Bullish Brian Belski is back—and yes, he’s still bullish.
In this episode of In the Money with Amber Kanwar, the CEO &
Chief Investment Officer of Humilis Investment Strategies—fresh
off launching his own firm—explains why he still believes the
U.S. is the best stock market in the world, with Canada a close
second. Belski makes the case for an earnings-driven market where
stock picking, discipline, and long-term thinking matter more
than macro noise. He also explains why he’s underweight the MAG
7, why U.S. banks look unfairly punished, why risks are
building in private equity and private credit, and why that could
create a major opportunity in small- and mid-cap stocks.
He also addresses gold, saying while the rally has been
impressive, he is neutral rather than overweight. His view: when
gold’s performance gets this stretched, history suggests it tends
to underperform in the years ahead—so investors should be
cautious about chasing it here.
In the mailbag, Belski breaks down Lululemon (LULU) as a former
growth name now shifting into value, while explaining why he
exited Nike (NKE). He also discusses agriculture and industrial
exposure through Deere & Company (DE), Caterpillar (CAT) and
AGCO (AGCO), along with housing via KB Home (KBH). He also weighs
in on airlines including Delta Air Lines (DAL). On the Canadian
side, he highlights TELUS (T.TO) as his preferred telecom name,
pointing to its relative positioning within the group and
long-term stability, while also calling out Canadian consumer
strength—including why he loves Aritzia (ATZ.TO) as a long-term
growth story.
In Pro Picks, Belski sticks with high-quality, proven winners. He
highlights Costco (COST) as a core long-term compounder, Alphabet
(GOOGL) for its dominant platform and AI exposure, and Apple
(AAPL) as a name to lean into when sentiment weakens. He also
adds Spotify (SPOT) as a bonus idea.
If you think this bull market is over, Belski says you’re missing
the bigger opportunity.
Timestamps
00:00 Trailer
01:25 Intro
03:20 Brian Belski returns, this time after launching his own
shop
08:00 Brian’s investing approach at Humilis
10:00 Belski is still bullish, isn’t changing anything
13:30 Brian says the U.S. is the best stock market in the world,
Canada is #2
16:10 Why Brian is underweight the Mag7 and what he’s
buying
21:30 Brian is very negative private equity & credit
27:00 An earnings driven markets
29:20 Why Brian on gold and energy & Tesla
34:00 ITM Mailbag: Lululemon stock (LULU)
36:50 Agriculture stocks (CAT, DE, AGCO)
38:35 Telus & other telcos (T)
40:20 Aritzia (ATZ)
43:00 Delta Air Lines (DAL)
45:30 KB Home (KBH)
49:30 Brian’s Pro Picks (COST, GOOGL, AAPL)
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 talk about
Meta, NIKE, CNQ, and Apple which are all 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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