In the Money with Amber Kanwar

Biotech stocks were left for dead — written off after years of brutal bear markets, failed trials, rising rates, and policy shocks. But what if the sector is quietly waking up?On this episode of In the Money with Amber Kanwar, Amber sits down with Eden Rahim, Portfolio Manager at Next Edge Capital, to unpack why one of the market’s most volatile and misunderstood sectors may be entering a new bull cycle. Eden walks us through biotech’s “nuclear winter” — from the 2011–2015 boom, to rolling bear markets, to the post-COVID hangover that crushed even former darlings like Moderna. He explains why extreme capitulation readings — with companies trading below net cash and only 1% of stocks above their 50-day moving average — signaled a generational bottom. And since April, biotech has quietly been outperforming the S&P 500… without the headlines.But this is not a “buy the ETF and forget it” story. Eden breaks down why biotech is the ultimate stock-picker’s market, how he handicaps regulatory, clinical and commercial risk, and why he focuses on post-Phase 2 companies where the odds shift dramatically. He also addresses the new wild card investors must navigate: shifting FDA goalposts and regulatory uncertainty.In the Mailbag, Amber and Eden tackle stocks that aren’t exactly household names for most investors. They break down Sarepta (SRPT) and whether its dramatic collapse reflects broader gene therapy risks. They discuss WELL Health (WELL) and why the stock can lag even when analyst targets look optimistic. They also look at DRI Healthcare (DRI.UN), the pharmaceutical royalty company offering dividend-paying exposure to drug innovation, and whether its leveraged royalty model is a smarter way to get biotech-like upside with cash flow. Plus, they touch on why Canadian biotech companies often migrate south — and what that means for investors hunting for overlooked opportunities.In Pro Picks, Eden shares three high-conviction ideas: Alpha Cognition (ACOG), a newly approved Alzheimer’s therapy with improved tolerability and strong commercial runway; ClearPoint Neuro (CLPT), a brain-delivery platform embedded across dozens of gene therapy programs; and NeurAxis (NRXS), a small-cap device company targeting gut-brain disorders with expanding reimbursement tailwinds. Volatile, under-the-radar — and potentially early leaders in a new biotech cycle.And don’t forget to vote on your favourite In the Money swag ideas! Head to: https://www.surveymonkey.com/r/XKGW2HT Timestamps00:00 trailer 02:15 intro  04:50 What’s it been like to be a biotech investor in recent years?  07:10 What happened in the biotech sector? 08:50 Covid & biotech  11:20 How biotech is different from other sectors 15:50 Biotech has been outperforming the S&P 50017:50 It comes down to stock picking  23:10 The regulatory environment is now a wild card  31:50 ITM Mailbag: Sarepta Therapeutics (SRPT)  38:30 WELL health (WELL) 41:50 DRI Healthcare Trust (DHT.UN)  45:50 Eden’s Pro Picks (ACOG, CLPT, NRXS) SponsorsFor 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.To explore BMO ETF tools, head to https://www.bmoetfs.com and check out the Tools section.Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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 this episode we discuss Pfizer which is a stock Amber owns. 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.Contact: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Jonathan Wellum, veteran value investor and CEO of Rocklinc, explains why he anchors portfolios in gold, silver and royalty companies as protection amid rising sovereign debt and currency debasement. He discusses why central‑bank buying reshapes gold, silver’s extreme volatility, and how electrification and data‑centre demand tighten metals markets. He also covers selective allocations to insurance, industrials and software.

