In the Money with Amber Kanwar
Episodes
Commodities are Faltering, Is It Time to Get Out?
25 Jun 2026
Contributed by Lukas
A year ago, Bob Thompson called commodities the trade of the decade. Since then, silver miners, energy stocks and commodity-focused funds have deliver...
The AI Debt Bubble Nobody Is Talking About
23 Jun 2026
Contributed by Lukas
The AI boom is being financed with debt—and the numbers are staggering.The world's biggest tech companies are spending hundreds of billions of dolla...
Larry McDonald: SpaceX Could Crash the Market — Why He's Buying Commodities Instead
18 Jun 2026
Contributed by Lukas
The AI boom is supposed to be a tech story. Larry McDonald thinks it's a commodities story. On this episode of In the Money with Amber Kanwar, the Bea...
Hold Cash — But Load Up On Commodities
16 Jun 2026
Contributed by Lukas
Global fund managers raised their allocation to equities by the most on record in May, but Chad Larson, who manages the best performing tactical fund ...
Don’t Call David Rosenberg a Permabear, He’s Fully Invested
11 Jun 2026
Contributed by Lukas
Everyone calls David Rosenberg a permabear but he says he’s fully invested, just in completely different places than the consensus.On this episode o...
How to Generate 10%+ Returns in an Inflationary World
09 Jun 2026
Contributed by Lukas
Inflation is surging again and it’s driving savvy investors to rethink how to manage their portfolios. So, what assets should you buy right now to p...
Why a $22 Billion Fund is Bullish on Canada
04 Jun 2026
Contributed by Lukas
Canada just slipped into a technical recession, stocks are sitting at record highs— and one renowned $22 billion firm is leaning in, not backing awa...
Unloved Stocks to Buy with CNBC’s Jimmy Lebenthal | In the Money with Amber Kanwar
02 Jun 2026
Contributed by Lukas
“Patience is a virtue—sometimes the best trade is the one you don’t rush.” On this episode of In the Money with Amber Kanwar, Jimmy Lebenthal,...
Semis Hit Trillion Dollars, SpaceX Goes Public — Is the Top In?
28 May 2026
Contributed by Lukas
Semiconductors are ripping, trillion-dollar valuations are becoming the norm, and now the most hyped IPO in years is looming. So… is this the moment...
It's Earnings, Stupid: How to Build an ETF Portfolio Around What Actually Matters
26 May 2026
Contributed by Lukas
Global markets keep climbing despite geopolitical tension, shifting rate expectations, and nonstop headlines—but how should you actually build an ET...
Electricity is the New Oil: The Trades Powering the Next Energy Boom
21 May 2026
Contributed by Lukas
Global electricity demand is growing more than twice as fast as overall energy demand, according to the International Energy Agency—so how should in...
The Ultra-Rich Playbook: Where Big Money Is Moving Now
19 May 2026
Contributed by Lukas
The price of admission is $25 million — and how you invest changes completely once you get there. On this episode of In the Money with Amber Kanwar,...
The Mother of All Commodity Supercycles
14 May 2026
Contributed by Lukas
“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 a...
AI is Killing Buy and Hold Investing
12 May 2026
Contributed by Lukas
AI is forcing investors to rethink one of the most time-tested strategies in the market—and it could have major implications for how you build your ...
“Barbarians at the Moat”: How Disruption Is Reshaping the Best Stocks to Own
07 May 2026
Contributed by Lukas
The market isn’t just rotating—it’s being rewritten. In this episode of In the Money with Amber Kanwar, Paul Moroz, Portfolio Manager at Mawer I...
Tech Stocks are Hot Again: What to Buy (and What to Sell)
05 May 2026
Contributed by Lukas
The Nasdaq 100 went from a seven-month low to a record high in April—posting its biggest monthly gain since 2002. But as tech stocks rip higher, Kie...
Beating the Market with Small-Caps: Cheap Stocks with Big Upside
30 Apr 2026
Contributed by Lukas
Small-cap stocks have significantly outperformed their large-cap peers so far this year but valuations remain at a massive discount, so what names sho...
$4 Billion Hedge Fund Manager: Everyone is Getting the Energy Trade Wrong
28 Apr 2026
Contributed by Lukas
Energy stocks are down over the past month despite the war in Iran. Tech stocks have come roaring back. But this hedge fund manager says the market ha...
