The S&P 500 Is Hiding a Much Uglier Market

Mike Vinokur (0:03)

I would say that in the next two to four weeks, you're going to have some kind of a panic, oh my god moment.

Amber Kanwar (0:11)

All is not well under the hood of the S&P 500 With Just Tech holding up the index, Mike Vinokur says, beware of a move lower.

Mike Vinokur (0:18)

We don't need to be invested. We could go to cash, so we don't own any of the Canadian banks.

Amber Kanwar (0:24)

I wonder if this is a value investor's nirvana. The elephant in the room, what's causing all of this is high interest rates. What do you think Berkshire sees in home building, which has been decimated, and in Lennar in particular?

Mike Vinokur (0:38)

At the end of the day, every time we make a trade, we're taking a gamble, let's be honest about it. We are disciplined gamblers in an arena.

Amber Kanwar (0:47)

Gamblers with spreadsheets.

Mike Vinokur (0:49)

Gamblers with spreadsheets.

Amber Kanwar (0:56)

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The content 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 the guest are their own and do not necessarily reflect the opinions of any organization or company. The host and guest may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. On this episode, we discuss Google, Amazon, and JP Morgan, which are all stocks that I own.

Hey everyone, welcome to a brand new episode of In the Money with Amber Kanwar. I have some exciting news to share with all of you. We have been selected as a finalist for the Signal Awards in both the business category as well as the money and finance category. We're up against some huge heavyweights like the ProfG Podcast and Mrs. Dow Jones, both who are great. It really is just an honor to be a finalist. I think I nailed that. Did I seem earnest when I said that? Okay, good.

There's also the chance that we could be awarded the Listener's Choice Award. In addition to being finalists in both those categories, we would love it if you could help us out, if we could get that In the Money Army to go and vote for us. Two links in the show notes. Producer Jillian has painstakingly put it there, so don't make that work for not. We really, really appreciate it, and we appreciate you for getting us to this point, and of course, the wonderful team at In the Money for making all of this happen. On today's episode, we've got Mike Vinokur of iA Private Wealth, and Mike is really interesting because he is a value investor. If you look at what's going on under the hood of the S&P 500, you have to think that there are getting to be some really interesting opportunities for value investors. The index has wobbled since, call it mid-August because of high interest rates. But under the hood, you've got names, household names, blue chip names that are down 20, 30, 40 percent. Basically, everything but tech has been under pressure. So there's this market churn going on underneath the surface. Vinokur thinks that that could actually get worse in the next couple of weeks, but then it could be a great buying opportunity. Let's get into it.

Mike Vinokur, thank you so much for joining me on the podcast.

Mike Vinokur (4:04)

Thank you for having me, Amber.

Amber Kanwar (4:06)

I'm really excited to talk to you because we're at an interesting point in the year. And if you look at 2026 and you look at the S&P 500, you think, oh, this is great. I've made a 10% return already, 11% return. And then if you don't own the index and you own individual stocks, you might look and say, what? I don't see those returns because under the surface, especially since mid-August, there's been so much churn and a lot of high-quality names are down 20, 30, 40%.

Tell me what's going on.

Mike Vinokur (4:47)

Well, we're definitely in a very narrow market.