Shane Krupa, Wealth Advisor

06/11/2026

Over the past decade or so, a historical anomaly has emerged: growth companies have outperformed value companies in stock market returns by a wide margin. Historically, dating back to 1927, this has not been the case. Value companies have consistently and rather significantly outperformed growth companies over the long run, largely due to stable profitability and strong fundamentals rather than future promise or perhaps, speculation.

Today, if an investor allocates money to the S&P 500 (the 500 largest companies in the United States), approximately 50% of that investment is concentrated in technology and communication companies, while roughly 41% is concentrated in just 10 large growth companies. Think Nvidia, Microsoft, Apple, Google, Amazon, and others.

This trend creates a subtle but important risk: the potential to become heavily concentrated in specific companies and industries, perhaps without even realizing it.

With that in mind, building a robust multi-decade, multigenerational investment portfolio requires careful planning to ensure these risks are not inadvertently overlooked.

Image source: Dimensional Fund Advisors

04/28/2026

Canada is floating the idea of launching its own sovereign wealth fund—basically a government-backed investment pool aimed at owning pieces of major projects across energy, infrastructure, mining, and more.

The pitch is simple: instead of just funding growth, Canadians could participate in it and benefit from the returns. It would start with about $25B and invest alongside private capital, with the goal of generating long-term wealth for the country.

Sounds good on paper—but unlike traditional sovereign funds built on surplus cash (think Norway), this one raises fair questions about where the money comes from and whether we’re truly creating new wealth… or just reshuffling it.

Does this sound like more monkey business to you, or a good opportunity to participate in some domestic investment? I'd love to hear your thoughts.

Fund has a mandate to invest in domestic projects

04/06/2026

There’s an account available to Canadian investors that’s often misunderstood and sometimes gets more flak than it deserves.

RRSPs.

Common things we hear:

• “You don’t really save tax—you just pay it later.”
• “RRSPs can create a big tax bill at death.”

Both statements have some truth—but they miss the bigger picture.

To really understand RRSPs, we need to look a little deeper.

1. The Tax Deduction
RRSP contributions are often made with after-tax dollars.
But when you contribute, you receive a tax deduction, which effectively means:

That income is not taxed today

Example:
• Invest $5,000 per year
• Tax rate: 35%
• Tax refund: $1,750
That $1,750 is money that would have otherwise gone to the CRA.

Here’s where it gets interesting…

2. The “Gross-Up” Effect (Where Most People Underrate RRSPs)
If you reinvest the refund:
• $5,000 contribution → $1,750 refund
• Reinvest $1,750 → generates another ~$612 refund
• Reinvest that → ~$214 refund…and so on

This creates a compounding loop of deductions.

The result?
A $5,000 after-tax contribution becomes:
~$7,692 invested annually
That’s $2,692 of additional capital working for you—money that otherwise would have been sitting in CRA’s coffers.

3. The Tax Shelter Inside an RRSP:
• No tax on dividends
• No tax on capital gains
• No tax on interest
Your money is free to compound at the full rate of return.

Compare that to a non-registered account:
No tax deductions
Taxes are incurred every year on investment growth
This creates a tax drag that quietly erodes compounding over time
Even a small drag (1–2%) over decades makes a massive difference.

4. What About Taxes at Death?
This is the most common concern—and it’s valid.

At death:

• RRSPs are typically taxed as income- if there is substantial capital in the account at the death of the last spouse, this can push the estate into a higher tax bracket.

But here’s the key.

You’re comparing:
Deferred, uninterrupted compounding on a larger base
vs
Ongoing taxation on a smaller base

In many cases, even with a higher final tax rate, the RRSP still comes out ahead, sometimes very substantially.

The Big Picture
RRSPs aren’t just a “tax deferral tool.”

