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

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

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

Timestamps

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

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

Sponsors

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

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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

Hamilton ETFs Disclaimer

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

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

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

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

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

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

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

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

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

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

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

Timestamps

00:00 Intro 

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

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

Sponsors

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

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.

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

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

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

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

Timestamps

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

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

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

Sponsors

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

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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

Hamilton ETFs Disclaimer

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

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

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

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

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

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

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

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

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

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

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

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

Timestamps

00:00 Trailer
01:15 Intro 

02:20 The mood in the energy sector

03:50 Pipelines and increasing production to fill pipelines

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

07:30 Hamilton Enhanced Mixed Asset Allocation ETF- MIX 

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

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

32:30 Would Baytex sell Viking? 

33:35 Baytex’s red lines 

Sponsors

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

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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

Hamilton ETFs Disclaimer

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

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

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

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

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

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

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

Volatility is measured usin...

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

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

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

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

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

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

Timestamps

00:00 Trailer
02:15 Intro  

03:00 Greg Ebel on Canadian competitiveness 

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

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

27:05 The Canada-U.S. relationship 

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

Sponsors

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

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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

Hamilton ETFs Disclaimer

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

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

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

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

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

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

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

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

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

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

Timestamps

00:00 Trailer  

02:00 Intro 

02:40 Better days ahead for the Great White North  

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

06:40 The Canadian banks

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

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

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

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

41:05: Enbridge stock (ENB)

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

Sponsors

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

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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

Hamilton ETFs Disclaimer

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

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

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

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

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

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

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

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

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

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

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

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

Timestamps

00:00 Trailer
02:20: Intro 

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

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

17:10 Lumina IPO & stock price 

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

30:30 How often do copper and silver go together 

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

35:00 Glencore war stories 

Sponsors

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

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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

Hamilton ETFs Disclaimer

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

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

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

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

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

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

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

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

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

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

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

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

05:20 Searching for opportunities 

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

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

Sponsors

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

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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

Hamilton ETFs Disclaimer

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

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

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

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

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

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

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

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

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

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

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

Timestamps

00:00 Trailer 

02:10 Intro

03:39 Bob Thompson returns to the podcast

04:18 Did commodities move too fast?

05:22 Why investors are still underallocated

07:51 Gold’s pullback and what it means

09:20 Why gold is falling now

11:37 How to think about portfolio allocation

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

16:33 What is the mining clock?

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

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

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

24:33 The mining clock as a credit clock

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

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

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

37:26 Entry points for physical gold and silver

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

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

49:33 Bob’s Pro Picks: FGLS, NTR, EWZ

Sponsors

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

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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

Hamilton ETFs Disclaimer

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

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

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

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

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

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

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

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

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

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

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

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

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

Timestamps
00:00 Trailer
02:15 Intro 

04:30 Mawer’s credit opportunities fund 

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

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

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

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

Sponsors

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

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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

Hamilton ETFs Disclaimer

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

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

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

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

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

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

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