Karen Friar , Brett LoGiurato and Laura Bratton of Yahoo Finance report the Dow, S&P 500, Nasdaq rise as Oracle, Nvidia lead AI trade resurgence:

US stocks rose on Friday after snapping a recent losing streak, as signs of cooling inflation and waning AI worries buoyed Wall Street optimism toward the tail end of a topsy-turvy week.

The S&P 500 (^GSPC) put on 0.8% and the Nasdaq Composite (^IXIC) gained over 1.3%, building on Thursday's roaring rally. The Dow Jones Industrial Average (^DJI) climbed 0.3%.

With the late-week rebound, the S&P 500 and Nasdaq booked weekly wins, rising 0.1% and 0.4%, respectively, in the last full week of trading in 2025 as Wall Street tries for a "Santa Claus rally" to end the year. The Dow fell 0.6% on the week.

On the tech front, Oracle (ORCL) stock jumped after China's ByteDance signed deals to create a US TikTok joint venture, including the company, which has had a turbulent week. Faith in the AI trade got another boost from Nvidia (NVDA), whose shares popped on a Reuters report that the US is reviewing prospects for sales of its H200 chips in China.

Meanwhile, nine pharmaceuticals struck deals with the Trump administration on Friday to lower drug prices for some Americans in exchange for a three-year tariff exemption on their products.

Investors got through a catch-up week for economic data with next year's rate-cut hopes intact, having embraced the outcome of this week's delayed November reports on jobs and consumer inflation despite warnings over their reliability.

A rosier inflation picture, combined with a weakening job market, has reignited hopes that the Federal Reserve will continue its recent string of easing.

A plurality of traders are still betting on two cuts next year but have shifted more bets in recent days toward more cuts. Friday will bring a final picture of consumer sentiment from the University of Michigan, after the firm's initial December survey found the key measure increasing for the first time in five months.

Meanwhile, the benchmark 10-year Treasury yield (^TNX) rose to hit 4.15% as bond markets across the world absorbed the Bank of Japan's hike in interest rates to the highest level since 1995.

US stock markets will be open as scheduled on Dec. 24 and Dec. 26, the NYSE and Nasdaq said, after President Trump ordered the federal government to close on those days.  

CoreWeave stock surges 23%, recovering from recent losses

CoreWeave (CRWV) stock soared 23%, rebounding from last week's punishing losses, as Citi analysts resumed coverage of the stock and OpenAI (OPAI.PVT) set its sights on a $100 billion fundraising round.

Citi reinstated coverage of CoreWeave with an adjusted price target of $135, down from its previous target of $192, but noted that the company is staring down "overwhelming" demand.

Also fueling CoreWeave's stock on Friday was a Wall Street Journal report that OpenAI is seeking to raise up to $100 billion, which would value the company at as high as $830 billion. 

CoreWeave and OpenAI have been closely tied together since the two AI companies agreed to a $11.9 billion partnership that has since expanded to a contract value of up to $22.4 billion. Under the agreement, CoreWeave's AI computing data centers will power the training of its next-generation models.

In recent months, investors have grown more skeptical about OpenAI's high-priced dealmaking, leading to volatility in stocks like CoreWeave. Excluding Friday's gains, CoreWeave stock had been pacing for a 13% decline on the week as AI valuation concerns surfaced. 

Cruise stocks gain as Carnival CEO says demand is proving resilient

Carnival's (CCL) strong 2026 guidance was the tide that lifted all cruise stocks on Friday.

Carnival stock surged 10%, while Norwegian Cruise Lines (NCLH) rose 7% and Royal Caribbean (RCL) gained about 2%. 

Even as sentiment in the US has soured this year, Carnival's quarterly results showed that consumers continue to spend on cruises.

"Demand for our cruise lines is proving far more resilient than traditional macro indicators would suggest," Carnival CEO Josh Weinstein said on the company's earnings call. Weinstein noted that Carnival is already about two-thirds booked for next year at historically high prices for North America and Europe.

For next year, Carnival expects adjusted net income to grow approximately 12% year over year on less than 1% capacity growth. The company expects full-year adjusted diluted earnings per share of $2.48, ahead of Wall Street's estimates.  

Nike's challenges drag down footwear stocks

Nike (NKE) stock fell 11% during Friday's session, dragging other footwear stocks lower.

Shares of Deckers Outdoor (DECK), the maker of Hoka sneakers, dropped 1.1%, while shares of On Running (ONON) rose by 02% and Crocs (CROX) fell 0.2%. Dick's Sporting Goods (DKS), which sells Nike sneakers and apparel directly and recently acquired Foot Locker, were up by 1%. 

Nike earnings and revenue beat Wall Street estimates for its fiscal second quarter, but profits declined as the athletic apparel company faces dual headwinds from tariffs and China.

On the company's earnings call, CEO Elliott Hill said Nike is in the "middle innings of our comeback."

"We highlighted last quarter that it will take more time to return to healthy growth in Greater China and Converse, and we expect headwinds to continue for the balance of the fiscal year," Nike CFO Matthew Friend said on the call. "As we highlighted last quarter, we are also navigating new structural headwinds from the $1.5 billion of annualized incremental product costs due to higher US tariffs." 

Gold, silver hover near record highs as precious metal rally advances

Gold (GC=F) and silver (SI=F) traded near record highs on Friday as the metals are on pace to close out a stellar year.

Gold futures inched up 0.4% to hover around $4,380 per ounce, while silver futures jumped 3% to trade above $67 per ounce.

Expectations of looser monetary policy and a weaker dollar have buoyed precious metal prices this year.

Gold is up more than 60% year-to-date, while silver has rallied 125%. 

Sean Conlon and Pia Singh of CNBC also report the S&P 500 posts back-to-back gains Friday as AI trade makes a comeback: 

U.S. stocks rose on Friday, lifted by Oracle , as the artificial intelligence trade regained its footing after experiencing volatility.

The Nasdaq Composite gained 1.31%, closing at 23,307.62. The S&P 500 climbed 0.88% to end at 6,834.50, while the Dow Jones Industrial Average advanced 183.04 points, or 0.38% and settled at 48,134.89. It was the second winning day in a row for all three indexes.

Oracle shares were up 6.6% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

The jump marks a turnaround for the stock, which came under pressure this week after a report revealed that the cloud infrastructure company lost a key backer of one of its data center projects over worries about the company’s debt and AI spending levels. That dragged down other stocks linked to AI, including Broadcom and Advanced Micro Devices.

Elsewhere, shares of AI chip darling Nvidia rose about 4% after Reuters, citing sources familiar with the matter, reported that the Trump administration is reviewing the prospect of the company selling its advanced AI chips to China. Earlier this month, President Donald Trump said that he will allow Nvidia to ship its H200 AI chips to “approved customers” in the country.

Additionally, Micron Technology shares extended their gains from the previous session, rising around 7%. The stock surged 10% on Thursday after the company gave robust guidance for revenues in the current quarter, providing reassurance to investors after recent sessions were swamped with jitters over the AI trade.

“The kind of onslaught of issuance from some of the hyperscalers, some of the AI trades, could weigh on markets into 2026,” Tom Garretson, senior portfolio strategist at RBC Wealth Management, said to CNBC. “But again, these are kind of some of the best-rated companies in terms of credit qualities. They obviously have the capacity to ramp up debt to finance some of this stuff.”

“We’re still counting on some of the capex spend kind of supporting a broader or probably better growth backdrop,” he also said.

This comes after the S&P 500 and the Dow both snapped their four-day losing streaks in the previous session. With Friday’s moves, the broad-based index eked out a 0.1% gain, while the Nasdaq advanced 0.5%. The Dow, however, slipped 0.7%.

Nike was among the day’s losers, as shares slid 10.5% after the sports apparel giant saw revenue in its Greater China market decline during the fiscal second quarter. The company is also feeling the pain of tariff increases, noting a hit to its gross margins due to the levies. 

And Scott Lehtonen, Ken Shreve and Vidya Ramakrishnan of Investors Business Daily also report the Nasdaq is up with Nvidia among the reinvigorated tech names:

Market action remained strong through Friday's close, with buyers coming into tech stocks for the second straight session as options expired. The week, marked by volatile trading on Wednesday, ended with the Dow Jones Industrial Average higher and trimming its weekly loss to less than 1%. Wall Street's other major stock indexes logged gains for the week. Meanwhile, news from the White House moved a few pharmaceutical names on the stock market today, while Palantir (PLTR) was a notable mover as shares broke out of a base.

Nvidia (NVDA), Boeing (BA), Cisco Systems (CSCO), and Goldman Sachs (GS) were top Dow leaders Friday, capping the final full trading week of 2025.

The Dow rose 0.4% on Friday, and the Nasdaq ended at session highs, up 1.3%. The tech-concentrated index reclaimed its 50-day moving average — a technical win on the stock market today. The S&P 500 rose 0.9%. The small-cap Russell 2000 picked up 0.8%.

The Nasdaq's weekly gain was 0.5%. The S&P 500 managed to edge up 0.1% for the week.

Among blue chips, Nvidia surged nearly 4% while Boeing gained 3%. Cisco followed with a nearly 2% rise, as did Goldman. On the downside, however, Nike (NKE) tumbled 11% on following a mixed earnings report.

Options expired at the close on Friday, which typically leads to higher volume at the closing bell. But volume ran higher than average throughout Friday's trading day on both the Nasdaq and the New York Stock Exchange compared with Thursday. Advancing stocks barely outnumbered decliners on the NYSE while winners beat losers by more than 3 to 2 on the Nasdaq.

The yield on the benchmark 10-year Treasury note rose 4 basis points to 4.15%. In commodities, Comex gold futures notched a settlement high of $4,361.40. West Texas Intermediate futures rose 0.5% to change hands at $56.65 a barrel.

Biotech Spikes On $4.8 Billion Deal; Trump Inks Pricing Pacts

BioMarin Pharmaceutical (BMRN) soared nearly 19% after the company announced that it was acquiring Amicus Therapeutics (FOLD) for $4.8 billion or $14.50 per share in an all-cash deal.

Both companies develop treatments for rare diseases. Shares of Amicus vaulted more than 30%.

Elsewhere, pharmaceutical stocks rose after President Donald Trump announced additional deals with nine drugmakers to lower drug prices on Friday.

The latest cohort includes Dow component Amgen (AMGN) and Bristol Myers Squibb (BMY), according to CNBC reports. Amgen and Bristol Myers Squibb shares rose more than 1%. 

Alright, it was a busy week in the stock market where tech stock started off weak again but the cooler than expected inflation report on Thursday morning following President Trump's address to the nation Wednesday evening propelled tech shares higher at the end of the week.

Just to give you an idea of what happened, CoreWeave shares hit a low of $67 on Tuesday and closed today at $83. 

The company joined the US Energy Deptartment’s Genesis Mission, an initiative that aims to harness advanced AI computing to accelerate scientific breakthroughs, enhance national security, and promote energy innovation.

The stock has been decimated over the past six months, down 51%, so it was due for a big bounce on any positive news:

Notice it popped right above its 20-day exponential moving average and needs to continue grinding up or else it risks falling again in a downtrend.

A Trump brokered deal with Tik Tok helped shares of Oracle close just shy of $193 on Friday, well off its Tuesday low of $177 but that stock remains in a downtrend:

Shares of Nvidia jumped back over $180 to close at $181, right at its 20-day exponential moving average:

Again, to sustain upward momentum, the share price needs to move well above this level or else it's headed lower.

Generally speaking, a lot of the AI stocks that got clobbered early on in the week came back strong on Thursday and Friday but are still in a downtrend.

That includes names like Vertiv (VRT) and GE Vernova (GEV), both of which ended up flat to slightly down this week.

Anyways, here are the best performing US large cap stocks this week (full list here):

 

And here are the worst performing US large cap stocks this week (full list here):

And as always, have a look at which stocks are making new highs/ lows to gauge strength and weakness by looking at the full list here.

Wish everyone a nice weekend and happy holidays, enjoy your time off with family.

Below, Tony Pasquariello, Goldman Sachs head of hedge fund client coverage, joins 'Closing Bell' to discuss how investors should position their portfolio in 2026.

Also, Dan Ives, Wedbush Securities, joins 'Closing Bell' to discuss why 2026 will be an inflection point for tech, what isn't known about the Microsoft story and much more.

Third, The Investment Committee debate whether the overall AI story is still intact (from Thursday).

Lastly, CNBC’s “Closing Bell Overtime” team discusses why the biotech recovery may continue into 2026 with Salveen Richter, lead U.S. biotech analyst at Goldman Sachs Research. 

