In this episode of In the Money with Amber Kanwar, Amber sits
down with Mike Vinokur of Propellus Wealth Partners which is part
of iA Private Wealth, who’s taking a rare and defensive stance:
holding a staggering 37% of his equity portfolio in
cash. In a world where investors chase returns and FOMO
dominates market behaviour, why is this seasoned money manager
pumping the brakes?
Mike unpacks the strategy behind his cash-heavy position, citing
market froth, valuation risks, and a fundamental belief that cash
is no longer "trash"—especially when it earns over 4% risk-free.
From U.S. exceptionalism to Canadian real estate risk, and from
tech euphoria to the dangers lurking in private equity, this
episode offers a wide-ranging, no-nonsense look at where things
stand—and where they might be headed.
He answers questions straight from the mailbag and doesn’t hold
back on what he thinks could derail—or reignite—markets in 2025.
The pair discuss names like Brookfield, Fairfax Financial,
Cummins and Uber. They also talk about BCE’s hot-button dividend
and the high-stakes drama at Parkland where Mike is a
shareholder.
Plus, Mike shares his top “Pro Picks”: Alphabet,
Air Lease, and Lincoln
National—three stocks he believes offer real long-term
upside in a challenging market.
Whether you're a cautious investor or a risk-on trader, this
episode delivers the kind of insight that could make or save you
money.
Timestamps
00:00 Show Intro
02:45 Amber welcomes Mike Vinokur and finds out why he’s sitting
on a pile of cash right now
06:30 History tells us that valuations matter
08:45 Did Mike buy recent dips?
11:30 Why Mike isn’t convinced this is the end of U.S.
exceptionalism
13:30 Why Mike thinks Canada is going into a recession
15:40 Will a slowdown in real estate impact the stock
market?
17:30 Where are we in the economic/market cycle?
19:45 ITM Mailbag: How does Mike feel about the Brookfield web of
companies? (BN.TO, BAM.TO)
23:35 Mike’s thoughts on Fairfax Financial? (FFH.TO)
25:30 What is Mike’s take on engine-maker Cummins?
(CMI.NYSE)
27:25: Break: Amber speaks to Raymond James Canada CEO Jamie
Coulter about navigating volatile U.S.-Canada ties
29:55 Why Mike likes Uber, but there may be headwinds with the
stock (UBER.NYSE)
34:00 Mike’s thoughts on BCE’s dividend (BCE.TO)
37:50 Mike’s view on Financial 15 Split-Corp (FTN.TO)
41:04 Mike’s thoughts on the Parkland drama as a shareholder
(PKI.TO)
44:20 Mike’s Pro Picks
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 bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16
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. With $62 billion in
assets, ATB Financial is powering possibilities for more than
820,000 financial services clients in Alberta and beyond. Visit
ATB.com/inthemoney for more information
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DISCLAIMERS
The information provided in this podcast is for informational
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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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is not intended to provide legal, investment, accounting or tax
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the content and hereby disclaims any liability with regards to
the same.
In the Money delivers expert stock picks, market analysis, and
timely investing insights. Hosted by business journalist Amber
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
market enthusiasts, and anyone looking to sharpen their financial
strategy.
Contact: questions@inthemoneypod.com
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