Recent market sentiment shows “investing pictures” shifting towards defensive sectors as the S&P 500 hovers near 5,240, with financial analysts noting strong institutional flows into healthcare and utilities amid rate hike uncertainty. Short-term retracements could test 5,180 support levels. It is important to consider the total shareholder return, as well as the share price return, for any given stock. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Dollarama the TSR over the last 5 years was 260%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return. Secularly high geopolitical tensions underlie some of these dynamics. The flattening out of globalization eliminates a meaningful deflationary force and creates new inflationary pressures as companies and governments spend to control the resources they need and avoid reliance on potential adversaries. The closest historical analogue is the stagnation following the first wave of globalization as tensions built up into World War I and the near-cessation of world trade in the interwar era and during World War II. Ultimately, this took decades to reverse. Traders are watching inflation data closely, as CPI trends may either enhance growth stock momentum or trigger capital rotation into dividend-heavy portfolios.