In the Money with Amber Kanwar

Canada just slipped into a technical recession, stocks are sitting at record highs— and one renowned $22 billion firm is leaning in, not backing away.
On this episode of In the Money with Amber Kanwar, Alex Letko, Portfolio Manager at LetkoBrosseau, explains why he remains bullish on Canada despite growing skepticism. While headlines point to slowing GDP, he argues the underlying economy is more resilient than it feels—supported by real wage growth and steady consumer spending. He also tackles a debate in the market right now: Canadian banks trading at record highs and premium valuations. Rather than calling it a bubble, he makes the case that strong earnings, oligopolistic structure, and potential pension fund inflows could continue to support the group.
At the same time, Letko outlines why the firm has been more cautious globally—pointing to stretched valuations and extreme concentration in the U.S. market. With over 80% of the S&P 500 trading above 20x earnings, he explains why they’ve been trimming winners and holding cash to redeploy into better opportunities, including Canada.
In the Mailbag, the conversation starts with BCE (BCE.TO), where Letko sees a compelling turnaround story with a sustainable dividend and limited optimism priced in. He also weighs in on Canadian telcos more broadly, the surprising strength in auto parts makers like Linamar (LNR.TO) and Magna (MG.TO) despite tariff concerns, and why his firm has trimmed energy exposure even with oil prices pushing higher. The discussion then shifts globally, breaking down the AI-driven surge in semiconductor names like Samsung (005930.KS) and SK Hynix (000660.KS), where tight memory supply could persist—but the cycle remains key. He also highlights Brazil as an emerging opportunity, where improving fundamentals and potential political change could drive a re-rating.
In Pro Picks, Letko doubles down on those global themes—starting with Copel (CPLE6.SA), a Brazilian utility he sees as a high-quality, low-cost operator with strong dividend upside. He also highlights Bolsa Mexicana (BOLSAA.MX), the Mexican stock exchange, as a “moaty” way to play long-term financial penetration. And back in Canada, he makes a contrarian call on Air Canada (AC.TO), arguing that despite near-term volatility, improving margins and a shift toward premium travel could drive meaningful earnings growth over time.
Timestamps
00:00 Trailer 
02:20 Intro
03:35 The roots of LetkoBrosseau
05:40 Is the firm more cautious right now? 
07:35 Do we have to be patient for the pullback
09:00 Are the Canadian banks in a bubble?
12:00 Bringing Canadian pension funds back to Canada
14:30 Why LetkoBrosseau is bullish Canada
19:00 The future of Canada’s energy sector
20:50 LetkoBrosseau’s move into retail
24:30 Hamilton ETFs: MIX 
26:30 ITM Mailbag: BCE 
30:20 Linamar & Magna (LNR, MG)
34:00 Energy stocks
39:50 Samsung & SK Hynix
43:50 Brazil
46:00 Alex’s Pro Picks (Copel, Bolsa Mexicana, Air Canada)
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
The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  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
[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.

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...

“Patience is a virtue—sometimes the best trade is the one you don’t rush.” On this episode of In the Money with Amber Kanwar, Jimmy Lebenthal, Chief Equity Strategist & Partner at Cerity Partners, makes the case for looking where others aren’t. He explains why patience still wins, how to navigate “parabolic” markets, and why he’s still putting fresh money to work in names like Cisco (CSCO)—a stock he’s owned for over a decade that’s now finding new life in the AI buildout. He also shares lessons from his new book, How to Ride the Subway: Getting Around on Wall Street and in Life, including why sometimes the best strategy is simply staying on the train.
He also dives into the most debated corner of the market right now: software. Lebenthal explains why he’s actively adding to names like Microsoft (MSFT), Adobe (ADBE), Salesforce (CRM), and ServiceNow (NOW), arguing the market may have overreacted to AI disruption fears and created opportunity in high-quality businesses with strong cash flow and buyback support.
In the Mailbag, Lebenthal breaks down a wide range of stocks and sectors, including why he’s avoiding Lululemon (LULU) despite the selloff, his outlook on Disney (DIS) as a potential turnaround story, and how he’s thinking about banks—comparing Citigroup (C) and JPMorgan (JPM). He also weighs in on Dell (DELL) after its recent surge and shares his broader view on energy markets and global supply dynamics.
In Pro Picks, Lebenthal sticks with high-conviction ideas. He highlights Cisco (CSCO) as a long-term compounder tied to AI infrastructure demand, Cheniere Energy (LNG) as a key beneficiary of the global LNG expansion, and AbbVie (ABBV) as an attractive opportunity in a lagging healthcare sector with strong cash flows, a growing pipeline, and a compelling valuation.
Timestamps
00:00 Trailer
02:10 Intro
03:45 Value, patience and growth at a reasonable price 
06:30 What prompted Jimmy to write his book: Riding the Subway: How to Get Around on Wall Street And Life 
07:40 Using Cisco as an example of Jimmy’s investing style (CSCO)
16:25 This is like 1997 not 1999
18:50 Jimmy is putting dollars to work in software 
25:25 Jimmy can’t get behind U.S. housing yet
28:00 Is healthcare a value trap? 
30:00 Being okay with FOMO
35:00 Hamilton ETFs: MIX
37:05 ITM Mailbag: Lululemon stock (LULU)
38:50 Energy stocks
44:50 Disney stock  (DIS)
47:45 Citigroup & JP Morgan (C, JPM)
49:50 Dell stock (DELL)
51:15 Jimmy’s Pro Picks (CSCO, LNG, ABBV)

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
The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit:  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
[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 JP Morgan which is a stock Amber owns. 

Hamilton ETFs Disclaimer
This podcast is sponsored by Hamilton ETFs.  The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.
Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.
Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.
The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. 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...

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 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/ 

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.

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

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 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/ 
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.

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...

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 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/ 
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.

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...