Jonathan M Wellum

“crede, ut intelligas" "post tenebras lux"

[Jonathan M Wellum @JonathanWellum]

These are not minor tweaks or unfortunate timing. They reflect a worldview that trusts government direction, spending programs, and “transformation” agendas more than it trusts letting Canadians and businesses keep more of what they earn and build. @MarkJCarney 's agenda and "values" are “right out of the socialist playbook", and they never work, never. When @PierrePoilievre states the plain fact that Canada is the only G7 country in this position despite shared tariff headwinds, some in the media treat it as scandalous partisanship rather than legitimate opposition scrutiny. This is not neutral analysis. It is protective circling around a political figure whose brand was supposed to deliver competence. The cognitive dissonance is glaring. Carney was sold (and sold himself) as the adult in the room, the economist who understood markets and global finance. When the economy contracts on his watch after 10 years of weak per-capita performance, the same voices that once praised his gravitas now demand we ignore the data or blame everything on external forces and the previous prime minister. Carney has been in office long enough for his policies (an extension of Trudeau's) to matter. Pretending otherwise requires impressive mental gymnastics. Canada does not need more lectures about “sacrifices” for grand transformations or the defending of policies that correlate 100% with declining investment and contraction. It needs the opposite: aggressive deregulation, fiscal restraint, faster project approvals, and an environment where businesses want to invest here rather than elsewhere. In other words, free markets! Until that shift happens, expect more of the same disappointing results and managed decline of our economy. The recession is real. The policy failures are obvious. The refusal to confront them is the real scandal. Statistics Canada confirmed on May 29, 2026, that real GDP contracted 0.1% annualized in Q1 2026, following a revised 1.0% drop in Q4. Two consecutive quarters of contraction meet the textbook definition of a recession. Business capital investment has now fallen for five straight quarters. Unemployment has climbed toward 6.9%, with job losses mounting. Food bank usage and mortgage delinquencies are rising. These are not abstract statistics, they are the lived reality for Canadians. Pierre Poilievre correctly called it out.

[Ryan Gerritsen🇨🇦🇳🇱 @ryangerritsen]

There’s big problem when people from the press get upset at Pierre saying we are in a recession.

This is what someone who just had their hero talked about badly sounds like.
He is literally in denial that Carney is running our Country into the ground. Such unbelievable cognitive dissonance.

Does anyone know who this was?

[ROCKLINC Investment Partners @RocklincIP]

Rocklinc is honoured to serve as a Title Supporting Donor at the 3rd Annual Spark Business Leaders Conference in Calgary with LeaderImpact. World-class voices on stewardship, gospel patronage & marketplace ministry.

It's Worth investing in the Kingdom. @Stockwell_Day @DrJoeBoot @JonathanWellum

#SparkConference #FaithDrivenInvestor

[Jonathan M Wellum @JonathanWellum]

Some amazing valuation gaps are appearing for disciplined and patient investors. AI fears, while legitimate in many cases, have indiscriminately hammered other businesses that will not be hurt by AI. @BrettKPG has a series of excellent posts pointing out the inconsistencies between private and public markets.

[Brett Kelly @BrettKPG]

$KPG.ax using AI one can deduce following:

1/
Public markets have re-rated global accounting & professional services down 30–65% on AI fears in 12 months.

Private capital is paying full price.

One of these markets is wrong.

2/
The AI re-rating, 12 months to May 2026:

• KPG: -65%
• Wolters Kluwer: -58%
• Judges Scientific: -54%
• Constellation Software: -44%
• CBIZ: -43%
• Accenture: -42%
• Intuit: -29%

The cohort: anything that bills hours, sells professional info, or templates knowledge work.

3/
Striking: Constellation Software — the gold standard of decentralised acquisition compounding — is down ~44%.

Q1 2026: 20% revenue growth, record capital deployment.

The selloff isn’t fundamental. It’s category sentiment.

