Dehal Investment Partners of Raymond James Ltd.

Dehal Investment Partners of Raymond James Ltd. Private Wealth Management
Institutional Cash Management

Invest Wise. /*********/
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The danger there isn't what most people think.It wasn't a reckless portfolio; it was a concentrated one. The holdings ha...
06/17/2026

The danger there isn't what most people think.

It wasn't a reckless portfolio; it was a concentrated one. The holdings had done well, and like a lot of people, he'd simply never adjusted the mix as his life changed. The allocation that made sense at 45 was still running the show at close to 65.

Here's the danger. Holding all equities in your peak earning years, when you have decades to recover from a downturn, is reasonable. Holding all equities the year before you start drawing income from that portfolio is a different animal entirely. The risk isn't just a bad year. It's a bad year at the wrong time, right as you begin withdrawing. Being forced to sell into a decline to fund your retirement is the single scenario a good plan is built to avoid.

So, we did the unglamorous work. We brought the portfolio's risk back in line with where he actually was in life, adding meaningful fixed income, broadening the diversification, and shifting the emphasis toward capital preservation and dependable income instead of pure growth. The question stopped being "how much can this grow" and became "how do we protect what's here and turn it into a paycheque that lasts."

That's the shift retirement really asks for. Early on, a portfolio's job is to grow. Closer to the finish line, its job is to show up, every month, no matter what the market is doing that quarter.

If you're nearing retirement and your portfolio still looks the way it did fifteen years ago, it may be worth a fresh set of eyes. Not because anything's wrong, but because the right mix at one stage is rarely the right mix at the next.

Follow for more on building portfolios around people, not products. Always happy to talk through what the transition into retirement actually looks like.

06/16/2026

What's the biggest risk to markets in 2026? Michael Dehal's answer: rates. He joined BNN Bloomberg to break down how rising bond yields could squeeze the equity risk premium, and why richly valued tech may feel it most.

A few things I've learned watching IPO cycles over the years. This is shaping up to be one of the busiest IPO years in r...
06/11/2026

A few things I've learned watching IPO cycles over the years.

This is shaping up to be one of the busiest IPO years in recent memory, a wave of new listings, headlined by one of the most anticipated offerings the market has seen in years. When the calendar gets this loud, it's worth stepping back from the noise.

An IPO is a selling event. The company and its early investors decide when to go public, and they tend to choose moments when enthusiasm, and valuations, are high. That doesn't make a deal bad. It just means the timing is set by the seller, not the buyer, and that's worth remembering when the hype is loudest.

The first-day pop isn't the story. Headlines love the opening-day jump, but the more important number rarely makes the news: the lock-up expiry. Insiders are usually restricted from selling for around 180 days, and when that window opens, a flood of new supply can pressure the stock long after the launch-day excitement has faded.

"Exciting company" and "good investment at this price" are two different questions. Some of the most important businesses of our era have been genuinely transformative and painful to own for the first few years after listing. The product can be a winner while the entry price still asks too much.

None of this is a reason to avoid IPOs, and none of it is a view on any particular deal this year. It's a reminder that a busy IPO calendar is a marketing calendar as much as a market one, and the investors who do well with new listings are usually the ones who can tell the difference between a great story and a great price.

Follow for takes on what's moving markets. Always happy to talk through how new listings fit, or don't, inside a long-term plan.

Investors may be looking for rate cuts, but the data may be pointing elsewhere.Great to join BNN Bloomberg's Trading Day...
06/10/2026

Investors may be looking for rate cuts, but the data may be pointing elsewhere.

Great to join BNN Bloomberg's Trading Day today to discuss the outlook for the U.S. Federal Reserve, inflation, and interest rates.

While many investors continue to focus on when the Fed may cut rates, recent economic data suggests policymakers may remain on hold longer than expected, with the possibility of another hike still on the table.

Thank you to the BNN Bloomberg team for having me on.

