What Liberation Day Means for Your Money
04/03/25 • 72 min
The world is undergoing a seismic shift, and according to Daniel Dreyfus, Chief Investment Officer at Bornite Capital, we are in the midst of a major regime change that will redefine economies, industries, and financial markets. In this conversation, Dan explains why a new era of tariffs will be massively inflationary and why buying infrastructure and critical commodities will be the best way to protect your money. He says commodities are set to benefit, and suggests the price of gold could go as high as $4000 per ounce.
Dan explains how investors can position themselves before the market fully adjusts to this fundamental transformation and offers specific stocks to buy in order to get ahead, including names like Cheniere Energy, Talen Energy and Ivanhoe Mines.
This isn’t just another market cycle—this is a massive structural change. Don’t miss out on the opportunity to find out how you can profit.
Timestamps
00:00 Show intro
02:45 Dan on starting his fund in 2020
05:15 Dan says we’re entering a massive global regime change of tariffs and austerity and explains what can protect your money
11:15 Dan says gold could hit $4000
16:50 Why Dan views gold as a currency not a commodity- and why he thinks it’s the best one
19:45 ITM Mailbag: Does it make sense to buy, sell or hold South Bow Corp (SOBO.TO)?
29:00 What is holding Barrick Gold (ABX.TO) back?
36:15 Dan’s favourite gold stock (SKE.TO)
40:25 Dan’s thoughts on copper and does he like Teck Resources (TECK.B.TO)
46:30 Why Dan likes GFL Environmental (GFL.TO)
51:55 Dan’s Pro Picks
Sponsors
This episode is sponsored by BMO InvestorLine. If you’re a “Do It Yourself" investor, BMO InvestorLine Self-Directed is the perfect platform for you. With powerful tools and commission-free trading on over 100 ETFs, you’ll have everything you need to take control of your investments and build a portfolio that’s right for you. Learn more at https://bmo.com/InvestorLine?ecid=pr-2886232INV1-JNBMO14
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.
Links
Follow In the Money:
Visit the website: https://inthemoneypod.com/
Submit a question: [email protected]
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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.
BMO DISCLAIMER
Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.
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 Investo...
The world is undergoing a seismic shift, and according to Daniel Dreyfus, Chief Investment Officer at Bornite Capital, we are in the midst of a major regime change that will redefine economies, industries, and financial markets. In this conversation, Dan explains why a new era of tariffs will be massively inflationary and why buying infrastructure and critical commodities will be the best way to protect your money. He says commodities are set to benefit, and suggests the price of gold could go as high as $4000 per ounce.
Dan explains how investors can position themselves before the market fully adjusts to this fundamental transformation and offers specific stocks to buy in order to get ahead, including names like Cheniere Energy, Talen Energy and Ivanhoe Mines.
This isn’t just another market cycle—this is a massive structural change. Don’t miss out on the opportunity to find out how you can profit.
Timestamps
00:00 Show intro
02:45 Dan on starting his fund in 2020
05:15 Dan says we’re entering a massive global regime change of tariffs and austerity and explains what can protect your money
11:15 Dan says gold could hit $4000
16:50 Why Dan views gold as a currency not a commodity- and why he thinks it’s the best one
19:45 ITM Mailbag: Does it make sense to buy, sell or hold South Bow Corp (SOBO.TO)?
29:00 What is holding Barrick Gold (ABX.TO) back?
36:15 Dan’s favourite gold stock (SKE.TO)
40:25 Dan’s thoughts on copper and does he like Teck Resources (TECK.B.TO)
46:30 Why Dan likes GFL Environmental (GFL.TO)
51:55 Dan’s Pro Picks
Sponsors
This episode is sponsored by BMO InvestorLine. If you’re a “Do It Yourself" investor, BMO InvestorLine Self-Directed is the perfect platform for you. With powerful tools and commission-free trading on over 100 ETFs, you’ll have everything you need to take control of your investments and build a portfolio that’s right for you. Learn more at https://bmo.com/InvestorLine?ecid=pr-2886232INV1-JNBMO14
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.
Links
Follow In the Money:
Visit the website: https://inthemoneypod.com/
Submit a question: [email protected]
Follow In the Money on Instagram: https://www.instagram.com/inthemoneypod/?hl=en
Facebook: https://www.facebook.com/profile.php?id=61569721774740
Twitter/X: https://twitter.com/inthemoneypod
TikTok: https://www.tiktok.com/@inthemoneypod?lang=en
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.
BMO DISCLAIMER
Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.
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 Investo...
Previous Episode
How to Turn the Trade War into Your Biggest Investment Opportunity
Donald Trump’s trade war has investors on edge, but could this market sell-off be a golden opportunity? Dan Rohinton, VP & Portfolio Manager at iA Global Asset Management, breaks down why now is the time to step back, block out the noise, and buy into world-class companies at a discount. He’s a proud Canadian but says never count out the U.S. and tells us why some of the best investment opportunities—like Microsoft, Google, Amazon, and Nvidia—are hiding in plain sight.
If you want to know how you can profit from the trade war, don’t miss these expert insights on what Dan says are once in a generation buying opportunities!
Timestamps
0:00 Intro
1:30 How to approach ‘Liberation Day’, and what Trump’s tariffs mean for long-term investing
5:10 Why this is a good time to buy up some of the best companies in the world
8:50 Why Dan thinks the Canadian rail stocks are interesting
9:30 Dan’s thoughts on the Canadian election and what it means for markets
12:00 Why Dan says ‘never count out America’, why he’s constructive on Europe, and why he’s chasing China at 0%
16:00 ITM Mailbag: Why Dan would by CN Rail (CNR.TO) at these levels
19:10 Does Dan like Sun Life Financial (SLF.TO) or Manulife Financial (MFC.TO) better?
