The former BMO Capital Markets chief investment strategist made the comments about big lenders’ concentrated structure during an opening keynote at Portfolio Management Association of Canada’s conference in Toronto Thursday. (The Logic)

Talking point: Canada’s banks have outperformed largely because of excess reserves in 2023, Belski said, adding that momentum could change going forward. Belski, who has since started his own firm, Humilis Investment Strategies, once again highlighted the TSX’s recent outperformance and reiterated his stance on small and mid-sized companies, calling them the “lifebreath” of economies. He expects private equity to eventually hit a liquidity “event” that could force investors back into publicly traded small and mid-cap stocks. Looking forward, Belski expects to see a recession that will be shaped by a pullback in business capital expenditures, but not until “everybody stops talking about the recession.”

Sponsored Content

The real-world economic offshoots of sovereign AI

By Deborah Aarts

Increasing healthcare access across Canada

By Deborah Aarts

What it takes to lead a frontier firm

By Deborah Aarts

Paid promotional content