In the Money with Amber Kanwar

Is Wall Street getting the AI threat to software stocks all wrong? When fears of a "SaaSpocalypse" sent software stocks plunging, Canadian tech company Kinaxis (KXS.TO) lost roughly 30% of its value. But according to its new CEO, Razat Gaurav, the business was actually getting stronger. With revenue doubling since 2023 and growing demand from global customers including General Motors, Unilever and Merck, Gaurav believes Kinaxis has the potential to double or even triple in size. He joins Amber Kanwar to explain why AI won't replace the company's supply chain software, how it's using AI to accelerate growth, and why...

Inflation is reshaping global markets, and Canada may be uniquely positioned to benefit. Veteran value investor Kim Shannon, Founder and Co-Chief Investment Officer of Sionna Investment Managers, believes we're only five years into an inflationary cycle that could last another 15 years or longer. History suggests Canadian stocks have a significant advantage in this environment. When inflation rises above 4%, Canada has historically outperformed the U.S. by an average of 8%. After correctly predicting the TSX would outperform the S&P 500 last year, Shannon explains why she believes the golden era for value investing is far from over, why rising bond...

Canada is on the cusp of what could be a generational investment opportunity. After years of underinvestment, billions of dollars are flowing toward infrastructure, defence, energy and data centres—and some of the biggest beneficiaries may still be overlooked by investors. Andrey Omelchak, President, CEO & CIO at LionGuard Capital, believes Canada's economic transformation is just getting started. After outperforming both the TSX and Nasdaq without relying on big tech or mining stocks, he explains why he's so bullish on Canada's future, where he's finding opportunities and which companies could deliver outsized returns. 

In the Mailbag, Andrey weighs in...

Cole Smead got Canadian energy right when few investors wanted anything to do with the sector. Now, after some of his biggest stock picks have delivered enormous returns, is there still money to be made? 

Cole was one of the top-performing stock pickers in our mid-year review, claiming both the number one and number three spots thanks in large part to his winning Canadian energy bets. Now, he returns to explain why he believes the Canadian oil trade is far from over, even after a massive rally. While some of the biggest bargains in Canadian energy h...

Steve Eisman made his name betting against the housing market before the Global Financial Crisis—a trade immortalized in The Big Short. So when he sees risk building in the market, investors pay attention. But this time, Eisman isn’t predicting another crash. In fact, he’s net long.

In this episode of In the Money with Amber Kanwar, Eisman explains why he remains cautiously bullish, even as he warns that the market has become dangerously dependent on one story: AI. He argues the S&P 500 is far less diversified than investors think, with much of the market...

Mike Vinokur thinks a market washout could be just two to four weeks away—and that may be the time to buy. The Portfolio Manager & Senior Wealth Advisor at Propellus Wealth Partners with iA Private Wealth has raised cash to nearly 30% in his growth portfolio as the S&P 500’s double-digit gain masks a much uglier market underneath. High-quality stocks are down 20%, 30% and even 40%, and Mike joins Amber Kanwar to explain why he thinks more pain could be coming before a potentially compelling buying opportunity emerges. He also breaks down the impact of higher-for-longer interest rates and why he’s caut...

Rising interest rates have punished real estate stocks and left investors wondering: Is real estate dead money?

Jeff Olin, President & CEO and Portfolio Manager at Vision Capital Corporation, says absolutely not. While higher rates matter, he argues that supply and demand ultimately matter more—and that today’s disconnect between public and private real estate markets is creating opportunities. With billions of dollars of private capital still looking for deals, Olin expects the wave of M&A in real estate to continue.
Olin explains why Vision has increased its net long exposure, where he sees...

The energy trade has already delivered big gains—but David Szybunka says the cycle is far from over. The opportunity is simply changing.

David Szybunka, Senior Portfolio Manager & Managing Director of the Energy Team at Canoe Financial, joins Amber Kanwar to explain why he believes energy has entered the “optimism” stage of a much longer cycle. After large-cap oil producers led the rally, Szybunka is becoming more selective, finding better value in natural gas, mid-cap producers and oilfield services. He argues investors are too focused on today’s oil price and not enough on the structural forces reshapin...

