What happens when you strip away the hype and put some of the
market’s most beloved stocks under a cold, analytical microscope?
In this episode of In the Money with Amber Kanwar, Amber is
joined by Sam LaBell, Portfolio Manager at Veritas Asset
Management, for a brutally honest reality check on what investors
own — and why some of those positions may be riskier than they
look.
Sam digs into how investors should think about today’s biggest
macro risks, from tariffs and geopolitics to slowing growth and
stretched valuations, and explains why owning “popular” stocks
can quietly increase risk rather than reduce it.
Sam also shares his view on gold, arguing that the rally still
has legs as central bank demand and investor flows remain
supportive — but that this stage of the cycle demands discipline,
even as gold stocks remain undervalued despite a massive run.
In the Mailbag, Sam weighs in on Barrick Mining (ABX) and whether
activist involvement can unlock further value, Bombardier (BBD.B)
after a massive run, and Fairfax Financial (FFH) — explaining why
the stock was attractive when returns on equity were improving,
but why softer insurance conditions and today’s valuation now
change the risk-reward. He also walks through his evolving view
on Constellation Software (CSU), where AI introduces long-term
uncertainty investors can’t yet model, and shares his perspective
on Canadian telecoms including Rogers Communications (RCI.B), BCE
(BCE), and TELUS (T).
Sam also explains why he’s short Shopify (SHOP) — not because the
business is broken, but because expectations remain extreme and
even a modest slowdown in growth could pressure the stock, making
risk management essential.
In Pro Picks, Sam shares three high-conviction names he owns in
the portfolio: WSP Global (WSP), a global engineering and
consulting platform positioned to benefit from long-term
infrastructure spending; GE HealthCare (GEHC), a misunderstood
healthcare spinout with growing AI and software potential; and
Brookfield Infrastructure (BIP.UN), a defensive, cash-generating
business with steady growth and one of the cleanest accounting
profiles in the Brookfield universe.
Timestamps
00:00 Show trailer
02:10 Intro
05:50 Have we gotten to the point where we can ignore Trump’s
threats?
08:40 The U.S.-Canada relationship
10:40 U.S. exceptionalism is a global risk
12:00 Does the gold rally still have legs?
15:00 Understanding the buy and sell side at Veritas Asset
Management
17:50 Stock picking is a lot like gambling
18:20 Long and short strategies
21:50 ETF Minute: BMO Growth ETF (ZGRO)
23:00 ITM Mailbag: Barrick Mining stock (ABX)
31:50 Bombardier stock (BBD.B)
34:40 Fairfax Financial stock (FFH)
39:40 Constellation Software stock
50:00 Shopify stock
55:10 Rogers Communications stock (RCI.B)
58:00 Sam’s Pro Picks (WSP, GEHC, BIP.UN)
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.
ETF Minute is brought to you by BMO ETFs. Head to
https://www.bmoetfs.com to find out more about the BMO Growth ETF
(ZGRO)
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
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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 and Constellation Software- which are both stocks Amber
owns.
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