Cole Smead is back—and doubling down. The outspoken U.S. fund
manager returns to In the Money with Amber Kanwar to explain why
he's still bullish on Canadian energy stocks despite investor
apathy, volatile oil prices, and political headwinds.
He breaks down the major disconnect between market perception and
industry fundamentals, explains why Canadian oil stocks are "a
buy across the board," and unveils his theory of consolidation:
“Who’s your daddy?” From Strathcona’s move on MEG to a wild
forecast that Cenovus could end up with Suncor, Cole doesn’t hold
back.
Smead tackles listener questions on some of the most talked-about
names in the oil patch. He gives his take on Whitecap
(WCP.TO), discusses whether Baytex
(BTE.TO) or Athabasca (ATH.TO) are
M&A targets, and why Imperial Oil (IMO.TO)
has worked—despite his skepticism about its dividend strategy. He
also breaks down CNQ (CNQ.TO)’s place in the
market as a go-to for generalist investors.
He brings back two of his highest-conviction ideas from
March—Strathcona Resources and Cenovus
Energy (CVE.TO)—and adds a new one: Glencore
(GLEN.L). He’s confident the MEG deal will close and
sees Strathcona as a future consolidator of the Canadian oil
patch. While Cenovus has underperformed, he believes it's
undervalued and could be in play soon. And for broader commodity
exposure, he likes Glencore—a global play on commodities,
specifically coal, that he sees as well-positioned to outperform
stocks over the next decade.
Timestamps
00:00 Show intro
02:05 Cole says people don’t understand what’s happening in the
Canadian energy market
04:30 Why Cole calls this the ‘low T era’
08:00 Cole’s theory of consolidation: Who’s Your Daddy?
10:00 Does Cole spend much time thinking about where oil prices
should be relative to where they are?
16:00 Cole on what Carney means for the oil patch
17:50 Cole’s take on Strathcona’s bid for MEG Energy
22:25 Why Cole thinks commodities will beat stocks over the next
10 years
25:40 ITM Mailbag: Cole’s thoughts on Whitecap (WCP.TO)
29:35 Is Baytex (BTE.TO) the next acquisition target?
31:55 Is Athabasca Oil (ATH.TO) the next takeover target?
34:45 Will CNQ ever get a bid?
39:20 Why Cole likes Imperial Oil (IMO.TO)
43:10 Are natural gas stocks a buy?
44:00 Cole’s Pro Picks
1:00:20 Goodbye & coming up
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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
Canadian stocks to global investing trends, dividend strategies,
and risk management, this show is made for DIY investors, stock
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