Show notes
“If tech was the best performer for 25 years because it took in all the cash… what do you think happens when all the cash flows into commodities and infrastructure?” That’s the big question driving today’s conversation—and according to Daniel Dreyfus, the answer could define the next decade of investing. In this episode of In the Money with Amber Kanwar, Daniel Dreyfus, Chief Investment Officer at Bornite Capital, lays out his high-conviction thesis that we are in the early stages of the largest capital spending cycle in modern history. From AI-driven data centre demand to aging power grids, critical minerals, and global supply chain reshoring, he explains why trillions of dollars are now being redirected into real assets—and why that shift could fundamentally reshape market leadership. Dreyfus walks through how he identifies “pinch points” across supply chains, why he believes commodities like copper, oil, and gold still have room to run, and how investors should think about energy, infrastructure, and inflation in a world of rising geopolitical risk and currency debasement. He also breaks down why he sees Canada as one of the most compelling places to invest in energy today, and what needs to happen for that opportunity to be fully realized. In Mailbag, Dreyfus weighs in on key viewer questions across energy, natural gas, gold, copper, fertilizers, waste management, and more—including his views on names like PrairieSky (PSK.TO), Cenovus (CVE.TO), Tourmaline (TOU.TO), Paramount (POU.TO), Barrick (ABX.TO), Hudbay (HBM.TO), Mosaic (MOS), GFL (GFL.TO), and Pan American Silver (PAAS.TO). In Pro Picks, he revisits past ideas like Cheniere (LNG), Ivanhoe (IVN.TO), and Talen (TLN), and shares new high-conviction names including Skeena Resources (SKE.TO) and Carpenter Technology (CRS)—explaining where he sees asymmetric upside tied to this massive capex cycle. If the last 25 years were defined by capital-light tech dominance, this episode makes the case that the next 25 could look very different.Timestamps00:00 Trailer 02:15 Intro05:05 Still in an early commodity supercycle12:45 Cash is flowing into commodities & infrastructure 15:15 What benefits the most from this thesis? 18:15 Dan’s view on Iran war & oil22:15 Canada has to play a critical role to repair supply chains - Hopeful that Canada can deliver26:45 Canada is the most exciting place in the world to invest in energy 29:45 Hamilton ETFs MIX31:50 ITM Mailbag: Cenovus Energy stock (CVE)32:45 Natural gas plays 35:15 Barrick Mining (ABX)39:45 Hudbay Minerals & copper (HBM) 46:10 Mosaic (MOS)49:05 GFL Environmental (GFL)51:05 Silver stocks 53:45 Mirion Tech (MIR)54:55 Dan’s Past & Pro Picks (LNG, IVN, TLN, SKE, CRS)SponsorsFor 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 informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] 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. 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