Are hedge funds really worth the fees or is there a smarter way to access their returns? In this episode of In the Money with Amber Kanwar, Amber sits down with Bob Elliott, Co-Founder, CEO & CIO of Unlimited and formerly a member of the Investment Committee at Bridgewater Associates, where he led Ray Dalio’s investment research team. Few people understand hedge funds and macro the way Bob does — and he brings that depth straight into this conversation.
The family and I are taking a little trip so this is the last morning note for the week. Our second flight this month with three kids. We are getting a little bolder! As long as the iPads are fully loaded and charged, the sky’s the limit!
Here are five things to know today:
Doves fly: US futures are advancing looking to make it four days in a row of gains as the odds of a rate cut sit at 80% for December. Rate cut hopes are proving to be just the pablum the markets needed to get over recent anxieties. Today is the last full day of trading this week in the US because of Thanksgiving. TSX trading will likely be light for the remainder of the week.
Compute: Shares of Dell are up 2% as investors parse through a mixed set of results that featured better profit and a boosted sales outlook offset by weaker sales in the quarter and lower than expected implied margins. Dell is boosting its sales forecast expecting AI server shipments will be higher than previously thought. While investors cheer the demand, the implied margins from that business are a little lower than expected. The cost of memory chips has skyrocketed and investors worry about how that will erode margins at Dell. However, in the quarter reported the company’s gross margins were a little higher than expected. “While memory prices are likely to remain an overhang, we expect Dell to outperform (original equipment making) peers based on their execution and maintain our Buy rating,” wrote Asiya Merchant of Citi on the results. Meanwhile HP Inc is falling about 4% after announcing job cuts as its profit outlook fell short of expectations. The PC and printer maker said it will be cutting between 4,000 and 6,000 jobs and replace those people with AI tools (and so it begins). Profit in the quarte ralso missed because of the rising cost of memory chips.
Change is in the air: Barrick is once again making news this morning announcing board changes amidst reports it has settled a dispute with the government in Mali. Barrick is changing out their Lead Independent Director for Loreto Silva, who is already on the board. Silva was a former deputy minister in Chile. Separately, Bloomberg is reporting Barrick will pay $430 million to settle a dispute with the government of Mali in order to get its mines, which have been shuttered for two years, operating again. Barrick announced the deal earlier this week, the Bloomberg reporting adds colour around the terms of the deal. TD’s Steven Green has Barrick as a top idea for 2026. “Barrick remains undervalued, in our view, trading at 0.87x NAV and ~6.9x 2026E EV/EBITDA, below the senior peer average of 1.11x and 7.3x, respectively,” he wrote in a note to clients this morning.
Trouble on the farm: Deere is falling 4.6% in the pre-market after its sales forecast fell short of expectations. The farm equipment maker said they believe 2026 will mark the bottom of the large agriculture sector. They are warning that unit will likely see sales fall 15-20% in 2026. Farmers have been struggling with lower crop prices and tariffs under US President Donald Trump. This leaves them with less excess cash to buy things like new tractors.
Style files: Urban Outfitters is surging 15% joining peers like Abercrombie & Fitch and Kohl’s with strong sales. Urban Outfitters saw comparable sales increase 8%, better than the 5% expected. The stock isn’t coming off a low base, it is poised to hit a record high at the open.
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