In this special episode, we unpack what a Mark Carney-led Liberal
minority means for Canadian investors — from markets and monetary
policy to energy and geopolitical strategy.
First, Frances Horodelski kicks off with a sharp
overview of how the political shift is landing with Bay Street
and what the new government signals for confidence and capital
markets.
Then, Jim Thorne of Wellington-Altus dives deep
into the global economic context — including structural shifts,
U.S. relations, and Canada's place in a rapidly changing world.
He explores what investors should watch for in policy, growth
sectors, and geopolitical risk.
Finally, oil and gas investor Eric Nuttall
doesn’t hold back. He shares his unfiltered views on the energy
sector under Carney, the fading relevance of net-zero rhetoric,
and why Canadian resource stocks could thrive — or suffer —
depending on what happens next in Ottawa.
Whether you're managing your portfolio or just trying to make
sense of the headlines, this episode delivers key insights you
won't want to miss.
Subscribe for more sharp takes on markets, politics, and
your money.
Timestamps
00:00 Show Intro
02:00 Amber welcomes Frances Horodelski
05:50 What does Mark Carney mean for U.S.-Canada
relations
07:50 Why does Frances likes the Canadian market right now + her
expectations for the Loonie
11:20 Why Frances doesn’t have conviction right now and what is
the turning point?
16:05 Break: Amber speaks to the CEO of Raymond James Canada
about the company’s deep Canadian roots
17:50 Amber welcomes Jim Thorne and he tells us why he believes
Mark Carney is the right guy for the job, but liberal policies
have to change
21:30 Can Canada become a hard power in energy and natural
resources?
23:00 How is Jim viewing U.S.-Canada relations as someone who has
spent a number of years working in the U.S.
26:00 What does a change in the global world order and
U.S.-Canada ties look like 5 years from now?
31:30 Jim’s thoughts on what Prime Minister Carney might be
willing to give up to President Trump
33:30 Jim’s thoughts on Canadian & U.S. banks
39:20 Did Jim’s investing view change on the back of the
election?
42:15 Amber welcomes energy investor Eric Nuttall and asks how
he’s feeling about the election outcome
44:00 Why so much in the energy space is to be determined
46:30 How will Nuttall’s concern about Mark Carney show up in his
investments
49:10 Why Eric is still bullish on energy, specifically natural
gas, but reducing oil exposure
55:10 Eric’s thoughts on Trump’s ‘drill baby drill’
57:00 What happens with production in Canada?
58:35 What does the risk of an emissions cap mean for energy
stocks?
1:00:00 What does Eric think about highly recommended stock
Canadian Natural Resources (CNQ.TO)?
1:02:10 Eric’s Past Picks and new 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
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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
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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.
BMO DISCLAIMER
Terms and conditions apply. BMO InvestorLine is a wholly owned
subsidiary of Bank of Montreal. Member – Canadian Investor
Protection Fund and Member of the Canadian Investment Regulatory
Organization.
The opinions and views expressed in this presentation are those
of the presenter and not necessarily BMO InvestorLine Inc. This
presentation is prepared as a general source of information and
is not intended to provide legal, investment, accounting or tax
advice, and should not be relied upon in that regard. If legal or
investment advice or other professional assistance is needed, the
services of a competent professional should be obtained. Any
information contained in this presentation does not constitute
and shall not be deemed to constitute advice, an offer to
sell/purchase or as an invitation or solicitation to do so for
any entity. The content of this presentation is based on sources
believed to be reliable, but its accuracy cannot be guaranteed.
BMO InvestorLine Inc. and its affiliates, sponsors and employees
do not accept responsibility for the content and makes no
representation as to the accuracy, completeness or reliability of
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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