In the Money with Amber Kanwar

Recorded on March 5, 2026
Canada’s banking system is often described as one of the strongest in the world — but even strong systems face real risks. Peter Routledge, Superintendent of Financial Institutions, joins In the Money with Amber Kanwar for a rare conversation about the health of Canada’s financial system and what still keeps the country’s top banking regulator up at night.
Routledge discusses the key risks his office is watching closely right now — from rising U.S.-Canada trade tensions to vulnerabilities in Canada’s mortgage market. He explains how regulators think about household debt, refinancing risk, and the resilience of borrowers as higher rates work their way through the system. At the same time, he stresses that Canadian banks are entering this period from a position of strength and have ample capital to absorb shocks, a core reason he believes the system remains resilient.
The conversation also explores emerging risks building outside traditional banking, including the rapid growth of private credit and private equity, areas where regulators are paying closer attention as banks deepen their exposure through financing, partnerships, and fund investments. Routledge also explains how OSFI is adapting supervision for a faster-moving financial world, why regulators are pushing institutions to strengthen resilience before problems emerge, and how capital buffers and stress testing help ensure Canada’s financial institutions can withstand unexpected disruptions.
Routledge also reflects on his tenure leading Canada’s banking watchdog — which has two years remaining — and why he has actually grown more optimistic about the strength of the system during that time. Despite a more uncertain economic backdrop, he explains why he believes Canada’s banks and insurers are better prepared than ever to handle whatever comes next.
Timestamps
01:20 Intro
03:40 How the regulator is thinking about the banking sector
05:50 What is the key to the banks strength & safety?
08:50 Bank fears around NAFTA 2.0
12:30 Risks in the mortgage market
17:00 Defending the stress test
24:30 Are the banks overcapitalized?
27:10 OSFI’s Annual Risk Outlook
28:30 Risks in private equity & private credit
36:00 Increasing competitiveness in the banking sector 
43:20 Why did the regulator green light consolidation?
45:30 Peter’s thoughts on board responsibility
48:00 How has Carney informed priorities?
51:00 How Peter has evolved as regulator 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 
Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]

