Are U.S. stocks too expensive? Not necessarily, says Stan Wong. In this episode of In the Money with Amber Kanwar, he explains how the S&P 500’s valuation is skewed by tech, and why sectors like healthcare, industrials, and financials still offer compelling opportunities for selective investors.

Stan and Amber break down the TSX’s recent surge, driven by gold and financials, and debate whether Canada’s market strength is here to stay. Despite the headlines, Stan remains overweight U.S. equities, citing broader market depth and stronger fundamentals heading into mid-2025. He also shares how he handles market dips, the sentiment indicators he watches, and why long-term fundamentals matter more than short-term swings.

Answering viewer questions, Stan discusses names like Couche-Tard (ATD.TO), Uber (UBER), Shopify (SHOP), and United Health (UNH) — outlining where he’s invested, what he’s avoiding, and which stocks he’s recently sold. His stock selection strategy centers on companies with strong earnings growth and limited competition.

Stan’s top picks might surprise you- all three are sitting near all-time highs, but Stan still sees room for meaningful gains ahead. They include, Dollarama (DOL.TO), a dominant Canadian retailer with strong private label margins and little competition; MercadoLibre (MELI), the fintech and e-commerce leader of Latin America; and Netflix (NFLX), where he sees upside in ad-supported tiers, international growth, and unmatched pricing power. 

Insightful and grounded, this episode is a must-watch for investors seeking clarity and conviction in today’s markets.

Timestamps

00:00 Show intro
01:35 Amber speaks to Erin Allen of BMO Global Asset Management to discuss the ETF space
05:25 Amber welcomes Stan Wong and asks if he’s ready to put tariff anxieties to bed
07:00 What did Stan do during April’s volatility?
08:45 Is the Canadian market more attractive to Stan or does he still favour the U.S.?
10:30 How is Stan thinking about U.S. valuations?
11:30 Stan’s view on the bond market
14:15 Stan’s thoughts on Nvidia and why he holds it
15:30 ITM Mailbag: Does Stan think Couche-Tard (ATB.TO) is a buy and hold?
16:55 Stan’s thoughts on Brookfield Infrastructure Partners (BIP.A.TO)
18:40 Does Stan like Shopify (SHOP.TO)?

20:40 Why Stan sold Costco (COST.NASDAQ) recently 

24:15 Stan’s thoughts on Uber (UBER.NYSE)

27:25 What does Stan think about Canadian Tire (CTC.A.TO)?
29:35 Why Stan sold United Health before its big drop (UNH.NYSE)?
33:20 What does sports fan Stan think about the Raptor’s chances next year?
34:20 Stan Wong’s Pro Picks 

Sponsors
This episode is sponsored by BMO InvestorLine. Open a new BMO InvestorLine account, and you could receive up to $3,500 cash back. It’s a great way to jumpstart your investment plan.  Learn more at bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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

Pro Picks is brought to you by ATB Financial. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. Visit 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

[email protected]

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 

Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Veteran investor Dennis Mitchell of Starlight Capital shares nearly 20 years of hard-earned insights into real estate investing—debunking myths, unpacking market fundamentals, and explaining why there is potential for serious upside in the REIT sector—if you have the discipline to wait.

In this episode of In the Money with Amber Kanwar, Dennis lays out his investing playbook: focus on recurring cash flow, irreplaceable assets, low leverage, and owner-minded management. He doesn’t claim to be a genius—just someone with more data, a longer time horizon, and a process that keeps emotions out of decision-making.

He also tackles Canada’s housing crisis with refreshing clarity. From immigration and supply shortages to municipal red tape and affordability myths, Dennis offers bold, actionable perspectives—and pushes for real government leadership and a national plan. As he says, “Nobody lives in a national house.”