The Microcap Playbook: Finding 10x Stocks Before They Get Discovered
23 Apr 2026
Contributed by Lukas
The best opportunities in the market might be the ones no one is paying attention to — and that’s exactly where microcap investor Mathieu Martin i...
If You Can’t Beat Them, Join Them: How to Win in Small Caps by Investing Public AND Private
21 Apr 2026
Contributed by Lukas
If you can’t beat them, join them. That’s the mindset Marc Robinson brings to small cap investing right now. The Managing Director at FAX Capital ...
The New Inflation Era: Why Real Assets Could Be the Big Winners
16 Apr 2026
Contributed by Lukas
The investing playbook may be changing—and Tyler Rosenlicht, Portfolio Manager, Global Infrastructure at Cohen & Steers, says investors need to ...
Why Consensus is Failing — A Contrarian Approach to Today’s Market
14 Apr 2026
Contributed by Lukas
John Zechner has seen this movie before — and when everyone’s on the same side of the trade, he starts looking the other way.The Chairman & Fo...
Bullish Brian Belski is Still Bullish
09 Apr 2026
Contributed by Lukas
Bullish Brian Belski is back—and yes, he’s still bullish.In this episode of In the Money with Amber Kanwar, the CEO & Chief Investment Officer...
Everything is an AI Stock Now — Here’s What to Buy
07 Apr 2026
Contributed by Lukas
The AI trade isn’t just about tech anymore — it’s about all stocks. In this episode of In the Money with Amber Kanwar, Kim Bolton, President &am...
When the War Ends: The Most Mispriced Trades in Global Markets with Peter Boockvar
02 Apr 2026
Contributed by Lukas
What happens when the war ends — and what is the market getting wrong right now? Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Pa...
“Best Market in 40 Years” — Why Nuclear is Surging Now with Cameco CEO Tim Gitzel
31 Mar 2026
Contributed by Lukas
The nuclear story has completely flipped — and according to Cameco CEO Tim Gitzel, this is now the strongest market he’s seen in over 40 years.In ...
Dividend Growth in a Time of War
26 Mar 2026
Contributed by Lukas
Dividend growth is supposed to be the safe corner of the market — but what happens when geopolitics, inflation shocks, and an evolving AI trade coll...
“Multi-Baggers Everywhere” – How to Be Optimistic in a Market Sell-Off
24 Mar 2026
Contributed by Lukas
Markets are volatile again but is this sell-off creating the next generation of multi-bagger stocks? In this episode of In the Money with Amber Kanwar...
Why This Startup Wants to Disrupt Global Commodity Trading
19 Mar 2026
Contributed by Lukas
The world is entering a new era of commodity volatility — and the infrastructure that powers global markets may be overdue for a redesign. Josh Crum...
The Optimistic Regulator: Canada’s Banking System is Strong — But Here’s What Keeps Regulators Up at Night
17 Mar 2026
Contributed by Lukas
Recorded on March 5, 2026Canada’s banking system is often described as one of the strongest in the world — but even strong systems face real risks...
Iran’s Oil Crisis Could Send Prices to $200 — Is Canada the Big Winner?
12 Mar 2026
Contributed by Lukas
The oil market has been rocked by escalating tensions in the Middle East, massive price swings, and a growing debate over whether the world is heading...
Small-Cap Season: Stocks That Can Double in 3-5 Years
10 Mar 2026
Contributed by Lukas
Small caps are finally having their moment — and according to Greg Dean, Founder & Lead Investor at Langdon Equity Partners, the opportunity set...
Oil Shock: Eric Nuttall Says the Market is Dangerously Complacent
05 Mar 2026
Contributed by Lukas
The oil market just got a historic geopolitical shock — and Eric Nuttall says market complacency is creating a major opportunity in energy stocks.Ge...
The Great Rotation: Small Caps Up, Software Down — What Now?
03 Mar 2026
Contributed by Lukas
Small-caps are outperforming. Software stocks are getting crushed. Is this the great rotation? On this episode of In the Money with Amber Kanwar, And...
The Great Rotation: Small-Caps Up, Software Down — What Now?
03 Mar 2026
Contributed by Lukas
Small-caps are outperforming. Software stocks are getting crushed. Is this the great rotation? On this episode of In the Money with Amber Kanwar, And...
