In the Money with Amber Kanwar

Dan Niles doesn’t think AI wiping out humanity is a likely outcome—but he does think the technology could wipe out plenty of stocks. The Founder & Portfolio Manager of Niles Investment Management joins Amber Kanwar at a moment of peak AI anxiety to separate the existential fears from the very real investment risks. Niles believes AI is the biggest technological revolution since the internet and that agentic AI is still in its early stages, but he also sees warning signs in slowing AI spending growth, data-centre push-outs and increasingly aggressive assumptions about how long the boom can last.

He also weighs in on the battle among the biggest names in AI, including Google, Meta and the frontier model companies, and explains why the next phase of the revolution could produce a very different group of winners and losers. Niles makes the case for Meta as an AI comeback story, explains why Nvidia may be in a different category from some of the more speculative AI infrastructure plays, and warns that investors shouldn’t assume every stock will simply bounce back if the market turns.

In the mailbag, Niles tackles Snowflake (SNOW), Marvell Technology (MRVL), Celestica (CLS), Nebius Group (NBIS), Nvidia (NVDA), Amazon (AMZN) and SpaceX. He explains why he isn’t convinced Snowflake will escape AI disruption, why he prefers Marvell to Celestica, why the neo-clouds could be among the first casualties if AI spending slows, and how Amazon’s strength in robotics could reshape its long-term investment case. He also explains why, despite being a huge believer in Elon Musk and the future of space, valuation and cash flow make SpaceX difficult for him to own.

In Pro Picks, one idea makes a return appearance: cash. Niles picked cash alongside Cisco Systems (CSCO), Microsoft (MSFT) and Nvidia (NVDA) when he last appeared in May 2025, and this time he puts cash at the very top of his list as growing market risks make patience more valuable. He also likes Meta Platforms (META), where a lower valuation, improving AI models and new ways to monetize its AI spending have made the risk-reward more attractive. And he’s bullish on Apple (AAPL), where he believes product-focused leadership and the arrival of a foldable iPhone could finally spark a major new upgrade cycle next year. Niles also revisits Cisco, Microsoft and Nvidia from his past picks, including why Cisco’s position at the centre of networking infrastructure could continue to benefit as companies build out their own AI systems.

Timestamps

00:00 Trailer

2:15 Intro 

03:37 Dan Niles on AI Risk

08:35 What Slower AI Spending Means for Semiconductors

10:49 Is the AI Boom Turning Into a Bubble?

13:58 Open-Source AI vs. Frontier Models

16:27 The AI Shakeout: Who Will Survive?

19:34 Why Dan Is Bearish on the Market

21:01 Bonds, Debt, and the Risk of a Major Sell-Off

28:14 Why Credit Markets Matter for Big Tech

30:51 Dan Niles’ Changing View on Google

35:55 ITM Mailbag: Snowflake stock (SNOW) and the Software Sector

40:46 Marvell & Celestica (MRVL, CLS)

45:50 Nebius & NVIDIA (NBIS, NVIDA)

51:58 Is Amazon Still a Long-Term AI Play? (AMZN)

54:23 Should You Buy the Dip in SpaceX? (SPCX)

57:43 Past & Pro Picks: CASH, CSCO, NVDA,MSFT, META, AAPL 

68:17 Closing Bell: Chess and Chinese Dramas

Sponsors

Thank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com

All the charts you’ll see today are sponsored by Wealthsimple Trade. The self-directed trading platform built for active traders in Canada. Learn more at  https://app.wealthsimple.com/74rd/83ftma8x

Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://www.eqbank.ca/

The Closing Bell is sponsored by The Haliburton Post House: private executive retreats in Ontario's Haliburton Highlands. Reserve your Fall 2026 or Spring 2027 dates at The Haliburton Post House. Mention In the Money for $1000 off your reservation! E-mail

info@haliburtonposthouse.ca for more information. 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Tariffs are dominating the headlines, but they’re not the biggest risk Jean-François Tardif sees for investors. The President of Timelo Investment Management is cautious on the economy, skeptical that the massive AI spending boom can last and actively positioning for downside. 

He explains why he’s short Canadian banks and semiconductors, using puts on the S&P 500 and Nvidia, and preparing his portfolio for what could happen when AI spending eventually rolls over. At the same time, Tardif remains net long equities through gold and oil, explains why he sees gold stocks as significantly more attractive than copper right now and tells us his top gold stock. He also weighs in on the controversial H&R REIT deal, why he calls it a “take-under” and why he’s been buying more shares even as he considers voting against it.

In the mailbag, Tardif goes in depth on the Canadian banks and explains why taking profits in a tax-free account is a 'no-brainer'.  He also talks CAE (CAE), Toromont Industries (TIH), goeasy (GSY) and Propel Holdings (PRL), Champion Iron (CIA), Village Farms International (VFF) and Magna Mining (NICU). Plus, he explains why he’s bearish on parts of the economy, what insider selling can tell investors and where he’s finding opportunities in beaten-down sectors.

In Pro Picks, Tardif revisits last year’s ideas, including Total Energy Services (TOT), which has roughly tripled since his appearance, Calian Group (CGY), up more than 50%, and H&R REIT (HR.UN). Then he reveals three new ideas: Adentra (ADEN), a cash-generating consolidator he believes is cheap even without a housing recovery; Colliers International (CIGI), a former market darling hit by fears over AI and commercial real estate; and Dutch Bros (BROS), a fast-growing coffee chain he believes has the potential to multiply its store count over time.

Subscribe, like and comment for a chance to win some In the Money swag, and now you can buy some merch at our new store! Check it out!  https://inthemoneypod.myshopify.com/

Timestamps
00:00 Trailer 

02:17 Introducing JF Tardif 

04:17 Canada, the US, and rising tariff tensions

07:54 The AI trade and the risk of peak spending

10:18 Why gold may be more attractive than copper

11:24 Hedging with shorts and put options

13:01 JF’s high conviction gold ideas

14:40 The H&R REIT take under

19:43 Mailbag begins

21:16 Are Canadian banks too expensive and JF’s short process

28:30 CAE stock (CAE)

30:31 Toromont Industries stock (TIH) 

32:47 Go Easy, Propel, and consumer lending risks (GSY, PRL)

34:13 Champion Iron stock (CIA)

36:27 Village Farms stock (VFF)

39:03 Magna Mining (NICU)

40:26 Past & Pro Picks ( TOT, CGY, HR.UN, ADEN, CIGI, BROS)  

52:55 The Closing Bell: Golf, snowmobiling, and the closing bell

Sponsors
Thank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com

All the charts you’ll see today are sponsored by Wealthsimple Trade. The self-directed trading platform built for active traders in Canada. Learn more at  https://app.wealthsimple.com/74rd/83ftma8x

Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://www.eqbank.ca/

The Closing Bell is sponsored by The Haliburton Post House: private executive retreats in Ontario's Haliburton Highlands. Reserve your Fall 2026 or Spring 2027 dates at The Haliburton Post House. Mention In the Money for $1000 off your reservation! E-mail

info@haliburtonposthouse.ca for more information. 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Legendary commodity investor Rick Rule sees weakness coming for natural resources and thinks investors should be ready to take advantage. In this special season premiere episode, he's here to tell you what he's buying. 

Rick Rule, President and CEO of Rule Investment Media, joins In the Money with Amber Kanwar to kick off a new season with his outlook for gold, oil and natural resource stocks. While higher interest rates and a stronger U.S. dollar could weigh on commodities through the rest of 2026, Rule remains firmly bullish over the longer term—and says a pullback could put the assets he wants to own “on sale.”

He explains why he believes declining purchasing power and negative real interest rates could ultimately propel gold higher, and why years of underinvestment could leave the oil market facing a structural supply shortage by the end of the decade.

In the mailbag, Rule tackles viewer questions on Abaxx Technologies (ABXX), Nations Royalty (NRC), International Petroleum (IPCO), Athabasca Oil (ATH), Dundee Corporation (DC.A), Vizsla Silver (VZLA), Solaris Resources (SLS), Copper Giant Resources (CGNT) and Alphamin Resources (AFM)—digging into everything from management and valuation to geopolitical risk and the enormous potential rewards that can come with it.

And in Pro Picks, Rule revisits last year’s ideas—including Sprott (SII), Exxon Mobil (XOM) and the former EMX Royalty, now part of Elemental Royalty (ELE)—and reveals three stocks he likes now across the risk spectrum: Agnico Eagle Mines (AEM), Equinox Gold (EQX) and speculative play Talon Metals (TLO). On Talon, Rule makes the stakes clear: if his exploration thesis is wrong, investors could lose 50%. If it works, he believes the discovery could be profound.

Like and comment for a chance to win some In the Money swag, and now you can buy some merch at our new store! Check it out!  https://inthemoneypod.myshopify.com/

Timestamps
0:00 Trailer: Rick Rule on commodities, gold, and oil

0:39 Episode intro and season premiere setup

2:02 Disclaimer and what this episode covers

2:28 Welcome to the season premiere with Rick Rule

4:49 Commodities near-term outlook, rates, dollar, and inflation

6:34 Why inflation and bond yields may stay sticky

8:34 Debt, deficits, and why the cycle feels familiar

9:58 Lessons from the 1970s inflation era

12:52 Why falling commodity prices can be buying opportunities

15:00 Gold, war, and negative real interest rates

17:36 Why oil has not reacted like a true shock yet

19:30 When oil shortages become structural

22:57 How Canada can better position itself

26:16 Rick Rule’s investing method and edge

29:55 ITM Mailbag: Abaxx Technologies and the short report (ABAX)

32:23 Nations Royalty and Indigenous led royalties (NRC)

36:47 International Petroleum vs Athabasca (IPCO, ATH)

40:52 Why Dundee still matters to Rick (DC.A)

44:30 Vizsla Silver, huge upside, major risk (VZLA)

51:01 Solaris Resources and Copper Giant (SEI, CGNT)

52:36 AlphaMin Resources and the tin market (AFM)

55:21 Past & Pro Picks (SII, XOM, ELE, AEM, EQX, TLO)

1:08:05 Rick Rule off the mic, outdoors, reading, mentoring

Sponsors

Thank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com

All the charts you’ll see today are sponsored by Wealthsimple Trade. The self-directed trading platform built for active traders in Canada. Learn more at  https://app.wealthsimple.com/74rd/83ftma8x

Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://www.eqbank.ca/

The Closing Bell is sponsored by The Haliburton Post House: private executive retreats in Ontario's Haliburton Highlands. Reserve your Fall 2026 or Spring 2027 dates at The Haliburton Post House. Mention In the Money for $1000 off your reservation! E-mail

info@haliburtonposthouse.ca for more information. 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Richard Abboud dropped out of university to pursue entrepreneurship. Today, he’s the Founder & CEO of Forum Asset Management, a $4 billion asset management business—and one of the country’s most vocal advocates for a more ambitious Canada.

In the final installment of Can Canada Meet the Moment?, Amber Kanwar sits down with Abboud to trace his journey from running teenage dance venues to building one of Canada’s largest student housing businesses. He explains why Forum is betting on student housing and self-storage, where he sees opportunity in Canadian real estate, and why his investment philosophy starts with finding an “unfair advantage.” He also breaks down how Forum offers investors access to these private-market opportunities through a range of funds designed for different risk appetites and needs for income and growth.

But Abboud is also thinking beyond his own business. He founded Shift Canada to help change Canadian culture around risk, innovation and the fear of failure. Its Shift Failure program is taught in junior high and high schools across the country and has reached 600,000 students in three years, encouraging young Canadians to see failure as part of growth rather than something to fear. Shift Canada also tracks Canadians’ willingness to take risks and be ambitious through its Bold Ambition Index.

Can Canada become more ambitious, take bigger risks and seize the opportunity in front of it? Abboud believes there’s no reason Canada shouldn’t be at the top of the world—but Canadians need to be willing to speak up, take risks and get on with it.

Timestamps

00:00 Intro

00:09 Sponsor message and disclaimer

00:33 Welcome to the final installment of the innovation series

01:01 Richard Abboud’s background and what this conversation covers

01:54 Richard’s origin story and entrepreneurial journey

03:37 First business: teenage dances and early lessons

04:46 From broker to Forum Asset Management

05:22 Forum today: assets, student housing, and self-storage

07:15 Why student housing and self-storage still make sense

08:49 Immigration, population trends, and student housing demand

10:04 How the fund is structured for investors

11:42 Retail investor access and current opportunities

13:07 Long-term outlook for the asset class

14:51 Why Richard got involved in Canadian innovation

15:43 Midlife pause, then back to building

16:38 Canada’s innovation problem and cultural barriers

17:57 Shift Canada and the Shift Failure program

19:00 Teaching kids to embrace failure

21:44 Can Canada celebrate entrepreneurs better?

23:24 Why CEOs are speaking up now

25:26 What still needs to happen in Canada

26:24 Tariffs and consumer confidence

27:03 How the business is adapting

27:37 Fun, hobbies, and travel

29:00 Closing remarks and next episode teaser

Sponsors

This show is brought to you by Forum Asset Management, presenting sponsor of our Innovation Special: Can Canada Meet the Moment. Learn more at https://forumam.com.

Thank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com 

Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://www.eqbank.ca/

The Closing Bell is sponsored by The Haliburton Post House: private executive retreats in Ontario's Haliburton Highlands. Reserve your Fall 2026 or Spring 2027 dates at The Haliburton Post House. Mention In the Money for $1000 off your reservation! E-mail
info@haliburtonposthouse.ca for more information. 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Canada was one of the first countries in space. Now, as a new space race takes off, does it have what it takes to become a global leader again?

In this episode of our summer series Can Canada Meet the Moment?, Paige Ellis sits down with Mike Greenley, CEO of MDA Space—Canada’s answer to SpaceX—to explore the enormous economic opportunity opening up beyond Earth. Greenley says the Earth-to-Moon economy represents a new economic frontier worth trillions of dollars, with humans expected to start living and working on the Moon as early as 2028. Canada already has world-leading expertise in space robotics, satellite communications and Earth observation—but capturing the opportunity will require moving faster and thinking much bigger.

Greenley explains why Canada needs its own launch capability, how rising defence spending could help build a stronger domestic space industry, and why relying on other countries for critical technology creates both economic and sovereignty risks. As the U.S. pulls back globally and countries put a greater emphasis on sovereignty and security, Greenley explains why Canada needs to build more critical capabilities at home while continuing to forge strategic partnerships abroad. He also makes the case that Canada’s unique combination of mining expertise and space robotics could eventually give it an advantage in lunar and asteroid mining, where potentially enormous deposits of critical minerals are waiting to be explored.

Plus, Greenley lays out his ambitions to turn MDA Space into a much larger global company while helping create a new generation of billion-dollar Canadian space businesses—and explains why commercial trips to the Moon could become a reality within the next decade.

Timestamps

0:00 Sponsor intro and opening

0:58 Welcome and why the space economy matters

2:45 Rapid-fire with Mike Greenley

5:30 Canada’s place in the space boom

8:52 Defense, urgency, and how Canada scales capability

12:48 Why this time could be different

14:00 What industry wants from government

17:04 Defense procurement: best equipment vs. Canadian industry

20:38 Partnerships, sovereignty, and the Gateway pause

23:57 Canada’s mining edge in the new space race

26:36 Winning public support for space

31:37 ESG, capital, and space investment

35:29 Building a stronger Canadian space ecosystem

37:37 Why U.S. expansion matters

39:06 When commercial moon trips become real

41:39 Outro and next episode tease

Sponsors

This show is brought to you by Forum Asset Management, presenting sponsor of our Innovation Special: Can Canada Meet the Moment. Learn more at https://forumam.com.

Thank you to our partners at ATB Financial.  ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com 

Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://https://www.eqbank.ca/

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Canada has spent years talking about its energy potential. Adam Waterous thinks the country is finally ready to realize it.

In the third episode of our special summer innovation series, Can Canada Meet the Moment?, host Amber Kanwar sits down with Adam Waterous, CEO & Managing Partner of Waterous Energy Fund, to discuss why he believes Canada has a once-in-a-generation opportunity to become a global energy superpower.

Waterous lays out his “down five, up five” thesis: over the next decade, he expects U.S. oil production to fall by roughly five million barrels a day while Canada has the potential to add five million—doubling its production and putting it in a position to compete with Saudi Arabia as one of the world’s largest oil producers.

But getting there won’t be simple. Waterous breaks down the compromises behind Canada’s new energy ambitions, why the public sector is taking a bigger role in pipeline development, the regulatory and tax hurdles still facing producers, and what needs to happen to attract investment and actually fill those pipelines. He also explains why he believes the shift could be transformational for the Canadian economy and fundamentally change Canada’s leverage with the United States.

Plus, Waterous discusses how he’s positioning his own companies for this new era, why long-life oil assets matter, what he looks for when buying energy assets, and where he sees opportunities after years of consolidation.

Can Canada meet the moment? Waterous is unequivocal: he believes Canada’s position in the world has never been stronger.

This interview was recorded during the Calgary Stampede, prior to Greenfire Resources announcing its $1.28-billion cash deal to acquire privately held heavy oil producer Connacher Oil and Gas Ltd on July 13, 2026.

Timestamps

00:00 Intro and sponsor message

02:44 Canada’s energy moment

03:23 The “down five, up five” thesis

06:46 The GDP impact of growth

08:03 The federal shift on energy

13:37 Public vs. private sector paths

17:09 Pipeline economics explained

23:09 Carbon tax and production incentives

28:33 Will investors come back?

31:26 Why U.S. energy is vulnerable

33:27 How he values assets

35:25 Why scale matters in oil sands

38:15 Greenfire and the neighborhood strategy

41:51 Can Canada meet the moment?

Sponsors
This show is brought to you by Forum Asset Management, presenting sponsor of our Innovation Special: Can Canada Meet the Moment. Learn more at https://forumam.com.

Thank you to our partners at ATB Financial.  ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com 

Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://https://www.eqbank.ca/

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Canada has no shortage of world-class entrepreneurs—but are we creating the right conditions for them to build the next generation of global companies here at home? In the second episode of our special summer series Can Canada Meet the Moment?, host Paige Ellis sits down with two successful Canadian founders who offer very different perspectives on one of the country's biggest economic challenges.

Michele Romanow, "Dragon" on CBC's Dragons' Den and Co-Founder of Clearco, argues Canada is making it harder to build and scale startups. She explains why more founders are choosing the U.S., how Canadian policies can discourage innovation, why we protect incumbents instead of challengers, and what needs to change if Canada wants to keep its best entrepreneurs.

Laura McGee, Co-founder of Arterra and Executive Chair of Diversio, offers a more nuanced view. Drawing on her experience building businesses in both Canada and the United States, she explains why founders look south for capital, the cultural differences between the two countries, what Canada gets right, and why she believes Canadian entrepreneurs can still build world-class companies from home.

If Canada wants to become a global innovation leader, what has to change? This conversation explores the policies, culture, capital, and mindset shaping the future of Canadian entrepreneurship.

Subscribe to In the Money with Amber Kanwar for more conversations with the investors, founders, and business leaders shaping Canada's future.

Timestamps

00:06 Can Canada Meet the Moment brought to you by Forum Asset Management

01:02 Meet Michelle Romanow

02:34 Rapid-fire warmup

08:21 Founder identity

11:11 Why Canada loses startups

14:11 Policy vs culture

20:16 Rewarding oligopolies

25:51 Founders voting with their feet

27:31 Defense, health, and AI

38:10 Canada’s AI opportunity

43:01 Meet Laura McGee

47:17 Diversio fundraising struggle

53:02 Delaware structure and Canada

01:05:52 Silicon Valley Bank collapse

01:13:45 — What Canada must change

Sponsors

This show is brought to you by Forum Asset Management, presenting sponsor of our Innovation Special: Can Canada Meet the Moment. Learn more at https://forumam.com.

Thank you to our partners at ATB Financial.  ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit ATB.com/inthemoney for more information.

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Thank you to our partners at Hamilton ETFs. For more information visit hamiltonetfs.com 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Canada has no shortage of breakthrough ideas. The problem, Jim Balsillie argues, is that too many of them create jobs, wealth and prosperity somewhere else. He even describes Canada as a "global philanthropist"—a country that invents world-changing technologies but lets the economic benefits accrue elsewhere. As Canada prepares to host the Prime Minister's first-ever Canada Investment Summit this September, we're kicking off our special summer series, Can Canada Meet the Moment?, with one of the country's most influential voices on innovation.

Hosted by Paige Ellis, the first episode features Jim Balsillie, Retired Chairman and co-CEO of Research In Motion (BlackBerry) and Co-Founder & Chair of the Council of Canadian Innovators. Balsillie argues Canada's biggest challenge isn't innovation—it's public policy.

Drawing on his experience building BlackBerry into one of the world's most successful technology companies, Balsillie explains why Canada continues to lose startups, talent and intellectual property to the United States, why he believes government policy has put "wind in the face" of Canadian entrepreneurs, and what must change if Canada wants to compete in AI, advanced technology and the industries of the future. He also reflects on BlackBerry's rise and decline, the lessons Canada still hasn't learned, and why he believes Canada can reverse decades of economic decline if it rethinks how it supports innovation.

Throughout this special series, we're asking one question: Can Canada meet the moment? From innovation and entrepreneurship to natural resources, capital and public policy, we'll explore what's working, what's broken, and what it will take for Canada to build the next generation of globally competitive companies.

Timestamps

0:06 Can Canada Meet the Moment presented by Forum Asset Management

0:50 Amber asks Can Canada Meet the Moment?

1:40 Amber welcomes Paige

3:30 The Canadian startup pipeline is shrinking
05:30 The blackberry story & Jim Balsillie

6:45  Canadian inventions game

9:06  Jim Balsillie joins 

10:51 Jim’s path to Waterloo

13:30 U.S. investors vs. Bay Street

16:02 Building in Canada

17:49 Policy and entrepreneurship

23:06 Canada’s AI strategy

28:46  Losing value abroad

33:22 AI vs. BlackBerry

35:07 AI and jobs

38:18 Young workers and AI

42:04 Canada’s losses

43:10 Why Jim stays focused on Canada

Sponsors
This show is brought to you by Forum Asset Management, presenting sponsor of our Innovation Special: Can Canada Meet the Moment. Learn more at forumam.com.

Thank you to our partners at ATB Financial.  ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit ATB.com/inthemoney for more information.

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Thank you to our partners at Hamilton ETFs. For more information visit hamiltonetfs.com 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Which fund managers made the best calls of the year? Which stocks soared, which ones crashed, and what can investors learn from the biggest surprises of 2026 so far?

In this special mid-year review, Amber Kanwar and Executive Producer Jillian Glickman look back at every Pro Pick featured on In the Money over the past year. They reveal the top-performing stocks, the biggest disappointments, and rank the fund managers whose ideas delivered the strongest returns. From AI memory-chip winners like Samsung (KRX: 005930) to Bird Construction (TSX: BDT), Canada's energy boom, hard assets, healthcare, and the surprising absence of the Magnificent Seven from the top of the leaderboard, they break down the trends that have defined the market so far.

They also revisit some of the show's most memorable investment stories—including Better Home & Finance (NASDAQ: BETR), Marvell Technology (NASDAQ: MRVL), Sprott Inc. (TSX: SII), OpenDoor Technologies (NASDAQ: OPEN), Boston Scientific (NYSE: BSX), and more—and discuss what worked, what didn't, and why patience can be one of an investor's greatest advantages.

Plus, Amber and Jillian share highlights from the podcast's incredible year, including the growth of In the Money, the Calgary Stampede live show, a preview of the upcoming Canadian innovation series, and what's coming this fall.

Whether you've followed every Pro Pick or are looking for new investing ideas, this episode is your mid-year report card on the market—and on the experts who called it best.

Timestamps

0:00 Trailer

1:51  Welcome to the mid-year review

2:18  Market backdrop and how the year has unfolded

5:40 Top-performing stocks

11:15 Most popular stock pick

13:00 Better Home and Finance discussion

14:43 Hamilton ETFs - MIX

16:42 Worst-performing stocks

22:36 ATB Pro Picks

23:05 Top fund managers honourable mentions

26:40 Top Fund Managers

28:40 Top three fund managers

33:18 Upcoming August special and September plans

34:34 Swag store announcement

35:26 — Outro

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Volatility is measured using standard deviation, which quantifies how much an investment’s returns deviate from its average return over a ...

If you're looking to build a portfolio for the next decade—not chase yesterday's winners—Garey Aitken says it's time to get much more selective. Canada's rally may not be over, but after one of the strongest runs in years, finding value has become much harder. The Head of Canadian Equities at Franklin Templeton's ClearBridge Investments joins Amber Kanwar to explain where he's taking profits, why he still likes energy, and the overlooked companies he believes could be the market's next winners.

In the mailbag, Garey weighs in on viewer questions about Intact Financial (IFC), CGI (GIB.A), Shopify (SHOP), TMX Group (X), and Metro (MRU). He shares his outlook on AI disruption across Canadian companies, explains why some high-quality businesses may be getting punished too severely, and discusses which names he'd still buy, hold, or avoid at today's prices.

In Pro Picks, Garey revisits his previous top ideas—including Canadian Natural Resources (CNQ), Canadian National Railway (CNR), and Fortis (FTS)—before revealing three new high-conviction opportunities: Boyd Group Services (BYD), Stantec (STN), and Thomson Reuters (TRI). These are companies he believes have been unfairly sold off, offering investors the chance to buy quality businesses without falling into the trap of chasing expensive momentum stocks.

Timestamps

00:00 Trailer
02:20 Intro
03:45 These are the golden years, but borrowing from the future
06:30 Is Garey taking profits and the anatomy of the rally
09:00 Why Garey is a little nervous about his bank exposure
11:30 Garey called the energy bottom, is the reward still there? 

15:00 Hamilton’s Enhanced Mixed Asset Allocation ETF- MIX
17:00 ITM Mailbag- Intact Financial stock (IFC)
19:30 CGI Group stock (GIB.A)
24:00 Shopify stock (SHOP)
27:40 TMX Group stock (X)
30:45 Metro stock (MRU)
35:00  Garey’s Past & Pro Picks (CNQ, CNR, FTS, BYD, STN, TRI)

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Intact Financial, Canadian National Railway and Canadian Natural Resources which are all stocks Amber owns.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Volatility is measured using standard deviation, which quantifies how much an investment’s returns deviate from its average return over a given period. Drawdown: The percentage drop from an investment’s peak value to its lowest point.

In the Money delivers...

While much of the market is chasing the same handful of stocks, Scott Morrison is looking somewhere else. The Founder & CIO of Wealhouse Capital Management oversees $2.2 billion with a contrarian strategy focused on buying great businesses at discounted prices. He joins Amber Kanwar to discuss why international markets are becoming more attractive, where he's finding value today, and how investors can profit from unpopular ideas before they become consensus.

In the mailbag, Scott weighs in on whether Canadian banks are too expensive after their massive rally, shares his outlook on BlackBerry (TSX: BB), CAE (TSX: CAE), Aritzia (TSX: ATZ), Groupe Dynamite (TSX: GRGD), Primaris REIT (TSX: PMZ.UN), Propel Holdings (TSX: PRL) and Kinaxis (TSX: KXS), and explains where he still sees compelling value despite a market trading near record highs.

In Pro Picks, Scott shares three international ideas he believes offer compelling upside: Shinhan Financial Group (NYSE: SHG), one of South Korea's leading banks trading at a significant discount to its North American peers; Zeta Global Holdings (NYSE: ZETA), an AI-enabled marketing technology company using proprietary data to help businesses improve advertising returns; and Tritax Big Box REIT (LSE: BBOX), a U.K. logistics real estate company positioned to benefit from growing demand for warehouses, automation and data centre infrastructure.

Timestamps

00:00 Intro

01:25 Intro
02:25 Scott Morrison’s approach to investing
05:45 Businesses with idiosyncratic opportunities, and why Scott is finding more outside of North America
10:45 More money chasing fewer opportunities
12:50 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
14:50 ITM Mailbag: Canadian banks
22:25 Blackberry stock (BB)
29:30 Aritzia & Groupe Dynamite (ATZ, GRGD)
32:30 Primaris REIT (PMZ.UN)
37:35 Propel Holdings (PRL)
41:00 Kinaxis (KXS)
46:15 Scott’s Pro Picks (SHG, ZETA, BBOX)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Volatility is measured using standard deviation, which quantifies how much an investment’s returns deviate from its average return over a given period. Drawdown: The percentage drop from an investment’s peak value to its lowest point.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journ...

Looking beyond the market's biggest names? Jamie Murray, President of The Murray Wealth Group, shares the investing framework he uses to uncover overlooked companies with strong cash flow, attractive valuations and long-term growth potential. From AI winners and consumer stocks to airlines, REITs and international opportunities, he explains what makes a stock worth buying—and why some of the market's best opportunities are often the ones investors aren't paying attention to.

In the Mailbag, Jamie weighs in on some of the market's most talked-about names, including Uber (UBER), Meta (META), Aritzia (ATZ.TO), Air Canada (AC.TO), Exchange Income Corp. (EIF.TO), Go Residential REIT and UnitedHealth Group (UNH). He explains why Uber and Meta remain core holdings, discusses whether Air Canada is finally becoming investable, shares his outlook for Aritzia after its recent run, and breaks down why he's finding opportunity in real estate through Go Residential REIT. He also offers his take on UnitedHealth following its dramatic selloff and explains why he recently sold Exchange Income after a big run up.  

In Pro Picks, Jamie revisits his Past Picks Broadcom (AVGO), Starbucks (SBUX) and 3i Group (III.L), sharing why he remains bullish on Broadcom and 3i Group while explaining why he exited Starbucks. He then reveals three new high-conviction ideas: Nu Holdings (NU), Opera (OPRA) and Vital Healthcare Property Trust (NZX)—companies he believes have the potential to quietly outperform over the years ahead.

Timestamps

00:00 Trailer
02:15 Intro
03:20 What’s going on in the markets right now?
06:40 What does Jamie’s portfolio look like right now and why software?
09:20 Small caps as an AI trade
10:50 Why isn’t the market more roiled by the new flare up between the U.S. and Iran
15:00 What’s a classic Jamie Murray stock?
15:50 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
17:50 ITM Mailbag: Uber stock (UBER)
23:20 Meta stock (META)
27:50 Aritzia stock (ATZ)
30:35 Air Canada stock (AC)
35:30 Exchange Income Corp (EIF)
39:30 GO Residential REIT (GO.U)
44:00 UnitedHealth Group stock (UNH) 

46:20 Jamie’s Past & Pro Picks (AVGO, SBUX, NU, OPRA, VITL.UN)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Volatility is measured using standard deviation, which quantifies how much an investment’s returns devi...

Political tensions are prompting more Americans to consider moving to Canada—and more Canadians are returning home—but the financial implications are far more complicated than most people realize. On this special episode of In the Money with Amber Kanwar, Harp Sandhu, Founder, Senior Wealth Advisor and Portfolio Manager at Sandhu Wealth and author of Welcome Home, Eh?: A Guide for Canadians (Old and New) to Navigate Moving to Canada from the U.S., breaks down the costly financial traps that can come with a cross-border move—from mishandling retirement accounts and tax residency to overlooking investment restrictions, healthcare gaps, real estate considerations, and even the rules around bringing a car or wine collection into Canada.

Harp also discusses why he's seeing a surge in cross-border consultations, why timing matters when changing tax residency, the biggest mistakes people make when relocating, and why AI still can't replace expert advice when it comes to complex cross-border financial planning. Whether you're thinking about moving now or simply want to understand the financial realities of living and investing across Canada and the U.S., this episode is packed with practical insights.

This episode is brought to you by our partners at Raymond James. Visithttps://raymondjames.ca today to discover how you can live a life well planned.

Timestamps

00:00 Intro 

01:10 The changing nature of Canadians coming back to Canada

03:00 The mistakes people make when coming back to Canada
04:30 Is there a golden rule when moving back or does it vary from person to person?
07:00 The unexpected implications
10:25 How has AI changed the game? 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

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DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

More than 300 companies around the world cut their dividends in 2020—but not a single company in Fiona Wilson's portfolio did. Fiona, who co-manages the i3 dividend fund portfolios within Guardian Capital LP, explains why chasing the highest dividend yield can be a costly mistake and why dividend growth is the key to building long-term wealth. She shares how her team uses artificial intelligence to forecast dividend growth, identify companies at risk of cutting their payouts, and uncover high-quality businesses that can compound for years.

