What did two summers as a prison guard teach John Ewing about
shareholder activism? A lot, it turns out. Before co-founding
Ewing Morris Investment Partners, Ewing learned how to stay calm
under pressure, exert influence without force, and solve problems
without escalating conflict. In this episode of In the Money with
Amber Kanwar, he explains how those early lessons shaped his
low-drama, high-conviction approach to engaging with
management—and unlocking hidden value.
John breaks down his unique philosophy: why he avoids mega-cap
tech and prefers small and mid-cap North American stocks that
offer misunderstood value. Learn how he applies private
equity-style thinking to public markets digging into balance
sheets, calling suppliers, and even walking factory floors to
spot undervalued opportunities.
From early activist wins like ZCL Composites to recent battles at
Parkland (PKI.TO) and InterRent (IIP.UN.TO), John shares
the inside scoop on Canadian shareholder engagement, the
importance of aligned boards, and why Canada is an ideal market
for activism. In the mailbag: John weighs in on undervalued
Canadian REITs like Primaris (PMZ.UN.TO), the shake-up at
InterRent, and whether he’s bullish on Mattr Corp (MATR.TO),
Computer Modelling Group (CMG.TO), or Red Cat Holdings (RCAT).
Plus, why he stays away from balance sheet-heavy lenders like
GoEasy (GSY.TO) and Propel (PRL.TO).
Then, it’s time for his Pro Picks - three high-conviction
small-cap stocks he’s buying now: Latham Group (SWIM): A pandemic
darling turned comeback story in fiberglass pools, Driven Brands
(DRVN): The quiet winner in auto quick-lube services with
scalable unit economics and Minto Apartment REIT (MI.UN.TO): A
potential take-private candidate trading at a steep NAV discount.
If you’re looking to invest with conviction, understand activism
without the headlines, or simply want to discover under-the-radar
stocks with long-term potential - this episode is packed with
actionable insights.
Timestamps
00:00 Show intro
02:00 John Ewing’s investing style in small and mid-cap
stocks
04:30 The evolution of John’s activist investing
06:00 What John learned from his summer job as a prison
guard
08:00 John’s first activist campaign
11:00 John’s thoughts on the outcome with Parkland
16:00 Are companies getting more sophisticated in dealing with
activists?
19:00 How does macro fit into his approach?
20:00 ITM Mailbag: What does John think about the shake-up at
Interrent (IIP.UN)
24:25 Does John still own and like Mattr? (MATR)
27:55 John’s opinion on Computer Modelling Group (CMG)
34:00 How do site visits help John evaluate a business?
36:20 Why John likes Primaris REIT
41:15 Why John stays away from names like goeasy
42:40 Why John isn’t interested in a name like RedCat
Holdings
44:50 John’s Pro Picks
Sponsors
This episode is sponsored by BMO InvestorLine. Learn more at
https://wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit raymondjames.ca today to
discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
ATB.com/inthemoney for more information.
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In the Money delivers expert stock picks, market analysis, and
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Kanwar, each episode features interviews with top portfolio
managers and financial experts. Covering everything from ETFs and
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and risk management, this show is made for DIY investors, stock
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