Tech is starting to crack and value is outperforming. Where should you be positioned? On this special episode of In the Money with Amber Kanwar, the show heads to Phoenix, Arizona for a special on-the-road episode with Bill and Cole Smead of Smead Capital Management, the father-son investing team behind $5.5 billion in assets under management. In a wide-ranging and candid conversation, the duo explains why today’s market setup looks increasingly fragile and where disciplined value investors are still finding opportunity. Amber digs into Smead’s eight criteria for stock selection, how insider ownership and capital allocation drive long-term returns, and why years of crowding into passive strategies and the S&P 500 have quietly increased risk. They argue that the forces that powered years of U.S. outperformance — concentration, momentum, and passive flows — now look increasingly vulnerable. From the parallels between today’s AI spending boom and the telecom bubble of the late 1990s to their view that capital-intensive tech could face declining returns, Bill and Cole make the case that history may not repeat — but it certainly rhymes.The discussion also explores why international markets look more compelling than the U.S., how under-owned sectors like financials, healthcare, housing, and commodities could benefit from mean reversion, and why owning unpopular assets — and holding winners longer than feels comfortable — remains central to their approach.In the Mailbag, the Smeads tackle viewer questions and specific stocks across regions and sectors, including European banks Barclays (BARC) and UniCredit (UCG), healthcare giant Merck (MRK), and Canadian energy names Cenovus Energy (CVE) and Tamarack Valley Energy (TVE). They explain why scars from past cycles often create today’s best opportunities — and where investors should still be cautious.In Pro Picks, Bill and Cole share several high-conviction ideas that reflect their current positioning, including regional bank Fifth Third Bancorp (FITB), U.S. healthcare leader UnitedHealth Group (UNH), Canadian oil producer Strathcona Resources (SCR), and Canadian lumber company West Fraser Timber (WFG) — names they believe offer attractive long-term value supported by balance sheets, capital discipline, and structural tailwinds.Timestamps00:00 Show trailer 03:45 intro with father son duo Bill & Cole Smead04:10 U.S. & international exposure08:35 Are we seeing the end of U.S. outperformance?11:10 How has Smead Capital’s view evolved? Have they been bullish up until this spot?15:50 Why they are not as constructive on the S&P 500 17:20 Will 2026 be the year of the value investor? And what tech stocks do they own? 19:50 Are the Magnificent 7 the Nortel of this generation? It’s about Capex21:35 History doesn’t repeat itself but it rhymes 24:20 too many fools are chasing tech stocks, it will all change over the next decade29:50 What about commodities?34:10 ITM Mailbag: European Banks (BARC, UCG)37:55 Merck stock (MRK), Amgen stock (AMGN), United Healthcare stock (UNH)45:00 Homebuilder stocks (DHI, LEN) 46:20 Canadian energy stocks (CVE)49:00 Tamarack Valley stock (TVE)54:50 Bill & Cole’s Pro Picks (FITB, APA, UNH, SCR, WFG)SponsorsFor 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.  Visit https://ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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 this episode we discuss United Health and Tamarack Valley Energy which are both stocks Amber owns. 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.Contact: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Investors are talking about a “sell America” trade — but is the U.S. really done, or is this just another moment where global diversification finally pays? On this episode of In the Money with Amber Kanwar, Amber sits down with Jeff Elliott, Managing Director and Head of Global Equity at BMO Global Asset Management, to break down how a bottom-up stock picker is navigating today’s volatile, policy-driven markets.Jeff explains why last year’s global outperformance wasn’t about abandoning the U.S., but about fundamentals — earnings growth, valuation discipline, and avoiding crowded trades. He shares how his team broadens exposure to Europe, emerging markets, and Canada without making top-down regional bets, and why portfolio construction matters just as much as finding the right stocks.Healthcare takes centre stage as Jeff draws on his deep sector expertise to unpack one of the most politically exposed — and misunderstood — areas of the market. He explains why policy noise can create sharp dislocations without permanently damaging businesses, and how active managers look for mispriced opportunities across pharma, biotech, and med-tech while others retreat from the sector.In the Mailbag, Jeff cuts through policy-driven volatility across several heavily debated names. He explains why Medicare Advantage headlines have punished UnitedHealth (UNH), why a low valuation and big dividend aren’t enough for Pfizer (PFE), and why Eli Lilly (LLY) still stands out for durable growth. He also weighs in on Moderna (MRNA), NVIDIA (NVDA), Samsung Electronics (005930.KS), and Western Alliance Bancorporation (WAL), showing how fundamentals — not headlines — ultimately determine where volatility creates opportunity.In Pro Picks, Jeff highlights three high-conviction healthcare ideas where he sees durable growth despite policy noise. He starts with Boston Scientific (BSX), explaining