In the mailbag, Fiona answers your questions on Canadian bank stocks including RBC (RY), TD and CIBC, whether Enbridge (ENB) is still a buy after its big run, the outlook for TELUS (T), why she remains bullish on Microsoft (MSFT), why Apple (AAPL) remains one of her favourite long-term holdings despite its premium valuation, and what to make of the recent strength in U.S. financials, including Morgan Stanley (MS).

In Pro Picks, Fiona shares four high-conviction dividend growth ideas: Costco (COST), ASML Holding (ASML), Amphenol (APH), and Parker-Hannifin (PH). She explains why these companies combine rising dividends, strong earnings growth and durable cash flow, and how they're positioned to benefit from long-term trends in artificial intelligence, industrial automation and infrastructure.

Timestamps

00:00 Intro
02:50 Fiona’s approach to dividend investing 

04:50 Using AI: In 2020 300+ companies cut their dividend, Fiona’s portfolio had zero cuts
07:30 Yield vs. Growth & tech stocks
10:00 What’s the human element
11:20 Growth, payout & sustainability
14:50 Fiona’s global lens
17:00 What are the top 3 warning signs a company will cut their dividend?
18:50 Hamilton MIX ETF 

20:50 ITM Mailbag: Canadian Banks
24:30 Enbridge stock (ENB)
30:20 Telus stock (T)
32:30 Microsoft stock (MSFT)
35:20 Apple stock (AAPL)
37:40 Morgan Stanley stock
39:40 Fiona’s Pro Picks (COST, ASML, APH, PH) 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

A special thank you to our partners at ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Apple, TD, Enbridge, Telus and Microsoft which are all stocks Amber ows. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Volatility is measured using standard deviation, which quantifies how much an investment’s returns deviate from its average return over a given period. Drawd...

Global investors spent years writing off Canadian energy. Now, one of the sector's most embattled companies is trying to prove them wrong.

On this episode of In the Money with Amber Kanwar, Amber sits down with Chad Lundberg, President & CEO of Baytex Energy, for his first interview since taking the helm. After a turbulent few years that saw Baytex expand into the U.S., reverse course, and overhaul its strategy, the stock has more than doubled over the past year. But with plenty of investors still questioning whether the turnaround is real, Chad explains why he believes Baytex is entering a new era.

The conversation explores Canada's changing energy landscape, renewed pipeline momentum, improving investor sentiment toward the sector, and why Baytex is betting on a Canadian-focused future. Chad also discusses the company's debt-free balance sheet, its goal of delivering 15% annual shareholder returns through dividends, buybacks, and growth, the long-term potential of projects like Gemini, and why he believes Baytex can create more value as an independent company rather than becoming an acquisition target.

Whether you're bullish on Canadian energy or still skeptical, this conversation offers an inside look at one of the industry's biggest turnaround stories—and the CEO trying to complete it.

Timestamps

00:00 Trailer
01:15 Intro 

02:20 The mood in the energy sector

03:50 Pipelines and increasing production to fill pipelines

05:30 What does the energy sector need to fulfill its full potential? 

07:30 Hamilton Enhanced Mixed Asset Allocation ETF- MIX 

09:20 What are foreign investors saying about the Canadian energy sector? 
11:00 Sentiment towards crude oil
14:40 The transformation at Baytex Energy
19:40 Largest shareholder is done selling
20:50 The aspiration of 15% returns over the net 3 years
22:40 Dividends & buybacks 

23:40 A culture change
25:20 Asset quality
28:50 Is Baytex a takeover candidate?
30:10 Thank you to our partners at ATB Financial
30:35 M&A in the energy sector 

32:30 Would Baytex sell Viking? 

33:35 Baytex’s red lines 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

A special thank you to our partners at ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Volatility is measured usin...

Canada just announced two new pipelines — so where's private capital? The CEO of one of Canada's largest pipeline operators weighs in. 

On this special episode of In the Money with Amber Kanwar, Amber sits down with Greg Ebel, President and CEO of Enbridge (TSX: ENB, NYSE: ENB), live from the Calgary Stampede for his first interview since the pipeline announcements — including the Northern Shield West Coast pipeline and the Alberta-Ontario pipeline proposal. Greg explains why Enbridge isn't a proponent on either project, and why he thinks the industry's focus on pipelines has been "ass-backwards" — the real bottleneck, he argues, is production, not pipes.

Greg also revisits comments from last fall, when he called the last decade a "disaster" for Canadian competitiveness. He explains what's shifted since then, why governments are now racing to make private capital more attractive, and what a "grand bargain" on the North Coast tanker ban could look like if Ottawa wants the private sector to lead.

The conversation turns to Enbridge's own capital priorities. Most of the company's $40 billion project backlog is being deployed in the United States, where taxes are lower and regulatory approval is faster — but Greg discusses whether that balance could tilt back toward Canada in the years ahead, and how AI and data centre demand are reshaping the way investors value pipeline infrastructure and Enbridge stock.

Finally, Greg lays out what he sees as Canada's real opportunity: if producers get the regulatory certainty they need, he believes Western Canada could add two million more barrels a day. He also weighs in on whether Enbridge would ever consider building a greenfield pipeline again.

A special thank you to our partners at ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Timestamps

00:00 Trailer
02:15 Intro  

03:00 Greg Ebel on Canadian competitiveness 

06:30 Pipeline politics & the private sector & production 
09:45 Increasing production and new pipelines
10:55 Does Canada even need a pipeline? 

13:25 There will be opportunities to participate in pipelines down the road
15:20 Everybody in the oil and gas business in Canada will do better
16:30 Could private sector do it cheaper?
18:10 The question about a pipeline east
20:10 How far have these announcements gone towards national unity?
21:25 Enbridge favours investing in the U.S. over Canada, could that tilt? 

27:05 The Canada-U.S. relationship 

32:15 Geopolitics, the war in Iran and what that means for Enbridge
36:20 Are new pipelines a competitive threat for Enbrdige?
39:00 Wheeling & dealing
41:45 Is the multiple too low on Enbridge?
44:45 The value proposition of Enbridge in a portfolio
46:45 Are we at a genuine turning point for the Canadian energy sector? 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

A special thank you to our partners at ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit

Global government spending is reshaping the investing landscape—but are you following where the money is actually going? While everyone is focused on AI, Bryden Teich, Chief Investment Officer at Avenue Investment Management, argues the biggest market story is the massive fiscal spending boom unfolding across Canada, the U.S., and around the world. He explains why industrials, financials, energy infrastructure, and other resilient businesses stand to benefit, why he's still bullish on Canada despite recent economic challenges, why he's underweight big tech, why he trimmed gold after its surge, and how he builds a portfolio designed to perform through changing market cycles.

In the mailbag, Bryden answers viewer questions on Canadian banks, including why National Bank (NA) and Royal Bank (RY) remain his favourites, whether it's time to buy beaten-down software names like Thomson Reuters (TRI), Accenture (ACN), and Intuit (INTU) after the AI selloff, opportunities in healthcare through Boston Scientific (BSX), GE HealthCare (GEHC), and Medpace (MEDP), plus his outlook on Canadian Natural Resources (CNQ), South Bow (SOBO), Enbridge (ENB), WSP Global (WSP), and Stantec (STN), and what investors should watch before jumping into energy infrastructure projects.

In Pro Picks, Bryden shares three high-conviction ideas built around resilient, cash-generating businesses: AutoZone (AZO), Medpace (MEDP), and Bath & Body Works (BBWI). He explains why these companies can thrive even if economic growth slows, how strong capital allocation creates shareholder value, and why consistency—not chasing the hottest trend—is the key to compounding wealth over time.

Timestamps

00:00 Trailer  

02:00 Intro 

02:40 Better days ahead for the Great White North  

04:40 What does a Canada strong portfolio look like ? 

06:40 The Canadian banks

11:40 Fiscal spending is the story of the year
16:40 The rate picture & gold
20:40 Why he’s underweight tech & AI
23:55: Hamilton Enhanced Mixed Asset Allocation ETF- MIX

26:00: ITM Mailbag: Thomson Reuters stock (TRI)

31:00 Boston Scientific, GE Healthcare & Medpace (BSX, GEHC, MEDP)

35:30 Canadian Natural Resources stock (CNQ)
37:50 Southbow stock (SOBO)

41:05: Enbridge stock (ENB)

46:40 WSP Global stock (WSP)
49:25 National Bank stock (NA)
53:05 Bryden’s Pro Picks (AZO, TIH, ATD)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P...

The biggest Canadian mining IPO since 2010 is betting on a country few investors associate with mining: Poland.

On this episode of In the Money with Amber Kanwar, Amber sits down with Jordan Pandoff, CEO of Lumina Metals, to discuss the IPO which raised over $400 million, and the investment case behind one of the world's largest undeveloped copper and silver projects. Backed by mining legend Ross Beaty, Lumina spent more than a decade advancing the project before taking the company public.

Jordan explains why Poland is emerging as a critical minerals powerhouse. The country already produces more than 500,000 tonnes of copper and 40 million ounces of silver annually, has more copper in the ground than any other NATO country, and more silver in the ground than any country in the world. If Poland's punitive mining tax regime is reformed, it could move from just outside the world's top 10 copper-producing nations into the global top five.

The conversation also explores why governments, institutional investors, and the military are suddenly laser-focused on critical minerals. From supply chain security and NATO to Europe's growing dependence on imported copper, Jordan explains how geopolitics has transformed mining into a strategic industry—and why government officials and global investors are paying closer attention than ever before.

Finally, Jordan discusses Lumina's path to production, the key catalysts investors should watch over the next several years, how the company plans to finance one of the world's largest mining projects, and whether Ross Beaty's ultimate strategy is to build the mine—or follow his proven playbook of de-risking the asset before selling it.

Timestamps

00:00 Trailer
02:20: Intro 

03:40 The biggest mining IPO in Canada since 2010
05:00 From Glencore to Lumina
06:20 Working with legendary miner Ross Beaty 

08:20 The size and scale of Lumina’s mine in Poland
11:20 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
13:30 The trouble with Poland’s tax regime 

17:10 Lumina IPO & stock price 

19:45 Capital markets support in the U.S. and Canada
23:00 Why are investors waking up to the mining sector?
24:20 How do the ongoing issues in Ukraine impact Lumina?
25:30 When will first production start?
27:20 How will Lumina raise funds to build the project?
29:00 Beaty’s permit, de-risk, sell playbook
30:05 Thank you to our partners at ATB Financial 

30:30 How often do copper and silver go together 

31:30 Are copper prices in a bubble?
33:20 The excitement for base metals 

35:00 Glencore war stories 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones...

Value traps can destroy your portfolio—but the right turnaround stock can be a game changer. How do you tell the difference?

On this episode of In the Money with Amber Kanwar, Paul Harris, Portfolio Manager at Harris Douglas Asset Management, explains his framework for buying underperforming stocks without getting burned. He also shares why he wants nothing to do with SpaceX at current valuations, arguing the company is priced far ahead of its fundamentals despite the excitement around the space race. The conversation also dives into Elon Musk's biggest strengths—and what Paul believes are his biggest blind spots as an operator and capital allocator.

In the Mailbag, Paul tackles some of the market's biggest turnaround stories. He explains why he'd rather own MDA (MDA.TO) than SpaceX to play the booming satellite industry, whether BCE (BCE.TO) or TELUS (T.TO) offer compelling value after years of underperformance, and why BlackBerry (BB.TO) still looks too speculative despite its massive rally. He also breaks down whether CAE (CAE.TO) can benefit from the global defense spending boom, why he's warming up to FedEx (FDX) after its restructuring, why Campbell's (CPB) is a classic value trap, and what it will actually take for Nike (NKE) to become a successful turnaround story. Along the way, he shares the key traits he looks for before buying any beaten-down stock.

In Past Picks and Pro Picks, Paul revisits the stocks from his last appearance—including Alphabet (GOOGL), which has been his biggest winner, along with Stryker (SYK) and Canadian Natural Resources (CNQ)—explaining why he continues to own them and where he's taken profits. He then unveils three new high-conviction ideas he believes are today's most compelling underperformers: Meta (META), which he sees as one of the cheapest AI winners; Microsoft (MSFT), where he believes fears about AI disruption have gone too far; and EssilorLuxottica (EL.PA), an overlooked global compounder with durable competitive advantages that the market is mispricing.

Timestamps
00:00 Intro 
02:20 Intro 
03:20 Expect a lot more market & stock volatility 

05:20 Searching for opportunities 

09:10 Paul wouldn’t touch SpaceX with a 10-foot pole, or any Elon Musk related stocks 
12:35 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
14:35 ITM Mailbag: MDA Space (MDA) 
18:20 BCE stock (BCE) 

23:20 Blackberry stock (BBY)
26:10 CAE stock (CAE) 
29:10 FedEx stock (FDX) 
32:20 Campbell’s (CPB)
34:30 Nike (NKE)
38:20 Paul’s Past & Pro Picks ( GOOGL, SYK, CNQ, META, MSFT, EL)  

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licenso...

A year ago, Bob Thompson called commodities the trade of the decade. Since then, silver miners, energy stocks and commodity-focused funds have delivered massive gains. But with gold down sharply from its highs, oil rolling over and investors questioning whether the trade has become too crowded, is it time to take profits—or is this just a correction within a much bigger bull market?

In this episode, Bob Thompson of Thompson Investment Partners explains why he still believes we're in the early innings of a long-term commodities supercycle despite the recent weakness. He walks through his famous "Mining Clock" framework, outlines where he believes we are in the commodity cycle, and explains why gold, silver, copper and oil all remain strong two years from now. He also shares why the real risk may be hiding in technology stocks, where he sees echoes of previous market bubbles and growing signs that the capex cycle is nearing a dangerous stage.

In the Mailbag, Bob breaks down why he believes the recent collapse in oil prices is a short-term positioning event rather than the end of the energy bull market. He discusses physical gold and silver ETFs, explains how he identifies capitulation bottoms, and shares his outlook on several investor favourites including Lundin Gold (LUG) and Altius Minerals (ALS). He also discusses why management quality matters more than ever in the resource sector and where he sees the best opportunities emerging as sentiment deteriorates.

Bob revisits last year's winning ideas, including the Sprott Silver Miners & Physical Silver ETF (SLVR), the Dynamic Active Mining Opportunities ETF (DXMO), and the Ninepoint Energy Fund—all of which have delivered strong returns since his last appearance. He then unveils three new high-conviction ideas: the Fidelity Global Value Long Short ETF (FGLS), which he views as portfolio insurance against a potential tech unwind; Nutrien (NTR), a beaten-down agriculture leader he believes is positioned for the next commodity cycle; and the iShares MSCI Brazil ETF (EWZ), which offers exposure to one of the cheapest major commodity-producing markets in the world.

Timestamps

00:00 Trailer 

02:10 Intro

03:39 Bob Thompson returns to the podcast

04:18 Did commodities move too fast?

05:22 Why investors are still underallocated

07:51 Gold’s pullback and what it means

09:20 Why gold is falling now

11:37 How to think about portfolio allocation

13:24 What could signal a bottom in gold and silver

16:33 What is the mining clock?

18:43 Mining cycle stages: 4 o’clock to 6 o’clock

21:03 Mining cycle stages: 7 o’clock to 8 o’clock

22:57 Mining cycle stages: 11 o’clock to 12 o’clock

24:33 The mining clock as a credit clock

26:23 Time arbitrage and the two-year investing test

28:11 Rapid fire: bullish or bearish in two years?
28:50 Hamilton Enhanced Mixed Asset Allocation ETF-MIX 

30:53 ITM Mailbag: Oil prices, geopolitical premium, and the supply story

37:26 Entry points for physical gold and silver

39:11 Lundin Gold: why Bob likes it (LUG)

43:06 Altius Minerals: royalty business strength (ALS)

49:33 Bob’s Pro Picks: FGLS, NTR, EWZ

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for us...

The AI boom is being financed with debt—and the numbers are staggering.

The world's biggest tech companies are spending hundreds of billions of dollars to build the infrastructure behind artificial intelligence. But while investors focus on the stocks, Brian Carney, Portfolio Manager at Mawer Investment Management, is watching the credit markets—and he sees risks most investors are ignoring. 

On this episode, Brian, who manages the Mawer Global Credit Opportunities Fund explains why Alphabet, Amazon, Meta, Oracle and others are becoming some of the largest borrowers in the world, why credit markets may be underpricing risk, and why he believes we're getting closer to a "reckoning" after years of easy money and aggressive lending. He also shares why he's skeptical of parts of the private credit market, what surprised him about SpaceX's investment-grade rating, and why the next big opportunity could emerge when investors least expect it.

Brian also makes the case that investors are too complacent about America's fiscal situation. With deficits running at historically elevated levels and government debt continuing to climb, he argues the bigger risk may not be a U.S. default—but a shift in investor sentiment that forces borrowing costs higher. What happens if investors start demanding more compensation to finance Washington's spending? And what could that mean for stocks, bonds, and the broader economy?

In Pro Picks Brian shares three high-conviction bond ideas, including AI infrastructure player CoreWeave, fertilizer producer FMC Corp, and energy company Continental Resources. He breaks down where he's finding attractive yields, how he's assessing downside risk, and why he's keeping dry powder ready for a potential market dislocation.

Whether you're an equity investor, bond investor, or simply trying to understand how AI is reshaping global capital markets, this conversation offers a perspective you won't hear often.

Timestamps
00:00 Trailer
02:15 Intro 

04:30 Mawer’s credit opportunities fund 

06:45 We’re on the verge of a reckoning in the credit markets
10:25 What the spreads are telling us
12:25 The debt-fuelled AI funding boom
16:45 Will the spending pay off? 

18:35 The question about who wins less important for credit investors
20:15 Where does the money come from to meet the unprecedented demand?
22:15 Does SpaceX’s investment grade rating make sense? 

26:25 Hamilton Enhanced Mixed Asset Allocation ETF-MIX
28:25 Any signs of strain in the CDS market? And why Carney’s portfolio is low on tech
31:55 The inflation question
35:25 How Carney is mitigating risk in the portfolio 

37:25 The debt & deficit situation in the U.S. is out of control
43:10 Brian’s Pro Picks

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a reg...

The AI boom is supposed to be a tech story. Larry McDonald thinks it's a commodities story. On this episode of In the Money with Amber Kanwar, the Bear Traps Report founder and best-selling author explains why surging demand for copper, uranium, oil, natural gas and gold could create some of the biggest investment opportunities of the next decade. As trillions of dollars flow into AI infrastructure, data centres and power generation, Larry argues investors are overlooking the companies supplying the raw materials that make it all possible. In fact, he goes so far as to call NVIDIA (NVDA) a "dumb trade," arguing that investors are piling into an increasingly crowded corner of the market while ignoring the resources that power the entire AI ecosystem. He also shares his concerns about speculative excess in markets and why the excitement surrounding SpaceX could have much bigger implications for investors than most realize.

Larry answers viewer questions on the biggest investment asymmetries he sees today, why Indonesia could be one of the most overlooked emerging-market opportunities, and whether Brazil is setting up for a major political and market shift. He also shares his outlook on pipeline operators like Energy Transfer (ET), uranium exposure through Sprott Physical Uranium Trust (U.U / SRUUF), and beaten-down consumer names including Diageo (DEO), Kraft Heinz (KHC), General Mills (GIS), and Campbell's (CPB). Plus, he explains why natural gas producers such as Tourmaline Oil (TOU), Antero Resources (AR), and Range Resources (RRC) could be unexpected winners from the AI buildout.

Larry's last appearance on In the Money was a win for commodity bulls. He recommended natural gas, coal and shorting NVIDIA (NVDA), arguing that investors were underestimating the long-term opportunity in hard assets. Since then, natural gas and coal-related trades have significantly outperformed while NVIDIA has largely moved sideways despite relentless enthusiasm around AI. This time, Larry is doubling down on the commodity theme with a bullish call on gold, copper, uranium and energy producers. His top picks include Agnico Eagle Mines (AEM), which he calls one of the best-managed mining companies in the world, SLB (SLB), a play on rising global energy demand and AI-driven infrastructure spending, and Intuitive Surgical (ISRG), a unique healthcare and data-driven AI opportunity that has fallen out of favour with investors. 

Timestamps
00:00 Trailer 

02:20 Intro 

05:00 There’s a massive distortion of the market
07:30 Why are cheap Mag 7 names not a screaming buy? 

10:40 The forward earnings on Nvidia are complete baloney
12:40 Space X could create a credit crisis
18:40 Will the U.S. have to nationalize AI?
22:35 What’s going on with gold & gold stocks? 

26:40 The smart money is looking at companies that have great data
29:03 Oil is a screaming buy right now
31:35 What’s the market signal when bank stocks are doing so well?
35:45 The Fed setup is bullish for hard assets
39:20 Thoughts on stablecoins & treasuries
41:25 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
43:20 ITM Mailbag: Emerging Markets & Indonesia ETF
47:00 Pipelines & Energy Transfer (ET)

48:30 Diageo stock & consumer staples (DGE) 

52:40 Mispricings in Uranium
55:50 Larry’s Past & Pro Picks (short NVDA,
1:04:10: Larry’s gold price target 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been...

Global fund managers raised their allocation to equities by the most on record in May, but Chad Larson, who manages the best performing tactical fund in Canada, is taking a contrarian approach—holding elevated cash levels while selectively deploying into his highest-conviction trades.

On this episode of In the Money with Amber Kanwar, the Founder & Senior Portfolio Manager at MLD Wealth, breaks down why his largest holding is cash—and why that doesn’t make him bearish. Instead, he’s running a barbell strategy: staying defensive while targeting opportunities in small-caps, natural resources, and the “backbone” of the AI trade. From oil and copper to uranium and infrastructure, Chad makes the case that we’re still early in a multi-year commodities supercycle—but warns the easy money has already been made.

In the Mailbag, Chad shares his top ideas across sectors, including semiconductors via the SOXX ETF, copper exposure through Sprott Copper Miners ETF (COPP) and King’s Copper (KCP), uranium through Global X Uranium ETF (HURA) and Cameco (CCO), and energy names like Canadian Natural Resources (CNQ). He also highlights National Bank (NA) as his favourite Canadian bank, weighs in on MDA Space (MDA) and Lockheed Martin (LMT), and explains why he’s steering clear of software names like Thomson Reuters (TRI) despite the AI boom.

In Pro Picks, Chad leans into higher-risk, high-reward ideas. He highlights Gold X2 Mining (AUXX) as a leveraged gold play with takeover potential, Trican Well Service (TCW) as a direct way to play a rebound in oilfield services, and Surge Battery Metals (NILI) as a speculative lithium story tied to the EV and energy transition. It’s a classic barbell approach: safe sector exposure on one side, and “lottery ticket” upside on the other.

If you’re navigating a market driven by liquidity, AI, and geopolitical shocks, this episode lays out a clear playbook: hold cash, stay selective—and don’t ignore commodities.

Timestamps
00:00 Trailer 
02:20 Intro 
05:00 Chad is not bullish or bearish- have to pick the spots 
09:00 Why Chad’s largest holding is cash  & thoughts on gold 

12:30 What is 2026’s gold trade? 
13:00 Why Chad likes energy 
17:50 Hamilton Enhanced Mixed Asset Allocation ETF- MIX 
12:00 ITM Mailbag: Semiconductors (SOXX) 
22:00 Thomson Reuters stock(TRI) 
23:45 MDA Space stock (MDA)
25:00 Canadian banks & National Bank stock(NA) 
26:30 Favourite copper plays: COPP, KCP 

29:15 Canadian Natural Resources stock(CNQ) 
30:30 Lockheed Martin stock (LMT)
34:00 Uranium (HURA)  

35:50 Campbell’s (CPB) 
38:30 Chad’s Pro Picks (AUXX, TCW, NILI)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss CNQ which is a stock Amber owns. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Servi...

Everyone calls David Rosenberg a permabear but he says he’s fully invested, just in completely different places than the consensus.

On this episode of In the Money with Amber Kanwar, Rosenberg breaks down why he’s still in the market despite sounding the alarm on what he sees as extreme valuations, bubble-like behaviour, and a dangerous level of investor complacency. From a “teflon market” that shrugs off every shock, to an equity market where investors are effectively paying to take risk, he explains why this cycle feels eerily similar to the late-90s tech mania.

He pushes back on the dominant narrative around AI and government spending, arguing the real economy is far weaker beneath the surface. Strip out AI, and growth looks sluggish. Strip out a handful of mega-cap names, and market returns look far less impressive. For Rosenberg, this is a sentiment-driven market—one where momentum is masking rising risks.

At the same time, Rosenberg is leaning heavily into an area most investors have written off: government bonds. He’s bullish on short-term bonds in both Canada and the U.S., arguing markets are mispricing the path of interest rates. While investors brace for more inflation and potential hikes, he sees disinflation ahead—driven by weak wage growth and slowing demand—which could force central banks to cut. In his view, that disconnect creates a compelling opportunity in the front end of the bond market.

In Pro Picks, he lays out exactly where he is putting money to work in addition to government bonds. He’s bullish on commodities across the board—gold, base metals, energy infrastructure, and agriculture—driven by long-term supply constraints and a shift toward resource security. He also highlights defense as a stealth tech play with strong earnings visibility, and sees clean energy as a geopolitical trade tied to energy independence. His message is clear: stay invested, but stay disciplined—because when the cycle turns, valuation will matter again.

Timestamps
00:00 Trailer
02:10 Intro
04:15 Is Rosie surprised at the teflon market?
08:25 Echoes of 1999. Investors are paying to take on risk
12:15 Government bonds have a unique safety characteristic
14:25 We’ve reached the stage where people think the stock market is riskless
16:05 Dave doesn’t follow the herd…ever
18:55 Dave’s model portfolio
23:10 Look at the economy ex AI 

27:45 The midterms will end the gravy train
31:15: These things go in cycles, Dave isn’t going to time it, and he’s going to invest very selectively 
37:20 Hamilton ETFs: Mixed Asset Allocation ETF - MIX 

39:30 Making a bet on the future of commodity inflation, Dave likes the hard asset theme
42:45 Why Dave expects to see rate cuts not rate hikes
48:30 Why Dave likes the Canadian banks
53:10 Why Dave isn’t too worried about the USMCA
55:50: David Rosenberg’s Pro Picks (commodities, defence, clean energy) 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&a...

Inflation is surging again and it’s driving savvy investors to rethink how to manage their portfolios. So, what assets should you buy right now to protect your wealth?

On this episode of In the Money with Amber Kanwar, James Davolos, Portfolio Manager and Director of Research at Horizon Kinetics, breaks down why investors need to reconsider everything they know about portfolio construction in a higher inflation world. He explains why a simple “buy gold” strategy isn’t enough, why real assets are still early in a long-term cycle, and why targeting 10%+ returns is essential just to stay ahead of rising prices.

From infrastructure and commodities to royalties, land, and even water, Davolos lays out the framework for building a portfolio designed to generate growing cash flows that outpace inflation—and why traditional equity benchmarks may no longer offer true diversification.

On gold, Davolos remains constructive long term, arguing that structural deficits, central bank demand, and the need for a store of value continue to support the thesis—even if short-term volatility and macro crosscurrents create noise along the way.

In the Mailbag, the focus turns to silver, which he describes as a higher-beta version of gold with both monetary and industrial demand tailwinds. He explains why he prefers to play it through royalty and streaming companies like Wheaton Precious Metals (WPM) to reduce operational risk—before broadening out to other real asset opportunities, including Brookfield (BEP.UN / BIP.UN), Glencore (GLEN), RB Global (RBA), and the long-term uranium trade through Cameco (CCO) and NextGen Energy (NXE).

In Pro Picks, Davolos revisits past ideas like PrairieSky Royalty (PSK.TO) and TMX Group (X.TO), reinforcing his conviction in royalties and exchange businesses as high-margin, inflation-linked compounders. He then introduces three new high-conviction names: Miami International Holdings (MIAX), a fast-growing exchange gaining share in a structurally expanding derivatives market with significant upside tied to new index and options products; Sprott Inc. (SII.TO), a 70%+ margin asset manager leveraged to sustained inflows into physical real asset strategies; and LandBridge (LB), a unique Permian Basin land and water infrastructure play with built-in growth from energy production and additional upside from AI-driven data center demand. Across all three, the common thread is clear: scarce assets, powerful operating leverage, and asymmetric return potential in an inflationary world.

Timestamps

00:00 Trailer
02:20 Intro
04:15 Why James has an even higher conviction on higher inflation and buying real assets 

06:00 First principles -how to protect against inflation
08:00 It comes down to real assets
09:15 What gives James confidence in his inflation outlook
13:20 How do we explain gold’s drop in the context of inflation
17:50 Is the ‘hard assets’ thesis too consensus? 

20:00 Are semiconductors hard assets?
21:40 Why buying the index won’t protect you
24:45 How bitcoin fits into the thesis
29:40: Hamilton ETFs: Mixed Asset Allocation ETF: MIX
31:40: ITM Mailbag: Silver & Wheaton Precious Metals (WPM)
35:35 Brookfield, Brookfield Renewables & Brookfield Infrastructure (BN, BEP, BIP)
37:20 Glencore stock (GLEN)
41:15 Bunge stock (BG)
43:20 RB Global (RBA)
45:05 NexGen Energy (NXE)
48:50 James’s Past & Pro Picks (ARIS, PSK, X, MIAX, SII, LB)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the ...

Canada just slipped into a technical recession, stocks are sitting at record highs— and one renowned $22 billion firm is leaning in, not backing away.

On this episode of In the Money with Amber Kanwar, Alex Letko, Portfolio Manager at LetkoBrosseau, explains why he remains bullish on Canada despite growing skepticism. While headlines point to slowing GDP, he argues the underlying economy is more resilient than it feels—supported by real wage growth and steady consumer spending. He also tackles a debate in the market right now: Canadian banks trading at record highs and premium valuations. Rather than calling it a bubble, he makes the case that strong earnings, oligopolistic structure, and potential pension fund inflows could continue to support the group.

At the same time, Letko outlines why the firm has been more cautious globally—pointing to stretched valuations and extreme concentration in the U.S. market. With over 80% of the S&P 500 trading above 20x earnings, he explains why they’ve been trimming winners and holding cash to redeploy into better opportunities, including Canada.

In the Mailbag, the conversation starts with BCE (BCE.TO), where Letko sees a compelling turnaround story with a sustainable dividend and limited optimism priced in. He also weighs in on Canadian telcos more broadly, the surprising strength in auto parts makers like Linamar (LNR.TO) and Magna (MG.TO) despite tariff concerns, and why his firm has trimmed energy exposure even with oil prices pushing higher. The discussion then shifts globally, breaking down the AI-driven surge in semiconductor names like Samsung (005930.KS) and SK Hynix (000660.KS), where tight memory supply could persist—but the cycle remains key. He also highlights Brazil as an emerging opportunity, where improving fundamentals and potential political change could drive a re-rating.

In Pro Picks, Letko doubles down on those global themes—starting with Copel (CPLE6.SA), a Brazilian utility he sees as a high-quality, low-cost operator with strong dividend upside. He also highlights Bolsa Mexicana (BOLSAA.MX), the Mexican stock exchange, as a “moaty” way to play long-term financial penetration. And back in Canada, he makes a contrarian call on Air Canada (AC.TO), arguing that despite near-term volatility, improving margins and a shift toward premium travel could drive meaningful earnings growth over time.

Timestamps

00:00 Trailer 

02:20 Intro
03:35 The roots of LetkoBrosseau
05:40 Is the firm more cautious right now? 

07:35 Do we have to be patient for the pullback
09:00 Are the Canadian banks in a bubble?
12:00 Bringing Canadian pension funds back to Canada
14:30 Why LetkoBrosseau is bullish Canada
19:00 The future of Canada’s energy sector
20:50 LetkoBrosseau’s move into retail
24:30 Hamilton ETFs: MIX 

26:30 ITM Mailbag: BCE 

30:20 Linamar & Magna (LNR, MG)
34:00 Energy stocks
39:50 Samsung & SK Hynix
43:50 Brazil
46:00 Alex’s Pro Picks (Copel, Bolsa Mexicana, Air Canada)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without...

“Patience is a virtue—sometimes the best trade is the one you don’t rush.” On this episode of In the Money with Amber Kanwar, Jimmy Lebenthal, Chief Equity Strategist & Partner at Cerity Partners, makes the case for looking where others aren’t. He explains why patience still wins, how to navigate “parabolic” markets, and why he’s still putting fresh money to work in names like Cisco (CSCO)—a stock he’s owned for over a decade that’s now finding new life in the AI buildout. He also shares lessons from his new book, How to Ride the Subway: Getting Around on Wall Street and in Life, including why sometimes the best strategy is simply staying on the train.

