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

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

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

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

Timestamps

00:00 Trailer 

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

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

31:50 Dollarama stock (DOL) 

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

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

Sponsors

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

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

Links

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 this episode we discuss CNQ, Tamarack Valley Energy, Dollarama, Micron, Intel and Nike which are all stocks Amber owns. 

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

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

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

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

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

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

Timestamps

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

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

19:40 ITM Mailbag: Kraken Robotics (PNG) 

20:55 Hydreight Technologies (NURS) 

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

38:20 Microcap SaaS stocks 

39:50 Cineplex (CGX) 

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

Sponsors

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

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

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

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

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

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DISCLAIMERS 

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

IMPORTANT DISCLAIMERS:

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

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

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

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

Certain statements contained in th...

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

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

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

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

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

10:00 Sell-side vs. Buy-side 

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

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

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

33:00 Ag growth stock (AFN)

37:40 Information Services stock (ISC)

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

Sponsors

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

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

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

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DISCLAIMERS 

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

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

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

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

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

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

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

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

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

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

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

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

Timestamps
00:00 Trailer

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

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

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

22:05 Where does gold factor in? 

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

30:30 TC Energy stock (TRP)

34:35 Cameco stock (CCO)

41:50 TransAlta stock (TA) 

45:45 Norfolk Southern (NSC)

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

58:00 ETF Minute: BMO’s ETF Line-Up

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

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

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

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

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

Links

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[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.

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

under this arrangement by BMO ETFs.

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

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

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

to any circumstance.

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

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

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

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

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

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

values change frequently and past performance may not be repeated.

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

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

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

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

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

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

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

and BMO Investments Inc. operate.

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

licence.

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

Contact: [email protected]

Contact: [email protected]

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

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

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

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

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

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

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

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

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

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

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

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

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

Sponsors

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[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 this episode we discuss Fairfax Financial, Constellation Software and Telus which are stocks Amber owns. 

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

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Bullish Brian Belski is back—and yes, he’s still bullish.

In this episode of In the Money with Amber Kanwar, the CEO & Chief Investment Officer of Humilis Investment Strategies—fresh off launching his own firm—explains why he still believes the U.S. is the best stock market in the world, with Canada a close second. Belski makes the case for an earnings-driven market where stock picking, discipline, and long-term thinking matter more than macro noise. He also explains why he’s underweight the MAG 7, why  U.S. banks look unfairly punished, why risks are building in private equity and private credit, and why that could create a major opportunity in small- and mid-cap stocks.

He also addresses gold, saying while the rally has been impressive, he is neutral rather than overweight. His view: when gold’s performance gets this stretched, history suggests it tends to underperform in the years ahead—so investors should be cautious about chasing it here.

In the mailbag, Belski breaks down Lululemon (LULU) as a former growth name now shifting into value, while explaining why he exited Nike (NKE). He also discusses agriculture and industrial exposure through Deere & Company (DE), Caterpillar (CAT) and AGCO (AGCO), along with housing via KB Home (KBH). He also weighs in on airlines including Delta Air Lines (DAL). On the Canadian side, he highlights TELUS (T.TO) as his preferred telecom name, pointing to its relative positioning within the group and long-term stability, while also calling out Canadian consumer strength—including why he loves Aritzia (ATZ.TO) as a long-term growth story.

In Pro Picks, Belski sticks with high-quality, proven winners. He highlights Costco (COST) as a core long-term compounder, Alphabet (GOOGL) for its dominant platform and AI exposure, and Apple (AAPL) as a name to lean into when sentiment weakens. He also adds Spotify (SPOT) as a bonus idea.

If you think this bull market is over, Belski says you’re missing the bigger opportunity.

