Cole Smead is back—and doubling down. The outspoken U.S. fund manager returns to In the Money with Amber Kanwar to explain why he's still bullish on Canadian energy stocks despite investor apathy, volatile oil prices, and political headwinds. He breaks down the major disconnect between market perception and industry fundamentals, explains why Canadian oil stocks are "a buy across the board," and unveils his theory of consolidation: “Who’s your daddy?” From Strathcona’s move on MEG to a wild forecast that Cenovus could end up with Suncor, Cole doesn’t hold back. Smead tackles listener questions on some of the most talked-about names in the oil patch. He gives his take on Whitecap (WCP.TO) , discusses whether Baytex (BTE.TO) or Athabasca (ATH.TO) are M&A targets, and why Imperial Oil (IMO.TO) has worked—despite his skepticism about its dividend strategy. He also breaks down CNQ (CNQ.TO) ’s place in the market as a go-to for generalist investors. He brings back two of his highest-conviction ideas from March— Strathcona Resources and Cenovus Energy (CVE.TO) —and adds a new one: Glencore (GLEN.L) . He’s confident the MEG deal will close and sees Strathcona as a future consolidator of the Canadian oil patch. While Cenovus has underperformed, he believes it's undervalued and could be in play soon. And for broader commodity exposure, he likes Glencore—a global play on commodities, specifically coal, that he sees as well-positioned to outperform stocks over the next decade. Timestamps 00:00 Show intro 02:05 Cole says people don’t understand what’s happening in the Canadian energy market 04:30 Why Cole calls this the ‘low T era’ 08:00 Cole’s theory of consolidation: Who’s Your Daddy? 10:00 Does Cole spend much time thinking about where oil prices should be relative to where they are? 16:00 Cole on what Carney means for the oil patch 17:50 Cole’s take on Strathcona’s bid for MEG Energy 22:25 Why Cole thinks commodities will beat stocks over the next 10 years 25:40 ITM Mailbag: Cole’s thoughts on Whitecap (WCP.TO) 29:35 Is Baytex (BTE.TO) the next acquisition target? 31:55 Is Athabasca Oil (ATH.TO) the next takeover target? 34:45 Will CNQ ever get a bid? 39:20 Why Cole likes Imperial Oil (IMO.TO) 43:10 Are natural gas stocks a buy? 44:00 Cole’s Pro Picks 1:00:20 Goodbye & coming up Sponsors Ready to take your trading to the next level? For those interested in the dynamic world of options, BMO InvestorLine provides a robust self-directed platform. Start investing today with BMO InvestorLine. https://wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20 For 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 information Links https://inthemoneypod.com/ https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypod
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