why its leadership in atrial fibrillation treatment and med-tech innovation continues to drive long-term opportunity. He also revisits Eli Lilly (LLY), outlining why its depth in GLP-1s and next-generation therapies gives it a stronger growth runway than peers. Rounding out the picks is UCB (UCB.BR), a lesser-known European biotech where Jeff sees a transformative drug pipeline that could meaningfully change the company’s growth profile over the coming years.If you’re trying to understand how to invest globally without chasing headlines — and how active stock picking really works when policy risk and volatility dominate — this is a conversation worth watching.Timestamps00:00 Show trailer02:10 intro 04:10 Everyone wants global exposure now 06:00 How geography matters to a bottoms up approach08:00 What about Europe? 10:30 Follow the fundamentals12:20 What does policy volatility mean for Jeff’s approach?14:30 The TACO trade & healthcare 17:30 ITM Mailbag: UnitedHealth stock (UNH) 25:00 Pfizer stock (PFE)29:30 Moderna stock (MNRA) 35:50 Nvidia stock (NVDA) & big tech 38:55 Samsung stock41:30 Bank stocks & Western Alliance Bank (WAL) 44:15 Jeff’s Pro Picks (BSX, LLY, UCB)SponsorsFor 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.  Visit https://ATB.com/inthemoney for more informationThis episode is brought to you by BMO ETFs. Find out more about the BMO Global Equity Fund ETF here: https://bmogam.com/ca-en/products/exchange-traded-fund/bmo-global-equity-fund-active-etf-series-bgeq/Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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 this episode we discuss United Health, Pfizer and Eli Lilly which are all stocks Amber owns.  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: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What if the biggest risk to the S&P 500 isn’t a recession, rates, or geopolitics — but the way we invest?Amber Kanwar sits down with Michael Green, Portfolio Manager & Chief Strategist, Simplify Asset Management , to unpack a provocative — and deeply unsettling — idea: under certain conditions, the S&P 500 could theoretically go to zero. Not because every company fails, but because market structure breaks.Green explains how the explosive growth of passive investing has quietly changed how markets behave, why flows now matter more than fundamentals, and how index-driven buying can amplify momentum on the way up — and instability on the way down. Drawing on his famously prescient call on the collapse of the XIV volatility ETF, Green walks through the math behind systemic “zero events,” why they become self-catalyzing, and why policymakers — not individual investors — ultimately own this risk.The conversation also dives into gold and commodities as flow-driven markets, the role demographics play in shaping inflation and asset prices, and why machines — not humans — may be the dominant drivers of future demand. Green lays out why electricity-hungry systems like data centers are reshaping commodity demand, why traditional “human food” commodities face long-term headwinds, and how structural shortages can quietly drive inflation higher.In Pro Picks, Green explains how these themes are expressed through ETFs managed by Simplify Asset Management. He walks through the Simplify High-Yield ETF (CDX) and how its structure emphasizes endogenous cash flow, outlines how the Simplify Managed Futures Strategy ETF (CTA) uses a systematic trend-following approach to navigate volatile, flow-driven markets, and discusses how the Simplify Commodities Strategy No K-1 ETF (HARD) is designed to capture broad commodity trends, including rising demand for machine-driven resources like electricity. He also breaks down the role of gold as a flow-dominated asset and explains how the Simplify Gold Strategy Plus Income ETF (YGLD) is structured to generate income while helping cushion downside through options.This is not a call to panic — it’s a framework for understanding the hidden mechanics shaping today’s markets, and the extreme tail risks most investors never consider.Timestamps00:00 show trailer 02:20 Show intro 04:00 How Michael became the anti-passive investing guy 09:00 A systemic risk lurking inside index funds 13:20 The story of XIV, why it failed and why Michael got it right 20:20 Is policy needed to fix the problem with passive? 22:20 The S&P 500 could theoretically go to zero 25:20 What do Michael’s well-known colleagues think about his view 27:00 But isn’t discernment alive and well in the market? 29:35 Gold, flows and why Michael isn’t focused on specific companies 33:20 Can investors get away from the systemic risk? 36:10 In 15 years half of the boomers will have passed on 41:20 How Michael developed his approach to markets 47:20 Michael’s Pro Picks (CDX, HARD, CTA, YGLD) SponsorsFor 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.  