“I Hate This Market” – Dividend Investor Rebecca Teltscher on What to Buy in an Overvalued Market
26 Feb 2026
Contributed by Lukas
“I hate this market. It’s funny because we are strongly outperforming, but I still don’t like this market.”That’s how dividend investor Rebe...
The Rise and Fall of ESG — And What Comes Next
24 Feb 2026
Contributed by Lukas
Is sustainable investing still relevant — or was ESG just a pandemic-era trade?On this episode of In the Money with Amber Kanwar we speak with Amber...
The Great Rotation: Why Global Stocks Are Beating the U.S.
19 Feb 2026
Contributed by Lukas
For years, U.S. markets felt unstoppable. Now the script is flipping.On this episode of In the Money with Amber Kanwar, Matthew Strauss, SVP, Portfoli...
AI is Eating Software — Is This Sell-Off Overdone?
17 Feb 2026
Contributed by Lukas
AI was supposed to supercharge software. Instead, it’s threatening to disrupt it.Ivana Delevska, Founder & CIO of Spear Advisors, joins In the M...
The Most Hated Sector Is Rallying — Is Biotech Back?
12 Feb 2026
Contributed by Lukas
Biotech stocks were left for dead — written off after years of brutal bear markets, failed trials, rising rates, and policy shocks. But what if the ...
A Value Investor’s Guide to Precious Metals
10 Feb 2026
Contributed by Lukas
Gold and silver have been rocked in recent weeks, so what should investors do now? According to Jonathan Wellum gold isn’t just a trade — it’s i...
The Revenge of the Value Investor
05 Feb 2026
Contributed by Lukas
Today on In the Money with Amber Kanwar, the show heads to Phoenix, Arizona for a special on-the-road episode with Bill and Cole Smead of Smead Capita...
This is Why You Should Stop Ignoring Healthcare Stocks
03 Feb 2026
Contributed by Lukas
Investors are talking about a “sell America” trade — but is the U.S. really done, or is this just another moment where global diversification fi...
Is Passive Investing Quietly Breaking the Market?
29 Jan 2026
Contributed by Lukas
What if the biggest risk to the S&P 500 isn’t a recession, rates, or geopolitics — but the way we invest?Amber Kanwar sits down with Michael G...
A Brutally Honest Reality Check on Some of Your Favourite Stocks
27 Jan 2026
Contributed by Lukas
What happens when you strip away the hype and put some of the market’s most beloved stocks under a cold, analytical microscope? In this episode of I...
Carney Says It’s a New World Order, What That Means for Investors with the Head of Canada’s Largest Hedge Fund
22 Jan 2026
Contributed by Lukas
The investing world is entering a new era — and the old playbook may no longer apply. In this episode of In the Money with Amber Kanwar, Amber sits ...
EQB CEO on Whether Canada’s Smallest Bank Can Challenge the Status Quo
20 Jan 2026
Contributed by Lukas
EQB was the worst-performing bank stock last year. A housing slowdown, a spike in provisions for credit losses, and the sudden passing of longtime CEO...
If You Only Listen to One Stock Interview This Week, Make It This One
15 Jan 2026
Contributed by Lukas
David Burrows is back — and he’s bringing receipts. When he joined In the Money with Amber Kanwar last year, his call that Canada would behave mor...
Ed Yardeni on an Unprecedented Threat to the Fed Chair — Plus Why He’s Underweight MAG7 and Bullish Gold
13 Jan 2026
Contributed by Lukas
What happens when politics collides head-on with monetary policy? On this episode of In the Money with Amber Kanwar, Amber sits down with legendary Fe...
Did the Venezuela Raid Screw Canada?
08 Jan 2026
Contributed by Lukas
What does the Venezuela fallout mean for Canada, oil markets and for investors trying to stay ahead of the noise? On this episode of In the Money with...
The Private-Markets Playbook That Made Brookfield a Powerhouse — and What Retail Investors Can Learn
06 Jan 2026
Contributed by Lukas
In the final instalment of our special series on alternative investing, host Paige Ellis sits down with Sachin Shah, CEO of Brookfield Wealth Solution...
This TV Star's Side Hustle Secret: Unlocking the Power of Real Estate
30 Dec 2025
Contributed by Lukas
Real estate is one of the most talked-about alternative investments — but what does it actually look like in practice?In the second instalment of ou...
