Tom Czitron

Tom Czitron is a former portfolio manager with more than four decades of investment experience, particularly in fixed income and asset mix strategy. He is a former lead manager of Royal Bank’s main bond fund.

The Regime Has Changed. Investors Haven’t Noticed.

In the late 1960s and early 1970s, the United States entered a period that bears uncomfortable similarities to ...

Viewpoints June 5, 2026
Canada’s Productivity Crisis Is a Structural Failure That Has Been Building for a Decade

Commentary Here is a sobering number: Canada’s real GDP per capita fell 2.0 percent over the five years ...

Viewpoints May 17, 2026
Why It’s Time to Rethink Bonds as Markets Near New Highs

Commentary Bonds are often taken for granted by investors. In fairness, bonds tend to underperform stocks over the ...

Viewpoints January 2, 2026
Inflation Will Eat Your Bond Returns If You’re Not Ready

While bonds are less volatile than stocks, commodities, or cryptocurrencies, they are not without risk.

Viewpoints December 9, 2025
Why the Yield Curve Still Matters, Even When It’s Wrong

Understanding the yield curve is crucial for investors.

Viewpoints December 2, 2025
Why Bonds Affect Everything

Government bond yields are crucial to understand, since they are the benchmarks for other interest rate instruments.

Viewpoints November 25, 2025
The Hidden Cost of Safe Bets: Why Bonds Often Fall Short

Inflation is the enemy of the bondholder—and the long-term friend of the issuer.

Viewpoints November 18, 2025
Bonds in the Headlines: What You Need to Know

The fact that bonds don’t get much media coverage doesn’t mean that they aren’t vitally important.

Viewpoints November 12, 2025
Transforming Gaza Into a Global Financial Hub

Commentary The Trump-Netanyahu meeting on Feb. 4 sent shock waves throughout the world. President Trump announced a plan ...

Viewpoints February 6, 2025
Fundamental Changes Are Needed to Reinvigorate Canada’s Economy

Commentary The Bank of Canada lowered its key interest rate by 0.5 percentage points to 3.25 percent on ...

Viewpoints December 11, 2024
Upcoming Interest Rate Cut Won’t Address the Economic Headwinds Facing Canada

Commentary The Bank of Canada will announce its decision on its key interest rate on Dec. 11. The ...

Viewpoints December 8, 2024
Global Market Turmoil: Canadian Investors Brace for Economic Storm

Commentary Following sharp declines on Wall Street and amid uncertainty surrounding the global economy, Asian markets crashed on ...

Viewpoints August 5, 2024
Interest Compounding: Is It Your Friend or Your Enemy?

In his essay “Advice to a Young Tradesman” printed in 1748, Benjamin Franklin said: “Remember that Money is ...

Personal Finance July 23, 2024
Laffer Curve: Higher Taxes Don’t Necessarily Mean Increased Government Revenues

Commentary In the early 1980s, I had the privilege of meeting and speaking with American economist Arthur Laffer ...

Viewpoints June 24, 2024
Private Credit Investing Is the Current ‘Big Thing,’ but Caution Is Advised

Commentary Public pension, endowment funds, and individual investors are always interested in the next “big thing,” a new ...

Viewpoints June 16, 2024
Bank of Canada Rate Cut Was Needed, but It Won’t Offset Anti-Growth Fiscal Policy

Commentary The Bank of Canada's quarter-point cut in its policy rate, from 5 percent to 4.75 percent, likely ...

Viewpoints June 5, 2024
Canada’s Immigration Conundrum: Economic Boon or Bust?

Commentary Immigration is a hot topic lately. Until recently, anyone questioning the “immigration is good for the economy” ...

Viewpoints May 1, 2024
Time Has Proven Gold Unpredictable, but That Doesn’t Mean It Should Be Avoided as an Investment

Commentary Gold fever is back. I have seen this mania many times in the five decades I have ...

Viewpoints April 26, 2024
Canada Has All the Symptoms of an Economy in Decline

Commentary Unemployment figures are considered by serious economists and market watchers to be a lagging indicator. But all ...

Viewpoints April 12, 2024
Ontario Budget Forecasts Deficit Tripling to $9.8 Billion

Ontario's budget is forecasting a deficit of $9.8 billion in 2024–25, more than three times the $3 billion ...

Canada March 26, 2024
Renting vs. Buying: What’s the Best Choice for Canadians?

Commentary Canadians seem overwhelmed by the state of the economy in general and housing costs in particular. Rents ...

Viewpoints March 19, 2024
Is Canada in a Recession?

Commentary A technical recession has traditionally been defined as two consecutive quarters of negative real GDP growth. This ...

Viewpoints December 4, 2023
Financial Struggles, Disillusionment: Immigrant Discontent Growing in Canada

Commentary In June, I ruptured my Achilles tendon. That necessitated me going to the local hospital for check-ups ...

Viewpoints November 24, 2023
What the Liberals’ Fall Economic Statement Does and Doesn’t Deliver

Commentary Finance Minister Chrystia Freeland released the fall economic update on Nov. 21. In normal times, this would ...

Viewpoints November 21, 2023
Increased Government Spending Hasn’t Resulted in a Better Life for Canadians

Commentary Many Canadians, especially among those who were born here or have been here for decades, are asking ...

Viewpoints November 6, 2023
Canadian Inflation Surges to 4 Percent: Economic Concerns Loom

Commentary Canada's Consumer Price Index rose to 4 percent annualized to the end of August from 3.3 percent ...

Viewpoints September 19, 2023
Canada’s Rising Rents: Challenges and Controversies in Housing Policy

Commentary Rents in Canada have increased over the last few years and already financially stressed individuals and families ...

Viewpoints September 19, 2023