Embark on a cosmic journey! Discover the wonders above with a beginner’s guide, navigating constellations and planets from your own backyard, starting tonight.

Why Stargazing is a Rewarding Hobby

Stargazing offers a unique connection to the universe, fostering a sense of wonder and perspective often lost in daily life. It’s a remarkably accessible hobby, requiring minimal equipment to begin exploring the celestial sphere from your backyard. Historically, constellations served as vital navigational tools and calendars, linking us to generations past who also gazed at these same stars.

The pursuit of astronomy encourages patience, observation skills, and a deeper understanding of our place in the cosmos. Identifying planets, nebulae, and galaxies provides a profound sense of accomplishment. Furthermore, it’s a fantastic way to disconnect from technology and reconnect with nature, offering a peaceful and meditative experience under the vast night sky. It’s truly a rewarding pastime!

Essential Equipment for Beginners

Starting your stargazing journey doesn’t demand expensive gear! A good first step is simply your eyes – allowing them to adjust to the darkness is crucial. However, binoculars are an excellent, affordable upgrade, revealing details invisible to the naked eye. A red-light flashlight preserves your night vision, essential for reading star charts or adjusting equipment.

For more serious observation, consider a telescope. Refractors are good for planetary viewing, while reflectors offer larger apertures for fainter deep-sky objects. Beginner astronomy guidebooks, like Sky at Night Magazine’s Beginners Guide to Astronomy, are invaluable resources. Finally, downloadable star chart apps for your smartphone can significantly aid in constellation identification and navigation.

Understanding the Night Sky

Unlock celestial secrets! Learn to interpret patterns, navigate using constellations – historically calendars – and explore the 88 officially recognized formations above.

Constellations: Patterns in the Stars

Imagine connecting the dots! Constellations are recognizable patterns formed by stars, offering a fantastic starting point for navigating the night sky. Historically, these groupings weren’t just beautiful sights; they served as vital calendars and navigational tools for ancient cultures.

Learning constellations transforms stargazing from simply seeing stars to knowing them. Familiar shapes like Orion, the Hunter, and Ursa Major, the Great Bear, become celestial landmarks. They provide a framework for locating fainter stars, planets, and deep-sky objects.

Beginners will find immense satisfaction in identifying these stellar figures, unlocking a deeper connection with the cosmos. A comprehensive star atlas is an invaluable tool, detailing each of the 88 constellations and their seasonal visibility.

The 88 Officially Recognized Constellations

A cosmic catalog! The International Astronomical Union (IAU) officially recognizes 88 constellations, each representing a defined region of the sky. These aren’t just arbitrary groupings; they cover the entire celestial sphere, ensuring every star falls within a constellation’s boundaries.

While ancient cultures recognized different patterns, the IAU’s standardization provides a universal language for astronomers and stargazers alike. Learning these constellations isn’t about memorizing every star within them, but understanding their shapes and locations.

A complete star atlas provides detailed entries for each of these 88 constellations, aiding in identification and exploration. Monthly sky guides further assist in locating them based on the time of year, enhancing your backyard stargazing experience.

Navigating with Constellations

Celestial landmarks! Constellations serve as invaluable navigational tools in the night sky. Historically, they were used as calendars and for orientation, and today, they remain essential for beginner stargazers. By learning to identify key constellations like Orion and Ursa Major, you establish familiar reference points.

Once you locate a prominent constellation, you can use it to “star-hop” – systematically moving from brighter stars to fainter ones, ultimately finding your desired celestial object. This technique requires patience and practice, but it’s incredibly rewarding.

Understanding constellation shapes and relative positions unlocks the wonders of the night sky, transforming a seemingly chaotic expanse into a navigable map.

Using Star Charts and Apps

Modern tools for ancient skies! While constellations provide a foundational understanding, star charts and astronomy apps significantly enhance navigation. Comprehensive star atlases detail each of the 88 officially recognized constellations, offering monthly sky guides showing how the night sky appears throughout the year.

Digital apps, available for smartphones and tablets, provide real-time views of the sky based on your location and time. Simply point your device at the heavens, and the app identifies stars, planets, and constellations.

These tools are invaluable for beginners, offering a user-friendly way to discover and learn about celestial objects, bridging the gap between theory and observation.

Monthly Sky Guides

June’s celestial events await! Witness the Milky Way’s rise, bright Venus in the mornings, and a rare Mercury evening appearance – a spectacular show!

June’s Celestial Spectacles

June unveils a breathtaking panorama for backyard stargazers. As days lengthen, the Milky Way begins its ascent in truly dark skies, offering stunning views of our galaxy’s core. Early risers will be rewarded with a brilliant Venus gracing the eastern horizon, shining as the “Morning Star.”

However, June presents a rare treat: Mercury makes a fleeting evening appearance! Look westward shortly after sunset to catch this elusive planet alongside a delicate crescent moon. This conjunction provides a unique opportunity for observation. Don’t miss the chance to witness these celestial wonders from the comfort of your own backyard. Remember to consult a star chart or astronomy app for precise timings and locations.

The Milky Way’s Visibility

June marks the beginning of prime Milky Way viewing season! As twilight fades, look towards the eastern horizon for the faint, ethereal glow of our galaxy. Optimal viewing requires escaping significant light pollution, so seek out darker locations if possible. Even from suburban backyards, a subtle band of light may be visible.

The Milky Way appears as a hazy, irregular streak across the night sky, composed of billions of stars. Binoculars can enhance the view, revealing countless individual stars and dark nebulae. Remember, the darker your skies, the more spectacular the display. Patience and dark adaptation are key to fully appreciating this cosmic wonder. Enjoy the breathtaking beauty of our galactic home!

Planetary Viewing Opportunities ⸺ Venus & Mercury

June 2026 offers exciting planetary views! Venus dominates the early morning sky, shining brilliantly as the “Morning Star.” Look east before sunrise for a dazzling spectacle – it’s often the brightest object besides the Sun and Moon. Mercury presents a rarer opportunity, appearing in the evening sky, though lower on the horizon.

Finding Mercury requires a clear, unobstructed view and observing shortly after sunset. Binoculars can aid in locating this swift planet. Both Venus and Mercury exhibit phases like the Moon, visible through a telescope. Observing these planetary displays connects you to the broader solar system and the dynamic movements of celestial bodies.

Identifying Planets

Spotting planets is rewarding! Learn to distinguish Venus, Mars, Jupiter, and Saturn by their brightness, color, and steady light—unlike twinkling stars.

Venus: The Morning Star

Venus often graces the eastern horizon before sunrise, earning its nickname “The Morning Star.” It’s incredibly bright, easily visible even through light pollution, and appears as a brilliant, unwavering point of light. Unlike stars, Venus doesn’t twinkle as much due to its proximity to Earth. Observing Venus requires looking towards the east shortly before dawn; timing is crucial!

Its phases, similar to the Moon’s, are visible through a telescope – from crescent to gibbous. Because of its thick atmosphere, Venus reflects sunlight exceptionally well, making it a spectacular sight. Keep an eye out for Mercury nearby during certain times of the year, as they often appear close together in the morning sky. Observing Venus is a fantastic starting point for planetary exploration!

Mars: The Red Planet

Easily identifiable by its distinctive reddish hue, Mars is a captivating target for backyard astronomers. The color stems from iron oxide – rust – on its surface. While not as brilliantly bright as Venus, Mars becomes particularly prominent during opposition, when Earth passes between Mars and the Sun, bringing it closer.

Through a telescope, you might discern surface features like polar ice caps and dark regions. However, detailed observation requires stable atmospheric conditions and a higher magnification. Mars’ visibility varies greatly depending on its orbital position; check astronomy resources for optimal viewing times. Look for it in the eastern night sky, often appearing as a steady, reddish “star.” Patience and clear skies are key to spotting the Red Planet!

Jupiter and Saturn: Gas Giants

Jupiter and Saturn, the solar system’s majestic gas giants, offer stunning views even with modest telescopes. Jupiter, the larger of the two, displays prominent cloud bands and the Great Red Spot – a centuries-old storm. Its four largest moons – Io, Europa, Ganymede, and Callisto – are easily visible as tiny points of light, changing positions nightly.

Saturn is famed for its spectacular ring system, composed of ice particles and rock. While the rings appear solid, they are incredibly thin. Observing Saturn requires a bit more magnification, but the view is truly rewarding. Both planets are brightest during opposition, so consult an astronomy guide for optimal viewing opportunities. Look for them rising in the eastern sky!

Deep-Sky Objects

Venture beyond planets! Explore nebulae – stellar nurseries – and distant galaxies, plus sparkling star clusters, revealing the universe’s breathtaking scale from your backyard.

Nebulae: Stellar Nurseries

Witness the birthplaces of stars! Nebulae are vast, interstellar clouds of gas and dust, often illuminated by newborn stars within. These cosmic clouds are where stars are born, collapsing under gravity to ignite nuclear fusion.

