Plus: the startups fighting wildfires June 9, 2025 Sign Up | View online IN THIS ISSUE 8 min read 🎮 Switch sales 📉 Tesla trouble 💼 Hiring help Nintendo hopes to sell 20 million Switch 2s by the end of the year. And so far it doesn’t seem worried about hitting that ambitious goal. | Getty Images Worried, perplexed, confused, or just bored? We want to hear from you! Send us a voice memo with your most pressing macro or micro money questions. You can leave a voicemail for us at 226-444-2833 or send a voice memo to tldrpodcast@wealthsimple.com. Thanks! Now, on to the newsletter. —The Editors THE WEEK IN MARKETS A victory lap for the doomers (finally) Let’s take a break from the U.S. amusement-park ride (the Trump chaos, the rebounding markets, etc.) and talk about another major story this year: the quiet rise of the rest of the world, and Canada in particular. The TSX is up more than 6% this year, which is more than twice the return of the S&P 500; in fact, if you consider the exchange rate, you’d actually be down more than 2% had you invested Canadian dollars in the S&P 500 at the start of the year. Markets in Europe, Japan, and the UK are all outperforming the U.S. for the first time in years. The chatter among the investor class and the headlines in the financial press are all about the rise of the “ABUSA” trade (as in, “Anyone but the USA”) and “the end of U.S. exceptionalism.” And contrarian investors who have long been bearish on the U.S. are taking a victory lap. But is the U.S. really over (for now anyway)? Or are we just witnessing the natural cooling of an overheated U.S. market? The doomers have been waiting 15 years for this moment. Now the U.S. just needs to underperform for another 15 years for them to be right. THE CHART OF THE WEEK WHAT HAPPENED LAST WEEK IMPORTANT Meet the startups fighting back against record wildfires. It’s that time of year again. And so far, wildfires in Manitoba have already burned three times more land in one month than the province’s full-year average. But the situation isn’t hopeless. BetaKit compiled a list of innovative Canadian startups that are fighting back. Two examples: Yukon’s ALPHA-EL, which is building early-fire-detection systems, and B.C.’s FireSwarm Solutions, which uses modular drones to deliver water to remote areas. It’s like Mr. Rogers said: “Always look for the helpers.” The Big Beautiful Bill may contain a small Canadian tax hike. The U.S. Senate is considering new legislation called the One, Big Beautiful Bill (yes, seriously) that would increase taxes for foreign investors on some U.S. stock profits and dividends. There have been some inflammatory headlines about the proposal, but it’s pretty standard for countries to tax foreign investment profits. Canada and the U.S., in fact, already have a treaty that sets the tax rate on assets in tax-advantaged accounts (like TFSAs and RRSPs) at 15% and non-registered accounts at 30%. If the OBBB passes — and it might not in its current form — the rate on non-registered assets would increase by 5% per year until it hits 50%. But U.S. companies on average pay only about 1% in dividends (buybacks are more popular), so in most Canadian portfolios, the tax hike would likely only amount to a few extra cents for every $100 invested. INTERESTING The Trump-Musk bromance is over. And as entertaining as the fallout has been, let’s not overlook that it has also been expensive. Tesla stock shed more than US$150 billion in market value, the largest drop by any major company in the world this year. And when two people break up, their friends often share in the pain: Bitcoin and the $TRUMP memecoin, which traders viewed as buoyed by their relationship, also took post-split hits. Nintendo is already acting like the Switch sequel is a smash hit. And it needs it to be: 93% to 95% of Nintendo’s revenue comes from video games. The company has found giant success in the past by leveraging its unique IP (aka Super Mario Bros.) to keep fans locked into its console ecosystem. The original Switch is the third-highest-selling console ever, behind the PS2 and Nintendo DS; Nintendo has moved more than 150 million units since 2017. The Switch 2 debuted last week, and so far its C$630 price tag (plus $115 games) doesn’t seem to be deterring buyers. Nintendo aims to sell 20 million units this year, and the company signalled its confidence that it will by shipping “out of stock” signs to retailers before the Switch 2 even went on sale. Investors, sharing in the optimism, have pushed up Nintendo shares 41% YTD. —Sarah Rieger FROM OUR SPONSOR THE FOMO INDEX by Stacey Woods IMPORTANT 📖 Study finds Gen Z parents don’t like reading to their kids. Too triggered by all the big words. Source 🌌 Mysterious space object is signalling Earth every 44 minutes. Scientists say it probably just needs a new 9-volt battery. Source 🔬 Scientists create an edible plastic alternative. Chefs say it’ll go great with the microplastics you’re already eating. Source 🛒 Costco hoping to avoid tariffs by sourcing more Kirkland products within Canada. Peanut-butter-filled pretzels to become lumber-and-uranium-filled pretzels. Source CRASH & BURN TO THE