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Crash Expert: “This Looks Like 1929” → 71,105 Diversifying Here
Mark Spitznagel, who made $1B in a single day during the 2015 flash crash, warned markets are mimicking 1929. Seems extreme but we did just see the worst quarter for the S&P since 2022.
So it’s not so surprising that Vanguard and Goldman Sachs forecasted 5% and 3% annual S&P returns respectively for 2024-2034.
Late last year, Apollo’s chief economist Torsten Slok put it this way: "expect zero in return in the S&P 500 over the coming decade."
Almost no one knows this, but postwar and contemporary art appreciated 10.2% annually with near-zero correlation to equities from 1995–2025 overall.*
And sure… billionaires like Bezos can make headlines at auction, but what about the rest of us?
Masterworks makes it possible to invest in legendary artworks by Banksy, Basquiat, Picasso, and more – without spending millions.
29 exits. Net annualized returns like 16.5%, 17.6%, and 17.8% on works held over 1 year+. $1.3 billion invested. 500+ offerings.*
Shares in new offerings can sell quickly but…
*According to Masterworks data. Past performance is not indicative of future returns. Investing involves risk. Important Reg A disclosures: masterworks.com/cd.
Good morning, neighbour.,
A pilot has lost his life in a field northeast of the city, the Snowbirds are flying their last season in those iconic old jets, and President Trump just put Iran on a very short clock. It is a Wednesday that reminds you just how much is happening out there. Grab your coffee. Let us get into it.💛
A Pilot Has Died in a Glider Crash Northeast of Edmonton
A glider went down in Lamont County Monday afternoon and the pilot did not survive. The Transportation Safety Board of Canada is now on the ground investigating.
RCMP from Fort Saskatchewan responded at 3:10 pm Monday. The pilot was declared dead at the scene. No one else was on board.
The aircraft is a Schleicher ASW 20, a privately registered single-seat glider used in competitive flying. No cause has been released.
The TSB is deploying a full investigation team. The pilot's name has not been released as next of kin are still being notified.
Our thoughts are with the pilot's family and flying community. If you knew this person or fly out of a club in the Edmonton area, we hope you are taking care of each other today.
🛢️ Alberta's Pipeline Dream Has a Timeline. CIBC Says It Is Very Optimistic.
The province wants a shovel in the ground on a new West Coast oil pipeline by September 2027. The analysts at CIBC are being politely honest: that is a best-case scenario.
A Monday CIBC World Markets report describes Alberta's targets as "ambitious" and "reflective of a best-case scenario." The goal is to submit a project proposal by July 1, get national interest designation by October 1, and break ground in fall 2027 with oil flowing around 2033 to 2034.
Multiple conditions remain unresolved including BC opposition, Indigenous consultations, the northern coast tanker moratorium, and the Pathways carbon capture funding deal that must be tied up before the pipeline can proceed.
ATB Financial estimates a successful pipeline could add 5.1 percent to Alberta's real GDP between 2027 and 2035. The upside is enormous. The obstacles are just as large.
Do you think this pipeline actually gets built in our lifetime? Drop your take in the comments.
The Snowbirds Are Flying Their Last Year in Those Iconic Old Jets
This summer is it for the CT-114 Tutor. Canada's beloved Snowbirds are starting their farewell season and the team will be grounded for the better part of a decade once the final show is done.
Defence Minister Bill McGuinty marked the start of the farewell season at CFB Moose Jaw Monday. The season opens May 24 in Montreal and wraps up in Sacramento in October. That Sacramento show is the Tutor's last.
The CT-114 has flown with the Snowbirds since 1971. The replacement jet is the CT-157 Siskin II but it will not arrive until the early 2030s. The team goes dark in the gap years.
Alberta has deep roots with the Snowbirds. 4 Wing Cold Lake and the Edmonton Garrison have long been part of the military aviation world those jets represent.
If you have ever watched the Snowbirds roar over an airshow and felt that moment in your chest, this is the summer to see them one more time. Where is the best spot you have ever watched them fly? Tell us below.
Carney Tells Canada Not to Panic Over the Military Board Pause
Prime Minister Carney pushed back Monday against alarm over the US suspension of the joint military board with Canada, saying "I wouldn't overplay the importance of this" while committing to keep defence cooperation going.
The Permanent Joint Board on Defence, established in 1940, was paused by the US last weekend. US Undersecretary of Defence Elbridge Colby accused Ottawa of failing its commitments. Carney responded Monday at the Quebec mine groundbreaking.
Carney says Canada will continue to work closely with the US while also looking to diversify its defence partnerships with other allies.
The board has always been part of how CFB Edmonton and 4 Wing Cold Lake coordinate continental defence planning with the US. Carney's calm tone is deliberate. Not everyone in Ottawa is as settled about it.
This is a follow-up to Monday's Issue 76 story on the board suspension. How are you feeling about the Canada-US relationship right now? We want to hear it.
Trump Just Gave Iran Until the Weekend to Make a Deal
The diplomatic window is closing fast. President Trump told reporters Monday that Iran has a "limited period of time" to agree to a peace deal before the situation escalates again. The clock runs out Friday to Sunday.
Brent crude was trading at $110.69 Monday as markets watched the standoff closely. The Strait of Hormuz remains largely blocked and global oil inventories are near historic lows at 7.6 billion barrels.
Trump's announcement comes just one day after he cancelled a planned Tuesday strike on Iran and described "serious negotiations" underway. The Friday to Sunday deadline puts enormous pressure on talks happening right now.
Alberta's royalty revenue tracks directly with Brent crude prices. Every meaningful move in oil prices this week has a dollar figure attached to it for this province. This story is not just geopolitics. It is Alberta's budget in real time.
A deal or a breakdown. One of those is coming this weekend. Which direction do you think this goes? Tell us in the comments.
YOUR TURN 💌
Got a tip, a story idea or something happening in your corner of Edmonton or the surrounding areas? Hit reply and let me know. I read every message and those tips lead to some of our best stories.
Edmonton local Weather
Day ⬇4° lower than historical avg, Night ↔Same as historical avg.
🌤️ Edmonton Weather - Wednesday May 20th
Wednesday is looking like a pleasant spring day with a mix of sun and cloud and a high of 15°C. Skies clear out overnight and temperatures ease down to around 5°C so a light layer is all you need if you are heading out after dinner.
$992 Billion in Art Could Change Hands. Why Are These 71,105 Investors Paying Close Attention?
Deloitte ran the numbers. They project UHNW art and collectibles wealth -- already at $2.5 trillion -- to hit $3.47 trillion by 2030.
The institutional world has been quietly preparing for this. Back in 2011, 25% of wealth managers surveyed offered art-related services. In 2024, 51%. Family offices now average a 13.4% allocation to art and collectibles.
And it’s not just because they love art. It’s because they like the math.
These positions were built over decades through private dealer relationships most investors never had. The access just wasn't there.
Masterworks is changing that by allowing individuals to invest in shares of blue-chip artwork by artists like Basquiat, Warhol, and Picasso. Their track record to-date:
71,000+ investors
$1.3B deployed across 525+ artworks
29 closed sales
Net annualized returns like 16.5%, 17.6%, and 17.8%, not including those unsold.
Investing involves risk. Past performance is not indicative of future returns. See important disclosures at masterworks.com/cd.
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📅 Events Happening This Week in Edmonton
May 20
🌸 James Roque – The Mano Po Tour 🎟️ Details
🗓 May 20 · ⏰ Evening · 📍 Grindstone Theatre, Edmonton
A comedy show about ageing and adulthood.
🌸 Southwest Edmonton Farmers’ Market 🎟️ Details
🗓 May 20 · ⏰ 3:30 PM–7:30 PM · 📍 Terwillegar Recreation Centre parking lot, Edmonton
A Wednesday seasonal market.
🌸 Bountiful Farmers’ Market 🎟️ Details
🗓 May 20 · ⏰ 10:00 AM–4:00 PM · 📍 3696 97 Street NW, Edmonton
Open year-round and running on Wednesday too.
May 21
🌸 FascinAsian Film Festival 🎟️ Details
🗓 May 21 · ⏰ Various showtimes · 📍 Edmonton
A film festival with multiple screenings.
🌸 Bountiful Farmers’ Market 🎟️ Details
🗓 May 21 · ⏰ 10:00 AM–4:00 PM · 📍 3696 97 Street NW, Edmonton
A year-round market open Thursday as well.
🌸 Leduc Farmers Market 🎟️ Details
🗓 May 21 · ⏰ 10:00 AM–1:30 PM · 📍 Leduc Recreation Centre
A nearby Thursday market south of Edmonton.
🌸 Beverly Towne Farmers’ Market 🎟️ Details
🗓 May 21 · ⏰ 3:00 PM–7:00 PM · 📍 Riverview Crossing Shopping Centre, Edmonton
The east Edmonton Tuesday market does not run on Thursday, so this is not a May 21 listing.
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HIT OR MISS 🎯
Edmonton's Best Outdoor Pools and Spray Parks
Summer just started knocking on the door and five Edmonton outdoor pools are opening this week. So let us settle it.
Which spots are a Hit and which ones are a Miss?
Whether it is Borden Park, Queen Elizabeth, Rundle, Mill Woods or one of the 78 spray parks now opening across the city, everybody has a favourite and everybody has a horror story about the lineups.
Drop a comment below with your top pick and whether it is a solid Hit or a total Miss. Bonus points if you share a memory.
Hot take welcome. Polite disagreement required.