Timestamps

00:00 Trailer 

01:25 Intro 

03:20 Brian Belski returns, this time after launching his own shop
08:00 Brian’s investing approach at Humilis 

10:00 Belski is still bullish, isn’t changing anything  

13:30 Brian says the U.S. is the best stock market in the world, Canada is #2
16:10 Why Brian is underweight the Mag7 and what he’s buying 

21:30 Brian is very negative private equity & credit
27:00 An earnings driven markets
29:20 Why Brian on gold and energy & Tesla
34:00 ITM Mailbag: Lululemon stock (LULU)
36:50 Agriculture stocks (CAT, DE, AGCO) 

38:35 Telus & other telcos (T)
40:20 Aritzia (ATZ)
43:00 Delta Air Lines (DAL)
45:30 KB Home (KBH) 

49:30 Brian’s Pro Picks (COST, GOOGL, AAPL)

Sponsors

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[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 this episode we talk about Meta, NIKE, CNQ, and Apple which are all stocks Amber owns. 

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

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The AI trade isn’t just about tech anymore — it’s about all stocks. In this episode of In the Money with Amber Kanwar, Kim Bolton, President & Portfolio Manager at Black Swan Dexteritas, argues we’re entering the next phase of the AI cycle, where the winners won’t just be the companies building the technology — but the ones using it to drive real earnings. As he puts it, investors need to rethink what a “tech stock” even is.

Kim explains why this recent pullback in tech looks more like a healthy consolidation than a structural break, and why software could remain under pressure in the near term as enterprises experiment with cheaper, more flexible AI tools. The real shift, he says, is from AI “pilots” to full deployment — where companies embed AI directly into business units to boost productivity, cut costs, and grow profits. That’s where the next leg of the market will be decided — and why the next 6 to 18 months could separate hype from real earnings power.

In the mailbag, Kim breaks down Microsoft (MSFT) and why he still sees it as a “screaming buy,” even as sentiment has cooled, and explains why Nvidia (NVDA) continues to dominate the AI stack with a near-monopoly in GPUs. He weighs in on Micron (MU), arguing demand for memory remains structurally strong despite recent volatility, and discusses Amphenol (APH) as a lesser-known platform-layer name tied to data centers that hasn’t quite reached his buy zone. On the more speculative side, he shares his cautious approach to quantum names like Xanadu (XNDU), preferring to wait through early volatility, and revisits Constellation Software (CSU.TO), where execution under new leadership will be critical. He also highlights Nebius (NBIS) as an under-the-radar AI infrastructure name he owns and continues to add to.

In Pro Picks, Kim focuses on high-conviction names across the AI ecosystem: Lam Research (LRCX) as a key semiconductor equipment play tied to the buildout of AI infrastructure, Palantir (PLTR) for its ability to embed AI directly into enterprise operations, and Walmart (WMT) as a standout example of a company already turning AI into real productivity gains and margin expansion.

Timestamps
00:00 Trailer 
02:20 Intro 
06:10 How is this tech sell-off different than previous sell-offs? 

10:50 What does it take for an AI stock to win? 

15:00 Everything is an AI stock now: Tech vendors & end users 

18:00 Maybe tech just isn’t fashionable right now? 

20:40 Taking money out of tech vendors and putting it into tech end users 
23:30 Walmart trades more expensive than Meta 
25:40 ITM Mailbag: Microsoft stock (MSFT) 
31:20 Micron stock (MU) 
35:40 Amphenol stock (APH) 
37:30 Xanadu Quantum Technology (XNDU) 
40:15 Constellation Software stock (CSU) 

44:40 Nebius stock (NBIS) 
46:40 Kim’s Pro Picks (LRCX, PLTR, WMT)

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[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 this episode we discuss Microsoft, Constellation Software, Micron and Meta which are all stocks Amber owns. 

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

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What happens when the war ends — and what is the market getting wrong right now? Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Partners, joins In the Money with Amber Kanwar to break down what he sees as some of the most mispriced trades in global markets. From oil to gold to global equities, Boockvar argues that investors are too focused on short-term geopolitical moves — and missing the bigger structural shifts already underway.

He explains why even if the war de-escalates, oil prices are unlikely to return to pre-war levels, laying out the case for a higher floor driven by supply risk, global stockpiling, and a world that’s rethinking energy security. From there, he expands the conversation to a broader commodity bull market — including gold’s evolving role as a global reserve asset, as well as fertilizer and other critical inputs that could be underappreciated. He also explains how this all fits into a larger shift toward global markets and real assets.

At the same time, Boockvar warns that some of the most crowded trades may be losing leadership. He breaks down why the AI trade could be entering a new phase, why mega-cap tech like NVIDIA (NVDA), Microsoft (MSFT) and Meta (META) are facing growing pressure around capex and margins, and why investors should be cautious extrapolating past returns. He also highlights risks building in private credit — an asset class he says has yet to be properly stress-tested — and why its expansion into retail investors could create vulnerabilities if the cycle turns.

In Pro Picks, Boockvar shares how he’s positioning for what comes next — focusing on commodities and real assets, specifically fertilizer stocks, as well as global opportunities tied to emerging market local currency bonds, with a way to play it through the VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC). He also points to consumer staples as his personal “pain trade,” calling out Kraft Heinz (KHC) and Conagra Brands (CAG) as areas that could surprise investors.

Timestamps
00:00 Trailer
02:30 Intro
05:10 As easy as war over, markets higher?
06:40 $80 oil is the new $60

09:25 Oil stocks will pullback but do well at $80 oil
10:50 Gold still in a bull market but gains will slow
15:00 Getting global exposure
18:10 The tech question & capex concerns 

25:10 Concerns about private credit
34:40 Rates, central bank influence & bonds
41:10 Why did defence pull back when the war started?
42:30 Peter’s Pro Picks (fertilizer, consumer staples, local currency bonds)

Sponsors

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

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

Links

https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[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

The nuclear story has completely flipped — and according to Cameco CEO Tim Gitzel, this is now the strongest market he’s seen in over 40 years.

In this conversation on In the Money with Amber Kanwar, Gitzel explains why uranium and nuclear energy have gone from a post-Fukushima downturn to a full-scale global comeback. He walks through the turning points — from the shutdown of Japan’s reactors and a decade-long bear market, to today’s surge driven by climate goals, energy security concerns, and rising geopolitical tensions. As countries rethink their dependence on foreign energy and fragile supply chains, nuclear power is moving back to the center of the global energy mix.

The discussion also dives into Cameco’s transformation from a uranium producer into a more vertically integrated nuclear player, including its major stake in Westinghouse alongside Brookfield Asset Management. Gitzel explains how that deal positions the company to benefit from a massive global buildout of reactors — including a landmark $80 billion commitment from the U.S. to expand nuclear capacity.

Finally, Gitzel breaks down the next wave of demand: AI and data centers. With electricity needs set to surge, he explains why nuclear’s reliability, long lifespan, and energy security advantages are making it increasingly essential — and why this cycle could look very different from anything the industry has seen before.

If this cycle plays out as expected, nuclear won’t just be part of the energy mix — it could become the backbone of the next era of global power.

Timestamps
02:25: Intro
04:50: Best environment for nuclear in over 40 years
06:15 Tim Gitzel’s path to Cameco CEO
08:30  Fukushima and what’s happened since
12:35 What kept Gitzel at Cameco through the lean years?
13:45 The new commitment to nuclear power
14:50 Cameco’s stake in Westinghouse
18:30 Cameco’s partnership with the U.S. government 

26:20 Rumours that the U.S. is also working with competitors + cost overrun concerns
30:35 ATB Cormark Capital Markets
31:05 Cameco in Canada
34:00 The war in Iran & impact on nuclear
36:35 AI, data centres & nuclear 

42:00 Succession planning & Tim’s legacy
44:00 Does it all go away if there’s another accident? 

Sponsors

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

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

ETF Minute is sponsored by BMO ETFs. For more information on BMO’s Asset Allocation ETFs visit: https://bmogam.com/ca-en/products/exchange-traded-funds/asset-allocation-etfs and for more information on BMO’s All-Equity ETF visit: https://www.bmogam.com/ca-en/products/exchange-traded-fund/bmo-all-equity-etf-zeqt/

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

under this arrangement by BMO ETFs.