Caution isn’t stopping Gordon Reid from finding opportunities. The President & Chief Investment Officer of Goodreid Investment Counsel Corp. is getting more defensive as markets contend with higher interest rates, inflation and geopolitical uncertainty—but he’s not taking his chips off the table. One of the biggest changes is in financials. When Reid joined us last year, he was all-in on the sector, making Goldman Sachs, Morgan Stanley and Jackson Financial all three of his Pro Picks. After big gains, he’s now trimming that exposure, cutting Goldman Sachs by roughly a third and Morgan Stanley by 25%. Reid explains...

In a world of higher rates, stubborn inflation and expensive U.S. stocks, Canada just might be your safest bet. 

Ryan Bushell, CEO & Portfolio Manager at Newhaven Asset Management, invests in Canadian dividend-paying companies—and his portfolio is up 18% so far this year. He joins Amber to explain why he thinks Canada is well positioned in this environment, why infrastructure and energy remain at the heart of his portfolio, and why he sees little reason to chase the U.S. market at current valuations.

In the Mailbag, Ryan tackles one of the market’s most beate...

One of the world’s largest gold producers is ready to invest more in Canada.

Fresh off the Canada Investment Summit, Amber Kanwar sits down with Ammar Al-Joundi, President & CEO of Agnico Eagle Mines Limited, for a wide-ranging conversation about Canada’s changing investment climate, the outlook for gold and why he believes this could be a pivotal moment for the country’s resource sector.

Al-Joundi says Agnico Eagle is already spending more in Canada—and that recent changes have given the company greater confidence to deploy capital here. He discusses the company’s US$2.5 billion in...

Dan Niles doesn’t think AI wiping out humanity is a likely outcome—but he does think the technology could wipe out plenty of stocks. The Founder & Portfolio Manager of Niles Investment Management joins Amber Kanwar at a moment of peak AI anxiety to separate the existential fears from the very real investment risks. Niles believes AI is the biggest technological revolution since the internet and that agentic AI is still in its early stages, but he also sees warning signs in slowing AI spending growth, data-centre push-outs and increasingly aggressive assumptions about how long the boom can last.

Tariffs are dominating the headlines, but they’re not the biggest risk Jean-François Tardif sees for investors. The President of Timelo Investment Management is cautious on the economy, skeptical that the massive AI spending boom can last and actively positioning for downside. 

He explains why he’s short Canadian banks and semiconductors, using puts on the S&P 500 and Nvidia, and preparing his portfolio for what could happen when AI spending eventually rolls over. At the same time, Tardif remains net long equities through gold and oil, explains why he sees gold stocks as significantly more attrac...

Legendary commodity investor Rick Rule sees weakness coming for natural resources and thinks investors should be ready to take advantage. In this special season premiere episode, he's here to tell you what he's buying. 

Rick Rule, President and CEO of Rule Investment Media, joins In the Money with Amber Kanwar to kick off a new season with his outlook for gold, oil and natural resource stocks. While higher interest rates and a stronger U.S. dollar could weigh on commodities through the rest of 2026, Rule remains firmly bullish over the longer term—and says a pullback could put...

Richard Abboud dropped out of university to pursue entrepreneurship. Today, he’s the Founder & CEO of Forum Asset Management, a $4 billion asset management business—and one of the country’s most vocal advocates for a more ambitious Canada.

In the final installment of Can Canada Meet the Moment?, Amber Kanwar sits down with Abboud to trace his journey from running teenage dance venues to building one of Canada’s largest student housing businesses. He explains why Forum is betting on student housing and self-storage, where he sees opportunity in Canadian real estate, and why his investment philosophy starts w...

Canada was one of the first countries in space. Now, as a new space race takes off, does it have what it takes to become a global leader again?

In this episode of our summer series Can Canada Meet the Moment?, Paige Ellis sits down with Mike Greenley, CEO of MDA Space—Canada’s answer to SpaceX—to explore the enormous economic opportunity opening up beyond Earth. Greenley says the Earth-to-Moon economy represents a new economic frontier worth trillions of dollars, with humans expected to start living and working on the Moon as early as 2028. Canada already has wo...

Canada has spent years talking about its energy potential. Adam Waterous thinks the country is finally ready to realize it.

