Shy. Reserved. Polite. Those are three cliches about Canadians. You can add to that list pessimistic, gloomy, and anhedonic (an inability to feel pleasure).

That’s the Wikipedia description of Eeyore, the fictional character from the Winnie the Pooh books. And that’s how Brian Belski describes Canadian investors.

He doesn’t mean it literally or maliciously.

But after more than 20 years visiting Canada from his native Minnesota and meeting with various investors the Chief Investment Strategist at BMO Capital Markets, definitely sees a difference in the mentality of Canadian investors versus those in the U.S.

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