60/40 is Dead- Why All Investors Need Private Markets: Alternatives Special
23 Dec 2025
Contributed by Lukas
What if the biggest investing opportunities aren’t in stocks at all?This episode of In the Money with Amber Kanwar kicks off a brand-new special ser...
Special Feature: The Case for a Holistic Approach to Wealth
19 Dec 2025
Contributed by Lukas
What does real wealth management look like when your biggest asset isn’t your portfolio — but your business, your family, and your time?On this sp...
Holiday Special: The Stock Pickers Who Delivered This Year
18 Dec 2025
Contributed by Lukas
We’re getting festive on this episode of In the Money with Amber Kanwar — and instead of our usual portfolio manager chat, Amber and executive pro...
The AI Case Wall Street Bears Get Wrong
16 Dec 2025
Contributed by Lukas
Artificial intelligence has been hyped, doubted, celebrated, and questioned — but very few people understand it from the inside out.On this episode ...
Special Feature: How to Build Wealth That Survives Market Cycles with Winnie Go from ScotiaMcLeod
12 Dec 2025
Contributed by Lukas
Long term investing sounds simple until the market throws fear, noise, bubbles, tariffs, and headlines at you. On this episode of In the Money with Am...
Commodities Are on Fire — But What Comes After a Record Year?
11 Dec 2025
Contributed by Lukas
What if the next big bull market isn’t in tech or AI stocks — but in commodities?On this episode of In the Money with Amber Kanwar, Amber sits dow...
The Fed’s Big Move — And Brianne Gardner’s Take on 10 Key Stocks
09 Dec 2025
Contributed by Lukas
The final Fed decision of 2025 may set the tone for the entire 2026 market — and today on In the Money with Amber Kanwar, portfolio manager Brianne ...
Special Feature: Inside the AI Boom with Swanzy Quarshie of Scotia Wealth Management
05 Dec 2025
Contributed by Lukas
In this special episode of In the Money with Amber Kanwar, we team up with The Scotiabank Women Initiative. Amber sits down with Swanzy Quarshie, Mana...
The Fed is on a Collision Course: Big 2026 Call from a +$245B Macro Chief
04 Dec 2025
Contributed by Lukas
We’re looking ahead to the crucial Fed decision next week — and the central bank may be on a collision course with the market, with inflat...
Inside a Permabull’s Playbook: Barry Schwartz on What Really Drives Markets
02 Dec 2025
Contributed by Lukas
Long-term investing, Barry Schwartz reminds us, is a simple math problem that most investors overcomplicate — and as a self-described permabull, he’...
Gold at Record Highs, AI Getting Risky and the Fed Eyeing Cuts — What Happens Next
27 Nov 2025
Contributed by Lukas
Gold is hovering near record highs, the market is begging for a rate cut, and AI is reshaping every corner of the economy. But are investors seeing th...
Ex–Bridgewater Insider Reveals the Hedge Fund Secret No One Talks About
25 Nov 2025
Contributed by Lukas
In this episode of In the Money with Amber Kanwar, Amber sits down with Bob Elliott, Co-Founder, CEO & CIO of Unlimited and formerly a member of t...
Serenity Now: Navigating 50% Drops in Small-Cap Stocks with Jordan Zinberg
20 Nov 2025
Contributed by Lukas
It’s been a rough ride for Canadian small-cap growth stocks, and investors are looking for answers. Jordan Zinberg of Bedford Park Capital is back o...
We’re in Year 5 of a 15-Year Energy Boom: Canada’s Biggest Energy Investor
18 Nov 2025
Contributed by Lukas
This week on In the Money with Amber Kanwar, Canoe Financial’s David Szybunka makes a bold call: we’re only in year 5 of a 15-year bull market for...
Are We Seeing the First Cracks in the AI Trade?
13 Nov 2025
Contributed by Lukas
AI has driven tech stocks to new heights — but are we starting to see cracks in the story? Amber Kanwar sits down with Shane Obata of Middlefield to...
Gimme a Crisis: Lessons From Scotiabank’s Rick Waugh
11 Nov 2025
Contributed by Lukas
This week on In the Money with Amber Kanwar, it’s a different kind of conversation — no portfolio managers, no mailbag, just an honest, wide-rangi...
