On this episode of In the Money with Amber Kanwar, we speak to a portfolio manager who also happens to hobby as an AI programmer. Malcolm White, Portfolio Manager, BMO Global Asset Management joins us to explain why AI adoption is moving faster than anything he’s seen before, how skepticism around valuations, capex, and so-called “AI bubbles” often misses the mark, and why physical constraints — power, data centers, and compute — matter just as much as software. He offers a rare behind-the-scenes look at how AI models are trained, why data is the new gold, and what investors get wrong. Tune in NOW! Listen on Apple, Spotify or YouTube!
Looking for a simple, low-cost way to own some of Canada’s strongest dividend growth stocks? In this ETF Minute on In the Money with Amber Kanwar, we take a closer look at the HAMILTON CHAMPIONS™ Canadian Dividend Index ETF (CMVP), a strategy built to invest in high-quality, blue-chip Canadian companies with a long track record of consistently growing their dividends. Learn more about the HAMILTON CHAMPIONS™ Canadian Dividend Index ETF (CMVP).
Child one slept until nearly 8am which is one of only 6 times that has happened in her 8-year life and I got 10 hours of sleep last night. Today is a good day.
Here are five things to know:
Data dump: US futures aren’t sure what to make of the data dump this morning. The US added more jobs than expected in November (64,000 vs 50,000 expected) according to data from a delayed release. October, however, was ugly with 105,000 jobs lost. The unemployment rate expectedly ticked up to 4.6%. While still low in absolute terms, the rate of change matters here: the unemployment rate was 4% at the beginning of the year. Somewhat at odds with the October employment report, retail sales for October were robust and better than expected. How to make sense of the data? “Although Powell has said the FOMC will look at this data skeptically, on the surface, the job market does not look like it is in the best shape,” wrote CIBC’s Ali Jaffery. As for what it means for rates, “The dissenters and no-change dots at the last FOMC meeting may be rethinking their positions after today’s data, and the odds of a rate cut occurring earlier in 2026 have risen,” Jaffery concluded.
Pflailing: Pfizer is projecting almost no sales growth next year as it works to rebuild its drug pipeline to offset its declining Covid business. Pfizer released its financial forecasts for 2026 which also included continued declines for for Covid related vaccines. The stock has been a dog, down 50% from its Covid highs. Activist attempts have flailed and the CEO has embarked on cost cutting and massive M&A to jumpstart growth. Based on the forecasts, those aren’t expected to majorly pay off in 2026. But with a 6.5% dividend yield and low valuation, I’m sticking this one out.
Crude awakening: Oil is cracking with global benchmark prices (Brent) slipping below $60/barrel for the first time since 2021. North American pricing as measured by West Texas Intermediate are also sliding to a near 5-year low. Oversupply is the culprit here. We had an indepth chat about this with TD’s Hussein Allidina who explained that weakness would persist for the first half of 2026 before it was time to get long again. Interestingly, the TSX Energy sector hasn’t been fussed with the sector up 18% compared to a 21% drop in oil prices this year.
Seal of approval: Canada has blessed the union between Teck Resources and Anglo American bringing them one step closer to closing the deal. Approvals are still required Europe, US and China as well as a few other jurisdictions. Teck Resources still trades at a discount to the deal terms according to data from Bloomberg. “With approval under the Investment Canada act, and BHP dropping out of making an offer for Anglo, the chances of the merger being completed increase significantly,” wrote National Bank’s Shane Nagel.
Growth by acquisition: WSP Global is shelling out $3.3 billion for a Warburg Pincus backed engineering firm in the US called TRC Companies. This is the biggest acquisition WSP has ever done, but certainly not the first. The engineering consulting company has been pursuing a strategy of growth by acquisition that now makes it the largest engineering and design firm in the US. WSP will be raising about $850 million in additional stock, with the Caisse de Depot participating. The offering is priced at $232.80/share and I suspect the stock could trade above those levels as WSP says the deal will add to profit before cost cutting.
Don’t miss our holiday special! Wrap up an incredible year with us.
