Oil, Soap, and Steady Cash: Rebecca’s Market Survival Kit
Why Rebecca Teltscher is Betting on Steady Dividends Over Risky Growth in a Shaky 2025 Market
The North American equity landscape has been on a dizzying ride in 2025, and investors are gripping their portfolios like passengers on a financial roller coaster. Amid the noise, one voice stands out with calm conviction: Rebecca Teltscher, portfolio manager at Newhaven Asset Management. Known for her disciplined focus on Canadian dividend stocks, Teltscher isn’t chasing hype or headlines—she’s doubling down on cash flow, value, and stability. And in a year marked by market disconnects and economic deterioration, that strategy couldn’t be more timely.
The Disconnect Between Markets and Economic Reality
Markets have mounted a dramatic comeback following the so-called “liberation day” on April 2, when a surprise breakthrough in U.S.-China trade negotiations triggered a temporary 90-day tariff reset and sent major indices roaring higher. While headlines celebrated the short-term relief, Teltscher was looking beyond the bounce. Her take? The rally is built more on misplaced optimism than solid economic footing.
Canada is quietly flashing recessionary signals. Consumer confidence is fading fast, home sales have cratered to levels not seen since before the last housing bust, and February GDP contracted. Unemployment is ticking higher, and even the nation’s typically resilient resource sector is showing signs of strain. The United States isn’t faring much better. Shrinking GDP in Q1, depressed manufacturing numbers, and a pullback in federal spending driven by the Department of Government Efficiency’s aggressive cost-cutting mandate are just the tip of the iceberg. Despite these warning signs, stock prices have drifted back toward pre-slump highs, particularly among growth stocks with nosebleed valuations and little to no cash flow. That, Teltscher warns, is a dangerous trap.

