David Heyman

Though North American stock indexes have risen to new heights in recent months, anyone who regularly checks financial news these days is unlikely to encounter the words “calm” and “steady” in descriptions of present-day markets. Rather, financial media are inclined to employ adjectives such as “turbulent” and “rocky.” Some headlines are saying the market (or sectors within it) is in bubble territory. Meanwhile, gold, often a refuge for those looking for stability, has also climbed to all-time highs.

David Heyman, a financial adviser for Edward Jones in Victoria, said it’s hard to decide whether we are in a bubble or not. COVID, he argues, exposed the vulnerabilities of the world’s supply chains, and many governments, especially in the United States, focused on domestic industries as a means not to be dependent on suppliers in other parts of the world.

“This is inflationary and costly, but it partly explains the strength in stock markets. Trump, in particular, is determined to bring industrial production back to the US. This trend is expected to continue for many years,” Heyman said.

To avoid risk in the event of a precipitous market decline, Heyman advises those close to retirement to have portfolios heavier in bonds and GICs (guaranteed investment certificates). For those in the earlier stages of their careers, he thinks equities, in the long run, are the way to go.

“History shows you can make a lot more in the stock market than you can in the bond market, but you’ll have to be able to withstand the volatility and endure the next recession, which will come one day,” he said.

In Canada, Heyman said, high prices in the housing market and the fact that interest rates may not fall as low as hoped have put the domestic housing market under pressure. Further, unemployment in Canada is heading upwards, while tariffs are in place and a trade deal remains elusive. There is a similar situation in the United States, he added, with inflation expected to remain high.

“The impact of tariffs in Canada has not been fully felt, as the Canadian dollar has declined to compensate, but Canada is more exposed to US tariffs than most countries. Sharply lower immigration in Canada will also have a dampening effect on the economy,” Heyman said.

Shay (Shy) Keil, senior wealth advisor at ScotiaMcLeod, said many people are worried that a market correction is imminent but that each investor would be impacted differently.

“Be mindful of what you own and make sure you are not overly concentrated in any one area,” Keil said. “When you are young, you have the time to weather 10-15% declines in the stock market. When you are retired or nearing retirement, your ability to withstand a market decline is absolutely a function of how you are invested, and the reality is that many people do not know what risks are in their portfolios.

“The challenge is that, when markets are volatile, investors often shift to much lower rate GICs/bonds without considering the significant impact it will have on their monthly income,” said Keil. “We would recommend to consider investing more into blue chip investments that will potentially maintain strong income and historically may not be as impacted by market volatility.”

Keil specializes in guiding clients with tax-smart strategies and cash flow solutions. “Earning predictable and consistent income is valuable in all market and economic cycles,” he said. “Our clients sleep better knowing they can draw from this income without touching their original capital, even when markets are volatile.”

This year has been a stellar one for technology stocks. As of Oct. 16, the sector on the S&P 500 index, where many mutual funds are invested, has risen more than 19%, with some companies climbing nearly 35% year-to-date. Consumer and energy stocks have shown much more modest increases and have declined in some cases.

On the Toronto Stock Exchange, most sectors have done well in 2025, with IT and materials leading the way during the current bull market. Consumer staples, utilities and health care are often considered stocks that perform well in bear markets.

In general, bonds, while offering a lower return, tend to be more stable than stocks. GICs are investments with set rates of return that are guaranteed up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).

When investing, one should understand that there is a risk of losing money. While financial institutions may present packages that draw attention to positive returns over the course of several years, they will also include words to the effect that funds are not guaranteed to go up, values fluctuate and future results may not mirror past performance.

Sam Margolis has written for the Globe and Mail, the National Post, UPI and MSNBC. This article is for general informational purposes only and does not constitute financial, investment or other advice.

Director Francis G. Matheu, right, with actors Nolan Fidyk and Dan Landry rehearsing Alan Segal’s Shade Apparel. (photo by Sarah Nicole Faucher)

This year’s Victoria Fringe Festival, billed as “12 days of madcap fun this summer,” started on Aug. 20 and runs to Aug. 31. Included in the lineup are pieces by two local Jewish community members, Alan Segal and David Heyman.