I love biotech, see so many great opportunities here, expecting more good news next year. 

Nicolas Van Praet of the Globe and Mail reports WSP Global to buy TRC Companies in continued push to build capability

Canadian engineering firm WSP Global Inc. is bulking up once again, announcing a deal to buy U.S. power and energy service consultancy TRC Companies as it continues a relentless drive to build capability and consolidate the industry.

WSP will pay US$3.3-billion in cash for TRC and take on its 8,000 employees, becoming the largest engineering and design firm by revenue in the United States when the transaction closes, the Montreal-based company said in a statement Monday. TRC, based in Windsor, Conn., is currently owned by funds managed by private equity firm Warburg Pincus LLC.

The transaction is expected to be completed in the first quarter of 2026.

“Joining forces will position our business for accelerated organic growth and create an integrated platform with industry-leading capabilities in advisory, engineering, and program management,” WSP chief executive officer Alexandre L’Heureux said in a statement. “Together, we are poised to deliver more complex projects and offer expanded end-to-end services to help solve our clients’ critical needs, from aging infrastructure to grid modernization and electrification.”

The acquisition is the latest in a wave of deals by WSP, as Mr. L’Heureux reshapes what was once a boutique engineering business into a company with a global reputation. Barely six months ago, WSP struck an agreement to take over British transport and energy firm Ricardo PLC and in October, 2024, finalized a deal to buy U.S. energy specialist Power Engineers for US$1.8-billion.

WSP said it expects the purchase to be accretive to its adjusted net earnings per share by a low- to mid-single percentage to start, with benefits climbing once cost savings are achieved. The company said adding TRC will drive scale across several strategic high-growth areas, including bolstering its digital offering.

WSP will sell stock to help fund the deal and take on new debt. It will raise at least $850-million in the share sale, including $732-million in a bought deal public offering run by a banking syndicate led by CIBC Capital Markets.

The company has also struck a private placement agreement with the Caisse de dépôt et placement du Québec for proceeds of about $118-million. The pension fund, which is already WSP’s single biggest shareholder, would increase its stake to about 14 per cent with the transaction.

TRC began in 1969 as The Research Corporation of New England, a meteorological and air quality analysis firm. Today, its work includes designing automation systems for energy company Avangrid Inc., and advising Eversource Energy, an electric utility, on the development of a utility-scale battery energy storage system for Cape Cod, Mass.

WSP is benefiting from several major trends in its business. Governments in the United States and other Western countries plan to invest billions of dollars in infrastructure over the next few years, tapping the kind of expertise WSP has sharpened over time. Those same countries are also trying to figure out how to decarbonize their economies in part through renewable energy, electricity system revamps and other projects – and WSP is booking that type of work as well.

The company, perhaps best known for its transportation projects and superskinny skyscrapers, recently won the largest contract in its history. WSP will provide its expertise for Britain’s Great Grid Upgrade, the biggest overhaul of the electricity network in England and Wales in decades.

The Environment Journal also reports WSP to super charge energy services with TRC acquisition for $4.5B:

Montreal-based WSP Global Inc., one of the world’s leading professional service firms, has agreed to acquire TRC Companies, a U.S.-based engineering and construction firm.

The proposed acquisition, for a total cash purchase price of US$3.3 billion (approximately $4.5 billion based on the current exchange rate), marks a significant step on WSP’s journey to achieve its 2025-2027 Global Strategic Action Plan. The proposed acquisition will position WSP as the largest engineering and design firm in the U.S., supercharging its power and energy offering and enhancing its capabilities across the water, infrastructure, and environment sectors.

Based in Windsor, Connecticut, TRC has been a pioneer in adaptability and innovation for more than 55 years. TRC has established itself as a leader and recognized strategic advisor in the engineering and consulting industry, maintaining relationships with blue-chip utilities. Its team of approximately 8,000 employees offers an integrated approach that delivers long-term value for clients facing complex infrastructure and energy challenges.

The proposed Acquisition complements WSP’s offering in attractive market sectors, will expand its client relationships, and enhance its capabilities throughout the project lifecycle, notably with a portfolio of advisory practices tailored to utilities and program management expertise. It will also create potential cross-selling opportunities across power engineering, environmental solutions, and advisory services. At the same time, TRC will bring a shared commitment to innovation and operational excellence, with investments in digital solutions and a highly skilled workforce—further amplifying WSP’s ability to deliver integrated, future-forward solutions.

“The proposed Acquisition of TRC is a defining moment in the execution of WSP’s 2025-2027 Strategic Plan. Building on our track record of excellence and compounding financial performance, this strategic move will cement WSP as the Power & Energy consulting leader in the U.S. and globally. Joining forces will position our business for accelerated organic growth and create an integrated platform with industry-leading capabilities in advisory, engineering, and program management,” stated Alexandre L’Heureux, President and Chief Executive Officer of WSP.

“With TRC’s highly complementary expertise in power delivery, transmission, distribution, and advisory services, our combined offering will cover the entire utility and infrastructure value chain. Together, we are poised to deliver more complex projects and offer expanded end-to-end services to help solve our clients’ critical needs, from aging infrastructure to grid modernization and electrification.”

Also commenting on the acquisition, Christopher P. Vincze, Chairman and Chief Executive Officer of TRC, said: “The joining of our two firms will create significant and exciting opportunities for our people, our clients and the communities in which we live and work. With TRC’s innovative, technology-oriented power business, underscored by an advanced use of digital, we will significantly strengthen WSP’s Power & Energy offering. Additionally, TRC’s globally recognized Environmental & Infrastructure business, which is the seed from which TRC grew, will enhance WSP’s capabilities across Water, Infrastructure and Environment. Our combined skill sets will elevate us to better support, over the next decade and beyond, our people and planet as we face unprecedented growth of power needs on the back of ongoing electrification, the re-emergence of domestic manufacturing in the U.S. and the continued growth of infrastructure.”

Reflecting on their investment, Kim Thomassin, Executive Vice President and Head of Québec at La Caisse said: “With this investment, La Caisse once again demonstrates its ongoing commitment to WSP, helping to position the company as a leader in engineering and design in the United States and globally, while accelerating the development of its Energy offering, a sector with strong potential. This transaction is at the core of our strategy to support the international expansion of companies firmly rooted in Québec and to give them the means to achieve sustainable growth.”

The deal is expected to close in Q1 2026 pending regulatory approvals.  

On Monday, La Caisse issued WSP's press release on its website:

• Milestone transaction: Welcoming a U.S. premier Power & Energy brand of approximately 8,000 people to create the #1 Power & Energy platform in the U.S.1 for a total cash purchase price of US$3.3 billion.
• Highly accretive: Expected to be low- to mid-single digit percentage accretive to WSP’s adjusted net earnings per share  and high-single digit percentage accretive once cost synergies are fully realized2,3.
• Highly complementary: Expands our offering in the Power & Energy sector and provides potential cross-selling opportunities similar to our POWER Engineers experience.
• Drives scale across strategic high-growth areas fuelled by strong fundamentals:
  • Grows Advisory capabilities
  • Expands Program Management expertise
  • Adds to Digital offering with innovative solutions
  • Enhances service offering across Water, Infrastructure and Environment
• Elevates leading position in the U.S.: Combined with TRC, WSP will become the largest engineering and design firm in the U.S. by revenue4, with approximately 27,000 employees.
• Provides further diversification: 34% of U.S. net revenues to be derived from the Power & Energy sector5.
• Accelerates WSP’s organic growth rate profile globally: Approximately two-thirds of WSP’s global net revenues to be derived from Canada and the Americas, and approximately 20% from Power & Energy—a double-digit organic growth rate sector6.
• Fully aligned with WSP’s 2025-2027 Global Strategic Action Plan: Pioneering change for empowered growth.
• Equity Offering: ~$850 million equity offering composed of $732 million bought deal and approximately $118 million concurrent private placement with La Caisse.

WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”), one of the world’s leading professional services firms, proudly announces it has entered into an agreement to acquire TRC Companies (“TRC”), a premier U.S. Power & Energy brand delivering end-to-end solutions that support the full infrastructure lifecycle (the “Acquisition”), currently majority-owned by funds managed by Warburg Pincus LLC. The proposed Acquisition, for a total cash purchase price of US$3.3 billion (approximately $4.5 billion based on the exchange rate of $1.3762 USD/CAD as of December 15, 2025), marks a significant step on WSP’s journey to achieve its 2025-2027 Global Strategic Action Plan. The proposed Acquisition will position WSP as the largest engineering and design firm in the U.S., supercharging its Power & Energy offering and enhancing its capabilities across Water, Infrastructure, and Environment.

Based in Windsor, Connecticut, TRC has been a pioneer in adaptability and innovation for more than 55 years. TRC has established itself as a leader and recognized strategic advisor in the engineering and consulting industry, maintaining deep, long-term relationships with blue-chip utilities. Its team of approximately 8,000 employees offers an integrated approach that delivers long-term value for clients facing complex infrastructure and energy challenges.

The proposed Acquisition complements WSP’s offering in attractive market sectors, will expand its client relationships, and enhance its capabilities throughout the project lifecycle, notably with a portfolio of advisory practices tailored to utilities and program management expertise. It will also create potential cross-selling opportunities across power engineering, environmental solutions, and advisory services. At the same time, TRC will bring a shared commitment to innovation and operational excellence, with investments in digital solutions and a highly skilled workforce—further amplifying WSP’s ability to deliver integrated, future-forward solutions.

“The proposed Acquisition of TRC is a defining moment in the execution of WSP’s 2025-2027 Strategic Plan. Building on our track record of excellence and compounding financial performance, this strategic move will cement WSP as the Power & Energy consulting leader in the U.S. and globally. Joining forces will position our business for accelerated organic growth and create an integrated platform with industry-leading capabilities in advisory, engineering, and program management. With TRC's highly complementary expertise in power delivery, transmission, distribution, and advisory services, our combined offering will cover the entire utility and infrastructure value chain. Together, we are poised to deliver more complex projects and offer expanded end-to-end services to help solve our clients’ critical needs, from aging infrastructure to grid modernization and electrification,” commented Alexandre L’Heureux, President and Chief Executive Officer of WSP.

Also commenting on the Acquisition, Christopher P. Vincze, Chairman and Chief Executive Officer of TRC, said: “The joining of our two firms will create significant and exciting opportunities for our people, our clients and the communities in which we live and work. With TRC’s innovative, technology-oriented power business, underscored by an advanced use of digital, we will significantly strengthen WSP’s Power & Energy offering. Additionally, TRC’s globally recognized Environmental & Infrastructure business, which is the seed from which TRC grew, will enhance WSP’s capabilities across Water, Infrastructure and Environment. Our combined skill sets will elevate us to better support, over the next decade and beyond, our people and planet as we face unprecedented growth of power needs on the back of ongoing electrification, the re-emergence of domestic manufacturing in the U.S. and the continued growth of infrastructure. We were an early pioneer in the utility sector and continue to be a trusted thought partner, working to create, implement and manage complex strategies and programs to meet the country’s power needs. TRC’s people continue to be passionate about making the world a better place, and this next chapter will allow us to come together with WSP in a very exciting way to further that goal.”

Reflecting on their investment, Kim Thomassin, Executive Vice President and Head of Québec at La Caisse said: “With this investment, La Caisse once again demonstrates its ongoing commitment to WSP, helping to position the company as a leader in engineering and design in the United States and globally, while accelerating the development of its Energy offering, a sector with strong potential. This transaction is at the core of our strategy to support the international expansion of companies firmly rooted in Québec and to give them the means to achieve sustainable growth.”

FINANCIAL HIGHLIGHTS

• Proposed Acquisition of TRC for a total cash purchase price of US$3.3 billion (approximately $4.5 billion based on the exchange rate of $1.3762 USD/CAD as of December 15, 2025).
• Acquisition price represents 14.5x TRC’s Pre-IFRS 16 CY2026E Adjusted EBITDA  pre-synergies and 12.5x after including run-rate synergies.  (TRC’s Pre-IFRS 16 Adjusted EBITDA and earnings before net interest and income tax for the financial year ended June 30, 2025 were approximately US$192.3 million ($268.5 million) and US$87.5 million ($122.1 million), respectively).
• Expected to be low-to-mid single-digit percentage accretive to WSP’s adjusted net earnings per share before synergies. WSP expects 2027 Accretion (as defined below) to be high single-digit percentage accretive once cost synergies are fully realized (WSP’s basic net earnings per share attributable to shareholders and adjusted net earnings per share were $5.40 and $8.05 respectively, for the financial year ended December 31, 2024).2,9
• Expected cost synergies to exceed 3% of TRC’s net revenues for the financial year ended June 30, 20257, plus potential cross-selling revenue synergy opportunities in alignment with our POWER Engineers experience (TRC's net revenues and revenues for the financial year ended June 30, 2025 were approximately US$1,192.2 million and US$1,498.9 million, respectively).8
• Transaction to be financed with US$3.3 billion of Committed Acquisition Financing (as defined below).
• Estimated pro forma Net Debt to Adjusted EBITDA ratio6 of ~2.4x upon closing of the Acquisition with the expectation to return to below 2.0x within 12 months6 (WSP's net debt to adjusted EBITDA ratio for the trailing twelve-month period ended September 27, 2025 was 1.4x and adjusted EBITDA and earnings before net financing expense and income taxes for the same period were approximately $2,501.4 million and $1,481.0 million, respectively).
• Equity raise of approximately $850 million: $732 million bought deal public offering and approximately $118 million private placement of common shares of WSP (“Common Shares”) expected to close on or about December 22, 2025, with a corresponding reduction of the amounts drawn from the Committed Acquisition Financing. WSP may also opportunistically access debt capital markets to repay a further portion of the Committed Acquisition Financing should market conditions be favourable.

Take the time to read full press release here as it's long.  

So, La Caisse struck a private placement agreement with WSP for $118-million to help it acquire TRC, a recognized power and energy leader and strategic advisor in the engineering and consulting industry, maintaining relationships with blue-chip utilities.

With this private placement, La Caisse which is already WSP’s single biggest shareholder, will increase its stake to about 14%.

It's fair to say WSP is one of the biggest and best investments in La Caisse's massive Quebec portfolio.

Led by CEO Alexandre L’Heureux, WSP is Quebec's most prolific acquirer, making a series of strategic acquisitions to cement its position as a Canadian and now global leader. 

This acquisition of TRC Companies is by far its biggest acquisition, it's highly complementary and catapults WSP into a leading global advisory and engineering firm, helping them expand end-to-end services to address their clients’ critical needs, from aging infrastructure to grid modernization and electrification.

It will also create potential cross-selling opportunities across power engineering, environmental solutions, and advisory services. 

Just a smart strategy for an engineering powerhouse and I'm certain the merger will benefit WSP, TRC, its clients and its investors over the long run.

Over the past 5 years, shares of WSP have doubled and while they will need to sell shares and raise debt to make this acquisition happen, I'm quite confident this will remain a great long-term investment:

Having La Caisse as a backer helps but the company has delivered on its strategic plan and investors have rewarded it. 

Lastly, Kim Thomassin, Executive Vice President and Head of Québec at La Caisse posted something on LinkedIn going over how her team once again helped deliver the organization's dual mandate over the past year (I translated it on LinkedIn for my readers):

Take the time to go over the post here as it's interactive and contains key highlights.

Let me also take the time to wish Kim and the entire team at La Caisse happy holidays and much success in the new year. 

Below, Alexandre J. L'Heureux, CEO of WSP Global, joins BNN Bloomberg to discuss the company's acquisition of TRC Companies. Take the time to listen to this interview, he's excellent and explains very well why this is a great acquisition for the company.

"There's a lot of work (in the electrical area) and we expect a lot of work over the next decade."  

If Congress allows the enhanced Affordable Care Act (ACA) premium tax credits to expire, millions of working families will lose health care coverage while millions of others will face sharply higher premiums. With four Republicans breaking ranks to vote with Democrats and force a House vote on whether to extend the credits, Congress now has a chance to avert this crisis. Losing the tax credits would be an added blow for households already squeezed by rising costs and tight budgets. But a deeper story emerges when we look at who stands to lose the most. A forthcoming analysis from the Economic Policy Institute and Groundwork Collaborative finds that Black Americans in some of the nation’s largest metropolitan areas would face deep coverage losses and financial harm if credits expire.1

This analysis was produced in partnership with Groundwork Collaborative.

More than 170,000 Black adults in 10 major metro areas would lose health care coverage in 2026 if the ACA credits expire, with the largest losses in Atlanta, Houston, Dallas, and Miami. Losing insurance wipes away a basic source of security for working families and reverses gains made under the ACA, which disproportionately reduced uninsured rates for Black adults​​—narrowing longstanding racial coverage gaps. 

Our analysis shows that coverage loss is only the first shock. Families who lose insurance and families who remain covered both face significant new burdens, and the costs are substantial across the 10 metropolitan areas.

• Allowing the ACA credits to expire would lead to more than 200 preventable Black deaths each year. These deaths stem directly from the loss of affordable coverage and reduced access to timely care. 
• Black families would pay $740 million more in annual premium costs. Black families who are able to keep their health insurance would be squeezed by higher health care costs, further straining already tight household budgets.
• Local economies in major metros with large Black populations would lose more than $1.9 billion each year. Atlanta, Houston, and Dallas metros would lose the most economic activity as federal subsidies disappear and household spending contracts because families must redirect more of their income toward higher premiums and away from spending on local goods and services. 

Table 1

Allowing the ACA premium tax credits to expire would make it harder for U.S. families to access health care, worsen an ongoing affordability crisis, and negatively impact local economies. These shocks would be felt acutely by Black workers and their families because they reflect longstanding structural inequities that influence who has access to affordable health care. Black workers are less likely to hold jobs that provide employer-provided health insurance, more likely to live in states that did not expand Medicaid, and more likely to skip or delay medical care due to costs. Moreover, ending the tax credits would reduce economic activity and lower productivity in the cities where Black families live.

The pursuit of equity in this moment requires us to hold fast to the gains we have made thus far, both to limit the suffering of as many U.S. families as possible and to help us build toward further progress. Acting to extend the ACA premium tax credits until such a time that health costs can be significantly reduced is smart, responsible, and race-conscious economic and public health policy.

Note

1. Pre-Trump economic conditions were examined in these 10 metro areas in EPI’s “A tale of 10 cities” report, which discusses various threats imposed by the Trump administration’s historic rollback of federal, civil, and workers’ rights protections. The underlying methodology combines Census microdata, federal Marketplace enrollment data, and state-level projections of coverage loss. The forthcoming report will provide complete technical details.

Don Wilcox of Real Estate News Exchange reports CPP Investments forges $3B logistics JV with Dream Industrial:

CPP Investments is forging a joint venture to acquire up to $3 billion in Canadian last-mile industrial properties with Dream Industrial REIT (DIR-UN-T) and Dream Asset Management Corp., the firms announced Wednesday.

The venture is to have an equity allocation of $1.1 billion and be seeded with an $805-million portfolio of 12 properties from Dream Industrial. The seed properties comprise approximately 3.6 million square feet of space in four major markets, following the investment thesis for the venture.

“The Canadian industrial sector continues to demonstrate resilient demand and meaningful long-term growth drivers, supported by a structurally high need for well-located space as supply chains and logistics continue to evolve,” said Sophie van Oosterom, managing director, head of real estate at CPP Investments, in its announcement.

“By partnering with Dream, a leading institutional asset manager and operating platform, we can efficiently scale our exposure in the Canadian market to capture this growth and drive long-term value for the benefit of CPP contributors and beneficiaries.”

Properties in the seed portfolio comprise a total of 27 buildings in the Greater Toronto Area, Montreal, Calgary, and London, Ont. 

CPP invests $1 billion in the JV

CPP Investments is supplying approximately $1 billion of the capital and will own 90 per cent of the venture, with approximately $100 million from Dream Industrial. This will allow for the expected acquisition of approximately $3 billion of industrial assets including leverage.

The venture will seek properties in Canada’s major markets “offering excellent connectivity to population clusters and arterial transport routes.” It intends to pursue a value-add strategy acquiring assets with material existing vacancy, near-term lease-rollover, larger capital investments, intensification and redevelopment opportunities.

Dream subsidiaries will be the asset manager, and provide property management and leasing services.

“We are excited to partner with CPP Investments to continue to expand our presence in the Canadian industrial market,” said Alex Sannikov, chief executive officer of Dream Industrial, in the release. “This new joint venture is highly complementary to the strategic direction of Dream Industrial and our existing private capital partnerships. We look forward to growing this partnership with CPP Investments.”

The industrial market has been one of Canada's most robust commercial real estate investment sectors in recent years, and although absorption has slowed somewhat over the past few quarters, well-located and modern facilities have continued to lease up and perform well. 

This also offers CPP Investments another major Canadian venture, as pressure has mounted on institutional investors to further support home-grown business in the wake of increased cross-border trade tensions and tariffs with the U.S.

Partnership to lift Dream above $30B in AUM

In its own release, Dream noted average in-place and committed base rent for properties in the initial portfolio was approximately $11 per square foot as at the end of Q3, with a weighted average lease term of approximately three years.

The properties will be sold into the venture unencumbered, in two tranches during the first six months of 2026.

“This new venture with one of the largest and most respected institutional investors globally is a testament to the strength of our platform, our reputation in the sector, and our asset and property management capabilities,” Dream’s founder and chief responsible officer Michael Cooper said in the announcement. 

“With this partnership, we expect to surpass $30 billion of assets under management and increase our growth rate as we continue to build out our institutional asset management business.”

The partners were advised by TD Securities, RBC Capital Markets, Colliers Capital Markets and CBRE. Stikeman Elliott LLP and King & Spalding LLP provided legal advice.

This is not Dream's first major partnership, including within the industrial sector where it is also involved in the Dream Summit Industrial LP, with Singapore's sovereign wealth manager GIC. 

Also in the release, Dream Industrial announced the suspension of its dividend reinvestment program, opting to pay all distributions in cash.

About CPP Investments, Dream Industrial and Dream

CPP Investments manages the Canada Pension Plan Fund for over 22 million contributors and beneficiaries. It invests globally in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. 

Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. As of Sept. 30, the fund totalled $777.5 billion.

Dream Industrial is an owner, manager, and operator of a global portfolio, with interests in 340 industrial assets (552 buildings) totalling approximately 73.2 million square feet of gross leasable area in markets across Canada, Europe and the U.S.

Dream Asset Management is the institutional asset management arm of Dream Unlimited Corp. (DRM-T), providing investment and asset management services to its publicly listed trusts and institutional partners. As of Sept. 30, Dream managed $28 billion of assets across four TSX-listed entities, private funds and numerous private partnerships.

Dream provides real estate development, management, investment and operational services across North America and Europe.

Greg Dool of PERE also reports CPP Investments seeds Canadian industrial JV with $727m commitment:

The Canada Pension Plan Investment Board has committed C$1 billion ($727 million; €618 million) to seed a joint venture focused on acquiring last-mile industrial assets across its home country.

Canada’s largest institutional real estate investor is partnering in the venture with Toronto-listed Dream Industrial Real Estate Investment Trust and its private investment arm, Dream Asset Management, the firms said Wednesday. Dream Industrial is committing an additional C$100 million of its own to the JV, which will have approximately C$3 billion in buying power with leverage.

Coinciding with the launch, Dream Industrial has agreed to sell a 12-asset, 3.6 million-square-foot portfolio spanning Alberta, Ontario and Quebec to the venture from its balance sheet for C$805 million. By square footage, those assets represented about 17.5 percent of Dream Industrial’s overall REIT portfolio as of September 30.

In a Wednesday statement to shareholders viewed by PERE, Dream Industrial called that price “a significant premium” relative to the current value of its shares on the Toronto Stock Exchange. The REIT’s shares closed at C$12.19 on Tuesday evening, the day before the deal was announced, whereas the net asset value of its portfolio stood at C$16.74 per unit as of September 30. According to Dream Industrial, the JV’s C$805 purchase price values the seed assets “slightly above” the current NAV for that portion of the portfolio, representing a premium of more than 37 percent compared with its share price.

By square footage, 37 percent of the seed portfolio is in the Greater Toronto area and another 36 percent in Montreal, with the rest located in Calgary and London, Ontario. The transaction is expected to close in the first half of 2026.

CPP will own 90 percent of the venture, while Dream Industrial will hold the other 10 percent and act as property manager for its existing and future assets. Dream Asset Management will serve as the JV’s asset manager.

Sophie van Oosterom, managing director and head of real estate for CPP, emphasized “resilient demand and meaningful long-term growth drivers” for logistics and supply chain-oriented Canadian industrial property. By partnering with Dream, which is both an asset manager and operating platform, CPP can “efficiently scale our exposure in the Canadian [industrial] market to capture this growth,” she said in the statement.