The Trump Effect: Why Wall Street is Repricing Everything
06 Nov 2025
Contributed by Lukas
The Trump Trade is shaping the market right now. In this episode of In the Money with Amber Kanwar we sit down with Infrastructure Capital Management ...
Looking for Canada's Zuckerberg? Look at the Natural Resource Sector
04 Nov 2025
Contributed by Lukas
While everyone’s chasing the next tech trend, Kelsey Dunwoodie is digging where Canada’s real wealth—and entrepreneurial spirit—lies: in the g...
AI, Rate Cuts, and a $1.5 Trillion View of the Market | Raymond James CIO Larry Adam
30 Oct 2025
Contributed by Lukas
In this special episode of In the Money with Amber Kanwar, taped live from Vancouver at Raymond James’ National Business Conference, Amber sits down...
Rob Lauzon says You Can Have It All: Growth + Income in One Portfolio
28 Oct 2025
Contributed by Lukas
Can you really have it all — growth and income? Rob Lauzon, Chief Investment Officer at Middlefield, says yes. In this episode of In the Money with ...
Slow and Steady Investing Still Wins: Ryan Bushell’s Dividend Playbook
23 Oct 2025
Contributed by Lukas
In a market obsessed with momentum and AI hype, Ryan Bushell is betting on something far less flashy — patience, discipline, and dividends. On this ...
Craig White: Inside the Most Unloved Bull Market Ever
21 Oct 2025
Contributed by Lukas
Stocks are at record highs — so why does it still feel like everyone’s on edge? Amber Kanwar sits down with Craig White, Senior Wealth Advisor and...
Everyone Relax — The Bull Market is Just Getting Started
16 Oct 2025
Contributed by Lukas
“The best of the bull market is still ahead of us.” That’s how Nick Griffin, Founding Partner and CIO of Munro Partners, sees it. The Australia-...
The Rise of Tourmaline: Mike Rose’s Blueprint for Energy Success
14 Oct 2025
Contributed by Lukas
Mike Rose built Tourmaline into Canada’s largest natural gas producer — and he’s not done yet. In this episode of In the Money with Amber Kanwar...
Downtown Josh Brown: Stay Invested and Shut the F**k Up
09 Oct 2025
Contributed by Lukas
Wall Street meets real talk in this week’s In the Money with Amber Kanwar, featuring none other than Downtown Josh Brown — the CEO of Ritholtz Wea...
The Dividend Portfolio Every Investor Needs Right Now
07 Oct 2025
Contributed by Lukas
In a market obsessed with AI and momentum trades, dividend investors are quietly cashing in. In this episode of In the Money with Amber Kanwar, Laura ...
Canadian Stocks at All Time Highs, Where to Invest Next?
02 Oct 2025
Contributed by Lukas
Canadian stocks are hitting record highs, so where should investors look next? On this episode of In the Money with Amber Kanwar, veteran money manage...
Why Hedge Fund Manager Eric Jackson is Outside Drake's House
30 Sep 2025
Contributed by Lukas
Opendoor has skyrocketed more than 700% since Eric Jackson first tweeted about it this summer and he says the rally may just be getting started. In th...
Rick Rule’s Bold Call: Gold, Silver & Uranium Still in Early Innings | In the Money with Amber Kanwar
25 Sep 2025
Contributed by Lukas
Rick Rule is back on In the Money with Amber Kanwar, and this time he’s doubling down on precious metals. In this wide-ranging conversation, the leg...
Real Estate Stocks: The Good, The Bad, and the Ugly with Jeff Olin
23 Sep 2025
Contributed by Lukas
There’s no shortage of negativity in the real estate sector but Jeff Olin, one of Canada’s top real estate investors, believes there are opportuni...
The Power of Technical Analysis: Spotting Tops, Breakouts & Buy Signals with Katie Stockton
18 Sep 2025
Contributed by Lukas
Markets are at record highs, but can the rally last? In this episode of In the Money with Amber Kanwar, renowned technical analyst Katie Stockton of F...
Value Stocks are Back: 40-Year Value Investor Kim Shannon Explains Why
16 Sep 2025
Contributed by Lukas
Value stocks are back and Canadian equities may finally be getting the recognition they deserve. In this episode of In the Money with Amber Kanwar, 40...