Visit https://ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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.Contact: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What happens when you strip away the hype and put some of the market’s most beloved stocks under a cold, analytical microscope? In this episode of In the Money with Amber Kanwar, Amber is joined by Sam LaBell, Portfolio Manager at Veritas Asset Management, for a brutally honest reality check on what investors own — and why some of those positions may be riskier than they look.Sam digs into how investors should think about today’s biggest macro risks, from tariffs and geopolitics to slowing growth and stretched valuations, and explains why owning “popular” stocks can quietly increase risk rather than reduce it.Sam also shares his view on gold, arguing that the rally still has legs as central bank demand and investor flows remain supportive — but that this stage of the cycle demands discipline, even as gold stocks remain undervalued despite a massive run.In the Mailbag, Sam weighs in on Barrick Mining (ABX) and whether activist involvement can unlock further value, Bombardier (BBD.B) after a massive run, and Fairfax Financial (FFH) — explaining why the stock was attractive when returns on equity were improving, but why softer insurance conditions and today’s valuation now change the risk-reward. He also walks through his evolving view on Constellation Software (CSU), where AI introduces long-term uncertainty investors can’t yet model, and shares his perspective on Canadian telecoms including Rogers Communications (RCI.B), BCE (BCE), and TELUS (T).Sam also explains why he’s short Shopify (SHOP) — not because the business is broken, but because expectations remain extreme and even a modest slowdown in growth could pressure the stock, making risk management essential.In Pro Picks, Sam shares three high-conviction names he owns in the portfolio: WSP Global (WSP), a global engineering and consulting platform positioned to benefit from long-term infrastructure spending; GE HealthCare (GEHC), a misunderstood healthcare spinout with growing AI and software potential; and Brookfield Infrastructure (BIP.UN), a defensive, cash-generating business with steady growth and one of the cleanest accounting profiles in the Brookfield universe.Timestamps00:00 Show trailer02:10 Intro05:50 Have we gotten to the point where we can ignore Trump’s threats?08:40 The U.S.-Canada relationship 10:40 U.S. exceptionalism is a global risk12:00 Does the gold rally still have legs? 15:00 Understanding the buy and sell side at Veritas Asset Management17:50 Stock picking is a lot like gambling18:20 Long and short strategies21:50 ETF Minute: BMO Growth ETF (ZGRO)23:00 ITM Mailbag: Barrick Mining stock (ABX)31:50 Bombardier stock (BBD.B)34:40 Fairfax Financial stock (FFH)39:40 Constellation Software stock50:00 Shopify stock 55:10 Rogers Communications stock (RCI.B)58:00 Sam’s Pro Picks (WSP, GEHC, BIP.UN)SponsorsFor 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.ETF Minute is brought to you by BMO ETFs. Head to https://www.bmoetfs.com to find out more about the BMO Growth ETF (ZGRO) Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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 this episode we discuss Fairfax and Constellation Software- which are both stocks Amber owns.BMO DISCLAIMERBMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. This ad is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. 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Prime Minister Mark Carney declared a new world order at Davos this week, what does that mean for your money? In this episode of In the Money with Amber Kanwar, Amber sits down with David Picton, CEO of PICTON Investments, Canada’s largest hedge fund, to unpack what a shifting global order means for investors.From the breakdown of the traditional 60/40 portfolio to the growing role of alternatives, Picton argues that investors are navigating a fundamentally different market regime. He explains why stocks and bonds no longer provide the diversification they once did, how inflation and massive fiscal spending are changing correlations, and why portfolio construction now matters as much as individual security selection. Picton outlines a He outlines his firm’s 40/30/30 framework  blending equities, bonds, and alternatives for a more flexible, total-portfolio approach that treats assets as return streams rather than rigid categories — an evolution he believes is essential as volatility, policy uncertainty, and global fragmentation reshape markets.In Pro Picks, Picton highlights Rocket Companies (RKT) as a high-conviction idea that reflects his firm’s framework. He explains why Rocket’s scale, data advantage, and aggressive use of AI position it to benefit from consolidation in the U.S. mortgage market, especially as refinancing activity eventually returns and housing affordability becomes a political priority. As a bonus, Picton also discusses why his firm is increasingly cautious on big-cap technology, arguing that the easy phase of the AI trade is over and that selective short exposure may now play a role as winners and losers begin to separate.Timestamps00:00 Show Trailer02:00 Intro05:50 David Picton’s early journey07:25 Picton’s total portfolio approach and the importance of alternatives12:00 60/40 doesn’t work anymore, Picton’s is 40/30/3013:50 A new world order and new world investing order15:50 The reality of being a hedge fund manager17:30 Expect a broadening of the rally20:00 Picton’s investing outlook for 202625:10 Watching the bond market and where do investors go for a return?27:20 Gold & gold stocks32:00 Energy & energy stocks 33:15 Using hedging strategies35:20 Maybe there is some method to Trump’s madness 37:00 The sell America trade 40:00 More on Picton’s alternative strategy43:20 The real estate question44:40: Picton’s Pro Picks (RKT + bonus) SponsorsFor 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.  Visit https://ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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.Contact: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

