Veteran strategist Brian Belski joins Amber Kanwar with his trademark optimism—and a dose of contrarian thinking. From his infamous 2007 “sell financials” call to his current view that U.S. stocks are still in a long-term bull market, Belski breaks down why fundamentals still matter, why he’s not buying into the hype around low valuations in Europe, and why he believes U.S. exceptionalism is alive and well—despite what the skeptics say.
The Chief Investment Strategist at BMO Capital Markets makes the case for a real stock picker’s market, explains why index investing may be losing its edge, and warns that investors driven by emotion instead of analysis are likely to get burned.
In his Pro Picks, Belski highlights the areas he’s leaning into right now: artificial intelligence, but through cybersecurity names that stand to benefit from AI’s rise; U.S. financials with scale, stability, and strong relationships; and overlooked small-cap value stocks that offer resilience, liquidity, and long-term upside.
Timestamps
00:00 Show intro
02:05 Amber welcomes ‘bullish’ Brian Belski
04:40 Why Brian believes the fundamental construct of the U.S. and Canadian markets has not changed
05:30 Brian tells the story about how he was the first strategist to put a ‘SELL’ on U.S. banks in 2007
10:30 Why Brian is underweight the Magnificent 7 and more concentrated in a stock picker’s market
14:40 He’s ‘bullish’ Brian Belski but chooses where he’s going to be tactical
15:40 Why U.S. exceptionalism is alive and well
20:45 Why the U.S. market is entering a period of normalization, but U.S. stocks are still in the middle of a 25-year bull market
22:50 Why Europe is a value trap
24:55 Where does Canada fit in?
26:40 The bear argument
28:40 Brian believes at the end of the big bull market in 10 years a commodity supercycle will begin
31:45 Brian’s view on interest rates
35:50 What is Brian telling his clients about tariffs?
38:55 Pro Picks
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Pro Picks
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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 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.
Contact: questions@inthemoneypod.com
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