Equity markets made up a lot of ground in the second quarter that was lost earlier this year. After being down 21% in the first quarter, the TSX Composite gained 17% in the second, the S&P 500 was down 12% and came back 15% while international stocks rose 10% after falling 15%. On the surface, these numbers are encouraging. However, in Canada, the gains have been propelled by one sector—Technology. If we take out one Technology stock, Shopify, the TSX return for the first

We started the second quarter in a very unique situation - a global shutdown. Around the world aggressive containment measures were put in place to combat the spread of COVID-19. In several developed countries, containment measures reached a peak in April and by May many countries were able to get their coronavirus outbreaks under control. This has allowed easing of lockdown restrictions and the reopening of several major economies. It is important to note that globally, ther