Opendoor has skyrocketed more than 700% since Eric Jackson first tweeted about it this summer and he says the rally may just be getting started. In this episode of In the Money with Amber Kanwar, the Canadian hedge fund manager returns to explain how he went from an Opendoor skeptic in January to leading a retail “Open Army” that helped drive sweeping management changes, brought the founders back to the board, and turned the stock into his next Carvana-style bet.
Canadians love their bank stocks — and for good reason. They’ve delivered decades of strong returns and dividend growth. But what’s the easiest, low-cost way to own all six of the Big Banks without picking favourites? Enter Hamilton ETFs. Learn more about the Hamilton Canadian Bank Equal Weight Index ETF (HEB) — which comes with no management fee until 2026 — and the Hamilton Enhanced Canadian Bank ETF (HCAL), which uses modest 25% leverage to boost exposure and dividend yield.
Wednesdays are a late start for the girls so here I am again waking up at 5am.
Here are 5 things to know today:
Shut ‘er down: US futures are drifting lower and gold is higher as the US government shut down for the first time in seven years. There have been about 20 shut downs since 1976, averaging about eight days. This will be US President Donald Trump’s third shutdown and he also holds the record for the longest shutdown – 35 days back in 2018. While futures are down, the S&P 500 has actually traded up over the course of the last six shutdowns. This includes the one in 2018, when the S&P 500 rose 10% according to data compiled by Deutsche Bank’s Jim Reid (see chart below). It does mean that we will not get jobs data this Friday and the release of CPI on October 15 could also be at risk. Meanwhile, the TSX closed above 30,000 for the first time ever to hit a fresh record high. Canadian stocks are up 21% so far in 2025 making it one of the best performers globally thanks to a huge surge in gold and tech stocks. The earnings calendar is light this week but this morning we are expecting earnings from Novagold.
Checkmark: Nike is up more than 3% in the pre-market after sales came in better than feared giving investors hope that turnaround efforts are starting to work. Sales rose modestly for the first time in six quarters when you exclude currency effects. Bright spots included stronger than expected sales through its wholesale channel and its running show division. Negatives included that the company maintained its forecast calling for low single digit sales decline (although this is in line with expectations) and the fact that sales in China were worse than expected (falling 9%). The results aren’t enough to move Citi analyst Paul Lejuez off the side lines. “We’re seeing progress, but it seems largely priced in,” he wrote in a note.
Buffett buying: Berkshire Hathaway is near a deal to buy Occidental Petroleum’s petrochemcical business for $10 billion according to multiple reports this morning (Financial Times, WSJ, Bloomberg). This would be the largest deal since 2022 when it purchased insurer Alleghany for $13.7 billion and comes as Warren Buffett’s Berkshire has amassed a record $344 billion cash pile. It’s a unit that Berkshire is familiar with as he has been a major shareholder in Occidental for about four years and currently own about 26% of the company. Hobbled by a large debt load, the oil producer has been looking to offload non-core assets. Petrochemicals include things like chlorine and vinyl products. It’s been a tough business with peers like Dow and Lynondell Basell down sharply so far this year. It’s a win for Buffett who hates to overpay and allows him to find value in a market that by his own indicator (equity to GDP) is the most expensive in history.
TNT: Topaz Energy could trade up after announcing a deal to buy undeveloped acreage from Tourmaline Oil. Topaz will be buying assets in the Montney area for $71 million. “While recognizing that the transaction metrics are on the richer side, reflecting the relatively early stage of resource development, we view the acquisition positively for TPZ to the extent that it increases exposure to a high-growth asset,” wrote Desjardin’s Chris MacCulloch of the acquisition.
Rest in peace: Onex dipped after the company announced the sudden passing of Nigel Wright, the co-head of its private equity division at the age of 62. No cause of death was given. Wright was with Onex since 1997 but in between he spent time as former Prime Minister Stephen Harper’s chief of staff when he was in office. “Nigel was a remarkably astute investor, an outstanding leader and an even more exceptional individual,” said Gerry Schwartz, Chairman of Onex.
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