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 Picks is 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.

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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...

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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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

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“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<...

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

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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 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

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

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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 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

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

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

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/

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.

BMO Disclaimer 
The 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

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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

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. 

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. 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...

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 volatility in 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 a potential 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 disruption is 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

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

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

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

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

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

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

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 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

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 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

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

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

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

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

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 Picks is 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)

• https://funds.cifinancial.com/en/funds/mutual-funds/CIEmergingMarketsFund.html?classId=298&type=-1&redirect_type=class_id&currencySelector=1&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026

EM ETF:

• https://funds.cifinancial.com/en/funds/ETFS/CIEmergingMarketsAlphaETF.html?currencySelector=1&classId=482&redirect_type=class_id&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026

CI Global Equity Fund (F Series):

• https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalEquityFund.html?classId=298&type=-1&redirect_type=class_id&currencySelector=1&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnership2026

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.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...

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

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

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

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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 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

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 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 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

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 Picks is 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

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 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

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

Links
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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.

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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.

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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 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

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 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 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

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 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

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 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

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 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 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 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

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 by Mario 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 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

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

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 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

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 Picks is 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, visit https://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

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

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

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 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

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

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, 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

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 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