In the Money with Amber Kanwar

Are you making these critical mistakes in your portfolio? In this episode of In the Money with Amber Kanwar, renowned investor and author Meb Faber breaks down what most investors get wrong—and what to do instead.Meb dives deep into the three investing pillars he believes will define the next era: global diversification, value investing, and trend following. He explains why most investors are overly concentrated in their home countries and why sticking to U.S. stocks may no longer be the smartest move—highlighting markets like Poland, Japan, and the UK.He also unpacks the power of shareholder yield—a blend of dividends and buybacks—and reveals why investors overlook this metric at their own risk. Learn how Meb uses it to find underpriced companies flush with cash.Plus, with news that Warren Buffett will step down from Berkshire Hathaway at the end of the year, Meb refers to the legendary investor as “the GOAT” and uses his example to underscore how portfolio strategies—even from the greats—can appear simple on the surface, but often require a deeper understanding to replicate responsibly.In the Pro Picks segment, Meb tells us where he’s investing his own money right now, offering three of Cambria’s ETFs as top suggestions to end a fascinating interview: SYLD, GVAL and TRTY.Whether you're rethinking your global exposure, questioning the 60/40 model, or simply trying to invest smarter in uncertain times—this episode is a must-watch.Timestamps00:00 Show Intro01:20 How to trade with BMO InvestorLine03:15 Meb Faber’s origin story08:00 Meb on AI, big ideas and what’s coming next09:40 Meb’s approach to value investing12:45 How to construct a portfolio for long-term gains: Why diversification is key  16:00 A big problem for investors is ‘home country bias’17:15  Why trend following is key to portfolio construction, why investors need to be asset class agnostic and why market timing is actually possible23:10 Meb on Warren Buffett and what he taught us about investing27:50 Meb on Buffett’s strategy30:00 What Meb thinks about tariffs and why they aren’t the reason for the change in global flows36:10 Meb’s view on U.S. innovation and the future39:40 Break: Amber speaks to Raymond James Canada CEO Jamie Coulter about navigating volatile U.S.-Canada ties42:00 ITM Mailbag: Meb elaborates on the concept of a shareholder yield approach44:30 Meb’s views on the benefits of share buybacks to individual shareholders as opposed to institutional shareholders46:50 How Meb thinks about when to sell an investment 50:15 Meb’s Pro Picks1:03:50 Goodbye & coming upSponsorsThis 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-JNBMO16For 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 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.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: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In this special episode, we unpack what a Mark Carney-led Liberal minority means for Canadian investors — from markets and monetary policy to energy and geopolitical strategy.First, Frances Horodelski kicks off with a sharp overview of how the political shift is landing with Bay Street and what the new government signals for confidence and capital markets.Then, Jim Thorne of Wellington-Altus dives deep into the global economic context — including structural shifts, U.S. relations, and Canada's place in a rapidly changing world. He explores what investors should watch for in policy, growth sectors, and geopolitical risk.Finally, oil and gas investor Eric Nuttall doesn’t hold back. He shares his unfiltered views on the energy sector under Carney, the fading relevance of net-zero rhetoric, and why Canadian resource stocks could thrive — or suffer — depending on what happens next in Ottawa.Whether you're managing your portfolio or just trying to make sense of the headlines, this episode delivers key insights you won't want to miss. Subscribe for more sharp takes on markets, politics, and your money.Timestamps00:00 Show Intro 02:00 Amber welcomes Frances Horodelski 05:50 What does Mark Carney mean for U.S.-Canada relations 07:50 Why does Frances likes the Canadian market right now + her expectations for the Loonie 11:20 Why Frances doesn’t have conviction right now and what is the turning point? 16:05 Break: Amber speaks to the CEO of Raymond James Canada about the company’s deep Canadian roots 17:50 Amber welcomes Jim Thorne and he tells us why he believes Mark Carney is the right guy for the job, but liberal policies have to change  21:30 Can Canada become a hard power in energy and natural resources? 23:00 How is Jim viewing U.S.-Canada relations as someone who has spent a number of years working in the U.S. 26:00 What does a change in the global world order and U.S.-Canada ties look like 5 years from now? 31:30 Jim’s thoughts on what Prime Minister Carney might be willing to give up to President Trump 33:30 Jim’s thoughts on Canadian & U.S. banks 39:20 Did Jim’s investing view change on the back of the election?  42:15 Amber welcomes energy investor Eric Nuttall and asks how he’s feeling about the election outcome 44:00 Why so much in the energy space is to be determined 46:30 How will Nuttall’s concern about Mark Carney show up in his investments 49:10 Why Eric is still bullish on energy, specifically natural gas, but reducing oil exposure  55:10 Eric’s thoughts on Trump’s ‘drill baby drill’ 57:00 What happens with production in Canada? 58:35 What does the risk of an emissions cap mean for energy stocks? 1:00:00 What does Eric think about highly recommended stock Canadian Natural Resources (CNQ.TO)? 1:02:10 Eric’s Past Picks and new 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 https://bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16For 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.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: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

How does one of Bay Street’s top fund managers consistently deliver 15% annualized returns while navigating controversy and volatility? In this episode of In the Money with Amber Kanwar, Moez Kassam, Chief Investment Officer & Founder of Anson Funds, shares the secrets behind his success—from finding catalysts in overlooked markets to using activism to unlock value.Moez breaks down why he avoids passive investing, how multi-strategy flexibility gives him an edge, and why the best opportunities often hide where others fear to look. He also discusses how Anson balances shorts, longs, and real estate activism, and why sentiment shifts like today's fear-driven markets could be a bullish signal.In the mailbag, Moez shares candid views on Tesla (TSLA), crypto, uranium, and the quantum computing hype. Then, in the Pro Picks segment, he reveals three high-conviction investment ideas—Gildan (GIL), Vistry Group (VTY.L), and InterRent REIT (IIP.UN)—and confirms publicly for the first time that Anson is the largest shareholder of InterRent REIT, outlining the real-world activism playbook that could unlock massive upside.If you’re an investor seeking edge in an uncertain market, you don’t want to miss this grounded, real-talk masterclass.Timestamps00:00 Show Intro 01:45 Moez discusses his investment style and how he became one of Canada’s top fund managers 05:20 FOMO and understanding the risks involved with short selling06:20 How lessons learned as a teenager inform Moez’s investment decisions today08:40 Why is there a negative association with shorting stocks?10:00 Moez addresses market manipulation accusations 14:50 Where is Moez finding opportunities right now?16:30 If all companies have problems, how does Moez decide if a problem is big enough to warrant a short? 18:20 Anson’s move into activist investing 22:05 More on Anson’s multi-strategy approach and how real estate fits in25:10 Moez on macro, tariffs and potential opportunities 28:40 Moez on the Canadian election and economy 32:00 Moez on philanthropy and giving back 34:05 What will Anson be up to 5 years from now?35:30 Break: Raymond James Canada CEO on the company’s deep roots in Canada37:15 ITM Mailbag: Is Tesla a buy at these depressed prices?38:20 Moez’s view on crypto and bitcoin39:20 Moez’s take on quantum computing40:40 Moez’s view on uranium and Cameco41:20 Moez’s Pro Picks 52:50 Moez’s favourite restaurant right now53:35 Goodbye & coming up 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-JNBMO16For 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 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.