He answers your questions on Minto Apartment REIT (MI.UN), RioCan REIT (REI.UN), SmartCentres REIT (SRU.UN), InterRent REIT (IIP.UN) —  which received a takeover bid the day of our release — and more — offering his honest assessments of their strengths, weaknesses, and where he’s putting his capital. He also shares his Pro Picks, the REITs he believes are best positioned today, including Killam Apartment REIT (KMP.UN) for its dominant position in Atlantic Canada and exposure to manufactured home communities, Chartwell Seniors Housing REIT (CSH.UN) for its post-pandemic growth in seniors housing, and VICI Properties (VICI), a U.S.-based REIT with triple-net leases, 100% occupancy, and built-in inflation protection.

Whether you're an investor, policymaker, or just trying to understand the real estate landscape, this conversation is packed with substance, strategy, and real-world relevance.

Timestamps

00:00 Show intro 

01:50 Why real estate in anything but boring 

04:00 Why REITs look attractive right now - the three sources of return 

05:25: Dennis’s real edge in real estate investing and why you should listen to him 

07:00 Understanding the REIT sector and the rate environment
10:00 Why isn’t there more M&A in the REIT space?
12:50 Dennis’s refreshing thoughts on Canada’s housing problem and how he thinks we can solve it
18:35 There’s no such thing as affordable housing
25:10 ITM Mailbag: Dennis’s thoughts on Minto Apartment REIT (MI.UN-TSX)
27:45 Is RioCan REIT (REI.UN-TSX) a buy for a long-term hold?
31:10 Dennis’s view on Smartcentres REIT (SRU.UN-TSX) 

34:20 Is Dream Industrial REIT (DIR.UN-TSX) a buy and hold?
36:10 Dennis’s view on Northwest Healthcare Properties REIT (NWH.UN-TSX)
39:50 What does Dennis think about Interrent REIT (IIP.UN-TSX)?
43:45 Dennis’s Pro Picks 

Sponsors
This episode is sponsored by BMO InvestorLine. Learn how you can earn up to $3,500 cash back when you open a new account at bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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

Pro Picks is brought to you by ATB Financial. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. Visit 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

[email protected]

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 

Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In this episode of In the Money with Amber Kanwar, we explore the often-overlooked world of small cap investing with David Barr, CEO of PenderFund. A seasoned investor since 2009, David explains why he remains committed to the space despite its volatility—and why it could be a hidden opportunity for patient investors.

He unpacks the regulatory and structural shifts that have drained capital from small caps, from tighter advisor rules to the rise of private equity, and explains how this has created a contrarian edge.

David also answers viewer questions on Thinkific (THNC), DentalCorp (DNTL), MDA Space (MDA), and Tantalus Systems (GRID), breaking down how each fits into his investment framework and what the market may be missing.

And of course, no episode would be complete without David’s Pro Picks — his top small cap stocks to watch right now. He spotlights Kraken Robotics (PNG), a company that went from treasure hunting tech to supplying sonar and underwater batteries for military and energy sectors; Dye & Durham (DND), a legal software firm caught in corporate drama but still generating serious free cash flow; and TerraVest (TVK), an under-the-radar industrial that’s grown into one of Canada’s best-performing stocks — and may still have room to double again.

Whether you're a small cap believer or just looking for smart investing ideas off the beaten path, this episode is packed with insights and analysis.

Timestamps

00:00 Show intro
01:50 Amber & David Barr discuss the challenging environment for small-caps
03:25 What’s the secret sauce of small-cap investing?
07:20 Why is the small-cap sector so starved?
10:00 Is there opportunity because there are so few small-cap investors? Is volatility opportunity?
12:30 Why David thinks small-cap investors have to understand the macro because it drives volatility
13:25 ITM Mailbag: What is Thinkific (THNC) in five years? Is it a scalable platform or a niche software business?
18:30 Will we see a round of IPOs? What’s in the pipeline?
19:20 What is David’s point of view on Lumine Group (LMN-TSX.V)?
21:45 What are David’s thoughts on Tantalus Systems (GRID-TSX)? 

