# The S&P 500 Is Hiding a Much Uglier Market

An episode of [In the Money with Amber Kanwar](https://invisiblenetwork.ai/podcast/1790432796), 6 Oct 2026, 1 h 06 min.

Audio: https://media.transistor.fm/784568c7/a78d9388.mp3

Mike Vinokur thinks a market washout could be just two to four weeks away—and that may be the time to buy. The Portfolio Manager & Senior Wealth Advisor at Propellus Wealth Partners with iA Private Wealth has raised cash to nearly 30% in his growth portfolio as the S&P 500’s double-digit gain masks a much uglier market underneath. High-quality stocks are down 20%, 30% and even 40%, and Mike joins Amber Kanwar to explain why he thinks more pain could be coming before a potentially compelling buying opportunity emerges. He also breaks down the impact of higher-for-longer interest rates and why he’s cautious on parts of the AI trade. In the Mailbag, Mike weighs in on the pullback in U.S. banks and explains why he prefers life insurers over expensive Canadian banks. He looks at whether Blackstone (BX), KKR (KKR) and Brookfield (BN) have fallen far enough to become attractive, whether McDonald’s (MCD) is finally getting cheap enough to buy and what Berkshire Hathaway may see in Lennar (LEN). Plus, after a 75% collapse in Fair Isaac (FICO), is the stock finally an opportunity—or still a falling knife? In Pro Picks, Mike revisits his past ideas Alphabet (GOOGL), Air Lease and Lincoln National (LNC), including why he sold Google after a massive run but continues to own Lincoln National. His new picks are Amazon (AMZN), Uber (UBER) and Talen Energy (TLN), as he looks for businesses with strong fundamentals, attractive valuations and enough margin of safety to weather a more challenging market. Vote for us! https://vote.signalaward.com/PublicVoting#/2026/shows/genre/money-finance https://vote.signalaward.com/PublicVoting#/2026/shows/genre/business-people-entrepreneurs-shaping-culture Timestamps 0:00 Trailer 2:08 Intro 4:01 Why the average stock is struggling 7:10 A washout is coming in the next 2-4 weeks 10:17 High interest rates and the bond market 13:11 How Mike approaches AI stocks 15:44 U.S. banks: correction or opportunity? 19:56 Why Mike is avoiding Canadian banks 22:05 Private equity, KKR, and valuation (BX, KKR, BN) 27:27 Is McDonald’s a value opportunity? (MCD) 32:26 Why Berkshire is buying LENNAR (LEN) 34:47 Toll Brothers and timing the housing market (TOL) 38:44 FICO, Equifax, and regulatory risk (FICO) 43:01 Mike’s past picks: Google, Lincoln National and Air Lease (GOOGL, LNC) 50:00 New picks: Amazon, Uber and Talen Energy (AMZN, UBER, TLN) 63:28 Closing bell: salsa dancing and travel Sponsors Thank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information. 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. Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com All the charts you’ll see today are sponsored by Wealthsimple Trade. The self-directed trading platform built for active traders in Canada. Learn more at https://app.wealthsimple.com/74rd/83ftma8x Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://www.eqbank.ca/ The Closing Bell is sponsored by The Haliburton Post House: private executive retreats in Ontario's Haliburton Highlands. Reserve your Fall 2026 or Spring 2027 dates at The Haliburton Post House. Mention In the Money for $1000 off your reservation! E-mail info@haliburtonposthouse.ca 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 questions@inthemoneypod.com DISCLAIMERS The information provided in this podcast is for informational purposes only and does not…

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