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

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

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

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

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

Timestamps

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

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

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

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

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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 

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]

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