Missed chances are the price of postponing change. Four decades of money management has
delivered that message to me.
Delaying change can result in major lost chances in several areas of life, such as relationships, personal development, wealth creation and career progress. You might miss out on opportunities for new experiences or progress when fear controls your choices. Every second that is lost due to hesitation can eventually add up to a feeling of regret. Stagnation, where the comfort zone turns into a kind of prison, might result from a reluctance to accept change. You may lose out on more
opportunities and have fewer options and experiences the longer you wait to act. Several long-term consequences that worsen over time might result from avoiding change.
People who consistently avoid change run the risk of establishing a lifestyle that is at odds with their true desires. As opportunities pass, this can lead to a lack of fulfillment, low self-esteem, and a greater sense of regret. Avoidance can become a habit over time, resulting in a life that is monotonous, predictable, realizing goals and personal development. Understanding the long-term effects of avoidance can inspire people to face their concerns and promote a more active
way of living.
Life will inevitably include change. Uncertainty and a sense of losing control are common causes of this worry. This characteristic, called ” status quo bias,” draws attention to our innate resistance to change. However, growth and development—both personally and professionally—requires
accepting change. We open new possibilities and potential when we learn to adapt. This also holds true for markets and the businesses that have evolved with them over time. Today, that change comes at speeds we’ve never seen before. Let’s examine how times have changed:
- BCE was #1: Long before the dot-com bubble or the modern bank dominance, BCE Inc. was Canada’s undisputed largest public
corporation by market capitalization ($12+ billion CAD). - Resource & Conglomerate Heavy: The top tier of Canadian equities in 1990 featured massive multi-industry holding conglomerates
(e.g., Canadian Pacific, Noranda, Power Corp) and major mining powerhouses (Inco, Alcan) that were gradually simplified or
acquired in later decades. - Crown Corporations & Privatization: Entities like Petro-Canada and CN Railway were either fully state-owned or in the middle of
being restructured for public offering during the early 1990s. - The Nortel Shift: At the height of the tech bubble in 2000, Nortel Networks alone accounted for ~35% of the entire TSE 300 index
weight. By 2002, its market value collapsed, allowing Canadian banks (RBC, TD, Scotiabank, BMO, CIBC) to reclaim top
weightings. - Mega-Mergers: 2002 marked the creation of EnCana following the merger of Pan Canadian Energy and Alberta Energy Co. (AEC),
instantly making it the largest energy stock in the TSX.
S&P TSX 300 August 2026 Top 25
Of critical note, the number of TSX listings has shrunk from 1,166 in 2002 to 712 in 2024, reflecting a significant decline in publicly listed companies in Canada. This trend indicates a decrease of about 39% over that period. “Change”, unlike the vaunted past, today there only remains 220 constituents making up Canada’s index.
The diminished choices today have led to a shift in how portfolios must be engineered and constructed. Even the Canada Pension Plan has had to pivot and reduced Canadian exposure to 13% now. A smaller number of constituents means less sector diversity and increases concentration risk.
As Canadians and custodians of wealth, we have been compelled to seek alternatives. Commence angling in more diverse markets. Enhanced terrains with more profound capital reserves:
“It’s only afterward that a new idea seems reasonable” Issac Asimov
As I’ve learned over 4 decades of humbly managing wealth, Opportunities don’t pause, they pass. We’ve replaced typewriters with laptops, LAN lines with smartphones, bulky stereos with tiny Bluetooth speakers and of course the Eaton’s and Sears catalogues with Amazon. Change is inevitable and advances mankind but as we’ve seen, change can be a double-edged sword.
Experienced stewardship focuses on creating a better future for all stakeholders—not just shareholders or your very own portfolio. By emphasizing long-term value, shared responsibility, and collective purpose, it fosters a culture of collaboration and trust. These qualities are essential for building alignment, engaging people, and successfully navigating those changes.
An experienced steward ensures change is effective, values-driven, and aligned with long-term objectives. Our leadership builds the trust, collaboration, and shared purpose essential for navigating change successfully.
I leave you with a final thought. The new frontier:
Embracing change within an investment strategy can unlock substantial financial advantages. By adapting to evolving market conditions and integrating innovative asset classes or technologies, investors can streamline portfolio performance, reduce inefficiencies, and enhance overall returns. A proactive approach to portfolio evolution not only improves risk management and diversification but also strengthens longterm resilience. Over time, these strategic adjustments can yield sustained growth through optimized asset allocation and smarter capital deployment.
Graham A. Mayes
Chief Investment Strategist CFP, PFP, TEP, MTI
