In the Money with Amber Kanwar

• What Being a Prison Guard Taught John Ewing About Activist Investing

  What did two summers as a prison guard teach John Ewing about shareholder activism? A lot, it turns out. Before co-founding Ewing Morris Investment Partners, Ewing learned how to stay calm under pressure, exert influence without force, and solve problems without escalating conflict. In this episode of In the Money with Amber Kanwar, he explains how those early lessons shaped his low-drama, high-conviction approach to engaging with management—and unlocking hidden value.John breaks down his unique philosophy: why he avoids mega-cap tech and prefers small and mid-cap North American stocks that offer misunderstood value. Learn how he applies private equity-style thinking to public markets digging into balance sheets, calling suppliers, and even walking factory floors to spot undervalued opportunities.From early activist wins like ZCL Composites to recent battles at Parkland (PKI.TO)  and InterRent (IIP.UN.TO), John shares the inside scoop on Canadian shareholder engagement, the importance of aligned boards, and why Canada is an ideal market for activism. In the mailbag: John weighs in on undervalued Canadian REITs like Primaris (PMZ.UN.TO), the shake-up at InterRent, and whether he’s bullish on Mattr Corp (MATR.TO), Computer Modelling Group (CMG.TO), or Red Cat Holdings (RCAT). Plus, why he stays away from balance sheet-heavy lenders like GoEasy (GSY.TO) and Propel (PRL.TO).Then, it’s time for his Pro Picks - three high-conviction small-cap stocks he’s buying now: Latham Group (SWIM): A pandemic darling turned comeback story in fiberglass pools, Driven Brands (DRVN): The quiet winner in auto quick-lube services with scalable unit economics and Minto Apartment REIT (MI.UN.TO): A potential take-private candidate trading at a steep NAV discount.If you’re looking to invest with conviction, understand activism without the headlines, or simply want to discover under-the-radar stocks with long-term potential - this episode is packed with actionable insights.Timestamps00:00 Show intro02:00 John Ewing’s investing style in small and mid-cap stocks 04:30 The evolution of John’s activist investing06:00 What John learned from his summer job as a prison guard08:00 John’s first activist campaign11:00 John’s thoughts on the outcome with Parkland16:00 Are companies getting more sophisticated in dealing with activists?19:00 How does macro fit into his approach?20:00 ITM Mailbag: What does John think about the shake-up at Interrent (IIP.UN)24:25 Does John still own and like Mattr? (MATR) 27:55 John’s opinion on Computer Modelling Group (CMG)34:00 How do site visits help John evaluate a business?36:20 Why John likes Primaris REIT41:15 Why John stays away from names like goeasy42:40 Why John isn’t interested in a name like RedCat Holdings44:50 John’s Pro PicksSponsors​​This episode is sponsored by BMO InvestorLine. Learn more at bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial. Visit ATB.com/inthemoney for more information. Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.BMO DISCLAIMER Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization. The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.Contact: [email protected]#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

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• A Pro’s Brutal Honesty on Your Favourite Stocks

  Is the market's resilience a sign of strength—or just an illusion driven by a handful of tech giants? On this episode of In the Money with Amber Kanwar, JoAnne Feeney, Partner & Portfolio Manager at Advisors Capital Management, unpacks what’s really going on beneath the surface of the S&P 500. From interest rates and inflation to tariffs and global instability, she explains why valuations are holding up—and why it’s a time to stay invested, but stay selective.In the mailbag, Feeney breaks down whether beaten-up names like Nike (NKE), UnitedHealth (UNH), Intel (INTC), and Target (TGT) have a path to recovery—or more pain ahead. She also weighs in on how Visa (V) and Mastercard (MA) stack up against stablecoins, what Tesla’s (TSLA) robo-taxi hype means for the stock, and whether defense players like Lockheed Martin (LMT) and Kratos (KTOS) still have room to run.Plus, her Pro Picks: discount retail gem TJX Companies (TJX), under-the-radar healthcare play Quest Diagnostics (DGX), and semiconductor leader Broadcom (AVGO), which she believes is quietly outshining Nvidia.Timestamps00:00 Show intro03:20 JoAnne Feeney’s investing style 06:00 U.S. vs International stocks09:40 JoAnne thinks Powell is doing exactly what he’s doing12:50 Understanding the U.S. consumer, tariffs and price increases 16:50 What risks would make JoAnne more cautious than she is right now?19:50 How does JoAnne think about real-time indicators and rates? 23:10 ITM Mailbag: Why JoAnne does not own Nike (NKE)24:50 JoAnne’s thoughts on UnitedHealth (UNH)26:40 JoAnne’s take on Visa (V) & Mastercard (MA) and what stable coins mean for the businesses 33:30 Why JoAnne doesn’t own Tesla (TSLA)37:50 Why JoAnne likes owning defence stocks41:15 Is there any hope for Intel (INTC)?44:50 JoAnne’s thoughts on Target (TGT)48:40 JoAnne’s Pro Picks 59:30 Goodbye & coming up SponsorsThis episode is sponsored by BMO InvestorLine. Learn more at bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial. Visit ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.BMO DISCLAIMER Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization. The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.Contact: [email protected]#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews.

