"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." – Warren Buffett
Last Week’s Overview
| Index |
Performance |
| TSX Composite |
0.21% |
| Dow Jones |
2.25%
|
| S&P 500 |
-0.71% |
| NASDAQ |
-3.06% |
Source: Bloomberg (November 4, 2026)
Weekly Insights
Each week, we break down the key events and market movements shaping the investing landscape. From economic data to investor sentiment and global headlines, this section captures what mattered most and how it affected markets.
U.S. Productivity Growth Accelerates, Supporting Corporate Profitability
U.S. productivity, a measure of how much workers produce for each hour on the job, grew at a 3.6% yearly pace in the third quarter, its fastest in a year and up from 2.1% the quarter before. Output rose 3.7% while hours worked rose just 0.1%, and the labour cost of each item produced fell 0.7%, a sign that investment in technology and equipment is starting to pay off. For investors, this is encouraging: when companies produce more without adding costs, profits can grow and price pressures can ease over time, which supports our focus on businesses that turn efficiency into earnings.
Source: Bloomberg (November 5, 2026)
Microsoft Takes a More Careful Approach to Building for AI
Microsoft is keeping a closer eye on the outside companies building its data centres, while putting more focus on building its own computing capacity. The company has added more than $200 billion in new data centre lease commitments over the past year, and Bloomberg reports that demand for computing power still exceeds the supply available. We see this as a growing industry becoming more disciplined, and it reinforces why we favour established technology leaders with the financial strength to fund this build-out and manage costs carefully.
Source: Bloomberg (November 5, 2026)
Bonds Prove Their Worth as Tech Stocks Pull Back
U.S. government bonds rallied as investors moved money toward safer assets, with yields falling by as much as 0.09 percentage points to their lowest levels since early September. This came as the Nasdaq 100 fell 4.75% and a key index of chip stocks fell 8.83%, and because bond prices rise when yields fall, the bonds in a balanced portfolio helped cushion the decline. This is exactly why we hold high-quality bonds alongside stocks: they can help steady a portfolio during bumpy stretches while we stay invested for long-term growth.
Source: Bloomberg (November 5, 2026)
Key Drivers of Our Outperformance
We believe in transparency when it comes to where outperformance is coming from. This section spotlights a top-performing company we hold, a sector where we've taken a winning position, and a strategy that has driven recent success across our portfolios.
- Company Highlight: Moderna Inc. (MRNA)
- Moderna rose 20.65% over the week after late-stage study results showed its personalized cancer vaccine, used alongside Merck's Keytruda, lowered the risk of melanoma (a form of skin cancer) returning or death by 42% compared with Keytruda alone. The company also reported progress in its Ebola vaccine program and has more cancer research results on the way, showing how its mRNA technology may reach well beyond COVID-19 vaccines. Because Moderna is not yet profitable and its future depends on further trial results, we hold it as a modest position, giving portfolios exposure to promising medical innovation without taking on outsized risk.
- Source: Optimize Asset Management (November 5, 2026)
- Sector Highlight: Financials
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Financials made the largest contribution of any sector to our portfolios this week, adding 0.78% to returns, with gains spread across Berkshire Hathaway, Visa, Mastercard, Brookfield, Fiserv, and JPMorgan Chase. Recent results show the strength underneath: Visa grew revenue 13.2% in its latest quarter and Mastercard grew 14.0%, a sign that people and businesses keep spending around the world. We like that this strength comes from many kinds of businesses, from payment networks to diversified holding companies and asset managers, rather than relying only on traditional lending.
- Source: Optimize Asset Management (November 5, 2026)
- Style Highlight: Quality
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Our Quality style, which focuses on established companies with steady earnings and strong competitive positions, led our investment styles this week, adding 0.46% to returns. Holdings such as Berkshire Hathaway, McDonald's, Dollarama, Zoetis, and Moody's all posted solid gains, as investors rewarded businesses with trusted brands, pricing power and dependable cash flow. Quality companies also help balance portfolios against more speculative parts of the market, which is why we keep them at the core of how we invest.
Source: Optimize Asset Management (November 5, 2026)
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What To Look For Next Week
We also look ahead to the economic reports, events, and earnings that may influence the week ahead. From inflation and jobs data to corporate updates from key market players, this section keeps you informed on what's coming and why it matters.
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- U.S. Inflation Report (CPI) (Tuesday, November 10): Tuesday's Consumer Price Index shows how much everyday prices changed in October, after inflation rose to 3.7% in September, driven largely by higher gasoline prices. Prices excluding food and energy, which the Federal Reserve watches closely, rose a more modest 2.6%, so we'll be looking for signs that energy-driven increases are starting to ease. This is one of the last major reports before the Fed's final rate decision of the year on December 9, and a cooler reading could support both bond and stock prices.
Source: U.S. Bureau of Labor Statistics, Consumer Price Index (November 5, 2026)-
- Cisco Earnings (Expected Wednesday, November 11): Cisco, one of the world's largest makers of the networking equipment that connects data centres, is expected to report its quarterly results mid-week. Its results offer a useful read on how much businesses are spending to build out AI and cloud computing, the same trend behind Microsoft's data centre expansion. Strong orders would support the view that AI investment is turning into real business demand, which matters for the technology companies held across our portfolios.
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Source: Cisco Investor Relations (November 5, 2026)
- Weekly Jobless Claims (Thursday, November 12): Thursday's report on new unemployment claims is one of the most up-to-date reads on the U.S. job market, released every week. It follows a softer September jobs report, when employers added 29,000 jobs and unemployment edged up to 4.2%, so we'll be watching whether layoffs stay low. A steady job market supports consumer spending and company profits, while a gradual cooling could ease pressure on interest rates, which tends to help bonds.
Source: U.S. Department of Labor, Weekly Claims (November 5, 2026)-
Source of All Economic Data: Bloomberg, U.S. Bureau of Labor Statistics, Consumer Price Index, Cisco Investor Relations, U.S. Department of Labor-
Disclaimer: This report is for informational purposes only and does not constitute investment advice. Please consult with your financial advisor before making any investment decisions.