Episode Details

David Burrows is back — and he’s bringing receipts. When he joined In the Money with Amber Kanwar last year, his call that Canada would behave more like a global market than a U.S. tech-heavy one went viral… and then it played out. Now, the Chairman & CIO of Barometer Capital Management, returns with the same message, only louder: the market is shifting — and the forces driving the new leadership are getting stronger. Burrows explains why investors may need to look beyond the familiar tech trade, and why commodities, financials, defence, and selective international exposure are increasingly doing the heavy lifting as we head deeper into 2026.

In the Mailbag, Burrows goes stock-by-stock across a packed lineup. He starts with JP Morgan (JPM), explaining why he still sees it as the best house in a financials-led neighborhood, then tackles TD (TD) after its massive run and why he’s wary of second-guessing a bull market in banks. From there, he goes global with Banco Santander (SAN), breaking down why it’s become a core holding and what investors miss when they only focus on the Canadian Big Five. He then digs into defence — including Kratos (KTOS) and AeroVironment (AVAV) — along with broader exposure through ETFs like iShares U.S. Aerospace & Defense ETF (ITA), Invesco Aerospace & Defense ETF (PPA), and iShares European Defence ETF (EUAD). In industrials, he weighs in on Canadian Pacific Kansas City (CP) and CN Rail (CN), plus Canadian names like Aecon (ARE) and TFI International (TFII), and explains why “broken charts” can remain traps without a true trend reversal. He also touches on mega-cap tech exposure through holdings like Alphabet (GOOGL), NVIDIA (NVDA), Broadcom (AVGO), and Lam Research (LRCX), before pivoting to healthcare’s improving breadth via the SPDR S&P Biotech ETF (XBI), leaders like Eli Lilly (LLY), and renewed momentum in Moderna (MRNA). He closes the mailbag with commodities, discussing Alamos Gold (AGI) and M&A chatter in miners Glencore (GLEN) and Rio Tinto (RIO), and why these cycles often last longer than investors expect.

In Pro Picks, Burrows revisits ideas that have already delivered — including JP Morgan (JPM), Fairfax Financial (FFH), and Agnico Eagle (AEM) — and explains why big gains don’t automatically mean it’s time to sell in a structural bull market. He then delivers a commodity-heavy set of high-conviction picks built for what he sees as the next phase of leadership: Hudbay Minerals (HBM) as a way to play tightening copper supply, Wheaton Precious Metals (WPM) for lower-volatility precious-metals exposure with silver leverage, and Headwater Exploration (HWX) as a low-cost way to position for energy catching a stronger bid. If last year was the preview, Burrows argues this year is the confirmation — the market’s centre of gravity is moving, and investors who adapt early can still be ahead of the crowd.

Timestamps
00:00 intro
03:05 David’s viral clip on Canada
05:00 What’s going to outperform in 2026? What are the right neighbourhoods?
07:40 David’s approach and how he recognized the market shift
11:00 Does this mean the Magnificent 7 is dead? 

13:15 Venezuela fear
14:50 Trump’s threat on the Fed 

16:30 Is the sell America trade alive in 2026?
17:50 Does each notch of uncertainty further embolden gold?
19:10 Do financials still have leadership?

21:35 ITM Mailbag: JP Morgan stock (JPM)

24:35 TD Bank stock (TD)
29:00 Banco Santander stock (SAN)
32:00 Defence stocks (KTOS, AVAV) 

36:05 CP Rail & CN Rail stocks (CP, CNR) 

37:20 Aecon stock (ARE.TO)
38:30 TFI International stock(TFII) 

41:10 Healthcare stocks (LLY, MDNA)
43:05 Alamos Gold (AGI)
 45:10 Glencore/Rio-Tinto rumour (GLEN.LON, RIO.LON)
46:40 David’s Past & Pro Picks (JPM, FFH, AEM, WPM, HWX)

58:30 Why is CNQ underperforming? 

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