When to Hold Cash and When to Strike: Liz Miller’s Market Strategy
04/22/25 • 50 min
Markets are swinging wildly, but are investors overreacting? In this episode of In the Money with Amber Kanwar, seasoned portfolio manager Liz Miller of Summit Place Financial Advisors shares how she’s navigating market uncertainty—from surging tariffs and Fed drama to stock-specific opportunities.
Liz explains why corporate earnings are murky, why the Fed’s influence may be fading, and how tariff unpredictability and U.S. dollar volatility are forcing investors to rethink risk. She also unpacks why she’s favouring U.S.-centric companies and building cash, even while nipping at beaten-down names.
In the mailbag, Liz breaks down whether fully valued names like Netflix (NFLX), Google (GOOGL), and Costco (COST) are still worth buying—and why she’s more bullish on under-the-radar opportunities like Disney (DIS), BlackRock (BLK), and even Sweetgreen (SG). Plus, why she avoids gold miners and prefers gold ETFs for safer exposure.
Then, in her Pro Picks segment, Liz shares 3 stocks she’s adding in this turbulent environment: Evercore (EVR), GE Healthcare (GEHC) and Carlisle Companies (CSL)
Whether you’re managing retirement risk, debating tech valuations, or wondering how to play inflation and tariffs, this episode is packed with grounded, long-term investing insight.
Timestamps
00:00 Show intro
01:35 How Liz is approaching this volatile time in markets
03:20 How to dissect earnings this season when things are so uncertain
05:20 We need clarity on tariffs in order to be able to assess stocks
07:20 Why Liz just bought several positions during the recent down days, is holding cash and is reorienting towards domestic names
11:05 Trump, Jerome Powell and issues with the Fed’s credibility
15:20 ITM Mailbag: Would Liz buy Netflix (NFLX-Nasdaq) at these levels?
18:30 What is Liz’s view on Google (GOOG.Nasdaq) for the next 3 years?
23:30 Is Costco (COST.Nasdaq) a solid recession hedge?
27:45 Does Liz still like Sweetgreen here (SG.NYSE)?
31:40 Why Liz likes owning gold through ETFs
35:50 Liz’s take on Berkshire Hathaway (BRK.B.NYSE) vs BlackRock (BLK.NYSE)
40:00 Liz’s Pro Picks
50:00 Goodbye & coming up
Sponsors
This 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 bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16
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
https://inthemoneypod.com/
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740
https://twitter.com/inthemoneypod
https://tiktok.com/@inthemoneypod
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 gua...
Markets are swinging wildly, but are investors overreacting? In this episode of In the Money with Amber Kanwar, seasoned portfolio manager Liz Miller of Summit Place Financial Advisors shares how she’s navigating market uncertainty—from surging tariffs and Fed drama to stock-specific opportunities.
Liz explains why corporate earnings are murky, why the Fed’s influence may be fading, and how tariff unpredictability and U.S. dollar volatility are forcing investors to rethink risk. She also unpacks why she’s favouring U.S.-centric companies and building cash, even while nipping at beaten-down names.
In the mailbag, Liz breaks down whether fully valued names like Netflix (NFLX), Google (GOOGL), and Costco (COST) are still worth buying—and why she’s more bullish on under-the-radar opportunities like Disney (DIS), BlackRock (BLK), and even Sweetgreen (SG). Plus, why she avoids gold miners and prefers gold ETFs for safer exposure.
Then, in her Pro Picks segment, Liz shares 3 stocks she’s adding in this turbulent environment: Evercore (EVR), GE Healthcare (GEHC) and Carlisle Companies (CSL)
Whether you’re managing retirement risk, debating tech valuations, or wondering how to play inflation and tariffs, this episode is packed with grounded, long-term investing insight.
Timestamps
00:00 Show intro
01:35 How Liz is approaching this volatile time in markets
03:20 How to dissect earnings this season when things are so uncertain
05:20 We need clarity on tariffs in order to be able to assess stocks
07:20 Why Liz just bought several positions during the recent down days, is holding cash and is reorienting towards domestic names
11:05 Trump, Jerome Powell and issues with the Fed’s credibility
15:20 ITM Mailbag: Would Liz buy Netflix (NFLX-Nasdaq) at these levels?
18:30 What is Liz’s view on Google (GOOG.Nasdaq) for the next 3 years?
23:30 Is Costco (COST.Nasdaq) a solid recession hedge?
27:45 Does Liz still like Sweetgreen here (SG.NYSE)?