CPP managed C$777.5 billion of assets globally as of September 30, with approximately 6.8 percent of that portfolio in private real estate as of March 31, the most recent data available for allocations by asset class. As head of real estate since joining CPP at the start of 2025, van Oosterom has sought to adopt a more risk-on approach in which the asset class contributes more to the fund’s total returns, which she portrayed as a change in strategy from the prior two decades, during which the asset class was primarily a source of diversification and protection against volatility.

Describing this shift last month at the PERE America Forum in New York, van Oosterom said CPP would be open to investing with new partners, particularly for opportunities in “very operational and specialized strategies.”

“We need to look around the corner as well and say, which entrepreneurs are out there that we can back or support to grow those portfolios into the institutionalized platforms that we think we can create value in,” she said.

Earlier today, CPP Investments issued this press release on its $3 billion joint venture with Dream Industrial REIT and Dream Asset Management:

Transaction Highlights  

• CPP Investments, Dream Industrial and Dream Asset Management Corporation form new Canadian industrial Joint Venture, with $1.1 billion of allocated equity capital
• The Joint Venture is expected to have approximately $3 billion of acquisition capacity, including leverage, and will target last-mile industrial assets in major Canadian markets
• The Joint Venture has agreed to acquire a 3.6 million square foot Initial Portfolio from Dream Industrial REIT for over $800 million

Toronto, Ontario, December 17, 2025 — Canada Pension Plan Investment Board (“CPP Investments”), Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) (“Dream Industrial”), and Dream Asset Management Corporation (“Dream”) (collectively, the “Partners”) today announced the formation of a joint venture (the “Joint Venture”) to acquire last-mile industrial properties in major markets across Canada.

The Partners have allocated $1.1 billion of equity capital, including $1.0 billion from CPP Investments (90%) and $0.1 billion from Dream Industrial (10%), allowing for the expected acquisition of approximately $3.0 billion of industrial assets strategically located in Canada’s major markets, offering excellent connectivity to population clusters and arterial transport routes.

A subsidiary of Dream will be the asset manager for the Joint Venture and a subsidiary of Dream Industrial will provide property management and leasing services.

As part of this Joint Venture, the Partners have agreed to acquire a portfolio of 12 Canadian industrial assets totaling 3.6 million square feet across Ontario, Quebec, and Alberta (the “Initial Portfolio”) from Dream Industrial. The Joint Venture is acquiring the Initial Portfolio for a purchase price of $805 million.

“The Canadian industrial sector continues to demonstrate resilient demand and meaningful long-term growth drivers, supported by a structurally high need for well-located space as supply chains and logistics continue to evolve,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “By partnering with Dream, a leading institutional asset manager and operating platform, we can efficiently scale our exposure in the Canadian market to capture this growth and drive long-term value for the benefit of CPP contributors and beneficiaries.”

“We are excited to partner with CPP Investments to continue to expand our presence in the Canadian industrial market,” said Alex Sannikov, Chief Executive Officer of Dream Industrial REIT. “This new Joint Venture is highly complementary to the strategic direction of Dream Industrial and our existing private capital partnerships. We look forward to growing this partnership with CPP Investments.”

“This new venture with one of the largest and most respected institutional investors globally is a testament to the strength of our platform, our reputation in the sector, and our asset and property management capabilities,” said Michael Cooper, founder and Chief Responsible Officer of Dream. “With this partnership, we expect to surpass $30 billion of assets under management and increase our growth rate as we continue to build out our institutional asset management business.”

The Partners were advised by TD Securities, RBC Capital Markets, Colliers Capital Markets and CBRE. Stikeman Elliot LLP and King & Spalding LLP provided legal advice in connection with establishing the Joint Venture.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totaled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments. 

About Dream Industrial Real Estate Investment Trust

Dream Industrial is an owner, manager, and operator of a global portfolio of well-located industrial properties. As at September 30, 2025, Dream Industrial has an interest in and manages a portfolio comprising 340 industrial assets (552 buildings) totaling approximately 73.2 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial’s objective is to deliver strong total returns to its unitholders through secure distributions and growth in net asset value and cash flow per unit, underpinned by its high-quality portfolio and investment-grade balance sheet. Dream Industrial is an unincorporated, open-ended real estate investment trust. For more information, please visit www.dreamindustrialreit.ca.

About Dream Asset Management Corporation

Dream Asset Management is the institutional asset management arm of Dream Unlimited Corp. (TSX: DRM) (“Dream Unlimited”) providing investment and asset management services to its publicly listed trusts and institutional partners. As at September 30, 2025, Dream manages $28 billion of assets across four Toronto Stock Exchange (“TSX”) listed entities, private funds and numerous private partnerships. Dream is a leading provider of real estate development, management, investment, and operational services across North America and Europe. For more information, please visit www.dream.ca.

This is a major transaction for CPP Investments, Dream Industrial REIT and Dream Asset Management Corporation.

I've never heard of Dream Industrial REIT but I'm not a big follower of REITs in general.

Looking at Dream's website however, you can't help but be impressed and this is the second joint venture for them with a major institutional partner having partnered up with GIC and Summit on another venture two years ago.

Recall, Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments was hired a little over a year ago from Schroders Capital to take over the organization's massive real estate portfolio.

Her focus is on partnerships that offer unique strategies or that are best-in-class at areas they cover and this joint venture fits that criteria.

As she states in the press release:

“By partnering with Dream, a leading institutional asset manager and operating platform, we can efficiently scale our exposure in the Canadian market to capture this growth and drive long-term value for the benefit of CPP contributors and beneficiaries.” 

Dream's Canadian logistics properties are mostly in Toronto, Montreal and Calgary and even though logistics properties are fully valued, these are prized assets that CPP Investments can hold for many years without taking any currency risk (since they're right there in Canada). 

Clearly they did their due diligence on Dream and were impressed or else they wouldn't commit $1 billion equity, $3 billion in total to this JV.

Are there risks? Sure, the Canadian economy is teetering on a recession despite what you see in the data from Stats Canada (don't get me started) but these are assets they will hold through a few cycles so I'm not worried about that.

Canada's population is growing and more people will end up buying more stuff so these logistics properties will always be in high demand. 

Below, Alexander Sannikov, CEO of Dream Industrial REIT joins BNN Bloomberg to discuss the industrial real estate landscape. He says while rents are cheaper in Europe there is still room to run (interview from May 2024, listen to his comments on Canada).

Last month, U.S. Senator Bill Cassidy (R-La.) unveiled a package of four bills that he described as advancing President Trump’s purported “pro-worker” agenda. But there is nothing in the legislation to address the problems workers face when they try to organize unions at their workplace. In fact, Senator Cassidy’s bills construct new barriers to worker organizing and create new incentives for employers to undermine workers’ rights.

Below, we compare Senator Cassidy’s bills to the Protecting the Right to Organize (PRO) Act, which is comprehensive legislation to reform our nation’s broken labor law system. As you can see, it’s clear which legislation actually helps workers.

Table 1

Survival skills encompass techniques for thriving in challenging environments, detailed in numerous PDF guides. These resources, exceeding 100 files, cover essential knowledge.

PDF documents outline everything from bug-out bag setup to advanced strategies, ensuring preparedness for diverse scenarios, including those mirroring ARK: Survival Evolved.

A comprehensive 101 Survival Skills checklist is available, aiding in long-term self-sufficiency, like establishing farms and preserving food—vital for resilience.

What are Survival Skills?

Survival skills, extensively documented in available PDF resources, represent a compilation of techniques enabling individuals to sustain life in adverse conditions. These skills, exceeding 100 files worth of information, range from basic first aid to complex shelter construction, mirroring challenges found in games like ARK: Survival Evolved.

PDF guides detail methods for procuring food and water, navigating without technology, and building fires—essential for both short-term emergencies and long-term self-reliance. A 101 Survival Skills checklist provides a structured approach to mastering these vital competencies, ensuring preparedness.

Why Learn Survival Skills?

Learning survival skills, as detailed in numerous PDF guides, provides self-reliance and resilience in unpredictable situations. Over 100 files offer knowledge applicable to real-world emergencies, or even immersive experiences like ARK: Survival Evolved, fostering adaptability.

PDF resources emphasize preparedness for natural disasters, wilderness encounters, or societal disruptions. Mastering these skills—from fire-starting to food preservation—enhances confidence and the ability to overcome adversity. The 101 Survival Skills checklist promotes a proactive mindset, ensuring readiness for any challenge.

Essential Survival Kit & Gear

PDF guides detail crucial gear for survival, including “bug-out bag” essentials. These resources, exceeding 100 files, outline tools and equipment for self-sufficiency.

Preparation, mirroring ARK: Survival Evolved needs, involves selecting appropriate tools for shelter building, trapping, and resource procurement—all covered in PDFs.

Bug Out Bag Essentials

PDF resources extensively detail the contents of a vital “bug-out bag,” emphasizing preparedness for rapid evacuation. These guides, numbering over 100, recommend prioritizing essential items for short-term survival, mirroring the resourcefulness demanded in games like ARK: Survival Evolved.

Key components include water purification tools, non-perishable food supplies, first-aid kits, navigation aids (maps and compasses), shelter materials, fire-starting implements, and versatile tools. PDF checklists ensure nothing is overlooked, covering everything from clothing and hygiene items to self-defense tools and communication devices, fostering self-reliance.

Tools for Survival: Making & Using

PDF guides highlight the importance of both carrying pre-made tools and learning to craft them in the wild. These resources, exceeding 100 files, detail methods for creating essential implements from natural materials, echoing the crafting aspects of ARK: Survival Evolved.

Skills covered include flint knapping for creating blades, constructing digging sticks, fashioning containers from bark, and building simple traps. PDF instructions emphasize resourcefulness, teaching how to repurpose found objects and maximize efficiency, fostering self-sufficiency and adaptability in challenging environments.

Navigation & Orientation

PDF survival manuals prioritize the ability to determine location and direction, crucial for avoiding becoming lost. These guides, numbering over 100, detail techniques beyond modern technology, mirroring the exploratory nature of games like ARK: Survival Evolved.

Essential skills include utilizing natural navigation cues – sun, stars, and terrain features – alongside map reading and compass use. PDF resources emphasize understanding contour lines and declination, ensuring accurate positioning and safe travel, even in unfamiliar landscapes, promoting confident exploration.

Map Reading & Compass Skills

PDF survival guides extensively cover topographic map interpretation, a cornerstone of wilderness navigation. These resources, exceeding 100 files, detail understanding contour lines, symbols, and scales, vital for planning routes and assessing terrain, much like strategizing in ARK: Survival Evolved.

Compass skills, as outlined in these PDFs, include taking bearings, following a course, and triangulating position. Mastering these techniques, alongside map reading, ensures accurate orientation and safe travel, even without GPS, fostering self-reliance and informed decision-making in any environment.

Shelter Building

PDF survival manuals detail constructing both natural shelters and more elaborate constructed shelters. They cover material selection and considerations for protection, mirroring ARK’s base-building.

These guides emphasize adapting to the environment, crucial for long-term survival and resilience, as highlighted in comprehensive checklists.

Natural Shelters

PDF survival guides extensively cover utilizing the environment for immediate protection. These resources detail identifying and adapting existing formations like caves, rock overhangs, and dense vegetation for shelter.

Survival skills PDFs emphasize leveraging natural features to minimize energy expenditure, crucial in emergency situations. They explain how to reinforce these natural structures with available materials – branches, leaves, and mud – for improved insulation and weather resistance.

Understanding microclimates and selecting locations offering natural windbreaks or sun exposure are key skills detailed within these guides, mirroring the strategic base-building found in games like ARK: Survival Evolved.

Constructed Shelters

Survival skills PDF guides dedicate significant sections to building shelters from scratch, vital when natural options are limited. These resources detail various designs – lean-tos, A-frames, and debris huts – outlining material requirements and construction techniques.

PDFs emphasize efficient use of resources, mirroring the crafting aspects of games like ARK: Survival Evolved. They provide step-by-step instructions, including knot tying (detailed elsewhere), for securing structures and maximizing stability.

Considerations for insulation, waterproofing, and camouflage are thoroughly covered, ensuring constructed shelters offer effective protection against the elements and potential threats.

Shelter Materials & Considerations

Survival skills PDF guides meticulously detail suitable shelter materials, prioritizing readily available resources. These include branches, leaves, mud, snow, and even salvaged materials, echoing resourcefulness seen in ARK: Survival Evolved.

PDFs emphasize assessing material properties – insulation value, durability, and water resistance – for optimal shelter construction. Considerations extend to location, avoiding floodplains or unstable ground.

Crucially, guides address camouflage and concealment, vital for security. They also highlight the importance of minimizing environmental impact, promoting sustainable practices during prolonged survival scenarios.