MOON 🅿️ Scores of unsold Cybertrucks are piling up in a Michigan parking lot. Pet rocks, mood rings, DeLoreans give them a warm welcome. Source 💕 Tinder adds a height filter. Randy Newman confirms, “Short people got no reason to swipe.” Source 🥛 Xbox Canada introduces Xbox milk pitcher to keep gamers hydrated. Will look great next to the Xbox butter churn. Source 💰 Lethbridge man wins lottery for fourth time. Can finally quit his stressful lottery-playing job. Source WHO CARES THE BIG IMPORTANT STORY CAREER How to Actually Land a Job in 2025 Canada’s job market isn’t doing so hot. The unemployment rate has risen to 7%, according to data out last week. But the data alone doesn’t capture the soul-sucking frustration of looking for work in the age of Indeed and LinkedIn. A while back, we asked TLDR podcast listeners to share their recent job-hunting experiences. And what we heard over and over is how disheartening it is to apply for hundreds of online postings and rarely hear anything. Does submitting a résumé online work for anyone? And if not, what does work in 2025? We asked Vancouver career coach Elena Giorgetti. Tip #1: Log off. According to Giorgetti, less than 2% of online applications lead to a position. So, sure, apply to an Indeed or LinkedIn posting if one catches your eye — but the best thing you can do for yourself is chill out with the online applications. The most effective use of your time, she says, is something that will send a chill up any introvert’s spine: networking IRL. Go to industry events or set up coffee dates with people at companies you’re interested in working for. And while you’re meeting people, there are three things you can do: Be clear about what you’re looking for. People can’t help you unless you’re specific about what you want and what you can offer. Ask what they’re struggling with. Maybe they need some freelance help or they’re looking for someone with a specific skill that you happen to possess. The best way to be memorable is to prove you’re useful. Follow up. Whether it’s to thank someone for a book recommendation or to simply check in, make sure you stay in touch! The more genuine and less transactional, the more likely the relationship will actually benefit you both down the road. Tip #2: Stop fussing with your résumé. Giorgetti says people tend to waste time obsessing over their résumé. Unless you’re in a design-centred field, that good ol’ Harvard résumé template will do just fine — choosing the perfect font is time that could be better spent executing Tip #1. Tip #3: Tell a clear story. All the ways you’re presenting yourself during a job hunt — résumé, cover letter, cold calls, social-media posts — should tell a cohesive story about your strengths and skills as a worker. Giorgetti says that ideally the message you send to prospective employers is less “I need a job, hire me” than “I’m an up-and-coming cheddar expert who can bring my flavour palate to the table as your local cheesemonger.” (Hey, dream big.) Also, you’d be wise to include keywords from individual job descriptions in your résumé and cover letter to get around those pesky AI screening systems. Tip #4: A job isn’t the only positive outcome. Locking down a great job will likely take time. You might need to upgrade your skills and learn about an industry you’re trying to get a foothold in. Along the way, it’s important to remember that “every single step is a step forward,” says Giorgetti. An interview that doesn’t turn into a job right now could result in a new connection that pays off in a few years. —Sarah Rieger OTHER VERY GOOD READS ⛏️ The U.S. Needs Minerals and Water. Guess Who Has Them? It’s worth questioning the motivation behind U.S. threats. | The Walrus 🏀 Game Over Inside former Toronto Raptor Jontay Porter’s sports betting scandal. | Toronto Life ✈️ Amelia Earhart’s Reckless Final Flight Did the aviator’s press-hungry husband push her too far? | The New Yorker* *Article is paywalled, which, yeah, is kind of annoying. But we think good journalism is worth paying for. THE WISDOM OF SOCIAL No matter what you think of Elon or Trump, you can’t deny there was good memeage… THOUGHTS ON TODAY’S ISSUE? Love it Good So so This week’s newsletter contributors: Ben Mathis-Lilley (writer), Devin Gordon (writer), Stacey Woods (writer), Sarah Rieger (news writer), Ambrose Martos (fact checker), Ciara Rickard (copy editor), Maude Campbell (copy editor), Sara Black McCulloch (fact checker), Mohini Tailor (lifecycle marketing manager), Eva Grace Clement Cruz (editorial producer), Matthew Karasz (markets editor) Jared Sullivan (senior editor), Peter Martin (senior editor), and Devin Friedman (editor-in-chief). Disclosures: Contributors to this newsletter own shares in Microsoft. Wealthsimple Media Inc. 80 Spadina Ave Suite 400 Toronto, ON, M5V 2J4 VIEW IN BROWSER PRIVACY POLICY UNSUBSCRIBE TLDR is offered by Wealthsimple Media Inc. and is for informational purposes only. Any views expressed are those of the individual author and/or of Wealthsimple Media Inc., not of Wealthsimple Financial Corp or any of its other subsidiaries or affiliates. 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