Some nebulae, like emission nebulae, glow with vibrant colors due to ionized gases. Others, reflection nebulae, scatter starlight, appearing as hazy patches. Dark nebulae block light from behind, creating silhouettes against brighter backgrounds.

Popular nebulae visible with binoculars or telescopes include the Orion Nebula (M42), a stunning stellar nursery, and the Lagoon Nebula (M8). Observing these ethereal structures offers a glimpse into the dynamic processes shaping our universe, a truly awe-inspiring experience for backyard astronomers.

Galaxies: Island Universes

Explore beyond our Milky Way! Galaxies are colossal systems of stars, gas, dust, and dark matter, held together by gravity. They come in various shapes: spiral, elliptical, and irregular. Our own galaxy, the Milky Way, is a spiral galaxy, appearing as a hazy band across the night sky.

Through telescopes, you can observe other galaxies as faint, fuzzy patches of light. The Andromeda Galaxy (M31), our nearest large galactic neighbor, is a popular target for backyard astronomers.

Studying galaxies reveals the vast scale of the universe and the processes of galactic evolution. Each galaxy is an “island universe” containing billions of stars, offering a humbling perspective on our place in the cosmos. Observing these distant worlds sparks wonder and fuels further exploration.

Star Clusters: Groups of Stars

Witness stellar gatherings! Star clusters are gravitationally bound groups of stars, born from the same molecular cloud. There are two main types: open clusters and globular clusters. Open clusters are relatively young, containing a few hundred to a few thousand stars, appearing loosely bound and often found in the galactic plane.

Globular clusters are ancient, densely packed spherical collections of hundreds of thousands or even millions of stars. They reside in the galactic halo.

Binoculars or a small telescope can reveal several bright open clusters like the Pleiades (Seven Sisters). Globular clusters, like M13 in Hercules, are stunning targets for larger telescopes, showcasing a dazzling concentration of stars. Observing these clusters provides insight into stellar evolution and galactic structure.

Light Pollution and Dark Skies

Minimize artificial light! Excessive brightness obscures faint celestial objects. Seek darker locations or reduce backyard lighting for optimal stargazing experiences.

The Impact of Light Pollution

Light pollution dramatically affects our view of the cosmos. Excessive and misdirected artificial light scatters in the atmosphere, creating a skyglow that washes out faint stars and deep-sky objects. This impacts not only astronomical observation but also wildlife, ecosystems, and even human health.

The glare reduces contrast, making it difficult to discern subtle details in constellations and nebulae. It disrupts nocturnal animal behaviors and can interfere with our natural circadian rhythms. Unshielded lights direct illumination upwards, wasting energy and contributing to the problem. Recognizing the detrimental effects is the first step towards mitigating light pollution and reclaiming the beauty of a truly dark night sky. Simple changes, like using shielded fixtures and reducing unnecessary lighting, can make a significant difference.

Finding Dark Sky Locations

Escaping light pollution often requires venturing beyond city limits. Fortunately, resources exist to pinpoint truly dark locations. The International Dark-Sky Association (IDA) designates Dark Sky Parks, Reserves, and Communities, offering exceptional stargazing opportunities. These areas actively protect their night skies through responsible lighting policies.

Online light pollution maps, such as those available through Dark Site Finder, visually represent sky brightness levels, helping you identify nearby dark zones. Consider state parks, national forests, and remote rural areas. Remember to check accessibility, safety, and any required permits before your visit. Even a short drive can dramatically improve your view of the stars, revealing a breathtaking panorama previously hidden by urban glow. Preparation is key for a successful dark sky adventure!

Reducing Light Pollution in Your Backyard

Minimize your contribution to light pollution and enhance your stargazing experience! Simple changes can make a significant difference. Shield outdoor lights, directing illumination downwards instead of upwards and sideways. Use warm-colored LED bulbs with low wattage; they’re less disruptive to night vision and wildlife.

Motion-sensor lights are ideal, activating only when needed. Avoid excessive brightness – a little light goes a long way. Encourage neighbors to adopt similar practices. Consider turning off unnecessary outdoor lights altogether. Even small adjustments collectively create a darker, more star-filled sky. Embrace the darkness and rediscover the beauty of the cosmos from your own backyard!

Time and the Night Sky

Explore how time dictates celestial events! “At night” historically marked a specific time, while prepositions like “in,” “at,” and “on” nuance nocturnal observations.

The Origin of “At Night”

Delving into linguistic history, the phrase “at night” emerged when night was perceived as a distinct, defined period. Early usage likely stemmed from a need to pinpoint time, differentiating it from the daylight hours. Before precise timekeeping, “night” functioned as a temporal marker itself.

This contrasts with modern usage where we often specify times within the night. The preposition “at” indicated a point in time – the arrival of night. Interestingly, the context of its origin suggests a simpler understanding of nighttime, a clear demarcation between day and darkness.

Understanding this historical context enriches our appreciation for the night sky, reminding us of humanity’s long-standing fascination with tracking time and celestial events.

Using Prepositions: “In,” “At,” and “On” the Night

Navigating nighttime descriptions, prepositions subtly alter meaning. “At night” generally denotes a habitual action or a general time – “I stargaze at night.” “In the night” often describes events within the duration of the night, focusing on happenings – “A meteor shower occurred in the night.”

However, “on the night” specifies a particular, defined night, often linked to a significant event. For example, “On the night of the full moon, visibility is best.” This precision is crucial when documenting observations or recalling specific celestial occurrences.

Choosing the correct preposition enhances clarity when sharing your backyard stargazing experiences, ensuring accurate and evocative descriptions of your nocturnal adventures.

Resources for Further Learning

Expand your knowledge! Explore astronomy guidebooks, online resources like Sky at Night Magazine, and publications to deepen your understanding of the cosmos.

Beginner Astronomy Guidebooks

Dive deeper with essential reading! Several excellent astronomy guidebooks cater specifically to beginners eager to explore the night sky. Publications like “Sky at Night Magazine ౼ Beginners Guide To Astronomy 2017” offer user-friendly introductions, complete with monthly sky guides and constellation maps. These resources are invaluable for navigating the celestial sphere and understanding seasonal changes.

Older classics, such as “Stars: A Guide to the Constellations,” also provide a solid foundation in stellar identification. Look for books featuring clear star charts and explanations of astronomical concepts. A comprehensive star atlas, detailing all 88 constellations, is a worthwhile investment. These guidebooks empower you to confidently observe and learn about the universe from your backyard, fostering a lifelong passion for astronomy.

Online Astronomy Resources

Expand your knowledge digitally! The internet provides a wealth of free and accessible astronomy resources for backyard stargazers. Numerous websites offer interactive star charts, planet position calculators, and detailed information on constellations and deep-sky objects. Explore online astronomy communities and forums to connect with fellow enthusiasts and ask questions.

Many websites feature regularly updated articles on current celestial events, such as meteor showers and planetary alignments. Utilize astronomy apps for your smartphone or tablet to identify stars and planets in real-time. These digital tools complement traditional guidebooks, enhancing your observing experience and providing a dynamic learning environment. Embrace the power of the internet to unlock the secrets of the night sky!

Astronomy Magazines (e.g., Sky at Night)

Delve deeper with print and expert insights! Astronomy magazines, like Sky at Night, offer comprehensive monthly sky guides, detailed articles on celestial objects, and stunning astrophotography. These publications provide invaluable resources for both beginner and experienced stargazers, offering a curated view of the night sky’s current events.

Sky at Night, specifically, features user-friendly guides to navigating constellations and identifying planets, often including practical tips for backyard observing. Benefit from expert advice on equipment reviews and observing techniques. Subscribing to an astronomy magazine delivers a consistent stream of knowledge directly to your doorstep, fostering a deeper connection with the cosmos and enhancing your stargazing journey.

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Rian Howlett ,  Karen Friar and Laura Bratton of Yahoo Finance report the Dow, S&P 500, Nasdaq slide to cap volatile week and month, metals sink after Trump taps Warsh for Fed:

US stocks slid on Friday as President Trump said he would nominate Kevin Warsh to lead the Federal Reserve, against a background of a rising dollar and a screeching halt to 2026's roaring metals rally.

The S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) fell 0.4% and 0.9%, respectively, recording another down session for tech stocks. The Dow Jones Industrial Average (^DJI) dropped 0.4%.

Despite Friday's volatility, all the gauges notched slight January gains. The Dow and Nasdaq both posted their third straight losing weeks, while the S&P 500 snapped its losing streak, rising 0.3% over the past five days.

Markets are calculating the potential impact after Trump said he has chosen frontrunner Warsh as the US central bank's next chair. The former Fed governor has a hawkish record on interest rates but has recently voiced support for cuts — which Trump has aggressively campaigned for.