In the third episode of our special summer innovation series, Can Canada Meet the Moment?, host Amber Kanwar sits down with Adam Waterous, CEO & Managing Partner of Waterous Energy Fund, to discuss why he believes Canada has a once-in-a-generation opportunity to become a global energy superpower.

Waterous lays out his “down five, up five” thesis: over the next decade, he expects U.S. oil production to fall by roughly five million barrels a day whil...

Canada has no shortage of world-class entrepreneurs—but are we creating the right conditions for them to build the next generation of global companies here at home? In the second episode of our special summer series Can Canada Meet the Moment?, host Paige Ellis sits down with two successful Canadian founders who offer very different perspectives on one of the country's biggest economic challenges.

Michele Romanow, "Dragon" on CBC's Dragons' Den and Co-Founder of Clearco, argues Canada is making it harder to build and scale startups. She explains why more founders are choosing the U.S., how Ca...

Canada has no shortage of breakthrough ideas. The problem, Jim Balsillie argues, is that too many of them create jobs, wealth and prosperity somewhere else. He even describes Canada as a "global philanthropist"—a country that invents world-changing technologies but lets the economic benefits accrue elsewhere. As Canada prepares to host the Prime Minister's first-ever Canada Investment Summit this September, we're kicking off our special summer series, Can Canada Meet the Moment?, with one of the country's most influential voices on innovation.

Hosted by Paige Ellis, the first episode features Jim Balsillie, Retired Chairman and co-CEO of Re...

Which fund managers made the best calls of the year? Which stocks soared, which ones crashed, and what can investors learn from the biggest surprises of 2026 so far?

In this special mid-year review, Amber Kanwar and Executive Producer Jillian Glickman look back at every Pro Pick featured on In the Money over the past year. They reveal the top-performing stocks, the biggest disappointments, and rank the fund managers whose ideas delivered the strongest returns. From AI memory-chip winners like Samsung (KRX: 005930) to Bird Construction (TSX: BDT), Canada's energy boom, hard assets, healthcare, and the surprising absence of...

If you're looking to build a portfolio for the next decade—not chase yesterday's winners—Garey Aitken says it's time to get much more selective. Canada's rally may not be over, but after one of the strongest runs in years, finding value has become much harder. The Head of Canadian Equities at Franklin Templeton's ClearBridge Investments joins Amber Kanwar to explain where he's taking profits, why he still likes energy, and the overlooked companies he believes could be the market's next winners.

In the mailbag, Garey weighs in on viewer questions about Intact Financial (IFC), CGI (GIB.A...

While much of the market is chasing the same handful of stocks, Scott Morrison is looking somewhere else. The Founder & CIO of Wealhouse Capital Management oversees $2.2 billion with a contrarian strategy focused on buying great businesses at discounted prices. He joins Amber Kanwar to discuss why international markets are becoming more attractive, where he's finding value today, and how investors can profit from unpopular ideas before they become consensus.

In the mailbag, Scott weighs in on whether Canadian banks are too expensive after their massive rally, shares his outlook on BlackBerry (TSX: BB), CAE (TSX: CAE), Aritzia...

Looking beyond the market's biggest names? Jamie Murray, President of The Murray Wealth Group, shares the investing framework he uses to uncover overlooked companies with strong cash flow, attractive valuations and long-term growth potential. From AI winners and consumer stocks to airlines, REITs and international opportunities, he explains what makes a stock worth buying—and why some of the market's best opportunities are often the ones investors aren't paying attention to.

In the Mailbag, Jamie weighs in on some of the market's most talked-about names, including Uber (UBER), Meta (META), Aritzia (ATZ.TO), Air Canada (AC.TO), Ex...

Political tensions are prompting more Americans to consider moving to Canada—and more Canadians are returning home—but the financial implications are far more complicated than most people realize. On this special episode of In the Money with Amber Kanwar, Harp Sandhu, Founder, Senior Wealth Advisor and Portfolio Manager at Sandhu Wealth and author of Welcome Home, Eh?: A Guide for Canadians (Old and New) to Navigate Moving to Canada from the U.S., breaks down the costly financial traps that can come with a cross-border move—from mishandling retirement accounts and tax residency to overlooking investment restrictions, healthcare gaps...