22:15 Why Royal Bank (RY.TO) is Dan’s favourite Canadian bank
26:00 Dan’s thoughts on REITs
28:15 Why CNQ is Dan’s favourite Canadian oil stock
29:50 Why Dan would buy LVMH at these levels after a major drop (MC.EPA)
33:55 Would Dan buy Constellation Brands (STZ.NYSE) here?
37:45 Broadcom (AVGO.NASDAQ) vs Nvidia (NVDA.NASDAQ)
40:00 Dan’s Pro Picks
51:50 Goodbye & coming up
Sponsors
This episode is sponsored by BMO InvestorLine. If you’re a “Do It Yourself" investor, BMO InvestorLine Self-Directed is the perfect platform for you. With powerful tools and commission-free trading on over 100 ETFs, you’ll have everything you need to take control of your investments and build a portfolio that’s right for you. Learn more at bmo.com/InvestorLine?ecid=pr-2886232INV1-JNBMO14
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit raymondjames.ca today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit ATB.com/inthemoney for more information.
Links
Follow In the Money:
Visit the website: https://inthemoneypod.com/
Submit a question: [email protected]
Follow In the Money on Instagram: https://www.instagram.com/inthemoneypod/?hl=en
Facebook: https://www.facebook.com/profile.php?id=61569721774740
Twitter/X: https://twitter.com/inthemoneypod
TikTok: https://www.tiktok.com/@inthemoneypod?lang=en
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.
BMO DISCLAIMER
Terms and conditions apply. BMO InvestorLine is a wholly owned subsidiary of Bank of Montreal. Member – Canadian Investor Protection Fund and Member of the Canadian Investment Regulatory Organization.
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 ma...
Next Episode
This Isn’t the Bottom: Jeannine LiChong on Tariffs, Recession Fears & Where to Invest Now
Markets are in meltdown mode — but Waratah Capital’s Jeannine LiChong says this isn’t the bottom. In this episode of In the Money with Amber Kanwar, veteran fund manager Jeannine shares her strategy for navigating extreme market volatility, tariff uncertainty, and looming recession risks.
With experience managing money through the 2008 financial crisis and the COVID market crash, Jeannine explains why she’s holding cash, staying cautious, and waiting for clarity before buying the dip. She weighs in on U.S. tariffs, policy instability, central bank cuts, and structural shifts in the global economy — and how all of this is impacting investor psychology and portfolio positioning.
We also go deep into Pro Picks — Jeannine reveals 3 recession-resistant stocks she’s confident in right now:
- Dollarama (DOL.TO) — a cash-generative retailer benefiting from consumer trade-down and international growth.
- Intact Financial (IFC.TO) — a defensive financial stock with pricing power and strong cost control.
- Loblaw (L.TO) — a grocery giant leveraging its No Frills brand and food inflation to grow earnings.
Plus, Jeannine shares her take on Canadian banks, Telus, Capital Power, Canadian Tire, CN Rail, CP Rail, and TFI International — all under the lens of slowing GDP growth, and evolving trade policy.
If you're looking to protect your portfolio, ride out the market chaos, and uncover long-term opportunities in a downturn, this episode is a must-watch.
Timestamps
00:00: Intro
01:40 How Jeannine handles the noise as a long-term investor
03:40 Why this time is different than the financial crisis or covid downturn and why there could eventually be opportunities
07:00 Why Jeannine thinks we won’t see a bottom until markets get clarity on tariffs
08:55 Why Jeannine likes Canadian equities but has confidence in the U.S. economy
10:10: Why Jeannine thinks there’s a chance of a U.S. recession and why she think tariffs are an opportunity for Canada
13:00 What is Donald Trump’s end goal?
14:15 ITM Mailbag: Why Royal Bank (RY.TO) is Jeannine’s top Canadian bank
17:20 Amid a slowdown in the Canadian economy what are Jeannine’s thoughts on Canadian Tire (CTC.TO)?
19:35 Does Jeannine like Canadian rail stocks? Is she concerned about the impact of tariffs on the rail sector? (CNR.TO, CP.TO)
22:45 Jeannine’s thoughts on Telus as a long-term hold (T.TO)
25:20 Capital Power (CPX.TO) had an incredible run up then a hot equity raise and then straight down. Why?
28:00 What are Jeannine’s thoughts on TFI International (TFII.TO)?
30:20 Jeannine’s Pro Picks
Sponsors
This episode is sponsored by BMO InvestorLine. If you’re an experienced trader, BMO Active Trader is the platform for you. With advanced tools and capabilities like multi-leg options, screeners, and strategy builders with margin trades, you’ll have everything you need to take your trading to the next level, giving you the edge you need in today’s markets. Learn more at bmo.com/advancedtrading?ecid=pr-2886232INV1-JNBMO17
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit 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 ATB.com/inthemoney for more information
Links
Follow In the Money:
Visit the website: https://inthemoneypod.com/
Submit a question: [email protected]
Follow In the Money on Instagram: https://www.instagram.com/inthemoneypod/?hl=en
Facebook: https://www.facebook.com/profile.php?id=61569721774740
Twitter/X: https://twitter.com/inthemoneypod
TikTok: https://www.tiktok.com/@inthemoneypod?lang=en
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 t...
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