The Canadian Investor

In this episode of The Canadian Macro Investor, Simon and Dan break down a brutal day for markets as the Nasdaq plunges and semiconductor stocks get hit especially hard. They discuss the role leverage and forced selling may be playing in the decline, why memory stocks can look deceptively cheap at the top of a cycle, and how an AI-driven selloff could eventually spill over into consumer spending through the wealth effect.

They also look at the fallout from the U.S. elections and why opposition to data-centre construction could become a much bigger issue for the...

In this episode of The Canadian Investor Podcast, Simon and Dan break down a packed week of earnings, acquisitions and market-moving news. They start with Reddit after the stock’s sharp decline despite strong revenue and profit growth. The bigger concern is user growth, as Google’s AI Overviews increasingly answer questions without sending users to Reddit—potentially cutting off an important source of new users for the platform.

They also discuss the record $6.3 billion Binance hack, how attackers spent months preparing the breach, and why the incident could push more crypto investors toward competing platforms. Then they t...

In this episode of The Canadian Investor Podcast, Simon and Dan compare two of the biggest IPO stories of 2026: SpaceX and Anthropic. While both companies have major exposure to artificial intelligence, their business models, financial profiles and risks couldn't be more different.

They break down SpaceX's increasingly diversified empire, including Starlink, its reusable rocket and launch business, and xAI. They discuss why Starlink remains an important cash-generating asset, the explosive growth coming from xAI, SpaceX's plans to enter the U.S. cellphone market, and the enormous amount of capital required to expand its AI infrastructure.

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In this episode of The Canadian Macro Investor, Simon and Dan break down the Bank of Canada’s latest rate hike and the major shift in its inflation outlook. The Bank now expects inflation to remain elevated for longer, has pushed its return to the 2% target out to 2028, and is openly acknowledging that higher rates could put additional pressure on already-weak housing markets in Toronto and Vancouver.

They then dig into new CMHC data showing growing stress beneath Canada’s mortgage market. Delinquencies among mortgage investment entities have climbed above 11% in the Greater Toronto and Hamilton Area, whil...

In this episode of The Canadian Investor Podcast, Simon and Dan start with the Bank of Canada’s latest 25-basis-point rate hike and discuss why sticky inflation, energy costs and a weaker Canadian dollar could be complicating the outlook for rates. 

They then turn to the Anthropic S-1, where revenue growth has exploded and compute costs have fallen dramatically relative to sales ahead of what could become one of the largest IPOs ever. They also look at Alimentation Couche-Tard’s latest acquisition ambitions and whether its increasingly aggressive M&A strategy is a sign that organic growth is be...

In this episode of The Canadian Investor Podcast, Simon and Dan take a deep dive into NeoClouds and the increasingly important role debt plays in the AI infrastructure boom.

They explain how companies like CoreWeave finance massive GPU purchases, why its unsecured bonds are now trading at distressed yields, and what the bond market may be signaling about the sustainability of its business model. They also break down the difference between secured and unsecured debt, the risks facing shareholders if CoreWeave is forced to raise more capital, and why even secured GPU-backed financing could become more expensive...

In this episode of The Canadian Investor Podcast, Simon and Dan kick off earnings season with SpaceX, where revenue surged 161% as AI and Starlink growth accelerated. But the enormous growth comes with equally enormous spending, including nearly $10 billion of negative free cash flow and plans for another massive jump in capital expenditures. They also discuss Elon Musk’s comments on a potential SpaceX-Tesla merger. 

They then turn to Netflix, where revenue growth continues to decelerate and management is providing investors with fewer operating KPIs, before breaking down another strong quarter from BlackRock. Larry Fink also offers a not...

Braden Dennis returns to The Canadian Investor as Simon and Dan look beyond the handful of mega-cap stocks driving much of today’s market and ask a simple question: where can investors still find value? With more than 100 S&P 500 companies sitting in corrections despite strong headline index returns, they discuss how extreme market concentration is creating opportunities away from the obvious AI winners. The conversation covers beaten-down apartment REITs, engineering firms trading at unusually low valuations, utilities, healthcare and several long-term compounders that have fallen out of favour. They also discuss why AI could actually become a tailwind for...

In this episode of The Canadian Macro Investor, Simon and Dan dig into growing stress beneath the AI infrastructure boom. CoreWeave’s debt is now trading at distressed yields as its borrowing costs surge, raising questions about how long heavily leveraged AI infrastructure companies can continue financing aggressive expansion. They discuss what a slowdown could mean for Nvidia, memory producers and the broader market if the AI spending cycle begins to unwind. Pasted text Pasted text

They also look at hotter U.S. inflation, the possibility that central banks keep rates higher, and whether the bond market is...

In this episode of The Canadian Investor Podcast, Simon and Dan break down growing stress at CoreWeave as its unsecured bond yields surge to roughly 15%. They discuss why the company’s enormous debt load, reliance on new financing and potential shareholder dilution are becoming increasingly difficult for the market to ignore. Pasted text

They also look at two companies benefiting heavily from current trends. ASML delivered record revenue as semiconductor equipment demand remains so strong that it expects difficulty fully meeting customer needs through 2027 and 2028, while Aritzia posted another huge quarter with 34% comparable-sales growth and continued rapid ex...

In this episode of The Canadian Investor Podcast, Simon and Dan look at the sharp selloff in engineering firms like WSP Global, Stantec and AtkinsRéalis. Despite record backlogs, improving margins and solid earnings growth, valuations have collapsed as investors worry AI could disrupt the traditional billable-hour model. They discuss whether those fears are justified—or whether AI could actually become a tailwind by easing labour shortages and improving productivity. 

They also dig into the challenges facing fast-food restaurants as inflation squeezes both consumers and franchisees. McDonald’s is seeing weak traffic and focusing heavily on value, loyalt...

In this episode of the Canadian Macro Show, Simon and Dan break down another surge in bond yields and what higher borrowing costs could mean for mortgages, housing, construction and the broader economy. They also discuss the growing political backlash against AI data centres as communities push back over electricity costs, infrastructure demands and new developments. 

They also look at signs of stress in private credit, including rising redemption requests and investors being offered liquidity at steep discounts to reported NAV. The conversation then turns to affordability and politics, including what recent elections are telling us about h...

In this episode of The Canadian Investor Podcast, Simon and Dan break down a busy week of Canadian dealmaking, including the kmassive Emera–Canadian Utilities merger, Cenovus buying Athabasca Oil, and another major acquisition involving the Weston family. 

They also revisit Cobre Panama, where the outlook for First Quantum and Franco-Nevada now appears considerably more optimistic than initially thought, with a commission proposing decades of continued production before the mine is ultimately closed. 

On the earnings front, Micron is benefiting from extraordinary memory pricing and AI demand, while Nike’s turnaround continues to struggle with fallin...

What causes a dominant company to lose an advantage that once looked almost impossible to disrupt?

In this episode of The Canadian Investor Podcast, Simon and Dan look at four companies that were once leaders in their industries but made strategic decisions that helped erode their competitive advantages. From AOL failing to adapt to the open internet and BlackBerry reacting too slowly to the smartphone revolution, to Mylan aggressively raising EpiPen prices and Nike pulling back from the wholesale relationships that helped make its brand ubiquitous. 

They break down the management mistakes behind each decline a...

The AI spending boom is reshaping much more than the technology sector.

In this episode of the Canadian Macro Show, Simon, Dan and Brayden discuss why massive AI infrastructure spending is increasingly competing for capital, how that could be contributing to higher bond yields and borrowing costs, and why hyperscalers are increasingly turning to debt to fund the buildout. They also look at how dramatically the business models of companies like Microsoft, Alphabet, Amazon, Meta and Oracle have changed as capital expenditures surge. 

They then debate the biggest unanswered question in AI: where do the p...

In this episode of The Canadian Investor Podcast, Simon and Dan break down a packed week of market news, starting with the latest developments at the Cobre Panama mine and what an orderly closure could mean for First Quantum and Franco-Nevada. Pasted text

They also dig into the controversial acquisition of Slate Grocery REIT, including the timing of its distribution suspension just days before a takeover was announced. From there, they look at Oracle invoking force majeure on a massive AI data centre project and what growing power, permitting and infrastructure bottlenecks could mean for the broader...

