In the Money with Amber Kanwar

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

Semiconductors are ripping, trillion-dollar valuations are becoming the norm, and now the most hyped IPO in years is looming. So… is this the moment everything peaks? On this episode of In the Money with Amber Kanwar, Mark Sebastian, Founder of Option Pit, returns with a view of a market that’s moving faster—and getting more crowded—by the day. From Micron’s explosive run to Nvidia’s “vampire trade” losing steam, Mark explains how capital is rotating across semis in real time—and why he’s not shorting this market, even as signs of froth start to build. He points to Intel (INTC) as proof of how powerful this cycle has been—after flagging it on this show over a year ago, the stock has surged more than 400%, so it's worth listening to his thoughts this time around. Still, he warns that a ceasefire between the U.S. and Iran could be a sell-the-news moment, potentially triggering a rotation out of equities just as liquidity gets pulled into the SpaceX IPO and other major AI offerings.  In the mailbag, Mark tackles everything from Canadian oil to gold, defense, luxury, and broken stocks like Disney (DIS). He makes the case that energy could see one last selloff before becoming a generational buying opportunity, explains why gold’s pullback is more about normalization than weakness, and shares why names like Diageo (DEO) are getting squeezed in a shifting consumer landscape. He also weighs in on Salesforce (CRM), Brookfield Corp. (BN), Brookfield Asset Management (BAM), and why Disney might still be worth holding despite years of frustration. In Pro Picks, Mark revisits his past calls—highlighting how he traded around winners like Intel (INTC) and Reddit (RDDT), while stepping away from Boeing (BA) after a solid run and staying constructive on Amazon (AMZN). Then he unveils a fresh batch of ideas: from “hidden AI plays” like Deere (DE) and Ford (F), to high-risk/high-reward bets in rare earths like USA Rare Earth and American Resources (AREC). He also shares a surprising contrarian call on Mattel (MAT), tied to what he believes could be the Barbie moment of 2026. This is a masterclass in how traders think about momentum, timing, and risk in a market that refuses to slow down. Timestamps 00:00 Trailer  02:15 Intro 02:55 Mark Sebastian returns + lessons learned from Intel 06:55 The semiconductor & memory trade is going gangbusters 11:30 The new tech IPOs: SpaceX: How is it not bubbleicious territory? 16:35 A ceasefire could become a sell the news moment 19:15 Hamilton ETFs: MIX 21:20 ITM Mailbag: Canadian oil stocks  24:30 Why is gold at a two-month low? 26:05 General Dynamics (GD)  26:50 Diageo (DEO) & Ferrari’s new EV 30:15 Brookfield & Brookfield Asset Management (BN, BAM) 33:55 Salesforce (CRM) 36:20: Disney (DIS) 41:00: Mark’s Past & Pro Picks ( RDDT, BA, AMZN, DE, F, USAR, AREC) Sponsors For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca [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&P Dow Jones Indices LLC’s indices please visit

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

Global markets keep climbing despite geopolitical tension, shifting rate expectations, and nonstop headlines—but how should you actually build an ETF portfolio in this environment? According to Ryan Lewenza, it all comes back to one thing: earnings. Strong revenue growth, record profit margins, and resilient fundamentals are what continue to power equities higher, even as uncertainty lingers. In this episode of In the Money with Amber Kanwar, Amber sits down with the Senior Portfolio Manager, Private Client Group from Turner Investments to break down how to construct a disciplined ETF portfolio around what actually drives returns—and why chasing narratives like AI without earnings support can be a mistake. In the Mailbag, Ryan answers your ETF questions with a focus on real portfolio construction. For commodity exposure, he highlights the iShares S&P/TSX Global Base Metals ETF (XBM) and the SPDR S&P Metals & Mining ETF (XME). On energy hedging, he explains why trying to pick Brent vs. WTI is overthinking it, and instead suggests broad exposure. He’s not a fan of the ARK Innovation ETF (ARKK), pointing to weak long-term performance, and prefers simple growth exposure through the Invesco QQQ Trust (QQQ) or Technology Select Sector SPDR Fund (XLK). For private market and IPO exposure, he points to Fidelity Global Innovators ETF (FINN), while defensive investors can look at BMO Low Volatility Canadian Equity ETF (ZLB). Income seekers, meanwhile, should consider the Invesco Canadian Dividend Index ETF (PDC), and for housing exposure, he mentions the SPDR S&P Homebuilders ETF (XHB)—though timing depends heavily on interest rates. In Pro Picks, Ryan lays out a clear ETF blueprint built around where he sees the next rotation. He highlights the Vanguard Value ETF (VTV) as a core play on value stocks as leadership shifts away from growth. To capture the AI-driven power demand theme, he likes the BMO SPDR Utilities Select Sector Index ETF (ZXLU), calling utilities a “wimpy way to play AI” with both defensive and growth characteristics. And for international upside, he points to the Franklin FTSE South Korea ETF (FLKR), driven by semiconductor exposure and still benefiting from the global AI buildout. The message is simple: build around earnings, stay diversified, and don’t overcomplicate what ultimately drives returns. Timestamps 00:00 Trailer 02:05 Intro  03:00 It’s earnings, earnings, earnings  06:20 What could take the market down? Will rates tip it over?  08:10 Will oil hit $150?  09:40 But is this time different? What’s the new normal because of AI?  11:20 What does Ryan’s portfolio look like?  14:35 What is safety these days?  16:20 Ryan expects a big rotation out of U.S. into Canada  18:05 Hamilton ETFs: MIX  20:10 ITM Mailbag:  Mining ETFs: XBM, XME 22:10 Thoughts on a Brent Oil ETF  23:25 Cathie Wood’s ARK innovation ETF  25:05 Passive vs. Active management  27:10 Exposure to upcoming IPOs like SpaceX? FINN  29:10 Low volatility ETF (ZLB)  30:50 Income seeking ETF (PDC)  32:30 U.S. housing & construction  34:30 Ryan’s Pro Picks  & How to Choose the Best ETFS ( VTV, FLKR) Sponsors For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca [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 a...

