In the Money with Amber Kanwar

Global government spending is reshaping the investing landscape—but are you following where the money is actually going? While everyone is focused on AI, Bryden Teich, Chief Investment Officer at Avenue Investment Management, argues the biggest market story is the massive fiscal spending boom unfolding across Canada, the U.S., and around the world. He explains why industrials, financials, energy infrastructure, and other resilient businesses stand to benefit, why he's still bullish on Canada despite recent economic challenges, why he's underweight big tech, why he trimmed gold after its surge, and how he builds a portfolio designed to perform through changing market cycles.
In the mailbag, Bryden answers viewer questions on Canadian banks, including why National Bank (NA) and Royal Bank (RY) remain his favourites, whether it's time to buy beaten-down software names like Thomson Reuters (TRI), Accenture (ACN), and Intuit (INTU) after the AI selloff, opportunities in healthcare through Boston Scientific (BSX), GE HealthCare (GEHC), and Medpace (MEDP), plus his outlook on Canadian Natural Resources (CNQ), South Bow (SOBO), Enbridge (ENB), WSP Global (WSP), and Stantec (STN), and what investors should watch before jumping into energy infrastructure projects.
In Pro Picks, Bryden shares three high-conviction ideas built around resilient, cash-generating businesses: AutoZone (AZO), Medpace (MEDP), and Bath & Body Works (BBWI). He explains why these companies can thrive even if economic growth slows, how strong capital allocation creates shareholder value, and why consistency—not chasing the hottest trend—is the key to compounding wealth over time.
Timestamps
00:00 Trailer  
02:00 Intro 
02:40 Better days ahead for the Great White North  
04:40 What does a Canada strong portfolio look like ? 
06:40 The Canadian banks
11:40 Fiscal spending is the story of the year
16:40 The rate picture & gold
20:40 Why he’s underweight tech & AI
23:55: Hamilton Enhanced Mixed Asset Allocation ETF- MIX
26:00: ITM Mailbag: Thomson Reuters stock (TRI)
31:00 Boston Scientific, GE Healthcare & Medpace (BSX, GEHC, MEDP)
35:30 Canadian Natural Resources stock (CNQ)
37:50 Southbow stock (SOBO)
41:05: Enbridge stock (ENB)
46:40 WSP Global stock (WSP)
49:25 National Bank stock (NA)
53:05 Bryden’s Pro Picks (AZO, TIH, ATD)
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
questions@inthemoneypod.com
DISCLAIMERS 
The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

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

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

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

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P...

The biggest Canadian mining IPO since 2010 is betting on a country few investors associate with mining: Poland.
On this episode of In the Money with Amber Kanwar, Amber sits down with Jordan Pandoff, CEO of Lumina Metals, to discuss the IPO which raised over $400 million, and the investment case behind one of the world's largest undeveloped copper and silver projects. Backed by mining legend Ross Beaty, Lumina spent more than a decade advancing the project before taking the company public.
Jordan explains why Poland is emerging as a critical minerals powerhouse. The country already produces more than 500,000 tonnes of copper and 40 million ounces of silver annually, has more copper in the ground than any other NATO country, and more silver in the ground than any country in the world. If Poland's punitive mining tax regime is reformed, it could move from just outside the world's top 10 copper-producing nations into the global top five.
The conversation also explores why governments, institutional investors, and the military are suddenly laser-focused on critical minerals. From supply chain security and NATO to Europe's growing dependence on imported copper, Jordan explains how geopolitics has transformed mining into a strategic industry—and why government officials and global investors are paying closer attention than ever before.
Finally, Jordan discusses Lumina's path to production, the key catalysts investors should watch over the next several years, how the company plans to finance one of the world's largest mining projects, and whether Ross Beaty's ultimate strategy is to build the mine—or follow his proven playbook of de-risking the asset before selling it.
Timestamps
00:00 Trailer
02:20: Intro 
03:40 The biggest mining IPO in Canada since 2010
05:00 From Glencore to Lumina
06:20 Working with legendary miner Ross Beaty 
08:20 The size and scale of Lumina’s mine in Poland
11:20 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
13:30 The trouble with Poland’s tax regime 
17:10 Lumina IPO & stock price 
19:45 Capital markets support in the U.S. and Canada
23:00 Why are investors waking up to the mining sector?
24:20 How do the ongoing issues in Ukraine impact Lumina?
25:30 When will first production start?
27:20 How will Lumina raise funds to build the project?
29:00 Beaty’s permit, de-risk, sell playbook
30:05 Thank you to our partners at ATB Financial 
30:30 How often do copper and silver go together 
31:30 Are copper prices in a bubble?
33:20 The excitement for base metals 
35:00 Glencore war stories 

