The Canadian Investor

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

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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...

In this episode of The Canadian Investor Podcast, we look at four stocks that are on our radar right now, including a mix of well-known names and smaller Canadian companies that may be overlooked by investors.

We start with Netflix, which has fallen sharply from its highs and now looks much more reasonably valued than it did during the peak of its run. We discuss the company’s ad-tier opportunity, pricing power, content spending, and how AI could potentially lower production costs over time.

We then look at 5N Plus, a Canadian small-cap involved in sp...

In this episode of The Canadian Macro Investor Podcast, Simon and Dan break down the latest Fed decision and why the bond market may be starting to challenge Kevin Warsh’s inflation message. They discuss the split reaction across the yield curve, with short-term yields moving differently than longer-term yields, and what that could mean for inflation, recession risk and future rate hikes.

They also look at Canada’s population data problem and why undercounting temporary residents could distort unemployment, mortgage delinquency trends and the broader read on the Canadian economy.

From there, they dig into...

In this episode of The Canadian Investor Podcast, we break down Alphabet’s latest earnings and why investors are questioning the massive AI capex spending despite strong growth in Google Cloud.

We also look at Celestica’s monster quarter, SK Hynix’s booming demand from AI memory, and Corning’s sharp selloff despite strong growth in its optical communications segment.

From there, we discuss CN Rail and TFI International, two transportation names showing signs of improvement, before wrapping up with Coca-Cola and why it appears to be holding up better than Pepsi in a tougher consumer...

In this episode of The Canadian Investor Podcast, we look at whether Canadian bank stocks have become too expensive after their big run. We discuss David Rosenberg’s recent Globe and Mail article, the valuation of the big banks, why earnings growth may not be as strong as it looks, and whether investors should consider trimming or simply holding.

We then revisit bonds and fixed income. After one of the worst stretches ever for long-duration bonds, do they still deserve a place in investor portfolios? We look at why the traditional 60/40 portfolio worked so well for decades, wh...

In this episode of the Friday Macro Show, we look at why Google sold off after earnings despite strong headline numbers, and what rising AI infrastructure spending could mean for the broader market.

We also discuss Canada’s latest inflation and retail sales data, why consumers may be reacting to higher prices through demand destruction, and how rising bond yields are affecting mortgages and housing.

From there, we dig into Bridgemarq’s dividend cut, the changing economics of real estate brokerages, the “Great House Transfer” problem as boomers struggle to sell, and why the next wave of...

In this episode of The Canadian Investor Podcast, we start with the latest Canadian inflation data and why the headline number may not fully reflect what households are feeling.

We then look at TSMC’s huge quarter and what it says about the AI chip boom, before turning to Intuitive Surgical and Netflix, two high-quality businesses that sold off after earnings for very different reasons.

We also discuss Cogeco’s latest results, the challenges facing legacy telecom companies, and wrap up with a cautionary discussion about a viral TFSA strategy that may be riskier than it l...

In this episode of The Canadian Investor Podcast, we break down which types of investments may be best suited for different Canadian accounts, including TFSAs, RRSPs, FHSAs, RESPs and taxable accounts. We look at Canadian stocks, U.S. stocks, Canadian-listed ETFs, U.S.-listed ETFs and international ETFs, with a focus on tax efficiency, dividend treatment, withholding taxes and capital gains.

We also discuss why the “right” account can depend on the type of income an investment produces, whether dividends are Canadian or foreign, and how ETF structure can create different withholding tax outcomes for Canadian investors.

In this episode of The Canadian Macro Investor Podcast, Simon and Dan break down the latest Bank of Canada rate decision and monetary policy report. They discuss why the Bank of Canada held rates steady, how the bond market is increasingly driving borrowing costs, and why housing is becoming a more important risk in the central bank’s outlook.

They also look at Canada’s increasingly divided housing market, with Ontario and B.C. under pressure while several other provinces continue to hit new highs. The discussion covers condo weakness in Toronto and Vancouver, the impact of unso...

In this episode of The Canadian Investor Podcast, we start with a quick look at the Bank of Canada’s latest rate decision and why the central bank is keeping policy steady while balancing economic weakness with inflation risks.

We then dive into the reported buyout offer for PayPal from Stripe and Advent International, why the market appears skeptical the deal will go through, and whether the offer undervalues PayPal given its free cash flow. We also look at Lucid’s financial struggles, its cash burn, and why EV startups remain such difficult businesses to scale.

Fr...

In this episode of The Canadian Investor Podcast, we break down Rogers’ move to take full control of Maple Leaf Sports and Entertainment and what it says about the rising value of professional sports franchises. We look at how Rogers’ sports assets compare to the company’s overall market value, why scarce live-sports assets continue to attract premium valuations, and how NHL, NBA, MLB and NFL franchise values have grown over the last decade.

We then shift to the S&P 500 and the growing debate around equal-weight versus market-cap-weighted ETFs. With the top holdings now making up a larg...