4/
The AI-immune serial acquirers tell the real story:

• Halma (safety sensors): +47%
• Brown & Brown (insurance brokerage): flat-positive
• Diploma (industrial distribution): held up

The serial acquirer model hasn’t been re-rated. End-markets perceived as AI-exposed have.

5/
Meanwhile, on 5 May 2026:

New Mountain Capital acquired Grant Thornton Australia for A$1B.

• ~3.3x revenue
• 15x EBITDA
• Zero discount for “AI disruption”

One of the most sophisticated PE firms in the world. A$1B of conviction.

6/
Not isolated. PE activity in mid-market accounting has accelerated globally:

• New Mountain (GTA)
• Cinven, Bain, H&F, TowerBrook — all active in accounting

None pricing AI displacement. Multiples consistent with pre-AI-rerating public comps.

7/
Apply the benchmark to KPG:

• ~9x forward EBITDA (public)
• 15x EBITDA (private market reference)
• ~60% discount to implied private market value

Same business model. Same end-market. Same asset class. Different price.

8/
Public markets have priced AI displacement as the base case.

Private acquirers, with more diligence resources and longer horizons, have priced it as not.

One of these markets is wrong.

9/
Pattern is familiar:

• 1990s outsourcing fears
• Post-Enron consulting selloff
• Dot-com media collapse
• Post-GFC financial services

Each produced a multi-year window where patient capital was rewarded for ignoring consensus pessimism.

10/
Whether AI impairs accounting revenues is an open empirical question.

What’s not open: the public market has priced that scenario with conviction. The private market has not.

The price is on the screen. The benchmark is public. The arithmetic is straightforward.

[Jonathan M Wellum @JonathanWellum]

What if you could invest in a miner backed by industry giants, operating in one of the safest jurisdictions in the world, with a world-class polymetallic asset? That’s exactly why we hold @PowerMetallic (TSXV: PNPN) in our Rocklinc Partners Fund and some of our clients' segregated portfolios. We see asymmetric upside here as the company aggressively proves out its massive resource. Recently I sat down with CEO Terry Lynch to discuss his company. We took a deep dive into their incredible high-grade exposure to copper, nickel, PGEs, silver, and gold, and what the next phase of drilling means for shareholders. Enjoy. To listen to the interview click on the link. @terrybali
They Hit the Jackpot! | CEO Interview ft. Terry Lynch @PowerMetallicINC ... https://t.co/stVjAORhhL via @YouTube

[Jonathan M Wellum @JonathanWellum]

💯

[THE OFFICIAL RECORD @SatireSquadHQ]

🚨Mark Carney asks Elon Musk to invest in Canada. 😂🇨🇦

This may be the most brutal summary of the Canadian economy yet.🤔

[Jonathan M Wellum @JonathanWellum]

100%

[Eric Daugherty @EricLDaugh]

🚨 WOW! JD Vance just broke it down PERFECTLY for patriots in the West rising up against 3rd world migration, BUCKING Keir Starmer calling it "far-right"

"To everybody in the UK who rejects [3rd world migration], I'd encourage them to just KEEP ON GOING! It's OK to want to defend your culture!" 🔥

"All over the West is this idea that the way to generate prosperity is to bring in MILLIONS and millions of unvetted people and DROP them into your neighborhoods — and we simply reject that idea!"

"It's OK to want to live in a safe neighborhood. It's okay to want your job to go to yourself and your neighbors and not to a stranger who you don't even know."

"It is reasonable for the people in Western societies to want to control who comes into their country and who doesn't."

"A lot of people, frankly, a lot of people in the media have tried to persuade all of those people that it's somehow racist to want to protect your borders..."

"...even though very often the very people who are most affected by low wage immigration are lower income black and Hispanic Americans right here in the United States of America, and I guarantee that's true in the UK."

"So we believe in making America great again. You can't do that unless you protect your borders. I'd encourage our friends in the UK to follow the same path."

🇺🇸🇬🇧 AWESOME!

[Gunther Eagleman™ @GuntherEagleman]

Elon just endorsed it.

Gad Saad dropped the hammer on Fox this morning.

