Brian Madden, chief investment officer, First Avenue Investment Counsel
FOCUS: North American equitiesAfter two back-to-back years of very strong equity market returns, investors might rightly wonder whether stock prices can continue rising in 2025. We think they can. Looking ahead, we see a number of promising opportunities in front of us, including:Potential pro-growth policies from the new U.S. administration Modest rate cuts in both Canada and the U.S.
Waning credit loss provisions boosting earnings for banks and easing credit conditions for households & businesses Increased merger and acquisition activity driven by improving business confidence and lower financing costsPotential re-acceleration of U.S. inflation disrupting the monetary easing cycleIntensification of U.S./China trade tensionsConcentrated and “crowded” market leadership in the Magnificent Seven, with the risk of sharp sentiment reversals
Overall, we are cautiously optimistic that the bull market that began in late 2022 will extend into 2025 and we will be working diligently to capitalize on the opportunity this presents.Latest purchase January 2025 at $921.01 Costco is the third largest retailer in the world with its pioneering presence and its undisputed leadership in warehouse club retailing. With nearly 900 stores globally, serving 77 million loyal paying members, Costco enjoys high traffic and repeat business alongside the recurring membership fees – with 93 per cent-member retention despite periodic fee increases.
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