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

Global electricity demand is growing more than twice as fast as overall energy demand, according to the International Energy Agency—so how should investors be positioned to capitalize on this explosive shift? On this episode of In the Money with Amber Kanwar, Robert Thummel, Managing Director & Senior Portfolio Manager at Tortoise Capital, explains why “electricity is the new oil” and how the rise of AI, data centres, and electrification is driving a once-in-a-generation opportunity across energy infrastructure, natural gas, and power generation. With over 30 years of experience investing through multiple commodity cycles, he lays out why investors should be looking beyond traditional oil producers and instead focusing on the assets powering the next wave of global growth—pipelines, utilities, and natural gas systems with durable cash flows and rising demand. He breaks down why low natural gas prices may actually be bullish, how North America has a structural advantage in the global AI race thanks to cheap energy, and why infrastructure assets—from pipelines to power grids—are becoming increasingly valuable due to their scarcity and stability. He also weighs in on Canada’s opportunity to become a more reliable global energy supplier, the risks around new pipeline construction, and why energy could continue to attract capital as investors rotate out of mega-cap tech and into high free cash flow sectors. In the Mailbag, Thummel shares his take on a wide range of stocks across the energy value chain, including the potential tie-up between NextEra Energy (NEE) and Dominion Energy (D), and what surging electricity demand means for utilities. He discusses infrastructure names like Targa Resources (TRGP) and MPLX (MPLX), breaking down volume growth, dividend sustainability, and why pipeline cash flows remain resilient even in a low gas price environment. He also weighs in on Canadian exposure through South Bow (SOBO.TO), the long-term outlook for Tourmaline (TOU.TO), and whether investors should be buying the dip in Cameco (CCO). Finally, he touches on Xylem (XYL) and why water infrastructure may be a slower—but still durable—long-term theme tied to data centre growth. In Pro Picks, Thummel leans fully into his core thesis that electricity is the new oil. He highlights Vistra (VST) as a direct way to play rising power demand, with exposure to key U.S. electricity markets and a more attractive valuation after a recent pullback. He pairs that with Williams Companies (WMB), a natural gas infrastructure leader benefiting from growing demand and innovative “behind-the-meter” power solutions tied to AI development. Rounding out his picks are natural gas producers EQT Corporation (EQT) and Expand Energy (EXE), which he believes are well positioned for a rebound as global LNG demand tightens supply and pricing improves—setting up the next leg higher for the natural gas trade. Timestamps 00:00 Trailer  02:30 Intro  03:50 Electricity is the new oil: focus on natural gas gas & infrastructure  08:00 We’ve learned oil is still relevant  10:00 How does Rob view Canada’s energy infrastructure and the opportunity for Canada  16:30 Interest from generalist investors in energy  19:50 Is the energy sector vulnerable to things like the SpaceX IPO?  21:40 Hamilton ETFs: MIX  23:45 ITM Mailbag: NextEra-Dominin merger (NEE,D)  29:00 Targa Resources (TRGP)  33:00 MPLX (MPLX)  34:50 South Bow (SOBO)  38:10 Tourmaline Oil (TOU) 41:00: Cameco (CC) 43:00 Xylem (XYL) 46:00 Robert’s Pro Picks (VST, WMB, EQT, EXE)  56:20: ETF Minute: BMO Gold ETFs  Sponsors For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca [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 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...

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

The price of admission is $25 million — and how you invest changes completely once you get there. On this episode of In the Money with Amber Kanwar, Stephen Harvey, CIO of Sagard Wealth, breaks down how ultra-high-net-worth investors are positioning portfolios today — and why it looks nothing like a traditional 60/40. He explains how families are increasingly thinking like institutions, with heavy allocations to private markets, real assets, and global opportunities. From the AI capex boom to the case for commodities, Japan, and even Brazil, Harvey lays out where he sees the biggest opportunities — and why owning the “picks and shovels” of major trends may matter more than chasing headlines. In the Mailbag, Harvey shares why Japan is a top international overweight tied to structural economic change and a weaker yen, while Korea remains on the watchlist. He weighs in on the AI power trade through names like Talen Energy (TLN) and Constellation Energy (CEG), and explains why nuclear and grid infrastructure are key to the next phase of AI. He also makes the bullish case for copper through Lundin Mining (LUN.TO), highlighting a growing supply deficit, and discusses uranium exposure via Denison Mines (DML.TO). In Pro Picks, Harvey highlights three high-conviction themes the ultra-rich are leaning into. First, biotech — where he sees a wave of M&A driven by a looming patent cliff for big pharma, with names like Abivax (ABVX) and Scholar Rock (SRRK) on his radar. Second, U.S. regional banks, which he says are poised to benefit from consolidation, deregulation, and a steeper yield curve, with exposure available through the SPDR S&P Regional Banking ETF (KRE). And third, Brazil — a contrarian opportunity tied to energy and food exports, high real yields, and potential political change, with broad exposure through the iShares MSCI Brazil ETF (EWZ). Timestamps 00:00 Trailer 02:00 Intro  03:00 Outsourcing a family office 04:30 Building a portfolio for the ultra rich 05:40 The power of private markets and alternative investments 10:40 Thinking about AI & the capex boom 13:10 Hamilton Enhanced Mixed Asset Allocation ETF (TSX: MIX) 15:20 ITM Mailbag: Japan or South Korea? 21:30: Talen Energy & Constellation Energy 24:20 Lundin Mining 26:30 Denison Mines (DML)  28:20 Stephen’s Pro Picks (Biotech: SRRK,ABVX, U.S. regional banks: KRE, Brazil: EWZ)  Sponsors For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca [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 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 [http://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...

The Mother of All Commodity Supercycles

“If tech was the best performer for 25 years because it took in all the cash… what do you think happens when all the cash flows into commodities and infrastructure?”  That’s the big question driving today’s conversation—and according to Daniel Dreyfus, the answer could define the next decade of investing. In this episode of In the Money with Amber Kanwar, Daniel Dreyfus, Chief Investment Officer at Bornite Capital, lays out his high-conviction thesis that we are in the early stages of the largest capital spending cycle in modern history. From AI-driven data centre demand to aging power grids, critical minerals, and global supply chain reshoring, he explains why trillions of dollars are now being redirected into real assets—and why that shift could fundamentally reshape market leadership.  Dreyfus walks through how he identifies “pinch points” across supply chains, why he believes commodities like copper, oil, and gold still have room to run, and how investors should think about energy, infrastructure, and inflation in a world of rising geopolitical risk and currency debasement. He also breaks down why he sees Canada as one of the most compelling places to invest in energy today, and what needs to happen for that opportunity to be fully realized.  In Mailbag, Dreyfus weighs in on key viewer questions across energy, natural gas, gold, copper, fertilizers, waste management, and more—including his views on names like PrairieSky (PSK.TO), Cenovus (CVE.TO), Tourmaline (TOU.TO), Paramount (POU.TO), Barrick (ABX.TO), Hudbay (HBM.TO), Mosaic (MOS), GFL (GFL.TO), and Pan American Silver (PAAS.TO).  In Pro Picks, he revisits past ideas like Cheniere (LNG), Ivanhoe (IVN.TO), and Talen (TLN), and shares new high-conviction names including Skeena Resources (SKE.TO) and Carpenter Technology (CRS)—explaining where he sees asymmetric upside tied to this massive capex cycle. If the last 25 years were defined by capital-light tech dominance, this episode makes the case that the next 25 could look very different. Timestamps 00:00 Trailer  02:15 Intro 05:05 Still in an early commodity supercycle 12:45 Cash is flowing into commodities & infrastructure  15:15 What benefits the most from this thesis?  18:15 Dan’s view on Iran war & oil 22:15 Canada has to play a critical role to repair supply chains - Hopeful that Canada can deliver 26:45 Canada is the most exciting place in the world to invest in energy  29:45 Hamilton ETFs MIX 31:50 ITM Mailbag: Cenovus Energy stock (CVE) 32:45 Natural gas plays  35:15 Barrick Mining (ABX) 39:45 Hudbay Minerals & copper (HBM)  46:10 Mosaic (MOS) 49:05 GFL Environmental (GFL) 51:05 Silver stocks  53:45 Mirion Tech (MIR) 54:55 Dan’s Past & Pro Picks (LNG, IVN, TLN, SKE, CRS) 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 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 [http://www.spdji.com/]. S&P® is a...