In the Money with Amber Kanwar

Tech is starting to crack and value is outperforming. Where should you be positioned? On this special episode of In the Money with Amber Kanwar, the show heads to Phoenix, Arizona for a special on-the-road episode with Bill and Cole Smead of Smead Capital Management, the father-son investing team behind $5.5 billion in assets under management. In a wide-ranging and candid conversation, the duo explains why today’s market setup looks increasingly fragile and where disciplined value investors are still finding opportunity. 
Amber digs into Smead’s eight criteria for stock selection, how insider ownership and capital allocation drive long-term returns, and why years of crowding into passive strategies and the S&P 500 have quietly increased risk. They argue that the forces that powered years of U.S. outperformance — concentration, momentum, and passive flows — now look increasingly vulnerable. From the parallels between today’s AI spending boom and the telecom bubble of the late 1990s to their view that capital-intensive tech could face declining returns, Bill and Cole make the case that history may not repeat — but it certainly rhymes.
The discussion also explores why international markets look more compelling than the U.S., how under-owned sectors like financials, healthcare, housing, and commodities could benefit from mean reversion, and why owning unpopular assets — and holding winners longer than feels comfortable — remains central to their approach.
In the Mailbag, the Smeads tackle viewer questions and specific stocks across regions and sectors, including European banks Barclays (BARC) and UniCredit (UCG), healthcare giant Merck (MRK), and Canadian energy names Cenovus Energy (CVE) and Tamarack Valley Energy (TVE). They explain why scars from past cycles often create today’s best opportunities — and where investors should still be cautious.
In Pro Picks, Bill and Cole share several high-conviction ideas that reflect their current positioning, including regional bank Fifth Third Bancorp (FITB), U.S. healthcare leader UnitedHealth Group (UNH), Canadian oil producer Strathcona Resources (SCR), and Canadian lumber company West Fraser Timber (WFG) — names they believe offer attractive long-term value supported by balance sheets, capital discipline, and structural tailwinds.

Timestamps
00:00 Show trailer 
03:45 intro with father son duo Bill & Cole Smead
04:10 U.S. & international exposure
08:35 Are we seeing the end of U.S. outperformance?
11:10 How has Smead Capital’s view evolved? Have they been bullish up until this spot?
15:50 Why they are not as constructive on the S&P 500 
17:20 Will 2026 be the year of the value investor? And what tech stocks do they own? 
19:50 Are the Magnificent 7 the Nortel of this generation? It’s about Capex
21:35 History doesn’t repeat itself but it rhymes 
24:20 too many fools are chasing tech stocks, it will all change over the next decade
29:50 What about commodities?
34:10 ITM Mailbag: European Banks (BARC, UCG)
37:55 Merck stock (MRK), Amgen stock (AMGN), United Healthcare stock (UNH)
45:00 Homebuilder stocks (DHI, LEN) 
46:20 Canadian energy stocks (CVE)
49:00 Tamarack Valley stock (TVE)
54:50 Bill & Cole’s Pro Picks (FITB, APA, UNH, SCR, WFG)

Sponsors
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.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]
DISCLAIMERS 
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 this episode we discuss United Health and Tamarack Valley Energy which are both stocks Amber owns. 
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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Investors are talking about a “sell America” trade — but is the U.S. really done, or is this just another moment where global diversification finally pays? On this episode of In the Money with Amber Kanwar, Amber sits down with Jeff Elliott, Managing Director and Head of Global Equity at BMO Global Asset Management, to break down how a bottom-up stock picker is navigating today’s volatile, policy-driven markets.
Jeff explains why last year’s global outperformance wasn’t about abandoning the U.S., but about fundamentals — earnings growth, valuation discipline, and avoiding crowded trades. He shares how his team broadens exposure to Europe, emerging markets, and Canada without making top-down regional bets, and why portfolio construction matters just as much as finding the right stocks.
Healthcare takes centre stage as Jeff draws on his deep sector expertise to unpack one of the most politically exposed — and misunderstood — areas of the market. He explains why policy noise can create sharp dislocations without permanently damaging businesses, and how active managers look for mispriced opportunities across pharma, biotech, and med-tech while others retreat from the sector.
In the Mailbag, Jeff cuts through policy-driven volatility across several heavily debated names. He explains why Medicare Advantage headlines have punished UnitedHealth (UNH), why a low valuation and big dividend aren’t enough for Pfizer (PFE), and why Eli Lilly (LLY) still stands out for durable growth. He also weighs in on Moderna (MRNA), NVIDIA (NVDA), Samsung Electronics (005930.KS), and Western Alliance Bancorporation (WAL), showing how fundamentals — not headlines — ultimately determine where volatility creates opportunity.
In Pro Picks, Jeff highlights three high-conviction healthcare ideas where he sees durable growth despite policy noise. He starts with Boston Scientific (BSX), explaining why its leadership in atrial fibrillation treatment and med-tech innovation continues to drive long-term opportunity. He also revisits Eli Lilly (LLY), outlining why its depth in GLP-1s and next-generation therapies gives it a stronger growth runway than peers. Rounding out the picks is UCB (UCB.BR), a lesser-known European biotech where Jeff sees a transformative drug pipeline that could meaningfully change the company’s growth profile over the coming years.
If you’re trying to understand how to invest globally without chasing headlines — and how active stock picking really works when policy risk and volatility dominate — this is a conversation worth watching.
Timestamps
00:00 Show trailer
02:10 intro 
04:10 Everyone wants global exposure now 
06:00 How geography matters to a bottoms up approach
08:00 What about Europe? 
10:30 Follow the fundamentals
12:20 What does policy volatility mean for Jeff’s approach?
14:30 The TACO trade & healthcare 
17:30 ITM Mailbag: UnitedHealth stock (UNH) 
25:00 Pfizer stock (PFE)
29:30 Moderna stock (MNRA) 
35:50 Nvidia stock (NVDA) & big tech 
38:55 Samsung stock
41:30 Bank stocks & Western Alliance Bank (WAL) 
44:15 Jeff’s Pro Picks (BSX, LLY, UCB)

Sponsors
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.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information
This episode is brought to you by BMO ETFs. Find out more about the BMO Global Equity Fund ETF here: https://bmogam.com/ca-en/products/exchange-traded-fund/bmo-global-equity-fund-active-etf-series-bgeq/
Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]
DISCLAIMERS 
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 this episode we discuss United Health, Pfizer and Eli Lilly which are all stocks Amber owns.  

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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What if the biggest risk to the S&P 500 isn’t a recession, rates, or geopolitics — but the way we invest?
Amber Kanwar sits down with Michael Green, Portfolio Manager & Chief Strategist, Simplify Asset Management , to unpack a provocative — and deeply unsettling — idea: under certain conditions, the S&P 500 could theoretically go to zero. Not because every company fails, but because market structure breaks.
Green explains how the explosive growth of passive investing has quietly changed how markets behave, why flows now matter more than fundamentals, and how index-driven buying can amplify momentum on the way up — and instability on the way down. Drawing on his famously prescient call on the collapse of the XIV volatility ETF, Green walks through the math behind systemic “zero events,” why they become self-catalyzing, and why policymakers — not individual investors — ultimately own this risk.
The conversation also dives into gold and commodities as flow-driven markets, the role demographics play in shaping inflation and asset prices, and why machines — not humans — may be the dominant drivers of future demand. Green lays out why electricity-hungry systems like data centers are reshaping commodity demand, why traditional “human food” commodities face long-term headwinds, and how structural shortages can quietly drive inflation higher.
In Pro Picks, Green explains how these themes are expressed through ETFs managed by Simplify Asset Management. He walks through the Simplify High-Yield ETF (CDX) and how its structure emphasizes endogenous cash flow, outlines how the Simplify Managed Futures Strategy ETF (CTA) uses a systematic trend-following approach to navigate volatile, flow-driven markets, and discusses how the Simplify Commodities Strategy No K-1 ETF (HARD) is designed to capture broad commodity trends, including rising demand for machine-driven resources like electricity. He also breaks down the role of gold as a flow-dominated asset and explains how the Simplify Gold Strategy Plus Income ETF (YGLD) is structured to generate income while helping cushion downside through options.
This is not a call to panic — it’s a framework for understanding the hidden mechanics shaping today’s markets, and the extreme tail risks most investors never consider.
Timestamps
00:00 show trailer 
02:20 Show intro 
04:00 How Michael became the anti-passive investing guy 
09:00 A systemic risk lurking inside index funds 
13:20 The story of XIV, why it failed and why Michael got it right 
20:20 Is policy needed to fix the problem with passive? 
22:20 The S&P 500 could theoretically go to zero 
25:20 What do Michael’s well-known colleagues think about his view 
27:00 But isn’t discernment alive and well in the market? 
29:35 Gold, flows and why Michael isn’t focused on specific companies 
33:20 Can investors get away from the systemic risk? 
36:10 In 15 years half of the boomers will have passed on 
41:20 How Michael developed his approach to markets 
47:20 Michael’s Pro Picks (CDX, HARD, CTA, YGLD) 

Sponsors
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.
Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information
Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]

DISCLAIMERS 
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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

