{"id":57192,"date":"2025-03-10T20:07:07","date_gmt":"2025-03-10T20:07:07","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/03\/10\/how-we-approach-investment-decision-making-in-heated-times\/"},"modified":"2025-03-10T20:07:07","modified_gmt":"2025-03-10T20:07:07","slug":"how-we-approach-investment-decision-making-in-heated-times","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/03\/10\/how-we-approach-investment-decision-making-in-heated-times\/","title":{"rendered":"How we approach investment decision-making in heated times"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Investor<\/li>\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Acceptance is empowerment, and empowerment is the precursor to actionable strategy<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Mar 10, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"3fe2bd1d-9c3e-4647-81b8-77b8f6214e27\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=MkpiYWg3Y5JeqvyJDKBaew,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=zA24WSxfXq4IxjvN-wEEjA 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=Et93z6Kal8Ayt4RtWvtU5Q,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=cSbM4Vv4t6bmd3wtwLXPqg 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=Yog2V_xfJx1PNbvAhJElIg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=Wy3tsBFGjvnOCoPflP0PXw 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=8jQJYudtEKUjsA-0mOySKA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=fbYQG_kixbZHXrOc48OxgQ 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=bgM7QBg1J5_9H3NJZPP5Vw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0310traders.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=hoPBk-EtLMbV4FcILDDvTw 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Traders work on the floor of the New York Stock Exchange in the Financial District in New York City.<\/span> <span class=\"credit\">Photo by TIMOTHY A. CLARY\/AFP via Getty Images files<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>There are five stages of grief: denial, anger, bargaining, depression and acceptance.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Through the disastrous breakdown of Pax Americana generally and Canada-United States relations in particular, Canadians have round-tripped through denial, anger and bargaining and back to denial again, as we cognitively and emotionally process recent events and grapple with the mercurial tendencies of the U.S. administration.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group 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class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Last month, U.S. President Donald Trump announced tariffs on Canadian goods, only to defer the effective date, affording Canadians an extra month in the denial stage. Tariffs were enacted on March 4 and swiftly countered by retaliatory Canadian tariffs on U.S. imports. Then, two days later, Trump again deferred his tariffs until April 2.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>In the interim, we witnessed an impertinently televised meeting between Ukrainian President Zelenskyy and U.S. leaders devolve into a shocking repudiation of the longstanding rules and values based global order, while in microcosm, and in parallel, our countries squared off in Montreal\u2019s Bell Centre and Boston\u2019s TD Garden for the Four Nations hockey tournament.<\/p>\n<p>It\u2019s been an emotional roller coaster, to say the least.<\/p>\n<p>As professional investors, my colleagues and I owe a fiduciary duty to our clients to protect and prudently grow their hard-earned capital. Investing is neither nostalgic nor patriotic, but rather is disciplined, forward-looking and pragmatic.<\/p>\n<p>It would be disingenuous, however, not to acknowledge that we and our clients are proud Canadians first and investors second, and to deny the raw emotion that events of the past few weeks have unleashed. But allowing the cold calculus of investment decision-making to be subsumed by these feelings would amount to dereliction of duty. The first four stages of grief have no place in the investor\u2019s toolbox. Acceptance is empowerment, and empowerment is the precursor to actionable strategy.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot17 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page None background--primary-light-gradient\" aria-labelledby=\"FPInvestor3043617205521553872424738916139008\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_Investor\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"FP Investor Banner\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-investor.svg\"\/><\/div>\n<div>\n<p>Investor<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Canada&#8217;s best source for investing news, analysis and insight.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_Investor\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. 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Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment9453131041128554817429934062960640\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Harry Markowitz, an early pioneer of modern portfolio theory, observed that, \u201cDiversification is the only free lunch in investing.\u201d Accordingly, a core tenet of our practice is building portfolios that are resilient to macroeconomic shocks, comprised of Canadian and U.S. stocks, bonds, cash, private equity and private real estate.<\/p>\n<p>Stocks and private equity are to varying degrees \u201cfragile,\u201d whereas bonds and cash tend to be more \u201crobust,\u201d acting as ballast in a well-diversified portfolio. And since \u201call real estate is local,\u201d it\u2019s axiomatic to note that it never crosses an international border, and it, too, serves as a worthy diversifier amidst today\u2019s DEFCON 1 tariff risks.<\/p>\n<p>Within equity portfolios, tariff risk can be entirely sidestepped by investing in sectors that are domestic in scope, like telecoms and utilities. Elsewhere, the service sectors comprise 70 to 75 per cent of the Canadian and U.S. economies and services are scoped out from tariffs <span style=\"font-weight: 400\">\u2014 <\/span>for now. Even in the traded goods sector, opportunities arise to take measured risk in owning businesses resilient to tariffs due to, for example, lack of foreign substitutes (Canadian potash or uranium) or inelastic demand for their products (U.S. branded pharmaceuticals).