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

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

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

to any circumstance.

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

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

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

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

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

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

values change frequently and past performance may not be repeated.

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

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

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

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

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

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

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

and BMO Investments Inc. operate.

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

licence.

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

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Dividend growth is supposed to be the safe corner of the market — but what happens when geopolitics, inflation shocks, and an evolving AI trade collide all at once?

In this episode of In the Money with Amber Kanwar, Amber sits down with Amritha Kasturirangan, Co-Lead Portfolio Manager of the Franklin U.S. Rising Dividends Fund at Franklin Templeton, to break down how she’s navigating markets in a time of war. Running a $30 billion strategy built on dividend growth, she explains why she’s not chasing yield — but instead using consistent dividend growth as a signal of resilient, high-quality businesses that can hold up through uncertainty.

The conversation dives into how the market narrative has shifted from early-year optimism to geopolitical anxiety, and what that means for investors. Amritha walks through her framework for thinking about the Iran conflict, why she believes markets may be overpricing worst-case scenarios in private credit, and how the AI trade is evolving beyond mega-cap tech into real-world productivity gains. She highlights companies like Walmart (WMT) and Goldman Sachs (GS) as examples of how AI is moving beyond infrastructure into productivity — a shift she sees as both healthy and investable. She also explains why this environment is creating opportunities — not reasons to panic — for long-term investors focused on quality and durability.

In the Mailbag, Amritha breaks down Microsoft (MSFT) and why it remains a long-term winner despite the recent selloff, Nasdaq (NDAQ) and whether exchanges are truly at risk from AI disruption, Stryker (SYK) and why a recent cyberattack isn’t a reason to sell, D.R. Horton (DHI) and the long-term case for homebuilders despite rate pressure, and ExxonMobil (XOM) and how to think about energy stocks in the context of geopolitical shocks.

In Pro Picks, she starts with Parker-Hannifin (PH), a self-help industrial story being re-rated as a long-term compounder with exposure to aerospace and defense. Next is Analog Devices (ADI), an under-the-radar chipmaker benefiting from secular trends like automation, EVs, and the Internet of Things. And finally, Ross Stores (ROST), an off-price retailer with a powerful “treasure hunt” model, improving execution, and a new growth flywheel driven by marketing and a younger consumer — all while continuing to deliver strong dividend growth.

This is a playbook for investing when uncertainty is high: focus on resilience, stay disciplined, and use volatility to your advantage.

Timestamps
00:00 Trailer

02:20 Intro 
 04:00 Franklin Templeton’s dividend growth strategy 

06:35 Dividend growth in a time of war 

10:10 Private credit & software challenges 
 17:25 How big is the private credit/equity problem? 

20:45 ETF Minute: Hamilton’s QMVP

22:15 ITM Mailbag: Microsoft stock (MSFT) 

26:25 Walmart stock (WMT) 
 26:45 Nasdaq stock (NDAQ)

31:10 Stryker stock (SYK)

36:35 D.R. Horton stock (DHI) 
 39:25 Exxon Mobil stock (XOM)

42:05 Amritha’s Pro Picks (PH, ADI, ROST) 

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

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

ETF Minute is sponsored by Hamilton ETFs. To learn more about the HAMILTON CHAMPIONS™ U.S. Technology Index ETF, visit https://hamiltonetfs.com. 

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 Microsoft which is a stock Amber owns.

Hamilton ETFs Disclaimer
The ETF Minute is sponsored by Hamilton ETFs. This video is for general informational purposes only and not personalized investment advice. 

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

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

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

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from May 8, 2006 to February 27, 2026.

The graph illustrates the growth of an initial investment of $100,000 in the Solactive HAMILTON CHAMPIONS™ U.S. Technology Index (SHUSTCHT) vs. the Technology Select Sector Index ($CDN) with annual compounded total returns. The graph is for illustrative purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SHUSTCHT data prior to December 3, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

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