He also dives into the most debated corner of the market right now: software. Lebenthal explains why he’s actively adding to names like Microsoft (MSFT), Adobe (ADBE), Salesforce (CRM), and ServiceNow (NOW), arguing the market may have overreacted to AI disruption fears and created opportunity in high-quality businesses with strong cash flow and buyback support.

In the Mailbag, Lebenthal breaks down a wide range of stocks and sectors, including why he’s avoiding Lululemon (LULU) despite the selloff, his outlook on Disney (DIS) as a potential turnaround story, and how he’s thinking about banks—comparing Citigroup (C) and JPMorgan (JPM). He also weighs in on Dell (DELL) after its recent surge and shares his broader view on energy markets and global supply dynamics.

In Pro Picks, Lebenthal sticks with high-conviction ideas. He highlights Cisco (CSCO) as a long-term compounder tied to AI infrastructure demand, Cheniere Energy (LNG) as a key beneficiary of the global LNG expansion, and AbbVie (ABBV) as an attractive opportunity in a lagging healthcare sector with strong cash flows, a growing pipeline, and a compelling valuation.

Timestamps
00:00 Trailer
02:10 Intro
03:45 Value, patience and growth at a reasonable price 

06:30 What prompted Jimmy to write his book: Riding the Subway: How to Get Around on Wall Street And Life 

07:40 Using Cisco as an example of Jimmy’s investing style (CSCO)
16:25 This is like 1997 not 1999
18:50 Jimmy is putting dollars to work in software 

25:25 Jimmy can’t get behind U.S. housing yet
28:00 Is healthcare a value trap? 

30:00 Being okay with FOMO

35:00 Hamilton ETFs: MIX
37:05 ITM Mailbag: Lululemon stock (LULU)
38:50 Energy stocks
44:50 Disney stock  (DIS)
47:45 Citigroup & JP Morgan (C, JPM)
49:50 Dell stock (DELL)
51:15 Jimmy’s Pro Picks (CSCO, LNG, ABBV)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss JP Morgan which is a stock Amber owns. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow...

Semiconductors are ripping, trillion-dollar valuations are becoming the norm, and now the most hyped IPO in years is looming. So… is this the moment everything peaks? On this episode of In the Money with Amber Kanwar, Mark Sebastian, Founder of Option Pit, returns with a view of a market that’s moving faster—and getting more crowded—by the day. From Micron’s explosive run to Nvidia’s “vampire trade” losing steam, Mark explains how capital is rotating across semis in real time—and why he’s not shorting this market, even as signs of froth start to build. He points to Intel (INTC) as proof of how powerful this cycle has been—after flagging it on this show over a year ago, the stock has surged more than 400%, so it's worth listening to his thoughts this time around. Still, he warns that a ceasefire between the U.S. and Iran could be a sell-the-news moment, potentially triggering a rotation out of equities just as liquidity gets pulled into the SpaceX IPO and other major AI offerings. 

In the mailbag, Mark tackles everything from Canadian oil to gold, defense, luxury, and broken stocks like Disney (DIS). He makes the case that energy could see one last selloff before becoming a generational buying opportunity, explains why gold’s pullback is more about normalization than weakness, and shares why names like Diageo (DEO) are getting squeezed in a shifting consumer landscape. He also weighs in on Salesforce (CRM), Brookfield Corp. (BN), Brookfield Asset Management (BAM), and why Disney might still be worth holding despite years of frustration.

In Pro Picks, Mark revisits his past calls—highlighting how he traded around winners like Intel (INTC) and Reddit (RDDT), while stepping away from Boeing (BA) after a solid run and staying constructive on Amazon (AMZN). Then he unveils a fresh batch of ideas: from “hidden AI plays” like Deere (DE) and Ford (F), to high-risk/high-reward bets in rare earths like USA Rare Earth and American Resources (AREC). He also shares a surprising contrarian call on Mattel (MAT), tied to what he believes could be the Barbie moment of 2026. This is a masterclass in how traders think about momentum, timing, and risk in a market that refuses to slow down.

Timestamps
00:00 Trailer 

02:15 Intro
02:55 Mark Sebastian returns + lessons learned from Intel
06:55 The semiconductor & memory trade is going gangbusters
11:30 The new tech IPOs: SpaceX: How is it not bubbleicious territory?
16:35 A ceasefire could become a sell the news moment
19:15 Hamilton ETFs: MIX
21:20 ITM Mailbag: Canadian oil stocks 

24:30 Why is gold at a two-month low?
26:05 General Dynamics (GD) 

26:50 Diageo (DEO) & Ferrari’s new EV

30:15 Brookfield & Brookfield Asset Management (BN, BAM)
33:55 Salesforce (CRM)

36:20: Disney (DIS)
41:00: Mark’s Past & Pro Picks ( RDDT, BA, AMZN, DE, F, USAR, AREC)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit

Global markets keep climbing despite geopolitical tension, shifting rate expectations, and nonstop headlines—but how should you actually build an ETF portfolio in this environment? According to Ryan Lewenza, it all comes back to one thing: earnings. Strong revenue growth, record profit margins, and resilient fundamentals are what continue to power equities higher, even as uncertainty lingers. In this episode of In the Money with Amber Kanwar, Amber sits down with the Senior Portfolio Manager, Private Client Group from Turner Investments to break down how to construct a disciplined ETF portfolio around what actually drives returns—and why chasing narratives like AI without earnings support can be a mistake.

In the Mailbag, Ryan answers your ETF questions with a focus on real portfolio construction. For commodity exposure, he highlights the iShares S&P/TSX Global Base Metals ETF (XBM) and the SPDR S&P Metals & Mining ETF (XME). On energy hedging, he explains why trying to pick Brent vs. WTI is overthinking it, and instead suggests broad exposure. He’s not a fan of the ARK Innovation ETF (ARKK), pointing to weak long-term performance, and prefers simple growth exposure through the Invesco QQQ Trust (QQQ) or Technology Select Sector SPDR Fund (XLK). For private market and IPO exposure, he points to Fidelity Global Innovators ETF (FINN), while defensive investors can look at BMO Low Volatility Canadian Equity ETF (ZLB). Income seekers, meanwhile, should consider the Invesco Canadian Dividend Index ETF (PDC), and for housing exposure, he mentions the SPDR S&P Homebuilders ETF (XHB)—though timing depends heavily on interest rates.

In Pro Picks, Ryan lays out a clear ETF blueprint built around where he sees the next rotation. He highlights the Vanguard Value ETF (VTV) as a core play on value stocks as leadership shifts away from growth. To capture the AI-driven power demand theme, he likes the BMO SPDR Utilities Select Sector Index ETF (ZXLU), calling utilities a “wimpy way to play AI” with both defensive and growth characteristics. And for international upside, he points to the Franklin FTSE South Korea ETF (FLKR), driven by semiconductor exposure and still benefiting from the global AI buildout. The message is simple: build around earnings, stay diversified, and don’t overcomplicate what ultimately drives returns.

Timestamps
00:00 Trailer

02:05 Intro 
03:00 It’s earnings, earnings, earnings 
06:20 What could take the market down? Will rates tip it over? 
08:10 Will oil hit $150? 
09:40 But is this time different? What’s the new normal because of AI? 
11:20 What does Ryan’s portfolio look like? 
14:35 What is safety these days? 
16:20 Ryan expects a big rotation out of U.S. into Canada 
18:05 Hamilton ETFs: MIX 
20:10 ITM Mailbag:  Mining ETFs: XBM, XME

22:10 Thoughts on a Brent Oil ETF 
23:25 Cathie Wood’s ARK innovation ETF 

25:05 Passive vs. Active management 

27:10 Exposure to upcoming IPOs like SpaceX? FINN 
29:10 Low volatility ETF (ZLB) 

30:50 Income seeking ETF (PDC) 
32:30 U.S. housing & construction 

34:30 Ryan’s Pro Picks  & How to Choose the Best ETFS ( VTV, FLKR)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors a...

Global electricity demand is growing more than twice as fast as overall energy demand, according to the International Energy Agency—so how should investors be positioned to capitalize on this explosive shift?

On this episode of In the Money with Amber Kanwar, Robert Thummel, Managing Director & Senior Portfolio Manager at Tortoise Capital, explains why “electricity is the new oil” and how the rise of AI, data centres, and electrification is driving a once-in-a-generation opportunity across energy infrastructure, natural gas, and power generation. With over 30 years of experience investing through multiple commodity cycles, he lays out why investors should be looking beyond traditional oil producers and instead focusing on the assets powering the next wave of global growth—pipelines, utilities, and natural gas systems with durable cash flows and rising demand.

He breaks down why low natural gas prices may actually be bullish, how North America has a structural advantage in the global AI race thanks to cheap energy, and why infrastructure assets—from pipelines to power grids—are becoming increasingly valuable due to their scarcity and stability. He also weighs in on Canada’s opportunity to become a more reliable global energy supplier, the risks around new pipeline construction, and why energy could continue to attract capital as investors rotate out of mega-cap tech and into high free cash flow sectors.

In the Mailbag, Thummel shares his take on a wide range of stocks across the energy value chain, including the potential tie-up between NextEra Energy (NEE) and Dominion Energy (D), and what surging electricity demand means for utilities. He discusses infrastructure names like Targa Resources (TRGP) and MPLX (MPLX), breaking down volume growth, dividend sustainability, and why pipeline cash flows remain resilient even in a low gas price environment. He also weighs in on Canadian exposure through South Bow (SOBO.TO), the long-term outlook for Tourmaline (TOU.TO), and whether investors should be buying the dip in Cameco (CCO). Finally, he touches on Xylem (XYL) and why water infrastructure may be a slower—but still durable—long-term theme tied to data centre growth.

In Pro Picks, Thummel leans fully into his core thesis that electricity is the new oil. He highlights Vistra (VST) as a direct way to play rising power demand, with exposure to key U.S. electricity markets and a more attractive valuation after a recent pullback. He pairs that with Williams Companies (WMB), a natural gas infrastructure leader benefiting from growing demand and innovative “behind-the-meter” power solutions tied to AI development. Rounding out his picks are natural gas producers EQT Corporation (EQT) and Expand Energy (EXE), which he believes are well positioned for a rebound as global LNG demand tightens supply and pricing improves—setting up the next leg higher for the natural gas trade.

Timestamps
00:00 Trailer 
02:30 Intro 
03:50 Electricity is the new oil: focus on natural gas gas & infrastructure 

08:00 We’ve learned oil is still relevant 

10:00 How does Rob view Canada’s energy infrastructure and the opportunity for Canada 
16:30 Interest from generalist investors in energy 
19:50 Is the energy sector vulnerable to things like the SpaceX IPO? 
21:40 Hamilton ETFs: MIX 
23:45 ITM Mailbag: NextEra-Dominin merger (NEE,D) 

29:00 Targa Resources (TRGP) 
33:00 MPLX (MPLX) 
34:50 South Bow (SOBO) 

38:10 Tourmaline Oil (TOU)

41:00: Cameco (CC)

43:00 Xylem (XYL)

46:00 Robert’s Pro Picks (VST, WMB, EQT, EXE) 
56:20: ETF Minute: BMO Gold ETFs 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and...

The price of admission is $25 million — and how you invest changes completely once you get there. On this episode of In the Money with Amber Kanwar, Stephen Harvey, CIO of Sagard Wealth, breaks down how ultra-high-net-worth investors are positioning portfolios today — and why it looks nothing like a traditional 60/40. He explains how families are increasingly thinking like institutions, with heavy allocations to private markets, real assets, and global opportunities. From the AI capex boom to the case for commodities, Japan, and even Brazil, Harvey lays out where he sees the biggest opportunities — and why owning the “picks and shovels” of major trends may matter more than chasing headlines.

In the Mailbag, Harvey shares why Japan is a top international overweight tied to structural economic change and a weaker yen, while Korea remains on the watchlist. He weighs in on the AI power trade through names like Talen Energy (TLN) and Constellation Energy (CEG), and explains why nuclear and grid infrastructure are key to the next phase of AI. He also makes the bullish case for copper through Lundin Mining (LUN.TO), highlighting a growing supply deficit, and discusses uranium exposure via Denison Mines (DML.TO).

In Pro Picks, Harvey highlights three high-conviction themes the ultra-rich are leaning into. First, biotech — where he sees a wave of M&A driven by a looming patent cliff for big pharma, with names like Abivax (ABVX) and Scholar Rock (SRRK) on his radar. Second, U.S. regional banks, which he says are poised to benefit from consolidation, deregulation, and a steeper yield curve, with exposure available through the SPDR S&P Regional Banking ETF (KRE). And third, Brazil — a contrarian opportunity tied to energy and food exports, high real yields, and potential political change, with broad exposure through the iShares MSCI Brazil ETF (EWZ).

Timestamps

00:00 Trailer
02:00 Intro 

03:00 Outsourcing a family office
04:30 Building a portfolio for the ultra rich
05:40 The power of private markets and alternative investments
10:40 Thinking about AI & the capex boom
13:10 Hamilton Enhanced Mixed Asset Allocation ETF (TSX: MIX)
15:20 ITM Mailbag: Japan or South Korea?

21:30: Talen Energy & Constellation Energy
24:20 Lundin Mining
26:30 Denison Mines (DML) 
28:20 Stephen’s Pro Picks (Biotech: SRRK,ABVX, U.S. regional banks: KRE, Brazil: EWZ) 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to repre...

“If tech was the best performer for 25 years because it took in all the cash… what do you think happens when all the cash flows into commodities and infrastructure?” 

That’s the big question driving today’s conversation—and according to Daniel Dreyfus, the answer could define the next decade of investing. In this episode of In the Money with Amber Kanwar, Daniel Dreyfus, Chief Investment Officer at Bornite Capital, lays out his high-conviction thesis that we are in the early stages of the largest capital spending cycle in modern history. From AI-driven data centre demand to aging power grids, critical minerals, and global supply chain reshoring, he explains why trillions of dollars are now being redirected into real assets—and why that shift could fundamentally reshape market leadership. 

Dreyfus walks through how he identifies “pinch points” across supply chains, why he believes commodities like copper, oil, and gold still have room to run, and how investors should think about energy, infrastructure, and inflation in a world of rising geopolitical risk and currency debasement. He also breaks down why he sees Canada as one of the most compelling places to invest in energy today, and what needs to happen for that opportunity to be fully realized. 

In Mailbag, Dreyfus weighs in on key viewer questions across energy, natural gas, gold, copper, fertilizers, waste management, and more—including his views on names like PrairieSky (PSK.TO), Cenovus (CVE.TO), Tourmaline (TOU.TO), Paramount (POU.TO), Barrick (ABX.TO), Hudbay (HBM.TO), Mosaic (MOS), GFL (GFL.TO), and Pan American Silver (PAAS.TO). 

In Pro Picks, he revisits past ideas like Cheniere (LNG), Ivanhoe (IVN.TO), and Talen (TLN), and shares new high-conviction names including Skeena Resources (SKE.TO) and Carpenter Technology (CRS)—explaining where he sees asymmetric upside tied to this massive capex cycle. If the last 25 years were defined by capital-light tech dominance, this episode makes the case that the next 25 could look very different.

Timestamps

00:00 Trailer 

02:15 Intro
05:05 Still in an early commodity supercycle
12:45 Cash is flowing into commodities & infrastructure 

15:15 What benefits the most from this thesis? 

18:15 Dan’s view on Iran war & oil
22:15 Canada has to play a critical role to repair supply chains - Hopeful that Canada can deliver
26:45 Canada is the most exciting place in the world to invest in energy 

29:45 Hamilton ETFs MIX
31:50 ITM Mailbag: Cenovus Energy stock (CVE)
32:45 Natural gas plays 

35:15 Barrick Mining (ABX)
39:45 Hudbay Minerals & copper (HBM) 

46:10 Mosaic (MOS)
49:05 GFL Environmental (GFL)
51:05 Silver stocks 

53:45 Mirion Tech (MIR)
54:55 Dan’s Past & Pro Picks (LNG, IVN, TLN, SKE, CRS)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a...

AI is forcing investors to rethink one of the most time-tested strategies in the market—and it could have major implications for how you build your portfolio. On this episode of In the Money with Amber Kanwar, Dan Rohinton, Portfolio Manager at iA Global Asset Management, makes the case that the traditional buy-and-hold approach is no longer as reliable in a world where artificial intelligence is accelerating disruption across nearly every industry.

Rohinton explains why the AI supercycle is simultaneously creating massive opportunity while eroding the durability of long-standing business models—from software and consulting to telecom and consumer staples. He argues that “there are no sacred cows anymore,” with faster innovation cycles forcing investors to be more dynamic and shorten their time horizons. At the same time, he remains broadly bullish on the economic upside of AI, calling it one of the most profound technological shifts since the internet, with the potential to unlock productivity and reshape global growth.

In the Mailbag, Rohinton tackles some of the most debated stocks in the market today, including Constellation Software (CSU.TO), WSP Global (WSP.TO), Blackstone (BX), Apple (AAPL), LVMH (MC.PA), and General Mills (GIS). He explains why many of these companies can still work tactically in the short term, even as AI introduces long-term risks to their business models—helping explain why some stocks are falling despite strong earnings.

In Pro Picks, Rohinton first revisits his past ideas from his last appearance—Alphabet (GOOGL), Amazon (AMZN), and Microsoft (MSFT)—and explains why his conviction has evolved as the AI landscape shifts. While he’s still constructive, he’s more measured on Alphabet, remains bullish on Amazon as a core AI infrastructure play, and is doubling down on Microsoft (MSFT) as his top idea today given its scale and positioning despite near-term concerns. He also adds Meta Platforms (META), highlighting its massive AI investment and upside if spending translates into productivity gains, and Visa (V) as a more defensive compounder with optionality tied to increasing payment volumes in an AI-driven economy.

Timestamps
00:00 Trailer 

02:30 Show intro
03:30 Political uncertainty is something we need to get used to 

05:30 AI agnostic to what’s going on in geopolitics 

07:30 Keep an open mind but Dan universally bullish on AI 

10:00 Where do you go for defence? There’s nothing truly defensive anymore
13:00 What’s happening is the diffusion of tech into every sector
15:50 Buy and Hold is changing because of AI
19:20 This is a time for extreme thinking
22:20: Hamilton ETFs:
24:30 ITM Mailbag: Constellation Software stock(CSU)
32:30 WSP Global stock(WSP)  

37:30 Blackstone stock(BX)
39:45 Apple stock (AAPL)
43:00 LVMH stock (MC)
46:20 General Mills stock (GIS) 

49:20 Past & Pro Picks (GOOG, AMZN, MSFT, META, V)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Intel, Google, General Mills, Microsoft, Meta, Constellation Software, Apple & Amazon. 

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction...

The market isn’t just rotating—it’s being rewritten. In this episode of In the Money with Amber Kanwar, Paul Moroz, Portfolio Manager atMawer Investment Management which has more than $65 billion in AUM, explains why we’ve entered an era of “change investing,” where the biggest opportunities—and risks—come from rapid shifts in technology, competitive advantage, and capital intensity. From AI disrupting software to semiconductors becoming a larger share of the global economy, Moroz breaks down how investors can navigate a market where “barbarians are at the moat” and not every dominant company is safe. He also shares why balancing optimism with caution is key, and how to position a portfolio that can win no matter how this cycle plays out.

In the Mailbag, Moroz weighs in on some of today’s most debated stocks, including Shopify (SHOP), where strong growth wasn’t enough to satisfy elevated expectations, Amphenol (APH) and the copper vs. optical debate in AI infrastructure, eBay (EBAY) amid takeover speculation, and Caterpillar (CAT), which has quietly become an AI-adjacent play through data centre demand. He explains how expectations, valuation, and macro forces—from rising yields to energy prices—are driving stock reactions more than ever.

In Pro Picks, Moroz highlights three names positioned to benefit from long-term structural trends. He makes the case for Taiwan Semiconductor Manufacturing Company (TSM) as the backbone of the AI ecosystem, argues that Amazon (AMZN) still has a culture-driven edge that can unlock future growth opportunities, and points to Bunzl (BNZL) as a steady compounder flying under the radar. Together, these picks reflect his strategy of balancing high-growth disruption with durable, cash-generating businesses.

Whether you’re leaning into AI or looking for stability in a volatile market, this conversation offers a framework for investing in a world defined by constant change.

Timestamps
00:00 Trailer 

02:25 Intro 
03:40 Paul’s approach to investing 
06:15 Is software dead? 

10:00 A deep dive into Constellation Software 
16:00 The extra layer needed for software stocks 
17:00 The IPO market 

19:20 Why has the global equities portfolio lagged? 
23:50 We’re in an era of change investing 
25:50 Thoughts on semiconductors 

28:10 Hamilton’s MIX ETF 
31:10 ITM Mailbag: Shopify stock (SHOP) 

32:00 Amphenol stock (APH)

36:50 eBay stock & the Gamestop bid (EBAY, GME)

39:00 Caterpillar stock (CAT) 
41:50: Paul’s Pro Picks (TSM, AMZN, BNZL)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/ 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

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questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Amazon and Constellation Software which are stocks Amber owns.

Hamilton ETFs Disclaimer
 

This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visitwww.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones...

The Nasdaq 100 went from a seven-month low to a record high in April—posting its biggest monthly gain since 2002. But as tech stocks rip higher, Kieran Moore says the real opportunity isn’t owning everything… it’s knowing what to avoid.

In this episode of In the Money with Amber Kanwar, Kieran Moore, Equity Partner & Portfolio Manager at Munro Partners, breaks down what’s really driving the explosive rebound in growth—and why he’s getting more selective, not less. He explains why AI demand is quietly surging beneath the surface, with usage (or “token demand”) tripling in just a few months, and how that’s creating massive winners—but also real disruption risk. Moore makes the case that this isn’t the end of the AI trade—it’s the beginning of a more nuanced phase, where earnings growth, not hype, will separate the winners from the losers.

He also lays out why he’s taking a hard stance against software stocks right now—even exiting long-time winners like Microsoft (MSFT) and ServiceNow (NOW)—arguing that AI could start eating into traditional software revenues. At the same time, he highlights where the real leverage to this cycle sits: semiconductors, memory, and the AI supply chain, where bottlenecks are driving powerful multi-year growth.

In the Mailbag, Moore tackles your top questions on Nvidia (NVDA), Meta (META), Alphabet (GOOGL), Constellation Software (CSU.TO), memory stocks like Micron (MU), Adobe (ADBE), and Cameco (CCJ). He explains why Nvidia can still work despite multiple compression, why he’s stepped aside from Meta despite its massive scale, and why Alphabet may still have room to run thanks to multiple AI growth levers. He also weighs in on whether memory stocks are in a new supercycle, why he’s avoiding software broadly, and how to think about energy plays tied to AI demand.

In Pro Picks, Moore leans into the infrastructure powering the next wave of growth. He doubles down on Contemporary Amperex Technology (CATL) as a global leader in batteries tied to EVs and energy storage, highlights Lumentum (LITE) as a critical networking play enabling AI data centers, and points to Taiwan Semiconductor (TSM) as a core bottleneck in the entire AI ecosystem. These are companies he believes can compound earnings as AI spending scales globally.

If April proved anything, it’s that tech is back—but the easy money may already be made. The next move comes down to getting the right names.

Timestamps

02:20 Intro 

04:10 What’s going on for growth stocks
10:00 Not going back to software anytime soon
14:00 The case for growth stocks & AI spending
17:50 OpenAI vs. Alphabet & privates
21:30 The bear argument
24:30 Is Apple a genius for letting others build it out?
26:20 Will the memory rally continue? 

28:10 ITM Mailbag: Nvidia stock (NVDA)
30:50 Meta stock (META) 

33:05 Alphabet stock (GOOGL) 

35:25: Constellation Software stock (CSU) 

36:25: Memory stocks
38:45: Adobe stock (ADBE)

39:45 Cameco stock (CCO)
42:20 Kieran’s Pro Picks (CATL, LITE, TSM) 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

This episode is sponsored by CI Global Asset Management. For more on Munro’s funds visit: 

 https://funds.cifinancial.com/en/funds/mutual-funds/CIMunroGlobalGrowthEquityFund.html?currencySelector=1&classId=481&redirect_type=class_id

https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalClimateLeadersFund.html?currencySelector=1&classId=482&redirect_type=class_id

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss: Meta, Apple, Constellation Software, Google and Amazon which are stocks Amber owns.  

Disclaimers for Kirean Moore 

This segment of “In the Money" with Kieran Moore” has been paid in part by CI Global Asset Management.

This podcast is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment  advice,  or  construed  as  an  endorsement  or

recommendation of any entity or security discussed. Investors should seek the advice of professionals prior to implementing any changes to their investment.

The statements contained herein that are not historical facts are forward-looking statements (FLS), based on current expectations and estimates about particular markets. These FLS are not guarantees of future performance and involve certain risks, uncertainties, and assumptions which are difficult to predict. Therefore, actual outcomes and returns may differ materially from what is expressed in such FLS. These FLS reflect the beliefs and assumptions of CI Global Asset Management and its portfolio managers at the time of publication. Neither CI Global Asset Management nor its portfolio managers undertake any obligation to update these statements except as required by law and accept no responsibility or liability for outcomes that differ from those expressed or implied in the FLS.

The opinions expressed in the communication are solely those of the author(s) and are not to be used or construed as investment advice or as an endorsement or recommendation of any entity or security discussed.

Certain statements contained in this podcast are based in whole or in part on information provided by third parties and CI Global Asset Management has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in this podcast.

Certain names, words, titles, phrases, logos, icons, graphics, or designs in this document may constitute trade names, registered or unregistered trademarks or service marks of CI Investments Inc., its subsidiaries, or affiliates, used with permission. All other marks are the property of their respective owners and are used with permission.

Munro Partners, are portfolio sub-advisors to certain funds offered and managed by CI...

Small-cap stocks have significantly outperformed their large-cap peers so far this year but valuations remain at a massive discount, so what names should be on your radar?

On this episode of In the Money with Amber Kanwar, Aubrey Hearn, Senior Vice-President, Portfolio Manager & Lead – U.S. & Small Cap Equities at CI Global Asset Management, makes the case that the small-cap opportunity is far from over. He explains why this is more than just a catch-up trade, pointing to a massive valuation gap where small caps are trading at a 30% discount to large caps despite typically commanding apremium. Hearn also breaks down why fundamentals have quietly remained strong beneath the surface, with many high-quality small caps delivering consistent earnings growth even as multiples compressed. He shares why a stronger U.S. economy, fiscal stimulus, and broader earnings growth beyond the “Magnificent 7” are now creating a much wider opportunity set for investors willing to look beyond mega-cap tech.

In the Mailbag, Hearn tackles a range of investor questions across cyclicals, private equity, and AI exposure. He explains why he would buy TFI International (TFII) on a cyclical recovery in transport, outlines the hidden value inside Brookfield Business Corp. (BBUC), and makes the case for KKR (KKR) despite concerns around private credit. He also weighs in on the AI trade, warning that “you have way too much software if you own any,” while selectively adding exposure. On Canadian names, he discusses Celestica (CLS) as a picks-and-shovels AI play, breaks down the controversy around GFL Environmental (GFL), and calls Cargojet (CJT.TO) “stupid cheap” despite years of underperformance—highlighting its dominant market share and strong pricing power.

In Pro Picks, Hearn leans into battleground stocks with asymmetric upside. He highlights Live Nation (LYV) as a long-term compounder driven by the global growth of live events, despite regulatory overhangs. He also makes a contrarian case for Pollard Banknote (PBL.TO), pointing to explosive growth in its iLottery business alongside deeply discounted valuation, and sees a turnaround opportunity in Colliers (CIGI) as commercial real estate activity recovers. Across all three ideas, the common thread is clear: misunderstood businesses, strong underlying fundamentals, and significant upside if sentiment shifts.

Timestamps
00:00 Trailer

01:00 Intro 
04:00 What’s exciting about the small-cap universe? 
05:30 What’s driving the resurgence in the small-cap sector? 

08:40 Stay in the blue-chip version of small-caps 
10:30 This year the Russell should grow faster than the S&P 500 
12:00 What’s the buying opportunity today? 

16:00 ITM Mailbag: TFI International stock (TFII)

20:00 Brookfield Business Corp stock (BBUC)
23:50 KKR stock (KKR) 
26:30 AI vs. Software in small-caps 
30:45 Celestica stock (CLS) 
34:00 GFL Environmental (GFL) 
39:00 Cargojet stock (CJT) 
43:50 Aubrey’s Pro Picks (LYV, PBL, CIGI)
 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney

This episode is sponsored by CI Global Asset Management. For more on CI’s Small-Cap Funds visit:
 
CLML: https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalClimateLeadersFund.html?currencySelector=1&classId=482&redirect_type=class_id&cid=podcast-en_email_podcast-en_CIGAMMunroPodcastMay2026

CMGG: https://funds.cifinancial.com/en/funds/mutual-funds/CIMunroGlobalGrowthEquityFund.html?currencySelector=1&classId=481&redirect_type=class_id&cid=podcast-en_email_podcast-en_CIGAMMunroPodcastMay2026

CI Canadian Small/Mid Cap Equity Fund : https://funds.cifinancial.com/en/funds/mutual-funds/CICanadianSmallMidCapEquityFund.html?currencySelector=1&seriesId=20660&cid=PL_email_fnd-en_CIGAMAubreyApril2026

CI Global Small/Mid Cap Equity Fund: https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalSmallMidCapEquityFund.html?currencySelector=1&seriesId=13574&cid=PL_email_fnd-en_CIGAMAubreyApril2026

CI U.S. Small/Mid Cap Equity Private Pool : https://funds.cifinancial.com/en/funds/private_pools/CIU.S.SmallMidCapEquityPrivatePool.html?classId=298&type=-1&redirect_type=class_id&currencySelector=1&cid=PL_email_fnd-en_CIGAMAubreyApril2026

CSMD : https://funds.cifinancial.com/en/funds/private_pools/CIU.S.SmallMidCapEquityPrivatePool.html?currencySelector=1&classId=482&redirect_type=class_id&cid=PL_email_fnd-en_CIGAMAubreyApril2026

Links

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https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. On this episode we discuss Cargojet which is a stock Amber owns.

Disclaimers for Aubrey Hearn 

This segment of “In the Money" with Aubrey Hearn” has been paid in part by CI Global Asset Management.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

This podcast is provided as a general source of information and should not be considere...

Energy stocks are down over the past month despite the war in Iran. Tech stocks have come roaring back. But this hedge fund manager says the market has it all wrong. Jason Landau, Group Head, Executive Vice President & Portfolio Manager at Waratah Capital Advisors believes “the left tail in the market is totally mispriced” and says “the best hedge in the market today is being long oil.”

On this episode of In the Money with Amber Kanwar, Landau breaks down the two themes dominating the market right now, oil and AI. He tells us why markets may be underestimating geopolitical risk, how he’s positioning around oil, and why Brent crude—not WTI—is his preferred hedge. He also explains how to think about your positioning if the market is wrong on the Iran trade and why Canada could be a major long-term winner from global energy insecurity. Then, he gets into why tech is rallying, dives into the AI boom and tells us where he sees opportunity—and risk—across semiconductors and software.

In the Mailbag, Landau shares his view on Lululemon Athletica (LULU) as a long-term turnaround story, breaks down the growth runway for Dollarama (DOL.TO), and weighs in on NVIDIA (NVDA) and the broader chip trade. He highlights opportunities in semiconductor equipment names like ASML Holding (ASML) and Applied Materials (AMAT), as well as GlobalFoundries (GFS). On the energy side, he discusses positioning in Cenovus Energy (CVE.TO) and Tamarack Valley Energy (TVE.TO), and gives his take on airlines like Air Canada (AC.TO).

In Pro Picks, Landau’s top ideas include an array of eclectic names. Cheniere Energy (LNG) as a play on global LNG demand and energy security, SharkNinja (SN) as a consumer disruptor driven by innovation and product expansion, and Welltower (WELL) as a long-term beneficiary of aging demographics and pricing power in senior housing.

