In the Money with Amber Kanwar What Being a Prison Guard Taught John Ewing About Activist Investing
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.
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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.
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