“If tech was the best performer for 25 years because it took in all the cash… what do you think happens when all the cash flows into commodities and infrastructure?”

That’s the big question driving today’s conversation—and according to Daniel Dreyfus, the answer could define the next decade of investing. In this episode of In the Money with Amber Kanwar, Daniel Dreyfus, Chief Investment Officer at Bornite Capital, lays out his high-conviction thesis that we are in the early stages of the largest capital spending cycle in modern history. From AI-driven data centre demand to aging power grids, critical minerals, and global supply chain reshoring, he explains why trillions of dollars are now being redirected into real assets—and why that shift could fundamentally reshape market leadership.

Dreyfus walks through how he identifies “pinch points” across supply chains, why he believes commodities like copper, oil, and gold still have room to run, and how investors should think about energy, infrastructure, and inflation in a world of rising geopolitical risk and currency debasement. He also breaks down why he sees Canada as one of the most compelling places to invest in energy today, and what needs to happen for that opportunity to be fully realized.

In Mailbag, Dreyfus weighs in on key viewer questions across energy, natural gas, gold, copper, fertilizers, waste management, and more—including his views on names like PrairieSky (PSK.TO), Cenovus (CVE.TO), Tourmaline (TOU.TO), Paramount (POU.TO), Barrick (ABX.TO), Hudbay (HBM.TO), Mosaic (MOS), GFL (GFL.TO), and Pan American Silver (PAAS.TO).

In Pro Picks, he revisits past ideas like Cheniere (LNG), Ivanhoe (IVN.TO), and Talen (TLN), and shares new high-conviction names including Skeena Resources (SKE.TO) and Carpenter Technology (CRS)—explaining where he sees asymmetric upside tied to this massive capex cycle. If the last 25 years were defined by capital-light tech dominance, this episode makes the case that the next 25 could look very different.

Timestamps

00:00 Trailer

02:15 Intro
05:05 Still in an early commodity supercycle
12:45 Cash is flowing into commodities & infrastructure

15:15 What benefits the most from this thesis?

18:15 Dan’s view on Iran war & oil
22:15 Canada has to play a critical role to repair supply chains - Hopeful that Canada can deliver
26:45 Canada is the most exciting place in the world to invest in energy

29:45 Hamilton ETFs MIX
31:50 ITM Mailbag: Cenovus Energy stock (CVE)
32:45 Natural gas plays

35:15 Barrick Mining (ABX)
39:45 Hudbay Minerals & copper (HBM)

46:10 Mosaic (MOS)
49:05 GFL Environmental (GFL)
51:05 Silver stocks

53:45 Mirion Tech (MIR)
54:55 Dan’s Past & Pro Picks (LNG, IVN, TLN, SKE, CRS)

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/

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