In the Money with Amber Kanwar

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

What does the Venezuela fallout mean for Canada, oil markets — and for investors trying to stay ahead of the noise? On this episode of In the Money with Amber Kanwar, we tackle the geopolitical shock head-on — and separate real risk from market overreaction.Amber begins with veteran investor Frances Horodelski, setting the scene on Venezuela’s sudden return to the global spotlight. Frances breaks down why the sharp selloff in Canadian energy stocks may have been more about positioning than fundamentals. She explains how Canadian oil had already outperformed U.S. peers, why fears around Venezuelan oil supply may be overstated, and why infrastructure constraints, corruption, and pricing realities mean any meaningful production ramp will take years, not weeks. She also weighs in on USMCA/NAFTA renegotiations, Canada’s bargaining power with the U.S., the resilience of the Canadian dollar, and why investors can’t just “buy the energy ETF” anymore.The conversation expands beyond oil to explore Bank of Canada policy, gold and gold miners, commodities, Canadian banks, and defensive sectors. Frances explains why banks, copper, and gold may be ahead of themselves, why utilities and healthcare could offer shelter, and why this environment increasingly looks like a stock picker’s market.In the second half, Cole Smead of Smead Capital tackles the biggest question investors are asking: Does Venezuela change the global energy game? Cole argues the market is confusing headlines with fundamentals, explaining why time, capital, and physics still dominate oil markets. He outlines why fears around Canadian heavy oil may be misplaced, why WTI vs WCS spreads matter, and how potential pipeline developments could reshape long-term outcomes.Cole also shares how he’s positioning portfolios amid volatility, why he’s leaning into Canadian heavy oil producers, avoiding short-term refinery hype, and “dreaming” where others can’t. He discusses ConocoPhillips (COP), Chevron (CVX), Canadian names like Cenovus, Canadian Natural Resources, Strathcona, Tourmaline, and Birchcliff, and why investor psychology creates opportunity when markets panic.It’s a clear-eyed conversation about geopolitics, energy, and investor psychology — and a reminder that the market’s first reaction is rarely the final verdict.Timestamps00:00 Show intro03:30 Looking at the Canadian energy patch pre and post Venezuela invasion06:00 The oil making its way to the Gulf Coast is not a lot of oil 07:00 It will take a very long time to get the oil out of Venezuela 08:30 Is Canada’s bargaining power screwed?11:00 Is Venezuela a domestic issue because it will lower oil prices?12:30 What about Canadian banks in Latin America?14:40 What does it mean for the gold price? 16:30 Where can investors hide? 18:00 What about other commodities?20:20 The world changes when consequential people are in power23:00 Cole Smead ‘this too will pass’, why Cole still likes Canadian energy26:00 Pipeline pressure and supply and demand30:45  What does it mean for U.S. energy?34:30 What is the ideal tilt for a portfolio?37:40 Cole is running toward Canadian heavy oil 40:00 Time to sell or find a way to profit?44:20 Could this mean more M&A in the Canadian energy patch?49:00 Will this catalyze action around a pipeline?53:15 What comes next around the world?57:40 Is there a world where Canadian producers go to Venezuela?59:30 Cole’s high-conviction ideasSponsorsFor 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

In the final instalment of our special series on alternative investing, host Paige Ellis sits down with Sachin Shah, CEO of Brookfield Wealth Solutions for a deep dive into the private-markets playbook that helped build one of the world’s most powerful alternative asset managers and what retail investors can learn from it.With more than two decades inside Brookfield, Sachin shares how private equity, infrastructure, real estate, private credit, and insurance are reshaping long-term portfolio construction. He explains why alternatives have “seasoned” into a mainstream asset class, how pension funds and sovereign wealth funds paved the way, and why retail investors are now being invited in — just as retirement shortfalls become harder to ignore.The conversation digs into where Brookfield is seeing opportunity today, from mispricing in global real estate to long-duration infrastructure and the massive capital demands of the AI build-out. Sachin also addresses the risks investors worry about most — liquidity, leverage, valuation transparency — and explains how Brookfield thinks about downside protection, balance-sheet discipline, and intrinsic value across market cycles.As the series wraps, Sachin offers a clear framework for investors who have little or no exposure to private markets, including how to think about starting small, understanding liquidity trade-offs, and positioning alternatives in a long-term retirement plan.This episode closes out our deep dive into alternative investing — and sets the stage for what comes next as private markets continue to reshape the future of investing.Timestamps00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY1:45 Show intro with Paige Ellis03:45 Sachin Shah on his early days at Brookfield and the lessons learned07:10 Defining alternatives in 202509:10 Why has private investing now gone mainstream?10:30 Where is Brookfield deploying capital geographically? 13:00 Have tariffs changed the outlook?14:40 Mispricing in the real estate market 18:00 Where Brookfield is being cautious20:30 There are too many PE firms22:50 Brookfield knows what they’re good at and what they’re not23:50 Sachin’s thoughts on evergreen funds26:45 Regulators and private investing30:25 Are institutions tapped out? Is that why alts are going after retail?33:05 The fee discussion34:50 How do you value an asset in the private world?36:40 Insurers & private equity39:30 Where does Sachin see the biggest areas of growth?41:10 The Brookfield niche in the AI buildout45:00 What keeps Sachin up at night?46:50 Where should investors start to get private exposure? SponsorsSign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-proFor 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

