November Market Insights: Wealth In A Capex Supercycle

Everyone’s talking about an AI bubble—but are we missing the real story? In his November Market Insights, James Thorne explains why the real AI opportunity can be found in the CapEx supercycle buildout

Wealth is the product of energy times intelligence: energy channeled into artifacts that enhance human life. American visionary Buckminster Fuller’s idea hints at a fire that powers value itself. As Canadian media theorist Marshall McLuhan warned, the tools we build can also build us. Our tools don’t merely enable prosperity; they reshape society. With artificial intelligence (AI) dominance now tied to national security and economic growth, policy moves—like U.S. President Donald Trump’s supply-side measures and 100 per cent expensing of capital expenditures (CapEx) through 2031—set the stage for a CapEx supercycle.

Start the Conversation: Wealth and Estate Planning for Digital Asset

When people think about their wealth, they often picture traditional asset classes such as cash, stocks, bonds, real estate, or perhaps more unique holdings like art or coin collections. Historically, these assets have formed the foundation of most families’ wealth, however, in today’s digital world, another category of assets has quickly been growing in importance: digital assets.

October Market Insights: Trump, Carney and the Western Awakening

A new era for Canada is about to begin.
“I read in a newspaper that I was to be received with all the honors customarily rendered to a foreign ruler. I am grateful for the honors; but something within me rebelled at that word ‘foreign’. I say this because when I have been in Canada, I have never heard a Canadian refer to an American as a ‘foreigner’. He is just an ‘American’. And, in the same way, in the United States, Canadians are not ‘foreigners’, they are ‘Canadians’. That simple little distinction illustrates to me better than anything else the relationship between our two countries.”

August Market Insights: The Unreasonable Rally

In a year marked by fiscal surprises and technological upheaval, America stands at a crossroads. The June 2025 budget surplus has upended the old narratives, leaving Wall Street’s perennial skeptics scrambling for new alarms. Yet beneath the noise, a deeper transformation is underway.

July Market Insights: The Six Months Where Everything Changed

The Great Depression of the 1930s was more than an economic collapse; it was an ideological crucible. As capitalism faltered, socialism surged, promising salvation through state control.

Today, that battle rages anew, with the U.S. Federal Reserve at its heart.

June Market Insights: The New Nexus of Power

For decades, the American establishment clung to the gospel of globalization, open markets, cheap goods, and the promise of shared prosperity. Yet beneath the surface, this grand experiment hollowed out the nation’s industrial heartland, eroded economic security, and fueled a populist backlash that upended politics from Ohio to Washington. The opioid crisis, the decay of small towns, and the anger of those left behind are not mysterious—they are the predictable fallout of an economic order designed by and for elites, insulated from the consequences of their own policies.

May Market Insights: From Hegemony to Balance

In an era of unprecedented geopolitical and economic shifts, the Mar-a-Lago Accord signals a decisive, disruptive strategy by the U.S. to redefine its global influence and economic stability. Moving beyond unipolar dominance, the U.S. aims to reshape the international order through strategic tariffs, security realignments, financial innovations, and institutional reforms—guided by historical lessons and Keynesian principles.