They are:
• A way to reclaim capital that would have been taxed
• A way to increase your invested base
• A way to eliminate annual tax drag
• A way to maximize long-term compounding

Final Thought:
If the refund is spent, the RRSP is good.
If the refund is reinvested, the RRSP is powerful.
And when fully optimized, it becomes one of the most effective long-term wealth-building
tools available to Canadians.
The key isn’t just using an RRSP—
it’s understanding how to use take advantage of them.

03/25/2026

In Monday's post, we spent some time dissecting the laws and principles that govern modern financial markets.

Today, I want to distill that into a few key takeaways.

What really is the stock market?

At its core, the stock market is a direct reflection of human ingenuity and progress. Every good produced, every service delivered, every breakthrough in technology, energy, medicine, agriculture, and transportation—it's all captured within global financial markets. And in our capitalistic society, any individual has the opportunity to become a part owner of this global progress.

What does the market show us, despite the constant bombardment of fearful headlines?

That humankind—on balance—has been on a remarkably resilient upward trajectory for as long as written history has existed.

If you believe otherwise, it may be worth questioning whether your worldview aligns with the data. Because without that alignment, it becomes difficult to meaningfully participate in—and benefit from—the continued progression.

Consider a few datapoints:

• In 1900, roughly 70–80% of the global population lived in extreme poverty.

Today? Around 10% 🌍

• In 1900, global life expectancy was about 32 years.

Today? Approximately 73 years ❤️

• In 1945, the first computer filled an 1,800 square foot room and weighed 30 tons.

Today? A smartwatch holds more computing power than 10,000,000 of those early machines combined. ⌚

Humankind is on an optimistic path.

Yes, we often take two steps forward and one step back—but the long-term trend is what matters most.

For the lifelong investor, that trend is something you don’t fight, try to time, or out-smart… it’s something we hold onto and participate in.

03/23/2026

What if financial markets aren’t random at all?

Today, I want to pose a few questions about the underlying principles that have governed financial markets since antiquity.

Are there lasting patterns that can guide us as investors?
Or are markets truly random?

To begin, it’s important to consider the order that exists in our world—and, by extension, in our financial markets.

One guiding principle is this: there is either underlying order in the universe, or there is not. Both cannot be true. E cannot equal MC²—except for the odd occasion where it equals MC³. If it did, the universe would fly apart.

Despite the chaos constantly flooding the headlines and the tensions in geo-politics, there is underlying order that has persisted far longer than any of us have been alive. If we think we see order alternating with chaos, it’s more likely that a larger underlying order exists—one we don’t yet fully understand, and therefore fear.

As two-time Nobel prize winner, Marie Curie said:
“Nothing in life is to be feared, it is only to be understood.”

This principle applies directly to financial markets.

Day to day, markets can feel random—and we are often force-fed the belief that they are. It can seem as though markets are little more than a globally connected casino. We are taught that markets are random and chaotic, which makes it impossibly difficult to create a robust lifetime investment plan that we can stick with.

But over longer periods, markets are anything but. They are logical.

At their core, financial markets reflect something deeper.
They directly reflect the progress and ingenuity of humankind.

With everything considered, anyone who believes humanity has not been on an upward trajectory must hold a worldview that doesn’t align with the evidence. With over 2,000 years of recorded history to guide us, it becomes difficult to argue otherwise.

Consider this:
In 1900, an estimated 70–80% of the global population lived in extreme poverty. Today, that number is about 10%.
From 500AD to 1900, global life expectancy was roughly 32 years. Today, it’s about 73.
In 1945, the first computer weighed 30 tons and took up an 1800 square foot building. Today a smart watch holds more computing power than over 10,000,000 of these computers combined. To match the compute that a modern smart watch has today, in 1945- they would have needed a computer larger than the city of London, England. I would not want to guess how much energy that monstrosity would have needed to be powered.

In just the past century, we’ve witnessed extraordinary advances in technology, food production, medicine, and longevity to name a few.

Financial markets have reflected this.

There is something else that markets shed insight on, mass psychology and human behaviour.

As individuals, we are prone to countless cognitive biases; which cause us to make all kinds of irrational decisions in our day-to-day lives. And when billions of people act this way simultaneously, that behavior shows up in markets—especially in the short term.

Every day, we wake up, absorb headlines, and react.

But over time—after the noise fades and the dust settles—one thing persists:

The steady upward march of human progress. Not random, but inevitable.

So how do investors benefit from that progress?
Simple: Be disciplined, be diversified, and follow the money.
Over time, wealth flows into the hands of hardworking individuals participating in that global progress. And what do people do with money?

They spend it.

They buy food, smartphones, medicine, energy, transportation—everything that fuels modern life.

So the opportunity for investors is clear:
Own the businesses that provide these essential goods and services.

Because as the world continues to advance, so too will company earnings.
And as earnings grow, so too—over time—will stock prices.
And ultimately, so too will the value of a well-disciplined, long-term investment portfolio participating in this global progress.

03/18/2026

The Bank of Canada held interest rates steady at 2.25% again in its latest announcement.

Here’s the short takeaway:
Rates remain unchanged as inflation sits close to the 2% target—but the outlook is anything but
certain.

The Bank highlighted:
• Slowing economic growth and a softer labour market
• Ongoing uncertainty around global trade and geopolitics
• Rising risks that higher oil prices could push inflation back up

What does this mean?
There are pressures on both sides:
A weaker economy would typically support rate cuts…But inflation risks could still justify holding or
even raising rates if needed.

The key message:
They’re in “wait and see” mode.
For investors, this is a good reminder—
rate decisions are reactive, not predictive.

That said, trying to guess the next move is far less important than sticking to a plan that works in any environment over the long run.

The central bank held its policy interest rate at 2.25% on Wednesday

03/10/2026

"Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it" - Albert Einstein

In my practice, one of my greatest passions is helping families think beyond a single lifetime and plan for multigenerational wealth. It starts with one generation choosing to plant a seed—so future generations can continue watering and tending the soil, until one day the family enjoys the shade under a tree of freedom and opportunity.

What could happen if one generation got the ball rolling?

In this simplified example, the Miller family established an Inter Vivos trust and begins setting aside $75/month at the birth of their first child. At some point once the child reaches adulthood, they are passed the torch to continue contributions of $75/month. The parents retain control as trustees, and have access to the funds if needed- and have autonomy of how and when the next generation accesses the family wealth.

Assumed return of 8.5% compounded annually.

By year 50, the family set aside $45,000.
The Miller family wealth would have grown to $642,996.00.

By year 60, the family set aside $54,000.
The Miller family wealth would have grown to $1,467,761.00.

By year 70, the family set aside $63,000.
The Miller family wealth would have grown to $3,332,543.00.

By year 80, the family set aside $72,000.
The Miller family wealth would have grown to $7,548,783.00.

By year 90, the family set aside $81,000.
The Miller family wealth would have grown to $17,081,632.00.

Notice in the last 10 years, the growth becomes almost vertical. During this period, more wealth is created than the previous 80 years combined. Following the rule of 72, at an average 8.5% annualized return, wealth doubles approximately every 8.47 years. You could imagine what happens when subsequent generations take the reins and carry on the family discipline decade after decade.

Time is the most powerful asset any of us own, and we can all be the Millers.

03/06/2026

Record crop production in Saskatchewan in 2025.

According to post-harvest data from Statistics Canada, Saskatchewan farmers produced 41.9 million metric tonnes of crops last year.

That’s:
• +13.7% vs. 2024
• +24.1% above the 5-year average

Major crops by production:
• Spring wheat: 12.7 MMT
• Canola: 12.2 MMT (record)
• Durum: 5.4 MMT
• Barley: 3.5 MMT
• Lentils: 2.9 MMT (record)
• Dry peas: 1.8 MMT
• Oats: 1.8 MMT

Largest production increases in 2025:
• Lentils +37%
• Canola +16.7%
• Barley +16%
• Durum +8.5%
• Spring wheat +5.3%

The numbers are based on a post-harvest survey of 7,198 farmers conducted between October and November.

A strong year for Saskatchewan agriculture — and a reminder of the province’s importance to global food production. 🌾

Government of Saskatchewan ministries, Crown corporations and organizations are working to minimize the impacts of the postal service disruption.

03/05/2026

Predictably, with all the news being pushed out about the ongoing conflict in Iran- investors worldwide are getting nervous.

History paints us a remarkably clear and grounding picture.

Since the Korean War in the 1950’s, the average 1-year forward return for the S&P 500 after major geopolitical shocks has been +14.2%.

This includes events after:
• Korean War: +11.2%
• Cuban Missile Crisis: +27.8%
• Gulf War: +10.2%
• 9/11: -16.8%
• Iraq Invasion: +26.7%
• Brexit Vote: +19.7%
• COVID-19: +43.7%
• Ukraine Invasion: -7.4%

Markets price fear quickly.
They recover on underlying company fundamentals.
Uncertainty creates volatility.
Volatility creates opportunity.

Disciplined investors don’t flee to cash when the world feels unstable — they lean on process, diversification, and time.

The headlines change. Human behavior and investor psychology never does.

Image source: Exhibit A, FactSet Research Systems Inc., Standard & Poor’s

03/02/2026

With the United States now directly involved in escalating tensions with Iran, I think it’s worthwhile to add some historical perspective.

While the events unfolding are tragic and the uncertainty can feel uncomfortable, history shows quite clearly that geopolitical conflicts involving the States create opportunistic moments for disciplined investors. This isn’t about minimizing real-world risks or human consequences; it’s about recognizing that markets are forward-looking. They price in fear quickly, but they also recover faster than most expect.

What History Shows Us:
When geopolitical tensions spill over, markets get spooked. Financial news media begins fear campaigns, pushing headlines of untreated sewage calling for Armageddon.

By design, it will make you feel as though 'this time is different'

Next, retail investors are told to flee to cash, precious metals, or cash equivalents to "protect" themselves from further volatility until the uncertainty clears.

A few sneaky things happen when retail investors flee to cash:

•The Burden of Timing: The burden shifts to the investor, requiring them to be right twice. They need to sell at the right time to get out and gracefully hop back in at the bottom. Perhaps 0.1% of lucky investors get this timing right.

•Locking in Losses: In reality, selling locks in temporary losses that would have simply subsided if investors had stayed in their seats. Market declines caused by fear are often short-lived relative to the long-term upward trajectory of productive assets.

•Devaluation: The cash investors flee to inevitably gets devalued at a faster pace than normal due to increased government borrowing for military spending and monetary stimulus to keep the economy running.

While this is happening and retail investors are flooding the exits, institutional money and long-term investors gobble up scarce, quality businesses being sold at large discounts. This cycle continually contributes to the widening wealth gap once the storm inevitably clears.

It's entirely possible that this situation blows over, diplomacy wins the day, and life resumes as 'normal'. However if it doesn't, there will likely be a domino effect if we see sustained and prolonged energy supply chain disruptions. Energy prices will almost certainly rise, which would consequently cascade to every other service and sector, adding fuel to inflation.

It is important to remember during times like these that we investors aren't holding poker chips—we are part-owners of robust, globally situated businesses. These are businesses that will persist and continue providing goods and services long into the future, and long after this current event clears.

This time is never different.

A simple analogy to end on:

When we walk into a grocery store and see a big red sign offering 10%, 20%, or even 30% off, we get excited to buy needed goods at a discount. We certainly don’t turn around, go on Facebook Marketplace and sell the laundry detergent we bought the week before the sale at the current discounted price.
Accumulating ownership in quality businesses shouldn’t be any different. Take advantage of the sales—frankly, they don’t come around as often as they do at the grocery store.