Inflation is reshaping global markets, and Canada may be uniquely
positioned to benefit. Veteran value investor Kim Shannon,
Founder and Co-Chief Investment Officer of Sionna Investment
Managers, believes we're only five years into an inflationary
cycle that could last another 15 years or longer. History
suggests Canadian stocks have a significant advantage in this
environment. When inflation rises above 4%, Canada has
historically outperformed the U.S. by an average of 8%. After
correctly predicting the TSX would outperform the S&P 500
last year, Shannon explains why she believes the golden era for
value investing is far from over, why rising bond yields could
put pressure on expensive growth stocks, and where she's finding
opportunities in Canadian equities despite the market's
impressive rally.
In the Mailbag, Shannon weighs in on whether Cenovus Energy
(CVE.TO) still has room to run after doubling in value, whether
Canadian energy stocks can continue their rally, and if Canadian
banks like Bank of Nova Scotia (BNS.TO) and TD Bank (TD.TO) have
become too expensive. She also discusses why Fairfax Financial
(FFH.TO) could offer significant upside, whether Berkshire
Hathaway (BRK.B) remains attractive, the AI disruption fears
weighing on engineering firms WSP Global (WSP.TO) and Stantec
(STN.TO), and whether rising bond yields are creating
opportunities in pipelines and telecom stocks.
In Pro Picks, Shannon reveals three Canadian stocks she believes
offer significant upside in an inflationary world. She's sticking
with Barrick Mining (ABX.TO), a pick from last year that's
already gained 47%, but which she believes remains deeply
undervalued thanks to one of the world's most promising gold
discoveries. She's also finding opportunity in the wreckage of
the AI-driven software selloff, making the case for CGI
(GIB.A.TO), and sees a potential turnaround in beaten-down
utility Algonquin Power & Utilities (AQN.TO), which she
believes could climb from roughly $7 to $12 a share. Plus, we
revisit her stellar picks from last year, including Bank of Nova
Scotia (BNS.TO), up 52%, and Cenovus Energy (CVE.TO), which has
doubled, to see what's behind those gains and whether there's
still upside ahead.
Timestamps
0:00 Trailer
2:15 Intro
2:55 Is it still a golden era for value investors?
6:27 How inflation affects value stocks and Canadian equities
8:22 Is Canada still cheap after its recent gains?
9:36 Bond yields, stagflation, and market risk
12:48 Value investing, dividends, and income
15:51 ITM Mailbag: Is Cenovus still a buy? (CVE)
19:36 Cenovus, oil supply, and Canada’s energy outlook
22:05 Canadian bank valuations and portfolio positioning (TD,
BNS)
26:13 Life insurers and Fairfax (FFH)
29:10 Berkshire Hathaway and Kim’s Warren Buffett story (BRK.B)
33:37 Engineering stocks, AI, and value traps (WSP, STN)
37:11 Pipelines: opportunity or caution?
38:53 Past & Pro Picks: (ABX, GIB.A, AQN)
53:57 The Closing Bell: Kim’s favourite ways to unwind
55:51 Episode wrap-up and what’s next
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In the Money delivers expert stock picks, actionable ideas, and
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