The Illusion of Speed
It has been said that “there are decades where nothing seems to happen, and there are weeks where decades happen.” The sweeping global tariffs,announced by the U.S. on April’s “Liberation Day,” caught the world off guard—disrupting longheld norms in global trade and world order. This may signal the beginning of a new chapter—one where political disruption, rapidly shifting policies and the velocity of digital information collide.
We’ve seen a wave of financial market volatility triggered by how rapidly these changes were communicated—and perceived. In today’s hyper-connected world, the pace of modern life has never been faster. That same urgency has seeped into the way we make decisions.
Technology underpins this behavioural shift. The average investor now holds a stock for just months—down dramatically from the multi-year horizons of previous generations.1 A recent study found that many retail investors spend less time researching a stock than they do reading a restaurant menu.2 The result? Decisions are driven more by momentum and emotion than thoughtful, long-term planning.
Markets, too, have become increasingly reflexive. April’s rapid selloff, followed by the swift recovery in May, shows how quickly sentiment can shift. Similarly, the U.S. administration’s approach has been characterized by rapid disruption, with
some describing it as a “move fast and break things” approach.3 The speed at which new policies are introduced amplifies the perception of urgency—even when outcomes remain uncertain, or when policies may later be changed—or even reversed.
Yet amid this policy whiplash, a shift may be taking place: a move away from globalization toward greater national protectionism, security and economic self-sufficiency. This pivot has raised deeper questions about the role of the U.S. as the dominant superpower. During April’s volatility, a sharp selloff in U.S. Treasurys raised concerns—particularly as China, which holds about one-sixth of all foreign-owned U.S.Treasurys, has been increasing its gold reserves. Subdued demand for the U.S. dollar—once the default safe haven—has prompted questions about its future as the global reserve currency.Since the start of the year, its value has fallen by around 9 percent4—a rare and significant drop.Questions about waning confidence in U.S. global leadership have emerged. To paraphrase one analyst: “You can’t antagonize and influence at the same time.”
This environment should serve as a reminder:speed does not always equate to change. The illusion of speed—fueled by technology and policy turbulence—can distort our sense of urgency and lead us to chase headlines rather than stay grounded in fundamentals. It’s a dynamic that can leave investors vulnerable to short-term noise. Investing, at its core, rewards patience.
While the events of April may already feel like a distant memory, it’s understandable that the market movements were unsettling for many.If you have friends or family who could benefit from our approach, we would be happy to offer support. We’ve navigated these challenging times before and continue to provide value through a disciplined process.
After a spring marked by ‘weeks where decades seemed to happen,’ may your summer days be filled with many slow and relaxing moments.
IN THIS ISSUE
Supporting a Home Purchase? Five Questions to Ask – p.2
A Credit Downgrade: What’s in a Rating? – p.2
Planning a Tax-Efficient Withdrawal Strategy – p.3
The Merits of Hanging in (& Why April Felt So Bad) – p.3
OAS Timing Matters — Even for High-Net-Worth Investors – p.4