We now live in a world where:

- Rape victims get less sympathy than their rapists
- Homeowners get less than the squatters breaking in
- American vets get less than illegal migrants
- Repeat felons with 186 charges get 200 more “chances” because “society made them do it”

This isn’t kindness.

This is suicidal empathy.

Universities spent decades teaching our judges, leaders, and elites that personal agency is a myth if you check the right oppression boxes. So criminals become victims, victims become bigots for complaining, and the whole system rots from the inside.

[ROCKLINC Investment Partners @RocklincIP]

Canada's economic decay is not divorced from its moral decay.

CLICK ON LINK FOR FULL ARTICLE:
https://t.co/ppy9ckDgAb

[Jonathan M Wellum @JonathanWellum]

Mark Carney is calling his $25B “Canada Strong Fund” a Sovereign Wealth Fund like Norway’s. Norway’s: was built on real oil surpluses. Invests globally. They never touch the principal & only spends its returns. Now worth over $2 trillion for future generations. Carney’s: is all borrowed money. To be spent domestically on Liberal “nation-building” projects. Liberal will pick corporate winners with taxpayer money. Zero surplus. This is a pure political slush fund. This isn’t wealth. It’s debt dressed up as vision. Canadians wake up!

[Marin Katusa @MarinKatusa]

Norway Saved $2.2 Trillion. Canada Saved Nothing (and sold all bullion gold!)

Canada and Norway both struck oil decades ago.

Both produced for export and collected royalties on the same commodity.

Norway started putting the money into a SWF in 1990.

It now holds 1.5% of every listed stock on earth and works out to $390,000 per Norwegian citizen.

Canada launched its fund this year at $20 billion.

That's $500 per Canadian, and less than what Norway's fund earns in a single MONTH.
But remember, Elbows Up!

[Jonathan M Wellum @JonathanWellum]

"I praise you because I am fearfully and wonderfully made; your works are wonderful, I know that full well." Psalm 139:14

[Matt Smethurst @MattSmethurst]

This is the most detailed MRI scan of an unborn baby.

At just 20 weeks, she is moving, turning her head, kicking—even standing. Her beating heart is also visible.

Human life is a miracle.

[Jonathan M Wellum @JonathanWellum]

@elonmusk has warned for years: "Population collapse due to low birth rates is a much bigger risk to civilization than global warming." "If people don't have more children, civilization is going to crumble." The solution isn't just more births, it's children nurtured and raised in strong families, where they are valued as blessings from the Lord and taught truth, purpose, and legacy. This is the real existential crisis of our time. China's fertility rate has plunged to 0.87, a full-scale demographic cliff. From 1.4 billion today toward a projected ~511 million by 2101. Collapsing workforce, pensions in ruins, empty futures. Click on link below for article. https://t.co/sLcZxH9Iaj

[Jonathan M Wellum @JonathanWellum]

18 royalties at IPO → 250+ today. Zero debt. 60% GEO growth this year. Path to 500% by 2030.

@RocklincIP's, @JonathanWellum sat down with @@DG_Garofalo, CEO of $GROY, to talk about why Gold Royalty is our 9th largest holding at @RocklincIP.

▶ https://t.co/LinOsyOIFH

[Jonathan M Wellum @JonathanWellum]

Worth listening to!

[Bitcoin Teddy @Bitcoin_Teddy]

Prepare for the most jaw-dropping 4 minutes and 21 seconds you will watch this year.

Nicole Shanahan — ex-wife of Google co-founder Sergey Brin, former running mate of RFK Jr., and a woman who personally signed nine-figure philanthropy checks — went full whistleblower on the entire Silicon Valley “tech wife mafia” and how they were used.

Her exact words:
“I don’t think many of the tech mafia wives realize… they were used to set the groundwork for what Klaus Schwab calls The Great Reset. Their money especially was being conscripted through a network of NGO advisors, Hollywood, Davos, and their own companies. A really small group of people… completely blind to how their groundwork is being used to enable these Great Reset policies.”