The dollar (DX-Y.NYB) rose on the prospect of Warsh as the Fed's leader. Meanwhile, gold (GC=F) and silver (SI=F) plunged, putting the brakes on runaway rallies. Gold fell below the $5,000 level, while silver sank as much as 25%, its biggest daily drop on record.

In addition, the watch is on for the next trade move from Trump, who threatened to hit Canadian aircraft imports with a 50% tariff. The US would also decertify all new jets from the likes of Bombardier (BDRBF), Trump said, claiming Canada has used certification hurdles to effectively ban the sale of US Gulfstream jets. Meanwhile, Mexico is facing new levies after Trump promised to impose new tariffs on countries providing oil to Cuba.

On the earnings front, Apple's (AAPL) shares rose after the iPhone maker's results closed out a mixed bag of Big Tech reports for the week. While its quarterly profit topped estimates, fueled by record phone sales, its CEO Tim Cook warned the global memory shortage would hit future margins.

 Meanwhile, shares in Sandisk (SNDK) rose 5% following upbeat forward guidance from the data storage company. Oil producers were another highlight on Friday's docket with Exxon (XOM) and Chevron (CVX) beating earnings estimates by slim margins. Results from American Express (AXP) and Verizon (VZ) were also in focus. 

Lisa Kailai Han, Alex Harring and Pia Singh of CNBC also report S&P 500 falls for third straight day as speculative silver trade unwinds, but ends month positive:

Stocks retreated on Friday as technology shares remained in a funk, even as investors largely approved of President Donald Trump’s pick of Kevin Warsh to lead the Federal Reserve. Still, the S&P 500 squeaked out a January gain, despite Friday’s losses and volatile trading this month.

The broad index fell 0.43% to finish at 6,939.03, its third straight down day. The Dow Jones Industrial Average pulled back 179 points, or 0.36%, to settle at 48,892.47. The tech-heavy Nasdaq Composite underperformed, dropping 0.94%, to end the day at 23,461.82. All three indexes fell more than 1% at session lows.

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” said Trump in a Truth Social post.

Warsh’s selection was likely to ease concern about Fed independence because of his experience as a Fed governor and strong stance at times against inflation. While he is likely to push for lower rates in short term as Trump wants, the financial markets view him as someone who wouldn’t always follow the president’s direction and maintain credibility for monetary policy.

The U.S. dollar rallied and U.S. Treasury yields held steady, signaling that investors appeared satisfied with Trump’s pick.

“Kevin Warsh’s nomination for Fed Chair is exactly what markets were hoping for, as he’s a steady hand, well known in market circles and is expected to maintain the independence of the central bank, which is critical for markets,” said Richard Saperstein, chief investment officer of Treasury Partners. “Most importantly, Warsh faces few hurdles when it comes to being confirmed by the Senate.”

But other variables threw cold water on stocks in the session.

Spot gold and silver dropped around around 9% and 28%, respectively. Over the past year, gold and silver futures have soared about 67% and 142%, respectively.

Retail investors have piled into trades tied to the precious metals, especially in recent weeks as a speculative bubble formed. The iShares Silver Trust (SLV), a popular choice among individual traders, plunged more than 28% in Friday’s session, its worst day on record. Such a move can be indicative of forced selling, given that fundamentals rarely change on a trade so quickly, according to Matt Maley, chief market strategist at Miller Tabak.

“This has been the hottest asset for day traders and other short-term traders recently,” Maley said. “There has been some leverage built up in silver. With the huge decline today, the margin calls went out.”

Still, investors continued to parse through earnings reports.

Apple swung between gains and losses despite beating fiscal first-quarter expectations and reporting a significant surge in iPhone sales. That follows Microsoft’s 10% post-earnings drop on Thursday, marking its worst day since 2020 and wiping out more than $350 billion in market cap. KLA Corp lost more than 15% on Friday after its forecast suggested a deceleration in growth.

But outside of tech, Verizon shares surged nearly 12%, marking their best day since 2008. The telecommunications giant beat analyst expectations and provided a strong full-year outlook for earnings.

Despite Friday’s weakness, the major averages recorded a positive month. The S&P 500 and Dow logged gains of 1.4% and 1.7%, respectively, for January, while the Nasdaq notched a 1% gain. The small cap-focused Russell 20009 jumped more than 5% in the month.

Chloe Taylor of CNBC also reports silver plunges 30% in worst day since 1980, gold tumbles as Warsh pick eases Fed independence fear:

Gold and silver prices plunged Friday, as President Donald Trump’s nomination for the next chair of the Federal Reserve, Kevin Warsh, appeared to relieve concerns about the central bank’s independence and sent the dollar soaring.

Spot silver was down 28% at $83.45 an ounce, trading near its lows of the day. Silver futures plummeted 31.4% to settle at $78.53, marking its worst day since March 1980.

Meanwhile, spot gold shed around 9% to trade at $4,895.22 an ounce. Gold futures dropped 11.4% to settle at $4,745.10.

The sharp moves down were initially triggered by reports of Warsh’s nomination. However, they gained steam in afternoon U.S. trading as investors who piled into the metals raced to book profits. Metals were also under pressure as the dollar spiked higher, making it more expensive for foreign investors to buy gold and silver and spoiling the theory that metals would replace the greenback as the globe’s reserve currency.

The dollar index last traded around 0.8% higher.

“This is getting crazy,” said Matt Maley, equity strategist at Miller Tabak. “Most of this is probably ‘forced selling.’ This has been the hottest asset for day traders and other short-term traders recently. So, there has been some leverage built up in silver. With the huge decline today, the margin calls went out.”

Trump picks Warsh

National Economic Council Director Kevin Hassett had been the favorite to replace Powell for some time, but Warsh became the front-runner in prediction markets in recent days.

In a note on Friday morning, Evercore ISI’s Krishna Guha said the market was “trading Warsh hawkish.”

“The Warsh pick should help stabilize the dollar some and reduce (though not eliminate) the asymmetric risk of deep extended dollar weakness by challenging debasement trades – which is also why gold and silver are sharply lower,” the firm’s vice chairman said.

“But, we advise against overdoing the Warsh hawkish trade across asset markets – and even see some risk of a whipsaw. We see Warsh as a pragmatist not an ideological hawk in the tradition of the independent conservative central banker.”

Claudio Wewel, FX strategist at J. Safra Sarasin Sustainable Asset Management, told CNBC’s “Squawk Box Europe” on Friday that a “perfect storm” of geopolitical tensions had helped precious metals move higher this year, pointing to the U.S. capture of Venezuelan President Nicolás Maduro and Washington’s threats to use military force in Greenland and Iran.

More recently, he said, speculation over who would be nominated as the next Fed chair had been influencing metals markets.

“The market has clearly been pricing the risk of a much more dovish contender, that’s been largely helping the gold price along with other precious metal prices. Over the last 24 hours, the news flow has changed a little bit,” Wewel said, prior to Trump’s announcement.

‘Even good assets can sell-off’

Gold and silver both enjoyed record-smashing rallies in 2025, surging 66% and 135%, respectively, over the course of the year.

Coeur Mining lost 17%. Silver ETFs were dragged into the action, with the ProShares Ultra Silver fund last seen more than 62% lower. The iShares Silver Trust ETF lost 31%. Both funds were headed for their worst days on record.

Precious metals have been on a stellar rally over the past 12 months, amid broader market volatility, the decline of the U.S. dollar, bubbling geopolitical tensions and concerns about the independence of the Federal Reserve.

Katy Stoves, investment manager at British wealth management firm Mattioli Woods, told CNBC on Friday morning that the moves were likely “a market-wide reassessment of concentration risk.”

 “Just as tech stocks — particularly AI-related names — have dominated market attention and capital flows, gold has similarly seen intense positioning and crowding,” she said. “When everyone is leaning the same way, even good assets can sell off as positions get unwound. The parallel isn’t accidental: both represent areas where capital has flooded in based on powerful narratives, and concentrated positions eventually face their day of reckoning.”

Meanwhile, Toni Meadows, head of investment at BRI Wealth Management, contended that gold’s run to the $5,000 mark had happened “too easily.” He noted that the unwinding of the greenback had supported gold prices, but that the dollar had appeared to stabilize.

“Central bank buying has driven the longer-term rally but this has tailed off in recent months,” he said. “The case for further reserve diversification is still there though as Trump’s trade policies and intervention in foreign affairs will make a lot of countries nervous about holding U.S. assets, especially those countries in the emerging markets or aligned to China or Russia. Silver will mirror the direction of gold, so it is not surprising to see falls there.”

Alright, another wild week on Wall Street which ended with a good old fashion selloff in precious metals.

Last week I discussed how silver and gold took off after Davos highlighted geopolitical tensions and and warned to be wary of parabolic moves (ie. never chase them higher, especially when they go full vertical).

