Matthew Lekushoff |

Most global markets and commodities have been trading lower than when our last newsletter came out two weeks ago, with the one notable exception being energy prices and the companies that produce it. 

Over the last two weeks, light and Brent crude have increased over 7% and 8%, respectively. This rise is likely due to a number of factors, including: the impending loss of supply of Iranian production because of U.S. sanctions, the U.S. confirming it will not use its strategic oil reserves to compensate for lost Iranian production, and OPEC and non-OPEC countries, such as Russia, indicating they lack the ability to increase production to alleviate future shortfalls.

If U.S. oil production hadn't reached a production record of 11.1 million barrels per day last week, one would assume prices would have risen even higher.


Many people, myself included, doubted a deal would be struck by the end of September, but we were wrong. On Sunday night, the U.S., Mexico, and Canada  settled on a new trade agreement referred to as the USMCA (the United States-Mexico-Canada Agreement).
Although the agreement is worse for Canada than NAFTA, at this point, it's about as good of a deal as we could have gotten.   Regardless of its inferiority, it's still better to have closed the deal than be left without a trade agreement.


Mastery  by Robert Greene: I have an unofficial list of books I wish I could have read in my 20s. Mastery is now on it! It is the best manual, if you will, I've seen on how to develop from absolute beginner to elite in any field. Part of what makes the book special is it recognizes numerous paths and strategies can be taken on the road towards mastery, and it walks the reader through each, providing tangible examples. Mastery wasn't an easy read-----  it's dense and heavy in parts, but the stories are well chosen and make remembering the important points easier. When the time comes to pick up a new skill, Mastery will be regularly referenced.
Carol Dweck: A Summary of The Two Mindsets  by Farnam Street: Carol Dewck's work on mindset has rightly become influential in discussions around personal development. This summary of the two mindsets she discusses, fixed and growth, is a nice introduction and will give you something to ponder.
How You Know  by Paul Graham: "For example, reading and experience are usually 'compiled' at the time they happen, using the state of your brain at that time. The same book would get compiled differently at different points in your life. Which means it is very much worth reading important books multiple times."
China economy FAQ  by Sakunthala: A short but good article on some aspects of the Chinese economy.
Naval is a Honeypot for First Principle Thinkers by Thiyagarajan Maruthavan: The CEO and founder of AngelList, Naval Ravikant is smart. Really smart. This link is an extensive collection of some of his thoughts on a variety of subjects.
Who Is Nassim Taleb? Antifragile Thinking for a Fat-Tailed World  by Farnam Street: Calling Nassim Taleb is abrasive is like saying body-builders like to lift weights. He's not everyone's cup of tea. Temperament aside, Taleb is an important thinker who has made connections between areas few before him have even considered. This will give you a nice introduction to him and his work.
Mobius Says It's a Great Time to Buy Emerging Markets  by Bloomberg:  Emerging markets (EMs) have had a rough 2018. Legendary EM investor Mark Mobius thinks they provide good value at these prices.
The Spectrum of Financial Dependence and Independence   by Morgan Housel:   We all want money for different reasons. Some of us are content with getting by day to day, while others want enough money to own properties and travel around the world. In this article, Morgan Housel breaks down what he feels are the 16 levels of affluence, from complete financial dependence to full financial independence. Find out where you are and, perhaps more importantly, where you would like to be.
Infographic of Maps Sized by Population  by Visual Capitalist: The map of the world looks very different when countries are sized by population...particularly Canada.


"Some 2,600 years ago the ancient Greek poet Pindar wrote, "Become who you are by learning who you are." What he meant is the following: You are born with a particular makeup and tendencies that mark you as a piece of fate. It is who you are to the core. Some people never become who they are; they stop trusting in themselves; they conform to the tastes of others, and they end up wearing a mask that hides their true nature. If you allow yourself to learn who you really are by paying attention to that voice and force within you, then you can become what you were fated to become-an individual, a Master." - Robert Greene, Mastery
"It is never wise to purposefully do without the benefits of having a mentor in your life. You will waste valuable time in finding and shaping what you need to know. But sometimes you have no choice. There is simply no one around who can fill the role, and you re left to your own devices. in such a case, you must make a virtue of necessity." - Robert Greene
"The brain of a Master is so richly interconnected that I comes to resemble the physical world, and becomes a vibrant ecosystem in which all forms of thinking associate and connect. This growing similarity between the brain and complex life itself represents the ultimate return to reality." - Robert Greene
"Genius too does nothing but learn first how to lay bricks then how to build, and continually seek for material and continually form itself around it. Every activity of man is amazingly complicated, not only that of the genius: but none is a 'miracle.'" - Friedrich Nietzsche

  • On the road to the playoffs? It might be too soon to tell, but the Toronto Maple Leafs kicked off a highly anticipated season with a 3-2 win over the Montreal Canadiens!

Matthew Lekushoff

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