“Patience is a virtue—sometimes the best trade is the one you
don’t rush.” On this episode of In the Money with Amber Kanwar,
Jimmy Lebenthal, Chief Equity Strategist & Partner at Cerity
Partners, makes the case for looking where others aren’t. He
explains why patience still wins, how to navigate “parabolic”
markets, and why he’s still putting fresh money to work in names
like Cisco (CSCO)—a stock he’s owned for over a decade that’s now
finding new life in the AI buildout. He also shares lessons from
his new book, How to Ride the Subway: Getting Around on Wall
Street and in Life, including why sometimes the best strategy is
simply staying on the train.
He also dives into the most debated corner of the market right
now: software. Lebenthal explains why he’s actively adding to
names like Microsoft (MSFT), Adobe (ADBE), Salesforce (CRM), and
ServiceNow (NOW), arguing the market may have overreacted to AI
disruption fears and created opportunity in high-quality
businesses with strong cash flow and buyback support.
In the Mailbag, Lebenthal breaks down a wide range of stocks and
sectors, including why he’s avoiding Lululemon (LULU) despite the
selloff, his outlook on Disney (DIS) as a potential turnaround
story, and how he’s thinking about banks—comparing Citigroup (C)
and JPMorgan (JPM). He also weighs in on Dell (DELL) after its
recent surge and shares his broader view on energy markets and
global supply dynamics.
In Pro Picks, Lebenthal sticks with high-conviction ideas. He
highlights Cisco (CSCO) as a long-term compounder tied to AI
infrastructure demand, Cheniere Energy (LNG) as a key beneficiary
of the global LNG expansion, and AbbVie (ABBV) as an attractive
opportunity in a lagging healthcare sector with strong cash
flows, a growing pipeline, and a compelling valuation.
Timestamps
00:00 Trailer
02:10 Intro
03:45 Value, patience and growth at a reasonable price
06:30 What prompted Jimmy to write his book: Riding the Subway:
How to Get Around on Wall Street And Life
07:40 Using Cisco as an example of Jimmy’s investing style
(CSCO)
16:25 This is like 1997 not 1999
18:50 Jimmy is putting dollars to work in software
25:25 Jimmy can’t get behind U.S. housing yet
28:00 Is healthcare a value trap?
30:00 Being okay with FOMO
35:00 Hamilton ETFs: MIX
37:05 ITM Mailbag: Lululemon stock (LULU)
38:50 Energy stocks
44:50 Disney stock (DIS)
47:45 Citigroup & JP Morgan (C, JPM)
49:50 Dell stock (DELL)
51:15 Jimmy’s Pro Picks (CSCO, LNG, ABBV)
Sponsors
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
The mailbag is sponsored by Hamilton ETFs. For more information
on the Hamilton Enhanced Mixed Asset Allocation ETF visit:
https://hamiltonetfs.com/etf/mix/
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Morgan which is a stock Amber owns.
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