Discount retailers are benefiting as consumers increasingly look for value—but not every discount business is created equal.

In this episode, we rank 12 major discount retailers from S to F tier based primarily on business quality. We look at margins, returns on capital, competitive advantages, private-label strategies, store expansion and the business models that separate the strongest operators from the struggling ones. 

We also dig into why TJX’s opportunistic buying model is so effective, what makes Costco and Walmart difficult to compete with, and why aggressive store expansion has backfired for some retailers.

Sto...

We sit down with famed short seller Mark Cohodes for a wide-ranging and at times heated discussion about the risks he sees building in Canada.

Cohodes explains why he's short CIBC, revisits his famous Home Capital short, and lays out his concerns about Canadian housing, bank valuations and the possibility that financial institutions become another pressure point in escalating U.S.-Canada tensions. Ben Rabidoux also joins the conversation to offer his perspective on Canadian banks, housing and credit risk. 

We also get Mark's take on the AI boom, why he believes it has bubble-like c...

In this episode, we break down the latest Canadian and U.S. ETF flows, including growing demand for fixed income, gold and crypto, while looking at a notable shift in capital toward Canadian markets. We also dig into a U.S. homebuilder Berkshire Hathaway has been buying, a fast-growing Canadian fashion retailer, a tiny Mexican discount retailer attracting investor attention, and WSP walking away from a major acquisition. 

Stocks/ETFs discussed: LEN, GRGD, WSP, PESO.V, CASH, HSAV, ZMMK

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In this episode, Simon and Dan go deep on two Canadian companies with very different investment stories.

Simon breaks down an under-the-radar Canadian compounder with a surprisingly diverse business spanning labels, RFID technology, packaging and even polymer banknotes. Dan looks at a company that has become a major beneficiary of the data-centre boom—but whose explosive growth also brings some important risks. Pasted text

They discuss each company's business model, growth outlook, margins, balance sheet, valuation, competitive position and the biggest risks investors should understand.

Stocks discussed: CCL Industries (CCL.B.TO), Hammond Po...

Oil, diesel and jet fuel prices are surging, putting renewed pressure on consumers and inflation. Simon and Dan discuss what higher energy costs could mean for the Bank of Canada and the Fed, why bond yields continue to rise, and how higher borrowing costs could ripple through housing and the broader economy.

They also dig into the increasingly heated debate around AI: massive spending, circular financing, heavily subsidized AI models, and whether concerns about AI safety are legitimate—or partly about regulation, funding and protecting the industry's biggest players.

Plus, they look at Canada's latest in...

In this episode of The Canadian Investor Podcast, Simon and Dan break down the latest earnings and developments from several Canadian and U.S. companies.

They look at whether Adobe is finally starting to turn a corner, why Dollarama continues to deliver strong results despite its premium valuation, and Oracle’s massive AI infrastructure bet as spending surges and free cash flow comes under pressure. They also discuss Descartes Systems and a major deal in the Canadian energy sector.

Stocks discussed: ADBE, DOL.TO, ORCL, DSG.TO, TVE.TO, HWX.TO

Sub...

Lululemon was once one of the strongest brands in retail. Now comparable sales are falling, guidance has been cut repeatedly, and investors are asking whether the company can regain its footing—or whether its best days are behind it.

In this episode of The Canadian Investor Podcast, Simon and Dan dig into why fashion companies can be some of the most difficult businesses to own for the long term. Consumer tastes can change quickly, switching costs are virtually nonexistent, aggressive expansion can backfire, and excessive discounting can train customers to stop paying full price.

They lo...

Bond yields are surging in Canada and the United States, and the implications are starting to ripple across the economy.

In this episode of the Canadian Macro Show, Simon and Dan break down why the bond market appears to be pushing back against attempts to contain long-term yields, what rising government spending and persistent inflation could mean for interest rates, and why higher borrowing costs could become a major problem for housing, AI investment and economic growth.

