Episode Summary
Ben Jang, Portfolio Manager at Nicola Wealth, joins host Jasmine Maricic to discuss key developments from the first quarter of 2025 and the potential implications for the global economy.
They review market reactions to U.S. tariffs and their broader impact on trade dynamics, including Canada’s positioning in a shifting global landscape. Ben also shares perspectives on Canadian and U.S. equity valuations, diverging labour market trends, and the return of terms like “stagflation” to economic discourse.
The conversation touches on European equity performance, inflation and interest rate expectations, and the evolving role of fiscal and monetary policy. Ben also outlines how Nicola Wealth’s multi-asset portfolios are managed to stay diversified and respond to changing conditions across public and private markets.
Highlights
1:02 - How much has Trump shaken up the Global Economic landscape with the recent tariff threats?
6:35 - European Union x Canadian Trade
11:04 - U.S Exceptionalism
12:51 - Trade tensions and how they are impacting the Canadian interest rate
15:10 - Why have European stocks outperformed US stocks this last quarter?
18:00 - The importance of a diversified portfolio
Episode Featured on:
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Disclaimer
This presentation contains the current opinions of the presenter and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Please speak to your NWM advisor regarding your unique situation. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. NWM Fund returns are quoted net of fund-level expenses. Past performance is not indicative of future results. All investments contain risk and may gain or lose value. Projected returns are estimates only. Returns are not guaranteed. NWM is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities’ commissions in Canada.
