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Canso Investment Counsel Ltd.

Canso provides portfolio management services to Canadian institutional and private investors, specializing in fundamental research and security selection. These publications have been prepared by Canso Investment Counsel Ltd. and have been prepared solely for information purposes. Information in these publications is not intended to constitute legal, tax, securities or investment advice and is made available on an “as is” basis. Information in these presentations is subject to change without notice. Canso Investment Counsel Ltd. does not assume any duty to update any information herein. Certain information in these publications has been derived or obtained from sources believed to be trustworthy and/or reliable. Canso Investment Counsel Ltd. does not assume responsibility for the accuracy, currency, reliability or correctness of any such information. These publications may contain forward-looking statements. Statements concerning a fund’s or entity’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “aims”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from current expectations. Viewers are cautioned not to place undue reliance on these forward-looking statements. While Canso Investment Counsel Ltd. consider these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect. Please refer to the Canso website to view our source disclaimers at www.cansofunds.com/publications

  1. Jul 29

    Listen to the July 2026 Market Observer

    Send us Fan Mail Alan Greenspan passed away on June 22nd. He was 100. Dubbed the “maestro” for his almost two decades as the Federal Reserve chair when the American economy flourished. He got help from his predecessor’s victory over unrestrained inflation and technological changes during the internet era that boosted productivity. Greenspan smartly relied on intuition and data analysis from information that he gathered from businesses, consumers, and investors.  Read the entire July 2026 Market Observer here. FOOTNOTES: Source: Stevenson, Richard. (2026, June 22) Alan Greenspan, Fed Chairman Through Prosperity and Crisis, Dies at 100.Source: rev. (2026, May 24) Fed Chair Kevin Warsh’s Swearing-In Ceremony.Source: Schleid, Taylor and Currie, Ethan. (2026, June 17) Fed Policy Monitor – There’s a task force for that.Source: Timiraos, Nick. (2026, June 27) Kevin Warsh Invokes Alan Greenspan to Shrink the Fed—and Strengthen Its Chair.Source: Kirsch, Jason. (2026, June 2) AI Spending Is Surging Faster Than Revenue And Markets Are Repricing.Source: Smith, Colby and Romm, Toby. (2026, June 29) Supreme Court Victory for Fed Still Leaves It Vulnerable to Trump.Source: Ramboll and Global Infrastructure Hub. Gordie Howe International Bridge (United-States – Canada).Source: Kitching, Heather and Cochrane, David. (2026, July 10) Gordie Howe International Bridge to open July 27, Ottawa confirmsSource: Livengood, Chad. (2026, June 30) Why is the Gordie Howe bridge not open yet? It’s complicated.Source: Antoneshyn, Alex. (2026, March 26) More housing inventory pushing developers to offer incentives like free mortgage paymentsSource: Alini, Erica. (2026, July 4) Condo developers are offering big discounts in exchange for signing NDAs.Source: Tal, Benjamin and Judge, Katherine. (2026, Feb 18) Canadian housing: Anatomy of a correctionSource: Michalski, Mark. (2026) Concerns regarding Toronto condos.Source: Statistics Canada. Table 34-10-0145-01  Canada Mortgage and Housing Corporation, conventional mortgage lending rate, 5-year term,Share Article Share on LinkedIn Share on Twitter

  2. Jan 16

    Listen to the January 2026 Market Observer

    Send us Fan Mail Last year was a volatile one for the financial markets as unpredictable Donald Trump entered the White House in January. Expecting the returning President Trump to bring hot markets with his election, as in his first term, investors soon learned to their chagrin that he was serious about his “Beautiful Tariffs”. Markets then tanked, recovered and then soared when he dropped the worst of his tariffs. That, and a renewed Artificial Intelligence (AI) mania, ignited a buying frenzy. Seemingly everything that could be traded went up, with even crypto, gold and silver joining the financial market glee. Sources: Source: The Washington Post. (2026, January 11). Running deficits larger than during the Great Depression is reckless.Source: Ward, Jasper. (2025, December 17). Trump says next Fed chair will believe in lower interest rates ‘by a lot’.Source: Swanson, Ana. (2026, January 3). Why Haven’t Trump’s Tariffs Had a Bigger Impact?Source: Board of Governors of the Federal Reserve System. (2023, November 8). Changes in U.S. Family Finances from 2019 to 2022.Source: Choi, Matthew and Merica, Dan. (2026, January 12). After Venezuela, Trump eyes Iran.Source: Atkins, Eric et al. (2025, November 30). Manufacturing meltdown.Source: Craig Brown, Robert. (2015, March 4). National Policy.Source: Smith, Fergal. (2026, January 2). Canadian factory downturn lengthens as new orders hit a three-month low.Source: Senate Democrats. (2026, January 3). President Trump Discusses the Capture of Nicolás Maduro in Venezuela.

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Canso provides portfolio management services to Canadian institutional and private investors, specializing in fundamental research and security selection. These publications have been prepared by Canso Investment Counsel Ltd. and have been prepared solely for information purposes. Information in these publications is not intended to constitute legal, tax, securities or investment advice and is made available on an “as is” basis. Information in these presentations is subject to change without notice. Canso Investment Counsel Ltd. does not assume any duty to update any information herein. Certain information in these publications has been derived or obtained from sources believed to be trustworthy and/or reliable. Canso Investment Counsel Ltd. does not assume responsibility for the accuracy, currency, reliability or correctness of any such information. These publications may contain forward-looking statements. Statements concerning a fund’s or entity’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “aims”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from current expectations. Viewers are cautioned not to place undue reliance on these forward-looking statements. While Canso Investment Counsel Ltd. consider these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect. Please refer to the Canso website to view our source disclaimers at www.cansofunds.com/publications