In the Money with Amber Kanwar

Biotech stocks were left for dead — written off after years of brutal bear markets, failed trials, rising rates, and policy shocks. But what if the sector is quietly waking up?
On this episode of In the Money with Amber Kanwar, Amber sits down with Eden Rahim, Portfolio Manager at Next Edge Capital, to unpack why one of the market’s most volatile and misunderstood sectors may be entering a new bull cycle. Eden walks us through biotech’s “nuclear winter” — from the 2011–2015 boom, to rolling bear markets, to the post-COVID hangover that crushed even former darlings like Moderna. He explains why extreme capitulation readings — with companies trading below net cash and only 1% of stocks above their 50-day moving average — signaled a generational bottom. And since April, biotech has quietly been outperforming the S&P 500… without the headlines.

But this is not a “buy the ETF and forget it” story. Eden breaks down why biotech is the ultimate stock-picker’s market, how he handicaps regulatory, clinical and commercial risk, and why he focuses on post-Phase 2 companies where the odds shift dramatically. He also addresses the new wild card investors must navigate: shifting FDA goalposts and regulatory uncertainty.
In the Mailbag, Amber and Eden tackle stocks that aren’t exactly household names for most investors. They break down Sarepta (SRPT) and whether its dramatic collapse reflects broader gene therapy risks. They discuss WELL Health (WELL) and why the stock can lag even when analyst targets look optimistic. They also look at DRI Healthcare (DRI.UN), the pharmaceutical royalty company offering dividend-paying exposure to drug innovation, and whether its leveraged royalty model is a smarter way to get biotech-like upside with cash flow. Plus, they touch on why Canadian biotech companies often migrate south — and what that means for investors hunting for overlooked opportunities.

In Pro Picks, Eden shares three high-conviction ideas: Alpha Cognition (ACOG), a newly approved Alzheimer’s therapy with improved tolerability and strong commercial runway; ClearPoint Neuro (CLPT), a brain-delivery platform embedded across dozens of gene therapy programs; and NeurAxis (NRXS), a small-cap device company targeting gut-brain disorders with expanding reimbursement tailwinds. Volatile, under-the-radar — and potentially early leaders in a new biotech cycle.
And don’t forget to vote on your favourite In the Money swag ideas! Head to: https://www.surveymonkey.com/r/XKGW2HT 
Timestamps
00:00 trailer 
02:15 intro 
 04:50 What’s it been like to be a biotech investor in recent years? 
 07:10 What happened in the biotech sector? 
08:50 Covid & biotech 
 11:20 How biotech is different from other sectors 
15:50 Biotech has been outperforming the S&P 500
17:50 It comes down to stock picking 
 23:10 The regulatory environment is now a wild card 
 31:50 ITM Mailbag: Sarepta Therapeutics (SRPT) 
 38:30 WELL health (WELL)
 41:50 DRI Healthcare Trust (DHT.UN) 
 45:50 Eden’s Pro Picks (ACOG, CLPT, NRXS) 

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.
To explore BMO ETF tools, head to https://www.bmoetfs.com and check out the Tools section.
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 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 Pfizer 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]

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Gold and silver have been rocked in recent weeks, so what should investors do now? According to Jonathan Wellum gold isn’t just a trade — it’s insurance. The President & CEO of ROCKLINC Investment Partners and former money manager to Canadian billionaire Michael Lee-Chin, joins In the Money with Amber Kanwar to lay out why soaring government debt, currency debasement, and rising geopolitical friction have pushed him to one of his most conviction-heavy stances yet: a portfolio anchored by gold, silver, and precious-metal businesses. Jonathan explains why this cycle still feels early despite the recent sell-off, how central-bank buying has reshaped the gold market, and why sharp volatility hasn’t shaken his long-term thesis.
Drawing on decades of experience as a disciplined value investor, Jonathan explains why precious-metal royalty companies form the backbone of his exposure, offering cash-flow durability without the same operational risks as miners. He also walks through silver’s extreme swings, why supply deficits still matter despite violent pullbacks, and how electrification, AI infrastructure, and data-centre demand are quietly tightening metals markets — all while stressing that gold’s role in portfolios is protection first, speculation second.
While precious metals are a core pillar of his strategy, Jonathan makes it clear he’s far from a one-theme investor. He also breaks down how he’s selectively allocating to insurance, industrials and global compounders — areas where valuations have reset and disciplined capital allocation still offers long-term upside.
In the Mailbag, Jonathan weighs in on whether investors have “missed” the move in Wheaton Precious Metals (WPM), breaks down the upside torque in Agnico Eagle Mines (AEM) if gold prices stay elevated, and explains why royalty models continue to outperform through cycles. He also addresses volatility in silver-exposed names, comments on Cameco (CCO) amid the nuclear renaissance, and shares why he’s cautious about junior miners despite the temptation of leverage. He also fields questions on Berkshire Hathaway (BRK.B), Fairfax Financial (FFH), Markel (MKL), and Trisura Group (TSU). The discussion extends to technology names caught in the AI-driven selloff — including ServiceNow (NOW) and Thomson Reuters (TRI), and he also gives his take on Constellation Software (CSU) as he outlines how he separates true value opportunities from potential value traps.
In Pro Picks, Jonathan shares three high-conviction ideas that reflect his diversified, valuation-driven approach. He highlights Carlisle Companies (CSL), a quietly dominant industrial with strong returns on capital; MercadoLibre (MELI), a leading Latin American e-commerce and fintech platform with years of growth runway; and Sprott Inc. (SII), a leveraged way to participate in a broad commodity and precious-metals cycle through asset management rather than direct exposure.

To vote on your favourite In the Money swag ideas head to: https://www.surveymonkey.com/r/XKGW2HT 
Timestamps
00:00 show trailer 
02:10  intro 
04:30 Jonathan’s history as a value investor 
06:50 Following the Buffett rules 
 11:00 Debt problems & Why 25% of Wellum’s portfolio is in precious metals 
14:00 Volatility in gold? We’re in the 3rd or 4th inning 
 18:10 Wellum explains his belief in gold 
19:50 Silver is a wild, wild ride 
 23:00 What else is in the fund? 
23:40 The bloodbath in software- what’s Jonathan buying?  
30:30 ITM Mailbag: Wheaton Precious Metals stock (WPM)
34:10 Agnico Eagle stock (AEM) 
38:10 Cameco stock (CCO)
 40:40 Berkshire Hathaway stock (BRK.B) 
 44:25 Fairfax Financial, Trisura, Markel, American Coastal Insurance Company (FFH, TSU, MKL, ACIC) 
 49:40 Constellation Software stock (CSU) 
54:05 Jonathan’s Pro Picks (CSL, MELI, SII)

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.
To explore BMO ETF tools, head to https://www.bmoetfs.com and check out the Tools section.

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 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 and Equinox Gold 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]

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Tech is starting to crack and value is outperforming. Where should you be positioned? On this special episode of In the Money with Amber Kanwar, the show heads to Phoenix, Arizona for a special on-the-road episode with Bill and Cole Smead of Smead Capital Management, the father-son investing team behind $5.5 billion in assets under management. In a wide-ranging and candid conversation, the duo explains why today’s market setup looks increasingly fragile and where disciplined value investors are still finding opportunity. 
Amber digs into Smead’s eight criteria for stock selection, how insider ownership and capital allocation drive long-term returns, and why years of crowding into passive strategies and the S&P 500 have quietly increased risk. They argue that the forces that powered years of U.S. outperformance — concentration, momentum, and passive flows — now look increasingly vulnerable. From the parallels between today’s AI spending boom and the telecom bubble of the late 1990s to their view that capital-intensive tech could face declining returns, Bill and Cole make the case that history may not repeat — but it certainly rhymes.
The discussion also explores why international markets look more compelling than the U.S., how under-owned sectors like financials, healthcare, housing, and commodities could benefit from mean reversion, and why owning unpopular assets — and holding winners longer than feels comfortable — remains central to their approach.
In the Mailbag, the Smeads tackle viewer questions and specific stocks across regions and sectors, including European banks Barclays (BARC) and UniCredit (UCG), healthcare giant Merck (MRK), and Canadian energy names Cenovus Energy (CVE) and Tamarack Valley Energy (TVE). They explain why scars from past cycles often create today’s best opportunities — and where investors should still be cautious.
In Pro Picks, Bill and Cole share several high-conviction ideas that reflect their current positioning, including regional bank Fifth Third Bancorp (FITB), U.S. healthcare leader UnitedHealth Group (UNH), Canadian oil producer Strathcona Resources (SCR), and Canadian lumber company West Fraser Timber (WFG) — names they believe offer attractive long-term value supported by balance sheets, capital discipline, and structural tailwinds.