Yesterday I went over IMCO's World View 2026 and stated the slide in the US dollar was overdone and I was expecting a snapback.

I know the dollar slid earlier this week after Trump's comments but even that signalled to me that something was afoot.

Call it the "Warsh effect", call it what you want but the Trump administration manipulates markets and you have to almost read right through their statements if you plan on making money. 

Of course he picked Kevin Warsh, the best choice by far, Scott Bessent made sure of that and I'm sure top hedge funds were advised ahead of time (that's why they charge the big fees!). 

So the dollar rallied and metals sold off but they were due for a major reckoning, including copper:

 

 

Now, to be clear, these weekly charts remain bullish as long as price remains above 10-week exponential moving average and weekly MACD is positive and trending up but when you have such a steep red candle like today, it typically means something has fundamentally changed.

We shall see, I expect more volatility next week and it's not all about Kevin Warsh and geopolitical tensions, there's strong demand for metals, especially copper where billionaire investor Robert Friedland warns the world has an insatiable thirst for metals, from surging military budgets to AI data centers and the greening of the global economy, but it does not have a credible way to supply the metals it intends to consume over the next few decades.  

On the daunting scale of copper the world needs to produce over the next two decades, he states:

“You can’t build electric cars and windmills and solar and have a modern military without these metals. So, there’s a reason why underwater power cables are so expensive. That’s what it looks like when you put up a windmill offshore Nantucket Island and you want to bring that electricity and be green. It’s all copper, copper, copper, copper, copper. Copper right now, we’re expecting that to be a $270 billion a year market by tomorrow morning. And where’s this metal going to come from? There’s no copper inventory at all.”

“How much copper are we using? We’re consuming 30 million tonnes of copper a year, only 4 million tonnes of which is recycled. That means to maintain 3% GDP growth…..now listen carefully, with no electrification…this is with burning oil and gas. To maintain global 3% GDP growth, we have to mine the same amount of copper in the next 18 years as we mined in the last 10,000 years (combined). In the next 18 years, I’ve got to mine the same amount of copper as we mined the last 10,000 years…without electrification, without data centers, without solar and wind and the greening of the world economy. You people have no idea whatsoever what we’re facing. You’re dreaming.” 

He might be right but price action of copper and other metal shares can experience violent volatility as this all plays out.

Alright, let me wrap it up with some stock market action.

Here are this week's top-performing US large cap stocks (full list here):

When you see Verizon (VZ) and AT&T (T) among the top performers, you know it's not a great week (I can kick myself for selling Deckers Outdoor too soon!). 

Below, George Heppel, BMO, joins 'Closing Bell Overtime' to talk the steep drop in metal commodity prices.

Next, Jeremy Siegel and Tom Lee join Closing Bell to discuss Kevin Warsh's nomination as Fed Chair and the move in gold and silver today.

Third, the Investment Committee debate what the Warsh pick means for the market and your money.

Fourth, Jay Hatfield, founder, CEO, and portfolio manager at Infrastructure Capital Advisors, joins BNN Bloomberg to discuss gold and silver prices moving amid trade tensions.

Lastly, Kevin Warsh, President Trump's choice for the next Fed Chair, was in conversation on federal monetary policy and the role of the Federal Reserve during the 2025 Reagan National Economic Forum in Simi Valley, California.

Derek Decloet and Layan Odeh of Bloomberg report the US dollar has lost its shine and that's a problem for pension funds:

Treasury Secretary Scott Bessent stepped in to stop the slide in his country’s currency, telling CNBC earlier today: “The US has always had a strong dollar policy.” The Bloomberg Dollar Spot Index rose for the first time in a week.

An exception to the greenback’s rally was the loonie, which stayed strong after the Bank of Canada and Federal Reserve both opted to hold rates steady. The Canadian dollar is now at its highest level against the buck since October 2024, which is nice for cross-border shoppers and vacationers — though there are fewer of them these days.

A stronger currency is a complicating factor in the Canadian economy. Some export-driven manufacturers prefer a softer loonie. Among other things, it can help cushion the blow of tariffs. Canadian pension funds, stuffed to the rafters with US-dollar assets, also have some decisions to make on how to hedge their currency and political risks. 

As it happens, Investment Management Corp. of Ontario, a big manager of government pensions and other cash, published its annual world outlook report today. Currency risks are a feature of the new environment of trade wars and geopolitical threats, IMCO said, and investors might do well to explore the Swiss franc and Japanese yen (and gold, of course) as places to diversify.

“Investors may need to contemplate what a rebalanced global economy — where the US plays a different role — means for their portfolios,” IMCO Chief Strategist Nick Chamie said. “This includes rebalancing exposures away from the US to take advantage of increasing opportunities elsewhere.”

On Wednesday, IMCO released its World View 2026:

Positioning portfolios for resilience as globalization fractures and volatility rises

TORONTO (January 28, 2026) – The Investment Management Corporation of Ontario ("IMCO") today releases the IMCO World View 2026, its annual flagship research publication that helps guide long-term investment strategy across its multi-billion-dollar portfolio.

This year's report underscores the speed at which deglobalization is happening, driven by a rise in protectionist policies and tariffs, led primarily by the U.S., while governments around the world seek to reassert economic control. IMCO's Investment Research and Economics team expects the pace of this transition to amplify market volatility and materially influence long-term portfolio construction.

The report distills complex economic, market, and policy developments into six core themes and six corresponding investment implications, offering a framework to navigate a more polarized and unpredictable global economy.

"Our World View framework cuts through global economic and market complexity as a cornerstone of IMCO's research-driven investment process," said Nick Chamie, Senior Managing Director, Head of Total Portfolio and Capital Markets and Chief Strategist of IMCO.

Highlights from the IMCO World View 2026:

Accelerating trends:

• Deglobalization: President Donald Trump's second term has intensified Washington’s interventionist and competitive approach, quickening the global shift away from open, integrated markets as countries recalibrate their economic models.
• Policy inflection: U.S. policymakers are increasingly turning to policy intervention to reshape global trade and financial flows, using tools ranging from fiscal stimulus and tariffs to currency measures, subsidies, and other novel approaches.

Steady trends:

• Addressing inequality: Governments have shifted some attention away from this social concern, focusing instead on boosting economic growth through industrial and fiscal stimulus, though inequality remains persistent and politically consequential.
• Disruptive technologies: Rapid adoption of artificial intelligence and advances in electric vehicle batteries highlight their growing impact across various industries.
• Evolving market structures: While growth moderates in private markets, the investable universe is shifting, expanding retail investor access to previously exclusive private markets.

Decelerating trends:

• Climate change and sustainability: Rising energy demand and security concerns have temporarily shifted focus away from environmental priorities, though the need for clean energy adaptation amid the energy transition remains.

Key implications for investors:

• End of low for long: Geopolitical uncertainty and economic reshoring may fuel inflation and shape monetary policy, making broader currency diversification, shorter duration fixed-income and safe-haven assets like commodities more attractive.
• Heightened volatility and dispersion: Concentrated markets and high valuations, combined with U.S. efforts to disrupt the status quo are setting the stage for market swings. A “macro-aware” asset allocation framework alongside risk-hedging strategies can help strengthen portfolio resilience.
• Capital investment boom: Rising capital spending, particularly in energy, defence, and AI infrastructure, is creating opportunities to invest in critical infrastructure and companies tied to nation-building projects.
• Expanding role of private investments: Private markets support long-term value creation and help reduce short-term portfolio volatility, while giving institutional investors access to a broader set of investment opportunities.
• Managing unintended exposures: Growing popularity of passive investing is intensifying market concentrations, heightening the need for diversified strategies.
• Innovation and flexibility: A weakening of traditional market dynamics calls for greater adaptability and resiliency in portfolio construction.

Read the IMCO World View 2026

A little more context:

The World View is our flagship annual publication, used to inform IMCO’s long-term investment strategy and positioning across a multi-billion-dollar portfolio.

The report distills complex global economic, market, and policy developments into six core themes and six corresponding investment implications, providing a clear framework for navigating the global investment landscape. Developed by IMCO's in-house economics team, with input from IMCO’s investment teams, it delivers practical, actionable insights.

In the IMCO World View 2026, we assess whether recent developments are consistent with each theme or implication's momentum accelerating, decelerating or remaining stable. We also consider whether the developments underlying a change in momentum warrant a reconsideration of the trend's validity. This evaluation is a cumulative process that assigns more weight to momentum assessments that persist for several years. For each theme, we discuss what we're monitoring. For each implication, we discuss potential investor actions.

Importantly, an assessment of slowing momentum does not mean that we see the Theme or Implication fading away. 

I highly suggest you take the time to read the full report here, it's not too long, well written and flows well from topic to topic (admittedly, I have an economics and market background, so for me it was a nice read). 