More than 300 companies around the world cut their dividends in 2020—but not a single company in Fiona Wilson's portfolio did. Fiona, who co-manages the i3 dividend fund portfolios within Guardian Capital LP, explains why chasing the highest dividend yield can be a costly mistake and why dividend growth is the key to building long-term wealth. She shares how her team uses artificial intelligence to forecast dividend growth, identify companies at risk of cutting their payouts, and uncover high-quality businesses that can compound for years.

In the mailbag, Fiona answers your questions on Canadian bank stocks including RBC (RY...

Global investors spent years writing off Canadian energy. Now, one of the sector's most embattled companies is trying to prove them wrong.

On this episode of In the Money with Amber Kanwar, Amber sits down with Chad Lundberg, President & CEO of Baytex Energy, for his first interview since taking the helm. After a turbulent few years that saw Baytex expand into the U.S., reverse course, and overhaul its strategy, the stock has more than doubled over the past year. But with plenty of investors still questioning whether the turnaround is real, Chad explains why he believes...

Canada just announced two new pipelines — so where's private capital? The CEO of one of Canada's largest pipeline operators weighs in. 

On this special episode of In the Money with Amber Kanwar, Amber sits down with Greg Ebel, President and CEO of Enbridge (TSX: ENB, NYSE: ENB), live from the Calgary Stampede for his first interview since the pipeline announcements — including the Northern Shield West Coast pipeline and the Alberta-Ontario pipeline proposal. Greg explains why Enbridge isn't a proponent on either project, and why he thinks the industry's focus on pipelines has been "ass-backwards" — the real bottleneck, he argu...

Global government spending is reshaping the investing landscape—but are you following where the money is actually going? While everyone is focused on AI, Bryden Teich, Chief Investment Officer at Avenue Investment Management, argues the biggest market story is the massive fiscal spending boom unfolding across Canada, the U.S., and around the world. He explains why industrials, financials, energy infrastructure, and other resilient businesses stand to benefit, why he's still bullish on Canada despite recent economic challenges, why he's underweight big tech, why he trimmed gold after its surge, and how he builds a portfolio designed to perform th...

The biggest Canadian mining IPO since 2010 is betting on a country few investors associate with mining: Poland.

On this episode of In the Money with Amber Kanwar, Amber sits down with Jordan Pandoff, CEO of Lumina Metals, to discuss the IPO which raised over $400 million, and the investment case behind one of the world's largest undeveloped copper and silver projects. Backed by mining legend Ross Beaty, Lumina spent more than a decade advancing the project before taking the company public.

Jordan explains why Poland is emerging as a critical minerals powerhouse. The country already produces...

Value traps can destroy your portfolio—but the right turnaround stock can be a game changer. How do you tell the difference?

On this episode of In the Money with Amber Kanwar, Paul Harris, Portfolio Manager at Harris Douglas Asset Management, explains his framework for buying underperforming stocks without getting burned. He also shares why he wants nothing to do with SpaceX at current valuations, arguing the company is priced far ahead of its fundamentals despite the excitement around the space race. The conversation also dives into Elon Musk's biggest strengths—and what Paul believes are his bigg...

A year ago, Bob Thompson called commodities the trade of the decade. Since then, silver miners, energy stocks and commodity-focused funds have delivered massive gains. But with gold down sharply from its highs, oil rolling over and investors questioning whether the trade has become too crowded, is it time to take profits—or is this just a correction within a much bigger bull market?

In this episode, Bob Thompson of Thompson Investment Partners explains why he still believes we're in the early innings of a long-term commodities supercycle despite the recent weakness. He walks through his famous "Mi...

The AI boom is being financed with debt—and the numbers are staggering.

The world's biggest tech companies are spending hundreds of billions of dollars to build the infrastructure behind artificial intelligence. But while investors focus on the stocks, Brian Carney, Portfolio Manager at Mawer Investment Management, is watching the credit markets—and he sees risks most investors are ignoring. 

On this episode, Brian, who manages the Mawer Global Credit Opportunities Fund explains why Alphabet, Amazon, Meta, Oracle and others are becoming some of the largest borrowers in the world, why credit markets may be under...

The AI boom is supposed to be a tech story. Larry McDonald thinks it's a commodities story. On this episode of In the Money with Amber Kanwar, the Bear Traps Report founder and best-selling author explains why surging demand for copper, uranium, oil, natural gas and gold could create some of the biggest investment opportunities of the next decade. As trillions of dollars flow into AI infrastructure, data centres and power generation, Larry argues investors are overlooking the companies supplying the raw materials that make it all possible. In fact, he goes so far as to call NVIDIA (NVDA...

Global fund managers raised their allocation to equities by the most on record in May, but Chad Larson, who manages the best performing tactical fund in Canada, is taking a contrarian approach—holding elevated cash levels while selectively deploying into his highest-conviction trades.

On this episode of In the Money with Amber Kanwar, the Founder & Senior Portfolio Manager at MLD Wealth, breaks down why his largest holding is cash—and why that doesn’t make him bearish. Instead, he’s running a barbell strategy: staying defensive while targeting opportunities in small-caps, natural resources, and the “backbone” of the AI trade...

Everyone calls David Rosenberg a permabear but he says he’s fully invested, just in completely different places than the consensus.

On this episode of In the Money with Amber Kanwar, Rosenberg breaks down why he’s still in the market despite sounding the alarm on what he sees as extreme valuations, bubble-like behaviour, and a dangerous level of investor complacency. From a “teflon market” that shrugs off every shock, to an equity market where investors are effectively paying to take risk, he explains why this cycle feels eerily similar to the late-90s tech mania.

He pus...

Inflation is surging again and it’s driving savvy investors to rethink how to manage their portfolios. So, what assets should you buy right now to protect your wealth?

On this episode of In the Money with Amber Kanwar, James Davolos, Portfolio Manager and Director of Research at Horizon Kinetics, breaks down why investors need to reconsider everything they know about portfolio construction in a higher inflation world. He explains why a simple “buy gold” strategy isn’t enough, why real assets are still early in a long-term cycle, and why targeting 10%+ returns is essential just to stay ahe...

Canada just slipped into a technical recession, stocks are sitting at record highs— and one renowned $22 billion firm is leaning in, not backing away.

On this episode of In the Money with Amber Kanwar, Alex Letko, Portfolio Manager at LetkoBrosseau, explains why he remains bullish on Canada despite growing skepticism. While headlines point to slowing GDP, he argues the underlying economy is more resilient than it feels—supported by real wage growth and steady consumer spending. He also tackles a debate in the market right now: Canadian banks trading at record highs and premium valuations. Rather than call...

“Patience is a virtue—sometimes the best trade is the one you don’t rush.” On this episode of In the Money with Amber Kanwar, Jimmy Lebenthal, Chief Equity Strategist & Partner at Cerity Partners, makes the case for looking where others aren’t. He explains why patience still wins, how to navigate “parabolic” markets, and why he’s still putting fresh money to work in names like Cisco (CSCO)—a stock he’s owned for over a decade that’s now finding new life in the AI buildout. He also shares lessons from his new book, How to Ride the Subway: Getting Ar...

Semiconductors are ripping, trillion-dollar valuations are becoming the norm, and now the most hyped IPO in years is looming. So… is this the moment everything peaks? On this episode of In the Money with Amber Kanwar, Mark Sebastian, Founder of Option Pit, returns with a view of a market that’s moving faster—and getting more crowded—by the day. From Micron’s explosive run to Nvidia’s “vampire trade” losing steam, Mark explains how capital is rotating across semis in real time—and why he’s not shorting this market, even as signs of froth start to build. He points to Intel...

Global markets keep climbing despite geopolitical tension, shifting rate expectations, and nonstop headlines—but how should you actually build an ETF portfolio in this environment? According to Ryan Lewenza, it all comes back to one thing: earnings. Strong revenue growth, record profit margins, and resilient fundamentals are what continue to power equities higher, even as uncertainty lingers. In this episode of In the Money with Amber Kanwar, Amber sits down with the Senior Portfolio Manager, Private Client Group from Turner Investments to break down how to construct a disciplined ETF portfolio around what actually drives returns—and why chasing narr...