preservation and quality cash-flow generating companies.\"}]","Back to school - September 2025 review | PDF",1789505086]