In the Money with Amber Kanwar

Amber Kanwar
  • 5.0 (8)
  • Investing
  • Updated Weekly

In the Money with Amber Kanwar brings you actionable ideas from top money managers to help you make profitable decisions. As one of Canada’s most recognizable business journalists and the former host of BNN Bloomberg’s Market Call, join Amber as her guests answer your questions on individual stocks and offer their best investment ideas.

  1. 4d ago

    David Rosenberg: The Stock Market Is Telling You There's No Risk. It's Wrong.

    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 pushes back on the dominant narrative around AI and government spending, arguing the real economy is far weaker beneath the surface. Strip out AI, and growth looks sluggish. Strip out a handful of mega-cap names, and market returns look far less impressive. For Rosenberg, this is a sentiment-driven market—one where momentum is masking rising risks. At the same time, Rosenberg is leaning heavily into an area most investors have written off: government bonds. He’s bullish on short-term bonds in both Canada and the U.S., arguing markets are mispricing the path of interest rates. While investors brace for more inflation and potential hikes, he sees disinflation ahead—driven by weak wage growth and slowing demand—which could force central banks to cut. In his view, that disconnect creates a compelling opportunity in the front end of the bond market. In Pro Picks, he lays out exactly where he is putting money to work in addition to government bonds. He’s bullish on commodities across the board—gold, base metals, energy infrastructure, and agriculture—driven by long-term supply constraints and a shift toward resource security. He also highlights defense as a stealth tech play with strong earnings visibility, and sees clean energy as a geopolitical trade tied to energy independence. His message is clear: stay invested, but stay disciplined—because when the cycle turns, valuation will matter again. Timestamps00:00 Trailer02:10 Intro04:15 Is Rosie surprised at the teflon market?08:25 Echoes of 1999. Investors are paying to take on risk12:15 Government bonds have a unique safety characteristic14:25 We’ve reached the stage where people think the stock market is riskless16:05 Dave doesn’t follow the herd…ever18:55 Dave’s model portfolio23:10 Look at the economy ex AI  27:45 The midterms will end the gravy train31:15: These things go in cycles, Dave isn’t going to time it, and he’s going to invest very selectively 37:20 Hamilton ETFs: Mixed Asset Allocation ETF - MIX  39:30 Making a bet on the future of commodity inflation, Dave likes the hard asset theme42:45 Why Dave expects to see rate cuts not rate hikes48:30 Why Dave likes the Canadian banks53:10 Why Dave isn’t too worried about the USMCA55:50: David Rosenberg’s Pro Picks (commodities, defence, clean energy)  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 The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/  Links https://inthemoneypod.com/  https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740  https://twitter.com/inthemoneypod  https://tiktok.com/@inthemoneypod questions@inthemoneypod.com DISCLAIMERS  The content 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. Hamilton ETFs Disclaimer   This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities. The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index. Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026. The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period. The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&a...

    1h 7m

  2. 6d ago

    How to Generate 10%+ Returns in an Inflationary World

    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 ahead of rising prices. From infrastructure and commodities to royalties, land, and even water, Davolos lays out the framework for building a portfolio designed to generate growing cash flows that outpace inflation—and why traditional equity benchmarks may no longer offer true diversification. On gold, Davolos remains constructive long term, arguing that structural deficits, central bank demand, and the need for a store of value continue to support the thesis—even if short-term volatility and macro crosscurrents create noise along the way. In the Mailbag, the focus turns to silver, which he describes as a higher-beta version of gold with both monetary and industrial demand tailwinds. He explains why he prefers to play it through royalty and streaming companies like Wheaton Precious Metals (WPM) to reduce operational risk—before broadening out to other real asset opportunities, including Brookfield (BEP.UN / BIP.UN), Glencore (GLEN), RB Global (RBA), and the long-term uranium trade through Cameco (CCO) and NextGen Energy (NXE). In Pro Picks, Davolos revisits past ideas like PrairieSky Royalty (PSK.TO) and TMX Group (X.TO), reinforcing his conviction in royalties and exchange businesses as high-margin, inflation-linked compounders. He then introduces three new high-conviction names: Miami International Holdings (MIAX), a fast-growing exchange gaining share in a structurally expanding derivatives market with significant upside tied to new index and options products; Sprott Inc. (SII.TO), a 70%+ margin asset manager leveraged to sustained inflows into physical real asset strategies; and LandBridge (LB), a unique Permian Basin land and water infrastructure play with built-in growth from energy production and additional upside from AI-driven data center demand. Across all three, the common thread is clear: scarce assets, powerful operating leverage, and asymmetric return potential in an inflationary world. Timestamps 00:00 Trailer02:20 Intro04:15 Why James has an even higher conviction on higher inflation and buying real assets  06:00 First principles -how to protect against inflation08:00 It comes down to real assets09:15 What gives James confidence in his inflation outlook13:20 How do we explain gold’s drop in the context of inflation17:50 Is the ‘hard assets’ thesis too consensus?  20:00 Are semiconductors hard assets?21:40 Why buying the index won’t protect you24:45 How bitcoin fits into the thesis29:40: Hamilton ETFs: Mixed Asset Allocation ETF: MIX31:40: ITM Mailbag: Silver & Wheaton Precious Metals (WPM)35:35 Brookfield, Brookfield Renewables & Brookfield Infrastructure (BN, BEP, BIP)37:20 Glencore stock (GLEN)41:15 Bunge stock (BG)43:20 RB Global (RBA)45:05 NexGen Energy (NXE)48:50 James’s Past & Pro Picks (ARIS, PSK, X, MIAX, SII, LB) 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 The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/  Links https://inthemoneypod.com/  https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740  https://twitter.com/inthemoneypod  https://tiktok.com/@inthemoneypod questions@inthemoneypod.com DISCLAIMERS  The content 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. Hamilton ETFs Disclaimer   This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities. The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index. Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026. The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the ...

    1h 12m

  3. Jun 4

    Why $22 Billion Letko Brosseau is Bullish on Canada

    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 calling it a bubble, he makes the case that strong earnings, oligopolistic structure, and potential pension fund inflows could continue to support the group. At the same time, Letko outlines why the firm has been more cautious globally—pointing to stretched valuations and extreme concentration in the U.S. market. With over 80% of the S&P 500 trading above 20x earnings, he explains why they’ve been trimming winners and holding cash to redeploy into better opportunities, including Canada. In the Mailbag, the conversation starts with BCE (BCE.TO), where Letko sees a compelling turnaround story with a sustainable dividend and limited optimism priced in. He also weighs in on Canadian telcos more broadly, the surprising strength in auto parts makers like Linamar (LNR.TO) and Magna (MG.TO) despite tariff concerns, and why his firm has trimmed energy exposure even with oil prices pushing higher. The discussion then shifts globally, breaking down the AI-driven surge in semiconductor names like Samsung (005930.KS) and SK Hynix (000660.KS), where tight memory supply could persist—but the cycle remains key. He also highlights Brazil as an emerging opportunity, where improving fundamentals and potential political change could drive a re-rating. In Pro Picks, Letko doubles down on those global themes—starting with Copel (CPLE6.SA), a Brazilian utility he sees as a high-quality, low-cost operator with strong dividend upside. He also highlights Bolsa Mexicana (BOLSAA.MX), the Mexican stock exchange, as a “moaty” way to play long-term financial penetration. And back in Canada, he makes a contrarian call on Air Canada (AC.TO), arguing that despite near-term volatility, improving margins and a shift toward premium travel could drive meaningful earnings growth over time. Timestamps 00:00 Trailer  02:20 Intro03:35 The roots of LetkoBrosseau05:40 Is the firm more cautious right now?  07:35 Do we have to be patient for the pullback09:00 Are the Canadian banks in a bubble?12:00 Bringing Canadian pension funds back to Canada14:30 Why LetkoBrosseau is bullish Canada19:00 The future of Canada’s energy sector20:50 LetkoBrosseau’s move into retail24:30 Hamilton ETFs: MIX  26:30 ITM Mailbag: BCE  30:20 Linamar & Magna (LNR, MG)34:00 Energy stocks39:50 Samsung & SK Hynix43:50 Brazil46:00 Alex’s Pro Picks (Copel, Bolsa Mexicana, Air Canada) 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 The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/  Links https://inthemoneypod.com/  https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740  https://twitter.com/inthemoneypod  https://tiktok.com/@inthemoneypod questions@inthemoneypod.com DISCLAIMERS  The content 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. Hamilton ETFs Disclaimer   This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities. The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index. Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026. The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period. The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without...

