John Zechner has seen this movie before — and when everyone’s on
the same side of the trade, he starts looking the other way.
The Chairman & Founder of J. Zechner Associates joins Amber
Kanwar to break down how he’s positioning his portfolio in a
market driven by noise, geopolitics, and crowded trades. From
calling the recent energy shock a potential “9/11-type” shift in
investor psychology to arguing that markets are still mispricing
long-term risks, Zechner lays out why being contrarian today
could pay off tomorrow.
He explains why he’s adding selectively to oil while staying
disciplined on position sizing, why gold still has a strong
long-term case despite recent volatility, and why Canada could
benefit from a renewed focus on energy security. At the same
time, he’s taking the other side of the AI trade—rotating out of
semiconductors and into beaten-down software names like Adobe
(ADBE), Salesforce (CRM), and Shopify (SHOP), where valuations
have reset and expectations are low. He also shares why he’s
avoiding private equity and bank stocks for now, pointing to
lingering risks that the market may be underestimating.
In the mailbag, Zechner weighs in on Fairfax Financial (FFH.TO),
Cameco (CCJ), the Canadian telecom sector, his favourite Canadian
utilities, and WSP Global (WSP.TO). He cautions against paying a
premium for Fairfax’s investment track record, says Cameco
remains a strong uranium franchise but an expensive one, and
argues there is emerging value in parts of telecom even as he
warns Telus (T.TO) may need to cut its dividend. He also
highlights select Canadian utilities for their defensive appeal
and discusses how to think about WSP Global as a quality name in
a market where investors may need to look beyond the obvious
winners.
In Pro Picks, Zechner first revisits his past picks: Cenovus
Energy (CVE), Maple Leaf Foods (MFI.TO), and Uber (UBER). He then
gets into his current top ideas: Premium Brands (PBH.TO), Oracle
(ORCL), and the Sprott Physical Uranium Trust (U.U / SRUUF).
Together, the picks reflect the broader message of the interview:
the best contrarian opportunities may be in quality names where
sentiment is still skeptical, valuations are more reasonable, and
consensus is no longer as reliable as it once seemed.
Timestamps
00:00 Trailer
02:40 Intro
05:40 What is John doing in the portfolio?
07:40 The energy question? What happens after the war?
11:00 Why aren’t we seeing a rip your face of rally in energy
stocks?
15:00 Why John thinks the fundamental story in gold is still in
tact and what he’s buying
19:50 Has the tech sector suffered enough? Why John is snapping
up software names
27:00 John says private equity/credit problems are far from
over
30:50 John has almost no banks exposure
34:55 ITM Mailbag: Fairfax Financial stock (FFH)
37:25 Cameco stock (CCO)
38:40 Canadian telcos
43:00 Canadian Utilities, Capital Power stock (CPX)
47:00 WSP Global stock & infrastructure (WSP, ATRL)
49:40 John’s Pro Picks (Past: CVE, MFI, UBER, PBH, ORCL, U.U)
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. For more
information on ATB Cormark Capital Markets visit
https://ATB.com/inthemoney
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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. In this episode we discuss
Fairfax Financial, Constellation Software and Telus which are
stocks Amber owns.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. 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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