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.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The oil market has been rocked by escalating tensions in the Middle East, massive price swings, and a growing debate over whether the world is heading into a full-blown energy shock. In this special two-part episode of In the Money with Amber Kanwar, we bring you perspectives from both sides of the market.
First, Josh Young, Portfolio Manager at Bison Investments, breaks down the crisis from the buy side, explaining why he believes the oil market was already tightening long before the latest geopolitical escalation and why the risk of a major supply shock is being underestimated. He walks through what could happen if disruptions in the Strait of Hormuz persist — including his view that if the strait were to remain closed for roughly 60 days, oil prices could surge to new all-time highs. Josh also explains why energy stocks may still have significant upside and how he’s positioning his portfolio to capture asymmetric opportunities in the sector. He also notes that higher global oil prices could be particularly positive for Canadian oil producers, which stand to benefit from stronger crude pricing and increased demand for secure supply outside the Middle East. In Pro Picks, Josh highlights Crescent Energy (CRGY), which he describes as a “Moneyball”-style operator buying and improving undervalued assets; Ensign Energy Services (ESI.TO), an oilfield services company he believes is being overly punished for its Middle East exposure despite strong free cash flow; and Journey Energy (JOY.TO), a small-cap Canadian producer he says still has meaningful upside driven by its Duvernay exposure and potential takeover interest.
Then we shift to the sell side with Patrick O’Rourke, Managing Director, Institutional Equity Research at ATB Cormark Capital Markets, who explains how analysts and institutional investors are interpreting the crisis — with a particular focus on what it means for Canadian oil prices and producers. Patrick breaks down why crude volatility has been concentrated at the front end of the curve, why energy equities haven’t fully reacted yet, and how investors are trying to determine whether higher oil prices will last. He also explains how global supply disruptions are tightening Canadian heavy oil differentials, improving realized prices for Canadian crude, and increasing demand for barrels that can reach the Gulf Coast or Asian markets.
From geopolitical risk to Canadian energy policy to the stocks investors are watching closely, this episode takes you inside the biggest debate in energy markets right now—whether this is just another oil spike or the beginning of a much larger structural shift.
Timestamps
00:00 Trailer
02:20 Intro 
04:40 The buy side view: How we could see $200 oil 
07:30 What about demand destruction? 
09:40 Shocking for the U.S. President to flat out lie 
12:00 Implications for midterm elections 
14:00 IEA releasing 400M barrels 
16:15 Expectations for a premium in crude 
18:00 Why aren’t energy stocks reacting? 
19:45 Is Josh investing like oil is going to $200? 5X opportunities 
23:00 Now Josh is more favourable to Canadian energy stocks 
24:00 Josh’s Pro Picks (JOY, ESY, CRGY) 
44:15 The sell side view
48:00 Why haven’t Canadian oil & gas stocks responded 
50:35 What would lead to a higher for longer oil price? 
54:00 Implications for Canadian crude prices 
57:00 Could production from Canada go any way to support the deficit? 
58:20 What names are best positioned to ride out the volatility? 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 
Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]
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.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Small caps are finally having their moment — and according to Greg Dean, Founder & Lead Investor at Langdon Equity Partners, the opportunity set may be bigger than most investors realize. In this episode of In the Money with Amber Kanwar, Greg explains why he focuses exclusively on global small-cap companies and how he searches the world for businesses that can potentially double over the next 3–5 years. He shares the disciplined framework behind his strategy, why he avoids highly leveraged businesses, and why volatility and market stress often create the best entry points for long-term investors.
The conversation also dives into the big debate around software valuations and how the market is reassessing the long-term value of many tech companies. Greg walks through his view on the selloff in enterprise software and discusses what investors may be missing about durable software franchises. The discussion includes Constellation Software (CSU.TO) and why its acquisition-driven model and disciplined capital allocation have made it one of the most resilient compounders in the market.
In the Mailbag, Greg weighs in on a wide range of stocks across sectors. He shares his perspective on TerraVest Industries (TVK.TO) and why its acquisition-driven model has created significant value but now trades at a premium. He discusses retailer Group Dynamite (GRGD.TO), a Canadian success story with strong same-store sales growth but a valuation that reflects much of the optimism. Greg also breaks down why he likes A&W Food Services (AW.TO) as a capital-light restaurant and royalty business with an attractive yield and steady growth. The conversation also touches on U.S. insurance distributor Goosehead Insurance (GSHD) and the debate around AI disruption, as well as Canadian financial names EQB Inc. (EQB.TO) and Dominion Lending Centres (DLCG.TO) and how the evolving mortgage and lending landscape could shape their outlook.
For his Pro Picks, Greg highlights three high-conviction ideas he believes have strong long-term upside. First is YETI Holdings (YETI), where he sees a misunderstood brand expanding beyond drinkware into bags, coolers and international markets. Next is Royal Unibrew (RBREW.CO), a European beverage company producing and distributing beer, soft drinks and other beverages across several markets. Finally, he discusses Hypoport (HYQ.DE), a German fintech platform that connects banks and brokers through mortgage software and could see meaningful earnings growth as housing volumes recover.
If the market rotation into smaller companies continues, Greg believes the real opportunity may be in high-quality small caps that investors have never heard of — but that could quietly compound for years to come.
Timestamps
00:00 Trailer 
02:25 Intro
05:20 Greg’s approach to investing & starting Langdon 
06:50 The merits of investing in global small-caps 
08:10 How does he think about the current tensions? 
10:50 Fund performance 
13:40 What criteria is Greg looking for? 
15:20 Thinking about software 
18:00 CSU & the new terminal value of software 
21:40 ITM Mailbag: Terravest Industries stock (TVK) 
25:40 Groupe Dynamite stock (GRGD)
30:50 A&W Food Services (AW) 
34:30 Goosehead Insurance (GSHD) 
42:00 EQB Inc (EQB) 
46:00 Dominion Lending (DLCG) 
49:30 Greg’s Pro Picks (YETI, RBREW, HYG) 

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney for more information

Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]

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. In this episode we discuss Constellation Software which is a stock Amber owns. 
In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

The oil market just got a historic geopolitical shock — and Eric Nuttall says market complacency is creating a major opportunity in energy stocks.
Geopolitics has jolted the oil market — but according to Eric Nuttall, the real story for investors was already unfolding long before the latest headlines. The Partner & Senior Portfolio Manager at Ninepoint Partners, joins In the Money with Amber Kanwar for an emergency session to break down the implications of the Iran crisis, why the market may be dangerously complacent about global oil supply, and why he believes energy stocks remain in a multi-year bull market. Eric explains why the widely anticipated oil “super-glut” never materialized, why U.S. shale production may have plateaued, and why long-dated oil reserves could become increasingly valuable in the years ahead. He also discusses why energy stocks have pulled back despite rising geopolitical risks and why patient investors could still see significant upside in the sector.
Before getting to the Mailbag, Amber asks Eric about Strathcona Resources (SCR), a stock he says he bought this week. Eric explains why he’s attracted to the company’s long-life reserves and discounted valuation compared with larger peers like Canadian Natural Resources (CNQ). The purchase comes even after Eric opposed the company’s now failed bid to buy MEG Energy (MEG). He explains why he sees compelling value in Strathcona today and why companies with deep, long-dated reserves could benefit the most if oil prices rise.
In the Mailbag, Eric tackles viewer questions starting with Baytex Energy (BTE), explaining why he doesn’t regret selling it and why the company’s recent rally reflects buybacks and a cleaner balance sheet after exiting the Eagle Ford. He then discusses Tamarack Valley Energy (TVE), where strong economics and improving results have driven a major run in the stock. From there he responds to a question on Logan Energy (LGN), warning that going too far down the market-cap spectrum can leave investors stuck in stocks without enough institutional buying power to drive a rerating. He then shares his thesis on Cenovus Energy (CVE) following its acquisition of MEG Energy (MEG), before turning to natural gas with Birchcliff Energy (BIR) and ARC Resources (ARX), where he explains why he’s currently less enthusiastic about Canadian gas. The Mailbag wraps with a blunt take on Surge Energy (SGY).
In Pro Picks, Eric first reflects briefly on some of his past ideas on the show — including Veren (VRN), MEG Energy (MEG), and NuVista Energy (NVA) — all of which were ultimately taken out, though he says he would rather see the full investment thesis play out than rely on M&A. Today he shares three current high-conviction ideas: Whitecap Resources (WCP), Athabasca Oil (ATH), and Ovintiv (OVV). He explains why Whitecap remains his largest holding thanks to its long inventory runway and discounted valuation, why Athabasca’s deep reserve base could become increasingly strategic in a tightening oil market, and why Ovintiv’s cleaner asset base and aggressive share buybacks could drive a meaningful re-rating if the company attracts more long-term institutional investors.
Timestamps
00:00 Trailer
02:30 Intro
05:00 Iran war implications for oil 
06:45 Domestically Trump needs lower energy prices
09:45 Where do oil prices go?
12:20 Why are energy stocks selling off? 
15:00 What Eric saw in Saudi Arabia
16:45 Why Eric was already bullish oil 
22:00 Why Eric bought Strathcona (SCR) this week 
27:00 Eric’s defence of the energy sector on parliament hill 
31:00 ITM Mailbag: Baytex stock (BTE)
33:30 Tamarack Valley Energy stock (TVE)
35:00 Logan Energy stock (LGN) 
37:50 Cenovus Energy stock (CVE)
39:30 Birchcliff Energy stock (BIR)
42:00 Arc Resources stock (ARX) 
44:00 Surge Energy (SGY) 
46:00 Eric’s Pro Picks ( WCP, ATH, OVV)

Sponsors
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 
Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]
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. In this episode we discuss Canadian Natural Resources and Tamarack Valley Energy which are both stocks Amber owns.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews

Small-caps are outperforming. Software stocks are getting crushed. Is this the great rotation? 
On this episode of In the Money with Amber Kanwar, Andrey Omelchak, President, CEO & CIO at LionGuard Capital, breaks down one of the biggest shifts happening in markets right now. As AI fears hammer software valuations and once-untouchable names get cut in half, small and mid-cap stocks are quietly catching a bid. Andrey explains why he believes the market has overreacted in parts of software — but also why select small caps, defense plays, and “Build Canada” beneficiaries may offer stronger risk-adjusted returns from here.
He shares how he’s thinking about geopolitics, rising oil prices, gold as a safe haven, and why defense spending is becoming one of the most obvious long-term investment themes. At the same time, he argues that today’s short-term market mindset is creating major inefficiencies — particularly in overlooked Canadian small caps.
In the mailbag, we tackle the AI disruption debate head-on with a look at major software names including Thomson Reuters (TRI) and Constellation Software (CSU), plus small-cap tech like Docebo (DCBO) and Kneat.com (KSI). Are these sharp drawdowns buying opportunities — or signs of structural change? Andrey also weighs in on engineering and infrastructure firms WSP Global (WSP), AtkinsRéalis (ATRL) and Stantec (STN), battery manufacturer Electrovaya (ELVA), healthcare roll-up WELL Health (WELL), fintech lender Propel Holdings (PRL), and GoEasy (GSY). Which names are unfairly penalized — and which still carry real risk?
In Pro Picks, Andrey highlights Calian Group (CGY), a defense and cybersecurity player benefiting from rising NATO and Canadian military spending; Bird Construction (BDT), a direct “Build Canada” infrastructure beneficiary with a rapidly expanding, higher-quality backlog; and Canaccord Genuity Group (CF), where he sees meaningful upside from a capital markets recovery and potential monetization of its UK wealth business.
Is this the beginning of a lasting market regime change — from software dominance to small-cap opportunity — or just another bout of AI-driven volatility?
Email us your questions @inthemoneypod.com and don’t forget to subscribe so you never miss an episode.
Timestamps
02:20 Intro
05:00 Andrey’s approach to small-cap investing
06:20 Investing through geopolitical events 
08:40 There appears to be sustained interest in the small-cap sector
10:30 Has the small-cap space gotten too expensive?
11:20 The biggest repricing of SaaS companies
14:50 ITM Mailbag: Thomson Reuters & Constellation Software stocks (TRI, CSU)
22:20 Docebo & Kneat.com stocks(DCBO, KSI)
24:45 Is it easy to find a software short right now? 
27:00 Stantec, AtkinsRealis, WSP Global stocks(STN, ATRL, WSP)
29:35 Electrovaya stock (ELVA)
34:40 Build Canada as an investable team 
36:50 WELL Health stock (WELL)
40:50 Propel Holdings (PRL)
46:15 Andrey’s Pro Picks (CGY, BDT, CF)

Sponsors
For 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 information
Links
https://inthemoneypod.com/ 
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740 
https://twitter.com/inthemoneypod 
https://tiktok.com/@inthemoneypod
[email protected]

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 Constellation Software and goeasy which are both stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.
Contact: [email protected]

#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews