In the Money with Amber Kanwar

In this special episode of In the Money with Amber Kanwar, we team up with The Scotiabank Women Initiative. Amber sits down with Swanzy Quarshie, Managing Director of Equities, Global Investment Solutions at Scotia Wealth Management, for a wide-ranging look at the biggest force in markets today: the AI boom.Swanzy breaks down why equity markets are soaring even as the underlying economy lags, and how much of that strength traces back to AI optimism. She digs into the staggering amount of power and water the AI buildout requires, the limits on how quickly that energy can be supplied, and what happens if AI adoption doesn’t keep pace with the infrastructure being built.They explore whether AI can truly deliver the productivity gains companies are banking on, why some sectors are already seeing real benefits, and how the next wave of AI winners may come from outside the hyperscalers — in places like consultants, utilities, and financials that learn to integrate AI effectively.If you want a clear, grounded take on the realities behind the AI frenzy — and where the lasting opportunities could emerge — this episode is a must-watch.The Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more information check out: https://www.scotiabank.com/women-initiative/ca/en.htmlTimestamps00:00 Show intro01:15 Swanzy’s career arc3:30 Swanzy’s view on earnings growth & AI05:30 Cautious optimism on AI08:15 Energy demand, AI & productivity gains13:30 Is there any choice but to be invested in AI? 16:50 How does Canada position itself for the AI boom? 19:00 The U.S. market & AI gains23:00 AI disruption in the market SponsorsThe Scotiabank Women Initiative is committed to helping women grow their businesses, advance their careers and invest in their futures, so they can succeed on their own terms. For more check out: https://www.scotiabank.com/women-initiative/ca/en.htmlLinkshttps://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.SCOTIA WEALTH MANAGEMENT DISCLAIMER This publication has been prepared by The Bank of Nova Scotia for Scotia Wealth Management clients and may not be redistributed. It is for general information purposes only and should not be considered or relied upon as personal and/or specific financial, tax, pension, insurance, legal or investment advice. We are not tax or legal advisors and we recommend that individuals consult with their qualified advisors, including tax and legal advisors, before taking any action based upon the information contained in this publication. Opinions and projections contained in this publication are our own as of the date hereof and are subject to change without notice. Scotia Wealth Management is under no obligation to update this commentary and readers should assume the information contained herein will not be updated. While care and attention has been taken to ensure the accuracy and reliability of the material in this publication, neither The Bank of Nova Scotia nor any of its affiliates or any of their respective directors, officers or employees make any representations or warranties, express or implied, as to the accuracy or completeness of such material and disclaim any liability resulting from any direct or consequential loss arising from any use of this publication or the information contained herein. This commentary may contain forward-looking statements based on current expectations and projections about future general economic factors. Forward-looking statements are subject to inherent risks and uncertainties which may be unforeseeable and such expectations and projections may be incorrect in the future. Forward-looking statements are not guarantees of future performance and you should avoid placing undue reliance upon them. This publication and all the information, opinions and conclusions contained herein are protected by copyright. This publication may not be reproduced in whole or in part without the prior express consent of The Bank of Nova Scotia. ®Registered trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management® consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Private banking services are provided by The Bank of Nova Scotia. Estate and trust services are provided by The Bank of Nova Scotia Trust Company. Portfolio management is provided by 1832 Asset Management L.P. and 1832 Asset Management U.S. Inc. Insurance services are provided by Scotia Wealth Insurance Services Inc. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. International investment advisory services are provided by Scotia Capital Inc. Financial planning services are provided by The Bank of Nova Scotia and ScotiaMcLeod. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and is regulated by the Canadian Investment Regulatory Organization. Scotia Wealth Insurance Services Inc. is the insurance subsidiary of Scotia Capital Inc., a member of the Scotiabank group of companies. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Insurance Agents (Financial Security Advisors in Quebec) representing Scotia Wealth Insurance Services Inc.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

Dustin Reid, Chief Strategist for Fixed Income at Mackenzie Investments, shares his insights on the impending challenges facing the Fed and the economy. He argues that chaotic Fed communications are complicating markets and predicts significant impacts from the December rate decision. Reid discusses the diverging signals in the U.S. labor market, the cooling Canadian housing sector, and why AI investment is now a key growth driver. With potential political influences on Fed policy, he emphasizes risk management strategies for fixed income investors.

Long-term investing, Barry Schwartz reminds us, is a simple math problem that most investors overcomplicate — and as a self-described permabull, he’s here to explain why staying constructive matters even in the years that test you. Amber and the President & CIO of Baskin Wealth Management dig into the final trading month of the year as Barry breaks down why earnings growth powered the 2025 rally, why double-digit profit growth is still ahead, and why one off-trend year never justifies abandoning a sound philosophy. He also opens up about Baskin’s performance, the pressure of chasing the index, and why he still won’t touch gold miners despite their monster gains.Barry tackles viewer questions head-on, starting with Canadian banks at record highs, explaining why National Bank (NA.TO) and Royal Bank (RY.TO) have earned their premium and why he’s not rushing back into TD Bank (TD.TO). He then digs into Telus (T.TO) and the broader telco group, calling out how attractive dividends can mask weak cash flow and rising leverage. On CN Rail (CNR.TO), he respects the long-term durability but sees better growth elsewhere. He weighs in on Constellation Software’s (CSU.TO) rare pullback, why slower growth doesn’t mean the compounding story is over, and why this may be a chance to add, not bail. On Berkshire Hathaway (BRK.B), he pushes back on worries about Buffett’s growing cash pile and argues the long-term thesis remains intact. He also revisits his long-term energy favourites Tourmaline (TOU.TO) and Canadian Natural Resources (CNQ.TO), explaining why he still prefers these disciplined, founder-influenced compounders over the “sexier” high-beta names that have led the recent energy trade.Barry revisits his February recommendations — Apple (AAPL), Microsoft (MSFT), and Meta (META) — and explains why he stayed steady even when Meta sold off, pointing to its 26 percent revenue growth as evidence that AI is already paying off inside the business. Then he turns to what he’s buying now: TFI International (TFII.TO), where he sees powerful upside once one of the worst freight recessions in years finally bottoms; Alimentation Couche-Tard (ATD.TO), which he believes is regaining momentum as U.S. stores improve and fresh food lifts margins; and Restaurant Brands International (QSR.TO), where Burger King’s turnaround and international expansion could finally unlock a stock that has traded in a range for too long. Each idea reflects the same discipline behind his past winners: buying great businesses when the market temporarily misprices them and letting time and compounding do the heavy lifting.Timestamps00:00 Questrade’s new tools for investors01:30 Show intro 04:00 Barry Schwartz on the importance of long-term investing06:00 Barry’s macro view, corporate earnings and why Baskin is underperforming this year 09:20 Why Barry doesn’t like the gold sector 11:00 What really mattered this year? 13:00 AI & All roads lead to OpenAI 17:00 ITM Mailbag: The Canadian banks 23:30 Why Barry is a perma-bull 25:30 Telus stock (T) 30:00 CN Rail stock (CNR) 35:00 Berkshire Hathaway stock (BRB.B) 40:40 Constellation Software stock (CSU) 42:40 Tourmaline stock & Canadian Natural Resources stock (TOU, CNQ) 46:15 Barry’s Past & Pro Picks (AAPL, MSFT, META, TFI, QSR, ATD)SponsorsFor more information on Questrade's new tools for investors visit https://questrade.comFor 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 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, 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

