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Markets do not wait until investors feel comfortable again.

In this Q2 2026 market review, Tré Bynoe, CFP®, CIM®, looks at what happened across Canadian stocks, U.S. stocks, international stocks and bonds from mid-2025 to mid-2026, then focuses on the more important lesson: long-term returns are never experienced in a smooth straight line.

The past year showed why reacting emotionally to market declines can be costly. Canadian stocks returned approximately 32%, U.S. stocks approximately 27%, international stocks approximately 25%, Canadian bonds approximately 3.5%, and global bonds approximately 1.5% over the period discussed in the episode.

But the real lesson is not which market performed best. Recent returns tell us what happened, not what will happen next, and using short-term performance as a forecast can lead investors into poor decisions.

In this episode, we discuss:

• Why markets can recover before the headlines improve
• Why waiting for certainty is so difficult to execute
• What Q2 2026 showed investors about volatility
• Why long-term returns feel much worse while you are living through them
• Why getting out of the market creates a second hard decision: when to get back in
• Why diversification means something in your portfolio will usually disappoint you
• Why a portfolio should not depend on guessing the next winning asset class
• Why bonds and cash still matter when equities are performing well
• Why short-term spending needs should not be invested in equities
• Why volatility is a feature of markets, not a flaw
• Why the right plan needs to exist before the next market decline

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