Fire Starting

Survival skills PDF resources detail methods like friction and flint & steel. They emphasize finding and preparing tinder, crucial for ignition, mirroring challenges in ARK.

PDF guides prioritize fire safety and efficient management, vital for warmth, cooking, and signaling—essential survival components.

Fire Starting Methods (Friction, Flint & Steel)

Survival skills PDF guides extensively cover traditional fire-starting techniques. Friction-based methods, like the bow drill and hand drill, demand practice and suitable wood types, detailed in downloadable resources.

Flint and steel, another core skill, requires char cloth for catching sparks, a process thoroughly explained in these PDF documents. Mastering these techniques provides redundancy, crucial when lighters fail.

These resources often include diagrams and step-by-step instructions, mirroring the resourcefulness needed in games like ARK: Survival Evolved, where fire is paramount for defense and sustenance.

Successful implementation relies on understanding wood properties and spark generation, knowledge readily available within these comprehensive PDF guides.

Finding & Preparing Tinder

Survival skills PDF resources emphasize the critical role of tinder in successful fire starting. Natural tinder sources, like birch bark, pine needles, and dry grasses, are detailed with identification guides within these downloadable documents.

Preparation is key; tinder must be finely shredded and completely dry. PDF guides illustrate techniques for processing materials, including creating char cloth from cotton, enhancing its spark-catching ability.

Understanding local flora and fauna for optimal tinder selection is vital, mirroring the resourcefulness needed in survival scenarios. These PDFs often include regional plant lists.

Effective tinder preparation dramatically increases fire-starting success, a skill crucial for warmth, cooking, and signaling, as highlighted in comprehensive survival guides.

Fire Safety & Management

Survival skills PDF guides dedicate significant sections to fire safety, stressing the importance of creating a firebreak – clearing a ten-foot radius around the fire to prevent spread. These resources detail responsible fire management techniques for minimizing environmental impact.

PDF documents emphasize constant supervision, never leaving a fire unattended, and having readily available extinguishing materials like water or sand. They also cover wind direction considerations.

Properly extinguishing a fire is paramount; PDFs instruct on thoroughly dousing embers and stirring ashes to ensure complete extinguishment, preventing wildfires.

Understanding these safety protocols, detailed in downloadable guides, is crucial for responsible wilderness survival, mirroring the careful resource management in games like ARK: Survival Evolved.

Food & Water Procurement

Survival skills PDF guides detail locating water sources and purification methods. They also cover foraging for edible plants, trapping, and fishing—essential for sustenance.

PDF resources emphasize identifying safe plants and constructing effective traps, mirroring resourcefulness needed in survival scenarios.

Water Sources & Purification

Survival skills PDF documents extensively cover identifying potential water sources in diverse environments, ranging from rainfall collection to locating springs and streams. Crucially, these guides emphasize that raw water is rarely safe for consumption.

PDF resources detail multiple purification techniques, including boiling—the simplest method—and constructing improvised filters using charcoal, sand, and gravel. They also discuss chemical purification using iodine or chlorine tablets, outlining proper dosage and safety precautions.

Understanding these methods, as detailed in the PDFs, is paramount for preventing waterborne illnesses and ensuring long-term survival, mirroring the challenges faced in games like ARK: Survival Evolved.

Foraging for Edible Plants

Survival skills PDF guides dedicate significant sections to identifying edible plants, stressing the critical importance of accurate identification to avoid poisonous varieties. These resources often include detailed illustrations and descriptions to aid in plant recognition.

PDF documents emphasize learning regional flora, as edible plants vary drastically by location. They also caution against consuming any plant unless 100% certain of its safety, advocating for the “universal edibility test” as a last resort.

Successfully foraging, as detailed in these PDFs, provides a sustainable food source, vital for long-term survival, much like resource gathering in ARK: Survival Evolved.

Trapping & Snaring Animals

Survival skills PDF resources extensively cover trapping and snaring, outlining various techniques for procuring protein in a wilderness setting. These guides detail constructing snares using readily available materials, emphasizing ethical considerations and legal restrictions regarding trapping.

PDF documents illustrate different trap designs – figure-four traps, snare loops, and deadfalls – explaining their construction and optimal placement for targeting specific animals. They stress the importance of checking traps regularly.

Mastering these skills, as presented in these PDFs, offers a crucial food source, mirroring the hunting aspects found within games like ARK: Survival Evolved.

Fishing Techniques

Survival skills PDF guides dedicate significant sections to fishing, a reliable method for obtaining sustenance. These resources detail constructing improvised fishing gear from natural materials – hooks from bone, lines from plant fibers, and spears from sharpened wood.

PDF documents illustrate various techniques, including line fishing, spear fishing, and building fish traps. They emphasize identifying edible fish species and understanding local fishing regulations.

These PDFs highlight the importance of patience and observation, skills mirroring resourcefulness needed in survival scenarios, even those depicted in games like ARK: Survival Evolved.

Knot Tying for Survival

Survival skills PDF resources emphasize mastering essential knots—Bowline, Square Knot, and Taut-Line Hitch—for shelter building, trapping, and securing gear effectively.

PDF guides detail knot applications in diverse survival scenarios, mirroring the resourcefulness needed in challenging environments.

Essential Knots (Bowline, Square Knot, Taut-Line Hitch)

Survival skills PDF guides consistently highlight three knots as fundamentally crucial: the Bowline, Square Knot, and Taut-Line Hitch. The Bowline creates a secure loop, invaluable for rescue or anchoring. The Square Knot, though simple, is vital for joining ropes – however, it’s crucial to understand its limitations for load-bearing applications.

The Taut-Line Hitch is exceptionally adaptable, allowing for adjustable tension, making it perfect for tent guy lines or creating a secure ridgeline for shelters. Mastering these knots, as detailed in comprehensive PDF resources, provides a foundational skillset for various survival applications, mirroring the practical needs presented in scenarios like ARK: Survival Evolved.

Knot Applications in Survival Scenarios

Survival skills PDF resources emphasize practical knot usage beyond simple tying. The Bowline secures a climbing line or creates a rescue loop. A Square Knot joins shelter poles, though reinforced with caution. The Taut-Line Hitch adjusts tarp tension, crucial for weather protection, and secures a clothesline.

These applications extend to trapping snares, constructing improvised litters, and securing gear. PDF guides detail how knots aid in building shelters, similar to those needed in ARK: Survival Evolved. Understanding these applications transforms theoretical knowledge into life-saving skills, enhancing preparedness in any survival situation.

First Aid & Medical Skills

Survival skills PDF guides detail basic wound care, treating injuries, and improvising medical supplies. These resources are vital for self-reliance in remote settings.

PDF documents cover essential techniques for managing illness and injury, mirroring the challenges faced in survival simulations.

Basic Wound Care

Survival skills PDF resources emphasize immediate action for wound management. Initial steps involve controlling bleeding through direct pressure and elevation, detailed in comprehensive guides.

Cleaning wounds thoroughly with purified water—sourced and treated as outlined in PDF documents—is crucial to prevent infection. Improvised bandages, utilizing clean cloth, are frequently detailed.

PDF guides also cover recognizing infection signs (redness, swelling, pus) and utilizing natural antiseptics when available. Proper wound care significantly increases survival chances, mirroring scenarios in games like ARK: Survival Evolved.

These skills are foundational for self-sufficiency.

Treating Common Injuries & Illnesses

Survival skills PDF guides detail managing common ailments with limited resources. Sprains and fractures require immobilization using splints crafted from available materials, as illustrated in detailed diagrams.

Hypothermia and heatstroke protocols are crucial, emphasizing shelter construction and regulating body temperature—skills frequently highlighted in PDF checklists.

Recognizing and treating dehydration, alongside utilizing foraged plants for medicinal purposes (with caution!), are also covered. These PDF resources prepare individuals for scenarios demanding self-reliance, akin to ARK: Survival Evolved challenges.

Knowledge is paramount for survival;

Improvised Medical Supplies

Survival skills PDF resources emphasize resourcefulness in medical emergencies. Creating bandages from clean cloth, utilizing plantain leaves for wound healing, and fashioning slings from clothing are key techniques.

Charcoal acts as an absorbent for poisoning, while boiled water serves as a sterile cleansing agent—information readily available in comprehensive PDF guides.

These PDF documents detail constructing sutures from natural fibers and utilizing tree resin as an antiseptic, mirroring the self-sufficiency needed in scenarios like ARK: Survival Evolved.

Improvisation is vital when conventional supplies are unavailable.

Long-Term Survival Strategies

Survival skills PDF guides detail sustainable living: soap making, farming, seed collection, and animal husbandry.

These PDF resources emphasize self-reliance, mirroring the extended survival aspects found in games like ARK: Survival Evolved.

Soap Making

Survival skills PDF resources highlight soap making as crucial for long-term hygiene, preventing disease in off-grid scenarios. Historically, lye – derived from wood ash – was essential, a technique detailed in many guides.

These PDF documents explain sourcing fats (animal or plant-based) and the saponification process, transforming them into usable soap. Mastering this skill reduces reliance on external supplies, mirroring the self-sufficiency needed in challenging environments like those presented in ARK: Survival Evolved.

Proper soap production safeguards health, a fundamental aspect of sustained survival, as outlined in comprehensive survival checklists.

Farming & Seed Collection

Survival skills PDF guides emphasize farming and seed collection for sustainable food sources, vital for long-term resilience. These resources detail soil preparation, crop selection, and companion planting techniques for maximizing yields.

Seed saving is paramount, ensuring future harvests and genetic diversity. PDF documents explain proper drying and storage methods to maintain viability, mirroring the resourcefulness needed in games like ARK: Survival Evolved.

Establishing a farm provides a stable food supply, reducing dependence on foraging and hunting, a cornerstone of self-sufficiency as detailed in survival checklists.

Raising Animals for Sustenance

Survival skills PDF resources highlight animal husbandry as a crucial element of long-term self-reliance. Guides detail selecting appropriate livestock – chickens, rabbits, goats – based on resource availability and climate conditions.

PDF documents cover essential aspects like shelter construction, feeding strategies, and disease prevention, mirroring the challenges faced in survival scenarios. This parallels resource management in games like ARK: Survival Evolved.

Raising animals provides meat, eggs, milk, and valuable resources like manure for fertilizer, bolstering food security and overall sustainability, as outlined in comprehensive survival checklists.

Food Preservation Techniques

Survival skills PDF guides detail methods like drying, smoking, salting, and fermentation to extend food supplies. These techniques, crucial for long-term survival,

ensure sustenance without refrigeration, mirroring strategies for resource management in challenging environments.

Drying & Smoking

Survival skills PDF resources extensively cover drying and smoking as vital food preservation techniques. Drying, utilizing sun or low heat, removes moisture, inhibiting bacterial growth. This method works exceptionally well for meats, fruits, and vegetables, extending their shelf life considerably.

Smoking adds flavor while further preserving food through chemical compounds in the smoke. Both methods align with long-term survival strategies, mirroring resourcefulness needed in scenarios like ARK: Survival Evolved.

Detailed guides within these PDFs outline construction of drying racks and smokehouses, alongside optimal wood choices for smoking, ensuring effective preservation.

Salting & Fermentation

Survival skills PDF guides detail salting and fermentation as crucial food preservation methods. Salting draws out moisture, creating a hostile environment for bacteria, effectively preserving meats and fish. These PDFs provide ratios and techniques for dry-brining and wet-curing, maximizing preservation.

Fermentation utilizes beneficial microorganisms to transform food, creating lactic acid which inhibits spoilage. This applies to vegetables like cabbage (sauerkraut) and can extend food availability.

These techniques, vital for long-term self-sufficiency, echo the resourcefulness needed in challenging environments, similar to those found in ARK: Survival Evolved.

Root Cellaring

Survival skills PDF resources emphasize root cellaring as a low-tech, effective food storage solution. These guides detail constructing underground spaces – or utilizing existing basements – to maintain cool, humid conditions ideal for preserving root vegetables like potatoes and carrots.

Proper ventilation and temperature control, outlined in the PDFs, are key to preventing spoilage. Root cellaring minimizes reliance on refrigeration, a critical advantage in long-term survival scenarios.

This method, mirroring resourcefulness needed in games like ARK: Survival Evolved, ensures a stable food supply throughout the winter months.

Advanced Survival Skills

Survival skills PDF guides detail advanced techniques like camouflage, signaling, and self-defense. Mastering these skills, crucial for resilience, enhances your ability to thrive.

These PDFs prepare you for complex scenarios, mirroring the challenges found in survival-focused games like ARK: Survival Evolved.

Camouflage & Concealment

Survival skills PDF resources emphasize camouflage and concealment as vital for evading detection. These guides detail techniques for blending into diverse environments, utilizing natural materials for effective disguise.

Mastering these skills, mirroring strategies in games like ARK: Survival Evolved, significantly increases your chances of survival. PDF documents cover ghillie suit construction, face paint application, and utilizing shadows for concealment.

Effective camouflage isn’t just about visual blending; it also includes scent control and minimizing noise. Advanced techniques detailed in these guides focus on disrupting your silhouette and movement patterns, making you nearly invisible to potential threats.

Signaling for Rescue

Survival skills PDF guides dedicate significant attention to signaling for rescue, a crucial element of wilderness survival. These resources detail various methods, from creating visible signals to utilizing reflective surfaces for attracting attention.

Documents outline building signal fires, constructing ground-to-air signals using contrasting materials, and employing mirrors or polished metal to flash sunlight. Understanding these techniques, akin to strategies in ARK: Survival Evolved, dramatically increases rescue probability.

PDFs also cover utilizing whistles, brightly colored clothing, and even improvised flags to maximize visibility. Prioritizing clear, concise signals is key, ensuring rescuers can quickly locate your position.

Self-Defense Techniques

Survival skills PDF resources acknowledge the potential need for self-defense in hostile environments. While avoidance is paramount, these guides detail basic techniques for protecting oneself against both human and animal threats.

Documents often cover improvised weapons creation, utilizing readily available materials for defense. They emphasize situational awareness, de-escalation tactics, and understanding personal limitations. These skills, mirroring the challenges in ARK: Survival Evolved, are vital for survival.

PDFs stress that self-defense is a last resort, focusing on escape and evasion whenever possible, but preparedness is key to increasing chances of survival.

Survival Mindset

Survival skills PDF guides highlight the crucial role of mental fortitude. Maintaining positivity, resilience, and sound decision-making are paramount for overcoming adversity.

Effective risk assessment, detailed in these PDFs, is vital for navigating challenging situations and maximizing chances of long-term survival.

Maintaining Positivity & Resilience

Survival skills PDF resources consistently emphasize the psychological aspects of enduring hardship. A positive outlook isn’t merely optimistic; it’s a practical tool for problem-solving and conserving energy. Resilience, the ability to bounce back from setbacks, is cultivated through mental preparation and acceptance of unavoidable challenges.

These guides detail techniques for managing fear and stress, recognizing that panic can be as dangerous as any physical threat. Cultivating a determined mindset, focusing on achievable goals, and celebrating small victories are all strategies outlined within these PDF documents. Remember, a strong spirit is often the most valuable survival tool.

Risk Assessment & Decision Making

Survival skills PDF guides highlight that informed decisions are paramount. Effective risk assessment involves identifying potential hazards – mirroring the dangers in games like ARK: Survival Evolved – and evaluating their likelihood and potential impact. These resources emphasize a systematic approach, prioritizing needs and avoiding impulsive actions.

The PDF documents detail methods for weighing options, considering limited resources, and accepting calculated risks. They stress the importance of gathering information, observing surroundings, and adapting plans as circumstances change. Sound judgment, honed through knowledge and practice, significantly increases survival probability.

The post survival skills pdf appeared first on Every Task, Every Guide: The Instruction Portal
.

James Bradshaw of the Globe and Mail reports AIMCo names Ray Gilmour as permanent CEO:

Alberta Investment Management Corp. has made Ray Gilmour its permanent chief executive officer, removing the interim tag from the job he took more than a year ago when the province overhauled the pension fund manager’s senior ranks.

AIMCo’s board of directors appointed Mr. Gilmour as CEO effective immediately, according to an announcement released on Tuesday. His performance had been reviewed by a third party.

Mr. Gilmour was an unconventional choice to lead the $179.6-billion public-sector pension fund manager, which invests retirement savings for pension, endowment, insurance and government clients in Alberta. 

He was hand-picked by the provincial government to serve as interim CEO in November, 2024, after Finance Minister Nate Horner dismissed AIMCo’s board of directors, previous CEO Evan Siddall and other top executives.

Since then, Mr. Gilmour has helped steady AIMCo after a period of tumultuous change, and revamped the pension fund manager’s senior executive team. That included promoting Justin Lord to chief investment officer earlier this year.

In the first six months of 2025, AIMCo earned a 2-per-cent return on its investments during a volatile start to the year for markets, which were unsettled by shifting tariff policies.

“The board has complete confidence in Ray’s clear management expertise and proven ability to excel, both as leader of this organization and as an effective steward of the funds AIMCo manages on behalf of its clients,” board chair Stephen Harper said in a news release.

AIMCo’s board hired “an independent third-party organization to conduct a comprehensive review of Ray’s performance during his tenure as Interim CEO, including interviews with key stakeholders such as clients, members of the Executive Committee, and others across AIMCo,” spokesperson Sabrina Bhangoo said in an e-mail.

Mr. Gilmour has deep experience as a public servant. He held senior roles under several Alberta premiers, including a five-year stint as deputy minister of the province’s executive council and also a deputy role in its finance department. He spent an earlier part of his career in the banking industry.

But he arrived to lead AIMCo without the senior-level experience in investing and finance that would by typical for the CEO of a major pension fund manager. And his appointment, combined with the province’s decision to appoint the province’s deputy finance minister as a permanent member of AIMCo’s board, raised questions about whether the arm’s length pension fund manager was being drawn closer to government.

In a letter published by the province last summer, Mr. Horner laid out a “renewed mandate” for AIMCo, affirming that it “will operate independently and at arm’s length from the Government of Alberta.”

From the outset, people close to AIMCo and the Alberta government expected Mr. Gilmour to stay put, serving as a steady hand with a mandate to keep costs under control and boost satisfaction among pension plan clients.

“Over the past year, I have seen firsthand that the AIMCo team is talented and committed to excellence, and that it shares a deep sense of purpose to deliver long-term value for our clients,” Mr. Gilmour said in a statement.

Since Mr. Gilmour started at AIMCo, former private equity head Peter Teti was named global head of private assets. The pension fund manager also hired John Walsh as chief legal officer and promoted Janice Guzzo to chief human resources officer earlier this year.

Three board members who were previously dismissed by the province returned to form a smaller, revamped board chaired by Mr. Harper: private-equity executive Jason Montemurro, real estate investor Bob Dhillon and former Healthcare of Ontario Pension Plan CEO Jim Keohane. AIMCo also added its former CIO Sandra Lau to the board.

Barbara Shecter of the National Post also reports AIMCo names former senior bureaucrat Ray Gilmour as permanent CEO:

Former senior bureaucrat Ray Gilmour has been named chief executive of Alberta Investment Management Corp.

Gilmour, Alberta’s former deputy minister of executive council, was installed as interim CEO of AIMCo on Nov. 8 last year, the day after the Alberta government jettisoned the entire board of the pension and endowment fund and four members of the management team, including then-CEO Evan Siddall.

Alberta Finance Minister Nate Horner blamed the shakeup on rising costs without commensurate returns for the fund, which was set up to operate at arms-length from government and manages pensions for a range of clients including teachers, municipal employees and judges. But insiders said there was growing friction over decisions made by the management team and board, including those involving the establishment of international offices and energy transition funds.

Shortly after Gilmour was appointed interim CEO a little over a year ago, the Alberta government named former prime minister Stephen Harper as AIMCo’s chair and established a permanent unpaid board seat to be filled by the province’s deputy minister of treasury board and finance. The board position was added “to ensure more consistent communications between AIMCo and Alberta’s government.”

Before Gilmour joined AIMCo, he was Alberta’s deputy minister of executive council for more than five years and held other senior positions in government including deputy minister roles in finance, intergovernmental relations and infrastructure.

Prior to joining the Alberta government, he worked in the banking and financial services industry for 15 years. A chartered professional accountant by training, Gilmour also has a masters of business administration from the University of Saskatchewan.

“The board has complete confidence in Ray’s clear management expertise and proven ability to excel, both as leader of this organization and as an effective steward of the funds AIMCo manages on behalf of its clients,” Harper said in a statement.

When Harper was appointed chair a little over a year ago, three of AIMCo’s 10 former directors re-joined the scaled-down board.

At the time, pension and governance professionals expected that replacing the interim CEO would be a top priority for the reconstituted board and its chair to re-establish confidence in the arms-length model. But some also noted that it could be a challenge to recruit a skilled investment management professional in the wake of the government’s shock reorganization of AIMCo.

Earlier today, AIMCo's Board issued a press release stating they appointed Ray Gilmour as permanent CEO, effective immediately:

Edmonton – Alberta Investment Management Corporation (AIMCo) is pleased to announce that its Board of Directors has appointed Ray Gilmour as the organization’s Chief Executive Officer. Mr. Gilmour has been fulfilling the role on an interim basis since November 8, 2024.

“The Board has complete confidence in Ray’s clear management expertise and proven ability to excel, both as leader of this organization and as an effective steward of the funds AIMCo manages on behalf of its clients,” said The Right Honourable Stephen Harper, Chair, AIMCo Board of Directors. “Together with Ray, the Board is committed to ensuring that AIMCo remains an admired institution that will continue to serve the best interests of Albertans for decades to come.”

“Over the past year, I have seen firsthand that the AIMCo team is talented and committed to excellence, and that it shares a deep sense of purpose to deliver long-term value for our clients,” said Mr. Gilmour. “I am proud to serve as AIMCo’s CEO as we continue to grow and evolve in ways that enhance our ability to deliver for all of our stakeholders.”

Prior to joining AIMCo, Mr. Gilmour served as Alberta’s Deputy Minister of Executive Council for more than five years. He has also held senior positions in the Alberta government, including Deputy Minister roles in Finance, Intergovernmental Relations, and Infrastructure. Prior to these roles in government, Mr. Gilmour worked in the banking and financial services industry for 15 years. Mr. Gilmour has a Masters of Business Administration from the University of Saskatchewan. In addition, he is a Chartered Professional Accountant and a graduate of the Institute of Corporate Directors Program.

About Alberta Investment Management Corporation (AIMCo)

AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than C$182 billion of assets under management as at June 30, 2025. AIMCo invests globally on behalf of pension, endowment, insurance and government funds in the Province of Alberta. With offices in Edmonton, Calgary, Toronto, London and Luxembourg, our more than 200 investment professionals bring deep expertise in a range of sectors, geographies and industries.

 Alright, let me get right to it.

First, congratulations to Ray Gilmour, he's now officially the permanent CEO of AIMCo with a mandate that lasts five years and is renewable if he does a satisfactory job. 

Second, I don't think anyone is surprised that Ray Gilmour was made permanent CEO.

In my opinion, this was in the works from the get-go after Alberta's finance minister Nate Horner dismissed former CEO Evan Siddall, some senior executives and the entire board of directors.

Of course, Mr. Horner and the Board reiterated the organization's independence and there was a trial run for Mr. Gilmour which he passed. 

Note this passage which was conveyed to James Bradshaw of the Globe and Mail:

AIMCo’s board hired “an independent third-party organization to conduct a comprehensive review of Ray’s performance during his tenure as Interim CEO, including interviews with key stakeholders such as clients, members of the Executive Committee, and others across AIMCo,” spokesperson Sabrina Bhangoo said in an e-mail.  

Why is this passage important? Well, it reaffirms the Board has the power to fire and hire the CEO and it did its job hiring a third party to conduct a comprehensive review Mr. Gilmour's performance  including interviews with key stakeholders such as clients, members of the Executive Committee, and others across AIMCo.

They basically wanted to make sure he's up for the job and the huge responsibility it carries and they wanted to make sure the public knows it was they and not the government of Alberta that made him permanent CEO.

Of course, the optics don't look good and critics will claim this is "backdoor government interference".

Fair enough but I think there was another problem here.

Who in their right mind would take the job of CEO at AIMCo after the purging and compensation was cut?

Mr. Gilmour just got a huge raise but others wouldn't move to Edmonton so easily under difficult circumstances and knowing very well what happened there.

To my knowledge, there were no other internal or external candidates reviewed for the top job at AIMCo and this too doesn't pass the smell test.

In other words, it confirms Gilmour was and remains Nate Horner's top choice and I'm sure Danielle Smith's as well.

Will the Alberta's government introduce a dual mandate like the one La Caisse has in Quebec?

Well, if that's the direction they're headed, Ray Gilmour is the best choice to lead AIMCo.