Timestamps

00:00 Trailer 

02:30 Intro
04:20 Jason’s approach to investing
06:10 Tech vs. Commodities
08:00 Oil risk is mispriced 

11:30 Best hedge in market today is being long oil
15:25 M&A in the energy sector
17:45 The tech trade is back, why?
19:20 Software, you just don’t have to be there
21:00 Where to look in semiconductors
23:10 the long-short strategy (in tech)
27:50 ITM Mailbag: Lululemon stock(LULU) 

31:50 Dollarama stock (DOL) 

36:50 Chipmakers (NVDA, GFS)
40:00 Cenovus stock (CVE) 

42:00 Air Canada stock (AC)
45:20 Jason’s Pro Picks (LNG, SN, WELL)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

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https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss CNQ, Tamarack Valley Energy, Dollarama, Micron, Intel and Nike which are all stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The best opportunities in the market might be the ones no one is paying attention to — and that’s exactly where microcap investor Mathieu Martin is looking.

On this episode of In the Money with Amber Kanwar, Amber sits down with Mathieu Martin, Portfolio Manager for the Rivemont MicroCap Fund, to break down one of the most underfollowed — and potentially most lucrative — corners of the market. Martin explains why microcaps, often ignored by institutions and analysts, offer a unique edge for investors willing to do the work. Drawing on his unconventional path from poker to portfolio management, he shares how he identifies high-conviction ideas, builds deep fundamental insight, and finds companies that can grow from under $100 million to multi-billion dollar success stories. He also walks through the mindset required to handle volatility, why liquidity cycles matter more than fundamentals in the short term, and how improving conditions could set the stage for a new wave of microcap outperformance.

In the Mailbag, Martin weighs in on some of the most intriguing small-cap names investors are watching right now. He revisits the remarkable run of Kraken Robotics (PNG.TO), explaining why he’s trimmed but still holds a small position, breaks down the risks and rapid growth behind Hydreight Technologies (NURS), and outlines both the opportunity and recent “yellow flags” surrounding Kits Eyecare (KITS.TO). He also discusses ADF Group (DRX.TO) and its potential to benefit from Canadian infrastructure spending despite tariff headwinds, shares his cautious take on Poet Technologies (POET) amid a short squeeze, and gives his outlook on Cineplex (CGX.TO) as the box office recovery gains momentum.

In Pro Picks, Martin leans into one of his highest-conviction — and most controversial — themes: cannabis microcaps. After a brutal industry shakeout that saw widespread bankruptcies, he believes a new class of profitable, fast-growing players is emerging. He highlights Cannara Biotech (LOVE.TO) as a standout, pointing to its low-cost production, dominant Quebec market share, and strong growth trajectory. He also makes the case for Auxly Cannabis (XLY.TO), a turnaround story with improving margins, strong brands like Back Forty, and backing from strategic investor Imperial Brands. Beyond cannabis, he rounds out his picks with D-BOX Technologies (DBO.TO) as a unique way to play the movie theatre recovery through high-margin royalty revenue.

Timestamps

00:00 Trailer
02:20 Intro
04:50 From poker to micro caps
07:30 What’s the winning formula? 

10:00 Investment process: Example: Kraken Robotics
14:10 Is volatility expected in the micro cap market?
17:10 Microcap commodities 

19:40 ITM Mailbag: Kraken Robotics (PNG) 

20:55 Hydreight Technologies (NURS) 

22:50 KITS eyecare (KITS)
30:10 ADF Group (DRX)
34:30 Poet Technologies (POET) 

38:20 Microcap SaaS stocks 

39:50 Cineplex (CGX) 

42:00 Mathieu’s Pro Picks, focus on marijuana stocks (DBO, LOVE, XLY)
58:15 ETF Minute: CI’s New Asset Allocation ETFs Add a “Plus” to the Classic Portfolio

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

ETF Minute is sponsored by CI Global Asset Management. For more on CBAP, CEQP and CI’s portfolio management multi-asset strategies check out:

CBAP:
https://funds.cifinancial.com/en/funds/managed-solutions/CIBalancedPlusAssetAllocationETFFund.html?seriesId=48917&classId=482&currencySelector=1&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026 

CEQP: https://funds.cifinancial.com/en/funds/managed-solutions/CIEquityPlusAssetAllocationETFFund.html?seriesId=48926&classId=482&currencySelector=1&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026 

Links

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https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

IMPORTANT DISCLAIMERS:

This segment of “In the Money” with Adam Bharam has been paid in part by CI Global Asset Management.

This podcast is provided as a general source of information. The opinion and information provided in this discussion are solely those of the speaker(s) and are not to be used or construed as personal, legal, accounting, taxation or investment advice, or as an endorsement or recommendation of any entity or security discussed or provided by CI Global Asset Management.  Individuals should seek the advice of professionals, as appropriate, regarding any particular investment.

Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange-traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.

Certain statements in this podcast are forward-looking that are predictive in nature, depend upon or refer to future events or conditions. Forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those set forth. Although the forward-looking statements contained herein are based upon what CI Global Asset Management and the portfolio manager believe to be reasonable assumptions, neither CI Global Asset Management nor the portfolio manager can assure that actual results will be consistent with these forward-looking statements.

Certain statements contained in th...

If you can’t beat them, join them. That’s the mindset Marc Robinson brings to small cap investing right now. The Managing Director at FAX Capital makes the case that the traditional small cap playbook is broken—capital is leaving public markets, private equity is stepping in, and more companies are choosing to go private. His solution: blend public and private investing, take concentrated positions, and actively push for outcomes. He explains how his 70/30 strategy works, why active ownership is critical in Canada’s inefficient small cap market, and how investors can capture a “second bite of the apple” when companies get taken private. Along the way, he breaks down the growing disconnect between public and private valuations—and why that gap is creating opportunity.

In the mailbag, Robinson walks through a series of high-interest small cap names and activist situations, including Calian Group (CGY.TO), Black Diamond Group (BDI.TO), Ag Growth International (AFN.TO), Information Services Corp (ISV.TO), Dye & Durham (DND.TO), WELL Health Technologies (WELL.TO), and cannabis names like Auxly Cannabis Group (XLY.TO) and Cannara Biotech (LOVE.TO). He explains where activism can actually create value—and where it can’t—why some of these “hairy” stories are best avoided, and where he’s seeing real catalysts tied to themes like defense spending, “Build Canada,” and a potential recovery in agriculture.

In Pro Picks, Robinson focuses on higher-quality opportunities with clearer paths to value creation. He highlights D2L (DTOL.TO) as a misunderstood, mission-critical software platform with strong growth and potential upside from improving sentiment (and the company received a takeover offer just a day after his recommendation!) . He also points to Premium Brands Holdings (PBH.TO), arguing the payoff from years of heavy investment is finally coming, setting up a meaningful earnings inflection. Finally, he shares a private market opportunity through FAX Capital’s strategy—NextGen Healthcare Suppliers (private)—a fast-growing IVF supply business benefiting from powerful demographic tailwinds and global demand growth.

This episode is a deep dive into how the smartest small cap investors are adapting—and where the next wave of opportunity may come from.

Timestamps
00:00 Trailer 
02:25 Intro 
04:25 Robinson’s career trajectory and what makes him tick as a small-cap manager 

10:00 Sell-side vs. Buy-side 

11:35 A public-private fund 
14:50 Exposure in private - private credit is a swear word right now, but there are opportunities 

17:20 The market dynamic for small-caps 
20:50 Going public vs. going private 

25:20 Private opportunities and the FAX approach 
27:00 ITM Mailbag: Calian Group stock (CGY)

33:00 Ag growth stock (AFN)

37:40 Information Services stock (ISC)

42:40 Dye & Durham (DND) 
45:15 WELL Health Technologies (WELL)
48:40 Pot stocks 
53:30 Marc’s Pro Picks (DTOL, PBH, Nexpring Health (private)) 
1:11:20 ETF Minute: Vanguard’s Asset Allocation ETFs 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

ETF Minute is sponsored by Vanguard Investments Canada. For more information, visit https://vanguard.ca. Find the Vanguard personality quiz here:  https://ad.doubleclick.net/ddm/trackclk/N9826.4923835AKMEDIA/B35656803.444242680;dc_trk_aid=637804713;dc_trk_cid=161303263;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1

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DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Premium Brands with is a stock Amber owns. 

Commissions, management fees, and expenses all may be associated with investment funds. Investment objectives, risks, fees, expenses, and other important information are contained in the prospectus; please read it before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. Vanguard funds are managed by Vanguard Investments Canada Inc. and are available across Canada through registered dealers.

The information contained in this material may be subject to change without notice and may not represent the views and/or opinions of Vanguard Investments Canada Inc.

Certain statements contained in this material may be considered "forward-looking information" which may be material, involve risks, uncertainties or other assumptions and there is no guarantee that actual results will not differ significantly from those expressed in or implied by these statements. Factors include, but are not limited to, general global financial market conditions, interest and foreign exchange rates, economic and political factors, competition, legal or regulatory changes and catastrophic events. Any predictions, projections, estimates or forecasts should be construed as general investment or market information and no representation is being made that any investor will, or is likely to, achieve returns similar to those mentioned herein.

While the information contained in this material has been compiled from proprietary and non-proprietary sources believed to be reliable, no representation or warranty, express or implied, is made by The Vanguard Group, Inc., its subsidiaries or affiliates, or any other person (collectively, "The Vanguard Group") as to its accuracy, completeness, timeliness or reliability. The Vanguard Group takes no responsibility for any errors and omissions contained herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this material. 

This material is not a recommendation, offer or solicitation to buy or sell any security, including any security of any investment fund or any other financial instrument. The information contained in this material is not investment advice and is not tailored to the needs or circumstances of any investor, nor does the information constitute business, financial, tax, legal, regulatory, accounting or any other advice.  

The information contained in this material may not be specific to the context of the Canadian capital markets a...

The investing playbook may be changing—and Tyler Rosenlicht, Portfolio Manager, Global Infrastructure at Cohen & Steers, says investors need to be ready. In this episode of In the Money with Amber Kanwar, Rosenlicht makes the case that we’re moving from an era of abundance to an era of scarcity—where inflation is higher, more volatile, and driven by structural shifts like deglobalization, supply chain reshoring, and rising geopolitical risk. He explains why real assets—like infrastructure, natural resources, and commodities—could play a much bigger role in portfolios, and why now may be the time to move to the higher end of allocation ranges.

Rosenlicht breaks down how this new regime changes everything—from how we think about inflation protection to why traditional portfolios may struggle. He walks through the case for energy, why oil should be viewed as a long-term “perpetuity” rather than a declining asset, and how underinvestment and supply constraints are setting up opportunities across commodities like copper, uranium, and gold. He also explains why infrastructure—from pipelines to data centers to power generation—offers a rare combination of stability, inflation protection, and growth, especially as electricity demand surges.

In the mailbag, Rosenlicht answers your questions on real asset names, including why he prefers oil sands producers like Suncor Energy (SU.TO) and Canadian Natural Resources (CNQ.TO) over U.S. shale, how integrated models compare to pure producers, and where refiners like Valero Energy (VLO) fit in today’s market. He also weighs in on pipeline giant TC Energy (TRP.TO), the outlook for nuclear through Cameco (CCO.TO), utility plays like TransAlta (TA.TO), and what consolidation could mean for rail stocks like Norfolk Southern (NSC).

In Pro Picks, Rosenlicht highlights three high-conviction ideas tied to the real asset boom. He names MasTec (MTZ) as a “picks and shovels” play on the massive buildout of power, pipelines, and electrification. He also likes ConocoPhillips (COP) for its long-life resource base and ability to generate growing free cash flow as the cycle evolves. And for a higher-risk, higher-reward idea, he points to Tamboran Resources (TBN), a small-cap name with potential exposure to a new shale basin in Australia.

If the next decade is defined by inflation, scarcity, and a need for real-world inputs, this conversation lays out exactly how investors can position for it.

Timestamps
00:00 Trailer

02:20 Intro
03:25 Tyler’s approach to real asset investments
07:30 The next 20 years will be very different than the last 20 years
09:30 Have we passed peak uncertainty with respect to Iran? 

13:00 We’ll remain in an environment where inflation remains elevated 

18:00 Why the pullback in energy stocks since the war broke out?
20:25 Why are investors shrugging off inflation? Is that a disconnect? 

22:05 Where does gold factor in? 

24:45 ITM Mailbag: Suncor stock (SU)
29:30 Valery Energy stock (VLO)

30:30 TC Energy stock (TRP)

34:35 Cameco stock (CCO)

41:50 TransAlta stock (TA) 

45:45 Norfolk Southern (NSC)

48:00 Tyler’s Pro Picks (MTZ, COP, TBN)

58:00 ETF Minute: BMO’s ETF Line-Up

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

This ETF Minute is sponsored by BMO ETFs. For more information on BMO’s Asset Allocation ETFs visit: https://bmogam.com/ca-en/products/exchange-traded-funds/asset-allocation-etfs 

And for more information on BMO Discount Bond Index ETF visit: https://bmogam.com/ca-

en/products/exchange-traded-fund/bmo-discount-bond-index-etf-zdb/

Links

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questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

ETF Minute is sponsored by BMO Exchange Traded Funds. Amber Kanwar is compensated

under this arrangement by BMO ETFs.

This video is for information purposes only. The information contained herein is not, and should

not be construed as investment, tax or legal advice to any party. Particular investments and/or

trading strategies should be evaluated and professional advice should be obtained with respect

to any circumstance.

Commissions, management fees and expenses all may be associated with investments in

exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before

investing. The indicated rates of return are the historical annual compounded total returns

including changes in unit value and reinvestment of all dividends or distributions and do not take

into account sales, redemption, distribution or optional charges or income taxes payable by any

unitholder that would have reduced returns. Exchange-traded funds are not guaranteed, their

values change frequently and past performance may not be repeated.

For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set

out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and

may trade at a discount to their net asset value, which may increase the risk of loss.

Distributions are not guaranteed and are subject to change and/or elimination.

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a

portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc.

and BMO Investments Inc. operate.

“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under

licence.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews<...

John Zechner has seen this movie before — and when everyone’s on the same side of the trade, he starts looking the other way.

The Chairman & Founder of J. Zechner Associates joins Amber Kanwar to break down how he’s positioning his portfolio in a market driven by noise, geopolitics, and crowded trades. From calling the recent energy shock a potential “9/11-type” shift in investor psychology to arguing that markets are still mispricing long-term risks, Zechner lays out why being contrarian today could pay off tomorrow.

He explains why he’s adding selectively to oil while staying disciplined on position sizing, why gold still has a strong long-term case despite recent volatility, and why Canada could benefit from a renewed focus on energy security. At the same time, he’s taking the other side of the AI trade—rotating out of semiconductors and into beaten-down software names like Adobe (ADBE), Salesforce (CRM), and Shopify (SHOP), where valuations have reset and expectations are low. He also shares why he’s avoiding private equity and bank stocks for now, pointing to lingering risks that the market may be underestimating.

In the mailbag, Zechner weighs in on Fairfax Financial (FFH.TO), Cameco (CCJ), the Canadian telecom sector, his favourite Canadian utilities, and WSP Global (WSP.TO). He cautions against paying a premium for Fairfax’s investment track record, says Cameco remains a strong uranium franchise but an expensive one, and argues there is emerging value in parts of telecom even as he warns Telus (T.TO) may need to cut its dividend. He also highlights select Canadian utilities for their defensive appeal and discusses how to think about WSP Global as a quality name in a market where investors may need to look beyond the obvious winners.

In Pro Picks, Zechner first revisits his past picks: Cenovus Energy (CVE), Maple Leaf Foods (MFI.TO), and Uber (UBER). He then gets into his current top ideas: Premium Brands (PBH.TO), Oracle (ORCL), and the Sprott Physical Uranium Trust (U.U / SRUUF). Together, the picks reflect the broader message of the interview: the best contrarian opportunities may be in quality names where sentiment is still skeptical, valuations are more reasonable, and consensus is no longer as reliable as it once seemed.

Timestamps
00:00 Trailer
02:40 Intro 
05:40 What is John doing in the portfolio? 

07:40 The energy question? What happens after the war? 

11:00 Why aren’t we seeing a rip your face of rally in energy stocks? 

15:00 Why John thinks the fundamental story in gold is still in tact and what he’s buying 
19:50 Has the tech sector suffered enough? Why John is snapping up software names 
27:00 John says private equity/credit problems are far from over 
30:50 John has almost no banks exposure 
34:55 ITM Mailbag: Fairfax Financial stock (FFH) 
37:25 Cameco stock (CCO) 

38:40 Canadian telcos 
43:00 Canadian Utilities, Capital Power stock (CPX) 

47:00 WSP Global stock & infrastructure (WSP, ATRL) 

49:40 John’s Pro Picks (Past: CVE, MFI, UBER, PBH, ORCL, U.U)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Fairfax Financial, Constellation Software and Telus which are stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Bullish Brian Belski is back—and yes, he’s still bullish.

In this episode of In the Money with Amber Kanwar, the CEO & Chief Investment Officer of Humilis Investment Strategies—fresh off launching his own firm—explains why he still believes the U.S. is the best stock market in the world, with Canada a close second. Belski makes the case for an earnings-driven market where stock picking, discipline, and long-term thinking matter more than macro noise. He also explains why he’s underweight the MAG 7, why  U.S. banks look unfairly punished, why risks are building in private equity and private credit, and why that could create a major opportunity in small- and mid-cap stocks.

He also addresses gold, saying while the rally has been impressive, he is neutral rather than overweight. His view: when gold’s performance gets this stretched, history suggests it tends to underperform in the years ahead—so investors should be cautious about chasing it here.

In the mailbag, Belski breaks down Lululemon (LULU) as a former growth name now shifting into value, while explaining why he exited Nike (NKE). He also discusses agriculture and industrial exposure through Deere & Company (DE), Caterpillar (CAT) and AGCO (AGCO), along with housing via KB Home (KBH). He also weighs in on airlines including Delta Air Lines (DAL). On the Canadian side, he highlights TELUS (T.TO) as his preferred telecom name, pointing to its relative positioning within the group and long-term stability, while also calling out Canadian consumer strength—including why he loves Aritzia (ATZ.TO) as a long-term growth story.

In Pro Picks, Belski sticks with high-quality, proven winners. He highlights Costco (COST) as a core long-term compounder, Alphabet (GOOGL) for its dominant platform and AI exposure, and Apple (AAPL) as a name to lean into when sentiment weakens. He also adds Spotify (SPOT) as a bonus idea.

If you think this bull market is over, Belski says you’re missing the bigger opportunity.

Timestamps

00:00 Trailer 

01:25 Intro 

03:20 Brian Belski returns, this time after launching his own shop
08:00 Brian’s investing approach at Humilis 

10:00 Belski is still bullish, isn’t changing anything  

13:30 Brian says the U.S. is the best stock market in the world, Canada is #2
16:10 Why Brian is underweight the Mag7 and what he’s buying 

21:30 Brian is very negative private equity & credit
27:00 An earnings driven markets
29:20 Why Brian on gold and energy & Tesla
34:00 ITM Mailbag: Lululemon stock (LULU)
36:50 Agriculture stocks (CAT, DE, AGCO) 

38:35 Telus & other telcos (T)
40:20 Aritzia (ATZ)
43:00 Delta Air Lines (DAL)
45:30 KB Home (KBH) 

49:30 Brian’s Pro Picks (COST, GOOGL, AAPL)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we talk about Meta, NIKE, CNQ, and Apple which are all stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The AI trade isn’t just about tech anymore — it’s about all stocks. In this episode of In the Money with Amber Kanwar, Kim Bolton, President & Portfolio Manager at Black Swan Dexteritas, argues we’re entering the next phase of the AI cycle, where the winners won’t just be the companies building the technology — but the ones using it to drive real earnings. As he puts it, investors need to rethink what a “tech stock” even is.

Kim explains why this recent pullback in tech looks more like a healthy consolidation than a structural break, and why software could remain under pressure in the near term as enterprises experiment with cheaper, more flexible AI tools. The real shift, he says, is from AI “pilots” to full deployment — where companies embed AI directly into business units to boost productivity, cut costs, and grow profits. That’s where the next leg of the market will be decided — and why the next 6 to 18 months could separate hype from real earnings power.

In the mailbag, Kim breaks down Microsoft (MSFT) and why he still sees it as a “screaming buy,” even as sentiment has cooled, and explains why Nvidia (NVDA) continues to dominate the AI stack with a near-monopoly in GPUs. He weighs in on Micron (MU), arguing demand for memory remains structurally strong despite recent volatility, and discusses Amphenol (APH) as a lesser-known platform-layer name tied to data centers that hasn’t quite reached his buy zone. On the more speculative side, he shares his cautious approach to quantum names like Xanadu (XNDU), preferring to wait through early volatility, and revisits Constellation Software (CSU.TO), where execution under new leadership will be critical. He also highlights Nebius (NBIS) as an under-the-radar AI infrastructure name he owns and continues to add to.

In Pro Picks, Kim focuses on high-conviction names across the AI ecosystem: Lam Research (LRCX) as a key semiconductor equipment play tied to the buildout of AI infrastructure, Palantir (PLTR) for its ability to embed AI directly into enterprise operations, and Walmart (WMT) as a standout example of a company already turning AI into real productivity gains and margin expansion.

Timestamps
00:00 Trailer 
02:20 Intro 
06:10 How is this tech sell-off different than previous sell-offs? 

10:50 What does it take for an AI stock to win? 

15:00 Everything is an AI stock now: Tech vendors & end users 

18:00 Maybe tech just isn’t fashionable right now? 

20:40 Taking money out of tech vendors and putting it into tech end users 
23:30 Walmart trades more expensive than Meta 
25:40 ITM Mailbag: Microsoft stock (MSFT) 
31:20 Micron stock (MU) 
35:40 Amphenol stock (APH) 
37:30 Xanadu Quantum Technology (XNDU) 
40:15 Constellation Software stock (CSU) 

44:40 Nebius stock (NBIS) 
46:40 Kim’s Pro Picks (LRCX, PLTR, WMT)

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Microsoft, Constellation Software, Micron and Meta which are all stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What happens when the war ends — and what is the market getting wrong right now? Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Partners, joins In the Money with Amber Kanwar to break down what he sees as some of the most mispriced trades in global markets. From oil to gold to global equities, Boockvar argues that investors are too focused on short-term geopolitical moves — and missing the bigger structural shifts already underway.

He explains why even if the war de-escalates, oil prices are unlikely to return to pre-war levels, laying out the case for a higher floor driven by supply risk, global stockpiling, and a world that’s rethinking energy security. From there, he expands the conversation to a broader commodity bull market — including gold’s evolving role as a global reserve asset, as well as fertilizer and other critical inputs that could be underappreciated. He also explains how this all fits into a larger shift toward global markets and real assets.

At the same time, Boockvar warns that some of the most crowded trades may be losing leadership. He breaks down why the AI trade could be entering a new phase, why mega-cap tech like NVIDIA (NVDA), Microsoft (MSFT) and Meta (META) are facing growing pressure around capex and margins, and why investors should be cautious extrapolating past returns. He also highlights risks building in private credit — an asset class he says has yet to be properly stress-tested — and why its expansion into retail investors could create vulnerabilities if the cycle turns.

In Pro Picks, Boockvar shares how he’s positioning for what comes next — focusing on commodities and real assets, specifically fertilizer stocks, as well as global opportunities tied to emerging market local currency bonds, with a way to play it through the VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC). He also points to consumer staples as his personal “pain trade,” calling out Kraft Heinz (KHC) and Conagra Brands (CAG) as areas that could surprise investors.

Timestamps
00:00 Trailer
02:30 Intro
05:10 As easy as war over, markets higher?
06:40 $80 oil is the new $60

09:25 Oil stocks will pullback but do well at $80 oil
10:50 Gold still in a bull market but gains will slow
15:00 Getting global exposure
18:10 The tech question & capex concerns 

25:10 Concerns about private credit
34:40 Rates, central bank influence & bonds
41:10 Why did defence pull back when the war started?
42:30 Peter’s Pro Picks (fertilizer, consumer staples, local currency bonds)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The nuclear story has completely flipped — and according to Cameco CEO Tim Gitzel, this is now the strongest market he’s seen in over 40 years.

In this conversation on In the Money with Amber Kanwar, Gitzel explains why uranium and nuclear energy have gone from a post-Fukushima downturn to a full-scale global comeback. He walks through the turning points — from the shutdown of Japan’s reactors and a decade-long bear market, to today’s surge driven by climate goals, energy security concerns, and rising geopolitical tensions. As countries rethink their dependence on foreign energy and fragile supply chains, nuclear power is moving back to the center of the global energy mix.

The discussion also dives into Cameco’s transformation from a uranium producer into a more vertically integrated nuclear player, including its major stake in Westinghouse alongside Brookfield Asset Management. Gitzel explains how that deal positions the company to benefit from a massive global buildout of reactors — including a landmark $80 billion commitment from the U.S. to expand nuclear capacity.

Finally, Gitzel breaks down the next wave of demand: AI and data centers. With electricity needs set to surge, he explains why nuclear’s reliability, long lifespan, and energy security advantages are making it increasingly essential — and why this cycle could look very different from anything the industry has seen before.

If this cycle plays out as expected, nuclear won’t just be part of the energy mix — it could become the backbone of the next era of global power.

Timestamps
02:25: Intro
04:50: Best environment for nuclear in over 40 years
06:15 Tim Gitzel’s path to Cameco CEO
08:30  Fukushima and what’s happened since
12:35 What kept Gitzel at Cameco through the lean years?
13:45 The new commitment to nuclear power
14:50 Cameco’s stake in Westinghouse
18:30 Cameco’s partnership with the U.S. government 

26:20 Rumours that the U.S. is also working with competitors + cost overrun concerns
30:35 ATB Cormark Capital Markets
31:05 Cameco in Canada
34:00 The war in Iran & impact on nuclear
36:35 AI, data centres & nuclear 

42:00 Succession planning & Tim’s legacy
44:00 Does it all go away if there’s another accident? 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

ETF Minute is sponsored by BMO ETFs. For more information on BMO’s Asset Allocation ETFs visit: https://bmogam.com/ca-en/products/exchange-traded-funds/asset-allocation-etfs and for more information on BMO’s All-Equity ETF visit: https://www.bmogam.com/ca-en/products/exchange-traded-fund/bmo-all-equity-etf-zeqt/

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DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

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In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Dividend growth is supposed to be the safe corner of the market — but what happens when geopolitics, inflation shocks, and an evolving AI trade collide all at once?

In this episode of In the Money with Amber Kanwar, Amber sits down with Amritha Kasturirangan, Co-Lead Portfolio Manager of the Franklin U.S. Rising Dividends Fund at Franklin Templeton, to break down how she’s navigating markets in a time of war. Running a $30 billion strategy built on dividend growth, she explains why she’s not chasing yield — but instead using consistent dividend growth as a signal of resilient, high-quality businesses that can hold up through uncertainty.

The conversation dives into how the market narrative has shifted from early-year optimism to geopolitical anxiety, and what that means for investors. Amritha walks through her framework for thinking about the Iran conflict, why she believes markets may be overpricing worst-case scenarios in private credit, and how the AI trade is evolving beyond mega-cap tech into real-world productivity gains. She highlights companies like Walmart (WMT) and Goldman Sachs (GS) as examples of how AI is moving beyond infrastructure into productivity — a shift she sees as both healthy and investable. She also explains why this environment is creating opportunities — not reasons to panic — for long-term investors focused on quality and durability.

In the Mailbag, Amritha breaks down Microsoft (MSFT) and why it remains a long-term winner despite the recent selloff, Nasdaq (NDAQ) and whether exchanges are truly at risk from AI disruption, Stryker (SYK) and why a recent cyberattack isn’t a reason to sell, D.R. Horton (DHI) and the long-term case for homebuilders despite rate pressure, and ExxonMobil (XOM) and how to think about energy stocks in the context of geopolitical shocks.

In Pro Picks, she starts with Parker-Hannifin (PH), a self-help industrial story being re-rated as a long-term compounder with exposure to aerospace and defense. Next is Analog Devices (ADI), an under-the-radar chipmaker benefiting from secular trends like automation, EVs, and the Internet of Things. And finally, Ross Stores (ROST), an off-price retailer with a powerful “treasure hunt” model, improving execution, and a new growth flywheel driven by marketing and a younger consumer — all while continuing to deliver strong dividend growth.

This is a playbook for investing when uncertainty is high: focus on resilience, stay disciplined, and use volatility to your advantage.

Timestamps
00:00 Trailer

02:20 Intro 
 04:00 Franklin Templeton’s dividend growth strategy 

06:35 Dividend growth in a time of war 

10:10 Private credit & software challenges 
 17:25 How big is the private credit/equity problem? 

20:45 ETF Minute: Hamilton’s QMVP

22:15 ITM Mailbag: Microsoft stock (MSFT) 

26:25 Walmart stock (WMT) 
 26:45 Nasdaq stock (NDAQ)

31:10 Stryker stock (SYK)

36:35 D.R. Horton stock (DHI) 
 39:25 Exxon Mobil stock (XOM)

42:05 Amritha’s Pro Picks (PH, ADI, ROST) 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney

ETF Minute is sponsored by Hamilton ETFs. To learn more about the HAMILTON CHAMPIONS™U.S. Technology Index ETF, visit https://hamiltonetfs.com. 

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DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Microsoft which is a stock Amber owns.

Hamilton ETFs Disclaimer
The ETF Minute is sponsored by Hamilton ETFs. This video is for general informational purposes only and not personalized investment advice. 

The index performance returns are for illustrative purposes only and are not indicative of the future returns of the ETF(s). The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this video may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from May 8, 2006 to February 27, 2026.

The graph illustrates the growth of an initial investment of $100,000 in the Solactive HAMILTON CHAMPIONS™ U.S. Technology Index (SHUSTCHT) vs. the Technology Select Sector Index ($CDN) with annual compounded total returns. The graph is for illustrative purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SHUSTCHT data prior to December 3, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The Technology Select Sector Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of...

Markets are volatile again but is this sell-off creating the next generation of multi-bagger stocks? In this episode of In the Money with Amber Kanwar, Optimist Fund’s Jordan McNamee breaks down why he’s staying aggressively bullish despite market panic driven by AI disruption fears, geopolitical tension with Iran, and rising interest rate uncertainty.

Jordan explains why today’s market setup may be even more attractive than 2022, highlighting how growth stocks and mid-cap equities are being mispriced despite improving fundamentals, rising earnings, and stronger profitability. He shares how his high-conviction investing strategy focuses on exceptional businesses with long-term upside, ignoring short-term volatilityin favour of 5-year compounding opportunities and why market fear is often the best entry point for outsized returns.

The conversation dives deep into key stock picks and sectors, including why he’s bullish on Carvana (CVNA) as apotential multi-bagger, his growing conviction in Uber (UBER) as a cash flow machine, and opportunities in beaten-down names like Wayfair (W), ThredUp (TDUP), Affirm (AFRM), Toast (TOST), Zscaler (ZS), Latham Group (SWIM), and First Advantage (FA). He also explains why he exited monday.com (MNDY), what he looks for in management teams, and how AI disruptionis creating both risk and massive opportunity across software, fintech, and e-commerce.

From buy now pay later trends and consumer weakness to housing market stagnation,interest rates, and shifting macro conditions, Jordan breaks down how he’s positioning his portfolio and why he’s actively rotating capital into the most mispriced opportunities during this sell-off. He also addresses short seller concerns around Carvana, the impact of fuel prices on Uber, and why hiring trends could drive upside in overlooked sectors.

If you’re wondering how to invest during a market correction, where the next 5x stocks could come from, and how to think like a long-term investor in a short-term panic cycle, this episode is packed with actionable insights, high-growth stock ideas, and a clear framework for navigating volatility.

Timestamps
4:33 Jordan’s Investment Philosophy & 2025 Performance 
9:03 Parallels to 2022 & Portfolio Management Style 
16:01 Buying Zscaler and selling Monday.com (ZS, MNDY)
23:02 2026 Buying Opportunity vs. 2022 
24:08 Uber is a buy (UBER)
28:55 Latham Group (SWIM)
33:34 Affirm (AFRM)
34:40 Teledyne (TDY)
35:05 Pro Picks: Reviewing Carvana, HelloFresh and new ideas: ThredUp, Wayfair, First Advantage (CVNA, HFG, TDUP, W, FA)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

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https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

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questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The world is entering a new era of commodity volatility — and the infrastructure that powers global markets may be overdue for a redesign. Josh Crumb, Founder & CEO of Abaxx Technologies, joins In the Money with Amber Kanwar to explain why he believes the next generation of commodity markets will look very different from the ones investors rely on today.

