In the Money with Amber Kanwar

John Zechner has seen this movie before — and when everyone’s on the same side of the trade, he starts looking the other way.The Chairman & Founder of J. Zechner Associates joins Amber Kanwar to break down how he’s positioning his portfolio in a market driven by noise, geopolitics, and crowded trades. From calling the recent energy shock a potential “9/11-type” shift in investor psychology to arguing that markets are still mispricing long-term risks, Zechner lays out why being contrarian today could pay off tomorrow.He explains why he’s adding selectively to oil while staying disciplined on position sizing, why gold still has a strong long-term case despite recent volatility, and why Canada could benefit from a renewed focus on energy security. At the same time, he’s taking the other side of the AI trade—rotating out of semiconductors and into beaten-down software names like Adobe (ADBE), Salesforce (CRM), and Shopify (SHOP), where valuations have reset and expectations are low. He also shares why he’s avoiding private equity and bank stocks for now, pointing to lingering risks that the market may be underestimating.In the mailbag, Zechner weighs in on Fairfax Financial (FFH.TO), Cameco (CCJ), the Canadian telecom sector, his favourite Canadian utilities, and WSP Global (WSP.TO). He cautions against paying a premium for Fairfax’s investment track record, says Cameco remains a strong uranium franchise but an expensive one, and argues there is emerging value in parts of telecom even as he warns Telus (T.TO) may need to cut its dividend. He also highlights select Canadian utilities for their defensive appeal and discusses how to think about WSP Global as a quality name in a market where investors may need to look beyond the obvious winners.In Pro Picks, Zechner first revisits his past picks: Cenovus Energy (CVE), Maple Leaf Foods (MFI.TO), and Uber (UBER). He then gets into his current top ideas: Premium Brands (PBH.TO), Oracle (ORCL), and the Sprott Physical Uranium Trust (U.U / SRUUF). Together, the picks reflect the broader message of the interview: the best contrarian opportunities may be in quality names where sentiment is still skeptical, valuations are more reasonable, and consensus is no longer as reliable as it once seemed.Timestamps00:00 Trailer02:40 Intro 05:40 What is John doing in the portfolio? 07:40 The energy question? What happens after the war? 11:00 Why aren’t we seeing a rip your face of rally in energy stocks? 15:00 Why John thinks the fundamental story in gold is still in tact and what he’s buying 19:50 Has the tech sector suffered enough? Why John is snapping up software names 27:00 John says private equity/credit problems are far from over 30:50 John has almost no banks exposure 34:55 ITM Mailbag: Fairfax Financial stock (FFH) 37:25 Cameco stock (CCO) 38:40 Canadian telcos 43:00 Canadian Utilities, Capital Power stock (CPX) 47:00 WSP Global stock & infrastructure (WSP, ATRL) 49:40 John’s Pro Picks (Past: CVE, MFI, UBER, PBH, ORCL, U.U)SponsorsFor 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. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] 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 Financial, Constellation Software and Telus which are 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

Bullish Brian Belski is back—and yes, he’s still bullish.In this episode of In the Money with Amber Kanwar, the CEO & Chief Investment Officer of Humilis Investment Strategies—fresh off launching his own firm—explains why he still believes the U.S. is the best stock market in the world, with Canada a close second. Belski makes the case for an earnings-driven market where stock picking, discipline, and long-term thinking matter more than macro noise. He also explains why he’s underweight the MAG 7, why  U.S. banks look unfairly punished, why risks are building in private equity and private credit, and why that could create a major opportunity in small- and mid-cap stocks.He also addresses gold, saying while the rally has been impressive, he is neutral rather than overweight. His view: when gold’s performance gets this stretched, history suggests it tends to underperform in the years ahead—so investors should be cautious about chasing it here.In the mailbag, Belski breaks down Lululemon (LULU) as a former growth name now shifting into value, while explaining why he exited Nike (NKE). He also discusses agriculture and industrial exposure through Deere & Company (DE), Caterpillar (CAT) and AGCO (AGCO), along with housing via KB Home (KBH). He also weighs in on airlines including Delta Air Lines (DAL). On the Canadian side, he highlights TELUS (T.TO) as his preferred telecom name, pointing to its relative positioning within the group and long-term stability, while also calling out Canadian consumer strength—including why he loves Aritzia (ATZ.TO) as a long-term growth story.In Pro Picks, Belski sticks with high-quality, proven winners. He highlights Costco (COST) as a core long-term compounder, Alphabet (GOOGL) for its dominant platform and AI exposure, and Apple (AAPL) as a name to lean into when sentiment weakens. He also adds Spotify (SPOT) as a bonus idea.If you think this bull market is over, Belski says you’re missing the bigger opportunity.Timestamps00:00 Trailer 01:25 Intro 03:20 Brian Belski returns, this time after launching his own shop08:00 Brian’s investing approach at Humilis 10:00 Belski is still bullish, isn’t changing anything  13:30 Brian says the U.S. is the best stock market in the world, Canada is #216:10 Why Brian is underweight the Mag7 and what he’s buying 21:30 Brian is very negative private equity & credit27:00 An earnings driven markets29:20 Why Brian on gold and energy & Tesla34:00 ITM Mailbag: Lululemon stock (LULU)36:50 Agriculture stocks (CAT, DE, AGCO) 38:35 Telus & other telcos (T)40:20 Aritzia (ATZ)43:00 Delta Air Lines (DAL)45:30 KB Home (KBH) 49:30 Brian’s Pro Picks (COST, GOOGL, AAPL)SponsorsFor 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. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] 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 talk about Meta, NIKE, CNQ, and Apple which are all 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

The AI trade isn’t just about tech anymore — it’s about all stocks. In this episode of In the Money with Amber Kanwar, Kim Bolton, President & Portfolio Manager at Black Swan Dexteritas, argues we’re entering the next phase of the AI cycle, where the winners won’t just be the companies building the technology — but the ones using it to drive real earnings. As he puts it, investors need to rethink what a “tech stock” even is.Kim explains why this recent pullback in tech looks more like a healthy consolidation than a structural break, and why software could remain under pressure in the near term as enterprises experiment with cheaper, more flexible AI tools. The real shift, he says, is from AI “pilots” to full deployment — where companies embed AI directly into business units to boost productivity, cut costs, and grow profits. That’s where the next leg of the market will be decided — and why the next 6 to 18 months could separate hype from real earnings power.In the mailbag, Kim breaks down Microsoft (MSFT) and why he still sees it as a “screaming buy,” even as sentiment has cooled, and explains why Nvidia (NVDA) continues to dominate the AI stack with a near-monopoly in GPUs. He weighs in on Micron (MU), arguing demand for memory remains structurally strong despite recent volatility, and discusses Amphenol (APH) as a lesser-known platform-layer name tied to data centers that hasn’t quite reached his buy zone. On the more speculative side, he shares his cautious approach to quantum names like Xanadu (XNDU), preferring to wait through early volatility, and revisits Constellation Software (CSU.TO), where execution under new leadership will be critical. He also highlights Nebius (NBIS) as an under-the-radar AI infrastructure name he owns and continues to add to.In Pro Picks, Kim focuses on high-conviction names across the AI ecosystem: Lam Research (LRCX) as a key semiconductor equipment play tied to the buildout of AI infrastructure, Palantir (PLTR) for its ability to embed AI directly into enterprise operations, and Walmart (WMT) as a standout example of a company already turning AI into real productivity gains and margin expansion.Timestamps00:00 Trailer 02:20 Intro 06:10 How is this tech sell-off different than previous sell-offs? 10:50 What does it take for an AI stock to win? 15:00 Everything is an AI stock now: Tech vendors & end users 18:00 Maybe tech just isn’t fashionable right now? 20:40 Taking money out of tech vendors and putting it into tech end users 23:30 Walmart trades more expensive than Meta 25:40 ITM Mailbag: Microsoft stock (MSFT) 31:20 Micron stock (MU) 35:40 Amphenol stock (APH) 37:30 Xanadu Quantum Technology (XNDU) 40:15 Constellation Software stock (CSU) 44:40 Nebius stock (NBIS) 46:40 Kim’s Pro Picks (LRCX, PLTR, WMT)SponsorsFor 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. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] 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 Microsoft, Constellation Software, Micron and Meta which are all 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

What happens when the war ends — and what is the market getting wrong right now? Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Partners, joins In the Money with Amber Kanwar to break down what he sees as some of the most mispriced trades in global markets. From oil to gold to global equities, Boockvar argues that investors are too focused on short-term geopolitical moves — and missing the bigger structural shifts already underway.He explains why even if the war de-escalates, oil prices are unlikely to return to pre-war levels, laying out the case for a higher floor driven by supply risk, global stockpiling, and a world that’s rethinking energy security. From there, he expands the conversation to a broader commodity bull market — including gold’s evolving role as a global reserve asset, as well as fertilizer and other critical inputs that could be underappreciated. He also explains how this all fits into a larger shift toward global markets and real assets.At the same time, Boockvar warns that some of the most crowded trades may be losing leadership. He breaks down why the AI trade could be entering a new phase, why mega-cap tech like NVIDIA (NVDA), Microsoft (MSFT) and Meta (META) are facing growing pressure around capex and margins, and why investors should be cautious extrapolating past returns. He also highlights risks building in private credit — an asset class he says has yet to be properly stress-tested — and why its expansion into retail investors could create vulnerabilities if the cycle turns.In Pro Picks, Boockvar shares how he’s positioning for what comes next — focusing on commodities and real assets, specifically fertilizer stocks, as well as global opportunities tied to emerging market local currency bonds, with a way to play it through the VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC). He also points to consumer staples as his personal “pain trade,” calling out Kraft Heinz (KHC) and Conagra Brands (CAG) as areas that could surprise investors.Timestamps00:00 Trailer02:30 Intro05:10 As easy as war over, markets higher?06:40 $80 oil is the new $6009:25 Oil stocks will pullback but do well at $80 oil10:50 Gold still in a bull market but gains will slow15:00 Getting global exposure18:10 The tech question & capex concerns 25:10 Concerns about private credit34:40 Rates, central bank influence & bonds41:10 Why did defence pull back when the war started?42:30 Peter’s Pro Picks (fertilizer, consumer staples, local currency bonds)SponsorsFor 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. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] 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

The nuclear story has completely flipped — and according to Cameco CEO Tim Gitzel, this is now the strongest market he’s seen in over 40 years.In this conversation on In the Money with Amber Kanwar, Gitzel explains why uranium and nuclear energy have gone from a post-Fukushima downturn to a full-scale global comeback. He walks through the turning points — from the shutdown of Japan’s reactors and a decade-long bear market, to today’s surge driven by climate goals, energy security concerns, and rising geopolitical tensions. As countries rethink their dependence on foreign energy and fragile supply chains, nuclear power is moving back to the center of the global energy mix.The discussion also dives into Cameco’s transformation from a uranium producer into a more vertically integrated nuclear player, including its major stake in Westinghouse alongside Brookfield Asset Management. Gitzel explains how that deal positions the company to benefit from a massive global buildout of reactors — including a landmark $80 billion commitment from the U.S. to expand nuclear capacity.Finally, Gitzel breaks down the next wave of demand: AI and data centers. With electricity needs set to surge, he explains why nuclear’s reliability, long lifespan, and energy security advantages are making it increasingly essential — and why this cycle could look very different from anything the industry has seen before.If this cycle plays out as expected, nuclear won’t just be part of the energy mix — it could become the backbone of the next era of global power.Timestamps02:25: Intro04:50: Best environment for nuclear in over 40 years06:15 Tim Gitzel’s path to Cameco CEO08:30  Fukushima and what’s happened since12:35 What kept Gitzel at Cameco through the lean years?13:45 The new commitment to nuclear power14:50 Cameco’s stake in Westinghouse18:30 Cameco’s partnership with the U.S. government 26:20 Rumours that the U.S. is also working with competitors + cost overrun concerns30:35 ATB Cormark Capital Markets31:05 Cameco in Canada34:00 The war in Iran & impact on nuclear36:35 AI, data centres & nuclear 42:00 Succession planning & Tim’s legacy44:00 Does it all go away if there’s another accident? SponsorsFor 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. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney ETF Minute is sponsored by BMO ETFs. For more information on BMO’s Asset Allocation ETFs visit: https://bmogam.com/ca-en/products/exchange-traded-funds/asset-allocation-etfs and for more information on BMO’s All-Equity ETF visit: https://www.bmogam.com/ca-en/products/exchange-traded-fund/bmo-all-equity-etf-zeqt/Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] 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.BMO Disclaimer The ETF Minute is sponsored by BMO Exchange Traded Funds. Amber Kanwar is compensatedunder this arrangement by BMO ETFs.This video is for information purposes only. The information contained herein is not, and shouldnot be construed as investment, tax or legal advice to any party. Particular investments and/ortrading strategies should be evaluated and professional advice should be obtained with respectto any circumstance.Commissions, management fees and expenses all may be associated with investments inexchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs beforeinvesting. The indicated rates of return are the historical annual compounded total returnsincluding changes in unit value and reinvestment of all dividends or distributions and do not takeinto account sales, redemption, distribution or optional charges or income taxes payable by anyunitholder that would have reduced returns. Exchange-traded funds are not guaranteed, theirvalues change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks setout in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value andmay trade at a discount to their net asset value, which may increase the risk of loss.Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, aportfolio manager, and a separate legal entity from Bank of Montreal.BMO Global Asset Management is a brand name under which BMO Asset Management Inc.and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used underlicence.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