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In this week’s weekly investment research meeting, the team reviews alternative asset performance, global market conditions, and emerging risks across equities, commodities, and real assets. We discuss strong results in U.S. residential and commercial real estate, signs of investor complacency from global fund manager surveys, and why risk mitigation is becoming increasingly important despite elevated confidence.
We cover technical and macro signals including the S&P500 (SPY), NASDAQ100 (QQQ), Canadian stocks, along with deep dives into gold, silver, copper, energy and natural gas. We also examine capital rotation towards defensive assets, stretched valuations, weakening market breadth risks, and the implications of geopolitical, fiscal pressures, and monetary policy for 2026.
Additional topics include crypto’s shifting risk profile, commodity supply constraints, emerging market opportunities, and where the team sees asymmetric opportunities–and vulnerabilities-developing.
This discussion is for informational purposes only and does not constitute investment advice.
DAVID MACNICOL
B. Eng. Sci, CIM, FCSI
Founder & President, MacNicol & Associates Asset Management
David established MacNicol & Associates Asset Management Inc. in 2001, after an extensive 20-year career in the investment management business, working for Canada Trust, Cassels Blaikie / Citibank, Connor Clark and Cumberland Asset Management.
JOE POCHODYNIAK
CFA, Senior Portfolio Manager, MacNicol & Associates Asset Management
Joseph is a Senior Portfolio Manager at MacNicol & Associates focused on Real Estate, Private Equity, Hedge Funds and alternative asset class strategies. Joseph has over fifteen years of professional experience in asset management and private investment counseling.
GILBERT ENENAJOR
Manager of Business Development, U.S., MacNicol & Associates Asset Management
A trained lawyer and graduate of Osgoode Hall Law School, he spent over 6 years working with Ross Healy on valuation-focused research and client engagement, spearheading initiatives that drove unprecedented client growth and expanded the firm’s online presence. He now applies those same strategies to help bring Safe Harbour Investing to a US audience and expand MAAM’s foothold south of the border.
KEN REID
CIM, Associate Portfolio Manager, MacNicol & Associates Asset Management
Ken is an Associate Portfolio Manager at MacNicol focusing on North American mid and large cap equities. Ken previously was a public equity research associate at MAAM.
