AI, Rate Cuts, And A $1.5 Trillion View Of The Market | Raymond James CIO Larry Adam In The Money With Amber Kanwar podcast

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AI, Rate Cuts, and a $1.5 Trillion View of the Market | Raymond James CIO Larry Adam

22h ago 39:21

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In this special episode of In the Money with Amber Kanwar, taped live from Vancouver at Raymond James’ National Business Conference, Amber sits down with Larry Adam, Chief Investment Officer at Raymond James Financial, who oversees more than $1.5 trillion in assets. Larry shares why he’s still bullish on equities, why fundamentals—not feelings—drive his outlook, and why he believes this bull market has years left to run.

They dig into it all — from AI’s staying power and rate cuts fueling growth, to whether gold’s rally has gone too far, and how fiscal policy, tariffs, and national security priorities are shaping markets. Larry also explains how investors should think about inflation, small caps, and the growing dominance of U.S. mega-cap tech — and where the next leg of market leadership could come from.

Larry’s Pro Picks highlight the sectors he believes will drive returns through 2026: Technology, Industrials, and Healthcare. From the ongoing AI revolution and global defense spending to the demographic demand powering healthcare innovation, he breaks down why these areas could remain the cornerstones of investor portfolios in the next phase of the bull market.

Larry strikes a confident but disciplined tone — reminding investors that while volatility may return, the long-term fundamentals remain strong. He’s staying the course, trusting the data over the noise, and betting that the best of this bull market is still ahead.

Timestamps
00:00 Show intro with Larry Adam, CIO, Raymond James
01:10 Larry talks about his approach to investing

02:40 Larry on the role of a CIO
03:25 Larry’s 6900 target for the S&P 500 and why we’re only halfway through the bull market
05:05 How to reconcile the market with the negative headlines
07:30 Rates, inflation & tariffs
09:45 Why Larry is more cautious on gold
11:20 Larry’s comfort level with AI
14:40 Tech and the S&P 500
16:30 Broadening in the S&P 500

18:00 Larry on U.S. fiscal policy
19:45 Why the World Cup, America’s 250th Anniversary and the U.S. Midterms will keep the economy on solid footing
20:25 Tariffs and the lack of market reaction
22:30 The Trump trade and understanding Trump’s strategic priorities
26:45 Expectations for small caps
30:50 Where does Larry get pushback?
33:10 How does fixed income play a role in portfolios?
35:10 Larry’s Pro Picks (tech, industrials, healthcare)

Sponsors
For 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

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DISCLAIMERS

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. Always consult with a qualified financial advisor or professional before making any investment decisions.

Raymond James Ltd. is regulated by the Canadian Investment Regulatory Organization ("CIRO") and is a Member of the Canadian Investor Protection Fund.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

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