I also want to be fair here because thus far Mr. Gilmour has done a decent job and he obviously has the support of AIMCo's clients and that is the critical bit I want to emphasize here.

AIMCo manages the assets of many clients including Alberta's teachers and the CEO has to manage all these relationships very diplomatically. 

In that regard, maybe Ray Gilmour is doing a much better job than his predecessors.

We shall see, I think he deserves a fair shot and I remind my readers that not every CEO of a major Canadian pension fund comes from the investment world.

Michael Sabia came from Bell and prior to that he was also a high level bureaucrat in Ottawa.

Sabia did a decent job heading up the Caisse, reinforced governance, introduced gender equality at all levels and managed to kick-start the REM which is now operational and the envy of most North American cities (minus the glitches here and there).

But I told Sabia at a private party we both attended after he left the Caisse that he was damn lucky he never had to face a severe financial crisis and he wiped his eyebrow and said "PHEW!".

The test of any CEO in the investment world isn't when everything is melting up, it's when it hits the fan and you have shore up the troops and perform under very difficult and tough circumstances.

The late Harvard economist John Kenneth Galbraith once famously noted: "In a bull market, everyone is a financial genius."

Don't forget that, and in that sense I'm glad Ray Gilmour has a solid and experienced investment team headed up by CIO Justin Lord. He will be leaning heavily on them when the going gets tough.

Lastly, if Ray Gilmour succeeds and AIMCo continues to perform well over the long run, it could represent an existential threat to the other Maple 8 funds because politicians might be asking tough questions on compensation and more (I doubt it but you never know).

Below,Alberta Premier Danielle Smith is now among 21 MLAs in the province facing a recall petition — which represents almost a quarter of those sitting in the Alberta Legislature. The CBC’s Hilary Johnstone explains the next steps in the recall process.

I didn't know there were so many crazy lefties in Alberta, quite surprising to me. I'm on record stating Premier Smith is the best politician in the country by a mile and wonder which interest groups (Canadian or American) are behind these recall petitions.

Also, CNBC’s “Closing Bell” team discusses the outlook for markets, U.S. economy and more with Liz Thomas of SoFi, Lauren Goodwin of New York Life Investments and Ellen Zentner of Morgan Stanley Wealth Management.

Three key takeaways:

• More than 8.3 million workers will get a raise starting January 1 as 19 states raise their minimum wages.
• For the first time, there will be more workers in states with a $15 or greater minimum wage than in states with the federal minimum of $7.25.
• Minimum wage increases are critical for improving affordability. State and federal policymakers should ensure wage floors meet the needs of all workers.

Nineteen states will increase their minimum wages on January 1, boosting earnings for more than 8.3 million workers by a total of $5 billion. In addition, 47 cities and counties will raise their minimum wages, adding to the number of workers likely to get larger paychecks because of lawmakers—or in some cases, voters—taking action to lift state and local wage floors.

Figure A

State minimum wage increases this January will boost wages for a broad range of working people and help shape a more equitable economy. Our estimates account for all affected workers: Both those directly receiving an increased minimum wage and those indirectly affected as employers adjust their wage ladders to the new wage floor. According to our analysis:

• Women make up the majority (58.1%) of affected workers.
• Black and Hispanic workers will disproportionately benefit. 10.7% of affected workers are Black, despite being 8.7% of the workforce in these states. Meanwhile, 38.3% of affected workers are Hispanic, despite being 19.8% of the overall workforce in these states.
• The vast majority (87.4%) of affected workers are adults, not teenagers.
• A quarter (25.3%) of affected workers are parents. 4.8 million children live in households with at least one worker receiving a pay increase.
• Nearly half (49.4%) are full-time workers and 41.4% have at least some college education.
• More than one in five (21.0%) affected workers have household incomes below the poverty line and 48.8% are within 200% of the poverty line.

Boosting the minimum wage is good affordability policy

Minimum wage increases are an essential tool for putting money in workers’ pockets. As concerns about rising prices and affordability dominate the news cycle, it is critical to recognize that “affordability” is a function of both prices and wages. And while prices in most cases are unlikely to decline significantly, policymakers can make decisions that boost wages for workers. In Hawaii, the minimum wage increase from $14.00 to $16.00 an hour will raise annual wages by $1,346 for a full-time worker (see Figure A). Missouri’s increase from $13.75 to $15.00 an hour will boost annual wages by $920 for a full-time worker.

Price increases are squeezing workers today because lawmakers for decades have made policy decisions that suppress workers’ pay, including allowing the federal minimum wage to stagnate. The federal minimum wage has not increased from $7.25 an hour in more than 15 years, during which time its value has eroded by more than 30%. In 2025, the federal minimum wage is below the poverty line, but it is still the law of the land in 20 states that have more than 60.2 million total workers (see Figure B).

Policymakers can protect the value of the minimum wage over time as prices increase. Many of the states with small wage increases in January, like Minnesota, are making annual inflation adjustments to their wage floor. Not only do these adjustments automatically protect workers’ purchasing power over time, they also provide predictability to employers, allowing them to anticipate and plan modest adjustments to worker pay each year. Despite the prudence of inflation adjustments, conservative policymakers in some states have still opposed it. In Missouri, Republican lawmakers stripped a successful minimum wage ballot measure of its indexing provision, leaving low-wage workers vulnerable to a weakening wage standard over time.

In 2026, more workers will live in a state with at least a $15 minimum wage than a $7.25 minimum wage

In the past decade, dozens of states have passed significant minimum wage increases to counteract federal inaction. In 2026, minimum wages in Arizona, Colorado, Hawaii, Maine, Missouri, and Nebraska will reach or exceed $15 an hour for the first time, meaning that a total of 17 states and Washington D.C. will reach that threshold. For the first time, there will be more workers living in a state with a $15 or higher wage floor than workers living in states still stuck at $7.25 (see Figure B). These increases have taken place in urban and rural states as well as politically “blue” and “red” ones. This milestone reflects the progress of the minimum wage movement over the past decade but also underscores the gap between how workers in some states are paid relative to their peers doing the exact same jobs elsewhere in the country. There are still 14 million workers earning less than $15 an hour who have been left behind because Republican lawmakers at both the federal and state level have denied them a raise.

Figure B

More states could pass a $15 minimum wage soon, despite interference from conservative policymakers. In 2020, Virginia passed legislation to reach a $15 minimum wage by 2026, but the law required reauthorization by the state legislature by July 2024. Republican Governor Glenn Youngkin repeatedly vetoed those planned increases. Governor-elect Abigail Spanberger has promised to support a minimum wage increase. In Oklahoma, Republican Governor Kevin Stitt delayed a vote on a 2024 $15 minimum wage ballot measure until June 2026.

These delays not only push back potential wage gains for workers, they also chip away at the value of those increases because of inflation. Because the Oklahoma policy is a ballot measure, the language cannot be adjusted to account for the lost time since 2024. However, policymakers in Virginia could enact a new minimum wage target that accounts for the higher-than-expected inflation since the pandemic. This would likely mean a minimum wage of $16.64 in 2026 or $17.02 in 2027.1

Rising prices mean higher minimum wage targets are necessary throughout the country

Rising costs of living throughout the country will require policymakers to target minimum wages at higher levels than have been typical in recent years. When striking fast food workers in New York City sparked the Fight for $15 movement in 2012, the buying power of a $15 minimum wage was substantially higher than it is today. In 2025, a $15 minimum wage does not achieve economic security for working people in most of the country. This is particularly true in the highest cost-of-living cities. Table 1 compares the 2026 minimum wage and living wage for select metro areas across the country. The living wage standards are from EPI’s Family Budget Calculator (FBC), a measure of a modest yet adequate standard of living for families in each U.S. metro area and county. The living wage standards are for a single adult, assuming 81% of their total income is from wages.

The minimum wage does not exceed the FBC’s living wage in any county, but minimum wage increases make a significant difference for workers. Oklahoma City has the lowest living costs listed in the table, but the state minimum wage of $7.25 is only 42% of the living wage ($17.31). By comparison, Seattle will have a $21.30 minimum wage in 2026, almost 80% of the living wage in the metro despite its higher cost of living. Even outside of especially high-cost localities, strong minimum wage policies have set wage floors much closer to the living wage needs for workers. For instance, Missouri’s $15 minimum wage is 81% of the living wage in Kansas City, Mo. ($18.51).

Table 1

Workers are continuing to demand higher wages so that they can afford to live in the communities where they work. Hospitality workers in Los Angeles are poised to gain a $30 minimum wage, although the city council could water down the increases. The New York City mayoral campaign and new efforts in D.C. are also elevating ambitious minimum wage policies. As shown in Table 4, dozens of localities in Arizona, California, Colorado, and Washington are already implementing minimum wage targets above $17, $18, and $19 an hour. Seven localities in Washington will have minimum wages above $20 an hour.

Research has consistently shown that increasing the minimum wage remains a powerful tool for making the economy more equitable without causing job losses. The affordability crisis underlines how essential it is for federal, state, and local policymakers to take action so that workers are not left further behind, but lawmakers have taken relatively little new action on minimum wage policy in recent years. Of the 19 state increases this January, only two (Rhode Island and Michigan) are the result of policies passed in 2025. In addition, while Colorado, D.C., and Michigan all boosted their minimum wage this year, they also reinforced carve-outs for tipped workers. Even as millions of workers get raises this January, state and federal policymakers must do more to ensure their wage floors meet the needs of all workers.

Table 2 Table 3 Table 4 Note

1. According to CBO CPI-U projections in January 2020, $15.00 in 2026 was equivalent to $13.00 in 2020. If we adjust $13.00 an hour to account for actual CPI-U increases and CBO projections for future growth (September 2025 projections), the equivalent value is $16.64 in 2026 or $17.02 in 2027. 

Below, EPI senior economist Elise Gould offers her insights on the jobs report released this morning, which showed 41,000 jobs lost over October and November. Read the full thread here. 

Today the BLS releases two months of payroll data and one month of household data. A little jarring to see the first gap in data on the unemployment rate in the history of the survey. Second thing to note is that the unemployment rate is now 4.6% a significant rise from 4.0% in January.
#NumbersDay

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— Elise Gould (@elisegould.bsky.social) Dec 16, 2025 at 7:36 AM

On the payroll side, there were net job losses in three of the last six months. Job growth averaged only 17,000 over the last six months, a significant slowdown.
#EconSky #NumbersDay

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— Elise Gould (@elisegould.bsky.social) Dec 16, 2025 at 7:50 AM

Downward revisions for August and September plus large losses in October—due to an enormous drop in federal workers at the end of September—has meant a significant slowing in the pace of job growth. The three-month moving average of job growth fell from 232k in January to 62k in November.
#EconSky

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— Elise Gould (@elisegould.bsky.social) Dec 16, 2025 at 8:03 AM

Attacks on the federal workforce reached a fever pitch in October as federal employment fell by a whopping 162,000. Federal employment has shrunk an alarming 271,000 since January. The shutdown furloughs have no impact on these data. The cost of these losses are only beginning to be felt.
#EconSky

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— Elise Gould (@elisegould.bsky.social) Dec 16, 2025 at 8:16 AM

Health care employment continued to rise, adding 46,000 jobs in November. Construction added jobs as well, but manufacturing and transportation and warehousing sectors continues to lose jobs, 58k losses in manufacturing and 60k losses in transportation and warehousing since January.
#NumbersDay

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— Elise Gould (@elisegould.bsky.social) Dec 16, 2025 at 8:29 AM

While federal cuts drove large losses in October, it’s important to note that private-sector employment grew an average of only 44k per month over the last six months, down from an average growth rate of 130k in 2024. Employment is undeniably slowing this year and it’s not just about federal cuts.

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— Elise Gould (@elisegould.bsky.social) Dec 16, 2025 at 8:46 AM

Today, OMERS announced it has completed a refinancing for its stake in Exolum:

December 15, 2025 – OMERS Infrastructure is pleased to announce the successful close of €770 million in new debt facilities at Borealis Spain Parent B.V., the holding company for OMERS ~25% stake in Exolum.

Exolum is a Spanish-headquartered global energy logistics infrastructure company providing specialised solutions to support the energy transition in which OMERS has been directly invested since 2016. The company owns the transmission pipeline network spanning 4,000km in Spain and operates a 2,000km pipeline network in the UK. Exolum also owns 68 storage terminals with a total capacity of 11+ million cbm and serves over 48 airports worldwide – including Heathrow, Gatwick, Stansted, Madrid, Barcelona, Lisbon, Lima in Peru, and Charles de Gaulle – making it a global leader in aviation fuel infrastructure.

