“Volatility is often a symptom of risk but is not a risk in and of itself. Volatility obscures the future but does not necessarily determine the future.”- Peter L. Bernstein, American financial historian and economist

The Through Line: The equal-weighted S&P 500 index and the S&P/TSX both hit new highs this week. But you wouldn’t know it from the headlines, which have instead fixated on the extreme intraday price swings of stocks. Volatility is back, thanks in no small part to an unwinding tech trade, renewed fighting in the Middle East, rising bond yields and stress over the direction of central bank policy. This week, we offer some perspective on AI anxieties that are cropping up – despite a backdrop of fundamentals that are making solid progress.

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