Rosseau (Lighthouse Shoal) Lighthouse
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Built in 1890 to mark a shoal on Lake Rosseau, the Rosseau Lighthouse guided boats through Ontario’s Muskoka region. After decades of use and decline, it was restored in 2014 by Seguin Township and the Lake Rosseau North Association. Community fundraising preserved the historic structure, avoiding its replacement with a modern pole and light.
Greavette Island Lighthouse
The lighthouse on Greavette Island is a local landmark on Lake Muskoka, near Gravenhurst, Ontario. It’s a well-known navigational aid for boaters in the area. The island itself is a popular destination for scenic views, with a loop trail offering some of the best lookouts in Muskoka, particularly for sunsets.
*Feel free to send us your photos of Lighthouses to be featured in our weekly market observations.
The Spirit of Independence: Celebrating July 4th
Every year on July 4th, the United States bursts into color, music, and celebration in honor of its independence. Known officially as Independence Day, this holiday marks the adoption of the Declaration of Independence in 1776, when thirteen colonies formally broke free from British rule and laid the foundation for a new nation based on liberty, democracy, and self-governance.
Today, the 4th of July is far more than a historical footnote—it’s a vibrant celebration of American culture, freedom, and community. The day is synonymous with fireworks, barbecues, parades, and patriotism.
A Day of Traditions
The day typically begins with community parades, where marching bands, floats, veterans, and local organizations fill the streets in towns across the country. Families line the sidewalks, waving flags and wearing red, white, and blue to show their pride.
After the parades, attention often turns to food and festivities. Grills fire up in backyards and parks for classic American fare—hot dogs, burgers, corn on the cob, potato salad, and cold lemonade. Families and friends gather to enjoy a day off, sharing stories and laughter under the summer sun.
Fireworks and Freedom
As the sun sets, the real magic begins. Cities large and small light up the sky with dazzling fireworks displays, drawing crowds to parks, rooftops, and waterfronts. These brilliant bursts of color are more than just entertainment—they’re a powerful symbol of the freedom hard-won in 1776 and defended ever since.
For many, watching fireworks on the Fourth is a moment to pause and reflect. It’s a reminder of the sacrifices made for freedom and the ongoing responsibility of being part of a democratic society.
Unity Through Celebration
While the 4th of July is deeply American, it also reflects a universal desire: to live in freedom, to celebrate one’s identity, and to gather in community. Whether you’re enjoying a local parade, grilling in the backyard, or watching fireworks light up the sky, the day brings people together—across backgrounds, generations, and beliefs.
Final Thoughts
The Fourth of July is more than just a day off—it’s a time to remember where we came from, appreciate what we have, and look ahead with hope. It’s a celebration of independence, but also of unity, resilience, and the ongoing journey toward a more perfect union.
Happy Independence Day!
Why Independence Still Matters
And it’s gone …..
https://www.youtube.com/watch?v=Y3AM00DH0Zo
As wealth management consolidates under institutional umbrellas, investors should ask: what’s lost in the process?
According to Cerulli Associates, consolidators now manage $1.5 trillion in assets—an 18% share of the Registered Investment Advisor (RIA) space in the US, up 31% year-over-year.
A large portion of investment assets in Canada are held with the country’s largest banks. Specifically, they control nearly half of all long-term mutual fund assets and an estimated 90% of assets in retail brokerage accounts, according to The Globe and Mail. The “Big Six” Canadian banks, including Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and National Bank, dominate the market.
This dominance means that a significant portion of Canadians’ investment accounts are managed by these major institutions, leaving less for smaller, non-bank brokerage firms. While the exact percentage of all investment accounts held with Canadian banks isn’t explicitly stated in the provided search results, the figures on mutual fund and brokerage assets clearly indicate a strong concentration of investment within these large banks.
For investors, this shift often means fewer choices, more layers, and portfolios shaped by institutional priorities—not personal ones.
At MacNicol & Associates Asset Management, independence isn’t a holdout—it’s a commitment. We don’t answer to banks, product desks, or quarterly targets. That means no sales quotas, no push for proprietary funds, and no compromises on strategy.
When firms get acquired, agility often gives way to bureaucracy. Discretionary decisions turn into policy, and client goals get filtered through a corporate lens. The result? Less transparency, less nuance, and less alignment.
Our independence keeps us accountable only to our clients. We design portfolios around individual needs, not institutional templates. We believe investors deserve advisors who serve them—not shareholders.
As the U.S. celebrates Independence Day, we invite a simple question: Who do you want managing your money?
Ask us why we stay independent—and why that still matters.