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
questions@inthemoneypod.com
DISCLAIMERS 
The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

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

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

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

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

Value traps can destroy your portfolio—but the right turnaround stock can be a game changer. How do you tell the difference?
On this episode of In the Money with Amber Kanwar, Paul Harris, Portfolio Manager at Harris Douglas Asset Management, explains his framework for buying underperforming stocks without getting burned. He also shares why he wants nothing to do with SpaceX at current valuations, arguing the company is priced far ahead of its fundamentals despite the excitement around the space race. The conversation also dives into Elon Musk's biggest strengths—and what Paul believes are his biggest blind spots as an operator and capital allocator.
In the Mailbag, Paul tackles some of the market's biggest turnaround stories. He explains why he'd rather own MDA (MDA.TO) than SpaceX to play the booming satellite industry, whether BCE (BCE.TO) or TELUS (T.TO) offer compelling value after years of underperformance, and why BlackBerry (BB.TO) still looks too speculative despite its massive rally. He also breaks down whether CAE (CAE.TO) can benefit from the global defense spending boom, why he's warming up to FedEx (FDX) after its restructuring, why Campbell's (CPB) is a classic value trap, and what it will actually take for Nike (NKE) to become a successful turnaround story. Along the way, he shares the key traits he looks for before buying any beaten-down stock.
In Past Picks and Pro Picks, Paul revisits the stocks from his last appearance—including Alphabet (GOOGL), which has been his biggest winner, along with Stryker (SYK) and Canadian Natural Resources (CNQ)—explaining why he continues to own them and where he's taken profits. He then unveils three new high-conviction ideas he believes are today's most compelling underperformers: Meta (META), which he sees as one of the cheapest AI winners; Microsoft (MSFT), where he believes fears about AI disruption have gone too far; and EssilorLuxottica (EL.PA), an overlooked global compounder with durable competitive advantages that the market is mispricing.
Timestamps
00:00 Intro 
02:20 Intro 
03:20 Expect a lot more market & stock volatility 
05:20 Searching for opportunities 
09:10 Paul wouldn’t touch SpaceX with a 10-foot pole, or any Elon Musk related stocks 
12:35 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
14:35 ITM Mailbag: MDA Space (MDA) 
18:20 BCE stock (BCE) 
23:20 Blackberry stock (BBY)
26:10 CAE stock (CAE) 
29:10 FedEx stock (FDX) 
32:20 Campbell’s (CPB)
34:30 Nike (NKE)
38:20 Paul’s Past & Pro Picks ( GOOGL, SYK, CNQ, META, MSFT, EL)  

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
questions@inthemoneypod.com
DISCLAIMERS 
The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

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

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

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

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licenso...