Real estate is one of the most talked-about alternative investments — but what does it actually look like in practice?In the second instalment of our special series on alternative investing, host Paige Ellis sits down with Lindsey Deluce,  CTV Your Morning host and an active real estate investor building long-term wealth outside the stock market. Lindsey opens up about her real-world investing journey, from early renovations in Toronto to scaling a growing portfolio of multi-unit properties across Ontario.Lindsey breaks down the BRRRR strategy — buy, rehab, rent, refinance, repeat — and explains how she uses renovations, tenant turnover, and creative financing to unlock equity and grow her portfolio. She shares how her approach evolved after the pandemic, why she moved beyond Toronto, and how she evaluates cash flow and risk in today’s market.This conversation goes beyond theory. Lindsey gets candid about hearing “no” from banks, navigating appraisals, working with alternative lenders, and why building the right team — from contractors to mortgage brokers — is critical to success. She also shares her ambitious “50 by 50” goal and how she’s using real estate to create generational wealth.If you’re curious how real estate fits into the broader world of alternative investing — and what it really takes to make the numbers work — this episode offers a practical, behind-the-scenes look from someone doing it in real time.Timestamps00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY01:45 Show intro with Paige Ellis03:45 Why did Lindsey choose to become a real estate investor?05:20 Assessing different real estate investment strategies07:20 What is the BRRR method and Lindsey’s 50 by 50 goal10:20 How to approach buying a property 13:20 Why Lindsey is focused outside of Toronto14:40 What does the renovation part look like?17:15 What about when things go wrong?19:10 Becoming a landlord 22:20 The refinance stage24:40 Financing solutions and non-bank lenders26:20 How do you know if you’re ready to jump back in and what step does Lindsey like the best?28:10 What about rates? Is it a more difficult environment right now?29:30 Realistically how much capital do you need to get started?31:00 What’s a realistic timeline for getting your money out? And what about lessons learned  33:20 Can anyone get started? SponsorsSign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-proFor 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 if the biggest investing opportunities aren’t in stocks at all?This episode of In the Money with Amber Kanwar kicks off a brand-new special series on Alternative Investing, starting with a candid conversation between Amber and longtime colleague Paige Ellis, who takes over hosting duties for the series. Together, they set the stage for why private markets, once reserved for institutions and ultra-wealthy investors, are rapidly moving into the mainstream — and what that shift means for everyday portfolios.Paige is then joined by Mario Giannini, Executive Co-Chairman of Hamilton Lane, a private markets powerhouse overseeing nearly $1 trillion in assets. Drawing on decades of experience, Giannini explains why public companies are disappearing, why private capital now dominates everything from AI implementation to infrastructure, and how investors should think about illiquidity not as a flaw, but as a feature.The conversation tackles some of the most pressing questions investors have about alternatives: how much of a portfolio should be allocated to private assets, why private credit has quietly outperformed for years, what risks are misunderstood, and why evergreen structures are reshaping access for high-net-worth and retail investors alike. Giannini also weighs in on AI valuations, secondaries, infrastructure, Canada’s investment outlook, and why future growth in private markets may be driven by individuals rather than institutions.This is the first episode in a three-part deep dive into alternatives — a reset on how capital is allocated in a world where the most valuable companies may never go public.Timestamps00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY01:45 A look into our special series on alternatives06:00 SPECIAL GAME: What is an alternative asset?13:45 How sideways deals have informed Mario Giannini’s investment approach16:30 How private investing became much more popular after the GFC18:00 Why you need private exposure because public companies are disappearing20:40 Private markets outperforming public markets22:50 Are there cracks in private credit? 25:45 Is AI in a bubble?27:45 AI & private markets30:30 What is Mario bullish on right now? 32:10 The good news and bad news about Canada35:00 Why Hamilton Lane was one of the first to offer private investment vehicles to individuals and why a downturn might be necessary39:20 The liquidity question44:00 Understanding gating and why it’s happening46:50 How much of a portfolio should be in private investments? 51:00 Is there an area of private investments where retail has an edge? SponsorsSign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-proFor 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 does real wealth management look like when your biggest asset isn’t your portfolio — but your business, your family, and your time?On this special episode of In the Money with Amber Kanwar, Amber sits down with Danielle Martin, Senior Wealth Advisor and Portfolio Manager, ScotiaMcLeod, who specializes in working with business owners, dentists, and medical professionals with complex financial lives. Together, they move beyond stock picking and into the realities of holistic wealth planning — from tax strategy and insurance to legacy planning, work-life balance, and peace of mind.Danielle explains why entrepreneurs think differently about money, why many invest almost everything back into their businesses, and how that mindset can create blind spots if not properly managed. She shares the “crystal ball” she’s developed over decades of advising business owners — the common pitfalls, emotional traps, and distractions that can derail long-term financial success — and how structure and simplicity help clients stay the course.The conversation also explores major life moments that don’t show up on a balance sheet: maternity leave as a financial event, building a career without a pension, raising a family while running a business, and why trust and listening matter just as much as returns. Danielle reflects on being one of the only women in her training class decades ago, and why wealth management today is becoming a far more human — and inclusive — profession.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, visit https://scotiabank.com/women-initiative.Timestamps00:00 Show intro00:55 Managing wealth for business owners04:00 Educating clients on a holistic approach to wealth management05:30 The most common pitfalls07:00 When should business owners start?08:40 Where does maternity leave and flexibility fit in?11:00 It’s a fantastic industry for women 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, 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

