Monthly Archives: May 2025

Equity prices have made some ‘mean reversion’ progress year-to-date. At the end of March, the average geometric valuation for S&P 500 companies had declined to 148% from 167% in February (below since 1900, courtesy of Advisor Perspectives). This was the … Continue reading →

Happy May!! Happily, not all the news is crappy! Toronto Western Hospital is just commissioning the world’s largest wastewater heating system. Yup, the hospital will be getting 90% of its heat from the sewer system beneath the streets of Toronto. … Continue reading →