A year ago, Bob Thompson called commodities the trade of the decade. Since then, silver miners, energy stocks and commodity-focused funds have delivered massive gains. But with gold down sharply from its highs, oil rolling over and investors questioning whether the trade has become too crowded, is it time to take profits—or is this just a correction within a much bigger bull market?
In this episode, Bob Thompson of Thompson Investment Partners explains why he still believes we're in the early innings of a long-term commodities supercycle despite the recent weakness. He walks through his famous "Mining Clock" framework, outlines where he believes we are in the commodity cycle, and explains why gold, silver, copper and oil all remain strong two years from now. He also shares why the real risk may be hiding in technology stocks, where he sees echoes of previous market bubbles and growing signs that the capex cycle is nearing a dangerous stage.
In the Mailbag, Bob breaks down why he believes the recent collapse in oil prices is a short-term positioning event rather than the end of the energy bull market. He discusses physical gold and silver ETFs, explains how he identifies capitulation bottoms, and shares his outlook on several investor favourites including Lundin Gold (LUG) and Altius Minerals (ALS). He also discusses why management quality matters more than ever in the resource sector and where he sees the best opportunities emerging as sentiment deteriorates.
Bob revisits last year's winning ideas, including the Sprott Silver Miners & Physical Silver ETF (SLVR), the Dynamic Active Mining Opportunities ETF (DXMO), and the Ninepoint Energy Fund—all of which have delivered strong returns since his last appearance. He then unveils three new high-conviction ideas: the Fidelity Global Value Long Short ETF (FGLS), which he views as portfolio insurance against a potential tech unwind; Nutrien (NTR), a beaten-down agriculture leader he believes is positioned for the next commodity cycle; and the iShares MSCI Brazil ETF (EWZ), which offers exposure to one of the cheapest major commodity-producing markets in the world.
Timestamps
00:00 Trailer 
02:10 Intro
03:39 Bob Thompson returns to the podcast
04:18 Did commodities move too fast?
05:22 Why investors are still underallocated
07:51 Gold’s pullback and what it means
09:20 Why gold is falling now
11:37 How to think about portfolio allocation
13:24 What could signal a bottom in gold and silver
16:33 What is the mining clock?
18:43 Mining cycle stages: 4 o’clock to 6 o’clock
21:03 Mining cycle stages: 7 o’clock to 8 o’clock
22:57 Mining cycle stages: 11 o’clock to 12 o’clock
24:33 The mining clock as a credit clock
26:23 Time arbitrage and the two-year investing test
28:11 Rapid fire: bullish or bearish in two years?
28:50 Hamilton Enhanced Mixed Asset Allocation ETF-MIX 
30:53 ITM Mailbag: Oil prices, geopolitical premium, and the supply story
37:26 Entry points for physical gold and silver
39:11 Lundin Gold: why Bob likes it (LUG)
43:06 Altius Minerals: royalty business strength (ALS)
49:33 Bob’s Pro Picks: FGLS, NTR, EWZ

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
questions@inthemoneypod.com
DISCLAIMERS 
The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

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

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

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

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for us...

The AI boom is being financed with debt—and the numbers are staggering.
The world's biggest tech companies are spending hundreds of billions of dollars to build the infrastructure behind artificial intelligence. But while investors focus on the stocks, Brian Carney, Portfolio Manager at Mawer Investment Management, is watching the credit markets—and he sees risks most investors are ignoring. 
On this episode, Brian, who manages the Mawer Global Credit Opportunities Fund explains why Alphabet, Amazon, Meta, Oracle and others are becoming some of the largest borrowers in the world, why credit markets may be underpricing risk, and why he believes we're getting closer to a "reckoning" after years of easy money and aggressive lending. He also shares why he's skeptical of parts of the private credit market, what surprised him about SpaceX's investment-grade rating, and why the next big opportunity could emerge when investors least expect it.
Brian also makes the case that investors are too complacent about America's fiscal situation. With deficits running at historically elevated levels and government debt continuing to climb, he argues the bigger risk may not be a U.S. default—but a shift in investor sentiment that forces borrowing costs higher. What happens if investors start demanding more compensation to finance Washington's spending? And what could that mean for stocks, bonds, and the broader economy?

In Pro Picks Brian shares three high-conviction bond ideas, including AI infrastructure player CoreWeave, fertilizer producer FMC Corp, and energy company Continental Resources. He breaks down where he's finding attractive yields, how he's assessing downside risk, and why he's keeping dry powder ready for a potential market dislocation.
Whether you're an equity investor, bond investor, or simply trying to understand how AI is reshaping global capital markets, this conversation offers a perspective you won't hear often.
Timestamps
00:00 Trailer
02:15 Intro 
04:30 Mawer’s credit opportunities fund 
06:45 We’re on the verge of a reckoning in the credit markets
10:25 What the spreads are telling us
12:25 The debt-fuelled AI funding boom
16:45 Will the spending pay off? 
18:35 The question about who wins less important for credit investors
20:15 Where does the money come from to meet the unprecedented demand?
22:15 Does SpaceX’s investment grade rating make sense? 
26:25 Hamilton Enhanced Mixed Asset Allocation ETF-MIX
28:25 Any signs of strain in the CDS market? And why Carney’s portfolio is low on tech
31:55 The inflation question
35:25 How Carney is mitigating risk in the portfolio 
37:25 The debt & deficit situation in the U.S. is out of control
43:10 Brian’s Pro Picks
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
questions@inthemoneypod.com
DISCLAIMERS 
The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. 

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

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

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

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