We’re getting festive on this episode of In the Money with Amber Kanwar — and instead of our usual portfolio manager chat, Amber and executive producer Jillian Glickman take a step back to look at what really mattered this year: which stocks worked, which didn’t, and which fund managers actually delivered when it counted.After launching the podcast from scratch just a year ago, the team revisits the show’s biggest moments, from standout interviews and surprise headlines to the stocks and themes that defined the year. They break down the best and worst performers across the show, reveal which investing styles thrived in a volatile market, and take an honest look at where conviction paid off — and where it didn’t.The episode culminates in a special interview with In the Money with Amber Kanwar’s  best-performing fund manager of the year, Daniel Lewis of Orange Capital. Known for his contrarian, special-situations approach, Lewis explains why distressed and misunderstood businesses delivered some of the biggest returns, notably Better Home & Finance's +300% showing (BETR) — and shares two brand-new stock ideas he believes could be next.It’s part year-end report card, part behind-the-scenes reflection, and part forward-looking playbook — the perfect way to close out the year and set the stage for what’s next.Happy holidays from In the Money with Amber Kanwar — and thank you for being part of the journey.Timestamps00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY01:50 Show intro04:35 Reflecting on the first year of In the Money with Amber Kanwar 07:35 Our first episode and how we knew people liked the show!10:10 Our first live show at the Calgary Stampede and breaking news with Strathcona’s Adam Waterous12:35 Amber’s interview with Prime Minister Mark Carney17:20 Thank you to our sponsors!18:45 The most number one recommended stock of the year: Tourmaline Oil (TOU)23:00 Equinox’s Ross Beaty calls the stock’s turnaround (EQX)27:00 2025’s worst performing stocks (DND, FISV)32:10 Commodities in 202537:35 The theme of the year: AI, and the winning stock: Alphabet (GOOG) 43:35 2025’s best performing stocks45:25: Best Performing Portfolio Manager of the Year looks back at his best pick and gives two new picks (BETR, ARX-N, WIX) SponsorsSign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-proFor 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

Artificial intelligence has been hyped, doubted, celebrated, and questioned — but very few people understand it from the inside out.On this episode of In the Money with Amber Kanwar, Amber sits down with Malcolm White, Portfolio Manager, BMO Global Asset Management, to cut through the noise around the AI boom and explain what’s actually happening beneath the headlines. From the launch of ChatGPT to today’s trillion-dollar AI infrastructure buildout, Malcolm breaks down why this moment is fundamentally different — and why many investors still don’t fully grasp the technology driving it.Drawing on his experience as both a former AI programmer and portfolio manager, Malcolm explains why AI adoption is moving faster than anything he’s seen before, how skepticism around valuations, capex, and so-called “AI bubbles” often misses the mark, and why physical constraints — power, data centers, and compute — matter just as much as software. He offers a rare behind-the-scenes look at how AI models are trained, why data is the new gold, and what investors get wrong about chips, depreciation, and commoditization.In the Mailbag, Malcolm weighs in on some of the most talked-about names in the AI ecosystem, including Broadcom (AVGO), Reddit (RDDT), SanDisk (SNDK), Western Digital (WDC), and Celestica (CLS). He explains why volatility is rising even as the AI capex cycle remains intact, how investors should think about pullbacks versus broken theses, and why certain “boring” infrastructure plays are quietly benefiting from massive shifts in data, memory, and storage demand.In Pro Picks, Malcolm lays out three high-conviction ideas tied to different stages of the AI and innovation cycle. He explains why Nvidia's (NVDA) fundamentals continue to be misunderstood despite its dominant position, why memory and semiconductors remain critical bottlenecks, and why Samsung Electronics (005930.KS) offers an underappreciated catch-up opportunity. He also looks further out to the next frontier with a deep dive into quantum computing, including why pre-IPO Xanadu Quantum Technologies stands out — and why investors should treat the space with both curiosity and caution.Timestamps00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY01:50 Show intro03:55 Malcolm is a portfolio manager & AI programmer08:15 An inside view into the pace at which AI has evolved13:50 The Deepseek moment17:00 The Fury of Burry - what Michael Burry is Missing 23:50 What about the circular deals?26:30 Why Malcolm thinks Anthropic will be the first IPO & what comes next29:40 The Oracle question32:45 How transformative will AI be? 36:00 ITM Mailbag: Broadcom stock (AVGO) 39:10 Reddit stock (RDDT)40:00 Sandisk stock (SNDK) 43:15 Western Digital stock (WDC)45:00 Celestica stock (CLS)48:25 Malcolm’s Pro Picks (NVDA, Samsung, Xanadu Quantum) 59:20 ETF Minute: HAMILTON CHAMPIONS™ Canadian Dividend Index ETF, HAMILTON CHAMPIONS™ EnhancedCanadian Dividend ETFSponsorsSign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  Join the Questrade Pro Waitlist: https://www.questrade.com/questrade-proFor 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 informationETF Minute is brought to you by Hamilton ETFs. To learn more about the HAMILTON CHAMPIONS™ Canadian Dividend Index ETF and the HAMILTON CHAMPIONS™ Enhanced Canadian Dividend ETF, visit https://hamiltonetfs.com.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

Long term investing sounds simple until the market throws fear, noise, bubbles, tariffs, and headlines at you. On this episode of In the Money with Amber Kanwar, Amber sits down with Winnie Go, Senior Wealth Advisor & Portfolio Manager with Scotia Wealth Management, for a grounded, battle-tested conversation shaped by her 30 years in the markets.Winnie breaks down why high-quality companies, discipline, and diversification—not hype—are what actually build wealth over decades. She explains how she navigated the fear of 2008, what today’s bubble chatter gets wrong, why tech and gold can rally together in this strange new market, and why selling too early is one of the most common investor mistakes.They dig into what’s working now: earnings growth, overlooked sectors like healthcare, the steady strength of Canadian dividends, and why “boring” names in financials and utilities often win the long game. She also shares what she avoids completely and how investor behavior has shifted—especially for women—over the course of her career.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 intro01:00 Winnie’s investment philosophy02:30 Why you need to stay tried and true03:30 It’s always something, stay invested 05:30 What did Winnie learn from the GFC?06:30 What about bubbles?07:30 Tech rallying alongside gold 08:30 Tech & diversification10:00 Canada vs. U.S.11:50 Earnings growth & dividend increases12:20 What does Winnie like right now?13:35 What is Winnie avoiding?14:20 The importance of bringing women into the conversation 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, 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 if the next big bull market isn’t in tech or AI stocks — but in commodities?On this episode of In the Money with Amber Kanwar, Amber sits down with Hussein Allidina, Head of Commodities at TD Asset Management, for one of the most comprehensive conversations about commodities after an explosive year. Hussein argues that we’re still in the early stages of a multi-year commodity upcycle, driven by chronic underinvestment, rising global demand, and a world that needs far more energy, metals and power infrastructure than we’re currently capable of producing. He explains why commodities zig when everything else zags, how they deliver real inflation protection, and why a 5–10% allocation may be the most overlooked tool in modern portfolio construction.From why oil may first trade down into the $40 range before setting up for a powerful rebound, to why natural gas could become the quiet backbone of AI, Hussein delivers a masterclass in understanding cycles, supply constraints, and how capital is flowing into the wrong parts of the system. And yes — we get into gold. Why it’s not an inflation hedge, why central banks can’t stop buying it, and why he believes “we see $5,000/oz before we see $2,000/oz.” Amber and Hussein also explore the long cycles in the U.S. dollar, the rise in military and infrastructure spending, and how electrification and data centres will reshape global commodity demand over the next decade.In Pro Picks, Hussein lays out three clear calls: a tactical short in soybeans as speculative flows unwind, a strategic long oil position over the next 6–12 months as inventories tighten and spare capacity shrinks, and a long-term bullish view on copper over the next five to seven years driven by some of the strongest structural demand forces in the market. It’s a roadmap for anyone trying to navigate commodities with a professional lens.If you’ve ever wondered how to think about commodities like a pro — or whether now is the moment to finally add them to your portfolio — this episode is for you.Timestamps00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY01:15 Show intro03:25 The role of commodities in a portfolio07:15 What’s a responsible allocation to commodities?10:00 Understanding how commodity cycles work14:30 What’s going on with oil? 19:10 Expectations for natural gas23:00 What if the return from AI doesn’t materialize?25:00 The path for Copper27:20 The generalist attitude toward commodities right now29:30 Gold’s record year- what happens next?36:45 Silver’s big surge 39:20 TD Alternative Commodities Pool Fund40:40 The relationship between rates & commodities 43:10 Understanding the supply & demand picture, bigger themes & defence spending46:45 Hussein’s Pro Picks (short soy beans, long oil, longer term copper) SponsorsSign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  For 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

The final Fed decision of 2025 may set the tone for the entire 2026 market — and today on In the Money with Amber Kanwar, portfolio manager Brianne Gardner joins Amber to break down what really matters for investors right now. From earnings strength to sector rotation to how much weight you should put on Powell’s language ahead of a potential Fed chair transition, Brianne lays out her top-down roadmap for the year ahead.She also walks through how she’s positioning client portfolios — why the U.S. still earns the biggest weighting, how her team uses downside-capture targets to protect wealth, and why falling rates could unleash a flood of sidelined cash into equities in 2026.Then it’s time for a busy mailbag, where Brianne weighs in on NFI Group (NFI.TO), Boston Scientific (BSX), Fairfax Financial (FFH.TO), Rogers (RCI.B.TO), EQB (EQB.TO), Netflix (NFLX) and Oracle (ORCL) — breaking down which names she’s avoiding, which ones she’s actively vetting, and where she sees undervalued stability versus pure momentum risk.In Pro Picks, Brianne reveals a theme she didn’t even set out to create — market darlings that have pulled back and now offer compelling entry points. She starts with Capital Power (CPX.TO), calling the recent weakness a rare chance to buy a major Canadian power producer at an attractive valuation as it upgrades its fleet and extends asset life. Next is TMX Group (X.TO), a long-term winner that’s dipped on slower IPO activity but continues to deliver double-digit growth in its expanding data and analytics business. And finally, she makes the case for Meta (META), where she used the latest pullback to add to her position, citing strength in core advertising, the monetization of Reels, and meaningful AI-driven engagement tailwinds. Timestamps00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY02:00 Show intro04:00 Brianne’s investment style05:50 A top down approach in 202509:30 The Fed rate decision and the picture for 202613:05 What potential rate cuts will mean for stocks next year14:05 ITM Mailbag: NFI Group (NFI)17:30 Boston Scientific stock (BSX)20:30 Fairfax Financial stock (FFH)23:40 Telcos & Rogers stock (RCI.B)28:40 Why Brianne likes to rent not own energy30:45 EQB Inc (EQB)33:50 Netflix stock (NFLX)38:15 Oracle stock (ORCL)41:40 Brianne’s Pro Picks (CPX, X, META) SponsorsSign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  For 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, 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 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