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: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Are Canadian stocks finally having their moment? In this episode of In the Money with Amber Kanwar, Garey Aitken, Head of Canadian Equities at Franklin Templeton’s ClearBridge Investments, breaks down the "sell America, buy Canada" trend, explains why the U.S. is losing some of its exceptionalism, and gives his take on whether this shift is short-lived or part of a longer-term rebalancing in global markets.Garey shares 8 Canadian stocks he believes have a clear edge right now—from blue-chip dividend names to contrarian energy picks and growth stocks flying under the radar. He offers candid takes on valuation, proxy battles, strategic reviews, and where he's deploying capital now. If you're after resilience, income, or upside, there's something in here for every kind of investor. Plus, with a federal election looming, what impact could the outcome have on Canadian energy policy and investor sentiment? Garey weighs in on how much political risk he's factoring in and what to watch for in the days ahead.Whether you're a long-term investor, dividend chaser, or market skeptic—this episode is packed with expert insight.Timestamps00:00 Show Intro 01:40 Garey Aitken’s approach to investing and why Canada is outperforming the U.S. 03:50 Is this the beginning of Canadian exceptionalism?07:45 Reasons Canadian stocks have an edge right now11:00 Uncertainty facing the Canadian economy and what the federal election means 16:15 ITM Mailbag: Does Garey like Dollarama (DOL.TO) at these levels?18:50 What does Garey think about Parkland’s (PKI.TO) proxy battle and what does it mean for the stock? 24:55 What does Garey think about Couche-Tard in 2025? (ATD.TO) 33:20 Does Garey like Capital Power (CPX.TO) at these levels? 36:20 Is Constellation Software insulated from tariffs and what does Garey think about the valuation?40:15 Garey’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-JNBMO16For 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 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.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: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Markets are swinging wildly, but are investors overreacting? In this episode of In the Money with Amber Kanwar, seasoned portfolio manager Liz Miller of Summit Place Financial Advisors shares how she’s navigating market uncertainty—from surging tariffs and Fed drama to stock-specific opportunities.Liz explains why corporate earnings are murky, why the Fed’s influence may be fading, and how tariff unpredictability and U.S. dollar volatility are forcing investors to rethink risk. She also unpacks why she’s favouring U.S.-centric companies and building cash, even while nipping at beaten-down names.In the mailbag, Liz breaks down whether fully valued names like Netflix (NFLX), Google (GOOGL), and Costco (COST) are still worth buying—and why she’s more bullish on under-the-radar opportunities like Disney (DIS), BlackRock (BLK), and even Sweetgreen (SG). Plus, why she avoids gold miners and prefers gold ETFs for safer exposure.Then, in her Pro Picks segment, Liz shares 3 stocks she’s adding in this turbulent environment: Evercore (EVR), GE Healthcare (GEHC) and Carlisle Companies (CSL)Whether you’re managing retirement risk, debating tech valuations, or wondering how to play inflation and tariffs, this episode is packed with grounded, long-term investing insight.Timestamps00:00 Show intro01:35 How Liz is approaching this volatile time in markets  03:20 How to dissect earnings this season when things are so uncertain05:20 We need clarity on tariffs in order to be able to assess stocks07:20 Why Liz just bought several positions during the recent down days, is holding cash and is reorienting towards domestic names 11:05 Trump, Jerome Powell and  issues with the Fed’s credibility15:20 ITM Mailbag: Would Liz buy Netflix (NFLX-Nasdaq) at these levels? 18:30 What is Liz’s view on Google (GOOG.Nasdaq) for the next 3 years? 23:30 Is Costco (COST.Nasdaq) a solid recession hedge?27:45 Does Liz still like Sweetgreen here (SG.NYSE)? 31:40 Why Liz likes owning gold through ETFs35:50 Liz’s take on Berkshire Hathaway (BRK.B.NYSE) vs BlackRock (BLK.NYSE)40:00 Liz’s Pro Picks50:00 Goodbye & coming up 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-JNBMO16For 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 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.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: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

When markets are in turmoil, investors traditionally flock to healthcare for stability — but what happens when healthcare itself is a flashpoint for volatility? In this episode of In the Money with Amber Kanwar Robert Moffat of Middlefield joins to unpack the biggest headwinds facing the sector right now.From the controversial appointment of RFK Jr. to looming drug tariffs, Rob dives deep into the policy and market forces disrupting pharma, medtech, and healthcare services. He shares why he's staying defensive, what names he's avoiding (sorry, Pfizer holders), and where he's seeing opportunities amid the chaos. In a volatile healthcare market, Rob explains why he’s particularly positive on GLP-1 weight loss and diabetes medications which he says are reshaping the future of healthcare. He tells us why Eli Lilly, which makes Mounjaro and Zepbound, is his top holding and why he prefers it over Ozempic maker Novo Nordisk. He also suggests other names he likes right now including Abbott Laboratories and McKesson, which he says is the ultimate defensive safe haven company in healthcare.Timestamps00:00 Show Intro01:40 Rob’s approach to volatility in healthcare  03:10 RFK Jr. and his impact on the healthcare sector06:50 The headwind from tariffs13:00 Why Rob thinks M&A in the pharma space is definitely coming 14:50 ITM Mailbag: Rob’s outlook on Pfizer (PFE.NYSE)18:35 Rob’s thoughts on UnitedHealth Group (UNH.NYSE)22:00 Why Rob thinks CVS (CVS.NYSE) is one of the biggest ‘show me’ stories in healthcare 27:35 Rob’s thoughts on Medtronic (MDT.NYSE) and its dividend 30:35 Rob’s outlook on Stryker (SYK.NYSE)33:15 Rob’s view of Johnson & Johnson (JNJ-NYSE) in light of tariffs35:30 Rob’s Pro Picks 47:30 Goodbye & coming up Sponsors​​This episode is sponsored by BMO InvestorLine. Learn more at https://bmo.com/advancedtradingFor 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 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.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: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The market may be laser-focused on Donald Trump’s trade war but James Davolos of Horizon Kinetics says tariffs or not, the tide is turning — and savvy investors should be paying attention. In this wide-ranging conversation, Davolos breaks down why we're leaving behind the "golden era" of ultra-low interest rates, globalization, and free capital, and entering a new investing regime marked by inflation, deglobalization, and resource scarcity. Davolos, who the WSJ named the best fund manager of 2022, outlines how to position your portfolio for long-term resilience, with a focus on capital-light businesses tied to real assets — think infrastructure, energy, and gold — but without the usual baggage of cyclicality and capex-heavy models. He explains his unique approach and offers specific stocks that fit into his model, including his top 3 stock picks focused on water as real asset, exchanges as financial infrastructure and royalty companies as resource winners. Timestamps 00:00 Show intro 02:30 James Davolos explains his unique approach to investing 08:00 Why does James think we're in the midst of a major regime shift13:05 Why James isn’t even paying attention to tariffs15:15 Why James likes real assets and how he finds the best ones21:00 Why James believes the U.S. is headed towards stagflation and his view on rates23:05 James’s view on gold25:45 Are we seeing the end to U.S. exceptionalism in stocks?28:00 ITM Mailbag: Will volatility be good for exchanges like the Intercontinental Exchange (ICE.NYSE)33:10 Is Brookfield a stock that can help weather the current storm? (BN.TO, BN.NYSE) 40:00 James’s expectations for gold and why he likes royalty streaming companies44:45 James’s thoughts on bitcoin and the best way to play it51:00 What does James think about Enbridge (ENB.TO)57:15 Why James likes Dream Unlimited (DRM.TO)1:01:30 James’s Pro Picks1:13:40 Goodbye & coming up Sponsors​​This episode is sponsored by BMO InvestorLine. Alright, In The Money listeners, you're constantly analyzing charts, spotting trends, and making calculated moves. That's where BMO InvestorLine comes in. Learn more at https:// bmo.com/advancedtrading?ecid=pr-2886232INV1-JNBMO17For over 25 years, Raymond James has been helping Canadians achieve their financial goals. They are Canada's largest independent financial services firm with over 520 dedicated advisors, $88 billion in assets under management, and capital markets services. 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. ATB's Capital Markets arm is a full-service investment dealer that offers investment and corporate banking, sales and trading, institutional research, and risk management. Visit 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.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: questions@inthemoneypod.com#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

In just one week, we went from the edge of a global trade war to a 90-day truce—and the markets are feeling every twist and turn. One post on Truth Social was all it took for Donald Trump to send the Dow soaring nearly 3,000 points in its biggest rally since 2008... while simultaneously tightening tariffs on China. Chaos? Absolutely. End in sight? Not even close.On today’s show, Amber brings in two powerhouse guests to help make sense of the madness:Frances Horodelski, veteran investor, shares why the financial system isn’t about to break—and why she’s still optimistic despite the volatility.Darcy Morris of Ewing Morris & Co. Investment Partners breaks down how activist investors can find opportunity in uncertainty, revealing his current top plays and value strategies.Whether you’re an investor, a market watcher, or just trying to understand what the heck is going on—this episode is a must-watch. Subscribe now and don’t miss the insights that could change your portfolio.Timestamps 00:00 Show Intro 03:50 Amber & Frances chat about the chaos in fixed income markets06:50 How to approach the turmoil as an investor12:00 Why Frances thinks this feels more like covid rather than 200814:00 U.S. vs. China: Who will blink first?20:00 Amber welcomes Darcy Morris22:00 Is there panic out there on the client side?24:00 Why activist investing creates opportunity even during tough times25:00 Darcy’s approach to activist investing and long-term value creation27:40 How Darcy finds activist opportunities 31:50 Why Darcy isn’t afraid to ruffle feathers in corporate Canada 34:25 Darcy offers a clear example of his successful activism39:25 Darcy’s Pro Picks 54:30 ETF Minute: CI Global Infrastructure Private Pool ETF58:55 Coming up SponsorsThis episode is sponsored by BMO InvestorLine. If you’re an experienced trader, BMO Active Trader is the platform for you. Learn more at https://bmo.com/advancedtrading?ecid=pr-2886232INV1-JNBMO17For 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 informationETF Minute is brought to you by CI Global Asset Management. Find out more about CI’s ETF offerings here: https://www.cifinancial.com/ci-gam/ca/en/investment-solutions/exchange-traded-funds.html, and about the CI Global Infrastructure Private Pool ETF hereLinksFollow In the Money:Visit the website: https://inthemoneypod.com/ Submit a question: questions@inthemoneypod.com Follow In the Money on Instagram: https://www.instagram.com/inthemoneypod/?hl=en Facebook: https://www.facebook.com/profile.php?id=61569721774740 Twitter/X: https://twitter.com/inthemoneypod TikTok: https://www.tiktok.com/@inthemoneypod?lang=enDISCLAIMERS 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.

Markets are in meltdown mode — but Waratah Capital’s Jeannine LiChong says this isn’t the bottom. In this episode of In the Money with Amber Kanwar, veteran fund manager Jeannine shares her strategy for navigating extreme market volatility, tariff uncertainty, and looming recession risks.With experience managing money through the 2008 financial crisis and the COVID market crash, Jeannine explains why she’s holding cash, staying cautious, and waiting for clarity before buying the dip. She weighs in on U.S. tariffs, policy instability, central bank cuts, and structural shifts in the global economy — and how all of this is impacting investor psychology and portfolio positioning.We also go deep into Pro Picks — Jeannine reveals 3 recession-resistant stocks she’s confident in right now:Dollarama (DOL.TO) — a cash-generative retailer benefiting from consumer trade-down and international growth.Intact Financial (IFC.TO) — a defensive financial stock with pricing power and strong cost control.Loblaw (L.TO) — a grocery giant leveraging its No Frills brand and food inflation to grow earnings.Plus, Jeannine shares her take on Canadian banks, Telus, Capital Power, Canadian Tire, CN Rail, CP Rail, and TFI International — all under the lens of slowing GDP growth, and evolving trade policy.If you're looking to protect your portfolio, ride out the market chaos, and uncover long-term opportunities in a downturn, this episode is a must-watch.Timestamps 00:00: Intro01:40 How Jeannine handles the noise as a long-term investor  03:40 Why this time is different than the financial crisis or covid downturn and why there could eventually be opportunities07:00 Why Jeannine thinks we won’t see a bottom until markets get clarity on tariffs 08:55 Why Jeannine likes Canadian equities but has confidence in the U.S. economy10:10: Why Jeannine thinks there’s a chance of a U.S. recession and why she think tariffs are an opportunity for Canada 13:00 What is Donald Trump’s end goal? 14:15 ITM Mailbag: Why Royal Bank (RY.TO) is Jeannine’s top Canadian bank17:20 Amid a slowdown in the Canadian economy what are Jeannine’s thoughts on Canadian Tire (CTC.TO)? 19:35 Does Jeannine like Canadian rail stocks? Is she concerned about the impact of tariffs on the rail sector? (CNR.TO, CP.TO)22:45 Jeannine’s thoughts on Telus as a long-term hold (T.TO)25:20 Capital Power (CPX.TO) had an incredible run up then a hot equity raise and then straight down. Why?28:00 What are Jeannine’s thoughts on TFI International (TFII.TO)?30:20 Jeannine’s Pro Picks SponsorsThis episode is sponsored by BMO InvestorLine. If you’re an experienced trader, BMO Active Trader is the platform for you. With advanced tools and capabilities like multi-leg options, screeners, and strategy builders with margin trades, you’ll have everything you need to take your trading to the next level, giving you the edge you need in today’s markets. Learn more at bmo.com/advancedtrading?ecid=pr-2886232INV1-JNBMO17For 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 informationLinksFollow In the Money:Visit the website: https://inthemoneypod.com/ Submit a question: questions@inthemoneypod.com Follow In the Money on Instagram: https://www.instagram.com/inthemoneypod/?hl=en Facebook: https://www.facebook.com/profile.php?id=61569721774740 Twitter/X: https://twitter.com/inthemoneypod TikTok: https://www.tiktok.com/@inthemoneypod?lang=enDISCLAIMERS 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.

The world is undergoing a seismic shift, and according to Daniel Dreyfus, Chief Investment Officer at Bornite Capital, we are in the midst of a major regime change that will redefine economies, industries, and financial markets. In this conversation, Dan explains why a new era of tariffs will be massively inflationary and why buying infrastructure and critical commodities will be the best way to protect your money. He says commodities are set to benefit, and suggests the price of gold could go as high as $4000 per ounce. Dan explains how investors can position themselves before the market fully adjusts to this fundamental transformation and offers specific stocks to buy in order to get ahead, including names like Cheniere Energy, Talen Energy and Ivanhoe Mines. This isn’t just another market cycle—this is a massive structural change. Don’t miss out on the opportunity to find out how you can profit. Timestamps 00:00 Show intro 02:45 Dan on starting his fund in 202005:15 Dan says we’re entering a massive global regime change of tariffs and austerity and explains what can protect your money11:15 Dan says gold could hit $400016:50 Why Dan views gold as a currency not a commodity- and why he thinks it’s the best one 19:45 ITM Mailbag: Does it make sense to buy, sell or hold South Bow Corp (SOBO.TO)?29:00 What is holding Barrick Gold (ABX.TO) back?36:15 Dan’s favourite gold stock (SKE.TO)40:25 Dan’s thoughts on copper and does he like Teck Resources (TECK.B.TO)46:30 Why Dan likes GFL Environmental (GFL.TO)51:55 Dan’s Pro Picks SponsorsThis episode is sponsored by BMO InvestorLine. If you’re a “Do It Yourself" investor, BMO InvestorLine Self-Directed is the perfect platform for you. With powerful tools and commission-free trading on over 100 ETFs, you’ll have everything you need to take control of your investments and build a portfolio that’s right for you. Learn more at https://bmo.com/InvestorLine?ecid=pr-2886232INV1-JNBMO14For 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. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. Visit https://ATB.com/inthemoney for more information.LinksFollow In the Money:Visit the website: https://inthemoneypod.com/ Submit a question: questions@inthemoneypod.com Follow In the Money on Instagram: https://www.instagram.com/inthemoneypod/?hl=en Facebook: https://www.facebook.com/profile.php?id=61569721774740 Twitter/X: https://twitter.com/inthemoneypod TikTok: https://www.tiktok.com/@inthemoneypod?lang=enDISCLAIMERS 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.