The two most interesting sections for a macro buff like me were "Inflation and Uncertainty as Policy Outcomes" on page 14 and "Diverging Policy Paths, Diverging Market Outcomes" on page 16.  

I note the following:

 The acceleration in U.S. efforts to address global imbalances, combined with Trump’s unpredictable and unconventional approach, could weigh on the USD in the years ahead while potentially lifting inflation and bond yields. To help manage the resulting risks and
opportunities, investors can:

• Shift fixed income exposure to shorter maturities, given the potential for yield curve steepening. This potential appears especially pronounced in the U.S., where an increasingly-politicized Fed could weigh on yields in the short end, while policy risks and uncertainty contribute to wider term premia – and thus yields – at longer maturities. Tariffs and a weaker USD could add further impetus for higher U.S. yields if they boost the cost of imports, with knock-on effects to inflation more generally.
• Explore potential alternatives to the USD as a store of value and safe haven during periods of market stress. Possibilities include currencies such as the Swiss franc and the Japanese yen, in addition to traditional safe-haven assets such as gold.
• Consider assets tied to production and the physical economy, including in strategically important areas such as AI- and energy-related infrastructure, technology and health care. Given that you “need stuff to make stuff”, opportunities could arise in commodities, materials, energy and other natural resources as governments look to build their country’s productive capacity while securing supply chains. Many of these assets tend to fare relatively well through inflationary periods, providing a potential complement to other inflation-sensitive assets such as real return bonds.  

And this: 

To manage risks and opportunities presented by rising volatility and widening dispersion, investors can:

• Incorporate a “macro-aware” approach to asset allocation that potentially benefits from identifying winners and losers in the shift towards a rebalanced global economy – one in which the U.S. plays a different role than investors have become used to over the past several decades.
• Rebalance geographic exposures away from the U.S. to take advantage of opportunities in countries and regions pursuing new, often fiscally-supported, growth strategies. Doing so could also help limit concentration and valuation risks arising from recent “U.S. exceptionalism” and outperformance. Canada’s response to recent trade and geopolitical pressures emanating from the U.S., including a renewed focus on large nationally-strategic infrastructure projects and a reduction in interprovincial trade barriers, could widen the breadth of investment opportunities domestically.
• Adopt tail risk hedging strategies that can help limit drawdowns through extreme market moves and events. Since such strategies become more expensive when uncertainty and expected volatility are elevated, consistently monitoring market conditions can help identify opportunistic implementation windows. Potential avenues to limiting left tail risk include the use of derivatives, owning safe-haven assets that tend to outperform through market drawdowns, reducing exposures to high-risk assets, and diversifying across asset classes, risk factors, and geographies. 

There's a lot more so I recommend you really take the time to read the report here.

I commend Nick Chamie, Senior Managing Director, Head of Total Portfolio and Capital Markets and Chief Strategist of IMCO and his team for producing this report.

It is worth noting that IMCO is the only large Canadian pension fund that produces this type of macro/ market outlook every year and publishes it and I commend them for that.        

It's not easy, it forces you to really sit with all the teams and think through all the major themes.

Obviously Nick Chamie has the final say but as he states below, it was a collaborative effort. 

Again, sticking your neck out isn't easy, a lot can happen over the course of the year and trends can shift abruptly.

One trend I'm keenly focused on right now is whether the slide in the US dollar is overdone.

My indicators tell me we are closer to the end of the downtrend and I expect the greenback to snap back. When that happens, you'll see the rally in silver, gold and copper fade.

That's more of a cyclical call, but even structurally, I have a very hard time being short US dollars even with everything going on with deglobalization. 

Also important to understand you can't have a very weak US dollar without stoking inflation fears because import prices will rise.

By the same token, you can't have a very strong euro, yen, Canadian dollar because it will impact their exports.

All this to say, people get carried away with their currency calls, I just find there are too many dollar bears out there and that tells me the trend can reverse fast.

Anyways, I need to take the weekend to reread this report more carefully but I definitely recommend you do so as well and even discuss it with your economics and capital markets and private market teams.  

Below, Nick Chamie, Senior Managing Director, Head of Total Portfolio and Capital Markets and Chief Strategist of IMCO discusses their Wold View and how they all worked on it to understand the trends and major themes impacting their investments.

Next, Joyce Chang, JPMorgan Chair of Global Research, Tom Lee, Head of Research at Fundstrat Global Advisors, and Michelle Caruso-Cabrera, CEO of MCC Global Enterprises, discuss dollar weakness, debasement, metals momentum, EM optimism, and crypto’s delayed response.

Third, Barry Knapp, Ironsides Macro, and Michael Gapen, Morgan Stanley chief U.S. economist, join 'The Exchange' to discuss the Federal Reserve, the dollar and much more.

Fourth, A prolonged weakening of the dollar brings with it a number of dangers for the US economy, according to Robert Kaplan, vice chairman at Goldman Sachs Group Inc.

“It is true, a weaker dollar boosts exports. However, the United States has $39 trillion of debt on its way to $40 trillion plus, and when you have that much debt, I think stability of the currency probably trumps exports,” he said in an interview on Bloomberg Television.

“I actually think the US is going to want to see a stable dollar and wants to see stability. They want to be able to sell the long end of the Treasury curve: a stable dollar helps,” he said.

Valor and QuadReal recently committed to deliver a 10,000 sqm cross-dock logistics hub in South Paris: 

Valor Real Estate Partners (“Valor”), Europe’s leading last-mile logistics specialist, has acquired, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, a 10-acre site, which includes a 6,500 sqm vacant cross-dock property, in Fleury-Mérogis, south of Paris.

In line with the JV’s value-add strategy, Valor will undertake a comprehensive ESG-led refurbishment of the existing space and add a 3,500 sqm extension, delivering a state-of-the art, cross-dock logistics hub. Totalling 10,000 sqm, the property will be ideally suited for 3PL, parcel delivery, and distribution occupiers in what is Europe’s dominant e-commerce centre.

Specifications will include a 1/109 sqm door ratio, 9-metre clear heights, vehicle yards ranging from 33 to 53 metres, and extensive car and HGV parking. Other enhancements will include the installation of LED lighting, new external cladding, a redesigned and expanded service yard, and the full refurbishment of the office accommodation.

The lack of new cross-dock supply in Paris has kept vacancy rates close to 1% over the last few years. Fleury-Mérogis is a prime infill logistics location for the city, as it benefits from excellent connectivity, including direct access to the A6 corridor, and close proximity to key distribution nodes including Orly Airport and the Rungis International Food Market.

Following the successful speculative development of Valor Park Marly, a 10,000 sqm cross-dock hub that was let ahead of practical completion in 2023, this transaction further underlines Valor’s position as a leading cross-dock specialist in France, where it currently owns and manages c. 70,000 sqm of cross-dock space.

Victor Massias, Partner Head of Developments at Valor, said: “This transaction builds on our proven track record in the Paris cross-dock market and reflects the JV’s conviction in highly supply-constrained, infill logistics locations where this type of product is scarce. Fleury-Mérogis benefits from exceptional fundamentals and through a comprehensive refurbishment and extension programme, we will deliver a future-proof, ESG-compliant asset aligned with the evolving requirements of last-mile and parcel delivery occupiers.”

Thomas Blangy, Senior Vice President at QuadReal, said: “This transaction further strengthens our already compelling portfolio in the Greater Paris region, one of France and Europe’s most important logistics markets. With this asset’s excellent connectivity and the clear scope for value-add improvements both in terms of its sustainability credentials and from an operational perspective, this transaction is firmly in line with our global investment strategy of targeting top quality assets in high growth urban logistics hubs across Europe and the UK.”

Valor was advised by Oudot (notary), Simmons & Simmons (Real Estate/Tax/Structuring), Les Ateliers4+/CEMR (technical/refurbishment), and CBRE (broker).

Also worth noting at the beginning of the year, Valor and QuadReal expanded their Berlin footprint with the acquisition of modern ultra-urban logistics asset from Aurelis Real Estate:

Valor Real Estate Partners (“Valor”), Europe’s fastest-growing last mile specialist, has acquired an urban logistics asset from Aurelis Real Estate in Berlin on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company. The transaction further expands the joint venture’s footprint in one of Europe’s most dynamic ecommerce centres.

The asset is a 6,000 sqm ultra-urban logistics property in Berlin’s Charlottenburg-North submarket. The modern cross-dock facility offers extensive yard space is occupied by GO! Express & Logistics on a long-term lease. It is strategically located in proximity to two of Berlin’s major consumer centres – CBD West and the city centre – whilst also providing excellent outbound access via the A111 and A100.

The transaction follows a  €91 million commitment from the JV in December 2025 to acquire a 26,000 sqm urban logistics asset and adjacent development site in Berlin’s North-East Berlin submarket of Lichtenberg.

Vincent Lampe, Senior Vice President, Valor commented: “This is a rare opportunity to acquire a modern ultra-urban logistics asset in one of Berlin’s most competitive and under-supplied sub-markets. This acquisition delivers secure long-term income and further expands our footprint in one of our high conviction markets where the development of ecommerce, sustained population growth and  limited land for development will all support future demand for modern, well-located logistics space.”

Thomas Blangy, Senior Vice President at QuadReal, added: “This transaction builds on the JV’s recent momentum and, following our €91 million deal in December, further strengthens our portfolio in what is Germany’s dominant e-commerce centre. With the property’s proximity to two of Berlin’s major consumer centres and its excellent transport links, this transaction is firmly in line with our global investment strategy of targeting high growth urban logistics hubs in key markets across Europe and the UK.”

Valor was advised by Schilling, Zutt & Anschuetz (Legal), Rider Levett Bucknall (Technical). Colliers acted as sell-side broker. 

Not much I can add here except to say that QuadReal has teamed up with Valor, Europe’s fastest-growing last mile specialist,to acquire some great logistics properties in Paris and Berlin.

As Thomas Blangy, SVP at QuadReal states, these transactions are transaction is firmly in line with QuadReal's global investment strategy of targeting top quality assets in high growth urban logistics hubs across Europe and the UK.

In fact, QuadReal’s UK lending platform just completed two transactions totalling £86.4m:

QuadReal Property Group (QuadReal), a global real estate investment, development and operating company, has completed £86.4m of loans across two transactions via its newly expanded lending platform, taking its total direct lending in the UK to over £110m.

The first transaction was a £56.5m loan to Heitman to refinance an eight asset, 492,260 sq ft self-storage portfolio located across Birmingham, Sheffield, and Stafford, and managed by Space Station, the oldest self-storage operator in the UK. Six of the assets are operational and currently in a lease up phase, while one completed in July 2025 and the other is estimated to complete in March of this year. All the schemes are institutional grade, purpose-built, or high-end conversions, and were specifically selected based on the strong local catchment, accessibility, and visibility. Importantly, there are no new self-storage facilities under construction in any of the three cities.

The second transaction is a £29.9m loan to Fiera Real Estate and Wrenbridge to fund the development of a 219,749 sq ft logistics facility in Reading. Construction on the scheme, which will offer six suites across five buildings, commenced in December 2025 and is due to complete in December 2026. The facility is located to the south of the city, adjacent to the M4 motorway and within a 90-minute drive of 18.9 million people, as well as Heathrow and key port cities such as Bristol, Southampton, and Bournemouth.

The transactions take the total direct lending by the platform, which was launched in the UK in October 2025, to over £110m, after it provided a £25.5m facility to Fiera Real Estate and Harleyford Capital to fund the development of 180,000 sq ft of institutional Grade A logistics space at Watford Works, London in October.

QuadReal intends to commit over £2.5bn over the next three to five years across the UK and Europe, and has direct control over all decision making. The expanded platform follows the success of QuadReal’s North American debt business, which currently manages over £[12]bn in investments.

Derek Richter, Vice President, Real Estate Debt, said: “These transactions represent an important milestone in the growth of our lending platform, and demonstrate our confidence in the UK market. While we are committed to growing our platform, we remain disciplined, and will only progress transactions that are aligned with our global investment strategy and core convictions. With strong sponsors and attractive sector fundamentals, these high quality, well-located sites are firmly in line with that strategy and we look forward to working with Heitman, Fiera, and Wrenbridge as they execute their business plans.” 

And it's not just in Europe and the UK. 

In December, QuadReal announced a $495M strategic industrial partnership with LaSalle: 

QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, has formed a strategic partnership with global investment manager LaSalle Investment Management (“LaSalle”) that will recapitalize a US$495M portfolio within QuadReal’s direct U.S. industrial platform.

The high-quality, state-of-the-art US industrial portfolio includes 11 assets, totaling 3.3M sq ft across major population centers near critical infrastructure in five states including Georgia, Pennsylvania, New Jersey, Texas and Washington state. LaSalle will acquire a 49% interest in the portfolio, with QuadReal retaining majority ownership and continuing to manage the assets on behalf of the partnership.

“This partnership capitalizes on QuadReal’s direct operating capabilities, the very intentional portfolio we have built, and it reinforces our deep conviction in the Industrial sector,” said Jamie Weber, Head of Americas for QuadReal. “We look forward to deepening our relationship with LaSalle, a likeminded and long-term oriented investor.”

“Expanding our presence in key U.S. logistics markets is a core part of LaSalle’s investment strategy,” said Stuart Sziklas, Global Portfolio Manager, LaSalle Investment Management. “This transaction allows us to access a high-quality portfolio in markets with strong fundamentals, while creating long-term value.  We’re pleased to work alongside QuadReal and look forward to future opportunities together.”

The partnership terms also provide for an additional capital commitment from LaSalle for the acquisition of similarly high-quality, well-located industrial assets. This leaves a significant runway to expand its real estate investment portfolio in partnership with QuadReal.

QuadReal’s high-conviction investment strategy and international experience have established the firm as a top 20 real estate investor globally. Industrial is a high-conviction sector for QuadReal, with the firm’s US portfolio amounting to 23.5M sq ft of industrial space and global industrial portfolio of 156.3m sq ft. 

Denis Lopez and his team at QuadReal are firing on all cylinders, acquiring prime assets all over the world investing wisely across their capital structure.

I don't cover them enough but always looking at their transactions closely, they're doing great work.

Below, Spencer Levy talks with Panattoni’s Robert Dobrzycki and CBRE’s Jack Cox as they unpack Europe’s logistics sector. Gain insights into CRE trends, investment opportunities, and market outlook (June, 2025).

The Canadian Press reports CPP Investments forms real estate joint venture with California-based IRA Capital:

The Canada Pension Plan Investment Board has signed a deal to form a joint venture with California-based private equity firm IRA Capital to invest in medical outpatient buildings.

CPP Investments has allocated an initial US$143 million of equity capital to the joint venture.

It will hold a 47.5 per cent stake.

The partners have agreed to acquire an initial portfolio of 24 properties across 11 U.S. states to start.

Sophie van Oosterom, managing director and head of real estate at CPP Investments, says the venture will target modern outpatient care facilities in growing U.S. communities.

Founded in 2010, IRA Capital specializes in real estate investments with a focus on commercial real estate assets in the U.S. 

Last week, CPP investments issued a statement on this deal: 

CPP Investments allocates initial US$143 million of equity capital to the joint venture.

Toronto, ON (January 22, 2026) – Canada Pension Plan Investment Board (CPP Investments) today announced its participation in a joint venture with IRA Capital and a global institutional investor (the “Joint Venture”) to invest in medical outpatient buildings. CPP Investments will hold a 47.5% stake in the Joint Venture.

CPP Investments has allocated US$143 million of equity capital to the Joint Venture, which will have an expected acquisition capacity of approximately US$850 million.

“The program will target modern outpatient care facilities in growing U.S. communities, where demand is supported by demographic trends and the shift of services from hospitals to outpatient settings,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “We are pleased to establish this program with IRA Capital to invest in high-quality medical facilities across resilient markets, where effective management of the assets can enhance tenant experience and retention. This investment will help deliver long-term, risk-adjusted returns to the CPP Fund for the benefit of CPP contributors and beneficiaries.”

As part of this Joint Venture, the partners have agreed to acquire an initial 1.5 million square-foot medical facility portfolio across 24 properties. The assets include on-campus and advanced outpatient care facilities that support physicians and health-system partners.

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.

I didn't know much about IRA Capital before reading about this joint venture but they're obviously legit and specialize in this sector:

IRA Capital “IRA” is a leading private equity firm focused on alternative investments. Founded in 2010, IRA invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, and family offices. The firm primarily invests in commercial real estate assets throughout the United States, with an overweight concentration within the medical/healthcare real estate sector. IRA has established itself as a leader within its respective industries and markets, with deep relationships and a strong track record of profitability.  

As to why CPP Investments is teaming up with IRA to invest in medical outpatient buildings, I think this outlook analysis by PWC titled In Times of Uncertainty, Health Care Real Estate Offers Stability is instructive. I note the key points below

• Health care real estate is positioned to outperform in 2026, supported by demographic tailwinds, sustained outpatient demand, and its role as a core defensive asset.

• Tight market conditions and limited new construction will continue into next year, maintaining upward pressure on rents and reinforcing stable fundamentals.

• Investor activity is expected to strengthen in 2026 as capital markets ease and confidence builds around the sector’s long-term growth trajectory.

