“You Retire Once… I Help People Retire Everyday”
As 2025 winds down, markets have given investors plenty to feel cheerful about—and not just because it’s the holiday season. After an extraordinary year of resilience and broad-based gains, November delivered what can only be described as a perfectly normal pause, with most major asset classes holding steady while investors caught their breath and reassessed what comes next.
In this month’s Market Perspectives, we explore why November’s sideways movement is less a setback and more a healthy recalibration. Earnings remained strong—over 80% of U.S. companies beat expectations—yet lofty valuations kept enthusiasm in check, leading to a shift in leadership across sectors and regions. Canadian equities continued to shine, bolstered by strength in materials and small caps, while global markets moved more cautiously.
Beyond the numbers, this edition takes a thoughtful look at the emotional side of investing—especially relevant during a year-end period that naturally stirs both reflection and anticipation. From fear and greed to FOMO and patience, we highlight the behavioural forces that can quietly steer financial decisions and how having a trusted advisor can help investors stay grounded when markets wiggle.
And for those wondering whether the seasonal “Santa Claus effect” still has any magic left, we break down seven compelling, data-driven reasons December has historically rewarded disciplined investors. Spoiler: the odds are friendlier than you might think.
As we wrap up a rewarding 2025, I invite you to to click the link below for a deeper look at the trends shaping year-end markets—and what they may mean for your portfolio heading into 2026.
Merry Christmas. AP
