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

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

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

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

Timestamps

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

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

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

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

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

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

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

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

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

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DISCLAIMERS 

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

BMO DISCLAIMER 

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

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

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

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

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