“If tech was the best performer for 25 years because it took in
all the cash… what do you think happens when all the cash flows
into commodities and infrastructure?”
That’s the big question driving today’s conversation—and
according to Daniel Dreyfus, the answer could define the next
decade of investing. In this episode of In the Money with Amber
Kanwar, Daniel Dreyfus, Chief Investment Officer at Bornite
Capital, lays out his high-conviction thesis that we are in the
early stages of the largest capital spending cycle in modern
history. From AI-driven data centre demand to aging power grids,
critical minerals, and global supply chain reshoring, he explains
why trillions of dollars are now being redirected into real
assets—and why that shift could fundamentally reshape market
leadership.
Dreyfus walks through how he identifies “pinch points” across
supply chains, why he believes commodities like copper, oil, and
gold still have room to run, and how investors should think about
energy, infrastructure, and inflation in a world of rising
geopolitical risk and currency debasement. He also breaks down
why he sees Canada as one of the most compelling places to invest
in energy today, and what needs to happen for that opportunity to
be fully realized.
In Mailbag, Dreyfus weighs in on key viewer questions across
energy, natural gas, gold, copper, fertilizers, waste management,
and more—including his views on names like PrairieSky (PSK.TO),
Cenovus (CVE.TO), Tourmaline (TOU.TO), Paramount (POU.TO),
Barrick (ABX.TO), Hudbay (HBM.TO), Mosaic (MOS), GFL (GFL.TO),
and Pan American Silver (PAAS.TO).
In Pro Picks, he revisits past ideas like Cheniere (LNG), Ivanhoe
(IVN.TO), and Talen (TLN), and shares new high-conviction names
including Skeena Resources (SKE.TO) and Carpenter Technology
(CRS)—explaining where he sees asymmetric upside tied to this
massive capex cycle. If the last 25 years were defined by
capital-light tech dominance, this episode makes the case that
the next 25 could look very different.
Timestamps
00:00 Trailer
02:15 Intro
05:05 Still in an early commodity supercycle
12:45 Cash is flowing into commodities & infrastructure
15:15 What benefits the most from this thesis?
18:15 Dan’s view on Iran war & oil
22:15 Canada has to play a critical role to repair supply chains
- Hopeful that Canada can deliver
26:45 Canada is the most exciting place in the world to invest in
energy
29:45 Hamilton ETFs MIX
31:50 ITM Mailbag: Cenovus Energy stock (CVE)
32:45 Natural gas plays
35:15 Barrick Mining (ABX)
39:45 Hudbay Minerals & copper (HBM)
46:10 Mosaic (MOS)
49:05 GFL Environmental (GFL)
51:05 Silver stocks
53:45 Mirion Tech (MIR)
54:55 Dan’s Past & Pro Picks (LNG, IVN, TLN, SKE, CRS)
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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