Michael Hill, Executive Vice President and Global Head of OMERS Infrastructure, said: “The scale, pricing, and the engagement of both bank and private placement lenders in this process demonstrate the strong fundamentals and quality of the Exolum investment, as well as the expertise of our team. The offering was oversubscribed, with lenders recognizing the company’s robust growth, effective energy transition diversification strategy, and the strength of its leadership. We extend our appreciation to everyone involved and thank Exolum’s management for their valuable support throughout this process."

This announcement follows the recent close of an inaugural senior unsecured bond issuance totalling C$1.5 billion for OMERS holding in Bruce Power, a company in Ontario in which OMERS has been directly invested since 2003. 

OMERS has great infrastructure assets so it doesn't surprise me that this refinancing for its stake in Exolum went well.

They refinance to allow these companies to grow their operations.

It should be noted that back in June, OMERS Infrastructure hired Sara Petrov as its new Managing Director, Debt Capital Markets:

June 2, 2025 – OMERS Infrastructure today announced that it has hired Sara Petrov as its new Managing Director, Debt Capital Markets. Sara will have global responsibility for developing and managing OMERS Infrastructure’s financing partner relationships and supporting the global investments teams in financing activities at the initial acquisition and throughout each portfolio company’s growth and lifecycle. Originally from Toronto, Sara has since moved to New York and will continue to be based there in her new role.

Michael Hill, Executive Vice President & Global Head of OMERS Infrastructure, said: “Our investment teams raise and refinance over $4B of debt across our portfolio companies and for new investments annually. The size and number of our debt facilities, the complexity and breadth of our businesses, and the increasing opportunity we see to create value through optimal capital structuring and differentiated lender relationships has emphasized the importance of this new role at OMERS Infrastructure. Sara has a deep understanding of the debt capital markets, having had over 15 years of experience in the industry and we’re thrilled to welcome her to the team.”

 Fair to say Sara and her team hit the ground running

 As far as Exolum, it has an interesting history and ownership structure:

The ownership structure of Exolum Corporation, S.A., parent company of the Exolum Group, is regulated by Royal Decree-Act 6/2000 of 23 June, which provides that no natural or legal person may directly or indirectly hold more than 25% of the company’s capital or voting rights. It also provides that the sum of direct or indirect stakes held by shareholders with a refining capacity in Spain shall not exceed 45%.

IMCO took over the assets of Workplace Safety Insurance Board (WSIB), so you have two large Canadian pension funds that own 35% of the shares.

It's a huge company that provides the following services:

• Liquid product logistics: We offer state-of-the-art terminals, close to logistics and transport hubs, for the storage of bulk liquids and gases.
• Sustainable energies: We develop new business areas around decarbonisation, circularity and innovation, aligned with the energy transition.
• Aviation We are a global leader in independent aviation logistics. We want to continue to grow, building and operating infrastructure at airports around the world.
• Additional services: At Exolum we take care of every detail of the product, from its composition to its delivery. Our quality, metrology and additivation services guarantee safety, traceability and regulatory compliance at every stage of the process.

The company operates in 10 countries and its goal is to continue to expand globally, offering innovative and sustainable solutions by building strategic alliances and developing state-of-the-art infrastructures.

In order to do this properly, it needs to refinance its operations and raise debt when it makes sense to tap debt markets.

Again, not surprised the latest offering was oversubscribed, it tells you how much global investors value this company and its operations. 

Below, a clip going over Exolum's operations and how it makes the world a better place. Incredible infrastructure asset owned by same of the world's best global investors.

The U.S. Department of Justice filed suit on Tuesday, December 11, against the Minneapolis school district, alleging that the contract the district signed with the teachers’ union—the Minneapolis Federation of Educators (MFE)—discriminates against white teachers by requiring the school district to shield Black and brown teachers from layoffs. The lawsuit fundamentally misrepresents the innovative Minneapolis union contract, which protects educators from arbitrary dismissal while also seeking to preserve a diverse teaching workforce. The lawsuit is however aligned with the Trump administration’s revisionist version of history that positions white workers as the primary victims of employment discrimination. At the same time, this ahistorical narrative dismisses the long and well-documented record of discrimination against Black and brown workers evident in persistent racial disparities in unemployment and pay—patterns the contract seeks to remedy. The lawsuit was filed soon after the Trump administration’s racist decision to target Minnesota’s Somali community and is yet another example of how racial animus is a defining feature of Trump’s policies.

Throughout 2025, the Trump administration has discriminated against Black and brown federal employees—and taken actions that make it easier for all employers to follow suit—by weaponizing the enforcement of antidiscrimination laws against the people they were justifiably created to protect. This includes redirecting EEOC priorities toward so-called “DEI-motivated race and sex discrimination and anti-American national origin bias,” restricting use of disparate impact liability, and effectively ending enforcement of equal employment laws for the civilian federal contracting workforce by gutting the Office of Federal Contract Compliance Programs. The administration’s actions clearly demonstrate how risky it is for workers not to have the protections of a legally binding union contract.

A key element of any union contract is protection from unfair and arbitrary dismissals. For school employees, as for so many, the greatest risk is an employer who plays favorites. Whenever an employer has the unfettered right to decide who stays and who goes, workers suffer. In K–12 education, the risk of layoff is a persistent issue because school districts face endemic funding challenges and are frequently forced to reduce staffing levels. Because educator unions don’t want to give principals and superintendents the right to pick and choose who gets laid off based on their own whims, they have traditionally fought for seniority protections, often known as “last in, first out,” or LIFO. Under LIFO contract provisions, seniority is the sole determining factor in layoff decisions, with newer teachers laid off before more senior ones.

However, LIFO has a tremendous drawback: It hinders efforts to recruit and retain Black and brown teachers. In Minneapolis, for example, only 20% of Minneapolis teachers are people of color, even though fully two-thirds of the student body is Black or brown. Similar patterns are observed nationally. Almost half (49.5%) of K–12 students in the U.S. are Black, Hispanic, or Asian American and Pacific Islander, compared with only 24.4% of teachers. As studies have long documented, LIFO contributes to this disparity because even if a school district is able to hire more Black and brown teachers, they will be the first let go as more senior white teachers are retained.

At the same time, however, teachers’ unions are right to fight for layoff provisions that take away the arbitrary power of school districts to pick and choose who they keep. A core function of unions has always been to protect workers across occupations from being subject to the whims of supervisors. Indeed, Black and Hispanic workers report higher levels of unfair dismissals, suggesting that racial inequities would persist or even get worse in the absence of union protections. Union protections are also critical to narrowing pay disparities. According to a 2024 Rand report, Black teachers received lower average salaries and pay raises than white teachers. This difference was further linked to the fact that Black teachers were less likely to live in states with collective bargaining. The inadequacy of pay is one of the main reasons teachers report for leaving the profession, further contributing to the demographic mismatch between teachers and students.

This is the conundrum that MFE sought to address when the union went on strike in 2022: preserving protections against unfair dismissal while mitigating the inequities of LIFO. The solution they reached in 2022, a solution approved by 76% of MFE’s majority-white membership, was elegant and fair. The contract does not guarantee that Black or brown teachers will be protected from layoffs, contrary to the claims of right-wing groups that the contract is “woke” and “racially discriminatory.” Rather, the contract states that, when the district is forced to lay off teachers, it will protect teachers from populations that are “underrepresented among licensed teachers in the district.”

This means the contract’s protections can and will shift over time, as the composition of the teaching workforce changes. If and when Black teachers are no longer underrepresented in the district, they will no longer be afforded special protections against layoffs. Indeed, if someday it is white teachers who are underrepresented, the same contract provisions would apply to them. Far from embedding racial discrimination into the contract, these provisions support the development of a diverse teaching workforce while protecting worker rights.

The goal of a diverse teaching workforce is not just a noble one but also supports the success and well-being of students of color. Research indicates that the presence of teachers who reflect the diversity of the student body is linked to lower rates of suspension, lower dropout rates, greater college aspirations, and improved test scores. The contract MFE fought for will support the careers of Black and brown teachers and will lead to a teaching staff that looks more like its students, while continuing to protect all educators from arbitrary dismissal. The Department of Justice’s claims are a complete distortion of reality. Sadly, that is what we have come to expect from this administration, which seems dead set on rolling back decades of civil rights protections and abdicating the 60-year position of the federal government in setting a higher standard for employing a workforce that represents the diversity of the U.S. population. Hopefully, the courts will recognize this and allow Minneapolis Public Schools to continue its innovative program to protect a diverse workforce.

If the Trump administration follows through on its goal of deporting 4 million people over four years, the direct care industry would lose close to 400,000 jobs—affecting 274,000 immigrant and 120,000 U.S.-born workers. This dramatic reduction in trained care workers would compromise home-based care services, forcing family members to scramble for informal arrangements to support relatives who are older or have disabilities.

The Trump administration has consistently prioritized aggressive and arbitrary immigration enforcement, with the ultimate goal of deporting 1 million people every year of his term—regardless of their contributions to their communities and the U.S. economy. While the Department of Homeland Security’s pace currently falls short, increased enforcement would curtail business operations and reduce employer demand for both immigrant and U.S.-born workers. Over four years, 1 million annual deportations could cause total employment in the United States to fall by 5.9 million jobs, with particularly severe losses in construction and child care industries.

The direct care sector is also highly vulnerable to these enforcement actions. Amanda Kreider and Rachel Werner’s recent research indicates that job losses will significantly affect workers who provide long-term care in home- and community-based settings. The direct care sector—which includes home health aides, personal care aides, orderlies, psychiatric aides, and some nursing assistants—relies heavily on immigrant labor. Immigrants constitute nearly 30% of the direct care workforce, compared with 20% of overall employment. Among home health aides who assist with daily living and healthcare tasks, four in 10 workers are immigrants.

Kreider and Werner found that previous increases in immigration enforcement caused the direct care sector to shrink. If these patterns hold under the current enforcement regime, four million deportations over four years could cause direct care employment to fall by 394,000 (see Figure A).

Figure A

The majority of this employment decline—274,000 jobs—will result from the loss of immigrant workers. However, in addition to removing a supply of labor, deportations also make the labor market more precarious for immigrant workers. When immigrants face heightened risk of arrest, detention, or deportation, their ability to change jobs becomes severely constrained. With reduced labor market leverage, employers can worsen working conditions and suppress wages for all workers in the sector, not just those directly affected by deportations.

Contrary to the misconception that deportations will increase job opportunities for U.S-born workers, existing research consistently demonstrates that increased immigration enforcement reduces the employment for both immigrant and U.S.-born workers. Deteriorating pay and conditions for direct care workers would make U.S.-born workers unlikely to step in to replace the shortfall of immigrant workers, consistent with what studies have found when immigration enforcement decreased the size of the construction and child care sectors. In direct care, about 30% of the employment decline—the equivalent of around 120,000 jobs—will affect U.S.-born workers.

While employment reductions will be widespread, they will hit certain states particularly hard due to the geographic concentration of noncitizen immigrants in the direct care sector (see Table 1). New York faces especially severe challenges. Immigrants comprise two-thirds of the state’s direct care workforce, and more than one-third of all noncitizens working in direct care nationwide live in New York. If the Trump administration achieves its deportation goals, New York’s direct care sector could shrink by 45%.

Table 1

These large employment losses would translate directly into reduced availability of direct care services. Kreider and Werner found that past escalations of immigration enforcement led to substantial increases in the number of older adults living without any help at home. Among the Medicaid population, formal nonfamily caregiving declined while family-based caregiving increased, reflecting the contraction of the formal direct care sector.

This shift from formal to family-based care suggests that job losses in the direct care sector will have large spillover effects across the economy, greatly increasing their potential harm to even U.S.-born workers. As direct care supply becomes constrained due to deportations, some family members may need to leave their jobs or reduce their work hours to assume new caretaking responsibilities. Indeed, other research has shown that increases in immigration enforcement caused U.S.-born mothers to work fewer hours due to declining availability of household services like cleaning and child care. Family members may well be forced to choose between their careers and caring for aging and disabled relatives.

The Trump administration’s deportation agenda threatens to trigger a cascading crisis in senior and disability care that will harm families across the economic spectrum. Even in the absence of deportations, caretaking needs will accelerate as the older population grows tremendously, especially in the next five years. If the direct care workforce contracts by nearly 400,000 workers due to deportations, millions of older adults and people with disabilities will be left without the professional assistance they need to remain safely in their homes. Rather than creating jobs for U.S.-born workers as proponents claim, mass deportations eliminate employment opportunities for citizens and immigrants alike while dismantling a care infrastructure that seniors, people with disabilities, and families depend on.