Tax on unrealized gains
A controversial proposal by the Albanese government in Australia to impose a 30% tax on superannuation balances over $3 million, including unrealized capital gains, has sparked sharp criticism, particularly from self-managed super fund (SMSF) holders. Critics argue that the tax is not only “unfair and bizarre” but will disproportionately hurt Australians who have placed farms, properties, and shares into their SMSFs. Unlike realized gains, unrealized gains refer to paper profits on assets that haven’t been sold — meaning Australians could be taxed on asset values that may fluctuate or drop.
The government claims the measure will only impact a small number of people and will raise $40 billion over ten years, helping to fund public services. However, concerns stem from the fact that the $3 million threshold is not indexed, meaning more Australians will be caught in the tax net over time as inflation and asset values rise.
Adding to the anger is the perception of double standards: politicians and judges are reportedly exempt from the tax, prompting criticism of a “rules for thee, not for me” attitude. Critics also point out that industry super funds appear to be exempt, suggesting a redirection of capital toward large institutional players like BlackRock — entities that may eventually be targeted for other forms of asset control or regulation.
The writer expresses deep cynicism about the Australian superannuation system in general, branding pensions as a “scam” that governments can plunder under the guise of financial security. From this perspective, average Australians are viewed as passive and easily manipulated — “cattle to be farmed” — while wealthier or more financially literate individuals seek offshore options. The narrative claims that some Australians are already moving their capital to havens like the Cayman Islands to protect their assets from what is seen as creeping government overreach.
The message closes with a stark warning: “You either understand history or you believe your government. You can’t do both.” It calls into question the integrity of political leadership and warns of further erosion of individual financial freedoms.
In short, the piece is a passionate condemnation of the proposed superannuation tax, painting it as classist, hypocritical, and part of a broader erosion of private wealth protections in Australia.
Who will be next? Canada or the US?
Holtec Prepares “Largest Nuclear‑Energy IPO in Years”
Holtec International is on the verge of a historic public listing—driven by its successful decommissioning business, bold revival of a closed nuclear plant, and ambitious expansion into Small Modular Reactor (SMR) deployment. With strong profits, federal and state backing, and rising demand from tech and clean-energy sectors, the IPO could reshape nuclear-power investing. Yet, execution risks remain significant: regulatory clearance, safety diligence, and financing long-hours for fleets of SMRs all lie ahead.
Holtec International (founded 1986; CEO Krishna Singh), a major private nuclear-technology firm headquartered in Camden, NJ, is preparing to go public in early 2026, potentially raising up to 20% equity in what could be the largest U.S. nuclear-energy IPO in recent years. The offering could value the company at over $10 billion.
- A Profitable, Mature Business
- Holtec consistently earns $500+ million in annual profits from decommissioning nuclear plants and selling spent‑fuel containment systems.
- This positions Holtec more strongly than many early-stage SMR developers, such as Oklo ($1.5B), and NuScale (~$10B), which lack similarly robust revenues.
- Ambitious Revival of Palisades Plant
- Holtec is undertaking a historic nuclear comeback by restarting the Palisades Nuclear Plant (closed 2022) in Michigan—the first U.S. case of reviving a fully shuttered plant.
- The project has received hundreds of millions in support: ~$300 million from Michigan, and $1.5 billion in Department of Energy (DOE) loan guarantees (with ~$252 million already disbursed).
- Holtec expects the plant to be operational by late 2025, likely November.
- Scaling SMR‑300 Reactor Deployment
- The company plans to build two SMR‑300 small modular reactors at Palisades post-2030, partnering with Hyundai Engineering & Construction, pending regulatory clearance.
- Over the next decade, Holtec aims to construct 10–20 SMRs, each at approximately $3 billion. IPO funds will advance licensing, manufacturing, site prep, and capacity for fleet deployment.
- Market Timing & Investor Appetite
- With surging interest in clean, firm energy—particularly from AI-heavy data-center operators like Google and Amazon—investors are increasingly focused on nuclear assets.
- Analysts like Seth Grae (Lightbridge) view Holtec’s mature revenues and real-world contracts as a strong differentiator, predicting strong investor demand.
- Singh describes Holtec’s timing as “exactly the right moment,” aiming for full readiness of financial systems and compliance by early 2026.
- Risks & Challenges
- The SMR‑300 design is unlicensed, with no SMRs currently in U.S. operation.
- Palisades’ restart faces scrutiny over aged components (e.g., reused steam-generator tubes from 2011) and safety-readiness.
- Holtec’s plan to use decommissioning funds to restart operations raises oversight and fiduciary questions.
Disclaimer: MacNicol & Associates Asset Management holds shares of the Sprott Physical Uranium Trust as well as other Uranium-themed equities including uranium miners and uranium mining ETFs across various client accounts.
MacNicol & Associates Asset Management
July 4th, 2025
