Thomas Caldwell of Caldwell Investment Management Ltd. Highlights Importance of Managing Investor Em
Author : Caldwell Investments | Published On : 19 Nov 2025
In an interview with WP Canada on May 1, 2020, Thomas S. Caldwell, chairman of Caldwell Investment Management Ltd. and CEO of Urbana Corporation, emphasized the critical role financial advisors play in helping clients manage emotions during turbulent markets. Caldwell, a seasoned investment professional with decades of experience, noted that while market volatility has always been part of investing, the heightened stress caused by global events like the COVID-19 pandemic presents unique challenges for both advisors and their clients.
“We are living in interesting times, where a trip to the grocery store feels both mundane and extraordinary,” Caldwell said. “But for advisors, much of the job remains the same—helping clients navigate the emotional highs and lows of investing.” He explained that more than half of his effort is spent on helping clients maintain perspective and avoid impulsive decisions. “More money is lost on emotions than anything else,” he remarked.
Caldwell described a common phenomenon among investment advisors: some clients act as reverse indicators. “Whenever these clients want to sell, that’s typically the time to buy, and vice versa,” he said. The current environment, amplified by 24-hour news cycles and government briefings on the pandemic, makes emotional control even more challenging. “The media often magnifies hysteria,” Caldwell noted. “It adds to anxiety, and as social beings, we naturally look for reassurance and hope for a return to some ‘new normal,’ though it’s likely to be very different from what we expected.” Tap here if you’re curious to learn more.
Despite the challenges, Caldwell sees opportunity for those who can maintain discipline and focus on fundamentals rather than short-term noise. He encouraged investors to look beyond popular stocks like Google and Netflix to identify undervalued opportunities in the market. “Investors often get caught analyzing what will be, rather than what is,” he said. By separating emotion from analysis, Caldwell believes investors can make more rational and productive decisions, even amid uncertainty.
Interestingly, Caldwell also offered a contrarian perspective on political leadership in the U.S. during the pandemic. While he does not personally endorse President Trump, he acknowledged that the president’s entrepreneurial approach may help push for solutions to the crisis. “As an entrepreneur, he drives people hard to get results,” Caldwell said. “In this unusual environment, that can be a positive force.”
About Caldwell Investment Management Ltd.
Founded in 1990 by Thomas S. Caldwell, C.M., and headquartered in Toronto, Caldwell Investment Management is a leading portfolio manager and investment fund manager serving both individual and institutional clients. The firm offers mutual fund and pooled fund products designed to balance growth, income, and risk management.
Caldwell Investment Management is known for its disciplined, research-driven approach, emphasizing long-term value creation and capital preservation. Its investment philosophy, described as “Thoughtful Investing,” combines rigorous quantitative analysis with fundamental research, allowing the firm to construct portfolios that deliver consistent risk-adjusted returns across market cycles.
Over the years, Caldwell has built a reputation for innovation and excellence in Canadian investment management, guiding clients through periods of market turbulence with both expertise and a focus on investor well-being. Caldwell’s emphasis on managing client emotions and maintaining perspective underscores the firm’s holistic approach to investment management—recognizing that successful investing requires not only technical skill but also psychological insight.
For advisors and investors alike, Caldwell’s insights offer a reminder that staying disciplined, understanding risk, and controlling emotions are as crucial as identifying investment opportunities, particularly in uncertain times.
(Disclaimer: We are not associated with Caldwell Investment Management.
