In a market obsessed with momentum and AI hype, Ryan Bushell is betting on something far less flashy — patience, discipline, and dividends. On this episode of In the Money with Amber Kanwar, the Newhaven Asset Management CEO proves that being a younger investor with an old-school mindset can still outperform. His focus: companies that can compound for decades, not just quarters.
Keep calm: An alert popped up on my phone as my head hit the pillow last night: The US has cancelled all trade talks with Canada over ads featuring former President Ronald Reagan that ran in America. “Based on their egregious behaviour, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED.” The ads cost $75 million and were paid for by Ontario. The Canadian dollar plunged, then rallied a bit, but is now down 0.25% against the US dollar. Why aren’t the markets more freaked out? “Maybe markets finally get that President Trump is an overly emotional, erratic and impulsive President. What he says one day can flip around soon afterward,” wrote Scotia’s Derek Holt. He suggested that it could also be a diversion from the fact that the US government shutdown, which has left over 1 million people without paychecks, has no end in sight and is currently the second longest in history. Statistics Canada just came out this morning and said Canada’s will be delaying the collection and release of trade data because of the shutdown. It also warned that GDP data will be skewed because it will be missing this key input. It is because of the shutdown, that we are only just now getting inflation numbers for September in the US. The delayed CPI release showed inflation in the US cooled more than expected month over month. The year over year increase was less than feared. “The bar to sway the Fed from not cutting in October was very high, and today’s data certainly doesn’t meet the standard, making next week’s rate cut a near lock,” wrote CIBC’s Ali Jaffery. Futures soared after the print.
Don’t call it a comeback: Intel is popping 6% in the pre-market after returning to profitability. Shares of Intel have soared 90% so far this year as the US government took the unusual step of buying a stake in the company bringing along Nvidia and Softbank as shareholders. Better demand for personal computers is behind the strong results. The outstanding question remains to what extent they will be able to capture an AI boom that has largely passed them by. Most analysts aren’t convinced, it is still a hated stock on Wall Street with only 5 buy ratings, 36 holds, and 10 sells (But I ignored them and remain a shareholder). The source of the pessimism is due to Intel’s unsuccessful attempts to get a merchant foundry business up and running profitably. Intel designs and makes its own chips, but it is also opening up factories to make chips designed by others (like Taiwan Semiconductor). That business is still losing money. “We believe investors think Intel’s merchant foundry business can be profitable, but we don’t given our belief that Intel’s foundry is years behind (Taiwan Semiconductor),” wrote Citi’s Christopher Danely, who has a sell on the stock.
Lost lustre: Newmont is down 6% despite higher than expected profit thanks to surging gold prices and lower production costs. The outlook for 2026 production implied little growth from this year. Most analysts don’t think that is a shocker so the sell-off in the stock could just be related to the stock rallying 140% so far in 2025. Gold investors have also had a skittish weak with bullion down another 1% this morning and on pace for its worst weekly loss since mid-August.
Goose it: Ford is up 3.5% right now after profit came in above expectations and the automaker said production was going to be back on track after a fire disrupted one of their suppliers. Ford says the facility affected will be running by late November and that other factories will be able to make up some of the difference. Investors are looking kindly upon what appears to be a supply problem and not a demand problem as sales hit a record $50.5 billion in the quarter. Like General Motors, Ford is benefitting from strong demand for pickup trucks. However, the stock has materially underperformed General Motors so far this year as production issues weighed on the stock.
Uggly: Shares of Deckers are plunging 11% after disappointing results and a weaker than expected forecast. The forecast for next year implies a bit of a slowdown. The maker of UGG boots and Hoka running shoes has been underperforming so far this year and is poised to open at a 2-year low. Raymond James calls the stock a strong buy and is unfazed by the weaker forecast. “(Deckers) has a long history of conservative guidance – results have beat Street revenue and EPS estimates in 16 straight quarters,” wrote Rick Patel of Raymond James.
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