The Globe and Mail reports in its Wednesday edition that stocks carried the day for Canadian investors once again in 2025, with domestic equities providing total returns of about 30 per cent. In a Globe special, Jamie Sturgeon writes that worldwide returns were similarly robust, as markets brushed aside tariff risks and embraced artificial intelligence. Most money managers remain constructive on equities, despite continuing valuation risk, market concentration and policy uncertainty. Although U.S. stocks are expensive, Kathryn Del Greco, investment adviser with Del Greco Wealth Management at TD Wealth Private Investment Advice in Toronto, does not view them as too stretched when looking through the prism of earnings momentum and U.S. policy tailwinds. Corporate tax relief, deregulation and a gradually easing rate environment all support current multiples, she says. "Valuations are and can continue to be supported," Ms. Del Greco says, adding that lower policy rates have historically expanded price-to-earnings ratios. Investors cannot fully insulate themselves from the AI theme, she says, which could reshape earnings across sectors. "This could actually be the J-curve of AI this year," she adds.