Energy stocks are down over the past month despite the war in Iran. Tech stocks have come roaring back. But this hedge fund manager says the market has it all wrong. Jason Landau, Group Head, Executive Vice President & Portfolio Manager at Waratah Capital Advisors believes “the left tail in the market is totally mispriced” and says “the best hedge in the market today is being long oil.”

On this episode of In the Money with Amber Kanwar, Landau breaks down the two themes dominating the market right now, oil and AI. He tells us why markets may be underestimating geopolitical risk, how he’s positioning around oil, and why Brent crude—not WTI—is his preferred hedge. He also explains how to think about your positioning if the market is wrong on the Iran trade and why Canada could be a major long-term winner from global energy insecurity. Then, he gets into why tech is rallying, dives into the AI boom and tells us where he sees opportunity—and risk—across semiconductors and software.

In the Mailbag, Landau shares his view on Lululemon Athletica (LULU) as a long-term turnaround story, breaks down the growth runway for Dollarama (DOL.TO), and weighs in on NVIDIA (NVDA) and the broader chip trade. He highlights opportunities in semiconductor equipment names like ASML Holding (ASML) and Applied Materials (AMAT), as well as GlobalFoundries (GFS). On the energy side, he discusses positioning in Cenovus Energy (CVE.TO) and Tamarack Valley Energy (TVE.TO), and gives his take on airlines like Air Canada (AC.TO).

In Pro Picks, Landau’s top ideas include an array of eclectic names. Cheniere Energy (LNG) as a play on global LNG demand and energy security, SharkNinja (SN) as a consumer disruptor driven by innovation and product expansion, and Welltower (WELL) as a long-term beneficiary of aging demographics and pricing power in senior housing.

Timestamps

00:00 Trailer

02:30 Intro
04:20 Jason’s approach to investing
06:10 Tech vs. Commodities
08:00 Oil risk is mispriced

11:30 Best hedge in market today is being long oil
15:25 M&A in the energy sector
17:45 The tech trade is back, why?
19:20 Software, you just don’t have to be there
21:00 Where to look in semiconductors
23:10 the long-short strategy (in tech)
27:50 ITM Mailbag: Lululemon stock(LULU)

31:50 Dollarama stock (DOL)

36:50 Chipmakers (NVDA, GFS)
40:00 Cenovus stock (CVE)

42:00 Air Canada stock (AC)
45:20 Jason’s Pro Picks (LNG, SN, WELL)

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. For more information on ATB Cormark Capital Markets visit https://ATB.com/inthemoney

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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 CNQ, Tamarack Valley Energy, Dollarama, Micron, Intel and Nike which are all stocks Amber owns.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

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