“Patience is a virtue—sometimes the best trade is the one you don’t rush.” On this episode of In the Money with Amber Kanwar, Jimmy Lebenthal, Chief Equity Strategist & Partner at Cerity Partners, makes the case for looking where others aren’t. He explains why patience still wins, how to navigate “parabolic” markets, and why he’s still putting fresh money to work in names like Cisco (CSCO)—a stock he’s owned for over a decade that’s now finding new life in the AI buildout. He also shares lessons from his new book, How to Ride the Subway: Getting Around on Wall Street and in Life, including why sometimes the best strategy is simply staying on the train.
He also dives into the most debated corner of the market right now: software. Lebenthal explains why he’s actively adding to names like Microsoft (MSFT), Adobe (ADBE), Salesforce (CRM), and ServiceNow (NOW), arguing the market may have overreacted to AI disruption fears and created opportunity in high-quality businesses with strong cash flow and buyback support.
In the Mailbag, Lebenthal breaks down a wide range of stocks and sectors, including why he’s avoiding Lululemon (LULU) despite the selloff, his outlook on Disney (DIS) as a potential turnaround story, and how he’s thinking about banks—comparing Citigroup (C) and JPMorgan (JPM). He also weighs in on Dell (DELL) after its recent surge and shares his broader view on energy markets and global supply dynamics.
In Pro Picks, Lebenthal sticks with high-conviction ideas. He highlights Cisco (CSCO) as a long-term compounder tied to AI infrastructure demand, Cheniere Energy (LNG) as a key beneficiary of the global LNG expansion, and AbbVie (ABBV) as an attractive opportunity in a lagging healthcare sector with strong cash flows, a growing pipeline, and a compelling valuation.
Timestamps00:00 Trailer
02:10 Intro
03:45 Value, patience and growth at a reasonable price
06:30 What prompted Jimmy to write his book: Riding the Subway: How to Get Around on Wall Street And Life
07:40 Using Cisco as an example of Jimmy’s investing style (CSCO)
16:25 This is like 1997 not 1999
18:50 Jimmy is putting dollars to work in software
25:25 Jimmy can’t get behind U.S. housing yet
28:00 Is healthcare a value trap?
30:00 Being okay with FOMO
35:00 Hamilton ETFs: MIX
37:05 ITM Mailbag: Lululemon stock (LULU)
38:50 Energy stocks
44:50 Disney stock (DIS)
47:45 Citigroup & JP Morgan (C, JPM)
49:50 Dell stock (DELL)
51:15 Jimmy’s Pro Picks (CSCO, LNG, ABBV)
Sponsors
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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
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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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