In the Money with Amber Kanwar Serenity Now: Navigating 50% Drops in Small-Cap Stocks with Jordan Zinberg
It’s been a rough ride for Canadian small-cap growth stocks, and investors are looking for answers. Jordan Zinberg of Bedford Park Capital is back on In the Money with Amber Kanwar to break down what’s driving the selloff, where the fear is justified, and where the market is simply mispricing good businesses.
Zinberg says it’s not just a selloff — it’s a moment where quality is out of style, sentiment is washed out, and solid businesses are being treated like broken ones. He notes small-cap growth stocks, his corner of the market, have been hurt particularly hard but believes it’s unjustified.
Amber and Jordan dive deep into goeasy (GSY) — a stock Jordan’s followers know well. It’s been caught in the crossfire of a short report, a spike in provisions, and a wave of negative sentiment. Jordan explains what the report gets wrong, what the numbers actually signal, and why the underlying business hasn’t broken even if the share price has.
Then it’s on to a rare large-cap name, Constellation Software (CSU), a Canadian outperformer that has recently stumbled. Jordan walks through the two real pressures on the stock — AI anxiety around its vertical software businesses and the psychological impact of CEO Mark Leonard stepping back — and why he recently bought more for the first time in years.
The mailbag covers NTG Clarity Networks (NCI), where delayed contracts pushed margins around; VitalHub (VHI), a strong operator still trading at a premium Jordan won’t pay; and Kraken Robotics (PNG) versus Zedcor (ZDC), two small-cap darlings with huge runs but multiples he can’t justify. And yes, he brings back the line he lives by: EBITDA is still “bullshit earnings.”
We look back at Jordan’s past picks, Source Energy (SHLE) and Mainstreet Equity (MEQ), two stocks he still likes and owns and in Pro Picks he tells us why he’s still all-in on Propel Holdings (PRL) , the non-prime lender is also a former pick and a widely followed name amongst Jordan’s loyal fans. In addition to Propel, he offers two other Canadian small-cap names he likes right now; Lumine (LMN), his “baby Constellation,” and Zoomd (ZOMD), the Israeli ad-tech name quietly landing blue-chip clients and accelerating fast.
A sharp, honest look at Canadian small caps right when investors need clarity the most.
Timestamps
For 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.
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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.
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.
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