What happens when the war ends — and what is the market getting
wrong right now? Peter Boockvar, Chief Investment Officer at One
Point BFG Wealth Partners, joins In the Money with Amber Kanwar
to break down what he sees as some of the most mispriced trades
in global markets. From oil to gold to global equities, Boockvar
argues that investors are too focused on short-term geopolitical
moves — and missing the bigger structural shifts already
underway.
He explains why even if the war de-escalates, oil prices are
unlikely to return to pre-war levels, laying out the case for a
higher floor driven by supply risk, global stockpiling, and a
world that’s rethinking energy security. From there, he expands
the conversation to a broader commodity bull market — including
gold’s evolving role as a global reserve asset, as well as
fertilizer and other critical inputs that could be
underappreciated. He also explains how this all fits into a
larger shift toward global markets and real assets.
At the same time, Boockvar warns that some of the most crowded
trades may be losing leadership. He breaks down why the AI trade
could be entering a new phase, why mega-cap tech like NVIDIA
(NVDA), Microsoft (MSFT) and Meta (META) are facing growing
pressure around capex and margins, and why investors should be
cautious extrapolating past returns. He also highlights risks
building in private credit — an asset class he says has yet to be
properly stress-tested — and why its expansion into retail
investors could create vulnerabilities if the cycle turns.
In Pro Picks, Boockvar shares how he’s positioning for what comes
next — focusing on commodities and real assets, specifically
fertilizer stocks, as well as global opportunities tied to
emerging market local currency bonds, with a way to play it
through the VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC).
He also points to consumer staples as his personal “pain trade,”
calling out Kraft Heinz (KHC) and Conagra Brands (CAG) as areas
that could surprise investors.
Timestamps
00:00 Trailer
02:30 Intro
05:10 As easy as war over, markets higher?
06:40 $80 oil is the new $60
09:25 Oil stocks will pullback but do well at $80 oil
10:50 Gold still in a bull market but gains will slow
15:00 Getting global exposure
18:10 The tech question & capex concerns
25:10 Concerns about private credit
34:40 Rates, central bank influence & bonds
41:10 Why did defence pull back when the war started?
42:30 Peter’s Pro Picks (fertilizer, consumer staples, local
currency bonds)
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 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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