In this episode of The Canadian Macro Investor, we break down some of the biggest Canadian macro and investing stories from the week. We discuss signs of pressure on Canadian consumers, recent government fiscal trends, and what the latest economic data could mean for interest rates, inflation, and the broader economy.

We also look at Ottawa’s push into critical minerals, including the federal government’s potential investment in Teck, and why these types of projects are increasingly being framed through a national security lens. We then touch on broader North American macro themes, including trade, tariffs, cons...

In this episode of The Canadian Investor Podcast, we break down Rogers’ move to take full control of MLSE and what the rising valuation of professional sports franchises says about scarcity, live sports, and media rights. We also look at the federal government’s investment agreement with Teck Resources and why critical minerals are becoming a national security priority.

We then discuss Microsoft’s latest round of layoffs, the paradox of AI-driven growth alongside continued job cuts, and whether big tech is reallocating too aggressively toward AI infrastructure. We also explain the mini-tender offer involving Sun Life, why th...

In this episode, we take a closer look at bonds and bond ETFs, including where they can fit in a portfolio, why duration matters, and why the traditional 60/40 portfolio may not behave the way many investors expect. We also break down the key differences between owning individual bonds and bond ETFs, using recent examples like long-term U.S. Treasuries versus short-term Treasury bills to show how interest rate risk can impact returns.

We then turn to the new Avantis ETFs launched in Canada through CIBC, including why factor-based investing has attracted so much attention, how these funds...

In this episode, Simon sits down with Dave Chilton for a broad conversation about personal finance, investing, and the habits that help Canadians build long-term financial security. They discuss how the money landscape has changed since The Wealthy Barber, the challenges younger Canadians face today, the role of good financial advice, and why simple, consistent decisions still matter more than chasing the latest trend. Dave also shares lessons from his career, his time on Dragon’s Den, and the financial advice he believes will stand the test of time. 

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What separates a good acquisition from a truly company-defining one? In this episode, Simon and Dan look at some of the best acquisitions in Canadian and U.S. market history — the deals that changed business models, unlocked decades of growth, created massive shareholder value, or quietly reshaped entire industries. From convenience stores and railways to software, social media, insurance, and e-commerce infrastructure, they break down why some acquisitions become legendary while others fade into the background.

Tickers of Stocks Discussed:
ATD.TO, SJ.TO, CNR.TO, TRI.TO, AAPL, GOOGL, META, MSFT, BRK.B, DIS, AMZN, NV...

In this episode, Simon and Dan Foch break down the latest Micron earnings and what they reveal about the massive demand for AI infrastructure. We look at why higher DRAM and NAND prices matter beyond semiconductor stocks, how rising memory costs could flow through to consumer products like iPhones, laptops, gaming consoles and data centers, and whether Apple price hikes are an early sign of broader tech inflation.

We also discuss the latest inflation pressures, including the impact of higher oil prices, and what these could mean for central banks and consumers. Plus, we dig into the...

In this episode, Simon and Dan break down Canada’s latest inflation print, with CPI hitting 3.2% in May as gasoline, airfare, and food prices continue to pressure consumers. They also cover earnings from Empire, Air Transat, Couche-Tard, and Stingray, including the competitive pressure in grocery, Air Transat’s fuel and Cuba-related headwinds, Couche-Tard’s rally after a stronger quarter, and Stingray’s surprising growth following its TuneIn acquisition. They finish with a quick look at OSFI lowering the domestic stability buffer for Canadian banks and what it could mean for lending, buybacks, dividends, and the broader economy.

Tickers...

In this episode of The Canadian Investor Podcast, Simon and Dan break down the latest short report targeting Gildan Activewear and the major allegations around channel stuffing, receivables factoring, and whether the company’s recent growth may be less durable than it appears.

They also look back at some of the most notable short reports in Canadian market history, including Shopify, Dollarama, Canadian Tire, Home Capital Group, Exchange Income Corp, FaceDrive, goeasy, and others. Some short sellers were completely wrong, some were early, and a few ended up being surprisingly accurate.

To wrap things up, Si...

This week on Canadian Macro Investor, Simon and Dan break down a packed macro backdrop: global central banks turning more hawkish, Kevin Warsh’s push to rethink how the Fed communicates and uses data, and why markets may be too relaxed about inflation risks.

They also discuss the Canadian dollar, oil prices, the fragile Iran memorandum of understanding, and whether geopolitical risk is being ignored because investors are so focused on the AI trade. From there, they dig into OSFI lowering the Domestic Stability Buffer for Canadian banks, what it could mean for credit creation, and whether Ot...

On today’s episode, we cover a packed week across private markets, U.S. dealmaking, and Canadian earnings.

We start with SpaceX and the growing anticipation around a potential IPO. We break down why the valuation, limited public float, and upcoming share unlocks could make this one of the most closely watched public listings whenever it eventually happens.

We also look at a busy start to the week for acquisitions, including Fox’s investment in Roku, Salesforce’s latest deal, and American Express making a move of its own.

Then we turn to earnin...