31:40 Why Liz likes owning gold through ETFs
35:50 Liz’s take on Berkshire Hathaway (BRK.B.NYSE) vs BlackRock (BLK.NYSE)
40:00 Liz’s Pro Picks
50:00 Goodbye & coming up
Sponsors
This 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 bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16
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
https://inthemoneypod.com/
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740
https://twitter.com/inthemoneypod
https://tiktok.com/@inthemoneypod
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 gua...
Previous Episode
Healthcare Under Fire: RFK Jr., Tariffs, and Market Volatility
When markets are in turmoil, investors traditionally flock to healthcare for stability — but what happens when healthcare itself is a flashpoint for volatility? In this episode of In the Money with Amber Kanwar Robert Moffat of Middlefield joins to unpack the biggest headwinds facing the sector right now.
From the controversial appointment of RFK Jr. to looming drug tariffs, Rob dives deep into the policy and market forces disrupting pharma, medtech, and healthcare services. He shares why he's staying defensive, what names he's avoiding (sorry, Pfizer holders), and where he's seeing opportunities amid the chaos.
In a volatile healthcare market, Rob explains why he’s particularly positive on GLP-1 weight loss and diabetes medications which he says are reshaping the future of healthcare. He tells us why Eli Lilly, which makes Mounjaro and Zepbound, is his top holding and why he prefers it over Ozempic maker Novo Nordisk. He also suggests other names he likes right now including Abbott Laboratories and McKesson, which he says is the ultimate defensive safe haven company in healthcare.
Timestamps
00:00 Show Intro
01:40 Rob’s approach to volatility in healthcare
03:10 RFK Jr. and his impact on the healthcare sector
06:50 The headwind from tariffs
13:00 Why Rob thinks M&A in the pharma space is definitely coming
14:50 ITM Mailbag: Rob’s outlook on Pfizer (PFE.NYSE)
18:35 Rob’s thoughts on UnitedHealth Group (UNH.NYSE)
22:00 Why Rob thinks CVS (CVS.NYSE) is one of the biggest ‘show me’ stories in healthcare
27:35 Rob’s thoughts on Medtronic (MDT.NYSE) and its dividend
30:35 Rob’s outlook on Stryker (SYK.NYSE)
33:15 Rob’s view of Johnson & Johnson (JNJ-NYSE) in light of tariffs
35:30 Rob’s Pro Picks
47:30 Goodbye & coming up
Sponsors
This episode is sponsored by BMO InvestorLine. Learn more at https://bmo.com/advancedtrading
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. Visit https://ATB.com/inthemoney for more information
Links
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740
https://twitter.com/inthemoneypod
https://tiktok.com/@inthemoneypod
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 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 ...
Next Episode
Canada First: Inside an $8 Billion Fund Manager’s Playbook
Are Canadian stocks finally having their moment? In this episode of In the Money with Amber Kanwar, Garey Aitken, Head of Canadian Equities at Franklin Templeton’s ClearBridge Investments, breaks down the "sell America, buy Canada" trend, explains why the U.S. is losing some of its exceptionalism, and gives his take on whether this shift is short-lived or part of a longer-term rebalancing in global markets.
Garey shares 8 Canadian stocks he believes have a clear edge right now—from blue-chip dividend names to contrarian energy picks and growth stocks flying under the radar. He offers candid takes on valuation, proxy battles, strategic reviews, and where he's deploying capital now. If you're after resilience, income, or upside, there's something in here for every kind of investor.
Plus, with a federal election looming, what impact could the outcome have on Canadian energy policy and investor sentiment? Garey weighs in on how much political risk he's factoring in and what to watch for in the days ahead.
Whether you're a long-term investor, dividend chaser, or market skeptic—this episode is packed with expert insight.
Timestamps
00:00 Show Intro
01:40 Garey Aitken’s approach to investing and why Canada is outperforming the U.S.
03:50 Is this the beginning of Canadian exceptionalism?
07:45 Reasons Canadian stocks have an edge right now
11:00 Uncertainty facing the Canadian economy and what the federal election means
16:15 ITM Mailbag: Does Garey like Dollarama (DOL.TO) at these levels?
18:50 What does Garey think about Parkland’s (PKI.TO) proxy battle and what does it mean for the stock?
24:55 What does Garey think about Couche-Tard in 2025? (ATD.TO)
33:20 Does Garey like Capital Power (CPX.TO) at these levels?
36:20 Is Constellation Software insulated from tariffs and what does Garey think about the valuation?
40:15 Garey’s Pro Picks
Sponsors
This 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 bmo.com/onlineinvesting?ecid=pr-2886232INV1-JNBMO16
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
https://inthemoneypod.com/
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740
https://twitter.com/inthemoneypod
https://tiktok.com/@inthemoneypod
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 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 epis...
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