Episode Details
Back to EpisodesA Brutally Honest Reality Check on Some of Your Favourite Stocks
Description
What happens when you strip away the hype and put some of the market’s most beloved stocks under a cold, analytical microscope? In this episode of In the Money with Amber Kanwar, Amber is joined by Sam LaBell, Portfolio Manager at Veritas Asset Management, for a brutally honest reality check on what investors own — and why some of those positions may be riskier than they look.
Sam digs into how investors should think about today’s biggest macro risks, from tariffs and geopolitics to slowing growth and stretched valuations, and explains why owning “popular” stocks can quietly increase risk rather than reduce it.
Sam also shares his view on gold, arguing that the rally still has legs as central bank demand and investor flows remain supportive — but that this stage of the cycle demands discipline, even as gold stocks remain undervalued despite a massive run.
In the Mailbag, Sam weighs in on Barrick Mining (ABX) and whether activist involvement can unlock further value, Bombardier (BBD.B) after a massive run, and Fairfax Financial (FFH) — explaining why the stock was attractive when returns on equity were improving, but why softer insurance conditions and today’s valuation now change the risk-reward. He also walks through his evolving view on Constellation Software (CSU), where AI introduces long-term uncertainty investors can’t yet model, and shares his perspective on Canadian telecoms including Rogers Communications (RCI.B), BCE (BCE), and TELUS (T).
Sam also explains why he’s short Shopify (SHOP) — not because the business is broken, but because expectations remain extreme and even a modest slowdown in growth could pressure the stock, making risk management essential.
In Pro Picks, Sam shares three high-conviction names he owns in the portfolio: WSP Global (WSP), a global engineering and consulting platform positioned to benefit from long-term infrastructure spending; GE HealthCare (GEHC), a misunderstood healthcare spinout with growing AI and software potential; and Brookfield Infrastructure (BIP.UN), a defensive, cash-generating business with steady growth and one of the cleanest accounting profiles in the Brookfield universe.
Timestamps
00:00 Show trailer
02:10 Intro
05:50 Have we gotten to the point where we can ignore Trump’s threats?
08:40 The U.S.-Canada relationship
10:40 U.S. exceptionalism is a global risk
12:00 Does the gold rally still have legs?
15:00 Understanding the buy and sell side at Veritas Asset Management
17:50 Stock picking is a lot like gambling
18:20 Long and short strategies
21:50 ETF Minute: BMO Growth ETF (ZGRO)
23:00 ITM Mailbag: Barrick Mining stock (ABX)
31:50 Bombardier stock (BBD.B)
34:40 Fairfax Financial stock (FFH)
39:40 Constellation Software stock
50:00 Shopify stock
55:10 Rogers Communications stock (RCI.B)
58:00 Sam’s Pro Picks (WSP, GEHC, BIP.UN)
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.
ETF Minute is brought to you by BMO ETFs. Head to https://www.bmoetfs.com to find out more about the BMO Growth ETF (ZGRO)
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, invest