Abaxx is building both a commodity exchange and a technology platform designed to modernize how physical commodities trade and settle globally. The company focuses on markets that have been historically underserved by traditional exchanges — including liquefied natural gas (LNG), battery metals, environmental products and precious metals. A key difference is Abaxx’s emphasis on physically deliverable contracts, meaning traders can take or deliver real commodities rather than simply trading cash-settled price indexes — a structure Crumb argues is critical for balancing supply and demand in increasingly volatile markets.

Crumb, a former commodities strategist at Goldman Sachs who previously worked with the Lundin Group, explains why today’s geopolitical shocks — from LNG disruptions to energy security concerns — are exposing weaknesses in how commodities are currently traded. He argues that as the world moves from “just-in-time” supply chains to “just-in-case” inventories, companies will need more sophisticated ways to hedge physical risk across energy, metals and environmental markets.

The company has attracted significant investor attention as it attempts to build that infrastructure. Abaxx shares have been volatile, rising sharply over the past year before pulling back, with the company still in the early stages of revenue generation as it builds liquidity on its exchange and expands its network of traders and banks. Crumb addresses the stock’s big moves, the elevated short interest, and why he believes investors should focus on the long-term milestones — including trading volumes, new product launches, and institutional adoption — rather than short-term share price swings.

Beyond the exchange itself, Crumb explains the company’s ID++ technology, which aims to enable real-time movement of collateral using tokenized financial assets like gold or Treasury-backed instruments. The goal: allow markets to operate 24/7 while managing risk more efficiently than traditional clearing systems, potentially reshaping how institutional markets settle trades in the future.

Finally, Crumb shares his views on the structure of the gold market, the future of LNG trading hubs, and why energy security — not just the energy transition — is now reshaping commodity markets worldwide.

Timestamps

00:00 Intro
02:30 The market structure for commodities & a new exchange
06:15 Addressing underserved markets like LNG & the physical delivery component 

10:40 Has the business seen a boost after events in Iran? And how does the business evolve?

13:50 The stock & business growth
17:40 key milestones investors should be aware of 

19:50 Abaxx’s cash position 

21:35 What is the ID++ system?
26:40 Is Abaxx ripe for a takeover?
28:15 Commodity outlook & gold 

31:00 Environmental markets & battery metals trading

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

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DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Recorded on March 5, 2026

Canada’s banking system is often described as one of the strongest in the world — but even strong systems face real risks. Peter Routledge, Superintendent of Financial Institutions, joins In the Money with Amber Kanwar for a rare conversation about the health of Canada’s financial system and what still keeps the country’s top banking regulator up at night.

Routledge discusses the key risks his office is watching closely right now — from rising U.S.-Canada trade tensions to vulnerabilities in Canada’s mortgage market. He explains how regulators think about household debt, refinancing risk, and the resilience of borrowers as higher rates work their way through the system. At the same time, he stresses that Canadian banks are entering this period from a position of strength and have ample capital to absorb shocks, a core reason he believes the system remains resilient.

The conversation also explores emerging risks building outside traditional banking, including the rapid growth of private credit and private equity, areas where regulators are paying closer attention as banks deepen their exposure through financing, partnerships, and fund investments. Routledge also explains how OSFI is adapting supervision for a faster-moving financial world, why regulators are pushing institutions to strengthen resilience before problems emerge, and how capital buffers and stress testing help ensure Canada’s financial institutions can withstand unexpected disruptions.

Routledge also reflects on his tenure leading Canada’s banking watchdog — which has two years remaining — and why he has actually grown more optimistic about the strength of the system during that time. Despite a more uncertain economic backdrop, he explains why he believes Canada’s banks and insurers are better prepared than ever to handle whatever comes next.

Timestamps

01:20 Intro
03:40 How the regulator is thinking about the banking sector
05:50 What is the key to the banks strength & safety?
08:50 Bank fears around NAFTA 2.0
12:30 Risks in the mortgage market
17:00 Defending the stress test
24:30 Are the banks overcapitalized?
27:10 OSFI’s Annual Risk Outlook
28:30 Risks in private equity & private credit
36:00 Increasing competitiveness in the banking sector 

43:20 Why did the regulator green light consolidation?
45:30 Peter’s thoughts on board responsibility
48:00 How has Carney informed priorities?
51:00 How Peter has evolved as regulator 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

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DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The oil market has been rocked by escalating tensions in the Middle East, massive price swings, and a growing debate over whether the world is heading into a full-blown energy shock. In this special two-part episode of In the Money with Amber Kanwar, we bring you perspectives from both sides of the market.

First, Josh Young, Portfolio Manager at Bison Investments, breaks down the crisis from the buy side, explaining why he believes the oil market was already tightening long before the latest geopolitical escalation and why the risk of a major supply shock is being underestimated. He walks through what could happen if disruptions in the Strait of Hormuz persist — including his view that if the strait were to remain closed for roughly 60 days, oil prices could surge to new all-time highs. Josh also explains why energy stocks may still have significant upside and how he’s positioning his portfolio to capture asymmetric opportunities in the sector. He also notes that higher global oil prices could be particularly positive for Canadian oil producers, which stand to benefit from stronger crude pricing and increased demand for secure supply outside the Middle East. In Pro Picks, Josh highlights Crescent Energy (CRGY), which he describes as a “Moneyball”-style operator buying and improving undervalued assets; Ensign Energy Services (ESI.TO), an oilfield services company he believes is being overly punished for its Middle East exposure despite strong free cash flow; and Journey Energy (JOY.TO), a small-cap Canadian producer he says still has meaningful upside driven by its Duvernay exposure and potential takeover interest.

Then we shift to the sell side with Patrick O’Rourke, Managing Director, Institutional Equity Research at ATB Cormark Capital Markets, who explains how analysts and institutional investors are interpreting the crisis — with a particular focus on what it means for Canadian oil prices and producers. Patrick breaks down why crude volatility has been concentrated at the front end of the curve, why energy equities haven’t fully reacted yet, and how investors are trying to determine whether higher oil prices will last. He also explains how global supply disruptions are tightening Canadian heavy oil differentials, improving realized prices for Canadian crude, and increasing demand for barrels that can reach the Gulf Coast or Asian markets.

From geopolitical risk to Canadian energy policy to the stocks investors are watching closely, this episode takes you inside the biggest debate in energy markets right now—whether this is just another oil spike or the beginning of a much larger structural shift.

Timestamps
00:00 Trailer

02:20 Intro 
04:40 The buy side view: How we could see $200 oil 

07:30 What about demand destruction? 
09:40 Shocking for the U.S. President to flat out lie 
12:00 Implications for midterm elections 
14:00 IEA releasing 400M barrels 
16:15 Expectations for a premium in crude 

18:00 Why aren’t energy stocks reacting? 
19:45 Is Josh investing like oil is going to $200? 5X opportunities 
23:00 Now Josh is more favourable to Canadian energy stocks 
24:00 Josh’s Pro Picks (JOY, ESY, CRGY) 
44:15 The sell side view

48:00 Why haven’t Canadian oil & gas stocks responded 
50:35 What would lead to a higher for longer oil price? 
54:00 Implications for Canadian crude prices 
57:00 Could production from Canada go any way to support the deficit? 
58:20 What names are best positioned to ride out the volatility? 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

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https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Small caps are finally having their moment — and according to Greg Dean, Founder & Lead Investor at Langdon Equity Partners, the opportunity set may be bigger than most investors realize. In this episode of In the Money with Amber Kanwar, Greg explains why he focuses exclusively on global small-cap companies and how he searches the world for businesses that can potentially double over the next 3–5 years. He shares the disciplined framework behind his strategy, why he avoids highly leveraged businesses, and why volatility and market stress often create the best entry points for long-term investors.

The conversation also dives into the big debate around software valuations and how the market is reassessing the long-term value of many tech companies. Greg walks through his view on the selloff in enterprise software and discusses what investors may be missing about durable software franchises. The discussion includes Constellation Software (CSU.TO) and why its acquisition-driven model and disciplined capital allocation have made it one of the most resilient compounders in the market.

In the Mailbag, Greg weighs in on a wide range of stocks across sectors. He shares his perspective on TerraVest Industries (TVK.TO) and why its acquisition-driven model has created significant value but now trades at a premium. He discusses retailer Group Dynamite (GRGD.TO), a Canadian success story with strong same-store sales growth but a valuation that reflects much of the optimism. Greg also breaks down why he likes A&W Food Services (AW.TO) as a capital-light restaurant and royalty business with an attractive yield and steady growth. The conversation also touches on U.S. insurance distributor Goosehead Insurance (GSHD) and the debate around AI disruption, as well as Canadian financial names EQB Inc. (EQB.TO) and Dominion Lending Centres (DLCG.TO) and how the evolving mortgage and lending landscape could shape their outlook.

For his Pro Picks, Greg highlights three high-conviction ideas he believes have strong long-term upside. First is YETI Holdings (YETI), where he sees a misunderstood brand expanding beyond drinkware into bags, coolers and international markets. Next is Royal Unibrew (RBREW.CO), a European beverage company producing and distributing beer, soft drinks and other beverages across several markets. Finally, he discusses Hypoport (HYQ.DE), a German fintech platform that connects banks and brokers through mortgage software and could see meaningful earnings growth as housing volumes recover.

If the market rotation into smaller companies continues, Greg believes the real opportunity may be in high-quality small caps that investors have never heard of — but that could quietly compound for years to come.

Timestamps
00:00 Trailer 
02:25 Intro

05:20 Greg’s approach to investing & starting Langdon 
06:50 The merits of investing in global small-caps 
08:10 How does he think about the current tensions? 
10:50 Fund performance 
13:40 What criteria is Greg looking for? 
15:20 Thinking about software 
18:00 CSU & the new terminal value of software 
21:40 ITM Mailbag: Terravest Industries stock (TVK) 
25:40 Groupe Dynamite stock (GRGD)
30:50 A&W Food Services (AW) 
34:30 Goosehead Insurance (GSHD) 

42:00 EQB Inc (EQB) 
46:00 Dominion Lending (DLCG) 

49:30 Greg’s Pro Picks (YETI, RBREW, HYG) 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney for more information

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https://twitter.com/inthemoneypod 

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questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Constellation Software which is a stock Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The oil market just got a historic geopolitical shock — and Eric Nuttall says market complacency is creating a major opportunity in energy stocks.

Geopolitics has jolted the oil market — but according to Eric Nuttall, the real story for investors was already unfolding long before the latest headlines. The Partner & Senior Portfolio Manager at Ninepoint Partners, joins In the Money with Amber Kanwar for an emergency session to break down the implications of the Iran crisis, why the market may be dangerously complacent about global oil supply, and why he believes energy stocks remain in a multi-year bull market. Eric explains why the widely anticipated oil “super-glut” never materialized, why U.S. shale production may have plateaued, and why long-dated oil reserves could become increasingly valuable in the years ahead. He also discusses why energy stocks have pulled back despite rising geopolitical risks and why patient investors could still see significant upside in the sector.

Before getting to the Mailbag, Amber asks Eric about Strathcona Resources (SCR), a stock he says he bought this week. Eric explains why he’s attracted to the company’s long-life reserves and discounted valuation compared with larger peers like Canadian Natural Resources (CNQ). The purchase comes even after Eric opposed the company’s now failed bid to buy MEG Energy (MEG). He explains why he sees compelling value in Strathcona today and why companies with deep, long-dated reserves could benefit the most if oil prices rise.

In the Mailbag, Eric tackles viewer questions starting with Baytex Energy (BTE), explaining why he doesn’t regret selling it and why the company’s recent rally reflects buybacks and a cleaner balance sheet after exiting the Eagle Ford. He then discusses Tamarack Valley Energy (TVE), where strong economics and improving results have driven a major run in the stock. From there he responds to a question on Logan Energy (LGN), warning that going too far down the market-cap spectrum can leave investors stuck in stocks without enough institutional buying power to drive a rerating. He then shares his thesis on Cenovus Energy (CVE) following its acquisition of MEG Energy (MEG), before turning to natural gas with Birchcliff Energy (BIR) and ARC Resources (ARX), where he explains why he’s currently less enthusiastic about Canadian gas. The Mailbag wraps with a blunt take on Surge Energy (SGY).

In Pro Picks, Eric first reflects briefly on some of his past ideas on the show — including Veren (VRN), MEG Energy (MEG), and NuVista Energy (NVA) — all of which were ultimately taken out, though he says he would rather see the full investment thesis play out than rely on M&A. Today he shares three current high-conviction ideas: Whitecap Resources (WCP), Athabasca Oil (ATH), and Ovintiv (OVV). He explains why Whitecap remains his largest holding thanks to its long inventory runway and discounted valuation, why Athabasca’s deep reserve base could become increasingly strategic in a tightening oil market, and why Ovintiv’s cleaner asset base and aggressive share buybacks could drive a meaningful re-rating if the company attracts more long-term institutional investors.

Timestamps
00:00 Trailer
02:30 Intro
05:00 Iran war implications for oil 

06:45 Domestically Trump needs lower energy prices
09:45 Where do oil prices go?
12:20 Why are energy stocks selling off? 

15:00 What Eric saw in Saudi Arabia
16:45 Why Eric was already bullish oil 

22:00 Why Eric bought Strathcona (SCR) this week 

27:00 Eric’s defence of the energy sector on parliament hill 

31:00 ITM Mailbag: Baytex stock (BTE)
33:30 Tamarack Valley Energy stock (TVE)

35:00 Logan Energy stock (LGN) 

37:50 Cenovus Energy stock (CVE)

39:30 Birchcliff Energy stock (BIR)

42:00 Arc Resources stock (ARX) 

44:00 Surge Energy (SGY) 

46:00 Eric’s Pro Picks ( WCP, ATH, OVV)

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Canadian Natural Resources and Tamarack Valley Energy which are both stocks Amber owns.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Small-caps are outperforming. Software stocks are getting crushed. Is this the great rotation? 

On this episode of In the Money with Amber Kanwar, Andrey Omelchak, President, CEO & CIO at LionGuard Capital, breaks down one of the biggest shifts happening in markets right now. As AI fears hammer software valuations and once-untouchable names get cut in half, small and mid-cap stocks are quietly catching a bid. Andrey explains why he believes the market has overreacted in parts of software — but also why select small caps, defense plays, and “Build Canada” beneficiaries may offer stronger risk-adjusted returns from here.

He shares how he’s thinking about geopolitics, rising oil prices, gold as a safe haven, and why defense spending is becoming one of the most obvious long-term investment themes. At the same time, he argues that today’s short-term market mindset is creating major inefficiencies — particularly in overlooked Canadian small caps.

In the mailbag, we tackle the AI disruption debate head-on with a look at major software names including Thomson Reuters (TRI) and Constellation Software (CSU), plus small-cap tech like Docebo (DCBO) and Kneat.com (KSI). Are these sharp drawdowns buying opportunities — or signs of structural change? Andrey also weighs in on engineering and infrastructure firms WSP Global (WSP), AtkinsRéalis (ATRL) and Stantec (STN), battery manufacturer Electrovaya (ELVA), healthcare roll-up WELL Health (WELL), fintech lender Propel Holdings (PRL), and GoEasy (GSY). Which names are unfairly penalized — and which still carry real risk?

In Pro Picks, Andrey highlights Calian Group (CGY), a defense and cybersecurity player benefiting from rising NATO and Canadian military spending; Bird Construction (BDT), a direct “Build Canada” infrastructure beneficiary with a rapidly expanding, higher-quality backlog; and Canaccord Genuity Group (CF), where he sees meaningful upside from a capital markets recovery and potential monetization of its UK wealth business.

Is this the beginning of a lasting market regime change — from software dominance to small-cap opportunity — or just another bout of AI-driven volatility?

Email us your questions @inthemoneypod.com and don’t forget to subscribe so you never miss an episode.

Timestamps

02:20 Intro
05:00 Andrey’s approach to small-cap investing
06:20 Investing through geopolitical events 

08:40 There appears to be sustained interest in the small-cap sector
10:30 Has the small-cap space gotten too expensive?
11:20 The biggest repricing of SaaS companies
14:50 ITM Mailbag: Thomson Reuters & Constellation Software stocks (TRI, CSU)
22:20 Docebo &Kneat.com stocks(DCBO, KSI)
24:45 Is it easy to find a software short right now? 

27:00 Stantec, AtkinsRealis, WSP Global stocks(STN, ATRL, WSP)
29:35 Electrovaya stock (ELVA)
34:40 Build Canada as an investable team 

36:50 WELL Health stock (WELL)
40:50 Propel Holdings (PRL)
46:15 Andrey’s Pro Picks (CGY, BDT, CF)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Constellation Software and goeasy which are both stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

“I hate this market. It’s funny because we are strongly outperforming, but I still don’t like this market.”

That’s how dividend investor Rebecca Teltscher, Portfolio Manager at Newhaven Asset Management, sums up today’s market on this episode of In the Money with Amber Kanwar. Value is working. Dividend stocks are back. Utilities, pipelines and energy have seen major inflows. And yet, Rebecca says this is one of the hardest environments she’s seen to deploy capital, with sectors moving quickly from unloved to fully valued.

Before we get to the Mailbag, Rebecca explains why she’s staying patient in TELUS (T.TO) despite dividend concerns and a leadership transition, why long-held positions like Manulife (MFC.TO) have rewarded disciplined dividend investors who reinvested through volatility, and why she believes fixed income currently offers limited real returns relative to dividend-paying equities. With bond yields compressed and volatility creeping into the rate market, she argues dividend stocks have effectively become the new “safe haven” — even if the easy money has already been made.

In the Mailbag, we begin with the Canadian banks, including BMO (BMO.TO) and TD (TD.TO). Rebecca admits she was wrong last year not adding more exposure as the banks rallied, but says she now wants more clarity on the Canadian economy and the trajectory of loan-loss provisions before committing new capital. She then discusses consumer lender goeasy (GSY.TO) and why subprime credit risk doesn’t align with her capital-preservation philosophy. From there, she weighs the valuation debate around Dollarama (DOL.TO), breaks down the ongoing challenges in office real estate including Allied Properties (AP.UN), revisits the credibility issues and dividend reset at Northland Power (NPI.TO), analyzes Brookfield Asset Management (BAM) versus Brookfield Corp. (BN), and closes with energy producer Whitecap Resources (WCP.TO) and the sustainability of its dividend in a volatile oil environment.

In Pro Picks, Rebecca begins by revisiting her past ideas — including her long-time favourite Canadian Natural Resources (CNQ), along with Premium Brands (PBH.TO) and AltaGas (ALA.TO). On CNQ, she explains why its balance sheet strength, capital discipline and history of never cutting its dividend make it a core long-term holding she plans to own for decades. She then shares where she’s putting money to work now: CAE (CAE.TO) for its long runway in civil aviation and defense training, Algonquin Power & Utilities (AQN.TO) as a utility turnaround with new management credibility, and ARC Resources (ARX.TO) as a natural gas name with embedded growth and optionality.

Timestamps
00:00: Show trailer 

02:30 Intro 

04:30 Rebecca was right about value stocks over the past year 
06:20 Can investors kick their addiction to tech for more than just a short while? 

07:30 Can Rebecca bring herself to look at software? 
10:15 Why Rebecca holds on to the telcos like Telus (T) 
15:00 Why Rebecca considers herself a retail investor 
16:30 Is the value sector becoming expensive?  There’s been a sector rotation 

19:00 Dividend stocks have become the new safe bet 
20:50 How is Rebecca playing this expensive market? 
22:45 ITM Mailbag: Canadian banks (BMO, TD) 
28:50 goeasy stock (GSY)
32:30 Dollarama stock (DOL) 

37:25 Allied Properties REIT & the REIT market (AP.UN) 

44:00 Northland Power (NPI) 
49:15 Brookfield Asset Management (BAM) 
51:20 Whitecap Resources (WCP) 
54:30 Rebecca’s Past & Pro Picks (Past: CNQ, PBH, ALA, Pro: CAE, AQN, ARX)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss CNQ, Dollarama, goeasy, Telus, CIBC and TD which are all stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Is sustainable investing still relevant — or was ESG just a pandemic-era trade?

On this episode of In the Money with Amber Kanwar we speak with Amber Fairbanks of Impax Asset Management to unpack the ESG backlash, the performance debate, and why she believes sustainable investing isn’t a label — it’s simply long-term investing done right. After years of inflows and hype, ESG has fallen out of favour, but Fairbanks argues the real opportunity may lie in focusing on durable secular trends, corporate culture, and risk management — not marketing buzzwords. From AI disruption to oil & gas exclusions, she explains where sustainability adds value, where it doesn’t, and why time horizon matters more than headlines.

In the Mailbag, we tackle some of the most talked-about names in the market: Nvidia (NVDA) ahead of earnings and whether its AI dominance can continue; Salesforce (CRM) amid the SaaS scare; Tyler Technologies (TYL) — a beat-up software name she believes is worth considering given its deep government relationships; Boston Scientific (BSX) after its sharp drop on guidance; Intuitive Surgical (ISRG) in medtech; Novo Nordisk (NVO) following its stunning fall from grace; and Palo Alto Networks (PANW) as cybersecurity faces AI disruption. Which selloffs are an opportunity — and which deserve caution?

In Pro Picks, Fairbanks shares three sustainable high-conviction ideas positioned for long-term secular growth. She highlights On Holding (ONON), the premium athletic brand capitalizing on the global wellness trend and expanding brand awareness; Bright Horizons Family Solutions (BFAM), the employer-sponsored childcare provider she believes is misunderstood after conservative guidance but poised to regain consistency; and Autoliv (ALV), the auto safety leader benefiting from rising global safety regulation and increased safety content per vehicle. Each reflects her disciplined focus on durable growth, competitive advantage, and corporate culture — core pillars of her sustainable investing framework.

If you’ve been wondering whether ESG still delivers alpha — this conversation is for you.

Timestamps
00:00 Trailer

02:00 Intro
04:40 What does sustainable investing mean to Amber Fairbanks?
06:10 The evolution of sustainable investing

09:10 What’s on Amber’s checklist?
12:30 The sustainability lens a long-term driver of outperformance
15:00 Would Amber ever invest in oil & gas?
17:40 We can’t look at the world the way we want it to be 

17:20 The AI factor 

20:40 The right questions to ask AI companies
23:25 ITM Mailbag: Nvidia stock (NVDA)
26:30 Salesforce stock (CRM)
28:30 Tyler Technologies stock (TYL)

29:30 Boston Scientific stock (BSX)
31:55 Intuitive Surgical stock (ISRG) 

34:30 Novo Nordisk stock (NVO)
35:40 Palo Alto Networks (PANW)

37:50 Amber’s Pro Picks (ONON, BFAM, ALV) 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

For years, U.S. markets felt unstoppable. Now the script is flipping.

On this episode of In the Money with Amber Kanwar, Matthew Strauss, SVP, Portfolio Manager & Lead – Global Equities at CI Global Asset Management, makes the case for rotating into global and emerging market equities. After years of American dominance, Matthew argues that stretched U.S. valuations, crowded positioning, and a shifting growth differential are finally pushing investors to look abroad.

Matthew, who has been investing in emerging markets since the 1990s, breaks down how the asset class has matured — from serial crises to more disciplined fiscal policy, freer-floating currencies, and stronger domestic growth engines. He explains why today’s emerging markets are no longer just export stories, why China, Taiwan, South Korea and India now dominate the field, and why widening economic growth differentials could support another year — or even two — of international outperformance.

In the Mailbag, we globe-trot through investor questions on India where Matthew remains constructive long term but cautious near term given valuations and slowing flows. We discuss MercadoLibre (MELI) and rising competition from Amazon (AMZN) and Sea Limited (SE), why he exited Pop Mart (9992.HK) after peak Labubu growth, the activist push at Japanese toilet-maker Toto and what that says about the Japanese market (5332.T), and whether luxury giant LVMH (MC.PA) needs a stronger Chinese consumer before becoming attractive again.

In Pro Picks, Matthew shares three high-conviction international ideas. First, Samsung Electronics (005930.KS), where he sees upside from high-bandwidth memory (HBM4) tied to the AI build-out despite lingering execution risks. Second, Alibaba (BABA), which he believes is evolving from a pure e-commerce story into a full-stack AI cloud infrastructure player in China. And third, Vista Energy (VIST), a fast-growing Argentine shale producer with improving well productivity, low break-even costs around $45 oil, and a disciplined balance sheet positioned to benefit from export-priced crude.

And don’t forget: to vote on your favourite In the Money swag ideas head to: https://www.surveymonkey.com/r/XKGW2HT

** A previous version of this episode included references to a short report about Reliance Industries and the Ambani family instead of the Adani Group and Adani family. We have removed the question from the episode. We regret the error.

Timestamps
00:00 Show trailer
02:20 Intro
04:40 What is different about emerging markets today vs. the 90s? 
07:20 Forget about the BRICS acronym 
09:50 Why are global markets performing better than U.S.? 
12:50 Why haven’t tariffs dented global growth prospects? 
14:00 Why Mag 7 are top holdings 
17:50 Expects another year or 2 of global market outperformance
22:05 ITM Mailbag: investing in India 
28:00 MercadoLibre stock (MELI) 
31:00 Pop Mart stock (9992 HKG)
36:20 Toto stock (5332 TYO)
39:00 LVMH stock (MC EPA)
42:30 Matthew’s Pro Picks (Samsung, Alibaba, Vista Energy)

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

CI Global Asset Management is a sponsor of this show. For more on CI Global Asset Management’s Emerging Market and Global Equity Funds head to: 

Emerging market (F series)

EM ETF:

CI Global Equity Fund (F Series):

Links

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questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.This episode features a portfolio manager from CI Global Asset Management which is one of our sponsors. 

IMPORTANT DISCLAIMERS:

This episode of In the Money with Amber Kanwar with Matthew Strauss has been paid in part by CI Global Asset Management.

This podcast is provided as a general source of information. The opinion and information provided in this discussion are solely those of the speaker(s) and are not to be used or construed as personal, legal, accounting, taxation or investment advice, or as an endorsement or recommendation of any entity or security discussed or provided by CI Global Asset Management.  Individuals should seek the advice of professionals, as appropriate, regarding any particular investment.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund and exchange-traded fund (ETF) investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compound total returns net of fees and expenses payable by the fund (except for figures of one year or less, which are simple total returns) including changes in security value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds and ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchange...

AI was supposed to supercharge software. Instead, it’s threatening to disrupt it.

Ivana Delevska, Founder & CIO of Spear Advisors, joins In the Money with Amber Kanwar to break down whether the brutal software sell-off is justified — or overdone. As hyperscalers ramp capex and next-generation AI agents get more powerful, investors are questioning which business models survive and which get left behind. Ivana explains why AI is no longer one broad trade, why valuation suddenly matters again, and where she believes the real opportunity now sits in the value chain.

In the mailbag, Ivana tackles your biggest stock questions: Is the drop in Oracle (ORCL) a buying opportunity despite its leverage and OpenAI exposure? What does the reset in software mean for Constellation Software (CSU.TO)? After strong growth and free cash flow, did the market overreact to Shopify (SHOP)? Is Snowflake (SNOW) simply too expensive at current multiples? And what should investors do with Palantir (PLTR), Nvidia (NVDA), and Micron (MU) as the AI cycle rotates from chips to memory to infrastructure?

In Pro Picks, Ivana begins by revisiting her past calls — including Constellation Energy (CEG), Nvidia (NVDA), and Marvell (MRVL) — explaining where she’s taken profits, reduced exposure, and why parts of the AI trade have shifted from offensive to defensive. She then shares where she sees the next leg of upside: Coherent (COHR) in optical networking, KLA Corp (KLAC) in semiconductor capital equipment, and Arista Networks (ANET) in AI networking — areas she believes can still compound strongly as the AI spending cycle moves deeper into hardware and connectivity.

And don’t forget: to vote on your favourite In the Money swag ideas head to: https://www.surveymonkey.com/r/XKGW2HT

Timestamps

00:00 Show trailer
02:05 intro
04:00 What is happening to the AI trade?
05:50 Is the sell-off in software overdone?
08:00 Investors should look at the hardware value chain 

11:00 Is the financing environment a risk? 

14:00 These companies need to spend on capex 

15:30 ITM Mailbag: Oracle stock (ORCL)
17:20 Constellation software stock & Cloudflare stock(CSU, NET)

21:30 Shopify stock (SHOP) 

23:45 Snowflake stock (SNOW)

25:35 Palantir stock (PLTR)
26:50 Nvidia (NVDA)

28:20 Micron stock (MU)
30:45 Ivana’s Past (CEG, NVDA, MRVL)  & Pro Picks (COHR, KLAC, ANET)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Constellation Software and Micron which are both stocks Amber owns.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Biotech stocks were left for dead — written off after years of brutal bear markets, failed trials, rising rates, and policy shocks. But what if the sector is quietly waking up?

On this episode of In the Money with Amber Kanwar, Amber sits down with Eden Rahim, Portfolio Manager at Next Edge Capital, to unpack why one of the market’s most volatile and misunderstood sectors may be entering a new bull cycle. Eden walks us through biotech’s “nuclear winter” — from the 2011–2015 boom, to rolling bear markets, to the post-COVID hangover that crushed even former darlings like Moderna. He explains why extreme capitulation readings — with companies trading below net cash and only 1% of stocks above their 50-day moving average — signaled a generational bottom. And since April, biotech has quietly been outperforming the S&P 500… without the headlines.

But this is not a “buy the ETF and forget it” story. Eden breaks down why biotech is the ultimate stock-picker’s market, how he handicaps regulatory, clinical and commercial risk, and why he focuses on post-Phase 2 companies where the odds shift dramatically. He also addresses the new wild card investors must navigate: shifting FDA goalposts and regulatory uncertainty.

In the Mailbag, Amber and Eden tackle stocks that aren’t exactly household names for most investors. They break down Sarepta (SRPT) and whether its dramatic collapse reflects broader gene therapy risks. They discuss WELL Health (WELL) and why the stock can lag even when analyst targets look optimistic. They also look at DRI Healthcare (DRI.UN), the pharmaceutical royalty company offering dividend-paying exposure to drug innovation, and whether its leveraged royalty model is a smarter way to get biotech-like upside with cash flow. Plus, they touch on why Canadian biotech companies often migrate south — and what that means for investors hunting for overlooked opportunities.

In Pro Picks, Eden shares three high-conviction ideas: Alpha Cognition (ACOG), a newly approved Alzheimer’s therapy with improved tolerability and strong commercial runway; ClearPoint Neuro (CLPT), a brain-delivery platform embedded across dozens of gene therapy programs; and NeurAxis (NRXS), a small-cap device company targeting gut-brain disorders with expanding reimbursement tailwinds. Volatile, under-the-radar — and potentially early leaders in a new biotech cycle.

And don’t forget to vote on your favourite In the Money swag ideas! Head to: https://www.surveymonkey.com/r/XKGW2HT 

Timestamps

00:00 trailer 

02:15 intro 
 04:50 What’s it been like to be a biotech investor in recent years? 
 07:10 What happened in the biotech sector? 

08:50 Covid & biotech 
 11:20 How biotech is different from other sectors 

15:50 Biotech has been outperforming the S&P 500

17:50 It comes down to stock picking 
 23:10 The regulatory environment is now a wild card 
 31:50 ITM Mailbag: Sarepta Therapeutics (SRPT) 
 38:30 WELL health (WELL)
 41:50 DRI Healthcare Trust (DHT.UN) 
 45:50 Eden’s Pro Picks (ACOG, CLPT, NRXS) 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

To explore BMO ETF tools, head to https://www.bmoetfs.com and check out the Tools section.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Pfizer which is a stock Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Gold and silver have been rocked in recent weeks, so what should investors do now? According to Jonathan Wellum gold isn’t just a trade — it’s insurance. The President & CEO of ROCKLINC Investment Partners and former money manager to Canadian billionaire Michael Lee-Chin, joins In the Money with Amber Kanwar to lay out why soaring government debt, currency debasement, and rising geopolitical friction have pushed him to one of his most conviction-heavy stances yet: a portfolio anchored by gold, silver, and precious-metal businesses. Jonathan explains why this cycle still feels early despite the recent sell-off, how central-bank buying has reshaped the gold market, and why sharp volatility hasn’t shaken his long-term thesis.

Drawing on decades of experience as a disciplined value investor, Jonathan explains why precious-metal royalty companies form the backbone of his exposure, offering cash-flow durability without the same operational risks as miners. He also walks through silver’s extreme swings, why supply deficits still matter despite violent pullbacks, and how electrification, AI infrastructure, and data-centre demand are quietly tightening metals markets — all while stressing that gold’s role in portfolios is protection first, speculation second.

While precious metals are a core pillar of his strategy, Jonathan makes it clear he’s far from a one-theme investor. He also breaks down how he’s selectively allocating to insurance, industrials and global compounders — areas where valuations have reset and disciplined capital allocation still offers long-term upside.

In the Mailbag, Jonathan weighs in on whether investors have “missed” the move in Wheaton Precious Metals (WPM), breaks down the upside torque in Agnico Eagle Mines (AEM) if gold prices stay elevated, and explains why royalty models continue to outperform through cycles. He also addresses volatility in silver-exposed names, comments on Cameco (CCO) amid the nuclear renaissance, and shares why he’s cautious about junior miners despite the temptation of leverage. He also fields questions on Berkshire Hathaway (BRK.B), Fairfax Financial (FFH), Markel (MKL), and Trisura Group (TSU). The discussion extends to technology names caught in the AI-driven selloff — including ServiceNow (NOW) and Thomson Reuters (TRI), and he also gives his take on Constellation Software (CSU) as he outlines how he separates true value opportunities from potential value traps.

In Pro Picks, Jonathan shares three high-conviction ideas that reflect his diversified, valuation-driven approach. He highlights Carlisle Companies (CSL), a quietly dominant industrial with strong returns on capital; MercadoLibre (MELI), a leading Latin American e-commerce and fintech platform with years of growth runway; and Sprott Inc. (SII), a leveraged way to participate in a broad commodity and precious-metals cycle through asset management rather than direct exposure.

To vote on your favourite In the Money swag ideas head to: https://www.surveymonkey.com/r/XKGW2HT 

Timestamps
00:00 show trailer 

02:10  intro 

04:30 Jonathan’s history as a value investor 

06:50 Following the Buffett rules 
 11:00 Debt problems & Why 25% of Wellum’s portfolio is in precious metals 

14:00 Volatility in gold? We’re in the 3rd or 4th inning 
 18:10 Wellum explains his belief in gold 

19:50 Silver is a wild, wild ride 
 23:00 What else is in the fund? 

23:40 The bloodbath in software- what’s Jonathan buying?  

30:30 ITM Mailbag: Wheaton Precious Metals stock (WPM)

34:10 Agnico Eagle stock (AEM) 

38:10 Cameco stock (CCO)
 40:40 Berkshire Hathaway stock (BRK.B) 
 44:25 Fairfax Financial, Trisura, Markel, American Coastal Insurance Company (FFH, TSU, MKL, ACIC) 
 49:40 Constellation Software stock (CSU) 

54:05 Jonathan’s Pro Picks (CSL, MELI, SII)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

To explore BMO ETF tools, head to https://www.bmoetfs.com and check out the Tools section.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Constellation Software and Equinox Gold which are both stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Tech is starting to crack and value is outperforming. Where should you be positioned? On this special episode of In the Money with Amber Kanwar, the show heads to Phoenix, Arizona for a special on-the-road episode with Bill and Cole Smead of Smead Capital Management, the father-son investing team behind $5.5 billion in assets under management. In a wide-ranging and candid conversation, the duo explains why today’s market setup looks increasingly fragile and where disciplined value investors are still finding opportunity. 

Amber digs into Smead’s eight criteria for stock selection, how insider ownership and capital allocation drive long-term returns, and why years of crowding into passive strategies and the S&P 500 have quietly increased risk. They argue that the forces that powered years of U.S. outperformance — concentration, momentum, and passive flows — now look increasingly vulnerable. From the parallels between today’s AI spending boom and the telecom bubble of the late 1990s to their view that capital-intensive tech could face declining returns, Bill and Cole make the case that history may not repeat — but it certainly rhymes.

The discussion also explores why international markets look more compelling than the U.S., how under-owned sectors like financials, healthcare, housing, and commodities could benefit from mean reversion, and why owning unpopular assets — and holding winners longer than feels comfortable — remains central to their approach.

In the Mailbag, the Smeads tackle viewer questions and specific stocks across regions and sectors, including European banks Barclays (BARC) and UniCredit (UCG), healthcare giant Merck (MRK), and Canadian energy names Cenovus Energy (CVE) and Tamarack Valley Energy (TVE). They explain why scars from past cycles often create today’s best opportunities — and where investors should still be cautious.

In Pro Picks, Bill and Cole share several high-conviction ideas that reflect their current positioning, including regional bank Fifth Third Bancorp (FITB), U.S. healthcare leader UnitedHealth Group (UNH), Canadian oil producer Strathcona Resources (SCR), and Canadian lumber company West Fraser Timber (WFG) — names they believe offer attractive long-term value supported by balance sheets, capital discipline, and structural tailwinds.

Timestamps

00:00 Show trailer 

03:45 intro with father son duo Bill & Cole Smead
04:10 U.S. & international exposure
08:35 Are we seeing the end of U.S. outperformance?
11:10 How has Smead Capital’s view evolved? Have they been bullish up until this spot?
15:50 Why they are not as constructive on the S&P 500 

17:20 Will 2026 be the year of the value investor? And what tech stocks do they own? 

19:50 Are the Magnificent 7 the Nortel of this generation? It’s about Capex
21:35 History doesn’t repeat itself but it rhymes 

24:20 too many fools are chasing tech stocks, it will all change over the next decade
29:50 What about commodities?
34:10 ITM Mailbag: European Banks (BARC, UCG)
37:55 Merck stock (MRK), Amgen stock (AMGN), United Healthcare stock (UNH)
45:00 Homebuilder stocks (DHI, LEN) 

46:20 Canadian energy stocks (CVE)

49:00 Tamarack Valley stock (TVE)

54:50 Bill & Cole’s Pro Picks (FITB, APA, UNH, SCR, WFG)

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss United Health and Tamarack Valley Energy which are both stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Investors are talking about a “sell America” trade — but is the U.S. really done, or is this just another moment where global diversification finally pays? On this episode of In the Money with Amber Kanwar, Amber sits down with Jeff Elliott, Managing Director and Head of Global Equity at BMO Global Asset Management, to break down how a bottom-up stock picker is navigating today’s volatile, policy-driven markets.

Jeff explains why last year’s global outperformance wasn’t about abandoning the U.S., but about fundamentals — earnings growth, valuation discipline, and avoiding crowded trades. He shares how his team broadens exposure to Europe, emerging markets, and Canada without making top-down regional bets, and why portfolio construction matters just as much as finding the right stocks.

Healthcare takes centre stage as Jeff draws on his deep sector expertise to unpack one of the most politically exposed — and misunderstood — areas of the market. He explains why policy noise can create sharp dislocations without permanently damaging businesses, and how active managers look for mispriced opportunities across pharma, biotech, and med-tech while others retreat from the sector.

In the Mailbag, Jeff cuts through policy-driven volatility across several heavily debated names. He explains why Medicare Advantage headlines have punished UnitedHealth (UNH), why a low valuation and big dividend aren’t enough for Pfizer (PFE), and why Eli Lilly (LLY) still stands out for durable growth. He also weighs in on Moderna (MRNA), NVIDIA (NVDA), Samsung Electronics (005930.KS), and Western Alliance Bancorporation (WAL), showing how fundamentals — not headlines — ultimately determine where volatility creates opportunity.

In Pro Picks, Jeff highlights three high-conviction healthcare ideas where he sees durable growth despite policy noise. He starts with Boston Scientific (BSX), explaining why its leadership in atrial fibrillation treatment and med-tech innovation continues to drive long-term opportunity. He also revisits Eli Lilly (LLY), outlining why its depth in GLP-1s and next-generation therapies gives it a stronger growth runway than peers. Rounding out the picks is UCB (UCB.BR), a lesser-known European biotech where Jeff sees a transformative drug pipeline that could meaningfully change the company’s growth profile over the coming years.

If you’re trying to understand how to invest globally without chasing headlines — and how active stock picking really works when policy risk and volatility dominate — this is a conversation worth watching.

Timestamps

00:00 Show trailer
02:10 intro 

04:10 Everyone wants global exposure now 

06:00 How geography matters to a bottoms up approach
08:00 What about Europe? 

10:30 Follow the fundamentals
12:20 What does policy volatility mean for Jeff’s approach?
14:30 The TACO trade & healthcare 

17:30 ITM Mailbag: UnitedHealth stock (UNH) 

25:00 Pfizer stock (PFE)

29:30 Moderna stock (MNRA) 

35:50 Nvidia stock (NVDA) & big tech 

38:55 Samsung stock

41:30 Bank stocks & Western Alliance Bank (WAL) 

44:15 Jeff’s Pro Picks (BSX, LLY, UCB)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

This episode is brought to you by BMO ETFs. Find out more about the BMO Global Equity Fund ETF here: https://bmogam.com/ca-en/products/exchange-traded-fund/bmo-global-equity-fund-active-etf-series-bgeq/

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss United Health, Pfizer and Eli Lilly which are all stocks Amber owns.  

In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What if the biggest risk to the S&P 500 isn’t a recession, rates, or geopolitics — but the way we invest?

Amber Kanwar sits down with Michael Green, Portfolio Manager & Chief Strategist, Simplify Asset Management , to unpack a provocative — and deeply unsettling — idea: under certain conditions, the S&P 500 could theoretically go to zero. Not because every company fails, but because market structure breaks.

Green explains how the explosive growth of passive investing has quietly changed how markets behave, why flows now matter more than fundamentals, and how index-driven buying can amplify momentum on the way up — and instability on the way down. Drawing on his famously prescient call on the collapse of the XIV volatility ETF, Green walks through the math behind systemic “zero events,” why they become self-catalyzing, and why policymakers — not individual investors — ultimately own this risk.

The conversation also dives into gold and commodities as flow-driven markets, the role demographics play in shaping inflation and asset prices, and why machines — not humans — may be the dominant drivers of future demand. Green lays out why electricity-hungry systems like data centers are reshaping commodity demand, why traditional “human food” commodities face long-term headwinds, and how structural shortages can quietly drive inflation higher.

In Pro Picks, Green explains how these themes are expressed through ETFs managed by Simplify Asset Management. He walks through the Simplify High-Yield ETF (CDX) and how its structure emphasizes endogenous cash flow, outlines how the Simplify Managed Futures Strategy ETF (CTA) uses a systematic trend-following approach to navigate volatile, flow-driven markets, and discusses how the Simplify Commodities Strategy No K-1 ETF (HARD) is designed to capture broad commodity trends, including rising demand for machine-driven resources like electricity. He also breaks down the role of gold as a flow-dominated asset and explains how the Simplify Gold Strategy Plus Income ETF (YGLD) is structured to generate income while helping cushion downside through options.

This is not a call to panic — it’s a framework for understanding the hidden mechanics shaping today’s markets, and the extreme tail risks most investors never consider.

Timestamps
00:00 show trailer 
02:20 Show intro 
04:00 How Michael became the anti-passive investing guy 

09:00 A systemic risk lurking inside index funds 

13:20 The story of XIV, why it failed and why Michael got it right 
20:20 Is policy needed to fix the problem with passive? 

22:20 The S&P 500 could theoretically go to zero 
25:20 What do Michael’s well-known colleagues think about his view 

27:00 But isn’t discernment alive and well in the market? 

29:35 Gold, flows and why Michael isn’t focused on specific companies 

33:20 Can investors get away from the systemic risk? 

36:10 In 15 years half of the boomers will have passed on 
41:20 How Michael developed his approach to markets 
47:20 Michael’s Pro Picks (CDX, HARD, CTA, YGLD) 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What happens when you strip away the hype and put some of the market’s most beloved stocks under a cold, analytical microscope? In this episode of In the Money with Amber Kanwar, Amber is joined by Sam LaBell, Portfolio Manager at Veritas Asset Management, for a brutally honest reality check on what investors own — and why some of those positions may be riskier than they look.

Sam digs into how investors should think about today’s biggest macro risks, from tariffs and geopolitics to slowing growth and stretched valuations, and explains why owning “popular” stocks can quietly increase risk rather than reduce it.

Sam also shares his view on gold, arguing that the rally still has legs as central bank demand and investor flows remain supportive — but that this stage of the cycle demands discipline, even as gold stocks remain undervalued despite a massive run.

In the Mailbag, Sam weighs in on Barrick Mining (ABX) and whether activist involvement can unlock further value, Bombardier (BBD.B) after a massive run, and Fairfax Financial (FFH) — explaining why the stock was attractive when returns on equity were improving, but why softer insurance conditions and today’s valuation now change the risk-reward. He also walks through his evolving view on Constellation Software (CSU), where AI introduces long-term uncertainty investors can’t yet model, and shares his perspective on Canadian telecoms including Rogers Communications (RCI.B), BCE (BCE), and TELUS (T).

Sam also explains why he’s short Shopify (SHOP) — not because the business is broken, but because expectations remain extreme and even a modest slowdown in growth could pressure the stock, making risk management essential.

In Pro Picks, Sam shares three high-conviction names he owns in the portfolio: WSP Global (WSP), a global engineering and consulting platform positioned to benefit from long-term infrastructure spending; GE HealthCare (GEHC), a misunderstood healthcare spinout with growing AI and software potential; and Brookfield Infrastructure (BIP.UN), a defensive, cash-generating business with steady growth and one of the cleanest accounting profiles in the Brookfield universe.

Timestamps
00:00 Show trailer
02:10 Intro
05:50 Have we gotten to the point where we can ignore Trump’s threats?
08:40 The U.S.-Canada relationship 
10:40 U.S. exceptionalism is a global risk
12:00 Does the gold rally still have legs? 
15:00 Understanding the buy and sell side at Veritas Asset Management
17:50 Stock picking is a lot like gambling
18:20 Long and short strategies
21:50 ETF Minute: BMO Growth ETF (ZGRO)
23:00 ITM Mailbag: Barrick Mining stock (ABX)
31:50 Bombardier stock (BBD.B)
34:40 Fairfax Financial stock (FFH)
39:40 Constellation Software stock
50:00 Shopify stock 
55:10 Rogers Communications stock (RCI.B)
58:00 Sam’s Pro Picks (WSP, GEHC, BIP.UN)

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

ETF Minute is brought to you by BMO ETFs. Head to https://www.bmoetfs.com to find out more about the BMO Growth ETF (ZGRO) 

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links
https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Fairfax and Constellation Software- which are both stocks Amber owns.

BMO DISCLAIMER
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

This ad is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

Distribution yields are calculated by using the most recent regular distribution, or expected distribution, (which may be based on income, dividends, return of capital, and option premiums, as applicable) and excluding additional year end distributions, and special reinvested distributions annualized for frequency, divided by current net asset value (NAV). The yield calculation does not include reinvested distributions. Distributions are not guaranteed, may fluctuate and are subject to change and/or elimination. Distribution rates may change without notice (up or down) depending on market conditions and NAV fluctuations. The payment of distributions should not be confused with the BMO ETF’s performance, rate of return or yield. If distributions paid by a BMO ETF are greater than the performance of the investment fund, your original investment will shrink. Distributions paid as a result of capital gains realized by a BMO ETF, and income and dividends earned by a BMO ETF, are taxable in your hands in the year they are paid. Your adjusted cost base will be reduced by the amount of any returns of capital. If your adjusted cost base goes below zero, you will have to pay capital gains tax on the amount below zero.

Cash distributions, if any, on units of a BMO ETF (other than accumulating units or units subject to a distribution reinvestment plan) are expected to be paid primarily out of dividends or distributions, and other income or gains, received by the BMO ETF less the expenses of the BMO ETF, but may also consist of non-taxable amounts including returns of capital, which may be paid in the manager’s sole discretion. To the extent that the expenses of a BMO ETF exceed the income generated by such BMO ETF in any given month, quarter, or year, as the case may be, it is not expected that a monthly, quarterly, or annual distribution will be paid. Certain BMO ETFs have adopted a distribution reinvestment plan, which provides that a unitholder may elect to automatically reinvest all cash distributions paid on units held by that unitholder in additional units of the applicable BMO ETF in accordance with the terms of the distribution reinvestment plan. For further information, see the distribution policy in the BMO ETFs’ prospectus.

Commissions, management fees and expenses all may be associated with investments in BMO ETFs and ETF Series of the BMO Mutual Funds. Please read the ETF facts or prospectus of the relevant BMO ETF or ETF Series before investing. The indicated rates of return are the historical compounded total returns including changes in share or unit value and the reinvestment of all dividends or distributions and do not take into account the sales, redemption, distribution, optional charges or income tax payable by the unitholder that would ...

Prime Minister Mark Carney declared a new world order at Davos this week, what does that mean for your money? In this episode of In the Money with Amber Kanwar, Amber sits down with David Picton, CEO of PICTON Investments, Canada’s largest hedge fund, to unpack what a shifting global order means for investors.

From the breakdown of the traditional 60/40 portfolio to the growing role of alternatives, Picton argues that investors are navigating a fundamentally different market regime. He explains why stocks and bonds no longer provide the diversification they once did, how inflation and massive fiscal spending are changing correlations, and why portfolio construction now matters as much as individual security selection. Picton outlines a He outlines his firm’s 40/30/30 framework  blending equities, bonds, and alternatives for a more flexible, total-portfolio approach that treats assets as return streams rather than rigid categories — an evolution he believes is essential as volatility, policy uncertainty, and global fragmentation reshape markets.

In Pro Picks, Picton highlights Rocket Companies (RKT) as a high-conviction idea that reflects his firm’s framework. He explains why Rocket’s scale, data advantage, and aggressive use of AI position it to benefit from consolidation in the U.S. mortgage market, especially as refinancing activity eventually returns and housing affordability becomes a political priority. As a bonus, Picton also discusses why his firm is increasingly cautious on big-cap technology, arguing that the easy phase of the AI trade is over and that selective short exposure may now play a role as winners and losers begin to separate.

Timestamps
00:00 Show Trailer

02:00 Intro
05:50 David Picton’s early journey
07:25 Picton’s total portfolio approach and the importance of alternatives
12:00 60/40 doesn’t work anymore, Picton’s is 40/30/30
13:50 A new world order and new world investing order
15:50 The reality of being a hedge fund manager
17:30 Expect a broadening of the rally
20:00 Picton’s investing outlook for 2026
25:10 Watching the bond market and where do investors go for a return?
27:20 Gold & gold stocks
32:00 Energy & energy stocks 

33:15 Using hedging strategies
35:20 Maybe there is some method to Trump’s madness 

37:00 The sell America trade 

40:00 More on Picton’s alternative strategy
43:20 The real estate question
44:40: Picton’s Pro Picks (RKT + bonus) 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

EQB was the worst-performing bank stock last year. A housing slowdown, a spike in provisions for credit losses, and the sudden passing of longtime CEO Andrew Moor left investors with a lot to digest. But in the banking sector, there’s an old market adage — “worst will be first” — the idea that last year’s laggard often leads the group in the following year. 

On this episode of In the Money with Amber Kanwar, Amber sits down with Chadwick Westlake, the new President & CEO of EQB. Westlake opens up about stepping into leadership during a moment of crisis, stabilizing the business, and resetting focus at a disruptive Canadian financial institution. 

Westlake explains what it truly means to be Canada’s Challenger Bank — from lending to self-employed Canadians, newcomers and entrepreneurs to taking a loan-by-loan approach to risk in a housing market which many investors fear is a systemic problem. Amber presses on the “mortgage cliff” of 2026, provisions for credit losses, and what EQB is modeling for unemployment and consumer strain. Chadwick outlines why the bank expects more volatility, why he sees cautious reasons for optimism later in 2026, and why EQB believes it’s positioned to navigate renewals differently with an average mortgage duration closer to two years. 

Then comes the blockbuster: EQB’s transformational deal to acquire PC Financial and become the exclusive financial partner of PC Optimum — a move that brings millions of Canadians into EQB’s ecosystem and reshapes the future of competition in Canadian banking. Westlake explains why scale matters, why challenger banks need urgency rather than complacency, and how this deal positions EQB to challenge the status quo. 

The conversation also digs into valuation, buybacks, and ownership concentration and what all that means for decision making and accountability. 

Finally, Westlake shares his candid views on Canada itself — arguing that the country needs to move faster and take greater ownership of its economic future. He speaks about productivity, competitiveness, and why Canadian businesses and policymakers must act with more urgency in a rapidly changing global environment. For Westlake, building a stronger challenger bank is inseparable from building a stronger Canada — one that competes, innovates, and backs its own talent with conviction.

Timestamps
00:00 Show trailer 

02:00 Intro 

04:20 What does it mean to be a challenger bank?
07:30 Why Chadwick took the CEO role after the death of longtime CEO Andrew Moor 
10:40 What was going wrong in 2025 as he stepped into the role?
13:20 Chadwick on the housing market 

16:20 Does Canada have a systemic housing problem?
18:30 Skepticism about the EQB strategy
21:00 What EQB look like in 5 years?
23:00 EQB has modelled for more pain
24:30 Why the mortgage renewal cliff doesn’t impact EQB and losses tied to housing
26:10 What does lower immigration mean for growth? 

28:00 EQB’s deal with PC Financial 

32:30 Question marks surrounding the deal
36:10 EQB’s word for 2026: Reimagine 

38:30 What does it mean for EQB’s risk profile?
40:30 EQB’s structure, decision making and accountability
43:00 Does the deal change EQB’s profile as a takeover target?
45:10 What can EQB do in wealth that isn’t already being done? 

47:00 Canada needs to take hold of its destiny and fast 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

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David Burrows is back — and he’s bringing receipts. When he joined In the Money with Amber Kanwar last year, his call that Canada would behave more like a global market than a U.S. tech-heavy one went viral… and then it played out. Now, the Chairman & CIO of Barometer Capital Management, returns with the same message, only louder: the market is shifting — and the forces driving the new leadership are getting stronger. Burrows explains why investors may need to look beyond the familiar tech trade, and why commodities, financials, defence, and selective international exposure are increasingly doing the heavy lifting as we head deeper into 2026.

In the Mailbag, Burrows goes stock-by-stock across a packed lineup. He starts with JP Morgan (JPM), explaining why he still sees it as the best house in a financials-led neighborhood, then tackles TD (TD) after its massive run and why he’s wary of second-guessing a bull market in banks. From there, he goes global with Banco Santander (SAN), breaking down why it’s become a core holding and what investors miss when they only focus on the Canadian Big Five. He then digs into defence — including Kratos (KTOS) and AeroVironment (AVAV) — along with broader exposure through ETFs like iShares U.S. Aerospace & Defense ETF (ITA), Invesco Aerospace & Defense ETF (PPA), and iShares European Defence ETF (EUAD). In industrials, he weighs in on Canadian Pacific Kansas City (CP) and CN Rail (CN), plus Canadian names like Aecon (ARE) and TFI International (TFII), and explains why “broken charts” can remain traps without a true trend reversal. He also touches on mega-cap tech exposure through holdings like Alphabet (GOOGL), NVIDIA (NVDA), Broadcom (AVGO), and Lam Research (LRCX), before pivoting to healthcare’s improving breadth via the SPDR S&P Biotech ETF (XBI), leaders like Eli Lilly (LLY), and renewed momentum in Moderna (MRNA). He closes the mailbag with commodities, discussing Alamos Gold (AGI) and M&A chatter in miners Glencore (GLEN) and Rio Tinto (RIO), and why these cycles often last longer than investors expect.

In Pro Picks, Burrows revisits ideas that have already delivered — including JP Morgan (JPM), Fairfax Financial (FFH), and Agnico Eagle (AEM) — and explains why big gains don’t automatically mean it’s time to sell in a structural bull market. He then delivers a commodity-heavy set of high-conviction picks built for what he sees as the next phase of leadership: Hudbay Minerals (HBM) as a way to play tightening copper supply, Wheaton Precious Metals (WPM) for lower-volatility precious-metals exposure with silver leverage, and Headwater Exploration (HWX) as a low-cost way to position for energy catching a stronger bid. If last year was the preview, Burrows argues this year is the confirmation — the market’s centre of gravity is moving, and investors who adapt early can still be ahead of the crowd.

Timestamps
00:00 intro
03:05 David’s viral clip on Canada
05:00 What’s going to outperform in 2026? What are the right neighbourhoods?
07:40 David’s approach and how he recognized the market shift
11:00 Does this mean the Magnificent 7 is dead? 

13:15 Venezuela fear
14:50 Trump’s threat on the Fed 

16:30 Is the sell America trade alive in 2026?
17:50 Does each notch of uncertainty further embolden gold?
19:10 Do financials still have leadership?

21:35 ITM Mailbag: JP Morgan stock (JPM)

24:35 TD Bank stock (TD)
29:00 Banco Santander stock (SAN)
32:00 Defence stocks (KTOS, AVAV) 

36:05 CP Rail & CN Rail stocks (CP, CNR) 

37:20 Aecon stock (ARE.TO)
38:30 TFI International stock(TFII) 

41:10 Healthcare stocks (LLY, MDNA)
43:05 Alamos Gold (AGI)
 45:10 Glencore/Rio-Tinto rumour (GLEN.LON, RIO.LON)
46:40 David’s Past & Pro Picks (JPM, FFH, AEM, WPM, HWX)

58:30 Why is CNQ underperforming? 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to https://www.bmoetfs.com and check out the Tools section.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What happens when politics collides head-on with monetary policy? On this episode of In the Money with Amber Kanwar, Amber sits down with legendary Fed watcher Ed Yardeni, President of Yardeni Research, to unpack what he calls an unprecedented threat to the independence of the U.S. Federal Reserve — and why the market may be more resilient than the headlines suggest.

Yardeni, who once worked at the Fed and has spent more than four decades studying markets, explains why political pressure on Chair Jerome Powell could actually strengthen the Fed’s independence, not weaken it. He also lays out his core investing principle: never let politics drive portfolio decisions. Instead, earnings remain the true north star — and in Yardeni’s view, earnings continue to surprise to the upside.

Amber and Yardeni dig into his “Roaring 2020s” thesis, why he believes the U.S. economy can avoid recession, and how demographics, productivity gains, and resilient consumers are underpinning record-high profits. They also explore why geopolitical shocks often create buying opportunities — and why fears of an imminent collapse have repeatedly kept investors on the sidelines at the worst possible times.

The conversation then turns to where Yardeni is repositioning capital as market leadership broadens beyond mega-cap tech — including why he thinks the Magnificent Seven face rising competition in the AI arms race, even as the broader market benefits.

In Pro Picks, Ed Yardeni shares his highest-conviction ideas for the year ahead. He explains why he is market-weight technology but underweight the Magnificent Seven, arguing that intensifying AI competition and massive capital spending could pressure returns. Instead, he’s overweight industrials, which stand to benefit from onshoring and infrastructure investment, overweight healthcare, where an emerging M&A cycle and biotech innovation could unlock value, and overweight precious metals, with gold and the broader complex supported by central-bank buying, global uncertainty, and powerful technical momentum.

To learn more about Yardeni’s framework and ongoing market insights, check out https://yardeniquicktakes.com, his near-daily research service for individual investors.

Timestamps
00:00 Show intro 

05:40 Powell is justified in responding to Trump’s barrage of attacks 

07:00 This could end up making the Fed MORE independent 
09:15 This is perverse, unusual and unsettling 

10:15 Never let politics interfere in your investment decisions

13:30 It’s all about earnings, but is this time different? 
17:00 Geopolitical crises are great buying opportunities 
19:00 Yardeni’s roaring ‘20s thesis explained, the Gen shaped economy 
24:00 The bears will keep you out of the market and that’s a mistake 
26:30 The U.S. market relative to the rest of the world 
30:00 Ed’s Pro Picks (underweight Mag 7, overweight materials & precious metals, overweight industrials, overweight healthcare)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What does the Venezuela fallout mean for Canada, oil markets — and for investors trying to stay ahead of the noise? On this episode of In the Money with Amber Kanwar, we tackle the geopolitical shock head-on — and separate real risk from market overreaction.

Amber begins with veteran investor Frances Horodelski, setting the scene on Venezuela’s sudden return to the global spotlight. Frances breaks down why the sharp selloff in Canadian energy stocks may have been more about positioning than fundamentals. She explains how Canadian oil had already outperformed U.S. peers, why fears around Venezuelan oil supply may be overstated, and why infrastructure constraints, corruption, and pricing realities mean any meaningful production ramp will take years, not weeks. She also weighs in on USMCA/NAFTA renegotiations, Canada’s bargaining power with the U.S., the resilience of the Canadian dollar, and why investors can’t just “buy the energy ETF” anymore.

The conversation expands beyond oil to explore Bank of Canada policy, gold and gold miners, commodities, Canadian banks, and defensive sectors. Frances explains why banks, copper, and gold may be ahead of themselves, why utilities and healthcare could offer shelter, and why this environment increasingly looks like a stock picker’s market.

In the second half, Cole Smead of Smead Capital tackles the biggest question investors are asking: Does Venezuela change the global energy game? Cole argues the market is confusing headlines with fundamentals, explaining why time, capital, and physics still dominate oil markets. He outlines why fears around Canadian heavy oil may be misplaced, why WTI vs WCS spreads matter, and how potential pipeline developments could reshape long-term outcomes.

Cole also shares how he’s positioning portfolios amid volatility, why he’s leaning into Canadian heavy oil producers, avoiding short-term refinery hype, and “dreaming” where others can’t. He discusses ConocoPhillips (COP), Chevron (CVX), Canadian names like Cenovus, Canadian Natural Resources, Strathcona, Tourmaline, and Birchcliff, and why investor psychology creates opportunity when markets panic.

It’s a clear-eyed conversation about geopolitics, energy, and investor psychology — and a reminder that the market’s first reaction is rarely the final verdict.

Timestamps

00:00 Show intro
03:30 Looking at the Canadian energy patch pre and post Venezuela invasion
06:00 The oil making its way to the Gulf Coast is not a lot of oil 

07:00 It will take a very long time to get the oil out of Venezuela 

08:30 Is Canada’s bargaining power screwed?
11:00 Is Venezuela a domestic issue because it will lower oil prices?
12:30 What about Canadian banks in Latin America?
14:40 What does it mean for the gold price? 

16:30 Where can investors hide? 

18:00 What about other commodities?

20:20 The world changes when consequential people are in power
23:00 Cole Smead ‘this too will pass’, why Cole still likes Canadian energy
26:00 Pipeline pressure and supply and demand
30:45  What does it mean for U.S. energy?
34:30 What is the ideal tilt for a portfolio?
37:40 Cole is running toward Canadian heavy oil 

40:00 Time to sell or find a way to profit?
44:20 Could this mean more M&A in the Canadian energy patch?
49:00 Will this catalyze action around a pipeline?
53:15 What comes next around the world?
57:40 Is there a world where Canadian producers go to Venezuela?
59:30 Cole’s high-conviction ideas

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In the final instalment of our special series on alternative investing, host Paige Ellis sits down with Sachin Shah, CEO of Brookfield Wealth Solutions for a deep dive into the private-markets playbook that helped build one of the world’s most powerful alternative asset managers and what retail investors can learn from it.

With more than two decades inside Brookfield, Sachin shares how private equity, infrastructure, real estate, private credit, and insurance are reshaping long-term portfolio construction. He explains why alternatives have “seasoned” into a mainstream asset class, how pension funds and sovereign wealth funds paved the way, and why retail investors are now being invited in — just as retirement shortfalls become harder to ignore.

The conversation digs into where Brookfield is seeing opportunity today, from mispricing in global real estate to long-duration infrastructure and the massive capital demands of the AI build-out. Sachin also addresses the risks investors worry about most — liquidity, leverage, valuation transparency — and explains how Brookfield thinks about downside protection, balance-sheet discipline, and intrinsic value across market cycles.

As the series wraps, Sachin offers a clear framework for investors who have little or no exposure to private markets, including how to think about starting small, understanding liquidity trade-offs, and positioning alternatives in a long-term retirement plan.

This episode closes out our deep dive into alternative investing — and sets the stage for what comes next as private markets continue to reshape the future of investing.

Timestamps
00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY
1:45 Show intro with Paige Ellis
03:45 Sachin Shah on his early days at Brookfield and the lessons learned
07:10 Defining alternatives in 2025

09:10 Why has private investing now gone mainstream?
10:30 Where is Brookfield deploying capital geographically? 

