The Speed of Change
[Demo Dovolos, TD Senior Investment Advisor]
(Valuable advice about investing with emphasis on being patient, taking a broader look and becoming better informed about your investments.)
Six minutes: that’s the time the median individual investor spends researching a stock Before purchasing it online, according to a recent Wall Street Journal article.
It’s no wonder the average holding period for a stock has dropped from around eight years in the 1950s to roughly five months today.: Technology continues to accelerate the speed at which we access. process and react to information—likely encouraging impulsive investor behaviour. Consider, for instance. that for every 100-millisecond improvement in load time, Amazon reportedly sees a one percent boost in revenue.’
Given this unsettling context. It’s perhaps not surprising that equity markets moved with such rapid speed after April’s “Liberation Day”:
S&P 500 Large Moves After Liberation Day, April 2025
Apr. 2 -4.84% Apr. 9 -3.46% Apr. 20 -2.36%
Apr_ 3 -5.97% Apr. 10 +1.81% Apr. 21 +2.51%
Apr. 8 +9.52% Apr. 15 -224% Apr. 23 +2.03%
Indeed. investor sentiment can quickly shift. While it’s never easy to see portfolio values under pressure, a well-constructed investment pion with carefully selected holdings is designed to navigate short-term volatility. Through rigorous research and disciplined investment management. this approach helps us to remain committed to — and confident in — the longer-term growth potential.
This rapid change has not only been seen in the markets, but also in broader global shifts, driven by the volatile—and, at times. seemingly impulsive—policy stances of the U.S. administration. Are we entering a new era of structural transformation and global realignment?
While the breadth and global reach of the tariffs announced on Liberation Day took markets by surprise, observers remain divided on the consequences. Some suggest heightened recessionary risks, while others believe that unfolding policy responses will help avert a significant slowdown. After all, these are self-imposed measures that continue to evolve.
What’s clearer is that the shift in U.S. trade policy has accelerated a move away from globalization toward a more –multipolar” world. where nations are increasingly focused on self-sufficiency and national security. This pivot may challenge the longstanding role of the U.S. as the dominant superpower. During April’s volatility, a sharp selloff in U.S. Treasurys.
Raised concerns̶̶particularly as China, which holds about one-sixth of all foreign-owned U.S. Treasurys. has been increasing its gold reserves. At the same time, subdued demand for the U.S. dollar ̶ ̶ once the default safe haven—has raised questions about its future as the global reserve currency.
As tariff policies continue to remain in flux, the economic effects may become more apparent in the months ahead. Yet, periods of disruption are a recurring feature of modern capital markets. Markets have long demonstrated the ability to adapt and progress over time. In a world where headlines can move markets in minutes. resisting the impulse to react emotionally is important. Above all, patience, perspective and participation continue to serve investors well.
