Can you feel the vitality, prosperity, and charisma? We are very curious about the following questions. Without those 3 tricks (natural resources, migration, and "education" industry) and the historically low interest rates, what other engine can you think of? Do you really think those 3 tricks are the root and actual solution? Should those 3 factors be taken away while evaluating your real strength and real performance? By taking away those 3 factors, how did other comparable industries perform? Besides those powerpoint presentation figures, what other real strength can you honestly think of? Financials, Energy, Materials, and Utilities make up about 70% of the total market capitalization of S&P/TSX Composite Index. Besides the natural resources and financial sector, what else of economic activities can you think of? TSX total daily trading dollar value of all stocks is less than Hong Kong Stock Exchange total daily turnover of all stocks (dollar value) for over 50% on daily average basis in 2025. Hong Kong Stock Exchange total daily turnover of all stocks (dollar value) is as much as one single stock NVIDIA daily turnover (dollar value) in Nasdaq. Friendly reminder: Greater Toronto Area 7M people, Montreal CMA 4M people , Metro Vancouver 3M people. Canada Cumulative Net Migration from 2015 to 2024: 3.5M people. New York 19M people, Paris 11M people, London 9M people, Tokyo 9M people, Hong Kong 7M people, Singapore 6M people. The travel distance from Toronto to Montreal is longer than from London (UK) to Paris (France). The round trip plane ticket from Toronto to Montreal is more expensive than from London (UK) to Paris (France) around 2 times. Can you believe it? Can you honestly say Canada's regulations on economic activities, tax system, productivity, and efficiency are competitive? Can you honestly say Canadian market is attractive enough to foreign capital seeking opportunities? Can you think of any epochal industry or business? Can you think of any Canadian automotive brand driving on the road? No worldwide automotive brand is unique among G7. Can you read any news on social media? Don't you think of any incapability starting from idea to execution? What is the purpose, intention, and consequences after all? No news can be read on Facebook is also unique among G7. Look around your neighbourhood and compare the cities you travelled to. Look at how many potholes there are on the roads and highways. Have you ever seen one in Japan? Can you honestly say that most people here strive for quality? Can you feel the elegance, sophistication, aesthetics, cultural charisma, energy, vitality, prosperity, efficiency, and desire of improvement in the past decade? We are talking about taste, exposure, thorough knowledge, quality, standard, procedure, mentality, integrity, and capability. Why? Fight IYC - If You Care

1) Natural Resources Canada has the highest reliance on natural resources for its GDP among G7. In 2024, Natural Resources Sectors contributed to nominal GDP is 16%. Exact wording from World Bank: Natural resources give rise to economic rents because they are not produced. Exact wording from World Bank: When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Imagine your parents left you five properties. You did nothing but sell one every two years to fund your lifestyle. What did you actually do with those 10 years? Can you honestly call yourself productive and capable? 2) Migration Policy Canada has the highest net migration rate among G7 relative to population size. Canada has the highest cumulative net migration rate among G7 relative to population size. Cumulative net migration in 2024: 8.36% of total population. Imagine a restaurant offer an employment if the customer buy a coke from there. And the restaurant gets 8.36% more customers without having to improve its food quality, food menu, staff, seating, cost control, or management efficiency etc. Revenue obviously goes up, even though the business itself hasn't changed. Should the restaurant consider this revenue growth a successful achievement? 3) International Students "Education" Industry Since 2015, the number of international students in Germany has more than doubled, eventually peaking at 5.43 times the original 2015 total by 2023. Tuition fee (generally triple of local's fee), profit of the institutions and businesses, employment and consumption led by the "education" industry, taxes involved for government spending and cascaded multiplier effects. Education has transformed into a hybrid of tourism and education industry, also implicitly functioning as a migration pathway that fuels local consumption. Imagine the implied benefits behind an explicit deal were removed through administrative measures and the offerer revoked the terms, what can you see from the series of actions? Extension: Historically low interest rate era from 2015 to 2022 According to Bank of Canada, the long-term Government of Canada benchmark bond yields from 2015 to 2022 is the lowest era. Profit of corporation and consumption driven by the wealth effect from appreciation of assets, mostly properties. Expanding commercial/ economic activities is driven by the financial environment. What if there is high inflation, high unemployment, assets price drop, and low/ no growth or even recession? Did you start preparing yourself 2 years ago? This is how those figures being stacked. This is also some figures not being presented. Fight IYC - If You Care