In times of market uncertainty, investor focus tends to shift to sectors that are anticyclical and can weather a storm. The inelastic demand for health care services and the real estate that supports it becomes even more attractive. Despite an overall softening of the labor market, health care continues to be one of the strongest sectors tracked by the Bureau of Labor Statistics: health care employment growth annually was 2.8 percent as of August 2025 (down from approximately 4 percent levels in 2024) while total nonfarm growth has slowed to 0.9 percent as of August (from levels of 1.3 percent in 2024). 

Demand for health care services continues to grow as the population ages, new discoveries and medical advances increase the amount of medical issues that can be addressed, and the focal shift from reactive medical care to preventative care and wellness continues. The real estate that supports the health care system is largely made up of hospitals and inpatient care and medical office buildings or medical outpatient buildings (collectively, MOBs). There are 7,273 hospitals in the United States making up 1.9 billion square feet and 42,260 MOBs representing 1.6 billion square feet. MOBs can include any number of tenant types and services including urgent care and emergency services, dialysis, ambulatory surgery, and imaging, as well as standard physician offices. 

The MOB sector has continued to see an increase in demand. With advancements in health care technology, many services are now able to be performed in an outpatient setting rather than inpatient, freeing up space in the hospital for more advanced and complicated cases. In recent years, many of these MOB locations have been moving off-hospital campus and out into the community to make them more accessible for patients. This helps providers and hospital systems build market share and more effectively serve a wide range of patients and cases.

Worth repeating this: "With advancements in health care technology, many services are now able to be performed in an outpatient setting rather than inpatient, freeing up space in the hospital for more advanced and complicated cases."

I'm sure CPP Investments and IRA Capital did their homework here and are targeting the right metropolitan areas to invest in and I suspect this will be one of many joint ventures in this area.

Another smart investment over the long run.

Alright, let me wrap it up and go watch "The PITT" with my wife (we are hooked).

Below, in this episode of Multiple Perspectives, host David Lofgren interviews Trisha Talbot, Managing Principal of Doc Properties, to explore the intricacies of medical office building investments, tenant dynamics, and how demographic shifts are reshaping healthcare real estate opportunities.

Also, in this episode of The Smart Property Investment Show, co-hosts Liam Garman and Emilie Lauer sit down with Matthew Strotton, the head of real estate at Real Asset Management (RAM) in Australia, to discuss how investors can diversify their portfolios through healthcare real estate.

Lastly, if you've never seen The PITT, it's awesome, intense, fast paced and just awesome!

The Law of Success in PDF Format: A Comprehensive Guide

Napoleon Hill’s foundational work, alongside guides like the “Seven Spiritual Laws of Success,” offers a pathway to achievement, readily available in PDF format for focused study.

Napoleon Hill’s The Law of Success, a monumental work born from decades of research interviewing prominent figures like Carnegie, Edison, and Rockefeller, remains a cornerstone of personal development literature. Initially conceived as a set of lessons distributed through the Mandeville Publishing Company, it evolved into a comprehensive philosophy for achieving lasting success.

While often discussed alongside related works like the “Seven Spiritual Laws of Success,” Hill’s original masterpiece delves into seventeen distinct principles. These principles, meticulously outlined, aren’t merely theoretical concepts but practical strategies for cultivating a mindset geared towards accomplishment. The enduring appeal lies in its actionable advice, offering readers a roadmap to unlock their potential and navigate life’s challenges with purpose and determination.

Understanding the Historical Context

Hill’s research unfolded during the Era of Industrial Titans, influencing his principles, and reflecting the ambition of figures like Edison and Carnegie.

The Era of Industrial Titans & Hill’s Research

Napoleon Hill’s groundbreaking work emerged from a period defined by unprecedented industrial growth and the rise of powerful entrepreneurs. He embarked on a twenty-year investigation, commissioned by Andrew Carnegie, to uncover the secrets behind success. This research involved extensive interviews with prominent figures of the time – individuals like Thomas Edison, Harvey Firestone, and John D. Rockefeller – titans who shaped the American landscape.

Hill meticulously analyzed their habits, philosophies, and strategies, seeking common denominators that underpinned their achievements. His aim wasn’t merely to document their stories, but to distill actionable principles applicable to anyone striving for success. The era’s focus on tangible results and relentless ambition heavily influenced Hill’s methodology and the core tenets of his philosophy, ultimately forming the foundation of The Law of Success.

The Influence of Carnegie and Edison

Andrew Carnegie’s challenge to Napoleon Hill – to discover a “philosophy of personal achievement” – was pivotal. Carnegie believed success wasn’t accidental, but a result of specific principles. He provided access to his vast network, facilitating interviews with leading industrialists. This access was crucial for Hill’s research and the development of his core concepts.

Thomas Edison’s influence stemmed from his relentless experimentation and unwavering belief in his abilities. Hill observed Edison’s dedication to specialized knowledge and organized planning, principles he later incorporated into his 17 principles of success. Both Carnegie and Edison exemplified the power of a “Definite Chief Purpose” and the importance of a “Master Mind” alliance, concepts central to Hill’s teachings. Their examples shaped the practical application of his philosophy.

Core Principles of the Law of Success

Hill’s framework centers on principles like Definite Chief Purpose, the Master Mind alliance, and Applied Faith – essential for achieving lasting success and fulfillment.

Definite Chief Purpose: The Foundation

Napoleon Hill emphatically states that possessing a Definite Chief Purpose is the indispensable starting point for all achievement. This isn’t merely setting a goal; it’s defining a central aim that directs all efforts and decisions.

He highlights that without this clarity, individuals drift aimlessly, expending energy without focused results. The principle demands specificity – a clearly articulated, measurable objective. This purpose should inspire unwavering commitment and serve as a constant motivator.

Hill’s research, drawing from the lives of industrial titans like Carnegie and Edison, consistently revealed this as a common denominator of success; It’s the bedrock upon which all other principles are built, providing direction and fueling the necessary drive to overcome obstacles.

Master Mind Alliance: Collaborative Power

Napoleon Hill’s concept of the Master Mind Alliance emphasizes the immense power derived from harmonious collaboration. It’s not simply teamwork, but a synergistic blending of minds focused on a shared definite chief purpose; This principle suggests that two or more people working in perfect harmony will achieve far more than they could individually.

Hill’s extensive research, involving interviews with successful individuals like Henry Ford and Rockefeller, consistently demonstrated the importance of surrounding oneself with trusted advisors and collaborators.

The alliance fosters mutual support, idea exchange, and constructive criticism, accelerating progress and overcoming limitations. It’s about leveraging collective intelligence and experience to achieve extraordinary results, a cornerstone of lasting success.

Applied Faith: Belief and Visualization

Napoleon Hill’s principle of Applied Faith transcends mere wishful thinking; it’s a powerful combination of unwavering belief and vivid visualization. It’s the conviction that your definite chief purpose will materialize, coupled with consistently picturing its fulfillment in your mind’s eye.

This isn’t passive hoping, but active mental engagement. Hill stresses the importance of auto-suggestion – repeatedly impressing your subconscious mind with positive affirmations and imagery.

Faith, in this context, isn’t necessarily religious; it’s a psychological force. By cultivating a strong belief and visualizing success, individuals can overcome obstacles, maintain motivation, and attract opportunities aligning with their goals. It’s a crucial element in transforming desires into reality.

The 17 Principles Detailed

Napoleon Hill’s comprehensive system outlines seventeen principles, starting with a definite purpose and encompassing collaborative power, faith, and specialized knowledge for lasting success.

Principle 1: Definite Chief Purpose

Establishing a Definite Chief Purpose is the cornerstone of Napoleon Hill’s philosophy, representing the initial spark for all achievement. This principle isn’t merely about setting a goal; it demands a clearly defined ambition, meticulously planned and relentlessly pursued.

Hill emphasizes that lacking this central aim leads to drifting through life, susceptible to external influences and ultimately, unfulfilled. A definite purpose provides focus, fuels motivation, and attracts the necessary resources – including a Master Mind Alliance – to overcome obstacles.

It’s the foundational element upon which all other principles are built, acting as a compass guiding decisions and actions. Without it, even possessing faith or specialized knowledge proves insufficient for sustained success. This principle, detailed within the “Law of Success,” is paramount.

Principle 2: Master Mind

The Master Mind principle, central to Napoleon Hill’s teachings, highlights the power of collaborative energy. It’s not simply about gathering opinions, but forming a harmonious alliance with individuals possessing complementary skills and shared ambition. This synergy creates an intellectual force exceeding the capabilities of any single mind.

Hill drew inspiration from industrial titans like Carnegie, Edison, and Firestone, observing their reliance on close-knit teams. A Master Mind group fosters brainstorming, problem-solving, and mutual support, accelerating progress towards a Definite Chief Purpose.

Effective collaboration requires trust, open communication, and a unified vision. The principle, thoroughly explored in the “Law of Success,” emphasizes that collective intelligence unlocks opportunities otherwise unattainable.