25:30 Does David traffic in quantum stocks?
27:05 David’s thoughts on aerospace company MDA Space (MDA-TSX)
29:10 Does David like dentalcorp (DNTL-TSX)?
31:30 David’s thoughts on goeasy (GSY-TSX) 

33:40 David’s Pro Picks
44:30 Goodbye & coming up 

Sponsors
This episode is sponsored by BMO InvestorLine. Learn how you can earn up to $3,500 cash back when you open a new account at bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. 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

[email protected]

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 

Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Market swings? Tariffs? Recession fears? Richard Fogler doesn’t flinch. In this episode of In the Money with Amber Kanwar, Amber sits down with the cool-headed CIO of Kingwest & Company to unpack his no-nonsense investing strategy: buy great businesses at a discount—and hold.

Fogler breaks down what he looks for in a company: resilience, unrecognized potential, and a clear path to value being realized—even if it takes years. He reveals the stock he’s held since the 1998 (hint: it started with a pool-cleaning side hustle and turned into a real estate powerhouse), why he believes TD Bank’s U.S. growth story is far from over, and why he’s not concerned AI is a threat to Google’s search business.  

Plus, don’t miss his latest Pro Picks: why Brookfield still looks undervalued, why Uber is just getting started, and how SmartCentres REIT is quietly unlocking big value through real estate development.

Whether it's finding overlooked gems buried in plain sight or explaining why macro noise is mostly just that—noise—Fogler shares decades of experience in how to tune out the chaos and stay focused on fundamentals.

Timestamps

00:00 show intro
03:10 Richard Fogler’s cool approach to investing
05:40 What does it take to get into Richard’s portfolio?
07:50 Fogler’s 50/50 approach to investing in the U.S. and Canada
08:50 Why Richard doesn’t attempt to forecast
11:00 How Richard chooses stocks as a value investor
17:30 ITM Mailbag: Does Google (GOOG) have what it takes to compete in AI or will the search business be crushed?
23:00 Richard’s thoughts on Canadian banks and TD after its money laundering scandal
29:20 Richard’s thoughts on mining giants BHP & Rio Tinto (RIO)
36:15 Why Richard thinks Walmart (WMT) is a great company but doesn’t own it 

39:55 Richard on Costco (COST) vs. Amazon (AMZN)

43:50 Richard Fogler’s Pro Picks 

Sponsors

​This episode is sponsored by BMO InvestorLine. Open a new BMO InvestorLine account, and you could receive up to $3,500 cash back. It’s a great way to jumpstart your investment plan.  Learn more at https://bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. 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

[email protected]

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 

Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In this episode of In the Money with Amber Kanwar, Amber sits down with Brent Joyce, Chief Investment Strategist and Managing Director at BMO Private Investment Counsel, who oversees $50 billion in assets. They unpack the recent market volatility, driven largely by tariffs, and explore what investors need to know in a rapidly shifting macro landscape.

Brent explains why sharp market corrections—like a 10% drop—are not only normal but the “price of admission” for equity investors. He draws insightful comparisons between today’s environment and past crises, making the case that what we’re experiencing now has more in common with COVID than with the dot-com bubble or the 2008 financial crisis. Rather than calling it American exceptionalism, Brent argues that it’s global business success simply headquartered in the U.S., and why that distinction matters.

He also makes a strong case for Canadian equities, pointing to their global reach, attractive valuations, and solid dividends—arguing that Canada may be one of the most overlooked markets right now. On the fixed income side, Brent breaks down why bonds are still an essential part of a balanced portfolio, and he points out why the European market is one to watch but not get too carried away. 

Ultimately, Brent urges a defensive but steady approach: stay invested, stay diversified, and don’t let the noise knock you off course. If you want clarity, strategy, and perspective on where the markets might go next, this episode delivers.

Timestamps

00:00 Show intro
01:20 Amber welcomes Brent Joyce 

02:20 How did Brent know the market would rebound? 

03:30 Why this time is more like the covid crash than the dot-com bubble or GFC 

07:00 Why Brent believes in global exceptionalism not American exceptionalism

09:00 Why Brent is still bullish on the U.S. market
10:50 Is a recession on the horizon?
13:15 Break: Amber speaks to the CEO of Raymond James Canada about how the company is helping clients navigate volatility and change
15:35 Brent’s inflation expectations
17:30 Is the Fed behind the curve?
18:30 How will the trade war impact the Canadian economy?
19:50 Pro Picks
33:30 ETF Minute: CI’s new Solana ETF

Sponsors
​This episode is sponsored by BMO InvestorLine. Open a new BMO InvestorLine account, and you could receive up to $3,500 cash back. It’s a great way to jumpstart your investment plan.  Learn more at https://bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. Visit https://ATB.com/inthemoney for more information.

ETF Minute is brought to you by CI Global Asset Management. Find out more about the new CI Galaxy Solana ETF here: https://funds.cifinancial.com/en/funds/alternative_investments/CIGalaxySolanaETF.html?currencySelector=1&seriesId=47440?cid=inthemoney_podcast_052025-en_CIGAMGalaxySolanaETF2025 = And learn more about CI’s digital assets here: https://www.cifinancial.com/ci-gam/ca/en/investment-solutions/cryptocurrency.html?cid=inthemoney_podcast_052025-en_CIGAMGalaxySolanaETF2025

Links
https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

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 

 BMO Private Wealth is a brand name for a business group consisting of Bank of Montreal and certain of its affiliates, including BMO Private Investment Counsel Inc., in providing private wealth management products and services. Not all products and services are offered by all legal entities within BMO Private Wealth.  

BMO InvestorLine Inc. is a wholly-owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization. 

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

The content of this presentation is for informational purposes only and does not constitute financial investment, legal, tax, accounting, or other professional advice and should not be relied upon in that regard. The views expressed by the host and guest are their own, are subject to change without notice and do not necessarily reflect the opinions of any organization or company. The host and the guest and Bank of Montreal and its affiliates and/or their respective officers, directors or employees may maintain positions in any securities referenced in the presentation. The information presented is intended for Canadian residents only and does not constitute an offer to buy or sell or an invitation or solicitation to do so regarding any securities or other product, service or information to anyone by anyone, including in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. Any products or services mentioned are made available only in accordance with local law (including applicable securities laws) and only where they may be lawfully offered for sale. 

BMO Private Wealth and BMO InvestorLine Inc. do not accept responsibility for the content of this presentation and make no representation or warranty, express or implied, as to the accuracy, completeness or reliability of the content and disclaim responsibility for any errors or omissions or for any loss or damage suffered arising from any use of or reliance on the presentation. If investment advice or other assistance is needed, the services of a qualified professional should be obtained to consider your own circumstances before making any investment decisions. 

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In this episode of In the Money with Amber Kanwar top tech investor Dan Niles warns that the market could drop as much as 50%, just like during the dot-com bust and the global financial crisis. He unpacks the major risks that investors aren’t paying enough attention to like AI over exuberance and demand being pulled forward as a result of Trump’s trade war, while drawing parallels to some of the worst market crashes in history. 

Dan explains why his highest conviction idea right now is cash despite the AI hype, and why some of today’s biggest tech names — like Apple, Google, and Palantir — may be far more vulnerable than most investors realize. He stresses his concern over inflated valuations, making the point that “just because a stock is popular doesn’t mean it’s safe".

One area Dan is optimistic about: networking infrastructure. He names Cisco as one of his most intriguing picks, arguing it's a forgotten name that could benefit as AI shifts from a build-out phase to a data movement phase. With a low valuation, solid fundamentals, and potential for a re-rating, Cisco — along with cash, Microsoft, and (cautiously) Nvidia — rounds out his list of favoured plays in a market he still views as overvalued and vulnerable.


Whether you’re a long-term investor or a market watcher trying to make sense of the rally, this is an essential deep dive from one of Wall Street’s most seasoned voices.

Timestamps

00:00 Show Intro
3:40 Why Dan Niles is bearish right now and why cash is his highest conviction idea  

07:40 What would it take for Dan to come back to the market and get out of cash? 

