Finance
Canadian Commodity Plays or American AI Stocks? Where Investors Should Focus NOW!
Date: 2026-08-20 15:37:09
Canadian stocks are outperforming U.S. equities — but can that momentum continue? Ryan Irvine, President and CEO of Keystone Financial, and Philip MacKellar, Analyst, General Manager, and Investor at Contra the Herd Investment Newsletter, break down where they’re finding value…and where they see growing risks for investors.
In this MoneyShow MoneyMasters Podcast episode, Irvine and MacKellar discuss why Canadian equities have outpaced the S&P 500. Working in Canada’s favor: The stronger performance of resource and financial stocks, cheaper valuations, and the impact of elevated U.S. market multiples.
They also dive deep into the AI boom. MacKellar explains why speculative behavior, massive capital commitments, and stretched valuations are raising warning signs…while Irvine discusses opportunities you can find by looking beyond the obvious AI winners (Hint: It involves focusing on profitable infrastructure businesses with strong cash flow.)
MacKellar then explains how his contrarian investment strategy works — and why focusing on deeply discounted, overlooked companies with strong balance sheets, insider alignment, and long-term recovery potential is the right play. He highlights Ceragon Networks and the opportunity he sees in its 5G infrastructure and private network operations.
Plus, Irvine shares an update on ADF Group, a Canadian steel fabrication and infrastructure company benefiting from growing hydroelectric, nuclear, and data-center-related investment. He discusses the company’s rapidly expanding backlog, strong balance sheet, valuation, and why Keystone continues to see upside potential.
If you’re worried about taking on too much AI risk – and are looking for compelling values in other markets like Canada’s – then this is the episode for you!
CHAPTERS:
00:00 – Ryan Irvine & Philip MacKellar
00:40 – Why Canadian Stocks Are Beating the S&P 500
04:55 – Is the AI Boom Becoming a Bubble?
10:30 – Ryan Irvine on AI Valuations & Cash Flow
13:00 – Finding the Less-Obvious AI Infrastructure Winners
16:45 – Philip MacKellar’s Contrarian Investing Strategy
19:25 – Ceragon Networks: A Contrarian 5G Opportunity
21:20 – What to Expect at MoneyShow Toronto
22:25 – ADF Group: Ryan Irvine’s Infrastructure Stock Idea
24:55 – Final Thoughts & Toronto Preview
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