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This Isn’t the Bottom: Jeannine LiChong on Tariffs, Recession Fears & Where to Invest Now

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Manage episode 475830943 series 3637983
Content provided by Amber Kanwar. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Amber Kanwar or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.

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 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.

  continue reading

43 episodes

Artwork
iconShare
 
Manage episode 475830943 series 3637983
Content provided by Amber Kanwar. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Amber Kanwar or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.

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 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.

  continue reading

43 episodes

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