The latest quarter has been influenced by increasing market concern around protectionism as both the NAFTA trade issue came to a head and we saw the implementation of new tariffs on China. In any negotiation, there are usually winners and losers but when we compare the returns of the S&P500 over the past three months and year to date to Canada, or even globally, it feels like the S&P500 is in a “Heads I win, Tails you lose“ scenario.