When someone like Kevin McCreadie leaves us, it's not just a professional loss—it’s deeply personal. That sentiment echoes clearly in a recent episode of AGF’s Inside Perspectives1, where AGF’s David Pett, John Christofilos, Chief Trading Officer, and Greg Vallière, Chief Policy Advisor, reflect on McCreadie’s sudden passing in early July and, just as importantly, carry forward his approach to leadership and markets.
“He wasn’t just a boss. He was a buddy.”
Christofilos doesn’t hold back. “It’s difficult,” he admits. “I’ve not only lost a boss—I’ve lost a buddy.” He then shares a story that captured McCreadie’s trademark work ethic and humanity.
Christofilos wasn’t originally hired by McCreadie, and like a hockey player adjusting to a new coach, he wasn’t sure where he stood. But after hearing that McCreadie was an early riser, Christofilos decided to show up to the office at 3:30 a.m. on McCreadie’s first day—just to make an impression. “It was pitch black... I didn’t even know how to turn the lights on.” Eventually, McCreadie arrived with what would become his signature: “a massive brown leather bag full of paper.” From that morning on, the two made coffee chats a daily ritual. “We’d talk family, sports, markets... those were the best 5 to 10 minutes of my day.”
That relationship, rare between a CEO and a trader, was forged in authenticity. “He brought me into his sphere of influence and made it very special.”
“You just know when you’re talking to a star.”
Vallière recalls his first meeting with McCreadie more than 20 years ago during a Washington briefing. “He asked a lot of questions. And I thought as I was leaving—man, this guy is good. You just know when you’re looking at a Gretzky or an Ovechkin. McCreadie was a star.”
More than his market acumen, it was McCreadie’s humility that stood out. “I told people he was the best boss I ever had,” says Vallière. “And when he heard that, he said, ‘I’m not a boss of anybody.’ He was kidding, but he meant it.”
Vallière continues, “This is a tough industry. And I never saw him get angry. Never heard him raise his voice. That’s rare anywhere—especially in this business.”
Calm, Calculated, and Always Curious
So what kind of investor was McCreadie? “Thoughtful, deliberate, and calculated,” says Christofilos. “There was no emotion in his decision making.”
Christofilos shares a powerful memory from the early days of COVID. A famous investor appeared on CNBC and broke down in tears, warning that the world might be ending. “McCreadie turned to me and said, ‘This is when you buy the market.’”
And that’s exactly what many investors did—moments before markets began to rebound.
McCreadie had a way of tuning out noise and locking into opportunity. “He read voraciously,” Vallière adds. “He didn’t do it for praise. He genuinely loved the game.”
McCreadie also loved his family deeply. “He talked about his boys, Will and Ian, endlessly,” says Christofilos. “He loved them tremendously.”
What McCreadie Would Want Us to Do: Talk Markets
After honouring McCreadie’s legacy, the conversation shifts—just as he would’ve wanted—to the markets.
Asked to sum up the current landscape, Christofilos says without hesitation: “One word, David—resiliency.”
Despite political noise, economic uncertainty, and global volatility, markets have remained surprisingly strong. And retail investors, he notes, have been driving the momentum. “They’ve been the smart money in 2025.”
Vallière warns that political risks still loom—especially around tariffs and the Fed. “Trump is at it again,” he says. While he believes markets have become adept at filtering out “Washington background noise,” a potential clash between Trump and Federal Reserve Chair Jerome Powell could spook investors. “If Trump tried to oust him, that would not be well received on Wall Street or Bay Street.”
Christofilos agrees: “The Powell issue is real. If he were removed, markets would react exceptionally negatively.”
Still, both acknowledge Trump’s political instincts. “He’s a masterful negotiator,” says Christofilos. “If the market pulls back... he’ll come off his high horse.”
Looking Ahead with Cautious Optimism
Even with all the noise, Christofilos remains upbeat. “We should blow through earnings this quarter. And if institutions reengage like retail has, we’ll have some real juice going into year-end.”
Vallière is also hopeful, pointing to signs of progress globally. “I think at some point Putin will realize his economy is faltering. And there’s optimism coming out of talks between Netanyahu and Trump.”
Closer to home, Christofilos is watching how Canada’s interprovincial trade barriers could be broken down under Mark Carney’s leadership. “If we can finally fix that, it’ll be huge for our economy.”
And fiscal policy—despite its longer-term risks—might give markets a short-term boost. “If consumers have more money in their pockets, and 70 to 75% of the U.S. economy is consumer-driven, then that’s good news,” says Christofilos.
Vallière nods: “It’s all about real disposable income. And right now, things like gasoline and durable goods are looking pretty good.”
If there’s one missing piece, Christofilos adds, it’s housing. “We need to get the real estate market re-energized in the U.S. That’s going to take rate cuts from the Fed.”
“We’re in good hands.”
As the episode closes, Vallière offers a final reflection: “This is the greatest firm I’ve ever worked for. These are great people, dedicated to their clients, dedicated to each other. I’m honored to be here.”
Pett wraps it up with a nod to the future: “We’re in great hands with Judy Goldring as our new CEO. And all of us at AGF are committed to upholding McCreadie’s legacy as we forge ahead.”
Kevin McCreadie may be gone, but his lessons—and his presence—live on.
Footnotes:
1 AGF Inside Perspectives. Podcast. “Remembering a Titan." 21 July 2025,
