Juggling Dynamite

Housing mean reversion is hurting jobs and economic activity.

A building industry association says 100-thousand jobs in construction and related sectors are at risk. As Alan Carter reports, the housing downturn could erase $20 billion for Ontario’s economy. Here is a direct video link.

Home markets are floundering in many US cities, too.

The US National Association of Realtors just reported the worst pending sales figure for December history, down 9.3% month over month and 30% from pre-pandemic norms. We could be on the precipice of a massive shift in the housing market in 2026 and if you’re a buyer or investor now is the time get prepared. Here is a direct video link.

Cue the nervous laughter when watching the segment below. Financial markets have already become so complex and algorithm-driven that even trained experts are struggling to comprehend the moving parts. The timeless adage that we should only invest in what we understand is being largely ignored. Meanwhile, those who don’t even know the questions to ask are feeling most confident.

Yuval Noah Harari, Historian, Philosopher & Bestselling Author and Max Tegmark, Co-Founder, Future of Life Institute; Professor, Massachusetts Institute of Technology (MIT) discuss human agency, governing AI and the future of humanity with Bloomberg’s Francine Lacqua at Bloomberg House in Davos on the sidelines of the 2026 World Economic Forum. Here is a direct video link.

Our month-end letter for January discusses the links between private equity, private credit and elevated financial risks for the rest of us. The segment below offers a primer. Opacity and complexity in financial products often cloak elevated risk and even deceit.

Private credit, a form of lending by non-bank financial institutions to businesses outside of public markets, was once a niche corner of Wall Street. Now, private credit is going mainstream as it seeks funding from retail investors. CNBC’s Hugh Son breaks down the rise of private credit, why retail investors are looking into private credit and the risks and upsides of investing in the space. Here is a direct video link.