Then she turns the knife inward:
“These women find their meaning through philanthropic work. I really believed I was helping Black communities and indigenous communities rise up. But now the problems have gotten worse. Crime worse. Mental health worse. The whole model is broken. At the end of the day they always go: ‘But climate change.’ Social justice + climate change — it gets progressive women 100% of the time.”

She even says many now believe the biggest “climate change issues” are actually geoengineering issues.

This isn’t some random podcast bro.

This is a woman who lived in the mansions, sat on the boards, flew private to Davos parties… and is now saying:
“We were the useful idiots.”

[Jonathan M Wellum @JonathanWellum]

I’m honoured and grateful to join the Cantaro Institute as Associate for Economics & Finance. For many years I’ve been convinced that economics and finance are not morally neutral technical disciplines, they are deeply theological. Every economic decision reflects what we believe about human nature, stewardship, justice, truth, and the ultimate ownership of all things: “The earth is the Lord’s, and everything in it” (Psalm 24:1). At Cantaro, they are committed to recovering a distinctly Christian vision that embraces all of life, one that honours the dignity of the image-bearers God has placed in the world, promotes genuine human flourishing, and rejects both materialism and statism in favour of ordered liberty grounded in biblical truth and under the authority of our Lord. I look forward to working with the Cantaro team and our broader community of leaders for the glory of God and the good of our neighbours.

[Cántaro Institute @CantaroInst]

We're excited to welcome Jonathan Wellum as the Institute's Associate for Economics & Finance.

Jonathan Wellum is a seasoned investment leader and founder of ROCKLINC Investment Partners, recognized for his award-winning portfolio management career, executive leadership in Canada’s financial sector, and active service in Christian ministry and governance.

To read more, visit https://t.co/cLLfNHVdHd

[Jonathan M Wellum @JonathanWellum]

The Resurrection of Jesus: The Heart of the Christian Worldview

The resurrection of Jesus Christ stands as the pivotal event of history and is foundation to the Christian worldview. Without it, Christianity collapses into myth or moralism; with it, the universe finds coherent meaning, purpose, and redemption. Drawing from the Scriptures, we see that the resurrection is not merely a past miracle but the key that unlocks reality. It verifies God’s truth-claims, defeats sin and death, and supplies the only framework in which logic, morality, science, history, and human dignity make sense. As the apostle Paul declares in 1 Corinthians 15:14, 17, “If Christ has not been raised, then our preaching is in vain and your faith is in vain… And if Christ has not been raised, your faith is futile and you are still in your sins.” The empty tomb is therefore not optional to our faith; it is the fulcrum of biblical truth and the only event that declares the world intelligible.

Scripture places the resurrection at the center of the gospel. Paul’s great resurrection chapter (1 Corinthians 15) begins with the creed he received: “that Christ died for our sins in accordance with the Scriptures, that he was buried, that he was raised on the third day in accordance with the Scriptures, and that he appeared to Cephas, then to the twelve… and last of all… to me” (vv. 3-8). The bodily, historical nature of the event is unmistakable. Jesus ate fish, he invited Thomas to touch his wounds, and he was seen by more than five hundred witnesses (Luke 24:39-43; John 20:27; 1 Cor. 15:6). This was not a subjective vision or some spiritual metaphor; it was a space-time fact. Romans 4:25 ties our justification directly to it: Jesus “was delivered up for our trespasses and raised for our justification.” The resurrection declares God’s acceptance of Christ’s penal substitutionary atonement and guarantees the future resurrection of believers (1 Thess. 4:14; 1 Pet. 1:3). Acts 17:31 presents it as God’s appointed proof to the pagan world: God “will judge the world in righteousness by a man whom he has appointed; and of this he has given assurance to all by raising him from the dead.” Without the resurrection, the cross remains a tragic failure, sin remains unatoned, and death retains its sting. With it, the Christian worldview proclaims victory: “Death is swallowed up in victory” (1 Cor. 15:54). The cross and resurrection explain the problem of evil, the value of persons made in God’s image and redeemed bodily, and the direction of history as it moves toward consummation in a New Heavens and New Earth wherein dwells righteousness.

