Episode Details

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 w