Retire First Newsletter

July 2023 –

Quantitative Tightening – By Doug Allan

With last year’s big tech losers becoming this year’s winners, narrow leadership is causing the
stock market averages to lift. Last year, the S&P500 and the TSX declined 25% by mid-October. While
the US market has lifted nicely, practically recovering most of its losses, the Canadian stock market,
which banks and resources dominate, is still struggling. So far, the TSX has only regained about half of its

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