The market isn’t just rotating—it’s being rewritten. In this episode of In the Money with Amber Kanwar, Paul Moroz, Portfolio Manager at Mawer Investment Management which has more than $65 billion in AUM, explains why we’ve entered an era of “change investing,” where the biggest opportunities—and risks—come from rapid shifts in technology, competitive advantage, and capital intensity. From AI disrupting software to semiconductors becoming a larger share of the global economy, Moroz breaks down how investors can navigate a market where “barbarians are at the moat” and not every dominant company is safe. He also shares why balancing optimism with caution is key, and how to position a portfolio that can win no matter how this cycle plays out.

In the Mailbag, Moroz weighs in on some of today’s most debated stocks, including Shopify (SHOP), where strong growth wasn’t enough to satisfy elevated expectations, Amphenol (APH) and the copper vs. optical debate in AI infrastructure, eBay (EBAY) amid takeover speculation, and Caterpillar (CAT), which has quietly become an AI-adjacent play through data centre demand. He explains how expectations, valuation, and macro forces—from rising yields to energy prices—are driving stock reactions more than ever.

In Pro Picks, Moroz highlights three names positioned to benefit from long-term structural trends. He makes the case for Taiwan Semiconductor Manufacturing Company (TSM) as the backbone of the AI ecosystem, argues that Amazon (AMZN) still has a culture-driven edge that can unlock future growth opportunities, and points to Bunzl (BNZL) as a steady compounder flying under the radar. Together, these picks reflect his strategy of balancing high-growth disruption with durable, cash-generating businesses.

Whether you’re leaning into AI or looking for stability in a volatile market, this conversation offers a framework for investing in a world defined by constant change.

Timestamps
00:00 Trailer

02:25 Intro
03:40 Paul’s approach to investing
06:15 Is software dead?

10:00 A deep dive into Constellation Software
16:00 The extra layer needed for software stocks
17:00 The IPO market

19:20 Why has the global equities portfolio lagged?
23:50 We’re in an era of change investing
25:50 Thoughts on semiconductors

28:10 Hamilton’s MIX ETF
31:10 ITM Mailbag: Shopify stock (SHOP)

32:00 Amphenol stock (APH)

36:50 eBay stock & the Gamestop bid (EBAY, GME)

39:00 Caterpillar stock (CAT)
41:50: Paul’s Pro Picks (TSM, AMZN, BNZL)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/

Links

https://inthemoneypod.com/

https://instagram.com/inthemoneypod

https://facebook.com/profile.php?id=61569721774740

https://twitter.com/inthemoneypod

https://tiktok.com/@inthemoneypod

questions@inthemoneypod.com

DISCLAIMERS

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Amazon and Constellation Software which are stocks Amber owns.

Hamilton ETFs Disclaimer

This podcast is sponsored by Hamilton ETFs. The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.

The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.

Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement, whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Source: S&P Global, Solactive AG, Hamilton ETFs. Data from November 18, 2004, to April 30, 2026.

The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different had the index been live during that period.

The S&P 500 Index (“Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Hamilton ETFs © 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones...