Larry McDonald: SpaceX Could Crash the Market — Why He's Buying Commodities Instead

Commodities are Faltering, Is It Time to Get Out?

A year ago, Bob Thompson called commodities the trade of the decade. Since then, silver miners, energy stocks and commodity-focused funds have delivered massive gains. But with gold down sharply from its highs, oil rolling over and investors questioning whether the trade has become too crowded, is it time to take profits—or is this just a correction within a much bigger bull market? In this episode, Bob Thompson of Thompson Investment Partners explains why he still believes we're in the early innings of a long-term commodities supercycle despite the recent weakness. He walks through his famous "Mining Clock" framework, outlines where he believes we are in the commodity cycle, and explains why gold, silver, copper and oil all remain strong two years from now. He also shares why the real risk may be hiding in technology stocks, where he sees echoes of previous market bubbles and growing signs that the capex cycle is nearing a dangerous stage. In the Mailbag, Bob breaks down why he believes the recent collapse in oil prices is a short-term positioning event rather than the end of the energy bull market. He discusses physical gold and silver ETFs, explains how he identifies capitulation bottoms, and shares his outlook on several investor favourites including Lundin Gold (LUG) and Altius Minerals (ALS). He also discusses why management quality matters more than ever in the resource sector and where he sees the best opportunities emerging as sentiment deteriorates. Bob revisits last year's winning ideas, including the Sprott Silver Miners & Physical Silver ETF (SLVR), the Dynamic Active Mining Opportunities ETF (DXMO), and the Ninepoint Energy Fund—all of which have delivered strong returns since his last appearance. He then unveils three new high-conviction ideas: the Fidelity Global Value Long Short ETF (FGLS), which he views as portfolio insurance against a potential tech unwind; Nutrien (NTR), a beaten-down agriculture leader he believes is positioned for the next commodity cycle; and the iShares MSCI Brazil ETF (EWZ), which offers exposure to one of the cheapest major commodity-producing markets in the world. Timestamps 00:00 Trailer  02:10 Intro 03:39 Bob Thompson returns to the podcast 04:18 Did commodities move too fast? 05:22 Why investors are still underallocated 07:51 Gold’s pullback and what it means 09:20 Why gold is falling now 11:37 How to think about portfolio allocation 13:24 What could signal a bottom in gold and silver 16:33 What is the mining clock? 18:43 Mining cycle stages: 4 o’clock to 6 o’clock 21:03 Mining cycle stages: 7 o’clock to 8 o’clock 22:57 Mining cycle stages: 11 o’clock to 12 o’clock 24:33 The mining clock as a credit clock 26:23 Time arbitrage and the two-year investing test 28:11 Rapid fire: bullish or bearish in two years? 28:50 Hamilton Enhanced Mixed Asset Allocation ETF-MIX  30:53 ITM Mailbag: Oil prices, geopolitical premium, and the supply story 37:26 Entry points for physical gold and silver 39:11 Lundin Gold: why Bob likes it (LUG) 43:06 Altius Minerals: royalty business strength (ALS) 49:33 Bob’s Pro Picks: FGLS, NTR, EWZ Sponsors For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca [http://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/ [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 [https://www.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 us...

The AI Debt Bubble Nobody Is Talking About

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. Timestamps 00:00 Trailer 02:15 Intro  04:30 Mawer’s credit opportunities fund  06:45 We’re on the verge of a reckoning in the credit markets 10:25 What the spreads are telling us 12:25 The debt-fuelled AI funding boom 16:45 Will the spending pay off?  18:35 The question about who wins less important for credit investors 20:15 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-MIX 28:25 Any signs of strain in the CDS market? And why Carney’s portfolio is low on tech 31:55 The inflation question 35:25 How Carney is mitigating risk in the portfolio  37:25 The debt & deficit situation in the U.S. is out of control 43:10 Brian’s Pro Picks Sponsors For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca [http://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/ [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 [https://www.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 www.spdji.com [http://www.spdji.com/]. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a reg...