    59 min

  4. Jun 2

    Unloved Stocks to Buy with CNBC’s Jimmy Lebenthal

    “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 Around on Wall Street and in Life, including why sometimes the best strategy is simply staying on the train. He also dives into the most debated corner of the market right now: software. Lebenthal explains why he’s actively adding to names like Microsoft (MSFT), Adobe (ADBE), Salesforce (CRM), and ServiceNow (NOW), arguing the market may have overreacted to AI disruption fears and created opportunity in high-quality businesses with strong cash flow and buyback support. In the Mailbag, Lebenthal breaks down a wide range of stocks and sectors, including why he’s avoiding Lululemon (LULU) despite the selloff, his outlook on Disney (DIS) as a potential turnaround story, and how he’s thinking about banks—comparing Citigroup (C) and JPMorgan (JPM). He also weighs in on Dell (DELL) after its recent surge and shares his broader view on energy markets and global supply dynamics. In Pro Picks, Lebenthal sticks with high-conviction ideas. He highlights Cisco (CSCO) as a long-term compounder tied to AI infrastructure demand, Cheniere Energy (LNG) as a key beneficiary of the global LNG expansion, and AbbVie (ABBV) as an attractive opportunity in a lagging healthcare sector with strong cash flows, a growing pipeline, and a compelling valuation. Timestamps00:00 Trailer02:10 Intro03:45 Value, patience and growth at a reasonable price  06:30 What prompted Jimmy to write his book: Riding the Subway: How to Get Around on Wall Street And Life  07:40 Using Cisco as an example of Jimmy’s investing style (CSCO)16:25 This is like 1997 not 199918:50 Jimmy is putting dollars to work in software  25:25 Jimmy can’t get behind U.S. housing yet28:00 Is healthcare a value trap?  30:00 Being okay with FOMO 35:00 Hamilton ETFs: MIX37:05 ITM Mailbag: Lululemon stock (LULU)38:50 Energy stocks44:50 Disney stock  (DIS)47:45 Citigroup & JP Morgan (C, JPM)49:50 Dell stock (DELL)51:15 Jimmy’s Pro Picks (CSCO, LNG, ABBV) 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 The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/  Links https://inthemoneypod.com/  https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740  https://twitter.com/inthemoneypod  https://tiktok.com/@inthemoneypod questions@inthemoneypod.com DISCLAIMERS  The content 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 JP Morgan which is a stock Amber owns.  Hamilton ETFs Disclaimer This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities. The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index. Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026. The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period. The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow...

    1h 1m

  5. May 28

    From Intel’s 400% Run to a SpaceX IPO — What Comes Next?

    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 (INTC) as proof of how powerful this cycle has been—after flagging it on this show over a year ago, the stock has surged more than 400%, so it's worth listening to his thoughts this time around. Still, he warns that a ceasefire between the U.S. and Iran could be a sell-the-news moment, potentially triggering a rotation out of equities just as liquidity gets pulled into the SpaceX IPO and other major AI offerings.  In the mailbag, Mark tackles everything from Canadian oil to gold, defense, luxury, and broken stocks like Disney (DIS). He makes the case that energy could see one last selloff before becoming a generational buying opportunity, explains why gold’s pullback is more about normalization than weakness, and shares why names like Diageo (DEO) are getting squeezed in a shifting consumer landscape. He also weighs in on Salesforce (CRM), Brookfield Corp. (BN), Brookfield Asset Management (BAM), and why Disney might still be worth holding despite years of frustration. In Pro Picks, Mark revisits his past calls—highlighting how he traded around winners like Intel (INTC) and Reddit (RDDT), while stepping away from Boeing (BA) after a solid run and staying constructive on Amazon (AMZN). Then he unveils a fresh batch of ideas: from “hidden AI plays” like Deere (DE) and Ford (F), to high-risk/high-reward bets in rare earths like USA Rare Earth and American Resources (AREC). He also shares a surprising contrarian call on Mattel (MAT), tied to what he believes could be the Barbie moment of 2026. This is a masterclass in how traders think about momentum, timing, and risk in a market that refuses to slow down. Timestamps00:00 Trailer  02:15 Intro02:55 Mark Sebastian returns + lessons learned from Intel06:55 The semiconductor & memory trade is going gangbusters11:30 The new tech IPOs: SpaceX: How is it not bubbleicious territory?16:35 A ceasefire could become a sell the news moment19:15 Hamilton ETFs: MIX21:20 ITM Mailbag: Canadian oil stocks  24:30 Why is gold at a two-month low?26:05 General Dynamics (GD)  26:50 Diageo (DEO) & Ferrari’s new EV 30:15 Brookfield & Brookfield Asset Management (BN, BAM)33:55 Salesforce (CRM) 36:20: Disney (DIS)41:00: Mark’s Past & Pro Picks ( RDDT, BA, AMZN, DE, F, USAR, AREC) 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 The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/  Links https://inthemoneypod.com/  https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740  https://twitter.com/inthemoneypod  https://tiktok.com/@inthemoneypod questions@inthemoneypod.com DISCLAIMERS  The content 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. Hamilton ETFs Disclaimer   This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities. The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index. Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026. The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period. The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit

    58 min

  6. May 26

    It's Earnings, Stupid: How to Build an ETF Portfolio Around What Actually Matters

    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 narratives like AI without earnings support can be a mistake. In the Mailbag, Ryan answers your ETF questions with a focus on real portfolio construction. For commodity exposure, he highlights the iShares S&P/TSX Global Base Metals ETF (XBM) and the SPDR S&P Metals & Mining ETF (XME). On energy hedging, he explains why trying to pick Brent vs. WTI is overthinking it, and instead suggests broad exposure. He’s not a fan of the ARK Innovation ETF (ARKK), pointing to weak long-term performance, and prefers simple growth exposure through the Invesco QQQ Trust (QQQ) or Technology Select Sector SPDR Fund (XLK). For private market and IPO exposure, he points to Fidelity Global Innovators ETF (FINN), while defensive investors can look at BMO Low Volatility Canadian Equity ETF (ZLB). Income seekers, meanwhile, should consider the Invesco Canadian Dividend Index ETF (PDC), and for housing exposure, he mentions the SPDR S&P Homebuilders ETF (XHB)—though timing depends heavily on interest rates. In Pro Picks, Ryan lays out a clear ETF blueprint built around where he sees the next rotation. He highlights the Vanguard Value ETF (VTV) as a core play on value stocks as leadership shifts away from growth. To capture the AI-driven power demand theme, he likes the BMO SPDR Utilities Select Sector Index ETF (ZXLU), calling utilities a “wimpy way to play AI” with both defensive and growth characteristics. And for international upside, he points to the Franklin FTSE South Korea ETF (FLKR), driven by semiconductor exposure and still benefiting from the global AI buildout. The message is simple: build around earnings, stay diversified, and don’t overcomplicate what ultimately drives returns. Timestamps00:00 Trailer 02:05 Intro 03:00 It’s earnings, earnings, earnings 06:20 What could take the market down? Will rates tip it over? 08:10 Will oil hit $150? 09:40 But is this time different? What’s the new normal because of AI? 11:20 What does Ryan’s portfolio look like? 14:35 What is safety these days? 16:20 Ryan expects a big rotation out of U.S. into Canada 18:05 Hamilton ETFs: MIX 20:10 ITM Mailbag:  Mining ETFs: XBM, XME 22:10 Thoughts on a Brent Oil ETF 23:25 Cathie Wood’s ARK innovation ETF  25:05 Passive vs. Active management  27:10 Exposure to upcoming IPOs like SpaceX? FINN 29:10 Low volatility ETF (ZLB)  30:50 Income seeking ETF (PDC) 32:30 U.S. housing & construction  34:30 Ryan’s Pro Picks  & How to Choose the Best ETFS ( VTV, FLKR) 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 The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/  Links https://inthemoneypod.com/  https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740  https://twitter.com/inthemoneypod  https://tiktok.com/@inthemoneypod questions@inthemoneypod.com DISCLAIMERS  The content 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. Hamilton ETFs Disclaimer   This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities. The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index. Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026. The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period. The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors a...

    45 min

  7. May 21

    Electricity is the New Oil: The Trades Powering the Next Energy Boom

    Global electricity demand is growing more than twice as fast as overall energy demand, according to the International Energy Agency—so how should investors be positioned to capitalize on this explosive shift? On this episode of In the Money with Amber Kanwar, Robert Thummel, Managing Director & Senior Portfolio Manager at Tortoise Capital, explains why “electricity is the new oil” and how the rise of AI, data centres, and electrification is driving a once-in-a-generation opportunity across energy infrastructure, natural gas, and power generation. With over 30 years of experience investing through multiple commodity cycles, he lays out why investors should be looking beyond traditional oil producers and instead focusing on the assets powering the next wave of global growth—pipelines, utilities, and natural gas systems with durable cash flows and rising demand. He breaks down why low natural gas prices may actually be bullish, how North America has a structural advantage in the global AI race thanks to cheap energy, and why infrastructure assets—from pipelines to power grids—are becoming increasingly valuable due to their scarcity and stability. He also weighs in on Canada’s opportunity to become a more reliable global energy supplier, the risks around new pipeline construction, and why energy could continue to attract capital as investors rotate out of mega-cap tech and into high free cash flow sectors. In the Mailbag, Thummel shares his take on a wide range of stocks across the energy value chain, including the potential tie-up between NextEra Energy (NEE) and Dominion Energy (D), and what surging electricity demand means for utilities. He discusses infrastructure names like Targa Resources (TRGP) and MPLX (MPLX), breaking down volume growth, dividend sustainability, and why pipeline cash flows remain resilient even in a low gas price environment. He also weighs in on Canadian exposure through South Bow (SOBO.TO), the long-term outlook for Tourmaline (TOU.TO), and whether investors should be buying the dip in Cameco (CCO). Finally, he touches on Xylem (XYL) and why water infrastructure may be a slower—but still durable—long-term theme tied to data centre growth. In Pro Picks, Thummel leans fully into his core thesis that electricity is the new oil. He highlights Vistra (VST) as a direct way to play rising power demand, with exposure to key U.S. electricity markets and a more attractive valuation after a recent pullback. He pairs that with Williams Companies (WMB), a natural gas infrastructure leader benefiting from growing demand and innovative “behind-the-meter” power solutions tied to AI development. Rounding out his picks are natural gas producers EQT Corporation (EQT) and Expand Energy (EXE), which he believes are well positioned for a rebound as global LNG demand tightens supply and pricing improves—setting up the next leg higher for the natural gas trade. Timestamps00:00 Trailer 02:30 Intro 03:50 Electricity is the new oil: focus on natural gas gas & infrastructure  08:00 We’ve learned oil is still relevant  10:00 How does Rob view Canada’s energy infrastructure and the opportunity for Canada 16:30 Interest from generalist investors in energy 19:50 Is the energy sector vulnerable to things like the SpaceX IPO? 21:40 Hamilton ETFs: MIX 23:45 ITM Mailbag: NextEra-Dominin merger (NEE,D)  29:00 Targa Resources (TRGP) 33:00 MPLX (MPLX) 34:50 South Bow (SOBO)  38:10 Tourmaline Oil (TOU) 41:00: Cameco (CC) 43:00 Xylem (XYL) 46:00 Robert’s Pro Picks (VST, WMB, EQT, EXE) 56:20: ETF Minute: BMO Gold ETFs  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 The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/  Links https://inthemoneypod.com/  https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740  https://twitter.com/inthemoneypod  https://tiktok.com/@inthemoneypod questions@inthemoneypod.com 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. Hamilton ETFs Disclaimer   This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities. The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index. Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026. The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and...