They also dig into the escalating Canada-US trade war and why Trump may be increasingly motivated to secure...

In this episode of The Canadian Investor Podcast, Simon and Dan break down a rough quarter for Lululemon as falling comparable sales, heavier markdowns and weakening international growth raise serious questions about whether the brand can turn things around.

They also look at BRP’s latest results and how tariffs are creating major uncertainty for an otherwise well-run business, before digging into the latest Canada–U.S. trade tensions surrounding Bombardier and Canadian banks.

Then, they turn to Couche-Tard, where fuel profits remain strong but merchandise growth continues to struggle as consumers increasingly trade down and...

The AI infrastructure boom is running into a growing obstacle: communities and regulators are pushing back against massive data center projects.

Simon and Dan look at why opposition to new data centers is accelerating, particularly around electricity demand, utility costs, water usage and the strain these projects can put on existing infrastructure. They also discuss what delays could mean for the AI buildout, which parts of the ecosystem could benefit from constrained computing capacity, and why Alberta is emerging as an important battleground for new projects.

Then, Simon follows up on last week’s Royalty Ph...

Bond yields are climbing, energy prices are surging, and central banks are being forced to navigate an increasingly complicated inflation picture.

Simon and Dan break down what the bond market may be signaling and why higher long-term yields matter even if the Bank of Canada keeps its policy rate unchanged. They discuss the potential impact on Canadian housing, rental construction and mortgage financing, along with why inflation-adjusted home prices can continue falling even when nominal prices stabilize.

They also look at the sharp increase in diesel prices and refinery margins, what higher transportation costs could...

Nvidia (NVDA) delivered another massive quarter, with data center revenue surging and management forecasting extraordinary growth ahead. But as the AI buildout gets larger, Nvidia is also becoming increasingly involved in financing, demand guarantees and other arrangements across the AI ecosystem. Simon and Dan break down why that matters, where the risks are building, and what could happen if some of AI’s biggest customers eventually pull back.

They also wrap up Canadian bank earnings season with a closer look at CIBC (CM.TO), including rising mortgage delinquencies, commercial credit trends and the growing importance of wealth ma...

In this episode of The Canadian Investor Podcast, we do a deep dive on two companies we haven’t covered much before: Royalty Pharma and AppLovin.

We start with Royalty Pharma, a unique business that finances pharmaceutical and biotech products in exchange for future royalty streams. We break down how the business model works, why it has similarities to precious metals royalty companies like Franco-Nevada, and how investors should think about portfolio receipts, cash flow, milestone payments, drug approval risk, concentration risk and capital allocation.

We then turn to AppLovin, one of the most talked-about st...

In this episode of Canadian Macro, Simon and Dan are joined by Ben Rabidoux and Ron Butler for a wide-ranging discussion on the renewed U.S.-Canada trade tensions and what they could mean for the Canadian economy.

They discuss why the trade war could weigh on consumer confidence, business investment, housing activity and key sectors like autos, agriculture, energy and manufacturing. The conversation also covers how political rhetoric, counter-tariffs and uncertainty around future U.S. policy could keep buyers and businesses on the sidelines.

Ben breaks down what he is seeing in the Canadian...

In this episode of The Canadian Investor Podcast, we break down the latest earnings from major U.S. retailers, Canadian banks, and one beaten-down software company.

We start with Walmart and Target, where the results show that the consumer may be starting to feel more pressure. Walmart continues to perform well overall, but its comparable sales growth slowed sharply, and management noted that higher gas prices are changing consumer behaviour. Target showed stronger comparable sales than expected, but both retailers are leaning on price cuts and grocery strength as discretionary spending remains under pressure.

We...

In this episode of The Canadian Investor Podcast, we break down 10 common mistakes that investors make and how they can hurt long-term returns.

We discuss the danger of overconcentration, why chasing the hottest trade can derail a sound strategy, and how investors can get lured in by massive revenue growth while ignoring risks hiding on the balance sheet.

