Episode Details

The investing playbook may be changing—and Tyler Rosenlicht, Portfolio Manager, Global Infrastructure at Cohen & Steers, says investors need to be ready. In this episode of In the Money with Amber Kanwar, Rosenlicht makes the case that we’re moving from an era of abundance to an era of scarcity—where inflation is higher, more volatile, and driven by structural shifts like deglobalization, supply chain reshoring, and rising geopolitical risk. He explains why real assets—like infrastructure, natural resources, and commodities—could play a much bigger role in portfolios, and why now may be the time to move to the higher end of allocation ranges.

Rosenlicht breaks down how this new regime changes everything—from how we think about inflation protection to why traditional portfolios may struggle. He walks through the case for energy, why oil should be viewed as a long-term “perpetuity” rather than a declining asset, and how underinvestment and supply constraints are setting up opportunities across commodities like copper, uranium, and gold. He also explains why infrastructure—from pipelines to data centers to power generation—offers a rare combination of stability, inflation protection, and growth, especially as electricity demand surges.

In the mailbag, Rosenlicht answers your questions on real asset names, including why he prefers oil sands producers like Suncor Energy (SU.TO) and Canadian Natural Resources (CNQ.TO) over U.S. shale, how integrated models compare to pure producers, and where refiners like Valero Energy (VLO) fit in today’s market. He also weighs in on pipeline giant TC Energy (TRP.TO), the outlook for nuclear through Cameco (CCO.TO), utility plays like TransAlta (TA.TO), and what consolidation could mean for rail stocks like Norfolk Southern (NSC).

In Pro Picks, Rosenlicht highlights three high-conviction ideas tied to the real asset boom. He names MasTec (MTZ) as a “picks and shovels” play on the massive buildout of power, pipelines, and electrification. He also likes ConocoPhillips (COP) for its long-life resource base and ability to generate growing free cash flow as the cycle evolves. And for a higher-risk, higher-reward idea, he points to Tamboran Resources (TBN), a small-cap name with potential exposure to a new shale basin in Australia.

If the next decade is defined by inflation, scarcity, and a need for real-world inputs, this conversation lays out exactly how investors can position for it.

Timestamps
00:00 Trailer

02:20 Intro
03:25 Tyler’s approach to real asset investments
07:30 The next 20 years will be very different than the last 20 years
09:30 Have we passed peak uncertainty with respect to Iran? 

13:00 We’ll remain in an environment where inflation remains elevated 

18:00 Why the pullback in energy stocks since the war broke out?
20:25 Why are investors shrugging off inflation? Is that a disconnect? 

22:05 Where does gold factor in? 

24:45 ITM Mailbag: Suncor stock (SU)
29:30 Valery Energy stock (VLO)

30:30 TC Energy stock (TRP)

34:35 Cameco stock (CCO)

41:50 TransAlta stock (TA) 

45:45 Norfolk Southern (NSC)

48:00 Tyler’s Pro Picks (MTZ, COP, TBN)

58:00 ETF Minute: BMO’s ETF Line-Up

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. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney 

This ETF Minute is sponsored by BMO ETFs. For more information on BMO’s Asset Allocation ETFs visit: https://bmogam.com/ca-en/products/exchange-traded-funds/asset-allocation-etfs 

And for more information on BMO Discount Bond Index ETF visit: https://bmogam.com/ca-

en/products/exchange-traded-fund/