Dr. Francis Schaeffer relentlessly insisted that Christianity is true because it corresponds to what is really there, especially the historical resurrection in space and time. In his writings, Schaeffer repeatedly returns to the bodily resurrection as the verification point of the entire Christian faith. He famously stated, “If Jesus rose from the dead, then you have to accept all that he said; if he didn’t rise from the dead, then why worry about any of what he said? The issue on which everything hangs is not whether or not you like his teaching but whether or not he rose from the dead.” For Schaeffer, the resurrection is the antidote to modern despair. In The God Who Is There, he contrasts the biblical worldview with the fragmented, meaningless universe of autonomous man and all the false religions of the world. Only because Christ rose in verifiable history can we know that the infinite-personal God has spoken and acted. The doctrine of bodily resurrection, Schaeffer argued, affirms that “God loves the whole man and the whole man is important.” It rejects Platonic dualism (Gnosticism) and secular materialism alike: matter matters because the Creator became flesh and rose bodily to redeem matter! In True Spirituality and Genesis in Space and Time, Schaeffer shows how the resurrection power is not reserved for the future; believers are to live now as those already raised with Christ (Rom. 6:4-11; Col. 3:1-4). For Schaeffer, this gives present reality and meaning to ethics, art, science, politics, economics and culture. Schaeffer’s L’Abri community embodied this: the resurrection makes Christianity livable and discussable in the marketplace of ideas at every moment in history. It is not a leap of faith into the dark but a reasonable step into the light of historical fact, interpreted by the inerrant Scriptures. Without it, man is left with “a universe that is ultimately meaningless,” as Schaeffer warned. With it, every area of life finds integration under the Lordship of the risen Christ.

Dr. Greg Bahnsen, building on Van Til’s presuppositional apologetics, argued that the resurrection can only be properly understood and defended from a Christian worldview.
In his article “The Impropriety of Evidentially Arguing for the Resurrection,” Bahnsen explained that neutral reasoning is impossible. Unbelievers don’t lack evidence—they suppress it because of moral rebellion against God (Rom. 1:18-21). Facts are never neutral; they are always interpreted through one’s basic beliefs. Therefore, the resurrection should not be presented as a probability on “neutral ground.” Instead, the apologist compares the Christian worldview with the unbeliever’s and shows that only Christianity makes sense of logic, morality, and the uniformity of nature.

Bahnsen wrote: “Within our worldview, the evidence clearly shows that God raised Christ from the dead, out of love for sinners like us!” This approach exposes the weakness of evidentialism: you can’t appeal to natural laws to argue for a miracle that breaks them, unless those laws are grounded in the God who performed the miracle. The resurrection is not an add-on to some generic theism. It is the high point of the biblical worldview. It brings joy, power, promise, and hope. It calls for repentance, a total change of heart, not just agreement with a historical fact, and it calls for complete faith in Jesus Christ and his finished work on the cross.

Paul’s defense before Agrippa (Acts 26) shows this: he first challenged the unbeliever’s assumption (“Why should it be thought incredible that God raises the dead?”) before stating the facts.

Without the resurrection, the world ends in absurdity and despair. With it, the risen King claims every part of reality.

As we celebrate the resurrection of our Lord today, let us remember that the resurrection of Jesus is essential and at the very heart of the Christian worldview. It is the historical, verifiable, redemptive act by which God has reconciled the world to himself. Scripture proclaims it as the fulcrum of our salvation and assurance. Schaeffer demonstrates its power to integrate truth across all of life against the fragmentation of modernity and all other “faiths”, Bahnsen equips us to defend it, showing that only the Christian worldview that presupposes the triune God of the Bible can render any fact intelligible. This single event, Christ’s bodily rising on the third day, explains why the world is not a meaningless machine nor a hopeless prison, but the theater of God’s glory and grace. It invites every person to bow before the risen Lord, for “if you confess with your mouth that Jesus is Lord and believe in your heart that God raised him from the dead, you will be saved” (Rom. 10:9). In a guilty world, desperate for forgiveness and meaning, the empty tomb remains the key that opens the door to reality itself.

[Jonathan M Wellum @JonathanWellum]

@EdWootten Excellent book. Warning for us given what our federal government is doing!

[Jonathan M Wellum @JonathanWellum]

Aleksandr Solzhenitsyn nailed it decades ago.
"We know they are lying.
They know they are lying.
They know we know they are lying.
We know they know we know they are lying.
Prime Minister Mark Carney and the federal Liberals keep right on lying — on the economy, on inflation, on carbon taxes, on housing, on long term investments in the economy and on how they're actually fixing anything for working Canadians. At the same time they are attacking and undermining our basic freedoms. (Bill C-9 - attacking religious freedom, Bill C-63 - attacking freedom of speech on-line, and Bill C-15 attacking private property through land expropriation).
How much longer will Canadians keep putting up with it?"

[Jonathan M Wellum @JonathanWellum]

Surely he has borne our griefs
and carried our sorrows;
yet we esteemed him stricken,
smitten by God, and afflicted.
But he was pierced for our transgressions;
he was crushed for our iniquities;
upon him was the chastisement that brought us peace,
and with his wounds we are healed.
All we like sheep have gone astray;
we have turned—every one—to his own way;
and the Lord has laid on him
the iniquity of us all.

Yet it was the will of the Lord to crush him;
he has put him to grief;
when his soul makes an offering for guilt,
he shall see his offspring; he shall prolong his days;
the will of the Lord shall prosper in his hand.
Out of the anguish of his soul he shall see and be satisfied; by his knowledge shall the righteous one, my servant, make many to be accounted righteous,
and he shall bear their iniquities.

He poured out his soul to death
and was numbered with the transgressors;
yet he bore the sin of many,
and makes intercession for the transgressors.
(Isaiah 53:4–6, 10–12)

[🇺🇸 Kyle Bass 🇹🇼 @Jkylebass]

King Charles III—as Supreme Governor of the Church of England and "Defender of the Faith”…a man sworn to uphold one specific Christian establishment while indulging in syncretic spiritual tourism (he has long expressed admiration for aspects of Islam, quoted the Quran positively, and patronized Islamic studies).

This is not enlightened tolerance but performative dhimmitude mixed with New Age mush, the sort of thing a lightweight prince-turned-king does to signal cosmopolitan virtue while the realm's historic identity is overtaken by an intrusive and destructive force.

Charles's personal religious preferences or messaging schedule embody the grand "fall" of Britain. The monarchy was always theater; expecting it to robustly defend Christian Britain is like expecting the Queen of Hearts to enforce logic.

The specific pattern—diluted or absent robust Christian messaging at Easter/Christmas (often laced with interfaith nods to "shared Abrahamic values," "faith, hope, and love" across traditions, or praise for compassion "echoed in Islam"), contrasted with straightforward, appreciative Ramadan/Eid greetings that rarely (if ever) insert Christian theology…

It’s craven appeasement and demographic realism, not equality. Note the Asymmetry: Christianity, the historic faith of the land and the monarch's sworn duty, gets universalized and softened to avoid offense; Islam gets respectful particularism.

This isn't neutral pluralism; it's elite accommodation to a growing, assertive minority whose faith makes fewer concessions to doubt, satire, or separation of mosque and state. Why do Western elites bend over backward for Islam while treating residual Christianity as fair game for mockery…classic "one-way multiculturalism" that screams weakness.

The 'Defender of the Faith' can't bring himself to defend *his* faith without genuflecting to the one that explicitly rejects its central claims and whose scriptures command dominion. Meanwhile, a polite 'Eid Mubarak' flows without reciprocal theology. This is not tolerance; it's the nervous tic of a civilization that no longer believes in itself, curtsying to the stronger horse in the stable.

This is intellectual and cultural suicide.