In this episode of In the Money with Amber Kanwar, Amber sits
down with Brent Joyce, Chief Investment Strategist and Managing
Director at BMO Private Investment Counsel, who oversees $50
billion in assets. They unpack the recent market volatility,
driven largely by tariffs, and explore what investors need to
know in a rapidly shifting macro landscape.
Brent explains why sharp market corrections—like a 10% drop—are
not only normal but the “price of admission” for equity
investors. He draws insightful comparisons between today’s
environment and past crises, making the case that what we’re
experiencing now has more in common with COVID than with the
dot-com bubble or the 2008 financial crisis. Rather than calling
it American exceptionalism, Brent argues that it’s global
business success simply headquartered in the U.S., and why that
distinction matters.
He also makes a strong case for Canadian equities, pointing to
their global reach, attractive valuations, and solid
dividends—arguing that Canada may be one of the most overlooked
markets right now. On the fixed income side, Brent breaks down
why bonds are still an essential part of a balanced portfolio,
and he points out why the European market is one to watch but not
get too carried away.
Ultimately, Brent urges a defensive but steady approach: stay
invested, stay diversified, and don’t let the noise knock you off
course. If you want clarity, strategy, and perspective on where
the markets might go next, this episode delivers.
Timestamps
00:00 Show intro
01:20 Amber welcomes Brent Joyce
02:20 How did Brent know the market would rebound?
03:30 Why this time is more like the covid crash than the dot-com
bubble or GFC
07:00 Why Brent believes in global exceptionalism not American
exceptionalism
09:00 Why Brent is still bullish on the U.S. market
10:50 Is a recession on the horizon?
13:15 Break: Amber speaks to the CEO of Raymond James Canada
about how the company is helping clients navigate volatility and
change
15:35 Brent’s inflation expectations
17:30 Is the Fed behind the curve?
18:30 How will the trade war impact the Canadian economy?
19:50 Pro Picks
33:30 ETF Minute: CI’s new Solana ETF
Sponsors
This episode is sponsored by BMO InvestorLine. Open a new BMO
InvestorLine account, and you could receive up to $3,500 cash
back. It’s a great way to jumpstart your investment plan.
Learn more at
https://bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16
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. With $62 billion in
assets, ATB Financial is powering possibilities for more than
820,000 financial services clients in Alberta and beyond. Visit
https://ATB.com/inthemoney for more information.
ETF Minute is brought to you by CI Global Asset Management. Find
out more about the new CI Galaxy Solana ETF here:
https://funds.cifinancial.com/en/funds/alternative_investments/CIGalaxySolanaETF.html?currencySelector=1&seriesId=47440?cid=inthemoney_podcast_052025-en_CIGAMGalaxySolanaETF2025
= And learn more about CI’s digital assets here:
https://www.cifinancial.com/ci-gam/ca/en/investment-solutions/cryptocurrency.html?cid=inthemoney_podcast_052025-en_CIGAMGalaxySolanaETF2025
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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.
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BMO Private Wealth is a brand name for a business group
consisting of Bank of Montreal and certain of its affiliates,
including BMO Private Investment Counsel Inc., in providing
private wealth management products and services. Not all products
and services are offered by all legal entities within BMO Private
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of the Canadian Investment Regulatory Organization.
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Montreal, used under licence.
The content of this presentation is for informational purposes
only and does not constitute financial investment, legal, tax,
accounting, or other professional advice and should not be relied
upon in that regard. The views expressed by the host and guest
are their own, are subject to change without notice and do not
necessarily reflect the opinions of any organization or company.
The host and the guest and Bank of Montreal and its affiliates
and/or their respective officers, directors or employees may
maintain positions in any securities referenced in the
presentation. The information presented is intended for Canadian
residents only and does not constitute an offer to buy or sell or
an invitation or solicitation to do so regarding any securities
or other product, service or information to anyone by anyone,
including in any jurisdiction in which an offer or solicitation
is not authorized or cannot be legally made or to any person to
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BMO Private Wealth and BMO InvestorLine Inc. do not accept
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