“Patience is a virtue—sometimes the best trade is the one you don’t rush.” On this episode of In the Money with Amber Kanwar, Jimmy Lebenthal, Chief Equity Strategist & Partner at Cerity Partners, makes the case for looking where others aren’t. He explains why patience still wins, how to navigate “parabolic” markets, and why he’s still putting fresh money to work in names like Cisco (CSCO)—a stock he’s owned for over a decade that’s now finding new life in the AI buildout. He also shares lessons from his new book, How to Ride the Subway: Getting Around on Wall Street and in Life, including why sometimes the best strategy is simply staying on the train.
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No newsletter tomorrow as I’ll be in Montreal hosting the Sohn Montreal investor conference which raises money for Montreal Children’s Hospital Foundation. At the same time my husband has to take all three kids to the dentist. Donate to whoever you think is most in need.
Here are five things to know:
Anything can happen: Stocks are flatlining this morning after another day of records for the S&P 500 and the TSX. A surge in materials, energy and financials helped the Canadian markets. If the S&P 500 closes higher again today it would be the 10th session in a row and the longest daily run since 1995. We are in rarified air, points out Jim Reid of Deutsche Bank: “There’s only been 5 times since WWII when the index was up more than +16% in two calendar months, as happened in April and May. Three of them came at the end of recessions, but the one other non-recessionary instance was a few months before the Black Monday crash in 1987.” Moving right along…crude oil is advancing for a third day in a row trading at $96/bl as the ceasefire between the US and Iran appears strained. That is putting a damper on stocks today. Marvell continues to be a marvel, the stock is up another 12% today on top of a 32% gain yesterday because Nvidia’s CEO said it was the next trillion dollar company (requires a 9x from here). Sorry to rub salt in producer Jillian’s wounds (she sold). Tariffs are back on the agenda after the US proposed a 10% tax on imports from Canada and 60 other countries on products produced with forced labour. Using this as the reason allows the administration to skirt tariff limits placed on them by the Supreme Court.
High bar: Palo Alto Networks is down 2% despite sales and profit coming in better than expected and raising its forecast. One wrinkle in results is that revenue from acquired assets had a bigger beat than organic revenue and the company didn’t provide and organic/non-organic revenue forecast for the next quarter and said it won’t be disclosing the split anymore. “This point is likely to rub investors the wrong way considering management seems intent upon continuing M&A, but disclosures are constantly changing (re-segmentation coming in FY27) and make it difficult to assess core business trends,” wrote Adam Tindle at Raymond James. Shares of the cybersecurity software company have surged 92% since April – when Mythos was first announced. Prior to that shares were caught up on the software stock sell off on fears that AI could replace their offering. Mythos is Anthropic’s frontier AI tool that is so powerful it is only being released in a handful of places and said to be able to surpass human skills of finding and exploiting software vulnerabilities. Palo Alto said that over the last 6 weeks 1,200 customers have asked for meetings demonstrating how new AI technologies are stoking demand for protections from those very technologies. Palo Alto shares initially surged as much as 12% after reporting a 30% increase in sales aided by demand for AI-related firewalls. “We officially declare the SaaSpocalypse with cybersecurity – dead,” said Palo Alto Networks CEO as he concluded the conference call last night.
Anxious generation: Shares of asset managers KKR (-5%), Blackstone (-4.5%) and Carlyle (-3%) are falling after rival Cliffwater said investors tried to redeem 17% of their flagship business development corp renewing private credit anxieties across the board. The 17% redemption request is higher than the 14% requested in February signalling that anxieties may be increasing rather than calming down. “While not a complete surprise, the update may push out the Alts recovery beyond Labor Day, though key to follow through will be additional redemption updates from key peers,” wrote TD’s Bill Katz.
Going shopping: Shopify announced a $3 billion increase to their share buyback program amidst weakness in their shares. Shopify is down 26% so far in 2026. The CFO chalked up the under performance to “market volatility” in the statement. The additional buyback will bring its total authorization to $5 billion. “Today’s announcement shows our confidence in the durability of our business and the opportunity ahead,” said Jeff Hoffmeister, Chief Financial Officer of Shopify in the statement.
Making meme crazy: GameStop is surging 12% after sales grew 14% and profit was nearly double expectations. A drop in expenses and a 65% increase in collectibles powered the quarter with net income a record for the company. The video game seller also authorized a $2 billion buyback. The meme stock has been washed out after bidding for eBay in a half cash, half stock deal. The better results are squeezing the shorts with 14% of the shares short. The buyback is also impressive for a $9 billion market cap company which also happens to have $9 billion in cash. So the business just trades on cash and nothing else. Don’t judge me but I own this one, in microscopic size, but these results convince me that maybe that’s not the most terrible mistake I’ve ever made.
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