    59 min

  8. May 19

    The Ultra-Rich Playbook: Where Big Money Is Moving Now

    The price of admission is $25 million — and how you invest changes completely once you get there. On this episode of In the Money with Amber Kanwar, Stephen Harvey, CIO of Sagard Wealth, breaks down how ultra-high-net-worth investors are positioning portfolios today — and why it looks nothing like a traditional 60/40. He explains how families are increasingly thinking like institutions, with heavy allocations to private markets, real assets, and global opportunities. From the AI capex boom to the case for commodities, Japan, and even Brazil, Harvey lays out where he sees the biggest opportunities — and why owning the “picks and shovels” of major trends may matter more than chasing headlines. In the Mailbag, Harvey shares why Japan is a top international overweight tied to structural economic change and a weaker yen, while Korea remains on the watchlist. He weighs in on the AI power trade through names like Talen Energy (TLN) and Constellation Energy (CEG), and explains why nuclear and grid infrastructure are key to the next phase of AI. He also makes the bullish case for copper through Lundin Mining (LUN.TO), highlighting a growing supply deficit, and discusses uranium exposure via Denison Mines (DML.TO). In Pro Picks, Harvey highlights three high-conviction themes the ultra-rich are leaning into. First, biotech — where he sees a wave of M&A driven by a looming patent cliff for big pharma, with names like Abivax (ABVX) and Scholar Rock (SRRK) on his radar. Second, U.S. regional banks, which he says are poised to benefit from consolidation, deregulation, and a steeper yield curve, with exposure available through the SPDR S&P Regional Banking ETF (KRE). And third, Brazil — a contrarian opportunity tied to energy and food exports, high real yields, and potential political change, with broad exposure through the iShares MSCI Brazil ETF (EWZ). Timestamps 00:00 Trailer02:00 Intro  03:00 Outsourcing a family office04:30 Building a portfolio for the ultra rich05:40 The power of private markets and alternative investments10:40 Thinking about AI & the capex boom13:10 Hamilton Enhanced Mixed Asset Allocation ETF (TSX: MIX)15:20 ITM Mailbag: Japan or South Korea? 21:30: Talen Energy & Constellation Energy24:20 Lundin Mining26:30 Denison Mines (DML) 28:20 Stephen’s Pro Picks (Biotech: SRRK,ABVX, U.S. regional banks: KRE, Brazil: EWZ)  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 The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  https://hamiltonetfs.com/etf/mix/  Links https://inthemoneypod.com/  https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740  https://twitter.com/inthemoneypod  https://tiktok.com/@inthemoneypod questions@inthemoneypod.com 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. Hamilton ETFs Disclaimer   This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities. The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index. Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026. The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period. The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to repre...

    42 min
See All (145)

Trailer

Hosts & Guests

Ratings & Reviews

5
out of 5
8 Ratings

About

In the Money with Amber Kanwar brings you actionable ideas from top money managers to help you make profitable decisions. As one of Canada’s most recognizable business journalists and the former host of BNN Bloomberg’s Market Call, join Amber as her guests answer your questions on individual stocks and offer their best investment ideas.

Information

You Might Also Like