The Canadian Investor Why the TSX Is Crushing the S&P 500 This Year
13 snips
Oct 9, 2025 The podcast dives into the impressive year-to-date performance of the TSX, which is outpacing the S&P 500, driven largely by a surge in gold and mining sectors. A detailed analysis of AMD's deal with OpenAI highlights the burgeoning AI arms race. The discussion then explores Constellation Software's leadership transition and capital strategies. Finally, the hosts debate the significance of economic moats and how effective management can influence their longevity, even amid disruptive technologies.
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Historic Strength Isn't Common
- Multi-year double-digit runs are historically rare; three consecutive double-digit years would join only a handful since 1928.
- Four straight 20%+ years happened only in the late 1990s tech bubble.
AMD Gains A Seat In The AI Arms Race
- OpenAI's deal to deploy AMD GPUs gives AMD a major seat in the AI compute supply chain and potential huge revenue.
- The arrangement includes warrants allowing OpenAI to buy up to 10% of AMD under conditions.
AI Deals Echo Dot-Com Vendor Risks
- Large strategic deals can resemble vendor-financing in the dot-com era and create concentration risks across a few suppliers.
- The market may overvalue sales momentum while underweighting monetization and profitability risks.