Gold is hovering near record highs, the market is begging for a rate cut, and AI is reshaping every corner of the economy. But are investors seeing the full picture? Amber sits down with Bipin Rai, Managing Director, Head of ETF & Alternatives Strategy at BMO Global Asset Management  for an unfiltered macro conversation at a moment when investors are looking for answers and clarity.Bipin breaks down why markets abruptly priced in an aggressive December Fed cut despite an unclear jobs picture distorted by the U.S. government shutdown. He also explains why political pressure on the Federal Reserve is becoming impossible to ignore and how easily a poorly timed cut could become a policy mistake.AI becomes the first major theme of the conversation. Bipin explains why the broad AI beta trade is ending and how debt financed spending is starting to separate real winners from firms with stretched balance sheets. The market may finally be waking up to these differences and he argues that this shift toward a more selective environment is actually a sign of long term health.Gold is the other force that has defined 2025. Bipin breaks down why the metal’s record run has been powered mostly by retail and institutional ETF flows rather than central banks and why gold’s pause at the top is not a sign the move is over. He goes through the supply and demand math and explains why he still sees a path to gold reaching 4500 by mid 2026.They also dig into Canada’s massive fiscal push, the USMCA wildcard, the mortgage renewal wall, and why global infrastructure spending is becoming one of the most durable multi-year investment themes.In Pro Picks, Bipin brings three ETF ideas tied directly to the macro forces shaping markets right now. He starts with the BMO Gold Bullion ETF (ZGLD), which offers pure exposure to gold as it hovers near record levels. He then introduces the BMO Gold Bullion Covered Call Spread ETF (ZWGD), a strategy built to maintain upside participation in gold while generating meaningful yield by selling call spreads. And for investors looking to position for global fiscal stimulus, he highlights the BMO Global Infrastructure Fund ETF (BGIF), a portfolio of essential infrastructure exposure from pipelines to utilities to communication towers benefiting from governments racing to upgrade aging systems.Timestamps00:00 Show intro02:00 Bipan’s view on rates05:00 Thinking about U.S. rates from a political lens and the risk of a policy misstep08:40 Chaos within the Fed & missing data13:00 Why were markets so resilient this year? Especially outside of the U.S. 16:30 AI, exposure and exceptions for 2026 19:50 The big gold rally, retail & institutional investors and outlook for next year26:20 The interplay between the USD and commodities29:45 The Bank of Canada, tariffs and the Canadian economy32:20 The Federal budget & fiscal policy36:20 Bipan’s Pro Picks (ZGLD, ZWGD, BGIF) SponsorsFor 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.Presented by BMO ETFs. 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 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 information.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 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

Bob Elliott, Co-founder and CEO of Unlimited Funds, delves into hedge fund strategies and their replication through affordable ETFs. He discusses why hedge fund managers often lack consistent outperformance and the value of aggregating crowd wisdom. Elliott highlights current economic challenges, including declining household spending and the Fed's inconsistent policies. He emphasizes the strategic importance of gold in portfolios and shares insights on the emerging risks posed by AI investments. Tune in for an engaging breakdown of market dynamics and investment strategies.

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.TimestampsFor 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.The mailbag is brought to you by BMO ETFs. If you're a DIY investor looking to take control of your portfolio, BMO ETFs makes it easy. Check out the ETF Compare Tool, Stock Replacement Tool, and News and Insights under the Tools section at www.bmoetfs.com — perfect for analyzing your options, spotting trends, and building a portfolio that fits your goals and timeline.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

This week on In the Money with Amber Kanwar, Canoe Financial’s David Szybunka makes a bold call: we’re only in year 5 of a 15-year bull market for energy. David explains why the last three years were just a “digestive phase,” why energy stocks are quietly outperforming even with $60 oil, and why he sees the cycle shifting from disbelief to the early stages of optimism. He breaks down the flows, the fundamentals, and the global capital piling back into Canadian energy—from private equity to pension funds to supermajors—regardless of the prevailing political narrative. The message is clear: scarcity is real, capital is returning, and the setup only gets stronger from here.From there, Amber and David dig into the mailbag, tackling names investors are debating right now. They break down Whitecap (WCP) and its growing dividend strategy, ABEX Technologies (ABXX) and the structural LNG shift behind its explosive run, South Bow (SBOW) and whether its high yield signals opportunity, ARC Resources (ARX) and what the market misunderstood about Attachie, Athabasca (ATH) and whether its surge puts it in takeover territory, and Imperial (IMO), whose refining strength has driven massive outperformance versus the rest of the sector.The conversation then rolls seamlessly into David’s Pro Picks, where he lays out how he’s positioning for the next leg of the cycle. He highlights why CES Energy Solutions (CEU) is a mispriced, market-share-gaining service company that doesn’t need higher oil to re-rate; why he thinks investors should own Clearwater names—Tamarack Valley Energy (TVE) and Headwater Exploration(HWX)—given fast payouts, reservoir enhancements, and long free-cash runways; and why PrairieSky (PSK) and Topaz (TPZ), two of the sector’s premier royalty plays, remain undervalued compounders that bring stability and upside to an energy portfolio. He closes with Tourmaline (TOU), making the long-term gas case and explaining why it’s the kind of stock where long-horizon investors could “park capital and wake up rich.”If you want to understand where the energy cycle is really headed—and why David believes the biggest gains are still ahead—this episode connects every dot.Timestamps00:00 Show intro02:05 Who is David Szybunka?04:10 How does David continue to outperform?06:45 We’re year 5 of a 15-year energy bull cycle10:00 Why are the stocks doing better than the commodity right now? 12:30 Politics and the 15-year bull market. It’s more than just policy18:10 Price drives sentiment. How long does the Capex cycle in AI last?20:30 Is ESG dead?22:40 M&A in energy27:50 ITM Mailbag: Whitecap Resources stock (WCP) 30:00 Abaxx Technologies stock (ABXX.NE)34:30 Southbow Corp. stock (SOBO)35:50 Arc Resources stock (ARX)37:50 Athabasca Oil chart (ATH)40:15 Imperial Oil stock (IMO)45:50 David’s Pro Picks (CEU, TVE, HWX, PSK, TPZ, TOU)SponsorsFor 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.The mailbag is brought to you by BMO ETFs. If you're a DIY investor looking to take control of your portfolio, BMO ETFs makes it easy. Check out the ETF Compare Tool, Stock Replacement Tool, and News and Insights under the Tools section at www.bmoetfs.com — perfect for analyzing your options, spotting trends, and building a portfolio that fits your goals and timeline.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

AI has driven tech stocks to new heights — but are we starting to see cracks in the story? Amber Kanwar sits down with Shane Obata of Middlefield to find out whether the AI trade is running out of steam or just gearing up for its next phase. From Nvidia’s dominance to rising capital costs across the sector, Shane explains where investors should stay cautious and where the next wave of profits could come from — and why, in this market, all roads still lead to OpenAI.In the Mailbag, Shane weighs in on AMD (AMD) and its new deal with OpenAI, why Taiwan Semiconductor (TSM) still shines despite China risks, and how Salesforce (CRM) stacks up against Microsoft (MSFT) in the software wars. He breaks down Meta’s (META) need for a new “shiny object,” calls Apple (AAPL) the ultimate safety trade, and explains how Amazon (AMZN)’s rebound in AWS shows its AI story is far from over.In Pro Picks, Shane shares three fresh ideas beyond the Mag 7: Samsung Electronics, poised to benefit from a global memory crunch; Take-Two Interactive (TTWO), ready to soar on the back of Grand Theft Auto VI; and Alibaba (BABA), a contrarian bet on China’s tech revival. He also reveals the theme he says will define 2026 — power — the hidden force driving the entire AI buildout.Timestamps00:00 Show intro02:10 It’s been a crazy year for tech, but you need to have it04:50 Why was it a tough earnings season for tech and is this an opportunity ?07:35 All roads lead to OpenAI11:30 How do you responsibly allocate for AI?16:00 ITM Mailbag: Advanced Micro Devices stock (AMD)21:45 Taiwan Semiconductor Manufacturing stock (TSMC)24:30 Salesforce stock (CRM)28:30 Meta stock (META)34:40 Amazon stock (AMZN)37:25 Shopify stock (SHOP) 39:00 Constellation Software stock (CSU) 46:00 Shane’s Pro Picks ( Samsung, Take-Two Interactive, Alibaba)SponsorsFor 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.The mailbag is brought to you by BMO ETFs. If you're a DIY investor looking to take control of your portfolio, BMO ETFs makes it easy. Check out the ETF Compare Tool, Stock Replacement Tool, and News and Insights under the Tools section at bmoetfs.com — perfect for analyzing your options, spotting trends, and building a portfolio that fits your goals and timeline.Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more informationThe mailbag is brought to you by BMO ETFs. If you're a DIY investor looking to take control of your portfolio, BMO ETFs makes it easy. Check out the ETF Compare Tool, Stock Replacement Tool, and News and Insights under the Tools section at www.bmoetfs.com — perfect for analyzing your options, spotting trends, and building a portfolio that fits your goals and timeline.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 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

This week on In the Money with Amber Kanwar, it’s a different kind of conversation — no portfolio managers, no mailbag, just an honest, wide-ranging “good hang” with two Canadian heavyweights.Amber sits down with bestselling author Howard Green, whose book Gimme a Crisis tells the remarkable story of former Scotiabank CEO Rick Waugh, who joins the conversation too. Together, they dive into the moments that defined Canada’s banking system — and Waugh’s extraordinary career — from Argentina’s collapse to the 2008 financial crisis and what came after. Along the way, they unpack why Canada’s banks emerged as some of the strongest and most stable in the world — and what lessons that strength holds for the future.It’s part history, part leadership masterclass, and part storytelling gold — a rare glimpse into how crises shape character, business, and a nation.Timestamps0:00 Show intro02:15 The story of how this book came to be06:40 A book about Rick and the Canadian banking system09:20 Numbers are important but personalities are just as important11:00 Dealmaking, meeting Donald Trump and what it takes for Canada to win 14:30 Assessing risk and Canada’s banking sector16:50 A crisis: the story of Scotiabank in Argentina23:40 Scotia’s international expansion under Rick28:00 Competition and Canadian banks in the U.S.30:30 Opportunities for Canada’s banking sector. If the U.S. was a stock would you buy or short?34:00 How can Canada get out of its own way?36:40 The Financial Crisis46:15 Parallels between today and the financial crisis49:00 How EBITDA changed Rick’s life! SponsorsFor 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

The Trump Trade is shaping the market right now. In this episode of In the Money with Amber Kanwar we sit down with Infrastructure Capital Management CEO Jay Hatfield to break down how the current wave of tariffs, deregulation, and government-backed investing is moving markets — and creating opportunities — in surprising places. From Washington’s national security bets to Silicon Valley’s political flip, this episode unpacks what the “Trump trade” means for stocks, sectors, and your portfolio.Hatfield explains why America’s push into strategic industries like resources, chips, and AI is creating clear winners — and how to position yourself without getting caught in the hype. He also shares how “the Trump effect” is reigniting deal-making, unlocking private equity, and fueling what could be the next multi-year bull run.From private equity giants to fast food staples, Jay takes listener questions on Brookfield (BN) vs. BlackRock (BLK) and whether private managers will dominate North American infrastructure. He breaks down why McDonald’s (MCD) could be a steady play for 2026, Pepsi (PEP) may have more upside after activist pressure from Elliott Management, and how Kimberly-Clark’s (KMB) deal for Kenvue (KVUE) could still deliver gains. Plus, his candid take on long-suffering Pfizer (PFE), why he trimmed his position in Broadcom (AVGO), utility players NextEra and Vistra (NEE, VST) and how to approach regional banks like Fifth Third (FITB) amid some credit fears.In Pro Picks, Jay lays out his top “Trump trade” plays — KKR (KKR) and Apollo (APO) — benefit directly from deregulation, renewed M&A activity, and a friendlier environment for private capital. He’s still bullish on Amazon (AMZN) as a cost-cutting story with cloud upside, and sees big opportunity in Marvell (MRVL), a cheaper AI chip play that’s been unfairly punished.Recorded on: Tuesday November 4th, 2025Timestamps00:00 Show intro02:15 The Trump Administration is buying stakes in U.S. stocks, why, and what does it mean for the market?05:15 Why this creating a bubble may not actually be a bad thing08:25 If AI has the backing of the U.S. government does that make valuations less worrying?11:10 Why tech makes up only a small portion of Jay’s portfolio 16:10 Is it time to look outside of the AI trade?17:30 Is OpenAI an under appreciated risk? 19:30 Where are rates headed?22:20 ITM Mailbag: Brookfield or Blackrock? (BN, BLK)23:40 Mcdonald’s stock (MCD)26:40 Pepsi stock29:00 Kenvue & Kimberly Clark (KVUE, KMB) 31:40 Pfizer stock (PFE)36:30 Broadcom stock (AVGO)37:50 NextEra & Vistra (NEE, VST)41:40 Fifth Third Bancorp (FITB)44:15 Jay’s Pro Picks ( KKR, APO, AMZN, MRVL)SponsorsFor 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, 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