Episode 81
The Trump Trade is shaping the market right now. In this episode of In the Money with Amber Kanwar we sit down with Infrastructure Capital Management CEO Jay Hatfield to break down how the current wave of tariffs, deregulation, and government-backed investing is moving markets — and creating opportunities — in surprising places. From Washington’s national security bets to Silicon Valley’s political flip, this episode unpacks what the “Trump trade” means for stocks, sectors, and your portfolio.
Hatfield explains why America’s push into strategic industries like resources, chips, and AI is creating clear winners — and how to position yourself without getting caught in the hype. He also shares how “the Trump effect” is reigniting deal-making, unlocking private equity, and fueling what could be the next multi-year bull run.
From private equity giants to fast food staples, Jay takes listener questions on Brookfield (BN) vs. BlackRock (BLK) and whether private managers will dominate North American infrastructure. He breaks down why McDonald’s (MCD) could be a steady play for 2026, Pepsi (PEP) may have more upside after activist pressure from Elliott Management, and how Kimberly-Clark’s (KMB) deal for Kenvue (KVUE) could still deliver gains. Plus, his candid take on long-suffering Pfizer (PFE), why he trimmed his position in Broadcom (AVGO), utility players NextEra and Vistra (NEE, VST) and how to approach regional banks like Fifth Third (FITB) amid some credit fears.
In Pro Picks, Jay lays out his top “Trump trade” plays — KKR (KKR) and Apollo (APO) — benefit directly from deregulation, renewed M&A activity, and a friendlier environment for private capital. He’s still bullish on Amazon (AMZN) as a cost-cutting story with cloud upside, and sees big opportunity in Marvell (MRVL), a cheaper AI chip play that’s been unfairly punished.
Recorded on: Tuesday November 4th, 2025
Timestamps
00:00 Show intro
02:15 The Trump Administration is buying stakes in U.S. stocks, why, and what does it mean for the market?
05:15 Why this creating a bubble may not actually be a bad thing
08:25 If AI has the backing of the U.S. government does that make valuations less worrying?
11:10 Why tech makes up only a small portion of Jay’s portfolio
16:10 Is it time to look outside of the AI trade?
17:30 Is OpenAI an under appreciated risk?
19:30 Where are rates headed?
22:20 ITM Mailbag: Brookfield or Blackrock? (BN, BLK)
23:40 Mcdonald’s stock (MCD)
26:40 Pepsi stock
29:00 Kenvue & Kimberly Clark (KVUE, KMB)
31:40 Pfizer stock (PFE)
36:30 Broadcom stock (AVGO)
37:50 NextEra & Vistra (NEE, VST)
41:40 Fifth Third Bancorp (FITB)
44:15 Jay’s Pro Picks ( KKR, APO, AMZN, MRVL)
Sponsors
For 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 an
Published on 11 hours ago
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