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Security Breach and the Implications

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Security Breach and the Implications

Author: Greg Valliere

March 25, 2025

THE ASTONISHING SECURITY BREACH over bombing Houthi rebels was just what the Democrats needed — an issue.

WASHINGTON WAS ROCKED YESTERDAY AFTERNOON by reports that a private sector journalist was — inexplicably — included on the email distribution list that detailed options for the air strikes.

THIS STUNNING BREACH has several major implications. Perhaps the most interesting take-away is that Vice President Vance — in private — isn’t shy about criticizing Donald Trump.

VANCE’S DEEP ANTIPATHY toward Europe was on display again; he has opposed any military strike that might help Europe.

PERHAPS MORE IMPORTANTLY, VANCE has a pattern of criticizing Trump. The vice president said “I am not sure the president is aware how inconsistent this is with his message on Europe right now,” That was a dig, since Trump usually doesn’t read intelligence reports. Vance’s office had to release a statement yesterday afternoon that asserted his support for Trump’s policies.

DEMOCRATS, many of whom were lambasted by Trump over their handling of emails, were outraged. “You have got be kidding me,” said Hillary Clinton, who was eviscerated by Republicans for her similar handling of top secret documents.

WE TALKED WITH ONE DEMOCRAT YESTERDAY who said that if a Democrat was in the White House now, Republicans would begin impeachment proceedings while calling for the firing of Defense Secretary Pete Hegseth.

BOTTOM LINE: This furor will subside within a few weeks, but there will be lingering implications: First, Trump cannot fully trust Vance; second, this administration’s animosity toward Europe is very real; and third — it’s amateur hour at the Pentagon.


The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFI is registered as a portfolio manager across Canadian securities commissions. AGFUS is a registered investment advisor with the U.S. Securities Exchange Commission. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

For further information, please visit AGF.com.

©2026 AGF Management Limited. All rights reserved.

Written by

Greg Valliere

Greg Valliere

Chief U.S. Policy Strategist

AGF Investments

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