Bidding War in the Oil Patch: Why Adam Waterous Isn’t Backing Down
11 Sep 2025
Contributed by Lukas
It's the biggest takeover battle in Canada right now. Adam Waterous returns to In the Money with Amber Kanwar to make his case for why MEG Energy shar...
Larry McDonald: The Mag 7 Crash is Coming, Here’s What to Buy
09 Sep 2025
Contributed by Lukas
Stocks are soaring on AI hype but are investors missing the real risks? In this episode of In the Money with Amber Kanwar, legendary Wall Street strat...
The $28B Real Estate CEO Who Tells It Like It Is
02 Sep 2025
Contributed by Lukas
Real estate feels like it’s at a crossroads - office vacancies, condo challenges, and a housing affordability crisis. But for Michael Cooper, Chief ...
This Small-Cap Real Estate Stock is up 4000%: CEO Bob Dhillon on Beating REITS
26 Aug 2025
Contributed by Lukas
He turned a $19K house flip into a $2 billion real estate empire and his stock is up more than 4000% since going public. In this episode of In the Mon...
Bay Street’s Top Dealmaker: Canada’s Broken Capital Markets
19 Aug 2025
Contributed by Lukas
David Kassie is a legend on Bay Street. From building CIBC World Markets into a dominant force, to founding Genuity and transforming it into Canaccord...
Gold Bull Market Isn't Over: 50-Year Mining Vet Ross Beaty
12 Aug 2025
Contributed by Lukas
Ross Beaty has been building mining companies for 50 years. From Pan American Silver to Equinox Gold, his name is synonymous with the Canadian resourc...
Not Just Insurance Anymore: How Sun Life Surpassed Brookfield in Asset Management
05 Aug 2025
Contributed by Lukas
Sun Life may be known for insurance—but under CEO Kevin Strain, it's become a $1.5 trillion force in global asset management. In this episode of In ...
He Pushed for the Sale of InterRent—Now He Reveals Who Could Be Next
31 Jul 2025
Contributed by Lukas
In this episode of In the Money with Amber Kanwar, real estate investor Michael Missaghie of Arch Corporation isn't just waiting for the real estate m...
Treat Stocks Like Property: Buy the Best, Rent the Rest
29 Jul 2025
Contributed by Lukas
In this episode of In the Money with Amber Kanwar, investor Seth Allen of Cadence Financial explains why he thinks about stocks the same way you mig...
The Art of Knowing Value from Value Trap
24 Jul 2025
Contributed by Lukas
On this episode of In the Money with Amber Kanwar, GreensKeeper Asset Management founder and value investor Michael McCloskey joins Amber for a master...
Fundamentals Over FOMO: JF Tardif’s Strategy
22 Jul 2025
Contributed by Lukas
In this episode of In the Money with Amber Kanwar, we sit down with Canadian hedge fund manager JF Tardif of Timelo Investment Management for an unf...
Bond Bull in a Bearish World: Why This Investor Sees Opportunity for Canada Amid Tariffs
17 Jul 2025
Contributed by Lukas
Earl Davis is optimistic—and that's rare for a bond investor. In this episode of In the Money with Amber Kanwar, the Head of Fixed Income at BMO Glo...
Top Stocks to Buy in a Sluggish U.S. Market
15 Jul 2025
Contributed by Lukas
In this episode of In the Money with Amber Kanwar we sit down with veteran investor Gordon Reid of Goodreid Investment Counsel who is actively searchi...
Strathcona Hit $4B Faster Than Any Canadian Company—Adam Waterous Wants MEG Next
10 Jul 2025
Contributed by Lukas
Adam Waterous thinks the Canadian energy sector is the most compelling opportunity in North America—and he’s putting his money where his mouth is....
Why Commodities Could Be the Trade of the Decade
08 Jul 2025
Contributed by Lukas
Are commodities entering a stealth bull market? In this episode of In the Money with Amber Kanwar, portfolio manager Bob Thompson makes the case for w...
$75 Billion CIO Says What Wasn’t Working is Starting to Win
03 Jul 2025
Contributed by Lukas
Is it time to rotate back into U.S. equities? Sadiq Adatia, Chief Investment Officer at BMO Global Asset Management, oversees $75 billion in direct as...