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• This AI Model is Hunting for Dividend Paying Stocks- and Outperforming the Index

  Would you trust AI to pick your investments? On this episode of In the Money with Amber Kanwar we sit down with Noah Solomon, CEO of Outcome Metric Asset Management, to unpack how he developed an artificial intelligence program to systematically pick Canadian dividend-paying stocks. With a track record of beating the index by 2,500 basis points net of fees, Noah breaks down what makes his model so effective and how "paranoia built into the algorithm" has helped him weather market storms without ever trying to time them.In the mailbag segment, Amber challenges Noah’s model with some of the most popular (and controversial) Canadian dividend names. What does the AI think about BCE post-dividend cut? Why does it still like Cargojet despite the sell-off? How does it treat Manulife after its recent breakout? And why do Canadian banks get such a small weight in the portfolio despite their cult-like status among investors?Then, it’s time for Noah’s Pro Picks—three dividend stocks his model is heavily leaning into right now. From gold royalty streamers like Wheaton Precious Metals, to low-volatility staples like Empire, and power producers like Capital Power, he breaks down what’s screening well and why. If you want to take the emotion out of dividend investment, this is the episode to watch.Timestamps00:00 Show Intro03:30 How Noah uses AI to choose dividend paying stocks05:10 Noah’s backstory10:15 Why Noah is focused on dividend paying Canadian stocks11:30 The main factors the algorithm screens to choose equities 16:55 Why the weighting of stocks in a portfolio matters so much19:55 Outcome Asset Management is beating the index by using AI (and with much less volatility)21:00 How Noah thinks about risk23:40 It’s very hard to time the market, so why do people try to do it?27:00 Volatility and emotions29:35 ITM Mailbag: Noah’s fund owns all of the Canadian banks, but the weighting in the portfolio is very low34:15 What about BCE? Does he own it since the company recently cut the dividend38:20 What about Manulife? Are technicals factored into the statistical model?39:55 What about Cargojet and outside factors like trade and tariffs? Paranoia is built into the model43:35 Noah’s Pro Picks53:05 Goodbye & coming up SponsorsReady to take your trading to the next level? For those interested in the dynamic world of options, BMO InvestorLine provides a robust self-directed platform. Start investing today with BMO InvestorLine.https://wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial. Visit ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.BMO DISCLAIMER Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization. The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.Contact: [email protected]#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

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  53:47
• Bullish Brian Belski: U.S. Exceptionalism is Alive and Well

  Veteran strategist Brian Belski joins Amber Kanwar with his trademark optimism—and a dose of contrarian thinking. From his infamous 2007 “sell financials” call to his current view that U.S. stocks are still in a long-term bull market, Belski  breaks down why fundamentals still matter, why he’s not buying into the hype around low valuations in Europe, and why he believes U.S. exceptionalism is alive and well—despite what the skeptics say.The Chief Investment Strategist at BMO Capital Markets makes the case for a real stock picker’s market, explains why index investing may be losing its edge, and warns that investors driven by emotion instead of analysis are likely to get burned.In his Pro Picks, Belski highlights the areas he’s leaning into right now: artificial intelligence, but through cybersecurity names that stand to benefit from AI’s rise; U.S. financials with scale, stability, and strong relationships; and overlooked small-cap value stocks that offer resilience, liquidity, and long-term upside.Timestamps00:00 Show intro 02:05 Amber welcomes ‘bullish’ Brian Belski 04:40 Why Brian believes the fundamental construct of the U.S. and Canadian markets has not changed  05:30 Brian tells the story about how he was the first strategist to put a ‘SELL’ on U.S. banks in 2007  10:30 Why Brian is underweight the Magnificent 7 and more concentrated in a stock picker’s market  14:40 He’s ‘bullish’ Brian Belski but chooses where he’s going to be tactical  15:40 Why U.S. exceptionalism is alive and well  20:45 Why the U.S. market is entering a period of normalization, but U.S. stocks are still in the middle of a 25-year bull market  22:50 Why Europe is a value trap  24:55 Where does Canada fit in?  26:40 The bear argument  28:40 Brian believes at the end of the big bull market in 10 years a commodity supercycle will begin 31:45 Brian’s view on interest rates  35:50 What is Brian telling his clients about tariffs?  38:55 Pro Picks SponsorsReady to take your trading to the next level? For those interested in the dynamic world of options, BMO InvestorLine provides a robust self-directed platform. Start investing today with BMO InvestorLine.https://wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial. Visit ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.FOR BMO DISCLAIMERS PLEASE CLICK HERE: https://www.bmo.com/en-ca/main/personal/investments/direct-investing/investorline/itm-pod-cm-disclaimer/  In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.Contact: [email protected]#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

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  51:50
• Tech Turmoil Is Done—Here’s What Comes Next

  In this episode of In the Money with Amber Kanwar, CI Global Asset Management’s Peter Hofstra shares why he believes the worst of tech sector volatility is behind us and why he remains optimistic on AI. He points to strong and steady spending in the space as a sign that fundamentals are intact, even as market sentiment swings. While he uses puts to manage risk when valuations run high, Hofstra makes it clear: right now, he sees more opportunity than downside.In the mailbag segment, Peter offers up his candid views on some of the most talked-about stocks. He breaks down whether Apple (AAPL) still deserves its premium valuation, why he thinks UnitedHealth’s (UNH) massive selloff might be overdone, and whether Alphabet (GOOG) can remain a dominant player in a post-search world. He also shares his take on Constellation Software’s (CSU) M&A model and culture, and weighs in on the risks of customer concentration in names like Celestica (CLS).When it comes to his current high-conviction holdings, Peter points to Microsoft (MSFT), ServiceNow (NOW), and Thermo Fisher Scientific (TMO) as standout names that combine strong fundamentals, durable growth, and solid balance sheets. These are companies he believes are built to withstand any macro turbulence and continue compounding returns over the long term. It’s a glimpse into how one of Canada’s top innovation investors is positioning for the next wave of opportunity.Timestamps00:00 Show Intro08:15 How do macro forces factor into his approach, and what about downside protection? 10:30 The tech valuation question and the Magnificent 7 12:55 Why is Nvidia going nowhere?15:00 Deepseek, tariffs and the threat from China on AI and tech 18:15 Key risks with AI 19:15 What does it take to get into Peter’s portfolio and how active is he? 22:20 Why Peter is worried about Apple (AAPL) because it’s losing on AI 26:20 Peter’s thoughts on Palantir (PLTR) and its rich valuation 31:00 Peter’s view on UnitedHeath (UNH) 37:20 Is Celestica (CLS) a buy at these levels? 40:30 Constellation SoftwareN(CSU) has been a huge winner, is it still a buy?43:05 Is Peter worried about Google (GOOG)?50:45 Peter’s Pro Picks59:45 Goodbye & coming upSponsorsReady to take your trading to the next level? For those interested in the dynamic world of options, BMO InvestorLine provides a robust self-directed platform. Start investing today with BMO InvestorLine.https://wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20For 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 informationLearn about CI Global Asset Management’s Global Alpha Innovation ETF here: https://funds.cifinancial.com/en/funds/ETFS/CIGlobalAlphaInnovationETF.html?currencySelector=1&classId=482&redirect_type=class_ida&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnershipQ225Learn about CI Global Asset Management’s Global Artificial Intelligence Fund here: https://funds.cifinancial.com/en/funds/mutual-funds/CIGlobalArtificialIntelligenceFund.html?currencySelector=1&classId=482&redirect_type=class_id&cid=inthemoney_podcast_fnd-en_CIGAMIntheMoneyPartnershipQ225Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.BMO DISCLAIMER Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization. The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.CI GLOBAL ASSET MANAGEMENT DISCLAIMER IMPORTANT DISCLAIMERS: This segment of “In the Money with Amber Kanwar with Peter Hofstra” has been paid in part by CI Global Asset Management. This podcast is provided as a general source of information. The opinion and information provided in this discussion are solely those of the speaker(s) and are not to be used or construed as personal, legal, accounting, taxation or investment advice, or as an endorsement or recommendation of any entity or security discussed or provided by CI Global Asset Management.  Individuals should seek the advice of professionals, as appropriate, regarding any particular investment.  Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund and exchange-traded fund (ETF) investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compound total returns net of fees and expenses payable by the fund (except for figures of one year or less, which are simple total returns) including changes in security value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds and ETFs are not guarantee...

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