Why the Best Fund Manager of 2022 is Betting on Gold, Water, and Infrastructure

In the Money with Amber Kanwar

The market may be laser-focused on Donald Trump’s trade war but James Davolos of Horizon Kinetics says tariffs or not, the tide is turning — and savvy investors should be paying attention. In this wide-ranging conversation, Davolos breaks down why we're leaving behind the "golden era" of ultra-low interest rates, globalization, and free capital, and entering a new investing regime marked by inflation, deglobalization, and resource scarcity. Davolos, who the WSJ named the best fund manager of 2022, outlines how to position your portfolio for long-term resilience, with a focus on capital-light businesses tied to real assets — think infrastructure, energy, and gold — but without the usual baggage of cyclicality and capex-heavy models. He explains his unique approach and offers specific stocks that fit into his model, including his top 3 stock picks focused on water as real asset, exchanges as financial infrastructure and royalty companies as resource winners.

Timestamps

00:00 Show intro

02:30 James Davolos explains his unique approach to investing
08:00 Why does James think we're in the midst of a major regime shift
13:05 Why James isn’t even paying attention to tariffs
15:15 Why James likes real assets and how he finds the best ones
21:00 Why James believes the U.S. is headed towards stagflation and his view on rates
23:05 James’s view on gold
25:45 Are we seeing the end to U.S. exceptionalism in stocks?
28:00 ITM Mailbag: Will volatility be good for exchanges like the Intercontinental Exchange (ICE.NYSE)
33:10 Is Brookfield a stock that can help weather the current storm? (BN.TO, BN.NYSE)

40:00 James’s expectations for gold and why he likes royalty streaming companies
44:45 James’s thoughts on bitcoin and the best way to play it
51:00 What does James think about Enbridge (ENB.TO)
57:15 Why James likes Dream Unlimited (DRM.TO)
1:01:30 James’s Pro Picks
1:13:40 Goodbye & coming up

Sponsors
​​This episode is sponsored by BMO InvestorLine. Alright, In The Money listeners, you're constantly analyzing charts, spotting trends, and making calculated moves. That's where BMO InvestorLine comes in. Learn more at https:// bmo.com/advancedtrading?ecid=pr-2886232INV1-JNBMO17

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. They are Canada's largest independent financial services firm with over 520 dedicated advisors, $88 billion in assets under management, and capital markets services. 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. ATB's Capital Markets arm is a full-service investment dealer that offers investment and corporate banking, sales and trading, institutional research, and risk management. Visit ATB.com/inthemoney for more information

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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.

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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 experts. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

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