Matthew Lekushoff |


Unlike August's typical placid demeanour, last week saw unexpected volatility-----  instigated by an unlikely source. Although it has the world's 18th largest GDP, Turkey usually doesn't garner many financial headlines. However, the country is experiencing some significant issues as of late.

Newly re-elected President Erdogan has moved to restrict democratic institutions in an attempt to consolidate power, while many also question his economic policies. The situation is turning into an economic crisis with the Turkish stock market 25% lower on the year and an inflation rate of 15.9% as of July.

Matters worsened last week when Donald Trump announced he was doubling tariffs on Turkish steel and aluminum. Global markets are affected because, among others, French, Spanish and Italian banks have considerable exposure to Turkish debt. Should the Turkish economy implode, these debts may not be re-paid, leading to instability in the EU. There is also concern that confidence in the already battered emerging markets may be reduced.

As a result, most global markets, with the exception of the U.S., are lower than two weeks ago, but are rallying back this week.


The Golden House  by Salman Rushdie: I don't read as much fiction as I'd like, but when I do, it's generally on the lighter side and for pure enjoyment. The Golden House does not fit that mould. I re-read at least 50 passages to figure out how the devil Rushdie made them work. As a skilled wordsmith, he seamlessly integrates cultural references, such as, Paul Simon lyrics, classic movie plots, graphic novel characters, and mythology to make a point or move the story forward. I'm fairly certain more than half the references went over my head. I found reading The Golden House hard work, but I'm glad I did it.
These 20 Pictures Will Teach You More Than Reading 100 Books  by Benjamin Hardy: Blasphemous title aside, this is one of the best articles I've read on strategies to improve life.
The Real Value of Money  by Mark Manson: Living in a capitalist society where social signalling and status games are prevalent, it's often easy to forget why money is important. This blog post attempts to help us remember.
NBA star Andre Iguodala on why this Buffett biography is 'the best business book'  by Courtney Connley: Professional athletes are not known for emphasizing the importance of investing wisely. But, when they do, I'm happy to share their words.

The Generalized Specialist: How Shakespeare, Da Vinci, and Kepler Excelled  by Farnam Street: Some of the greatest minds in history became what they are because they took a multidisciplinary approach. Sometimes focusing your education (formal, professional and personal) narrowly on one field will yield better financial results, but more times than not, the multidisciplinary strategy is the way to go.
Most Valuable U.S. Companies Over 100 Years  by Visual Capitalist: It's commonly assumed that big companies keep getting bigger. A quick look at this infographic illustrates how wrong that notion usually is.


"You're more likely to act yourself into feeling, than feeling yourself into action."
- Jerome Bruner

"Generalist animals (including humans) can be less efficient, yet they are less fragile amidst change. If you can't adapt, changes become threats instead of opportunities."
- Shane Parrish
"Money is inherently neutral. It's merely a vessel for the exchange of experience between two people. You make your money by creating experiences for others. You then give your money to others to receive experiences in return. Even when you buy some material good like a sports car or a diamond necklace, you're not just buying the physical goods, you're buying the experience of driving that car or wearing that necklace. You're buying the experience of power, speed, or social status that's associated with it. You're buying that ornament to your identity, that knowledge of what owning and using it feels like and whether it makes you happy or not. Arguably most of the value of any purchase is not monetary."
- Mark Manson
"True wealth occurs when the way we spend our money is not simply compensating for how we earn it. Wealth occurs when the way we earn money and the way we spend money are aligned with one another - when our money is earned through a positive experience and spent on other positive experiences." 
- Mark Manson

  • The newest Blue Jay 23-year-old Billy McKinney made his mark last night with his first big-league home run in the fifth inning of an 8-2 win against the Baltimore Orioles Tuesday night! In keeping with a new (ish) tradition, the dugout gave him the old silent treatment...

Matthew Lekushoff

This provides links to other Internet sites for the convenience of users. Raymond James Ltd. is not responsible for the availability or content of these external sites, nor does Raymond James Ltd endorse, warrant or guarantee the products, services or information described or offered at these other Internet sites. Users cannot assume that the external sites will abide by the same Privacy Policy which Raymond James Ltd adheres to.  The views of the author do not necessarily reflect those of Raymond James. This article is for information only. Raymond James Ltd. Member-Canadian Investor Protection Fund.