Timestamps
00:00 Show trailer 
03:45 intro with father son duo Bill & Cole Smead
04:10 U.S. & international exposure
08:35 Are we seeing the end of U.S. outperformance?
11:10 How has Smead Capital’s view evolved? Have they been bullish up until this spot?
15:50 Why they are not as constructive on the S&P 500 
17:20 Will 2026 be the year of the value investor? And what tech stocks do they own? 
19:50 Are the Magnificent 7 the Nortel of this generation? It’s about Capex
21:35 History doesn’t repeat itself but it rhymes 
24:20 too many fools are chasing tech stocks, it will all change over the next decade
29:50 What about commodities?
34:10 ITM Mailbag: European Banks (BARC, UCG)
37:55 Merck stock (MRK), Amgen stock (AMGN), United Healthcare stock (UNH)
45:00 Homebuilder stocks (DHI, LEN) 
46:20 Canadian energy stocks (CVE)
49:00 Tamarack Valley stock (TVE)
54:50 Bill & Cole’s Pro Picks (FITB, APA, UNH, SCR, WFG)

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 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 United Health 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

Investors are talking about a “sell America” trade — but is the U.S. really done, or is this just another moment where global diversification finally pays? On this episode of In the Money with Amber Kanwar, Amber sits down with Jeff Elliott, Managing Director and Head of Global Equity at BMO Global Asset Management, to break down how a bottom-up stock picker is navigating today’s volatile, policy-driven markets.
Jeff explains why last year’s global outperformance wasn’t about abandoning the U.S., but about fundamentals — earnings growth, valuation discipline, and avoiding crowded trades. He shares how his team broadens exposure to Europe, emerging markets, and Canada without making top-down regional bets, and why portfolio construction matters just as much as finding the right stocks.
Healthcare takes centre stage as Jeff draws on his deep sector expertise to unpack one of the most politically exposed — and misunderstood — areas of the market. He explains why policy noise can create sharp dislocations without permanently damaging businesses, and how active managers look for mispriced opportunities across pharma, biotech, and med-tech while others retreat from the sector.
In the Mailbag, Jeff cuts through policy-driven volatility across several heavily debated names. He explains why Medicare Advantage headlines have punished UnitedHealth (UNH), why a low valuation and big dividend aren’t enough for Pfizer (PFE), and why Eli Lilly (LLY) still stands out for durable growth. He also weighs in on Moderna (MRNA), NVIDIA (NVDA), Samsung Electronics (005930.KS), and Western Alliance Bancorporation (WAL), showing how fundamentals — not headlines — ultimately determine where volatility creates opportunity.
In Pro Picks, Jeff highlights three high-conviction healthcare ideas where he sees durable growth despite policy noise. He starts with Boston Scientific (BSX), explaining why its leadership in atrial fibrillation treatment and med-tech innovation continues to drive long-term opportunity. He also revisits Eli Lilly (LLY), outlining why its depth in GLP-1s and next-generation therapies gives it a stronger growth runway than peers. Rounding out the picks is UCB (UCB.BR), a lesser-known European biotech where Jeff sees a transformative drug pipeline that could meaningfully change the company’s growth profile over the coming years.
If you’re trying to understand how to invest globally without chasing headlines — and how active stock picking really works when policy risk and volatility dominate — this is a conversation worth watching.
Timestamps
00:00 Show trailer
02:10 intro 
04:10 Everyone wants global exposure now 
06:00 How geography matters to a bottoms up approach
08:00 What about Europe? 
10:30 Follow the fundamentals
12:20 What does policy volatility mean for Jeff’s approach?
14:30 The TACO trade & healthcare 
17:30 ITM Mailbag: UnitedHealth stock (UNH) 
25:00 Pfizer stock (PFE)
29:30 Moderna stock (MNRA) 
35:50 Nvidia stock (NVDA) & big tech 
38:55 Samsung stock
41:30 Bank stocks & Western Alliance Bank (WAL) 
44:15 Jeff’s Pro Picks (BSX, LLY, UCB)

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
This episode is brought to you by BMO ETFs. Find out more about the BMO Global Equity Fund ETF here: https://bmogam.com/ca-en/products/exchange-traded-fund/bmo-global-equity-fund-active-etf-series-bgeq/
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 United Health, Pfizer and Eli Lilly which are all stocks Amber owns.  

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

What if the biggest risk to the S&P 500 isn’t a recession, rates, or geopolitics — but the way we invest?
Amber Kanwar sits down with Michael Green, Portfolio Manager & Chief Strategist, Simplify Asset Management , to unpack a provocative — and deeply unsettling — idea: under certain conditions, the S&P 500 could theoretically go to zero. Not because every company fails, but because market structure breaks.
Green explains how the explosive growth of passive investing has quietly changed how markets behave, why flows now matter more than fundamentals, and how index-driven buying can amplify momentum on the way up — and instability on the way down. Drawing on his famously prescient call on the collapse of the XIV volatility ETF, Green walks through the math behind systemic “zero events,” why they become self-catalyzing, and why policymakers — not individual investors — ultimately own this risk.
The conversation also dives into gold and commodities as flow-driven markets, the role demographics play in shaping inflation and asset prices, and why machines — not humans — may be the dominant drivers of future demand. Green lays out why electricity-hungry systems like data centers are reshaping commodity demand, why traditional “human food” commodities face long-term headwinds, and how structural shortages can quietly drive inflation higher.
In Pro Picks, Green explains how these themes are expressed through ETFs managed by Simplify Asset Management. He walks through the Simplify High-Yield ETF (CDX) and how its structure emphasizes endogenous cash flow, outlines how the Simplify Managed Futures Strategy ETF (CTA) uses a systematic trend-following approach to navigate volatile, flow-driven markets, and discusses how the Simplify Commodities Strategy No K-1 ETF (HARD) is designed to capture broad commodity trends, including rising demand for machine-driven resources like electricity. He also breaks down the role of gold as a flow-dominated asset and explains how the Simplify Gold Strategy Plus Income ETF (YGLD) is structured to generate income while helping cushion downside through options.
This is not a call to panic — it’s a framework for understanding the hidden mechanics shaping today’s markets, and the extreme tail risks most investors never consider.
Timestamps
00:00 show trailer 
02:20 Show intro 
04:00 How Michael became the anti-passive investing guy 
09:00 A systemic risk lurking inside index funds 
13:20 The story of XIV, why it failed and why Michael got it right 
20:20 Is policy needed to fix the problem with passive? 
22:20 The S&P 500 could theoretically go to zero 
25:20 What do Michael’s well-known colleagues think about his view 
27:00 But isn’t discernment alive and well in the market? 
29:35 Gold, flows and why Michael isn’t focused on specific companies 
33:20 Can investors get away from the systemic risk? 
36:10 In 15 years half of the boomers will have passed on 
41:20 How Michael developed his approach to markets 
47:20 Michael’s Pro Picks (CDX, HARD, CTA, YGLD) 

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 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