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🎙️ On the first Canadian Securities Exchange podcast of 2026, host James Black is joined by Thomas S. Caldwell, Chairman of Urbana Corporation and Caldwell Securities Ltd., for a wide-ranging and candid conversation on the economic, political, and market forces shaping the year ahead. The discussion explores Canada’s economic outlook amid growing geopolitical uncertainty, U.S. influence on global markets, and the structural challenges facing Canadian capital formation. Caldwell shares his perspective on why Canada’s stock market strength remains disconnected from its real economy, the critical role of resources and financial institutions, and what governments and regulators must do to restore competitiveness, confidence, and growth. James and Tom also dig into the importance of public capital markets in supporting entrepreneurship, middle-class participation, and economic stability—contrasting Canada’s approach with the U.S. model and highlighting why exchanges like the CSE remain vital conduits between ideas and capital. The conversation touches on AI, volatility, interest rates, passive investing, and why disciplined stock picking still matters in an ETF-dominated world. 💬 “There’s money in the madness.” — Thomas S. Caldwell Whether you’re an investor, issuer, entrepreneur, or market participant, this episode offers a sharp, unfiltered outlook on 2026—and a reminder that volatility, while uncomfortable, is often where opportunity is created. #AlwaysInvested #CSEPodcast #CapitalMarkets #EconomicOutlook #PublicMarkets #Entrepreneurship #Investing #CanadaMarkets #GlobalEconomy