Principle 3: Applied Faith

Applied Faith, as outlined by Napoleon Hill, transcends mere wishful thinking; it’s the unwavering belief in the attainment of one’s Definite Chief Purpose, coupled with consistent action. This principle isn’t about hoping for success, but knowing it will manifest through focused effort and positive visualization.

Hill emphasizes that faith must be mixed with equivalent action – a passive belief yields no results. Drawing on the experiences of figures like Edison, he demonstrates how persistent faith fuels resilience in the face of obstacles.

The power of auto-suggestion, a related concept, reinforces this faith by programming the subconscious mind for success. It’s a cornerstone of achieving lasting fulfillment.

Principle 4: Auto-Suggestion

Auto-Suggestion, a pivotal principle in Napoleon Hill’s “Law of Success,” involves deliberately feeding the subconscious mind with positive thoughts and affirmations. This process, Hill argues, is crucial for overcoming limiting beliefs and cultivating a success-oriented mindset. It’s essentially self-persuasion, reprogramming your internal dialogue to align with your goals.

The technique requires consistent repetition of affirmations, visualized outcomes, and a clear understanding of your Definite Chief Purpose.

Hill highlights its effectiveness, noting its use by successful individuals like those studied – Carnegie and Rockefeller – to build confidence and maintain focus. It’s a powerful tool for manifesting desired realities.

Principle 5: Specialized Knowledge

Napoleon Hill’s “Law of Success” emphasizes that general knowledge is insufficient for achieving significant success; Specialized Knowledge is paramount. This isn’t merely academic learning, but a deep, focused understanding within a chosen field. Hill observed that individuals who rose to prominence – figures like Edison and Firestone – possessed expertise far exceeding the average.

He stresses the importance of organizing and applying this knowledge strategically. Acquiring information is only the first step; the ability to utilize it effectively is what truly differentiates successful individuals.

Continual learning and adaptation are also vital, ensuring knowledge remains current and relevant in a dynamic world.

Principle 6: Imagination

Napoleon Hill identifies Imagination as a crucial force in achieving success, going beyond mere wishful thinking. It’s the workshop of the mind, capable of creating plans, ideas, and solutions not readily apparent. He observed that successful individuals, like those he studied – Carnegie, Rockefeller – were prolific idea generators.

Hill distinguishes between synthetic and creative imagination. Synthetic imagination rearranges existing concepts, while creative imagination generates entirely new ones. Both are essential for innovation and problem-solving.

Cultivating imagination requires deliberate practice, visualization, and a willingness to explore unconventional ideas, ultimately shaping a desired future.

Principle 7: Organized Planning

Napoleon Hill emphasizes that a Definite Chief Purpose, coupled with Organized Planning, forms the bedrock of achievement. Simply having a goal isn’t enough; a detailed, actionable plan is vital. This principle builds upon previous ones – Master Mind collaboration aids planning, while Applied Faith fuels perseverance.

Effective planning involves breaking down large objectives into smaller, manageable steps. Hill advocates for creating concrete timelines and identifying resources needed for each stage. Procrastination is the enemy of organized planning, demanding consistent action.

Successful individuals don’t leave success to chance; they meticulously chart their course and adapt as needed, ensuring progress towards their ultimate vision.

Accessing the “Law of Success” PDF

Napoleon Hill’s “Law of Success” and related works, including guides on spiritual laws, are available digitally, but prioritize legitimate sources to avoid copyright issues.

Legitimate Sources for Download

Finding authentic digital copies of Napoleon Hill’s “Law of Success” requires careful navigation. The Napoleon Hill Foundation itself is the most reliable source for official publications and resources, ensuring you receive an unadulterated version of his work. Several online booksellers also offer legitimate PDF versions for purchase, providing a convenient and legal way to access this classic text.

Beware of websites offering free downloads, as these often contain pirated material or may compromise your device with malware. Prioritize established platforms and verify the source’s credibility before downloading any files. Exploring resources related to the “Seven Spiritual Laws of Success” can complement your study, but always confirm their authenticity. Supporting the official channels helps preserve the integrity of Hill’s teachings and ensures continued access to his invaluable insights.

Avoiding Copyright Infringement

Respecting intellectual property is crucial when accessing Napoleon Hill’s “Law of Success” in PDF format. Downloading from unauthorized sources constitutes copyright infringement, potentially leading to legal repercussions. The work remains protected, and obtaining it through illegal channels undermines the author’s legacy and the Napoleon Hill Foundation’s efforts.

Prioritize purchasing the PDF from reputable booksellers or directly from the Foundation’s official website. Avoid websites offering “free” downloads, as these are almost always illegal copies. Supporting legitimate sources ensures continued publication and accessibility of Hill’s teachings. Remember, even sharing unauthorized PDFs with others contributes to copyright violation. Choosing legal avenues demonstrates respect for the creator’s rights and supports the continued dissemination of valuable knowledge, including related works like guides on the “Seven Spiritual Laws of Success.”

Related Works & Further Exploration

Explore complementary texts like “The Law of Financial Success” (1907) and “Power vs. Force,” deepening your understanding of Hill’s principles alongside the “Seven Spiritual Laws.”

“The Law of Financial Success” (1907)

Published decades before “The Law of Success,” this earlier work by Napoleon Hill lays the groundwork for his later, more comprehensive philosophies. It delves specifically into the psychological and practical elements required for accumulating wealth, focusing on mental attitude, overcoming fear and worry, and cultivating unwavering faith.

The book explores latent powers within individuals and the crucial roles of ambition, desire, and will power in achieving financial independence. Hill emphasizes the power of auto-suggestion – harnessing the subconscious mind to attract prosperity. While distinct from the “Seven Spiritual Laws of Success,” it shares a common thread: the importance of a focused mindset and deliberate action; It provides a fascinating glimpse into the evolution of Hill’s thought process and remains a valuable resource for those seeking financial mastery.

Napoleon Hill’s Self-Confidence Formula

A cornerstone of personal achievement, this formula, officially published by the Napoleon Hill Foundation, builds upon the principles outlined in “The Law of Success” and other works. It’s a practical guide designed to cultivate self-reliance and overcome limiting beliefs, essential components for manifesting success, even mirroring concepts found within guides like the “Seven Spiritual Laws of Success.”

Hill details techniques for strengthening inner conviction and projecting an aura of confidence, attracting opportunities and influencing others. The formula emphasizes the power of positive self-talk, visualization, and consistent action. It’s not merely about feeling good; it’s about developing a deeply ingrained belief in one’s ability to achieve desired outcomes, a vital element for navigating life’s challenges and realizing one’s full potential.

“Power vs. Force” and its Connection

Napoleon Hill’s exploration of “Power vs. Force” delves into the fundamental energies driving human action and achievement, complementing the principles found in works like the “Seven Spiritual Laws of Success.” He argues that true, lasting success stems from harnessing inner power – a positive, creative force – rather than relying on brute force or coercion. This distinction is crucial for building genuine relationships and achieving sustainable results.

The concept directly relates to the principles of faith and auto-suggestion in “The Law of Success,” emphasizing the importance of cultivating a positive mental attitude. By understanding and utilizing the power within, individuals can overcome obstacles and attract favorable outcomes, aligning with the harmonious principles outlined in spiritual success guides.

The Napoleon Hill Foundation

The Napoleon Hill Foundation provides authentic publications, including “The Law of Success” and related works, ensuring the enduring legacy of his principles.

Official Publications and Resources

The Napoleon Hill Foundation serves as the primary source for genuine publications stemming from Hill’s extensive research and writings. Beyond “The Law of Success,” explore “Napoleon Hill’s Self-Confidence Formula” and “Power vs. Force,” deepening your understanding of his philosophy.

Access official PDFs and resources directly through the Foundation’s website, guaranteeing authenticity and avoiding copyright infringements. These materials build upon the core seventeen principles, including having a definite chief purpose and cultivating a Master Mind alliance. Discover how Hill’s insights, gleaned from titans like Carnegie and Edison, translate into practical strategies for personal and financial success. The Foundation diligently preserves Hill’s legacy, offering a wealth of knowledge for those seeking lasting achievement.

Authenticity and Legacy

Preserving Napoleon Hill’s original intent is paramount, especially with widespread digital access to works like guides on the “Seven Spiritual Laws of Success” and “The Law of Success” in PDF format. The Napoleon Hill Foundation actively combats unauthorized reproductions and ensures the integrity of his teachings.

Hill’s legacy extends beyond personal achievement; his research, involving interviews with industrial leaders like Rockefeller and Edison, aimed to distill universal principles for success. Authenticity guarantees you’re receiving the complete, nuanced message – encompassing faith, specialized knowledge, and organized planning. By supporting official publications, you contribute to maintaining the accuracy and enduring power of Hill’s transformative philosophy, ensuring its continued impact for generations to come.

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