In this episode of In the Money with Amber Kanwar, Amber sits down with Brent Joyce, Chief Investment Strategist and Managing Director at BMO Private Investment Counsel, who oversees $50 billion in assets. They unpack the recent market volatility, driven largely by tariffs, and explore what investors need to know in a rapidly shifting macro landscape.
Brent explains why sharp market corrections—like a 10% drop—are not only normal but the “price of admission” for equity investors. He draws insightful comparisons between today’s environment and past crises, making the case that what we’re experiencing now has more in common with COVID than with the dot-com bubble or the 2008 financial crisis. Rather than calling it American exceptionalism, Brent argues that it’s global business success simply headquartered in the U.S., and why that distinction matters.
He also makes a strong case for Canadian equities, pointing to their global reach, attractive valuations, and solid dividends—arguing that Canada may be one of the most overlooked markets right now. On the fixed income side, Brent breaks down why bonds are still an essential part of a balanced portfolio, and he points out why the European market is one to watch but not get too carried away.
Ultimately, Brent urges a defensive but steady approach: stay invested, stay diversified, and don’t let the noise knock you off course. If you want clarity, strategy, and perspective on where the markets might go next, this episode delivers.
Timestamps
00:00 Show intro01:20 Amber welcomes Brent Joyce
02:20 How did Brent know the market would rebound?
03:30 Why this time is more like the covid crash than the dot-com bubble or GFC
07:00 Why Brent believes in global exceptionalism not American exceptionalism
09:00 Why Brent is still bullish on the U.S. market10:50 Is a recession on the horizon?13:15 Break: Amber speaks to the CEO of Raymond James Canada about how the company is helping clients navigate volatility and change15:35 Brent’s inflation expectations17:30 Is the Fed behind the curve?18:30 How will the trade war impact the Canadian economy?19:50 Pro Picks33:30 ETF Minute: CI’s new Solana ETF
SponsorsThis episode is sponsored by BMO InvestorLine. Open a new BMO InvestorLine account, and you could receive up to $3,500 cash back. It’s a great way to jumpstart your investment plan. Learn more at https://bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16
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. With $62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond. Visit https://ATB.com/inthemoney for more information.
ETF Minute is brought to you by CI Global Asset Management. Find out more about the new CI Galaxy Solana ETF here: https://funds.cifinancial.com/en/funds/alternative_investments/CIGalaxySolanaETF.html?currencySelector=1&seriesId=47440?cid=inthemoney_podcast_052025-en_CIGAMGalaxySolanaETF2025 = And learn more about CI’s digital assets here: https://www.cifinancial.com/ci-gam/ca/en/investment-solutions/cryptocurrency.html?cid=inthemoney_podcast_052025-en_CIGAMGalaxySolanaETF2025
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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.
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The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.
In the Money delivers expert stock picks, market analysis, and timely investing insights. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers and financial experts. 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.
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