EQB was the worst-performing bank stock last year. A housing slowdown, a spike in provisions for credit losses, and the sudden passing of longtime CEO Andrew Moor left investors with a lot to digest. But in the banking sector, there’s an old market adage — “worst will be first” — the idea that last year’s laggard often leads the group in the following year. On this episode of In the Money with Amber Kanwar, Amber sits down with Chadwick Westlake, the new President & CEO of EQB. Westlake opens up about stepping into leadership during a moment of crisis, stabilizing the business, and resetting focus at a disruptive Canadian financial institution. Westlake explains what it truly means to be Canada’s Challenger Bank — from lending to self-employed Canadians, newcomers and entrepreneurs to taking a loan-by-loan approach to risk in a housing market which many investors fear is a systemic problem. Amber presses on the “mortgage cliff” of 2026, provisions for credit losses, and what EQB is modeling for unemployment and consumer strain. Chadwick outlines why the bank expects more volatility, why he sees cautious reasons for optimism later in 2026, and why EQB believes it’s positioned to navigate renewals differently with an average mortgage duration closer to two years. Then comes the blockbuster: EQB’s transformational deal to acquire PC Financial and become the exclusive financial partner of PC Optimum — a move that brings millions of Canadians into EQB’s ecosystem and reshapes the future of competition in Canadian banking. Westlake explains why scale matters, why challenger banks need urgency rather than complacency, and how this deal positions EQB to challenge the status quo. The conversation also digs into valuation, buybacks, and ownership concentration and what all that means for decision making and accountability. Finally, Westlake shares his candid views on Canada itself — arguing that the country needs to move faster and take greater ownership of its economic future. He speaks about productivity, competitiveness, and why Canadian businesses and policymakers must act with more urgency in a rapidly changing global environment. For Westlake, building a stronger challenger bank is inseparable from building a stronger Canada — one that competes, innovates, and backs its own talent with conviction.Timestamps00:00 Show trailer 02:00 Intro 04:20 What does it mean to be a challenger bank?07:30 Why Chadwick took the CEO role after the death of longtime CEO Andrew Moor 10:40 What was going wrong in 2025 as he stepped into the role?13:20 Chadwick on the housing market 16:20 Does Canada have a systemic housing problem?18:30 Skepticism about the EQB strategy21:00 What EQB look like in 5 years?23:00 EQB has modelled for more pain24:30 Why the mortgage renewal cliff doesn’t impact EQB and losses tied to housing26:10 What does lower immigration mean for growth? 28:00 EQB’s deal with PC Financial 32:30 Question marks surrounding the deal36:10 EQB’s word for 2026: Reimagine 38:30 What does it mean for EQB’s risk profile?40:30 EQB’s structure, decision making and accountability43:00 Does the deal change EQB’s profile as a takeover target?45:10 What can EQB do in wealth that isn’t already being done? 47:00 Canada needs to take hold of its destiny and fast SponsorsFor 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.  Visit https://ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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.Contact: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews.

David Burrows is back — and he’s bringing receipts. When he joined In the Money with Amber Kanwar last year, his call that Canada would behave more like a global market than a U.S. tech-heavy one went viral… and then it played out. Now, the Chairman & CIO of Barometer Capital Management, returns with the same message, only louder: the market is shifting — and the forces driving the new leadership are getting stronger. Burrows explains why investors may need to look beyond the familiar tech trade, and why commodities, financials, defence, and selective international exposure are increasingly doing the heavy lifting as we head deeper into 2026.In the Mailbag, Burrows goes stock-by-stock across a packed lineup. He starts with JP Morgan (JPM), explaining why he still sees it as the best house in a financials-led neighborhood, then tackles TD (TD) after its massive run and why he’s wary of second-guessing a bull market in banks. From there, he goes global with Banco Santander (SAN), breaking down why it’s become a core holding and what investors miss when they only focus on the Canadian Big Five. He then digs into defence — including Kratos (KTOS) and AeroVironment (AVAV) — along with broader exposure through ETFs like iShares U.S. Aerospace & Defense ETF (ITA), Invesco Aerospace & Defense ETF (PPA), and iShares European Defence ETF (EUAD). In industrials, he weighs in on Canadian Pacific Kansas City (CP) and CN Rail (CN), plus Canadian names like Aecon (ARE) and TFI International (TFII), and explains why “broken charts” can remain traps without a true trend reversal. He also touches on mega-cap tech exposure through holdings like Alphabet (GOOGL), NVIDIA (NVDA), Broadcom (AVGO), and Lam Research (LRCX), before pivoting to healthcare’s improving breadth via the SPDR S&P Biotech ETF (XBI), leaders like Eli Lilly (LLY), and renewed momentum in Moderna (MRNA). He closes the mailbag with commodities, discussing Alamos Gold (AGI) and M&A chatter in miners Glencore (GLEN) and Rio Tinto (RIO), and why these cycles often last longer than investors expect.In Pro Picks, Burrows revisits ideas that have already delivered — including JP Morgan (JPM), Fairfax Financial (FFH), and Agnico Eagle (AEM) — and explains why big gains don’t automatically mean it’s time to sell in a structural bull market. He then delivers a commodity-heavy set of high-conviction picks built for what he sees as the next phase of leadership: Hudbay Minerals (HBM) as a way to play tightening copper supply, Wheaton Precious Metals (WPM) for lower-volatility precious-metals exposure with silver leverage, and Headwater Exploration (HWX) as a low-cost way to position for energy catching a stronger bid. If last year was the preview, Burrows argues this year is the confirmation — the market’s centre of gravity is moving, and investors who adapt early can still be ahead of the crowd.Timestamps00:00 intro03:05 David’s viral clip on Canada05:00 What’s going to outperform in 2026? What are the right neighbourhoods?07:40 David’s approach and how he recognized the market shift11:00 Does this mean the Magnificent 7 is dead? 13:15 Venezuela fear14:50 Trump’s threat on the Fed 16:30 Is the sell America trade alive in 2026?17:50 Does each notch of uncertainty further embolden gold?19:10 Do financials still have leadership?21:35 ITM Mailbag: JP Morgan stock (JPM)24:35 TD Bank stock (TD)29:00 Banco Santander stock (SAN)32:00 Defence stocks (KTOS, AVAV) 36:05 CP Rail & CN Rail stocks (CP, CNR) 37:20 Aecon stock (ARE.TO)38:30 TFI International stock(TFII) 41:10 Healthcare stocks (LLY, MDNA)43:05 Alamos Gold (AGI) 45:10 Glencore/Rio-Tinto rumour (GLEN.LON, RIO.LON)46:40 David’s Past & Pro Picks (JPM, FFH, AEM, WPM, HWX)58:30 Why is CNQ underperforming? SponsorsFor 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.With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to https://www.bmoetfs.com and check out the Tools section.Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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, 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: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What happens when politics collides head-on with monetary policy? On this episode of In the Money with Amber Kanwar, Amber sits down with legendary Fed watcher Ed Yardeni, President of Yardeni Research, to unpack what he calls an unprecedented threat to the independence of the U.S. Federal Reserve — and why the market may be more resilient than the headlines suggest.Yardeni, who once worked at the Fed and has spent more than four decades studying markets, explains why political pressure on Chair Jerome Powell could actually strengthen the Fed’s independence, not weaken it. He also lays out his core investing principle: never let politics drive portfolio decisions. Instead, earnings remain the true north star — and in Yardeni’s view, earnings continue to surprise to the upside.Amber and Yardeni dig into his “Roaring 2020s” thesis, why he believes the U.S. economy can avoid recession, and how demographics, productivity gains, and resilient consumers are underpinning record-high profits. They also explore why geopolitical shocks often create buying opportunities — and why fears of an imminent collapse have repeatedly kept investors on the sidelines at the worst possible times.The conversation then turns to where Yardeni is repositioning capital as market leadership broadens beyond mega-cap tech — including why he thinks the Magnificent Seven face rising competition in the AI arms race, even as the broader market benefits.In Pro Picks, Ed Yardeni shares his highest-conviction ideas for the year ahead. He explains why he is market-weight technology but underweight the Magnificent Seven, arguing that intensifying AI competition and massive capital spending could pressure returns. Instead, he’s overweight industrials, which stand to benefit from onshoring and infrastructure investment, overweight healthcare, where an emerging M&A cycle and biotech innovation could unlock value, and overweight precious metals, with gold and the broader complex supported by central-bank buying, global uncertainty, and powerful technical momentum.To learn more about Yardeni’s framework and ongoing market insights, check out https://yardeniquicktakes.com, his near-daily research service for individual investors.Timestamps00:00 Show intro 05:40 Powell is justified in responding to Trump’s barrage of attacks 07:00 This could end up making the Fed MORE independent 09:15 This is perverse, unusual and unsettling 10:15 Never let politics interfere in your investment decisions13:30 It’s all about earnings, but is this time different? 17:00 Geopolitical crises are great buying opportunities 19:00 Yardeni’s roaring ‘20s thesis explained, the Gen shaped economy 24:00 The bears will keep you out of the market and that’s a mistake 26:30 The U.S. market relative to the rest of the world 30:00 Ed’s Pro Picks (underweight Mag 7, overweight materials & precious metals, overweight industrials, overweight healthcare)SponsorsFor 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.  Visit https://ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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.Contact: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews