Worth Investing with Jonathan Wellum
Canada–U.S. Trade Tensions, Potash Politics & the AI Market Rally | Marc Patrone Show (09.21.26)
Canada holds one of the world's most strategic commodities. So why is it being used as a threat? Host Marc Patrone speaks with ROCKLINC Investment Partners CEO Jonathan Wellum, CFA, about escalating Canada–U.S. trade rhetoric, including threats to weaponize potash and energy exports and Trump floating a cheaper potash deal with Belarus. Wellum argues that deal is unrealistic given global supply constraints: potash is a strategic but fungible commodity, and cutting off energy makes no sense when our pipelines only run south. They also question Ottawa's move to cozy up to the EU when Canada already has a free trade deal with Europe and must prioritize the U.S. market. The discussion then turns to markets: a Nasdaq surge led by the AI trade, semiconductors, and hyperscalers, crypto rising on a risk-on move, and oil falling on speculation about diplomatic outreach at the UN. They close on Canada's weak growth, lack of major projects, rising deficits, and reliance on targeted, government-backed investment deals like the proposed $50B Maple Fund. Wellum's answer: broad tax and regulatory reform that gives investors certainty. "Capital does not like the uncertainty." — Jonathan Wellum, CFA In this episode 00:00 Welcome and sponsor intro 00:32 Fox clip on Canada trade politics 02:11 Potash threats and tariff fallout 05:05 Energy as a weapon debate 05:52 The EU pivot 07:42 Market check and AI rally 09:50 ROCKLINC value investing message 10:46 Oil prices, midterms and carbon taxes 12:47 Canada debt polls and economic stagnation 15:56 Maple Fund, Brookfield and CPP concerns 18:02 Wrap up and contact info Watch the video version: https://youtu.be/67KmFonjoMw Get The Principled Investor — Jonathan's free weekly newsletter, plus two free guides on retirement income and biblical wealth stewardship: rocklinc.com/principledinvestor Get a free portfolio review with Jonathan Wellum and the ROCKLINC team: https://bit.ly/4anVNzd Prospectus, Fund Facts, and information on the ROCKLINC Principled Equity ETF (RKLC): rocklinc.com/etf Contact us: info@rocklinc.com | 905.631.5462 Disclaimer: The views expressed are those of ROCKLINC Investment Partners Inc. as of the date of recording and are subject to change. This material is for information only and is not investment, legal, or tax advice. ROCKLINC and/or its funds, including RKLC, may hold positions in any security discussed. Past performance is not indicative of future returns.