13:00 Have tariffs changed the outlook?
14:40 Mispricing in the real estate market 

18:00 Where Brookfield is being cautious
20:30 There are too many PE firms
22:50 Brookfield knows what they’re good at and what they’re not
23:50 Sachin’s thoughts on evergreen funds
26:45 Regulators and private investing
30:25 Are institutions tapped out? Is that why alts are going after retail?
33:05 The fee discussion
34:50 How do you value an asset in the private world?
36:40 Insurers & private equity
39:30 Where does Sachin see the biggest areas of growth?
41:10 The Brookfield niche in the AI buildout
45:00 What keeps Sachin up at night?
46:50 Where should investors start to get private exposure? 

Sponsors

Sign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-pro

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Real estate is one of the most talked-about alternative investments — but what does it actually look like in practice?

In the second instalment of our special series on alternative investing, host Paige Ellis sits down with Lindsey Deluce,  CTV Your Morning host and an active real estate investor building long-term wealth outside the stock market. Lindsey opens up about her real-world investing journey, from early renovations in Toronto to scaling a growing portfolio of multi-unit properties across Ontario.

Lindsey breaks down the BRRRR strategy — buy, rehab, rent, refinance, repeat — and explains how she uses renovations, tenant turnover, and creative financing to unlock equity and grow her portfolio. She shares how her approach evolved after the pandemic, why she moved beyond Toronto, and how she evaluates cash flow and risk in today’s market.

This conversation goes beyond theory. Lindsey gets candid about hearing “no” from banks, navigating appraisals, working with alternative lenders, and why building the right team — from contractors to mortgage brokers — is critical to success. She also shares her ambitious “50 by 50” goal and how she’s using real estate to create generational wealth.

If you’re curious how real estate fits into the broader world of alternative investing — and what it really takes to make the numbers work — this episode offers a practical, behind-the-scenes look from someone doing it in real time.

Timestamps
00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY
01:45 Show intro with Paige Ellis
03:45 Why did Lindsey choose to become a real estate investor?
05:20 Assessing different real estate investment strategies
07:20 What is the BRRR method and Lindsey’s 50 by 50 goal
10:20 How to approach buying a property 

13:20 Why Lindsey is focused outside of Toronto
14:40 What does the renovation part look like?
17:15 What about when things go wrong?
19:10 Becoming a landlord 

22:20 The refinance stage
24:40 Financing solutions and non-bank lenders
26:20 How do you know if you’re ready to jump back in and what step does Lindsey like the best?
28:10 What about rates? Is it a more difficult environment right now?
29:30 Realistically how much capital do you need to get started?
31:00 What’s a realistic timeline for getting your money out? And what about lessons learned  

33:20 Can anyone get started? 

Sponsors

Sign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-pro

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What if the biggest investing opportunities aren’t in stocks at all?

This episode of In the Money with Amber Kanwar kicks off a brand-new special series on Alternative Investing, starting with a candid conversation between Amber and longtime colleague Paige Ellis, who takes over hosting duties for the series. Together, they set the stage for why private markets, once reserved for institutions and ultra-wealthy investors, are rapidly moving into the mainstream — and what that shift means for everyday portfolios.

Paige is then joined byMario Giannini, Executive Co-Chairman of Hamilton Lane, a private markets powerhouse overseeing nearly $1 trillion in assets. Drawing on decades of experience, Giannini explains why public companies are disappearing, why private capital now dominates everything from AI implementation to infrastructure, and how investors should think about illiquidity not as a flaw, but as a feature.

The conversation tackles some of the most pressing questions investors have about alternatives: how much of a portfolio should be allocated to private assets, why private credit has quietly outperformed for years, what risks are misunderstood, and why evergreen structures are reshaping access for high-net-worth and retail investors alike. Giannini also weighs in on AI valuations, secondaries, infrastructure, Canada’s investment outlook, and why future growth in private markets may be driven by individuals rather than institutions.

This is the first episode in a three-part deep dive into alternatives — a reset on how capital is allocated in a world where the most valuable companies may never go public.

Timestamps
00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY

01:45 A look into our special series on alternatives
06:00 SPECIAL GAME: What is an alternative asset?
13:45 How sideways deals have informed Mario Giannini’s investment approach
16:30 How private investing became much more popular after the GFC
18:00 Why you need private exposure because public companies are disappearing
20:40 Private markets outperforming public markets
22:50 Are there cracks in private credit? 

25:45 Is AI in a bubble?
27:45 AI & private markets
30:30 What is Mario bullish on right now? 

32:10 The good news and bad news about Canada
35:00 Why Hamilton Lane was one of the first to offer private investment vehicles to individuals and why a downturn might be necessary
39:20 The liquidity question
44:00 Understanding gating and why it’s happening
46:50 How much of a portfolio should be in private investments? 

51:00 Is there an area of private investments where retail has an edge? 

Sponsors

Sign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-pro

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What does real wealth management look like when your biggest asset isn’t your portfolio — but your business, your family, and your time?

On this special episode of In the Money with Amber Kanwar, Amber sits down with Danielle Martin, Senior Wealth Advisor and Portfolio Manager, ScotiaMcLeod, who specializes in working with business owners, dentists, and medical professionals with complex financial lives. Together, they move beyond stock picking and into the realities of holistic wealth planning — from tax strategy and insurance to legacy planning, work-life balance, and peace of mind.

Danielle explains why entrepreneurs think differently about money, why many invest almost everything back into their businesses, and how that mindset can create blind spots if not properly managed. She shares the “crystal ball” she’s developed over decades of advising business owners — the common pitfalls, emotional traps, and distractions that can derail long-term financial success — and how structure and simplicity help clients stay the course.

The conversation also explores major life moments that don’t show up on a balance sheet: maternity leave as a financial event, building a career without a pension, raising a family while running a business, and why trust and listening matter just as much as returns. Danielle reflects on being one of the only women in her training class decades ago, and why wealth management today is becoming a far more human — and inclusive — profession.

The Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more, visit https://scotiabank.com/women-initiative.

Timestamps
00:00 Show intro
00:55 Managing wealth for business owners
04:00 Educating clients on a holistic approach to wealth management
05:30 The most common pitfalls
07:00 When should business owners start?
08:40 Where does maternity leave and flexibility fit in?
11:00 It’s a fantastic industry for women 

Sponsors

The Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more check out:https://www.scotiabank.com/women-initiative/ca/en.html

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

SCOTIA WEALTH MANAGEMENT DISCLAIMER
This publication has been prepared by The Bank of Nova Scotia for Scotia Wealth Management clients and may not be redistributed. It is for general information purposes only and should not be considered or relied upon as personal and/or specific financial, tax, pension, insurance, legal or investment advice. We are not tax or legal advisors and we recommend that individuals consult with their qualified advisors, including tax and legal advisors, before taking any action based upon the information contained in this publication. Opinions and projections contained in this publication are our own as of the date hereof and are subject to change without notice. Scotia Wealth Management is under no obligation to update this commentary and readers should assume the information contained herein will not be updated. While care and attention has been taken to ensure the accuracy and reliability of the material in this publication, neither The Bank of Nova Scotia nor any of its affiliates or any of their respective directors, officers or employees make any representations or warranties, express or implied, as to the accuracy or completeness of such material and disclaim any liability resulting from any direct or consequential loss arising from any use of this publication or the information contained herein. This commentary may contain forward-looking statements based on current expectations and projections about future general economic factors. Forward-looking statements are subject to inherent risks and uncertainties which may be unforeseeable and such expectations and projections may be incorrect in the future. Forward-looking statements are not guarantees of future performance and you should avoid placing undue reliance upon them. This publication and all the information, opinions and conclusions contained herein are protected by copyright. This publication may not be reproduced in whole or in part without the prior express consent of The Bank of Nova Scotia.

®Registered trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management® consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Private banking services are provided by The Bank of Nova Scotia. Estate and trust services are provided by The Bank of Nova Scotia Trust Company. Portfolio management is provided by 1832 Asset Management L.P. and 1832 Asset Management U.S. Inc. Insurance services are provided by Scotia Wealth Insurance Services Inc. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. International investment advisory services are provided by Scotia Capital Inc. Financial planning services are provided by The Bank of Nova Scotia and ScotiaMcLeod. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and is regulated by the Canadian Investment Regulatory Organization. Scotia Wealth Insurance Services Inc. is the insurance subsidiary of Scotia Capital Inc., a member of the Scotiabank group of companies. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Insurance Agents (Financial Security Advisors in Quebec) representing Scotia Wealth Insurance Services Inc.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

We’re getting festive on this episode of In the Money with Amber Kanwar — and instead of our usual portfolio manager chat, Amber and executive producer Jillian Glickman take a step back to look at what really mattered this year: which stocks worked, which didn’t, and which fund managers actually delivered when it counted.

After launching the podcast from scratch just a year ago, the team revisits the show’s biggest moments, from standout interviews and surprise headlines to the stocks and themes that defined the year. They break down the best and worst performers across the show, reveal which investing styles thrived in a volatile market, and take an honest look at where conviction paid off — and where it didn’t.

The episode culminates in a special interview with In the Money with Amber Kanwar’s best-performing fund manager of the year, Daniel Lewis of Orange Capital. Known for his contrarian, special-situations approach, Lewis explains why distressed and misunderstood businesses delivered some of the biggest returns, notably Better Home & Finance's +300% showing (BETR) — and shares two brand-new stock ideas he believes could be next.

It’s part year-end report card, part behind-the-scenes reflection, and part forward-looking playbook — the perfect way to close out the year and set the stage for what’s next.

Happy holidays from In the Money with Amber Kanwar — and thank you for being part of the journey.

Timestamps
00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY

01:50 Show intro
04:35 Reflecting on the first year of In the Money with Amber Kanwar 

07:35 Our first episode and how we knew people liked the show!
10:10 Our first live show at the Calgary Stampede and breaking news with Strathcona’s Adam Waterous
12:35 Amber’s interview with Prime Minister Mark Carney
17:20 Thank you to our sponsors!
18:45 The most number one recommended stock of the year: Tourmaline Oil (TOU)
23:00 Equinox’s Ross Beaty calls the stock’s turnaround (EQX)
27:00 2025’s worst performing stocks (DND, FISV)
32:10 Commodities in 2025
37:35 The theme of the year: AI, and the winning stock: Alphabet (GOOG) 

43:35 2025’s best performing stocks
45:25: Best Performing Portfolio Manager of the Year looks back at his best pick and gives two new picks (BETR, ARX-N, WIX) 

Sponsors

Sign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-pro

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to www.bmoetfs.com and check out the Tools section.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Artificial intelligence has been hyped, doubted, celebrated, and questioned — but very few people understand it from the inside out.

On this episode of In the Money with Amber Kanwar, Amber sits down with Malcolm White, Portfolio Manager, BMO Global Asset Management, to cut through the noise around the AI boom and explain what’s actually happening beneath the headlines. From the launch of ChatGPT to today’s trillion-dollar AI infrastructure buildout, Malcolm breaks down why this moment is fundamentally different — and why many investors still don’t fully grasp the technology driving it.

Drawing on his experience as both a former AI programmer and portfolio manager, Malcolm explains why AI adoption is moving faster than anything he’s seen before, how skepticism around valuations, capex, and so-called “AI bubbles” often misses the mark, and why physical constraints — power, data centers, and compute — matter just as much as software. He offers a rare behind-the-scenes look at how AI models are trained, why data is the new gold, and what investors get wrong about chips, depreciation, and commoditization.

In the Mailbag, Malcolm weighs in on some of the most talked-about names in the AI ecosystem, including Broadcom (AVGO), Reddit (RDDT), SanDisk (SNDK), Western Digital (WDC), and Celestica (CLS). He explains why volatility is rising even as the AI capex cycle remains intact, how investors should think about pullbacks versus broken theses, and why certain “boring” infrastructure plays are quietly benefiting from massive shifts in data, memory, and storage demand.

In Pro Picks, Malcolm lays out three high-conviction ideas tied to different stages of the AI and innovation cycle. He explains why Nvidia's (NVDA) fundamentals continue to be misunderstood despite its dominant position, why memory and semiconductors remain critical bottlenecks, and why Samsung Electronics (005930.KS) offers an underappreciated catch-up opportunity. He also looks further out to the next frontier with a deep dive into quantum computing, including why pre-IPO Xanadu Quantum Technologies stands out — and why investors should treat the space with both curiosity and caution.

Timestamps

00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY
01:50 Show intro
03:55 Malcolm is a portfolio manager & AI programmer
08:15 An inside view into the pace at which AI has evolved
13:50 The Deepseek moment
17:00 The Fury of Burry - what Michael Burry is Missing 

23:50 What about the circular deals?
26:30 Why Malcolm thinks Anthropic will be the first IPO & what comes next
29:40 The Oracle question
32:45 How transformative will AI be? 

36:00 ITM Mailbag: Broadcom stock (AVGO) 

39:10 Reddit stock (RDDT)
40:00 Sandisk stock (SNDK) 

43:15 Western Digital stock (WDC)
45:00 Celestica stock (CLS)
48:25 Malcolm’s Pro Picks (NVDA, Samsung, Xanadu Quantum) 

59:20 ETF Minute: HAMILTON CHAMPIONS™Canadian Dividend Index ETF, HAMILTON CHAMPIONS™ EnhancedCanadian Dividend ETF

Sponsors

Sign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-pro

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to www.bmoetfs.com and check out the Tools section.

Pro Picksis brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

ETF Minute is brought to you by Hamilton ETFs. To learn more about the HAMILTON CHAMPIONS™ Canadian Dividend Index ETF and the HAMILTON CHAMPIONS™ Enhanced Canadian Dividend ETF, visithttps://hamiltonetfs.com.

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Long term investing sounds simple until the market throws fear, noise, bubbles, tariffs, and headlines at you. On this episode of In the Money with Amber Kanwar, Amber sits down with Winnie Go, Senior Wealth Advisor & Portfolio Manager with Scotia Wealth Management, for a grounded, battle-tested conversation shaped by her 30 years in the markets.

Winnie breaks down why high-quality companies, discipline, and diversification—not hype—are what actually build wealth over decades. She explains how she navigated the fear of 2008, what today’s bubble chatter gets wrong, why tech and gold can rally together in this strange new market, and why selling too early is one of the most common investor mistakes.

They dig into what’s working now: earnings growth, overlooked sectors like healthcare, the steady strength of Canadian dividends, and why “boring” names in financials and utilities often win the long game. She also shares what she avoids completely and how investor behavior has shifted—especially for women—over the course of her career.

The Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more information check out:https://www.scotiabank.com/women-initiative/ca/en.html

Timestamps
00:00 Show intro
01:00 Winnie’s investment philosophy
02:30 Why you need to stay tried and true
03:30 It’s always something, stay invested 

05:30 What did Winnie learn from the GFC?

06:30 What about bubbles?
07:30 Tech rallying alongside gold 

08:30 Tech & diversification
10:00 Canada vs. U.S.
11:50 Earnings growth & dividend increases
12:20 What does Winnie like right now?
13:35 What is Winnie avoiding?
14:20 The importance of bringing women into the conversation 

Sponsors
The Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more check out:https://www.scotiabank.com/women-initiative/ca/en.html

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

SCOTIA WEALTH MANAGEMENT DISCLAIMER
This publication has been prepared by The Bank of Nova Scotia for Scotia Wealth Management clients and may not be redistributed. It is for general information purposes only and should not be considered or relied upon as personal and/or specific financial, tax, pension, insurance, legal or investment advice. We are not tax or legal advisors and we recommend that individuals consult with their qualified advisors, including tax and legal advisors, before taking any action based upon the information contained in this publication. Opinions and projections contained in this publication are our own as of the date hereof and are subject to change without notice. Scotia Wealth Management is under no obligation to update this commentary and readers should assume the information contained herein will not be updated. While care and attention has been taken to ensure the accuracy and reliability of the material in this publication, neither The Bank of Nova Scotia nor any of its affiliates or any of their respective directors, officers or employees make any representations or warranties, express or implied, as to the accuracy or completeness of such material and disclaim any liability resulting from any direct or consequential loss arising from any use of this publication or the information contained herein. This commentary may contain forward-looking statements based on current expectations and projections about future general economic factors. Forward-looking statements are subject to inherent risks and uncertainties which may be unforeseeable and such expectations and projections may be incorrect in the future. Forward-looking statements are not guarantees of future performance and you should avoid placing undue reliance upon them. This publication and all the information, opinions and conclusions contained herein are protected by copyright. This publication may not be reproduced in whole or in part without the prior express consent of The Bank of Nova Scotia.

®Registered trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management® consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Private banking services are provided by The Bank of Nova Scotia. Estate and trust services are provided by The Bank of Nova Scotia Trust Company. Portfolio management is provided by 1832 Asset Management L.P. and 1832 Asset Management U.S. Inc. Insurance services are provided by Scotia Wealth Insurance Services Inc. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. International investment advisory services are provided by Scotia Capital Inc. Financial planning services are provided by The Bank of Nova Scotia and ScotiaMcLeod. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and is regulated by the Canadian Investment Regulatory Organization. Scotia Wealth Insurance Services Inc. is the insurance subsidiary of Scotia Capital Inc., a member of the Scotiabank group of companies. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Insurance Agents (Financial Security Advisors in Quebec) representing Scotia Wealth Insurance Services Inc.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What if the next big bull market isn’t in tech or AI stocks — but in commodities?

On this episode of In the Money with Amber Kanwar, Amber sits down with Hussein Allidina, Head of Commodities at TD Asset Management, for one of the most comprehensive conversations about commodities after an explosive year. 

Hussein argues that we’re still in the early stages of a multi-year commodity upcycle, driven by chronic underinvestment, rising global demand, and a world that needs far more energy, metals and power infrastructure than we’re currently capable of producing. He explains why commodities zig when everything else zags, how they deliver real inflation protection, and why a 5–10% allocation may be the most overlooked tool in modern portfolio construction.

From why oil may first trade down into the $40 range before setting up for a powerful rebound, to why natural gas could become the quiet backbone of AI, Hussein delivers a masterclass in understanding cycles, supply constraints, and how capital is flowing into the wrong parts of the system. And yes — we get into gold. Why it’s not an inflation hedge, why central banks can’t stop buying it, and why he believes “we see $5,000/oz before we see $2,000/oz.” Amber and Hussein also explore the long cycles in the U.S. dollar, the rise in military and infrastructure spending, and how electrification and data centres will reshape global commodity demand over the next decade.

In Pro Picks, Hussein lays out three clear calls: a tactical short in soybeans as speculative flows unwind, a strategic long oil position over the next 6–12 months as inventories tighten and spare capacity shrinks, and a long-term bullish view on copper over the next five to seven years driven by some of the strongest structural demand forces in the market. It’s a roadmap for anyone trying to navigate commodities with a professional lens.

If you’ve ever wondered how to think about commodities like a pro — or whether now is the moment to finally add them to your portfolio — this episode is for you.

Timestamps

00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY
01:15 Show intro
03:25 The role of commodities in a portfolio
07:15 What’s a responsible allocation to commodities?
10:00 Understanding how commodity cycles work
14:30 What’s going on with oil? 

19:10 Expectations for natural gas
23:00 What if the return from AI doesn’t materialize?
25:00 The path for Copper
27:20 The generalist attitude toward commodities right now
29:30 Gold’s record year- what happens next?
36:45 Silver’s big surge 

39:20 TD Alternative Commodities Pool Fund
40:40 The relationship between rates & commodities 

43:10 Understanding the supply & demand picture, bigger themes & defence spending
46:45 Hussein’s Pro Picks (short soy beans, long oil, longer term copper) 

Sponsors

Sign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to www.bmoetfs.com and check out the Tools section.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The final Fed decision of 2025 may set the tone for the entire 2026 market — and today on In the Money with Amber Kanwar, portfolio manager Brianne Gardner joins Amber to break down what really matters for investors right now. From earnings strength to sector rotation to how much weight you should put on Powell’s language ahead of a potential Fed chair transition, Brianne lays out her top-down roadmap for the year ahead.

She also walks through how she’s positioning client portfolios — why the U.S. still earns the biggest weighting, how her team uses downside-capture targets to protect wealth, and why falling rates could unleash a flood of sidelined cash into equities in 2026.

Then it’s time for a busy mailbag, where Brianne weighs in on NFI Group (NFI.TO), Boston Scientific (BSX), Fairfax Financial (FFH.TO), Rogers (RCI.B.TO), EQB (EQB.TO), Netflix (NFLX) and Oracle (ORCL) — breaking down which names she’s avoiding, which ones she’s actively vetting, and where she sees undervalued stability versus pure momentum risk.

In Pro Picks, Brianne reveals a theme she didn’t even set out to create — market darlings that have pulled back and now offer compelling entry points. She starts with Capital Power (CPX.TO), calling the recent weakness a rare chance to buy a major Canadian power producer at an attractive valuation as it upgrades its fleet and extends asset life. Next is TMX Group (X.TO), a long-term winner that’s dipped on slower IPO activity but continues to deliver double-digit growth in its expanding data and analytics business. And finally, she makes the case for Meta (META), where she used the latest pullback to add to her position, citing strength in core advertising, the monetization of Reels, and meaningful AI-driven engagement tailwinds. 

Timestamps
00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY
02:00 Show intro
04:00 Brianne’s investment style
05:50 A top down approach in 2025
09:30 The Fed rate decision and the picture for 2026
13:05 What potential rate cuts will mean for stocks next year
14:05 ITM Mailbag: NFI Group (NFI)

17:30 Boston Scientific stock (BSX)
20:30 Fairfax Financial stock (FFH)
23:40 Telcos & Rogers stock (RCI.B)
28:40 Why Brianne likes to rent not own energy
30:45 EQB Inc (EQB)
33:50 Netflix stock (NFLX)
38:15 Oracle stock (ORCL)
41:40 Brianne’s Pro Picks (CPX, X, META) 

Sponsors

Sign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to www.bmoetfs.com and check out the Tools section.

Pro Picksis brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In this special episode of In the Money with Amber Kanwar, we team up with The Scotiabank Women Initiative. Amber sits down with Swanzy Quarshie, Managing Director of Equities, Global Investment Solutions at Scotia Wealth Management, for a wide-ranging look at the biggest force in markets today: the AI boom.

Swanzy breaks down why equity markets are soaring even as the underlying economy lags, and how much of that strength traces back to AI optimism. She digs into the staggering amount of power and water the AI buildout requires, the limits on how quickly that energy can be supplied, and what happens if AI adoption doesn’t keep pace with the infrastructure being built.

They explore whether AI can truly deliver the productivity gains companies are banking on, why some sectors are already seeing real benefits, and how the next wave of AI winners may come from outside the hyperscalers — in places like consultants, utilities, and financials that learn to integrate AI effectively.

If you want a clear, grounded take on the realities behind the AI frenzy — and where the lasting opportunities could emerge — this episode is a must-watch.

The Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more information check out:https://www.scotiabank.com/women-initiative/ca/en.html

Timestamps
00:00 Show intro
01:15 Swanzy’s career arc
3:30 Swanzy’s view on earnings growth & AI
05:30 Cautious optimism on AI
08:15 Energy demand, AI & productivity gains
13:30 Is there any choice but to be invested in AI? 

16:50 How does Canada position itself for the AI boom? 

19:00 The U.S. market & AI gains
23:00 AI disruption in the market 

Sponsors
The Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more check out: https://www.scotiabank.com/women-initiative/ca/en.html

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

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DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

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In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

​​We’re looking ahead to the crucial Fed decision next week  — and the central bank may be on a collision course with the market, with inflation, and possibly with its own incoming leadership.

Amber sits down with Dustin Reid, Chief Strategist, Fixed Income at Mackenzie Investments for a wide-ranging and deeply insightful breakdown of what’s about to hit the economy. Reid explains why chaotic Fed communication set the stage for this moment, why the December cut might be the last one for a long time, and what happens if the next Fed chair cuts rates no matter what the data says.

They dig into the true state of the U.S. economy, the K-shaped consumer, whether inflation is really stuck near 3%, and how tariff pass-through and aggressive fiscal stimulus could complicate the path ahead. 

Then the focus shifts to Canada, where Reid argues the Bank of Canada is not done — predicting at least two more cuts by June 2026 as the country confronts a cooling housing market, stalled population growth, and wildly conflicting job data. He breaks down why labour market figures are sending opposite signals, how Blue Jays mania distorted the numbers, and what the real picture looks like under the surface.

Amber and Dustin dive into how AI megacap spending has become a bigger driver of U.S. growth than the consumer, whether cracks in the AI trade will first show up in credit, why Oracle’s CDS spike may be more idiosyncratic than systemic, where private credit stress could ripple next, and how USMCA brinkmanship could impact Canadian markets in 2026.

In the Mailbag, Dustin gives his thoughts on the TLT, unpacks the truth about de-dollarization, and explains whether target-maturity bond funds really make sense for retail investors.

And in Pro Picks, he lays out his highest-conviction positioning for 2026: long the Canadian front end, short the U.S. front end, and why the EM FX carry could be one of the most overlooked opportunities for Canadian investors.

Timestamps
00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY

02:00 Show intro
04:25 Looking ahead to a very important Fed rate decision 

06:50 Why Dustin thinks the Fed will stop cutting in the new year 

10:20 What about Trump’s new Fed pick and the risk of a policy mistake
14:40 The fixed income market could become an issue 

17:40 U.S. fiscal policy
21:10 The bond vigilantes
22:45 AI spending and the bond market
28:00 High-yield debt and should we expect more issuances in 2026
30:00 Private credit defaults
33:00 Why Dustin think the BOC is NOT done cutting rates 

35:00 Canadian data & the baseball effect
41:00 What about inflation?
42:50 The trade risk for Canada
45:15 ITM Mailbag: Thoughts on the iShares 20+ Year Treasury Bond ETF (TLT)
47:00 USD and the role of de-dollarization
52:50 Target bond funds
54:20 Dustin’s Pro Picks (Long Canadian front end, short U.S. front end, EM FX carry trade)

Sponsors

Sign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to www.bmoetfs.com and check out the Tools section.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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https://twitter.com/inthemoneypod 

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questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Long-term investing, Barry Schwartz reminds us, is a simple math problem that most investors overcomplicate — and as a self-described permabull, he’s here to explain why staying constructive matters even in the years that test you. Amber and the President & CIO of Baskin Wealth Management dig into the final trading month of the year as Barry breaks down why earnings growth powered the 2025 rally, why double-digit profit growth is still ahead, and why one off-trend year never justifies abandoning a sound philosophy. He also opens up about Baskin’s performance, the pressure of chasing the index, and why he still won’t touch gold miners despite their monster gains.

Barry tackles viewer questions head-on, starting with Canadian banks at record highs, explaining why National Bank (NA.TO) and Royal Bank (RY.TO) have earned their premium and why he’s not rushing back into TD Bank (TD.TO). He then digs into Telus (T.TO) and the broader telco group, calling out how attractive dividends can mask weak cash flow and rising leverage. On CN Rail (CNR.TO), he respects the long-term durability but sees better growth elsewhere. He weighs in on Constellation Software’s (CSU.TO) rare pullback, why slower growth doesn’t mean the compounding story is over, and why this may be a chance to add, not bail. On Berkshire Hathaway (BRK.B), he pushes back on worries about Buffett’s growing cash pile and argues the long-term thesis remains intact. He also revisits his long-term energy favourites Tourmaline (TOU.TO) and Canadian Natural Resources (CNQ.TO), explaining why he still prefers these disciplined, founder-influenced compounders over the “sexier” high-beta names that have led the recent energy trade.

Barry revisits his February recommendations — Apple (AAPL), Microsoft (MSFT), and Meta (META) — and explains why he stayed steady even when Meta sold off, pointing to its 26 percent revenue growth as evidence that AI is already paying off inside the business. Then he turns to what he’s buying now: TFI International (TFII.TO), where he sees powerful upside once one of the worst freight recessions in years finally bottoms; Alimentation Couche-Tard (ATD.TO), which he believes is regaining momentum as U.S. stores improve and fresh food lifts margins; and Restaurant Brands International (QSR.TO), where Burger King’s turnaround and international expansion could finally unlock a stock that has traded in a range for too long. Each idea reflects the same discipline behind his past winners: buying great businesses when the market temporarily misprices them and letting time and compounding do the heavy lifting.

Timestamps

00:00 Questrade’s new tools for investors
01:30 Show intro 
04:00 Barry Schwartz on the importance of long-term investing
06:00 Barry’s macro view, corporate earnings and why Baskin is underperforming this year 
09:20 Why Barry doesn’t like the gold sector 
11:00 What really mattered this year? 
13:00 AI & All roads lead to OpenAI 
17:00 ITM Mailbag: The Canadian banks 
23:30 Why Barry is a perma-bull 
25:30 Telus stock (T) 
30:00 CN Rail stock (CNR) 
35:00 Berkshire Hathaway stock (BRB.B) 
40:40 Constellation Software stock (CSU) 
42:40 Tourmaline stock & Canadian Natural Resources stock (TOU, CNQ) 
46:15 Barry’s Past & Pro Picks (AAPL, MSFT, META, TFI, QSR, ATD)

Sponsors

For more information on Questrade's new tools for investors visit https://questrade.com

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to www.bmoetfs.com and check out the Tools section.

Pro Picksis brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Gold is hovering near record highs, the market is begging for a rate cut, and AI is reshaping every corner of the economy. But are investors seeing the full picture? Amber sits down with Bipan Rai, Managing Director, Head of ETF & Alternatives Strategy at BMO Global Asset Management  for an unfiltered macro conversation at a moment when investors are looking for answers and clarity.

Bipan breaks down why markets abruptly priced in an aggressive December Fed cut despite an unclear jobs picture distorted by the U.S. government shutdown. He also explains why political pressure on the Federal Reserve is becoming impossible to ignore and how easily a poorly timed cut could become a policy mistake.

AI becomes the first major theme of the conversation. Bipan explains why the broad AI beta trade is ending and how debt financed spending is starting to separate real winners from firms with stretched balance sheets. The market may finally be waking up to these differences and he argues that this shift toward a more selective environment is actually a sign of long term health.

Gold is the other force that has defined 2025. Bipan breaks down why the metal’s record run has been powered mostly by retail and institutional ETF flows rather than central banks and why gold’s pause at the top is not a sign the move is over. He goes through the supply and demand math and explains why he still sees a path to gold reaching 4500 by mid 2026.

They also dig into Canada’s massive fiscal push, the USMCA wildcard, the mortgage renewal wall, and why global infrastructure spending is becoming one of the most durable multi-year investment themes.

In Pro Picks, Bipan brings three ETF ideas tied directly to the macro forces shaping markets right now. He starts with the BMO Gold Bullion ETF (ZGLD), which offers pure exposure to gold as it hovers near record levels. He then introduces the BMO Gold Bullion Covered Call Spread ETF (ZWGD), a strategy built to maintain upside participation in gold while generating meaningful yield by selling call spreads. And for investors looking to position for global fiscal stimulus, he highlights the BMO Global Infrastructure Fund ETF (BGIF), a portfolio of essential infrastructure exposure from pipelines to utilities to communication towers benefiting from governments racing to upgrade aging systems.

Timestamps
00:00 Show intro
02:00 Bipan’s view on rates
05:00 Thinking about U.S. rates from a political lens and the risk of a policy misstep
08:40 Chaos within the Fed & missing data
13:00 Why were markets so resilient this year? Especially outside of the U.S. 

16:30 AI, exposure and exceptions for 2026 

19:50 The big gold rally, retail & institutional investors and outlook for next year
26:20 The interplay between the USD and commodities
29:45 The Bank of Canada, tariffs and the Canadian economy
32:20 The Federal budget & fiscal policy
36:20 Bipan’s Pro Picks (ZGLD, ZWGD, BGIF) 

Sponsors

For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Presented by BMO ETFs. With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to www.bmoetfs.com and check out the Tools section.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information.

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In this episode of In the Money with Amber Kanwar, Amber sits down with Bob Elliott, Co-Founder, CEO & CIO of Unlimited and formerly a member of the Investment Committee at Bridgewater Associates, where he led Ray Dalio’s investment research team. Few people understand hedge funds and macro the way Bob does — and he brings that depth straight into this conversation.

Bob explains how Unlimited Funds uses proprietary machine-learning technology to create ETFs that replicate the returns of alternative investments — like hedge funds, all with notably lower fees. Amber digs into how this works, why individual hedge fund managers don’t outperform each other, and how Unlimited tracks the “wisdom of the crowd” in real time.

From the chaotic Fed reaction function, to the U.S. macro data vacuum, to the truth behind the AI “investment boom” and the emerging risks in credit markets — Bob breaks down where the economy really stands and what most investors are missing. He also explains why household spending power is rolling over, what gold’s surge says about the market, and how hedge funds are actually positioned today.

In a different type of Pro Picks, Amber walks through Bob’s full ETF lineup — including HFND, the Multi-Strategy Return Tracker; HFGM, the Global Macro ETF; HFEQ, the Equity Long/Short ETF; and HFMF, the Managed Futures ETF — and explores how these strategies can complement portfolios and even outperform in both rising and falling markets.

If you want a clear, grounded, brutally honest look at the macro landscape — from someone who’s seen it from inside the world’s largest hedge fund — this is the episode to watch.

Timestamps
00:00 Show intro
02:20 Replicating hedge fund returns through ETFs
07:30 generating high quality returns with lower fees
11:00 What is hedge fund positioning telling Bob? 
13:35 Understanding macro in a data vacuum
18:10 What is the Fed going to do?
21:40 AI as a driver of growth
26:00 AI, cracks in private credit and who will win AI?
31:50 The risks of the AI play
35:00 Should we expect a weaker U.S. dollar?
39:30 Why Bob spends a lot of time thinking about Japan
42:00 Think about gold from two different perspectives
45:00 Pro Picks: Unlimited’s ETFs (HFND, HFGN, HFEQ, HGMF) 

Sponsors

For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

The mailbag is brought to you by BMO ETFs. With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to www.bmoetfs.com and check out the Tools section.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

It’s been a rough ride for Canadian small-cap growth stocks, and investors are looking for answers. Jordan Zinberg of Bedford Park Capital is back on In the Money with Amber Kanwar to break down what’s driving the selloff, where the fear is justified, and where the market is simply mispricing good businesses.

Zinberg says it’s not just a selloff — it’s a moment where quality is out of style, sentiment is washed out, and solid businesses are being treated like broken ones. He notes small-cap growth stocks, his corner of the market, have been hurt particularly hard but believes it’s unjustified. 

Amber and Jordan dive deep into goeasy (GSY) — a stock Jordan’s followers know well. It’s been caught in the crossfire of a short report, a spike in provisions, and a wave of negative sentiment. Jordan explains what the report gets wrong, what the numbers actually signal, and why the underlying business hasn’t broken even if the share price has.

Then it’s on to a rare large-cap name, Constellation Software (CSU), a Canadian outperformer that has recently stumbled. Jordan walks through the two real pressures on the stock — AI anxiety around its vertical software businesses and the psychological impact of CEO Mark Leonard stepping back — and why he recently bought more for the first time in years.

The mailbag covers NTG Clarity Networks (NCI), where delayed contracts pushed margins around; VitalHub (VHI), a strong operator still trading at a premium Jordan won’t pay; and Kraken Robotics (PNG) versus Zedcor (ZDC), two small-cap darlings with huge runs but multiples he can’t justify. And yes, he brings back the line he lives by: EBITDA is still “bullshit earnings.”

We look back at Jordan’s past picks, Source Energy (SHLE) and Mainstreet Equity (MEQ), two stocks he still likes and owns and in Pro Picks he tells us why he’s still all-in on Propel Holdings (PRL) , the non-prime lender is also a former pick and a widely followed name amongst Jordan’s loyal fans. In addition to Propel, he offers two other Canadian small-cap names he likes right now; Lumine (LMN), his “baby Constellation,” and Zoomd (ZOMD), the Israeli ad-tech name quietly landing blue-chip clients and accelerating fast.

A sharp, honest look at Canadian small caps right when investors need clarity the most.

Timestamps

For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

The mailbag is brought to you by BMO ETFs. If you're a DIY investor looking to take control of your portfolio, BMO ETFs makes it easy. 

Check out the ETF Compare Tool, Stock Replacement Tool, and News and Insights under the Tools section at www.bmoetfs.com — perfect for analyzing your options, spotting trends, and building a portfolio that fits your goals and timeline.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

This week on In the Money with Amber Kanwar, Canoe Financial’s David Szybunka makes a bold call: we’re only in year 5 of a 15-year bull market for energy. David explains why the last three years were just a “digestive phase,” why energy stocks are quietly outperforming even with $60 oil, and why he sees the cycle shifting from disbelief to the early stages of optimism. He breaks down the flows, the fundamentals, and the global capital piling back into Canadian energy—from private equity to pension funds to supermajors—regardless of the prevailing political narrative. The message is clear: scarcity is real, capital is returning, and the setup only gets stronger from here.

From there, Amber and David dig into the mailbag, tackling names investors are debating right now. They break down Whitecap (WCP) and its growing dividend strategy, ABEX Technologies (ABXX) and the structural LNG shift behind its explosive run, South Bow (SBOW) and whether its high yield signals opportunity, ARC Resources (ARX) and what the market misunderstood about Attachie, Athabasca (ATH) and whether its surge puts it in takeover territory, and Imperial (IMO), whose refining strength has driven massive outperformance versus the rest of the sector.

The conversation then rolls seamlessly into David’s Pro Picks, where he lays out how he’s positioning for the next leg of the cycle. He highlights why CES Energy Solutions (CEU) is a mispriced, market-share-gaining service company that doesn’t need higher oil to re-rate; why he thinks investors should own Clearwater names—Tamarack Valley Energy (TVE) and Headwater Exploration(HWX)—given fast payouts, reservoir enhancements, and long free-cash runways; and why PrairieSky (PSK) and Topaz (TPZ), two of the sector’s premier royalty plays, remain undervalued compounders that bring stability and upside to an energy portfolio. He closes with Tourmaline (TOU), making the long-term gas case and explaining why it’s the kind of stock where long-horizon investors could “park capital and wake up rich.”

If you want to understand where the energy cycle is really headed—and why David believes the biggest gains are still ahead—this episode connects every dot.

Timestamps
00:00 Show intro
02:05 Who is David Szybunka?
04:10 How does David continue to outperform?
06:45 We’re year 5 of a 15-year energy bull cycle
10:00 Why are the stocks doing better than the commodity right now? 

12:30 Politics and the 15-year bull market. It’s more than just policy
18:10 Price drives sentiment. How long does the Capex cycle in AI last?
20:30 Is ESG dead?
22:40 M&A in energy
27:50 ITM Mailbag: Whitecap Resources stock (WCP) 

30:00 Abaxx Technologies stock (ABXX.NE)
34:30 Southbow Corp. stock (SOBO)

35:50 Arc Resources stock (ARX)
37:50 Athabasca Oil chart (ATH)
40:15 Imperial Oil stock (IMO)
45:50 David’s Pro Picks (CEU, TVE, HWX, PSK, TPZ, TOU)

Sponsors

For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

The mailbag is brought to you by BMO ETFs. If you're a DIY investor looking to take control of your portfolio, BMO ETFs makes it easy. 

Check out the ETF Compare Tool, Stock Replacement Tool, and News and Insights under the Tools section at www.bmoetfs.com — perfect for analyzing your options, spotting trends, and building a portfolio that fits your goals and timeline.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

AI has driven tech stocks to new heights — but are we starting to see cracks in the story? Amber Kanwar sits down with Shane Obata of Middlefield to find out whether the AI trade is running out of steam or just gearing up for its next phase. From Nvidia’s dominance to rising capital costs across the sector, Shane explains where investors should stay cautious and where the next wave of profits could come from — and why, in this market, all roads still lead to OpenAI.

In the Mailbag, Shane weighs in on AMD (AMD) and its new deal with OpenAI, why Taiwan Semiconductor (TSM) still shines despite China risks, and how Salesforce (CRM) stacks up against Microsoft (MSFT) in the software wars. He breaks down Meta’s (META) need for a new “shiny object,” calls Apple (AAPL) the ultimate safety trade, and explains how Amazon (AMZN)’s rebound in AWS shows its AI story is far from over.

In Pro Picks, Shane shares three fresh ideas beyond the Mag 7: Samsung Electronics, poised to benefit from a global memory crunch; Take-Two Interactive (TTWO), ready to soar on the back of Grand Theft Auto VI; and Alibaba (BABA), a contrarian bet on China’s tech revival. He also reveals the theme he says will define 2026 — power — the hidden force driving the entire AI buildout.

Timestamps
00:00 Show intro
02:10 It’s been a crazy year for tech, but you need to have it
04:50 Why was it a tough earnings season for tech and is this an opportunity ?
07:35 All roads lead to OpenAI
11:30 How do you responsibly allocate for AI?
16:00 ITM Mailbag: Advanced Micro Devices stock (AMD)
21:45 Taiwan Semiconductor Manufacturing stock (TSMC)
24:30 Salesforce stock (CRM)
28:30 Meta stock (META)
34:40 Amazon stock (AMZN)
37:25 Shopify stock (SHOP) 

39:00 Constellation Software stock (CSU) 

46:00 Shane’s Pro Picks ( Samsung, Take-Two Interactive, Alibaba)

Sponsors

For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

The mailbag is brought to you by BMO ETFs. If you're a DIY investor looking to take control of your portfolio, BMO ETFs makes it easy. 

Check out the ETF Compare Tool, Stock Replacement Tool, and News and Insights under the Tools section at bmoetfs.com — perfect for analyzing your options, spotting trends, and building a portfolio that fits your goals and timeline.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is brought to you by BMO ETFs. If you're a DIY investor looking to take control of your portfolio, BMO ETFs makes it easy. 

Check out the ETF Compare Tool, Stock Replacement Tool, and News and Insights under the Tools section at www.bmoetfs.com — perfect for analyzing your options, spotting trends, and building a portfolio that fits your goals and timeline.

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

This week on In the Money with Amber Kanwar, it’s a different kind of conversation — no portfolio managers, no mailbag, just an honest, wide-ranging “good hang” with two Canadian heavyweights.

Amber sits down with bestselling author Howard Green, whose book Gimme a Crisis tells the remarkable story of former Scotiabank CEO Rick Waugh, who joins the conversation too. Together, they dive into the moments that defined Canada’s banking system — and Waugh’s extraordinary career — from Argentina’s collapse to the 2008 financial crisis and what came after. Along the way, they unpack why Canada’s banks emerged as some of the strongest and most stable in the world — and what lessons that strength holds for the future.

It’s part history, part leadership masterclass, and part storytelling gold — a rare glimpse into how crises shape character, business, and a nation.

Timestamps
0:00 Show intro
02:15 The story of how this book came to be
06:40 A book about Rick and the Canadian banking system
09:20 Numbers are important but personalities are just as important
11:00 Dealmaking, meeting Donald Trump and what it takes for Canada to win 

14:30 Assessing risk and Canada’s banking sector
16:50 A crisis: the story of Scotiabank in Argentina
23:40 Scotia’s international expansion under Rick
28:00 Competition and Canadian banks in the U.S.
30:30 Opportunities for Canada’s banking sector. If the U.S. was a stock would you buy or short?
34:00 How can Canada get out of its own way?
36:40 The Financial Crisis
46:15 Parallels between today and the financial crisis
49:00 How EBITDA changed Rick’s life! 

Sponsors

For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The Trump Trade is shaping the market right now. In this episode of In the Money with Amber Kanwar we sit down with Infrastructure Capital Management CEO Jay Hatfield to break down how the current wave of tariffs, deregulation, and government-backed investing is moving markets — and creating opportunities — in surprising places. From Washington’s national security bets to Silicon Valley’s political flip, this episode unpacks what the “Trump trade” means for stocks, sectors, and your portfolio.

Hatfield explains why America’s push into strategic industries like resources, chips, and AI is creating clear winners — and how to position yourself without getting caught in the hype. He also shares how “the Trump effect” is reigniting deal-making, unlocking private equity, and fueling what could be the next multi-year bull run.

From private equity giants to fast food staples, Jay takes listener questions on Brookfield (BN) vs. BlackRock (BLK) and whether private managers will dominate North American infrastructure. He breaks down why McDonald’s (MCD) could be a steady play for 2026, Pepsi (PEP) may have more upside after activist pressure from Elliott Management, and how Kimberly-Clark’s (KMB) deal for Kenvue (KVUE) could still deliver gains. Plus, his candid take on long-suffering Pfizer (PFE), why he trimmed his position in Broadcom (AVGO), utility players NextEra and Vistra (NEE, VST) and how to approach regional banks like Fifth Third (FITB) amid some credit fears.

In Pro Picks, Jay lays out his top “Trump trade” plays — KKR (KKR) and Apollo (APO) — benefit directly from deregulation, renewed M&A activity, and a friendlier environment for private capital. He’s still bullish on Amazon (AMZN) as a cost-cutting story with cloud upside, and sees big opportunity in Marvell (MRVL), a cheaper AI chip play that’s been unfairly punished.

Recorded on: Tuesday November 4th, 2025

Timestamps
00:00 Show intro
02:15 The Trump Administration is buying stakes in U.S. stocks, why, and what does it mean for the market?
05:15 Why this creating a bubble may not actually be a bad thing
08:25 If AI has the backing of the U.S. government does that make valuations less worrying?
11:10 Why tech makes up only a small portion of Jay’s portfolio
16:10 Is it time to look outside of the AI trade?
17:30 Is OpenAI an under appreciated risk? 

19:30 Where are rates headed?
22:20 ITM Mailbag: Brookfield or Blackrock? (BN, BLK)
23:40 Mcdonald’s stock (MCD)
26:40 Pepsi stock
29:00 Kenvue & Kimberly Clark (KVUE, KMB) 

31:40 Pfizer stock (PFE)
36:30 Broadcom stock (AVGO)
37:50 NextEra & Vistra (NEE, VST)
41:40 Fifth Third Bancorp (FITB)
44:15 Jay’s Pro Picks ( KKR, APO, AMZN, MRVL)

Sponsors
For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

While everyone’s chasing the next tech trend, Kelsey Dunwoodie is digging where Canada’s real wealth—and entrepreneurial spirit—lies: in the ground. On this episode of In the Money with Amber Kanwar, the Deans Knight Capital Management portfolio manager lays out the bullish case for Canada’s great resource comeback. From gold miners to natural gas producers, she argues the next wave of growth will come from small and mid-cap companies built by hands-on founders who’ve weathered every boom and bust.

She breaks down why gold producers are flush with cash, how energy companies are positioning for the next upcycle, and why she’s steering clear of the rare earths hype—for now.

 Kelsey fields questions across the resource landscape. She explains why she once owned Foran Mining (FOM.TO) but now prefers Taseko Mines (TKO.TO) for its consistent operations and better valuation. In forestry, she’s staying loyal to West Fraser Timber (WFG.TO), praising its management and ability to outperform through any housing cycle. On royalties, she says Franco-Nevada (FNV.TO) and Wheaton Precious Metals (WPM.TO) are proven powerhouses but highlights Topaz Energy (TPZ.TO) in the energy space. She also discusses Osisko Metals (OM.TO) and its Gaspe Copper Project, calling it a story to watch, and points to Equinox Gold (EQX.TO) as her largest gold position—a miner shifting from spending to strong cash generation.

 Dunwoodie closes the show with three under-the-radar Canadian resource stocks she believes are set to outperform. Champion Iron (CIA.TO) leads the list, an iron ore miner entering a new phase of higher-margin, low-carbon production. She names Denison Mines (DML.TO) as her favorite way to play the uranium boom and global nuclear buildout. And rounding it out, Paramount Resources (POU.TO)—a family-run natural gas producer growing more than 20% a year without needing to raise a dime.

Timestamps
00:00 Show intro 

02:30 How Kelsey got into resource investing
03:30 Why resources? It’s Canada’s Silicon Valley 

07:10 What dedication really means!
08:30 The gold rally & gold producers 

14:10 A new wave of M&A in the gold space
17:10 Why Kelsey likes both oil & gas 

20:30 Energy small-caps are disappearing
22:00 Rare Earths, Lithium and figuring out a pathway to a final product
29:30 ITM Mailbag: Foran Mining stock (FOM)
32:55 The Lumber market & West Fraser Timber (WFG)
39:10 Wheaton Precious Metals & Franco Nevada, Topaz Energy
43:15 Osisko Metals (OM)
46:10 Equinox Gold (EQX)
50:40 Pro Picks (CIA, DML, POU)
1:04:40: ETF Minute: Middlefield’s Healthcare Dividend ETF (MHCD.TO)

Sponsors
For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

ETF Minute is brought to you by Middlefield. Find out more about the Middlefield Healthcare Dividend ETF here: https://middlefield.com/funds/exchange-traded-funds/healthcare-dividend-etf/

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

MIDDLEFIELD DISCLAIMER 

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

This material has been prepared for informational purposes only without regard to any particular user's investment objectives or financial situation. This communication constitutes neither a recommendation to enter into a particular transaction nor a representation that any product described herein is suitable or appropriate for you. Investment decisions should be made with guidance from a qualified professional. The opinions contained in this report are solely those of Middlefield Limited (“ML”) and are subject to change without notice. ML makes every effort to ensure that the information has been derived from sources believed to be reliable, but we cannot represent that they are complete or accurate. However, ML assumes no responsibility for any losses or damages, whether direct or indirect which arise from the use of this information. ML is under no obligation to update the information contained herein. This document is not to be construed as a solicitation, recommendation or offer to buy or sell any security, financial product, or instrument.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In this special episode of In the Money with Amber Kanwar, taped live from Vancouver at Raymond James’ National Business Conference, Amber sits down with Larry Adam, Chief Investment Officer at Raymond James Financial, who oversees more than $1.5 trillion in assets. Larry shares why he’s still bullish on equities, why fundamentals—not feelings—drive his outlook, and why he believes this bull market has years left to run.

They dig into it all — from AI’s staying power and rate cuts fueling growth, to whether gold’s rally has gone too far, and how fiscal policy, tariffs, and national security priorities are shaping markets. Larry also explains how investors should think about inflation, small caps, and the growing dominance of U.S. mega-cap tech — and where the next leg of market leadership could come from. 

Larry’s Pro Picks highlight the sectors he believes will drive returns through 2026: Technology, Industrials, and Healthcare. From the ongoing AI revolution and global defense spending to the demographic demand powering healthcare innovation, he breaks down why these areas could remain the cornerstones of investor portfolios in the next phase of the bull market.

Larry strikes a confident but disciplined tone — reminding investors that while volatility may return, the long-term fundamentals remain strong. He’s staying the course, trusting the data over the noise, and betting that the best of this bull market is still ahead.

Timestamps
00:00 Show intro with Larry Adam, CIO, Raymond James
01:10 Larry talks about his approach to investing

02:40 Larry on the role of a CIO
03:25 Larry’s 6900 target for the S&P 500 and why we’re only halfway through the bull market
05:05 How to reconcile the market with the negative headlines
07:30 Rates, inflation & tariffs
09:45 Why Larry is more cautious on gold
11:20 Larry’s comfort level with AI
14:40 Tech and the S&P 500
16:30 Broadening in the S&P 500 

18:00 Larry on U.S. fiscal policy
19:45 Why the World Cup, America’s 250th Anniversary and the U.S. Midterms will keep the economy on solid footing
20:25 Tariffs and the lack of market reaction
22:30 The Trump trade and understanding Trump’s strategic priorities
26:45 Expectations for small caps
30:50 Where does Larry get pushback?
33:10 How does fixed income play a role in portfolios?
35:10 Larry’s Pro Picks (tech, industrials, healthcare) 

Sponsors
For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Raymond James Ltd. is regulated by the Canadian Investment Regulatory Organization ("CIRO") and is a Member of the Canadian Investor Protection Fund.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Can you really have it all — growth and income? Rob Lauzon, Chief Investment Officer at Middlefield, says yes. In this episode of In the Money with Amber Kanwar, he explains why dividend stocks are finally back in the spotlight — and why some of the biggest opportunities may be hiding in the most unloved corners of the market.

From oil producers to pipelines and REITs, Rob breaks down where he’s finding value, yield, and upside in a market obsessed with AI. He shares his outlook on oil, gold, and the political shift that could breathe new life into Canada’s resource sector — and why he believes energy investors are entering a new era of disciplined balance sheets and shareholder returns.

Amber and Rob tackle your questions on gold, pipelines (ENB, TRP, PPL), and energy names like Whitecap (WCP). They discuss possible tie-ups in the resource sector, with Rob suggesting a Barrick-Newmont deal could be a possibility. They also get into the outlook for REITs, from Dream Industrial (DIR.UN) to Northwest Healthcare (NWH.UN), and discuss whether Equitable Bank (EQB) has become a contrarian buy after its recent pullback.

In Pro Picks, Rob shares three dividend-paying stocks that combine value, income, and serious upside — from Canadian Apartment REIT (CAR.UN) to Tourmaline (TOU) and U.S. regional bank Western Alliance (WAL). His theme this week? You can have it all — growth + income.

Timestamps
00:00 Show intro
02:20 Rob’s investment style and where energy fits in
04:30 The evolution of investing in energy 

09:00 The politics question & the foreign investor question
13:30 Do companies have conviction that things are really getting better in the oil patch?
15:00 Oversupply and oil prices
17:00 Why Rob is finding value & income in the energy sector
21:10 What happens if the AI bubble bursts?
22:10 ITM Mailbag: gold
27:55 Pipeline & Royalty stocks (TOP, ENB, PPL, Southbow, Gibson)
33:00 Whitecap Resources stock (WCP)
32:35 Northwest Healthcare (NWH.UN)
34:40 Dream Industrial REIT
48:05: EQB stock
41:00 Rob’s Pro Picks (CAR.UN, TOU, Western Alliance Bank)

Sponsors

For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In a market obsessed with momentum and AI hype, Ryan Bushell is betting on something far less flashy — patience, discipline, and dividends. On this episode of In the Money with Amber Kanwar, the Newhaven Asset Management CEO proves that being a younger investor with an old-school mindset can still outperform. His focus: companies that can compound for decades, not just quarters.

Bushell breaks down why rising power demand is reshaping the investment landscape and why “boring” sectors like utilities and infrastructure might hold the most exciting opportunities ahead. In the mailbag, he tackles listener questions on Canadian Natural Resources (CNQ.TO), he addresses the Cenovus–MEG–Strathcona saga, the Canadian banks, Thomson Reuters (TRI.TO), K-Bro Linen (KBL.TO), and Fortis (FTS.TO) — weighing where value still exists after record highs.

And in Pro Picks, Bushell shares his favourite long-term compounders hiding in plain sight: Pembina Pipeline (PPL.TO), ARC Resources (ARX.TO), and Brookfield Infrastructure (BIP.UN) — steady names built for investors who’d rather win slowly than chase the next flashy thing.

Timestamps
00:00 Show intro 
02:00 Ryan’s conservative approach to investing and forming his style during the GFC
07:40 Starting Newhaven Asset Management 
10:40 Ryan’s view of the current market 

13:10 Can you be bearish on AI spending but still like some of the sectors involved 
 17:05 Ryan’s view on gold 
 20:20 Why Ryan is sitting on cash right now 
 23:10 ITM Mailbag: CNQ stock 
 29:00 Canadian banks 
 32:25 Thomson Reuters stock (TRI) 
 35:00: K-Bro Linen stock (KBR)
 38:40 Fortis stock (FTS)
 42:40 Ryan’s Pro Picks (PPL, ARX, BIP.UN)

Sponsors
For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Stocks are at record highs — so why does it still feel like everyone’s on edge? Amber Kanwar sits down with Craig White, Senior Wealth Advisor and Portfolio Manager at Plena Wealth which is part of Raymond James, to unpack what he calls “the most unloved bull market ever.” They dig into how to stay invested when anxiety is high, why sentiment and fundamentals are clashing, and how his core vs. explore framework helps take the emotion out of investing.

In the Mailbag, Craig tackles listener questions on key trades shaping the market right now. He explains why gold’s massive run might be due for a breather, even as the long-term bull case remains intact. He breaks down the surprising strength in the Canadian banks — from TD (TD.TO) and RBC (RY.TO) to the rest of Canada’s dividend heavyweights — and what’s really driving those stocks higher. He also weighs in on whether the telcos are finally coming out of the penalty box, with Rogers (RCI.B.TO) leading the charge, and gives his take on U.S. names like Netflix (NFLX), Tesla (TSLA), and Intel (INTC). And yes — he even weighs in on Pool Corp (POOL) and what investors can learn from Warren Buffett’s latest buy.

In Pro Picks, Craig shares three of his top ideas for the months ahead. He’s buying Nike (NKE) as a turnaround story that’s getting back to its core business. He sees Intact Financial (IFC.TO) as a steady, underappreciated compounder with world-class management. And he’s backing Tourmaline (TOU.TO) as the best way to play the coming demand for natural gas — and the energy needed to power the AI revolution.

Timestamps
00:00 Show intro 
 02:05 Investors are fearful but stock are hitting records, what’s going on? 
 04:20 Is credit quality still robust, what about the cracks in U.S. regional banks last week? 

06:00 Understanding Craig’s Core vs. Explore approach 
 10:10 This is a hated bull market 
 12:30 ITM Mailbag: gold stocks 
 16:30 TD Bank stock (TD) 
 24:20 Royal Bank stock (RY) 

27:20 Telcos & Rogers stock (RCI.B) 
 32:45 Netflix stock (NFLX)
 37:40 Tesla stock (TSLA) 
 40:50 Intel stock (INTC) 
 43:20 Pool Corp stock (POOL)
 46:30 Craig’s Pro Picks (NKE, IFC, TOU)

Sponsors
For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information.

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Raymond James Ltd. is regulated by the Canadian Investment Regulatory Organization ("CIRO") and is a Member of the Canadian Investor Protection Fund.

In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

.

“The best of the bull market is still ahead of us.” That’s how Nick Griffin, Founding Partner and CIO of Munro Partners, sees it. The Australia-based global growth investor joins In the Money with Amber Kanwar to explain why the AI boom isn’t a bubble — it’s the start of a once-in-a-generation expansion. Griffin says we’re only in year three of a bull market that could last a decade, with trillions of dollars still to be spent building the infrastructure for artificial intelligence. From data centers and chipmakers to clean energy and sports entertainment, he breaks down where the biggest opportunities lie — and why staying optimistic could be the smartest move in markets right now.

He also weighs in on the U.S.–China trade war, why Taiwan Semiconductor (TSM) is both a risk and an opportunity, and how global tensions could shape the race to dominate AI.

In the Mailbag, Amber and Nick dive into listener questions on some of the world’s biggest growth names — including Shopify (SHOP) and its OpenAI partnership, Salesforce (CRM) and its fight to stay relevant, Intuitive Surgical (ISRG) as an AI-in-healthcare leader, and why Mastercard (MA) continues to beat every disruption story thrown its way. Griffin also explains why Constellation Energy (CEG) has become an unlikely growth stock, and what he admits he got wrong about Palantir (PLTR).

In Pro Picks, Griffin shares his three highest-conviction ideas: Nvidia (NVDA), still his top holding even after its massive run; Contemporary Amperex Technology (CATL), the battery giant powering the clean-energy transition; and TKO Group (TKO), the UFC–WWE parent company capitalizing on the unstoppable rise of live sports.

Timestamps
00:00 Show intro
03:30 Why Nick thinks the best of the bull market is still in front of us
05:20 Comparing the AI revolution to the first time you got an iPhone
06:50 Is it valid to compare this time to the dotcom bubble? 

08:20 Nick is in the camp this is a boom, don’t be scared of the boom 

10:20 What about the circular nature of some of these AI deals?
11:50 Why Nick listens to everything Nvidia’s Jensen Huang says
15:50 How Nick handled the downturn in 2022
18:00 What about U.S.-China tensions and what that means for the AI revolution
19:25 Why AI is just one-third of Nick’s global growth fund. Why he’s focused on climate and sports too
22:25 ITM Mailbag: Shopify (SHOP) stock
25:25 Taiwan Semiconductor (TSMC) stock
28:30 Salesforce stock (CRM)
31:00 Nick’s thoughts on quantum
33:25 Intuitive Surgical stock (ISRG)
35:40 Visa & Mastercard stocks (V, MA)
38:30 Constellation Energy stock (CEG)
40: 50 Palantir stock (PLTR)
42:45 Nick Griffin’s Pro Picks (NVDA, CATL, TKO)

Sponsors
For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

This segment has been paid in part by CI Global Asset Management. Find out more at: https://www.cifinancial.com/ci-gam/ca/en/index.html

Pro Picksis brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

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DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

This segment of “In the Money" with Nick Griffin ” has been paid in part by CI Global Asset Management.

This podcast is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Investors should seek the advice of professionals prior to implementing any changes to their investment. 

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This mutual fund is an alternative fund. It has the ability to invest in asset classes or use investment strategies that are not permitted for conventional mutual funds. The specific strategies t...

Mike Rose built Tourmaline into Canada’s largest natural gas producer — and he’s not done yet. In this episode of In the Money with Amber Kanwar, the veteran energy executive explains how Tourmaline went from zero to industry leader, why he’s betting on LNG exports, and what AI and data centres mean for the future of natural gas demand. 

Rose breaks down the current slump in Alberta gas prices — and why he thinks a turnaround is just weeks away. He also defends Tourmaline’s ambitious capital spending plans, shares what the market is missing about their long-term strategy, and reveals how the company keeps rewarding shareholders with those famous special dividends.

From the electrification boom to the global LNG race, Rose lays out why he believes Canada is finally on the path to becoming an energy superpower — and what it will take to get there.

Don't miss this interview if you want an inside look at the strategy, vision, and staying power behind one of Canada’s great energy success stories.

Timestamps
00:00 Show intro
01:50 Tourmaline’s origin story
05:30 Tourmaline’s edge over other nat gas players
07:50 Why Mike thinks nat gas prices will move up in a few weeks
13:50 What’s Canada doing on the LNG front?
15:00 The global gas market
17:00 Tourmaline’s space in the market
20:55 Tourmaline’s spending plans
28:13 Cross Border Investing with Darren Coleman from Portage Wealth of Raymond James
31:15 Mike on Tourmaline’s dividends
33:15 Mike on deals in the oil & gas sector
37:15 AI, gas demand and the future of the industry
45:50 How can Canada be an energy superpower?
50:00 Mike says foreign players are getting more interested in Canada
51:20 What needs to change for Canada and Canadian gas producers
53:50 The reality of the Canada/U.S. energy relationship
55:50 What’s next for Mike Rose and his vision for Tourmaline 

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picksis brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740 

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

Raymond James Ltd. is regulated by the Canadian Investment Regulatory Organization ("CIRO") and is a Member of the Canadian Investor Protection Fund.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Wall Street meets real talk in this week’s In the Money with Amber Kanwar, featuring none other than Downtown Josh Brown — the CEO of Ritholtz Wealth Management, CNBC regular, and host of the hit podcast The Compound and Friends. From surviving the chaos of the 2008 financial crisis to building a wealth management firm with billions under management, Josh shares how storytelling, not spreadsheets, shaped his investing journey.

Amber and Josh dig into today’s market vibes — from AI-fueled rallies to why valuations “don’t have to rhyme with 2000.” Josh tells us how he thinks about managing risk, and what he really thinks about gold, tariffs, and America’s new brand of “mercantilism.” Importantly he tells our listeners to stay invested, diversify and offers his most important rule: shut the f**k up! 

In Pro Picks, Josh opens up his own portfolio and explains why his biggest bet is on Uber (UBER) — the “cheapest large-cap tech stock,” and his play on the future of autonomous delivery and driverless mobility. He’s also adding to Amazon (AMZN), confident that its partnership with Anthropic and growing cloud presence will make it a bigger AI winner than investors realize. Then there’s Rocket Companies (RKT), which he calls a top way to play a housing rebound and the refi boom he expects once rates fall. And finally, Toast (TOST) — his pick for the restaurant tech revolution, building a sticky ecosystem from payments to payroll that could make it the “Amazon of hospitality.”

Timestamps
00:00 Show intro
02:00 Downtown Josh Brown tells us how he he fell in love with the stock market
05:30 Why Josh started the blog The Reformed Broker, and how it changed his life 

08:30 It’s hard to remind yourself that history doesn’t repeat
10:30 Is Josh worried right now?
13:00 Where does the market go from here? The mean reversion you’re waiting for isn’t going to happen
17:00 Stay invested, respect trend and shut the f**k up
20:40 Why Josh & Ritholtz make tailored, bespoke portfolios for clients
23:40 What is the gold rally telling Josh?
33:15 Cross-Border investing with Raymond James
35:35 What does Josh think about Canada? He loves it
37:55 Why Josh thinks the most dangerous place to be is a shareholder in the biggest company in Canada
40:05 Risk is to the upside when it comes to tariffs
42:10 Josh says Trump is not a capitalist, he’s a mercantilist
45:15 Josh’s Pro Picks (UBER, AMZN, RKT, TOST)