In the Money with Amber Kanwar

The AI boom is being financed with debt—and the numbers are staggering.The world's biggest tech companies are spending hundreds of billions of dollars to build the infrastructure behind artificial intelligence. But while investors focus on the stocks, Brian Carney, Portfolio Manager at Mawer Investment Management, is watching the credit markets—and he sees risks most investors are ignoring. On this episode, Brian, who manages the Mawer Global Credit Opportunities Fund explains why Alphabet, Amazon, Meta, Oracle and others are becoming some of the largest borrowers in the world, why credit markets may be underpricing risk, and why he believes we're getting closer to a "reckoning" after years of easy money and aggressive lending. He also shares why he's skeptical of parts of the private credit market, what surprised him about SpaceX's investment-grade rating, and why the next big opportunity could emerge when investors least expect it.Brian also makes the case that investors are too complacent about America's fiscal situation. With deficits running at historically elevated levels and government debt continuing to climb, he argues the bigger risk may not be a U.S. default—but a shift in investor sentiment that forces borrowing costs higher. What happens if investors start demanding more compensation to finance Washington's spending? And what could that mean for stocks, bonds, and the broader economy?In Pro Picks Brian shares three high-conviction bond ideas, including AI infrastructure player CoreWeave, fertilizer producer FMC Corp, and energy company Continental Resources. He breaks down where he's finding attractive yields, how he's assessing downside risk, and why he's keeping dry powder ready for a potential market dislocation.Whether you're an equity investor, bond investor, or simply trying to understand how AI is reshaping global capital markets, this conversation offers a perspective you won't hear often.Timestamps00:00 Trailer02:15 Intro 04:30 Mawer’s credit opportunities fund 06:45 We’re on the verge of a reckoning in the credit markets10:25 What the spreads are telling us12:25 The debt-fuelled AI funding boom16:45 Will the spending pay off? 18:35 The question about who wins less important for credit investors20:15 Where does the money come from to meet the unprecedented demand?22:15 Does SpaceX’s investment grade rating make sense? 26:25 Hamilton Enhanced Mixed Asset Allocation ETF-MIX28:25 Any signs of strain in the CDS market? And why Carney’s portfolio is low on tech31:55 The inflation question35:25 How Carney is mitigating risk in the portfolio 37:25 The debt & deficit situation in the U.S. is out of control43:10 Brian’s Pro PicksSponsorsFor 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 informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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 www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a reg...

Global fund managers raised their allocation to equities by the most on record in May, but Chad Larson, who manages the best performing tactical fund in Canada, is taking a contrarian approach—holding elevated cash levels while selectively deploying into his highest-conviction trades.On this episode of In the Money with Amber Kanwar, the Founder & Senior Portfolio Manager at MLD Wealth, breaks down why his largest holding is cash—and why that doesn’t make him bearish. Instead, he’s running a barbell strategy: staying defensive while targeting opportunities in small-caps, natural resources, and the “backbone” of the AI trade. From oil and copper to uranium and infrastructure, Chad makes the case that we’re still early in a multi-year commodities supercycle—but warns the easy money has already been made.In the Mailbag, Chad shares his top ideas across sectors, including semiconductors via the SOXX ETF, copper exposure through Sprott Copper Miners ETF (COPP) and King’s Copper (KCP), uranium through Global X Uranium ETF (HURA) and Cameco (CCO), and energy names like Canadian Natural Resources (CNQ). He also highlights National Bank (NA) as his favourite Canadian bank, weighs in on MDA Space (MDA) and Lockheed Martin (LMT), and explains why he’s steering clear of software names like Thomson Reuters (TRI) despite the AI boom.In Pro Picks, Chad leans into higher-risk, high-reward ideas. He highlights Gold X2 Mining (AUXX) as a leveraged gold play with takeover potential, Trican Well Service (TCW) as a direct way to play a rebound in oilfield services, and Surge Battery Metals (NILI) as a speculative lithium story tied to the EV and energy transition. It’s a classic barbell approach: safe sector exposure on one side, and “lottery ticket” upside on the other.If you’re navigating a market driven by liquidity, AI, and geopolitical shocks, this episode lays out a clear playbook: hold cash, stay selective—and don’t ignore commodities.Timestamps00:00 Trailer 02:20 Intro 05:00 Chad is not bullish or bearish- have to pick the spots 09:00 Why Chad’s largest holding is cash & thoughts on gold 12:30 What is 2026’s gold trade? 13:00 Why Chad likes energy 17:50 Hamilton Enhanced Mixed Asset Allocation ETF- MIX 12:00 ITM Mailbag: Semiconductors (SOXX) 22:00 Thomson Reuters stock(TRI) 23:45 MDA Space stock (MDA)25:00 Canadian banks & National Bank stock(NA) 26:30 Favourite copper plays: COPP, KCP 29:15 Canadian Natural Resources stock(CNQ) 30:30 Lockheed Martin stock (LMT)34:00 Uranium (HURA) 35:50 Campbell’s (CPB) 38:30 Chad’s Pro Picks (AUXX, TCW, NILI)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. Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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 CNQ 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 Servi...

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.Timestamps00:00 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)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. Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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 ...

“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 FOMO35:00 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)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. Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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 DisclaimerThis 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...

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 Trailer02:05 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, XME22:10 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)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. Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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...

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).Timestamps00:00 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) 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. Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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...

AI is forcing investors to rethink one of the most time-tested strategies in the market—and it could have major implications for how you build your portfolio. On this episode of In the Money with Amber Kanwar, Dan Rohinton, Portfolio Manager at iA Global Asset Management, makes the case that the traditional buy-and-hold approach is no longer as reliable in a world where artificial intelligence is accelerating disruption across nearly every industry.Rohinton explains why the AI supercycle is simultaneously creating massive opportunity while eroding the durability of long-standing business models—from software and consulting to telecom and consumer staples. He argues that “there are no sacred cows anymore,” with faster innovation cycles forcing investors to be more dynamic and shorten their time horizons. At the same time, he remains broadly bullish on the economic upside of AI, calling it one of the most profound technological shifts since the internet, with the potential to unlock productivity and reshape global growth.In the Mailbag, Rohinton tackles some of the most debated stocks in the market today, including Constellation Software (CSU.TO), WSP Global (WSP.TO), Blackstone (BX), Apple (AAPL), LVMH (MC.PA), and General Mills (GIS). He explains why many of these companies can still work tactically in the short term, even as AI introduces long-term risks to their business models—helping explain why some stocks are falling despite strong earnings.In Pro Picks, Rohinton first revisits his past ideas from his last appearance—Alphabet (GOOGL), Amazon (AMZN), and Microsoft (MSFT)—and explains why his conviction has evolved as the AI landscape shifts. While he’s still constructive, he’s more measured on Alphabet, remains bullish on Amazon as a core AI infrastructure play, and is doubling down on Microsoft (MSFT) as his top idea today given its scale and positioning despite near-term concerns. He also adds Meta Platforms (META), highlighting its massive AI investment and upside if spending translates into productivity gains, and Visa (V) as a more defensive compounder with optionality tied to increasing payment volumes in an AI-driven economy.Timestamps00:00 Trailer 02:30 Show intro03:30 Political uncertainty is something we need to get used to 05:30 AI agnostic to what’s going on in geopolitics 07:30 Keep an open mind but Dan universally bullish on AI 10:00 Where do you go for defence? There’s nothing truly defensive anymore13:00 What’s happening is the diffusion of tech into every sector15:50 Buy and Hold is changing because of AI19:20 This is a time for extreme thinking22:20: Hamilton ETFs:24:30 ITM Mailbag: Constellation Software stock(CSU)32:30 WSP Global stock(WSP) 37:30 Blackstone stock(BX)39:45 Apple stock (AAPL)43:00 LVMH stock (MC)46:20 General Mills stock (GIS) 49:20 Past & Pro Picks (GOOG, AMZN, MSFT, META, V)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. Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypodquestions@inthemoneypod.comDISCLAIMERS 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 Intel, Google, General Mills, Microsoft, Meta, Constellation Software, Apple & Amazon. 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...