📈📊🎙️

I finished the London Marathon in April. People always ask why I keep signing up for these, and the honest answer is tha...
06/08/2026

I finished the London Marathon in April. People always ask why I keep signing up for these, and the honest answer is that running has taught me more about investing than almost anything else.

A marathon punishes the same instinct that wrecks portfolios: the urge to sprint early. Every first-time runner feels it. The gun goes off, the adrenaline's high, and you go out far too fast because it feels great in the moment. You pay for it at kilometre 30, when the legs are gone, and there's still a long way to the finish.

Investing is the same race. The market gives you constant reasons to sprint: the hot sector, the can't-miss trade, the fear of being left behind. It feels productive. But the people who burn out are almost always the ones who went out too hard, too early, with no base underneath them.

What actually gets you to the finish in both is unglamorous: a steady, consistent base built slowly over time. You don't win a marathon in the first kilometre, and you don't build real wealth in a single great quarter. You build the engine first, you hold your pace when everyone around you is surging, and you let consistency do the work that intensity can't.

Twenty-some years in this business and a few marathons later, the lesson keeps repeating itself. Slow and steady doesn't feel exciting. It just tends to be the thing still standing at the finish line.

London's in the books. Already thinking about the next one, in running and in the markets.

Follow for more on markets, discipline, and the occasional running metaphor. Always happy to talk long-term planning with anyone who's in it for the distance.

Here's the trap. The IRS treats most Canadian mutual funds and ETFs as PFICs, Passive Foreign Investment Companies. The ...
06/04/2026

Here's the trap. The IRS treats most Canadian mutual funds and ETFs as PFICs, Passive Foreign Investment Companies. The category was built to stop people from parking money in offshore funds to defer US tax, and Canadian funds get caught in it almost by accident. The fund is perfectly normal. The label the IRS applies to it is the problem.

And that label is costly. The tax treatment is punitive. The reporting is brutal; each PFIC generally needs its own Form 8621. And it's easy to miss entirely, because nothing about holding the fund feels wrong until the filing catches up with you.

The frustrating part is how ordinary the mistake is. A US citizen in Canada does the responsible thing, diversifies, keeps costs low, buys a Canadian-listed fund, and steps on a landmine that a US-only or Canadian-only advisor often isn't looking for.

This doesn't mean a US person can't invest sensibly in Canada. It means the account has to be built with both tax systems in view from the start, not reconciled after the fact.

If you hold US citizenship and a Canadian investment account, it's worth a deliberate look before the next filing season, not after.

Follow, and always happy to talk through how investors with a foot in both countries are navigating this.

06/03/2026

Stagflation: rising prices, slowing growth, and a tougher test for markets.

Great to be back on BNN Bloomberg today discussing what’s driving markets and why investors should pay close attention t...
05/26/2026

Great to be back on BNN Bloomberg today discussing what’s driving markets and why investors should pay close attention to the growing narrowness in this rally.

While markets continue to push higher, leadership remains concentrated in a smaller group of names. History shows that when market participation narrows, it can signal increased risk and volatility ahead.

We discussed:

• Why market breadth matters and what it tells us about the health of the rally
• Potential risks investors should be monitoring in the months ahead
• The importance of remaining disciplined and focused on long-term fundamentals

In environments like this, staying diversified and focused on quality matters more than ever.

Thank you to the BNN Bloomberg team for having me.

05/11/2026

What’s driving the market rally?

• Potential Middle East peace deal
• AI momentum continues
• Improving investor sentiment

Shared my thoughts on BNN Bloomberg. 📺📈

Markets no longer move on fundamentals alone.Geopolitics, policy shifts, global tensions, and capital flows are increasi...
05/11/2026

Markets no longer move on fundamentals alone.

Geopolitics, policy shifts, global tensions, and capital flows are increasingly shaping investment outcomes.

Honoured to be speaking at the Opal Group Family Office Private Wealth Summit in Toronto on how these forces are influencing Canadian family office allocations across public and private markets.

Looking forward to the conversation.

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