<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment7791062160838583917986451990511616\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">These investment strategies and tactics, we expect, will serve investors well, while at a higher level, our leaders continue to strategically negotiate for a return to sanity in the U.S. trade relationship. Whatever the outcome of those negotiations, swift acceptance of the newly adversarial Canada-U.S. paradigm crystallizes national unity and forges a crisis mentality <span style=\"font-weight: 400\">\u2014 <\/span> and as Churchill said, \u201cNever let a good crisis go to waste.\u201d<\/p>\n<p data-async=\"\">Canada is on the cusp of federal leadership renewal at a critical juncture. What low hanging fruit can a new leader with a strong mandate reap? What red tape and other economic sludge accumulated through decades of complacent and fragile dependency upon on the U.S. can be purged? A recent Conference Board of Canada paper cites a study estimating that eliminating interprovincial trade barriers could add four per cent to Canadian output.<\/p>\n<p>What innovation, entrepreneurship and productivity renaissance might be unleashed <span style=\"font-weight: 400\">\u2014 <\/span>reversing years of decline <span style=\"font-weight: 400\">\u2014 <\/span>were tax and regulatory burdens dismantled to reposition Canada as a welcoming jurisdiction for investment of human and financial capital? What economic clout might be developed were immigration reform undertaken to be more targeted and selective, cherry-picking the best, brightest and most promising newcomers to plug strategic and vital gaps in our labour force? What latent human and economic potential could rightly and justly be realized were Canada to fast track recognition of overseas credentials for newly arrived Canadians, so their skills don\u2019t languish and atrophy behind the wheel of an Uber?<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment7779504323438823000799432274870272\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>What new export markets can be opened up by business leaders <span style=\"font-weight: 400\">\u2014 whether <\/span>themselves or supported by the resources of Export Development Canada and its army of trade commissioners? There can be no sacred cows. These opportunities and others must be on the table for thoughtful consideration.<\/p>\n<p>Can structural economic reforms realize outsized shareholder value creation in an underperforming economy with an undervalued stock market and an undervalued currency like Canada\u2019s? Ask the Japanese. A slate of bold economic, labour and corporate governance reforms undertaken just over a decade ago have quietly propelled the Nikkei 225 index to fresh all-time highs after three lost decades.<\/p>\n<p>On February 20, in the heat of the tariff threats, Canada needed a hero. At the 8:18 mark in overtime, Connor McDavid answered the call, burying the puck in the back of the American net, electrifying a nation and cementing Canada\u2019s supremacy on hockey\u2019s biggest stage, as Four Nations Cup champions. Today, on a bigger and broader stage, we are steadfast in the belief that not one, but countless heroes will emerge\u2026 around kitchen tables, boardroom tables and Cabinet tables.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment4357761876864927006836358180241408\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<section aria-labelledby=\"moreTopicLabel577969273563314616026192838393856\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" the=\"\" dumb=\"\" idea=\"\" behind=\"\" tariffs=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"FILE: A selection of vintage clocks are displayed at Electric Time Company, Tuesday, Nov. 1, 2022, in Medfield, Mass. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=2C0VOcMtUfoYtjCvVqt8GQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=E2MH8Th9Qzk74GM7Z4MuZw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=2C0VOcMtUfoYtjCvVqt8GQ, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=xiL7E8dfmO_VoUFWWc18sA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=EEA6rWheNNj-5_ltSaOJog 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">&#8216;Reshoring,&#8217; the dumb idea behind tariffs<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" have=\"\" other=\"\" trade=\"\" deals.=\"\" let=\"\" make=\"\" them=\"\" work=\"\" for=\"\" us=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"FILE: A selection of vintage clocks are displayed at Electric Time Company, Tuesday, Nov. 1, 2022, in Medfield, Mass. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=2C0VOcMtUfoYtjCvVqt8GQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=E2MH8Th9Qzk74GM7Z4MuZw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=2C0VOcMtUfoYtjCvVqt8GQ, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=xiL7E8dfmO_VoUFWWc18sA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/0309-na-time.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=EEA6rWheNNj-5_ltSaOJog 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">We have other trade deals. Let\u2019s make them work for us<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>As investors, we consider the possible, estimate the probable and invest accordingly. What was always possible, given Canada\u2019s abundance of resources <span style=\"font-weight: 400\">\u2014 <\/span>human and natural <span style=\"font-weight: 400\">\u2014 <\/span>now appears increasingly probable, considering the gelling national consensus around economic resilience to face a newly insular neighbour and trading partner. The last decade belonged to America. Accepting and embracing the idea that the next is ours for the taking will reward politicians, business leaders and investors very well indeed.<\/p>\n<p data-async=\"\"><em>Brian Madden is the Chief Investment Officer of First Avenue Investment Counsel.<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>How we approach investment decision-making in heated times<\/a><br \/>\n<br \/>2025-03-10 20:07:07<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Investor News Economy Acceptance is empowerment, and empowerment is the precursor to actionable strategy Published Mar 10, 2025 \u00a0\u2022\u00a0 5 minute read You can save this article&#8230;<\/p>\n","protected":false},"author":2,"featured_media":57193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-57192","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=57192"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57192\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/57193"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=57192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=57192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=57192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}