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

In the Money with Amber Kanwar

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

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