Episode
Everyone is Getting the Energy Trade Wrong: $4 Billion Hedge Fund Manager
- Published
- Apr 28, 2026
- Duration seconds
- 3372
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- https://share.transistor.fm/s/e7dd3f79
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Summary
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 has it all wrong. Jason Landau, Group Head, Executive Vice President & Portfolio Manager at Waratah Capital Advisors believes “the left tail in the market is totally mispriced” and says “the best hedge in the market today is being long oil.” On this episode of In the Money with Amber Kanwar , Landau breaks down the two themes dominating the market right now, oil and AI. He tells us why markets may be underestimating geopolitical risk, how he’s positioning around oil, and why Brent crude—not WTI—is his preferred hedge. He also explains how to think about your positioning if the market is wrong on the Iran trade and why Canada could be a major long-term winner from global energy insecurity. Then, he gets into why tech is rallying, dives into the AI boom and tells us where he sees opportunity—and risk—across semiconductors and software. In the Mailbag, Landau shares his view on Lululemon Athletica (LULU) as a long-term turnaround story, breaks down the growth runway for Dollarama (DOL.TO), and weighs in on NVIDIA (NVDA) and the broader chip trade. He highlights opportunities in semiconductor equipment names like ASML Holding (ASML) and Applied Materials (AMAT), as well as GlobalFoundries (GFS). On the energy side, he discusses positioning in Cenovus Energy (CVE.TO) and Tamarack Valley Energy (TVE.TO), and gives his take on airlines like Air Canada (AC.TO). In Pro Picks, Landau’s top ideas include an array of eclectic names. Cheniere Energy (LNG) as a play on global LNG demand and energy security, SharkNinja (SN) as a consumer disruptor driven by innovation and product expansion, and Welltower (WELL) as a long-term benefici…