​​We’re looking ahead to the crucial Fed decision next week  — and the central bank may be on a collision course with the market, with inflation, and possibly with its own incoming leadership.Amber sits down with Dustin Reid, Chief Strategist, Fixed Income at Mackenzie Investments for a wide-ranging and deeply insightful breakdown of what’s about to hit the economy. Reid explains why chaotic Fed communication set the stage for this moment, why the December cut might be the last one for a long time, and what happens if the next Fed chair cuts rates no matter what the data says.They dig into the true state of the U.S. economy, the K-shaped consumer, whether inflation is really stuck near 3%, and how tariff pass-through and aggressive fiscal stimulus could complicate the path ahead. Then the focus shifts to Canada, where Reid argues the Bank of Canada is not done — predicting at least two more cuts by June 2026 as the country confronts a cooling housing market, stalled population growth, and wildly conflicting job data. He breaks down why labour market figures are sending opposite signals, how Blue Jays mania distorted the numbers, and what the real picture looks like under the surface.Amber and Dustin dive into how AI megacap spending has become a bigger driver of U.S. growth than the consumer, whether cracks in the AI trade will first show up in credit, why Oracle’s CDS spike may be more idiosyncratic than systemic, where private credit stress could ripple next, and how USMCA brinkmanship could impact Canadian markets in 2026.In the Mailbag, Dustin gives his thoughts on the TLT, unpacks the truth about de-dollarization, and explains whether target-maturity bond funds really make sense for retail investors.And in Pro Picks, he lays out his highest-conviction positioning for 2026: long the Canadian front end, short the U.S. front end, and why the EM FX carry could be one of the most overlooked opportunities for Canadian investors.Timestamps00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY02:00 Show intro04:25 Looking ahead to a very important Fed rate decision 06:50 Why Dustin thinks the Fed will stop cutting in the new year 10:20 What about Trump’s new Fed pick and the risk of a policy mistake14:40 The fixed income market could become an issue 17:40 U.S. fiscal policy21:10 The bond vigilantes22:45 AI spending and the bond market28:00 High-yield debt and should we expect more issuances in 202630:00 Private credit defaults33:00 Why Dustin think the BOC is NOT done cutting rates 35:00 Canadian data & the baseball effect41:00 What about inflation?42:50 The trade risk for Canada45:15 ITM Mailbag: Thoughts on the iShares 20+ Year Treasury Bond ETF (TLT)47:00 USD and the role of de-dollarization52:50 Target bond funds54:20 Dustin’s Pro Picks (Long Canadian front end, short U.S. front end, EM FX carry trade)SponsorsSign up for your first self-directed account at https://questrade.com. Get your $50 cash reward when you use the promo code: INTHEMONEY. Or open a QuestWealth Portfolios account and your first $10,000 will be managed for free for one year. Promo code: INTHEMONEY.  For 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

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 Bipan 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.Bipan 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. Bipan 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. Bipan 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, Bipan 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

In this episode of In the Money with Amber Kanwar, Amber sits down with Bob Elliott, Co-Founder, CEO & CIO of Unlimited and formerly a member of the Investment Committee at Bridgewater Associates, where he led Ray Dalio’s investment research team. Few people understand hedge funds and macro the way Bob does — and he brings that depth straight into this conversation.Bob explains how Unlimited Funds uses proprietary machine-learning technology to create ETFs that replicate the returns of alternative investments — like hedge funds, all with notably lower fees. Amber digs into how this works, why individual hedge fund managers don’t outperform each other, and how Unlimited tracks the “wisdom of the crowd” in real time.From the chaotic Fed reaction function, to the U.S. macro data vacuum, to the truth behind the AI “investment boom” and the emerging risks in credit markets — Bob breaks down where the economy really stands and what most investors are missing. He also explains why household spending power is rolling over, what gold’s surge says about the market, and how hedge funds are actually positioned today.In a different type of Pro Picks, Amber walks through Bob’s full ETF lineup — including HFND, the Multi-Strategy Return Tracker; HFGM, the Global Macro ETF; HFEQ, the Equity Long/Short ETF; and HFMF, the Managed Futures ETF — and explores how these strategies can complement portfolios and even outperform in both rising and falling markets.If you want a clear, grounded, brutally honest look at the macro landscape — from someone who’s seen it from inside the world’s largest hedge fund — this is the episode to watch.Timestamps00:00 Show intro02:20 Replicating hedge fund returns through ETFs07:30 generating high quality returns with lower fees11:00 What is hedge fund positioning telling Bob? 13:35 Understanding macro in a data vacuum18:10 What is the Fed going to do?21:40 AI as a driver of growth26:00 AI, cracks in private credit and who will win AI?31:50 The risks of the AI play35:00 Should we expect a weaker U.S. dollar?39:30 Why Bob spends a lot of time thinking about Japan42:00 Think about gold from two different perspectives45:00 Pro Picks: Unlimited’s ETFs (HFND, HFGN, HFEQ, HGMF) 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. 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

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