Prime Minister Mark Carney declared a new world order at Davos
this week, what does that mean for your money? In this episode of
In the Money with Amber Kanwar, Amber sits down with David
Picton, CEO of PICTON Investments, Canada’s largest hedge fund,
to unpack what a shifting global order means for investors.
From the breakdown of the traditional 60/40 portfolio to the
growing role of alternatives, Picton argues that investors are
navigating a fundamentally different market regime. He explains
why stocks and bonds no longer provide the diversification they
once did, how inflation and massive fiscal spending are changing
correlations, and why portfolio construction now matters as much
as individual security selection. Picton outlines a He outlines
his firm’s 40/30/30 framework blending equities, bonds, and
alternatives for a more flexible, total-portfolio approach that
treats assets as return streams rather than rigid categories — an
evolution he believes is essential as volatility, policy
uncertainty, and global fragmentation reshape markets.
In Pro Picks, Picton highlights Rocket Companies (RKT) as a
high-conviction idea that reflects his firm’s framework. He
explains why Rocket’s scale, data advantage, and aggressive use
of AI position it to benefit from consolidation in the U.S.
mortgage market, especially as refinancing activity eventually
returns and housing affordability becomes a political priority.
As a bonus, Picton also discusses why his firm is increasingly
cautious on big-cap technology, arguing that the easy phase of
the AI trade is over and that selective short exposure may now
play a role as winners and losers begin to separate.
Timestamps
00:00 Show Trailer
02:00 Intro
05:50 David Picton’s early journey
07:25 Picton’s total portfolio approach and the importance of
alternatives
12:00 60/40 doesn’t work anymore, Picton’s is 40/30/30
13:50 A new world order and new world investing order
15:50 The reality of being a hedge fund manager
17:30 Expect a broadening of the rally
20:00 Picton’s investing outlook for 2026
25:10 Watching the bond market and where do investors go for a
return?
27:20 Gold & gold stocks
32:00 Energy & energy stocks
33:15 Using hedging strategies
35:20 Maybe there is some method to Trump’s madness
37:00 The sell America trade
40:00 More on Picton’s alternative strategy
43:20 The real estate question
44:40: Picton’s Pro Picks (RKT + bonus)
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
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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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