09:35 Why Dan thinks a 50% drop in stocks is on the table
11:30 Why this time can be compared to the dot-com bust
17:33 Taking a look at the AARK Innovation Fund
19:15 But could this time be different? 
24:25 ITM Mailbag: Dan’s thoughts on Palantir (PLTR) and its sky-high valuation 

27:40 Dan’s view on Shopify vs. Amazon (SHOP, AMZN)

34:15 Is Reddit a buy, sell or hold? (RDDT)
35:35: Break: Amber speaks to the CEO of Raymond James Canada about how the company is helping clients navigate volatility and change
38:15 Why Dan thinks Google will be a market share loser because of AI
42:50 How does Dan see the Robotaxi battle playing out?
44:50 Where does Apple fit in?
47:00 Pro Picks: Why he likes cash the best but suggests some other stocks (CSCO, MSFT, NVDA) 

56:00 Goodbye & coming up 

Sponsors

​This episode is sponsored by BMO InvestorLine. Open a new BMO InvestorLine account, and you could receive up to $3,500 cash back. It’s a great way to jumpstart your investment plan.  Learn more at https://bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. 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

[email protected]

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 

Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In this episode of In the Money with Amber Kanwar, Amber sits down with Mike Vinokur of Propellus Wealth Partners which is part of iA Private Wealth, who’s taking a rare and defensive stance: holding a staggering 37% of his equity portfolio in cash. In a world where investors chase returns and FOMO dominates market behaviour, why is this seasoned money manager pumping the brakes?

Mike unpacks the strategy behind his cash-heavy position, citing market froth, valuation risks, and a fundamental belief that cash is no longer "trash"—especially when it earns over 4% risk-free. From U.S. exceptionalism to Canadian real estate risk, and from tech euphoria to the dangers lurking in private equity, this episode offers a wide-ranging, no-nonsense look at where things stand—and where they might be headed.

He answers questions straight from the mailbag and doesn’t hold back on what he thinks could derail—or reignite—markets in 2025. The pair discuss names like Brookfield, Fairfax Financial, Cummins and Uber. They also talk about BCE’s hot-button dividend and the high-stakes drama at Parkland where Mike is a shareholder. 

Plus, Mike shares his top “Pro Picks”: Alphabet, Air Lease, and Lincoln National—three stocks he believes offer real long-term upside in a challenging market.

Whether you're a cautious investor or a risk-on trader, this episode delivers the kind of insight that could make or save you money.

Timestamps

00:00 Show Intro
02:45 Amber welcomes Mike Vinokur and finds out why he’s sitting on a pile of cash right now
06:30 History tells us that valuations matter
08:45 Did Mike buy recent dips?
11:30 Why Mike isn’t convinced this is the end of U.S. exceptionalism
13:30 Why Mike thinks Canada is going into a recession
15:40 Will a slowdown in real estate impact the stock market?
17:30 Where are we in the economic/market cycle?
19:45 ITM Mailbag: How does Mike feel about the Brookfield web of companies? (BN.TO, BAM.TO)
23:35 Mike’s thoughts on Fairfax Financial? (FFH.TO)
25:30 What is Mike’s take on engine-maker Cummins? (CMI.NYSE)
27:25: Break: Amber speaks to Raymond James Canada CEO Jamie Coulter about navigating volatile U.S.-Canada ties
29:55 Why Mike likes Uber, but there may be headwinds with the stock (UBER.NYSE)
34:00 Mike’s thoughts on BCE’s dividend (BCE.TO)
37:50 Mike’s view on Financial 15 Split-Corp (FTN.TO)
41:04 Mike’s thoughts on the Parkland drama as a shareholder (PKI.TO)
44:20 Mike’s Pro Picks 

Sponsors
This episode is sponsored by BMO InvestorLine. Open a new BMO InvestorLine account, and you could receive up to $3,500 cash back. It’s a great way to jumpstart your investment plan. Learn more at bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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

Pro Picks is brought to you by ATB Financial. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. Visit 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

[email protected]

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 

Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Are you making these critical mistakes in your portfolio? In this episode of In the Money with Amber Kanwar, renowned investor and author Meb Faber breaks down what most investors get wrong—and what to do instead.

Meb dives deep into the three investing pillars he believes will define the next era: global diversification, value investing, and trend following. He explains why most investors are overly concentrated in their home countries and why sticking to U.S. stocks may no longer be the smartest move—highlighting markets like Poland, Japan, and the UK.

He also unpacks the power of shareholder yield—a blend of dividends and buybacks—and reveals why investors overlook this metric at their own risk. Learn how Meb uses it to find underpriced companies flush with cash.

Plus, with news that Warren Buffett will step down from Berkshire Hathaway at the end of the year, Meb refers to the legendary investor as “the GOAT” and uses his example to underscore how portfolio strategies—even from the greats—can appear simple on the surface, but often require a deeper understanding to replicate responsibly.

In the Pro Picks segment, Meb tells us where he’s investing his own money right now, offering three of Cambria’s ETFs as top suggestions to end a fascinating interview: SYLD, GVAL and TRTY.

Whether you're rethinking your global exposure, questioning the 60/40 model, or simply trying to invest smarter in uncertain times—this episode is a must-watch.

Timestamps

00:00 Show Intro
01:20 How to trade with BMO InvestorLine
03:15 Meb Faber’s origin story
08:00 Meb on AI, big ideas and what’s coming next
09:40 Meb’s approach to value investing
12:45 How to construct a portfolio for long-term gains: Why diversification is key  

16:00 A big problem for investors is ‘home country bias’
17:15  Why trend following is key to portfolio construction, why investors need to be asset class agnostic and why market timing is actually possible
23:10 Meb on Warren Buffett and what he taught us about investing
27:50 Meb on Buffett’s strategy
30:00 What Meb thinks about tariffs and why they aren’t the reason for the change in global flows
36:10 Meb’s view on U.S. innovation and the future
39:40 Break: Amber speaks to Raymond James Canada CEO Jamie Coulter about navigating volatile U.S.-Canada ties
42:00 ITM Mailbag: Meb elaborates on the concept of a shareholder yield approach
44:30 Meb’s views on the benefits of share buybacks to individual shareholders as opposed to institutional shareholders
46:50 How Meb thinks about when to sell an investment 

50:15 Meb’s Pro Picks
1:03:50 Goodbye & coming up

Sponsors
This episode is sponsored by BMO InvestorLine. Open a new BMO InvestorLine account, and you could receive up to $3,500 cash back. It’s a great way to jumpstart your investment plan. Learn more at bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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

Pro Picks is brought to you by ATB Financial. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. Visit 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

[email protected]

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 

Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In this special episode, we unpack what a Mark Carney-led Liberal minority means for Canadian investors — from markets and monetary policy to energy and geopolitical strategy.

First, Frances Horodelski kicks off with a sharp overview of how the political shift is landing with Bay Street and what the new government signals for confidence and capital markets.

Then, Jim Thorne of Wellington-Altus dives deep into the global economic context — including structural shifts, U.S. relations, and Canada's place in a rapidly changing world. He explores what investors should watch for in policy, growth sectors, and geopolitical risk.

Finally, oil and gas investor Eric Nuttall doesn’t hold back. He shares his unfiltered views on the energy sector under Carney, the fading relevance of net-zero rhetoric, and why Canadian resource stocks could thrive — or suffer — depending on what happens next in Ottawa.

Whether you're managing your portfolio or just trying to make sense of the headlines, this episode delivers key insights you won't want to miss.

 Subscribe for more sharp takes on markets, politics, and your money.

Timestamps
00:00 Show Intro 
02:00 Amber welcomes Frances Horodelski 

05:50 What does Mark Carney mean for U.S.-Canada relations 
07:50 Why does Frances likes the Canadian market right now + her expectations for the Loonie 
11:20 Why Frances doesn’t have conviction right now and what is the turning point? 
16:05 Break: Amber speaks to the CEO of Raymond James Canada about the company’s deep Canadian roots 
17:50 Amber welcomes Jim Thorne and he tells us why he believes Mark Carney is the right guy for the job, but liberal policies have to change  
21:30 Can Canada become a hard power in energy and natural resources? 
23:00 How is Jim viewing U.S.-Canada relations as someone who has spent a number of years working in the U.S. 