What happens when you strip away the hype and put some of the market’s most beloved stocks under a cold, analytical microscope? In this episode of In the Money with Amber Kanwar, Amber is joined by Sam LaBell, Portfolio Manager at Veritas Asset Management, for a brutally honest reality check on what investors own — and why some of those positions may be riskier than they look.
Sam digs into how investors should think about today’s biggest macro risks, from tariffs and geopolitics to slowing growth and stretched valuations, and explains why owning “popular” stocks can quietly increase risk rather than reduce it.
Sam also shares his view on gold, arguing that the rally still has legs as central bank demand and investor flows remain supportive — but that this stage of the cycle demands discipline, even as gold stocks remain undervalued despite a massive run.
In the Mailbag, Sam weighs in on Barrick Mining (ABX) and whether activist involvement can unlock further value, Bombardier (BBD.B) after a massive run, and Fairfax Financial (FFH) — explaining why the stock was attractive when returns on equity were improving, but why softer insurance conditions and today’s valuation now change the risk-reward. He also walks through his evolving view on Constellation Software (CSU), where AI introduces long-term uncertainty investors can’t yet model, and shares his perspective on Canadian telecoms including Rogers Communications (RCI.B), BCE (BCE), and TELUS (T).
Sam also explains why he’s short Shopify (SHOP) — not because the business is broken, but because expectations remain extreme and even a modest slowdown in growth could pressure the stock, making risk management essential.
In Pro Picks, Sam shares three high-conviction names he owns in the portfolio: WSP Global (WSP), a global engineering and consulting platform positioned to benefit from long-term infrastructure spending; GE HealthCare (GEHC), a misunderstood healthcare spinout with growing AI and software potential; and Brookfield Infrastructure (BIP.UN), a defensive, cash-generating business with steady growth and one of the cleanest accounting profiles in the Brookfield universe.
Timestamps
00:00 Show trailer
02:10 Intro
05:50 Have we gotten to the point where we can ignore Trump’s threats?
08:40 The U.S.-Canada relationship 
10:40 U.S. exceptionalism is a global risk
12:00 Does the gold rally still have legs? 
15:00 Understanding the buy and sell side at Veritas Asset Management
17:50 Stock picking is a lot like gambling
18:20 Long and short strategies
21:50 ETF Minute: BMO Growth ETF (ZGRO)
23:00 ITM Mailbag: Barrick Mining stock (ABX)
31:50 Bombardier stock (BBD.B)
34:40 Fairfax Financial stock (FFH)
39:40 Constellation Software stock
50:00 Shopify stock 
55:10 Rogers Communications stock (RCI.B)
58:00 Sam’s Pro Picks (WSP, GEHC, BIP.UN)

Sponsors
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.
ETF Minute is brought to you by BMO ETFs. Head to https://www.bmoetfs.com to find out more about the BMO Growth ETF (ZGRO) 

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information
Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]
DISCLAIMERS 
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 this episode we discuss Fairfax and Constellation Software- which are both stocks Amber owns.
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Prime Minister Mark Carney declared a new world order at Davos this week, what does that mean for your money? In this episode of In the Money with Amber Kanwar, Amber sits down with David Picton, CEO of PICTON Investments, Canada’s largest hedge fund, to unpack what a shifting global order means for investors.
From the breakdown of the traditional 60/40 portfolio to the growing role of alternatives, Picton argues that investors are navigating a fundamentally different market regime. He explains why stocks and bonds no longer provide the diversification they once did, how inflation and massive fiscal spending are changing correlations, and why portfolio construction now matters as much as individual security selection. Picton outlines a He outlines his firm’s 40/30/30 framework  blending equities, bonds, and alternatives for a more flexible, total-portfolio approach that treats assets as return streams rather than rigid categories — an evolution he believes is essential as volatility, policy uncertainty, and global fragmentation reshape markets.
In Pro Picks, Picton highlights Rocket Companies (RKT) as a high-conviction idea that reflects his firm’s framework. He explains why Rocket’s scale, data advantage, and aggressive use of AI position it to benefit from consolidation in the U.S. mortgage market, especially as refinancing activity eventually returns and housing affordability becomes a political priority. As a bonus, Picton also discusses why his firm is increasingly cautious on big-cap technology, arguing that the easy phase of the AI trade is over and that selective short exposure may now play a role as winners and losers begin to separate.
Timestamps
00:00 Show Trailer
02:00 Intro
05:50 David Picton’s early journey
07:25 Picton’s total portfolio approach and the importance of alternatives
12:00 60/40 doesn’t work anymore, Picton’s is 40/30/30
13:50 A new world order and new world investing order
15:50 The reality of being a hedge fund manager
17:30 Expect a broadening of the rally
20:00 Picton’s investing outlook for 2026
25:10 Watching the bond market and where do investors go for a return?
27:20 Gold & gold stocks
32:00 Energy & energy stocks 
33:15 Using hedging strategies
35:20 Maybe there is some method to Trump’s madness 
37:00 The sell America trade 
40:00 More on Picton’s alternative strategy
43:20 The real estate question
44:40: Picton’s Pro Picks (RKT + bonus) 

Sponsors
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.
Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information
Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]
DISCLAIMERS 
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: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews