On this episode of In the Money with Amber Kanwar, we sit down with Hussein Allidina, Head of Commodities at TD Asset Management, for one of the most comprehensive conversations about commodities after an explosive 2025. Hussein argues that we’re still in the early stages of a multi-year commodity upcycle, driven by chronic underinvestment, rising global demand, and a world that needs far more energy, metals and power infrastructure than we’re currently capable of producing. He explains why commodities zig when everything else zags, how they deliver real inflation protection, and why a 5–10% allocation may be the most overlooked tool in modern portfolio construction.
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It’s the middle child’s birthday and we were all set to make her the star of the show. Sandwiched between an older child who still thinks she is the only game in town and the baby of the family, I sometimes feel she doesn’t get enough of a spotlight. Unfortunately, after a slip and fall yesterday we’ve got to make a trip to xray clinic this morning. Celebrating your birthday at the hospital…if that isn’t the most middle child thing I don’t know what is.
Here are five things to know:
Spin that record: The TSX, S&P 500 and the Dow all made new record highs in yesterday’s session. For the S&P 500 it was the first record high since October and it did so despite declines for tech stocks. With the Fed rate decision out of the way, we will be hearing from Fed members today. On the tape this morning is Fed member Austan Goolsbee who voted against the rate cut earlier this week. However, he said there is room to see rates move lower in 2026 but that there was low risk to waiting until Q1 of next year to cut. One hawk down. Barron’s released its list of 10 stocks to own for 2026 and one Canadian company made the list this year: Fairfax Financial. “Berkshire Hathaway has been on the list for many years, but this year we went with Fairfax Financial, a smaller, faster-growing Canadian insurer and investor with Berkshire-like attributes,” Barron’s Andrew Barry.
Upward-facing dog: Lululemon is soaring 10% after announcing CEO Calvin McDonald will be leaving the company after a 50% drop in the stock over the past year. The announcement came alongside results which were mixed. On the plus side, profit beat expectations and it boosted its outlook. On the downside, sales in the US are still falling and its boosted outlook for the upcoming quarter missed expectations. Founder of Lululemon and top shareholder Chip Wilson took the shakeup as an opportunity to lambaste the board. “After overseeing years of poor decisions erode the brand and destroy shareholder value, it is clear to me that only under my increasing pressure has the lululemon Board of Directors finally started to listen,” wrote Wilson in a statement released this morning. Jefferies upgraded the stock from sell to hold calling the CEO change “overdue” and “the most constructive development for shareholders in years.” Shares of Lululemon are up 37% since McDonald took over as CEO in 2018, lagging the S&P 500 which is up 172% over that time.
More cowbell: Broadcom is down 6.5% this morning despite better than expected profit and sales growth. The custom AI chipmaker had record revenue in the fourth quarter, up 28% from last year driven by a 74% jump in AI chips. There appears to be confusion over their backlog, which sits at $73 billion and implies lower revenue than current street estimates. TD says it is unclear if the backlog includes OpenAI. Furthermore, the outlook for margins implied a contraction which is likely weighing on the stock, opines Raymond James’ Simon Leopold. “We do not mind the lower gross margin considering that our sales and EPS estimates increased…,”wrote Leopold.
Lunchbag letdown: It seems you can’t pay people enough to care about Costco results. Sales and profit handily beat expectations with comparable sales growth up 6.4% compared to 5.8% estimate. Yet the stock is barely getting a lift and continues to plumb around a 52-week low. That is the first time the stock has been at a 1-year low in three years. It’s not for a lack of execution, but rather it seems investors have grown fatigued of a steady retailer that fetches a rich valuation. “COST continues to be a share gainer in retail, but we see lack of catalysts to get shares to re-rate higher at this point,” wrote Citi’s Steven Zaccone who has a neutral on the stock.
Hot box: Marijuana stocks are flying high (+37%) this morning as reports suggest US President Donald Trump is expected to sign an executive order that would direct his administration to reclassify marijuana as a less dangerous drug. The reclassification would mean that marijuana wouldn’t be considered as dangerous as cocaine or heroine and instead be in the same category as Tylenol with codeine and anabolic steroids. This move has been stuck in limbo for some time. In 2024, the Justice Department recommended reclassifying marijuana but was stalled by legal challenges and agency delays.
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