26:00 What does a change in the global world order and U.S.-Canada ties look like 5 years from now? 
31:30 Jim’s thoughts on what Prime Minister Carney might be willing to give up to President Trump 
33:30 Jim’s thoughts on Canadian & U.S. banks 
39:20 Did Jim’s investing view change on the back of the election?  

42:15 Amber welcomes energy investor Eric Nuttall and asks how he’s feeling about the election outcome 

44:00 Why so much in the energy space is to be determined 

46:30 How will Nuttall’s concern about Mark Carney show up in his investments 
49:10 Why Eric is still bullish on energy, specifically natural gas, but reducing oil exposure  
55:10 Eric’s thoughts on Trump’s ‘drill baby drill’ 
57:00 What happens with production in Canada? 
58:35 What does the risk of an emissions cap mean for energy stocks? 
1:00:00 What does Eric think about highly recommended stock Canadian Natural Resources (CNQ.TO)? 
1:02:10 Eric’s Past Picks and new Pro Picks 

Sponsors

​​This episode is sponsored by BMO InvestorLine. Open a new BMO InvestorLine account, and you could receive up to $3,500 cash back. It’s a great way to jumpstart your investment plan. Learn more at https://bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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

[email protected]

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 

Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

How does one of Bay Street’s top fund managers consistently deliver 15% annualized returns while navigating controversy and volatility? In this episode of In the Money with Amber Kanwar, Moez Kassam, Chief Investment Officer & Founder of Anson Funds, shares the secrets behind his success—from finding catalysts in overlooked markets to using activism to unlock value.

Moez breaks down why he avoids passive investing, how multi-strategy flexibility gives him an edge, and why the best opportunities often hide where others fear to look. He also discusses how Anson balances shorts, longs, and real estate activism, and why sentiment shifts like today's fear-driven markets could be a bullish signal.

In the mailbag, Moez shares candid views on Tesla (TSLA), crypto, uranium, and the quantum computing hype. Then, in the Pro Picks segment, he reveals three high-conviction investment ideas—Gildan (GIL), Vistry Group (VTY.L), and InterRent REIT (IIP.UN)—and confirms publicly for the first time that Anson is the largest shareholder of InterRent REIT, outlining the real-world activism playbook that could unlock massive upside.

If you’re an investor seeking edge in an uncertain market, you don’t want to miss this grounded, real-talk masterclass.

Timestamps

00:00 Show Intro 

01:45 Moez discusses his investment style and how he became one of Canada’s top fund managers 

05:20 FOMO and understanding the risks involved with short selling
06:20 How lessons learned as a teenager inform Moez’s investment decisions today
08:40 Why is there a negative association with shorting stocks?
10:00 Moez addresses market manipulation accusations 

14:50 Where is Moez finding opportunities right now?
16:30 If all companies have problems, how does Moez decide if a problem is big enough to warrant a short? 

18:20 Anson’s move into activist investing 

22:05 More on Anson’s multi-strategy approach and how real estate fits in
25:10 Moez on macro, tariffs and potential opportunities 

28:40 Moez on the Canadian election and economy 

32:00 Moez on philanthropy and giving back 

34:05 What will Anson be up to 5 years from now?
35:30 Break: Raymond James Canada CEO on the company’s deep roots in Canada
37:15 ITM Mailbag: Is Tesla a buy at these depressed prices?
38:20 Moez’s view on crypto and bitcoin
39:20 Moez’s take on quantum computing
40:40 Moez’s view on uranium and Cameco
41:20 Moez’s Pro Picks 

52:50 Moez’s favourite restaurant right now
53:35 Goodbye & coming up 

Sponsors
​​This episode is sponsored by BMO InvestorLine. Open a new BMO InvestorLine account, and you could receive up to $3,500 cash back. It’s a great way to jumpstart your investment plan. Learn more at bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16

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

Pro Picks is brought to you by ATB Financial. Visit 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

[email protected]

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 

Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews