A Brutally Honest Reality Check on Some of Your Favourite Stocks | In the Money with Amber Kanwar

January 26, 2026

Our Portfolio Manager, Sam LaBell, was a guest on Amber Kanwar’s podcast, In the Money. It’s billed as a “brutally honest reality check” on what investors own and why the most popular stocks may be riskier than they look.

Sam and Amber discuss what happens when you strip away the hype and put some of the market’s most beloved stocks under a cold, analytical microscope.

Sam digs into how investors should think about today’s biggest macro risks, from tariffs and geopolitics to slowing growth and stretched valuations, and explains why owning popular index ETFs means you’re likely more invested in major tech stocks such as Nvidia Corp. (Nasdaq: NVDA) than you think, which can quietly increase concentration risk rather than diversify.

Sam also shares his view on gold, arguing that the rally still has legs as central bank demand and investor flows remain supportive, but that, at this stage of the cycle, it demands discipline, even as gold stocks remain undervalued despite a massive run.

As for stocks, Sam discusses Barrick, Hudbay Minerals, Agnico Eagle, Bombardier, Fairfax Financial, Constellation Software, Rogers Communications, BCE, Telus, Quebecor and Shopify.*

Sam also covers questions on:

Barrick Mining Corp. (NYSE: B, TSX: ABX): Can activist involvement unlock further value?
Other gold stocks, such as Hudbay Minerals Inc. (NYSE, TSX: HBM) (which is actually a copper miner with gold as a byproduct) and Agnico Eagle Mines Ltd. (NYSE, TSX: AEM).
Bombardier Inc. (TSX: BBD.B): After a massive run, is it worth buying now?
Fairfax Financial Holdings Ltd. (TSX: FFH): Why the stock was attractive when returns on equity were improving, but why softer insurance conditions and today’s valuation now change the risk-reward.
Constellation Software Inc. (TSX: CSU): AI introduces long-term uncertainty that investors can’t yet model, and it risks trading at lower multiples.
Shopify Inc. (Nasdaq, TSX: SHOP): Sam explains the underlying risks and opportunities associated with this Canadian tech darling.
Canadian telecoms, including Rogers Communications Inc. (NYSE: RCI, TSX: RCI.b), BCE Inc. (NYSE, TSX: BCE), Telus Corp. (NYSE: TI, TSX: T) and Quebecor Inc. (TSX: QBR.b): Sam explains how to pick through this long-maligned sector.
In Pro Picks, Sam discusses WSP Global Inc. (TSX: WSP), GE HealthCare Technologies Inc. (Nasdaq: GEHC), and Brookfield Infrastructure Partners LP (NYSE: BIP). See also this segment as a separate video.

Timestamps
00:00 Show trailer
02:10 Intro
05:50 Have we gotten to the point where we can ignore Trump’s threats?
08:40 The U.S.-Canada relationship
10:40 U.S. exceptionalism is a global risk
12:00 Does the gold rally still have legs?
15:00 Understanding the buy and sell side at Veritas Asset Management
17:50 Stock picking is a lot like gambling
18:20 Long and short strategies
23:00 Barrick Mining
31:50 Bombardier
34:40 Fairfax Financial
39:40 Constellation Software
50:00 Shopify
55:10 Rogers Communications
58:00 Sam’s Pro Picks (WSP, GEHC, BIP.un)

Or listen on Apple or Spotify.

Disclaimer

* Sam LaBell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba. The opinions and statements expressed by Sam in this media appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change.

Cautionary Note Regarding Forward-Looking Statements

The information in this release may contain forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that Veritas Asset Management Inc., the Portfolio Manager, or any affiliates thereof (the ‘Companies’) believe, expect, or anticipate will or may occur in the future (including, without limitation, statements regarding any targeted returns, projections, forecasts, statements, and future plans and objectives of the Companies) are forward-looking statements. These forward-looking statements reflect the current expectations, assumptions or beliefs of the Companies based on information currently available to the Companies. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Companies to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Companies.

For a list of factors that could cause actual results or events to differ materially from current expectations, please refer to our Prospectus and the section ‘Risk Factors’. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Companies disclaim any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Although the Companies believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

A Brutally Honest Reality Check on Some of Your Favourite Stocks | In the Money with Amber Kanwar

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January 26, 2026

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