Segal describes his play, Shade Apparel, as “comedy, drama and absurdity.” It features Danver, a playwright rooted in daily routine, who tries to find answers to questions he never knew he had. And, Segal told the Independent, “He is not prepared for the answers. Shade Apparel is a play about wanting to know more and not knowing where to find anything.”

In Segal’s words, our society is “heavily psychologized,” in that everything is given a psychological or emotional origin story, he said. “But, if we breathe, we absorb culture, ideas, ideals and assumptions.

“Most of the time, we have a slight awareness of the precise origin of these. Their origin tale, however, is found in the social cauldron of daily life. This, too, is our apparel. We are clothed in more than material fabric,” he said.

From an early age, Segal has had an interest in how people become, well, anything; for example, how are allegiance, assurance, belonging, anger, dissent, happiness, or its opposite, created?

Segal’s first Victoria Fringe experience was not as a playwright but as a supporter of the arts who was captivated by the aura and array of creativity he observed. Last year, he founded Imbroglio Theatre, which will put on Shade Apparel.

“Beyond headlines and supposed fame, people venture into many realms of expression. I loved it from the start, and I expect many will be enlivened by what is approaching in Victoria at the end of August,” he said.

The creative team for the Fringe show comprises Dan Landry, Nolan Fidyk and Kendra Bidwell (cast), Alan Segal (writer), Francis G. Matheu (director), Elaine Montgomery (stage manager), Luke Weston and Andrea Gregg (lighting design), Phil Letourneau (music and sound design), Sarah Nicole Faucher (costume design) and Doug Wills (poster and program).

“Shade Apparel is the second play I have written – a project I never intended to write and had no inkling of, until it leaped into my mind as a single scene,” said Segal.

His first play, Frey’s Anguish, premiered in March 2024 at Paul Phillips Hall in Victoria.

photo - David Heyman’s Ducks co-stars, right to left, Gloria Snider, Lorene Cammiade, Ryan Kniel and Danielle Greschner — David Heyman’s Ducks co-stars, right to left, Gloria Snider, Lorene Cammiade, Ryan Kniel and Danielle Greschner. *(photo from David Heyman)*

Heyman’s play, Ducks, takes place in the aftermath of an incident in which 1,600 ducks flew into an oilsands tailings pond in northern Alberta and died – a true event that caused international criticism of the provincial government. Years later, the oil company that owned and operated the pond was fined and the government promised tighter restrictions; however, the damage to Alberta’s reputation was significant.

The fictionalized theatrical story centres on a government communications director who has 20 minutes to retrieve an embarrassing, career-ending invitation erroneously sent out in his name before the media or public find out about it.

“I was communications manager for the premier of Alberta at the time [of the real-life incident] and, although I was not involved in managing the issue … I was able to observe the crisis-management efforts from up close,” Heyman said.

“The characters and events in the play are entirely made up but are informed by my inside knowledge of how communications offices work, and how the media deal with such situations,” he said. “Before joining the Alberta Premier’s Office, I was a political reporter at the Calgary Herald for many years. Many people who work in governments in Alberta and BC have told me that the play feels authentic, which was my goal.”

When Ducks premiered at the Victoria One-Act Play Festival in 2023, it won the prize for outstanding original script. When it was performed at the 2024 Edmonton Fringe Festival, five of eight shows sold out and the play received stellar reviews. The play has also been performed at the Nanaimo Fringe Festival and in Tofino.

Heading into the Victoria Fringe, Heyman said, “We’ve got a top-notch cast, a great director and a great stage manager this year. The rehearsals are going very well and I’m confident it will be a hit.”

Heyman is the show’s producer and, joining him in mounting the Fringe show are Ryan Kniel, Lorene Cammiade, Gloria Snider and Danielle Greschner (cast), Francis G. Matheu (director), Andrea Gregg (stage manager) and Sarah Heyman (associate producer).

David Heyman has written an as-yet-unperformed sequel, Rhymes with Ducks, that he hopes to put on at next year’s festival. “The sequel is designed also to be a second (and final) act, and perhaps one day both will be performed as a single show,” he said.

For the Fringe, Shade Apparel is at Victoria Conservatory of Music’s Wood Hall, while Ducks is at James Bay United Church. Both plays are 45 minutes long. For tickets and more information, visit victoriafringe.com.

Sam Margolis has written for the Globe and Mail, the National Post, UPI and MSNBC.

Tag: David Heyman

Bull, bear or bubble?