Larry McDonald: SpaceX Could Crash the Market — Why He's Buying Commodities Instead

The AI boom is supposed to be a tech story. Larry McDonald thinks it's a commodities story. On this episode of In the Money with Amber Kanwar, the Bear Traps Report founder and best-selling author explains why surging demand for copper, uranium, oil, natural gas and gold could create some of the biggest investment opportunities of the next decade. As trillions of dollars flow into AI infrastructure, data centres and power generation, Larry argues investors are overlooking the companies supplying the raw materials that make it all possible. In fact, he goes so far as to call NVIDIA (NVDA) a "dumb trade," arguing that investors are piling into an increasingly crowded corner of the market while ignoring the resources that power the entire AI ecosystem. He also shares his concerns about speculative excess in markets and why the excitement surrounding SpaceX could have much bigger implications for investors than most realize. Larry answers viewer questions on the biggest investment asymmetries he sees today, why Indonesia could be one of the most overlooked emerging-market opportunities, and whether Brazil is setting up for a major political and market shift. He also shares his outlook on pipeline operators like Energy Transfer (ET), uranium exposure through Sprott Physical Uranium Trust (U.U / SRUUF), and beaten-down consumer names including Diageo (DEO), Kraft Heinz (KHC), General Mills (GIS), and Campbell's (CPB). Plus, he explains why natural gas producers such as Tourmaline Oil (TOU), Antero Resources (AR), and Range Resources (RRC) could be unexpected winners from the AI buildout. Larry's last appearance on In the Money was a win for commodity bulls. He recommended natural gas, coal and shorting NVIDIA (NVDA), arguing that investors were underestimating the long-term opportunity in hard assets. Since then, natural gas and coal-related trades have significantly outperformed while NVIDIA has largely moved sideways despite relentless enthusiasm around AI. This time, Larry is doubling down on the commodity theme with a bullish call on gold, copper, uranium and energy producers. His top picks include Agnico Eagle Mines (AEM), which he calls one of the best-managed mining companies in the world, SLB (SLB), a play on rising global energy demand and AI-driven infrastructure spending, and Intuitive Surgical (ISRG), a unique healthcare and data-driven AI opportunity that has fallen out of favour with investors.  Timestamps 00:00 Trailer  02:20 Intro  05:00 There’s a massive distortion of the market 07:30 Why are cheap Mag 7 names not a screaming buy?  10:40 The forward earnings on Nvidia are complete baloney 12:40 Space X could create a credit crisis 18:40 Will the U.S. have to nationalize AI? 22:35 What’s going on with gold & gold stocks?  26:40 The smart money is looking at companies that have great data 29:03 Oil is a screaming buy right now 31:35 What’s the market signal when bank stocks are doing so well? 35:45 The Fed setup is bullish for hard assets 39:20 Thoughts on stablecoins & treasuries 41:25 Hamilton Enhanced Mixed Asset Allocation ETF- MIX 43:20 ITM Mailbag: Emerging Markets & Indonesia ETF 47:00 Pipelines & Energy Transfer (ET) 48:30 Diageo stock & consumer staples (DGE)  52:40 Mispricings in Uranium 55:50 Larry’s Past & Pro Picks (short NVDA, 1:04:10: Larry’s gold price target  Sponsors For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca [http://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/ [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 [https://www.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...

Hold Cash — But Load Up On Commodities

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. Timestamps 00:00 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) Sponsors For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca [http://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/ [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 [https://www.tiktok.com/@inthemoneypod] questions@inthemoneypod.com [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 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 [http://www.spdji.com/]. S&P® is a registered trademark of Standard & Poor’s Financial Servi...

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. Timestamps 00:00 Trailer 02:10 Intro 04:15 Is Rosie surprised at the teflon market? 08:25 Echoes of 1999. Investors are paying to take on risk 12:15 Government bonds have a unique safety characteristic 14:25 We’ve reached the stage where people think the stock market is riskless 16:05 Dave doesn’t follow the herd…ever 18:55 Dave’s model portfolio 23:10 Look at the economy ex AI  27:45 The midterms will end the gravy train 31:15: 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 theme 42:45 Why Dave expects to see rate cuts not rate hikes 48:30 Why Dave likes the Canadian banks 53:10 Why Dave isn’t too worried about the USMCA 55:50: 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 [http://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/ [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 [https://www.tiktok.com/@inthemoneypod] questions@inthemoneypod.com [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...