The investing playbook may be changing—and Tyler Rosenlicht, Portfolio Manager, Global Infrastructure at Cohen & Steers, says investors need to be ready. In this episode of In the Money with Amber Kanwar, Rosenlicht makes the case that we’re moving from an era of abundance to an era of scarcity—where inflation is higher, more volatile, and driven by structural shifts like deglobalization, supply chain reshoring, and rising geopolitical risk. He explains why real assets—like infrastructure, natural resources, and commodities—could play a much bigger role in portfolios, and why now may be the time to move to the higher end of allocation ranges.
There have been nightly storms for the past three days and each night I wake up bracing for one of the kids to run into our room. Except this time, no one has come. Apparently they are getting too old to be afraid of thunder anymore. I’ve never been so disappointed to get a good night of sleep.
Here are five things to know today:
Snap back: 11 days after hitting an 8-month low the S&P 500 hit a record high yesterday and crossed above 7,000 for the first time ever. That’s one of the quickest snap backs in history as investors put the risk of a prolonged war in the rear view. The TSX is about 1% from a record high and has been slower to recover (although it bottomed earlier on March 20th). Weakness in energy and telecoms has restrained Canadian equity performance relative to the US. A recovery in tech has powered S&P 500 outperformance. The animal spirits were on full display yesterday with meme stocks ripping exemplified a defunct shoe company, Allbirds, surging 582% yesterday after announcing it will become an AI company. Quantum computing stocks look mundane in comparison but are up over 25% in the last two days after Nvidia launched new open-source AI models for quantum computing.
Location, location, location: Choice Properties and Kingsett announced they will being buying First Capital REIT in a nearly $10 billion deal. FIrst Capital is a grocery-anchored shopping centre REIT. The purchase price is $24.40/unit which is a 10% premium to yesterday’s close and higher than the stock has ever traded. Shout out to Jeff Olin of Vision Capital who had First Capital as one of his Pro Picks touting it as a takeover candidate. Shares are up 25% since he came on the podcast. Choice Properties (the REIT that owns Loblaw’s real estate) and Kingsett will split First Capital’s assets. The deal is being offered through a mix of cash and Choice Properties stock.
232: Linamar says it is maintaining its 2026 outlook despite recent changes to US tariffs that drive up the cost of steel, aluminum and copper. This comes after BRP Inc yanked its forecast due to the increase in tariffs sending shares down a whopping 35% yesterday. The recreational vehicle maker warned of a $500 million hit due to the changes. This sent shockwaves through the industrial sector and companies like Linamar weren’t spared with the stock plunging 12%. While Linamar says some parts of its business will be affected by higher input costs, their preliminary assessment suggests it won’t affect their overall financial forecast.
House poor: We just got a read of of housing in Canada that showed home prices fell for a 16th month in a row. Home sales were flat month to month and down from a year ago while prices are down nearly 5% from last year. Yet Canadian banks are trading at a record high and even Canadian Tire (which does well in active housing markets) is trading at a 5-year high. Quite a disconnect.
Notable call: Strathcona is getting upgraded to buy at TD Cowen. Strathcona has visibility on sustained 10% production growth annually through 2031 and beyond, writes Menno Hulshof of TD Cowen. He notes that liquidity is improving as more shares are available to trade and it is becoming more relevant to institutional shareholders. It should also benefit from “scarcity value (post-MEG) with few mid‑cap heavy oil alternatives,” said Hulshof. With oil prices above $70/bl free cash flow inflects materially with Strathcona’s breakeven point around $58/bl. Hulshof has a $47/share price target which implies 27% upside from here.
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