Triumph Reduced to Survival
Wind-whipped sails, ice-battered hulls and frozen sailors and settlers limped into a sheltered bay on the south coast of Baffin Island to regroup. With two ships lost, the remains of the fifteen-ship fleet, which had triumphantly left England just 75 days earlier to map the Northwest Passage, establish a permanent English settlement in the Arctic, and claim untold riches, had been reduced to this. The ambitions that had been meticulously mapped out over years crumbled like sun-melted spring ice beneath their feet and explorer Martin Frobisher led his humbled crew in the first Thanksgiving service ever conducted on North American soil—before tucking tail and returning to England, never to return again in defeat.
The Pilgrims and a Different Kind of Success
Forty-three years later, the Pilgrims would hold their own Thanksgiving Day. Sandwiched between these events were the Jamestown settlers, whose over-ambition for gold and personal fortune more closely matched the hubris of Frobisher’s colonizing efforts. Perhaps the Pilgrims’ more humble and immediate focus on partnering with the Indigenous people and building community, rather than focusing on accumulating riches, is part of the lesson here. Walk before you run—if you will. But that’s not our story today. Our story is about being thankful in both good and bad circumstances.
Canada’s Economic Winter
Canada is facing its own economic winter—one of our own creation. Years of mounting debt, immigration policies that have outstripped the capacity of our healthcare system and housing markets, and persistent lack of investment in business capital have placed us in a precarious position. Much like Frobisher’s ambitious plans crumbled under the harsh Arctic conditions, the consequences of these policy decisions are beginning to show. Yet, just as Frobisher gave thanks in the face of disaster, we too can find reasons to be thankful even as we navigate these uncertain times.
Opportunity in the Midst of Challenge
Opportunity exists in both good and bad times. Frobisher, for all his overreach, had the good sense to retreat when faced with insurmountable odds. The Pilgrims, for their part, wisely partnered with the Indigenous people to ensure their survival. Canadian investors must take a similar approach—adapting to the challenges and finding opportunities, even when the landscape seems difficult. In uncertain times, it’s crucial to remember that no one is coming to save us. Like the early settlers, we must rely on our own resilience and resourcefulness..
Lessons from Germany
Consider Germany: despite facing significant economic challenges, such as declining industrial output due to poor policy decisions, the DAX, Germany’s stock index, has performed remarkably well, recently notching new all-time highs despite persistent economic weakness. It’s a clear reminder that even when broader conditions are unfavourable, there are pockets of opportunity for those who know where to look. The same holds true for Canada today—where challenges abound, so do opportunities for those with the foresight and frontier spirit to seize them.
source: YCharts.com © 2024 YCharts, Inc. All rights reserved
Focus on Action, Not Blame
Given our circumstances, it’s tempting to let anger and frustration lead to finger-pointing and assigning blame. That approach makes us victims. Adopting a mindset of Thanksgiving allows us to shift our focus—to seek out opportunities rather than fault. It prepares us for action, not complaint. That’s the right approach for investors: lean into action and leave the naysaying to the politicians. Opportunity finds a way—like these ferns in a lava field I photographed in Hawaii:
How We Help You Seize Opportunity
This is where we come in—not just as cheerleaders but as “gumshoes”, detectives who dig deep to uncover opportunities others might overlook. At Evans Family Wealth, we don’t have the answers for our economic morass, we have something better—ideas for how to find opportunities despite it! In uncertain times, having someone in your corner who is focused on uncovering these opportunities can make all the difference.
Happy Thanksgiving from our family to yours!
Glen
PS: In times like this, your friends and family may be feeling down—feel free to send this update to them as an encouragement. We can help them find the ferns in the lava field!
