In the Money with Amber Kanwar

What Being a Prison Guard Taught John Ewing About Activist Investing


Listen Later

What did two summers as a prison guard teach John Ewing about shareholder activism? A lot, it turns out. Before co-founding Ewing Morris Investment Partners, Ewing learned how to stay calm under pressure, exert influence without force, and solve problems without escalating conflict. In this episode of In the Money with Amber Kanwar, he explains how those early lessons shaped his low-drama, high-conviction approach to engaging with management—and unlocking hidden value.

John breaks down his unique philosophy: why he avoids mega-cap tech and prefers small and mid-cap North American stocks that offer misunderstood value. Learn how he applies private equity-style thinking to public markets digging into balance sheets, calling suppliers, and even walking factory floors to spot undervalued opportunities.

From early activist wins like ZCL Composites to recent battles at Parkland (PKI.TO)  and InterRent (IIP.UN.TO), John shares the inside scoop on Canadian shareholder engagement, the importance of aligned boards, and why Canada is an ideal market for activism. In the mailbag: John weighs in on undervalued Canadian REITs like Primaris (PMZ.UN.TO), the shake-up at InterRent, and whether he’s bullish on Mattr Corp (MATR.TO), Computer Modelling Group (CMG.TO), or Red Cat Holdings (RCAT). Plus, why he stays away from balance sheet-heavy lenders like GoEasy (GSY.TO) and Propel (PRL.TO).

Then, it’s time for his Pro Picks - three high-conviction small-cap stocks he’s buying now: Latham Group (SWIM): A pandemic darling turned comeback story in fiberglass pools, Driven Brands (DRVN): The quiet winner in auto quick-lube services with scalable unit economics and Minto Apartment REIT (MI.UN.TO): A potential take-private candidate trading at a steep NAV discount.

If you’re looking to invest with conviction, understand activism without the headlines, or simply want to discover under-the-radar stocks with long-term potential - this episode is packed with actionable insights.

Timestamps

00:00 Show intro
02:00 John Ewing’s investing style in small and mid-cap stocks 

04:30 The evolution of John’s activist investing
06:00 What John learned from his summer job as a prison guard
08:00 John’s first activist campaign
11:00 John’s thoughts on the outcome with Parkland
16:00 Are companies getting more sophisticated in dealing with activists?
19:00 How does macro fit into his approach?
20:00 ITM Mailbag: What does John think about the shake-up at Interrent (IIP.UN)
24:25 Does John still own and like Mattr? (MATR) 

27:55 John’s opinion on Computer Modelling Group (CMG)
34:00 How do site visits help John evaluate a business?
36:20 Why John likes Primaris REIT
41:15 Why John stays away from names like goeasy
42:40 Why John isn’t interested in a name like RedCat Holdings
44:50 John’s Pro Picks


Sponsors
​​This episode is sponsored by BMO InvestorLine. Learn more at https://wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20

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


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

Links
https://inthemoneypod.com/ 

https://instagram.com/inthemoneypod

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

https://twitter.com/inthemoneypod 

https://tiktok.com/@inthemoneypod

[email protected]

DISCLAIMERS 

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


BMO DISCLAIMER 

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

 

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

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


Contact: [email protected]


#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews


...more
View all episodesView all episodes
Download on the App Store

In the Money with Amber KanwarBy Amber Kanwar

  • 5
  • 5
  • 5
  • 5
  • 5

5

2 ratings


More shows like In the Money with Amber Kanwar

View all
Michael Campbell's Money Talks by HPC Inc.

Michael Campbell's Money Talks

77 Listeners

Build Wealth Canada Podcast by Kornel Szrejber: Investor

Build Wealth Canada Podcast

17 Listeners

The Meb Faber Show - Better Investing by The Idea Farm

The Meb Faber Show - Better Investing

926 Listeners

The Dividend Guy Blog Podcast by Dividend Guy

The Dividend Guy Blog Podcast

63 Listeners

The Rational Reminder Podcast by Benjamin Felix, Cameron Passmore, and Dan Bortolotti

The Rational Reminder Podcast

445 Listeners

ARC ENERGY IDEAS by ARC ENERGY RESEARCH INSTITUTE

ARC ENERGY IDEAS

27 Listeners

The Canadian Investor by Braden Dennis & Simon Belanger

The Canadian Investor

84 Listeners

The Peak Daily by The Peak / Curiouscast

The Peak Daily

12 Listeners

RiskReversal Pod by RiskReversal Media

RiskReversal Pod

804 Listeners

The Loonie Hour by Steve Saretsky

The Loonie Hour

13 Listeners

On The Tape with Danny Moses by RiskReversal Media

On The Tape with Danny Moses

145 Listeners

Market Call by BNN Bloomberg

Market Call

16 Listeners

Long Term Investing - With Baskin Wealth Management by Barry Schwartz

Long Term Investing - With Baskin Wealth Management

6 Listeners

Canadian Wealth Secrets by Kyle Pearce, Jon Orr

Canadian Wealth Secrets

23 Listeners

TLDR by Devin Friedman, Sarah Rieger, Matthew Karasz

TLDR

31 Listeners