We also cover emotional mistakes like fear of missing out, fear of losses, overconfidence, confirmation bias, anchoring to your cost basis, and the sunk cost fallacy. Along the way, we share examples from our own investing experience...

In this episode of Canadian Macro, Simon and Dan break down a busy week for inflation, trade, bonds, currencies and commodities.

They start with the latest Canadian CPI report, including the renewed pressure from gasoline, food and diesel prices, and why the headline inflation number may not fully capture what households are actually feeling.

They also discuss the early details of a potential U.S.-Canada trade deal, including tariffs on autos, steel and aluminum, the push to reopen Canadian markets to U.S. alcohol, and whether Keystone XL could re-enter the conversation.

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In this episode of The Canadian Investor Podcast, we break down another busy week of market news and earnings.

We start with Moderna, whose stock more than doubled after the company announced positive late-stage trial results for its personalized mRNA cancer therapy developed with Merck. We discuss why the news matters for Moderna, why Merck also benefited, and why biotech investing can be so volatile.

We then look at Canadian Tire’s latest quarter, including the strength at SportChek and Mark’s, the stabilization in its financial services segment, and the upcoming Triangle Rewards partnership with...

In this special episode of The Canadian Investor Podcast, Simon and Dan make their boldest calls yet for the rest of 2026.

With only a few months left in the year, they discuss the trends, companies, and market shifts they believe could surprise investors — from potential winners and losers to unexpected moves that could reshape portfolios.

Some predictions may sound unlikely, but that’s the point. Being bold means accepting that some calls will be wrong, while others could look obvious in hindsight.

Tune in and let us know which predictions you think will happ...

In this episode of Canadian Macro, Simon and Dan break down the disconnect between headline economic data and what households are actually experiencing.

They discuss why strong jobs and GDP numbers may not tell the full story for Canadian consumers, how mortgage renewals and rising housing costs are putting pressure on household finances, and why the Bank of Canada may be stuck waiting for clearer signals before making its next move.

They also dive into the growing debate around the AI boom — including Nvidia’s massive AI financing plans, the risks of circular financing, whether AI c...

In this episode of The Canadian Investor Podcast, we break down another busy week of earnings, acquisitions, and market news.

We start with Jamieson Wellness, which received a takeover offer from Japan’s Kirin Holdings shortly after we highlighted it as one of our stocks to watch. We discuss the deal premium, why smaller Canadian companies continue to attract acquirers, and what this says about valuations in the Canadian small-cap market.

We then look at Air Canada selling a 25% stake in Aeroplan to a consortium led by Blackstone and La Caisse, and why the...

In this episode of The Canadian Investor Podcast, Simon is joined by Mark McGrath, a CFP and advice-only financial planner focused on helping Canadian physicians with comprehensive financial planning. Mark explains how advice-only planning works, how it differs from traditional portfolio management, and why a full financial plan often needs to cover cash flow, taxes, retirement, insurance, estate planning, debt, and investment strategy together rather than in isolation.
They also discuss common investing mistakes, including chasing returns, taking advice from the wrong people, overconcentrating in single stocks, relying too heavily on AI tools, and focusing too much on...

In this live episode of The Canadian Macro Investor Podcast, Simon and Dan break down the recent intervention in the Japanese yen and why it matters for global bond markets, U.S. Treasury yields, mortgage rates and the yen carry trade. They discuss why Japan and the U.S. may have stepped in, how the intervention worked, and why the yen remains under pressure despite the move.

They also look at Canada’s latest GDP data, why the numbers have been so volatile, and whether Canada is heading for a shallow grind or avoiding a deeper downturn th...

In this episode of The Canadian Investor Podcast, we break down a packed week of earnings and market news, starting with Goodfood filing for bankruptcy protection and what went wrong for the meal-kit business.

We then look at Alimentation Couche-Tard’s proposed acquisition of Poland’s Zabka Group, a deal that would be the largest in Couche-Tard’s history and significantly expand its presence in Europe.

From there, we discuss Telus cutting its dividend by 55%, why the new CEO appears to be resetting expectations, and what the guidance cut says about the pressure facing Canadian teleco...