Drill, Dig, and Deposit: Inside David Burrows’ 3-Stock Power Play
How ARC Resources, Agnico Eagle, and Banco Santander are powering portfolios in a liquidity-driven bull market.

The markets are shifting. After a year of volatility, corrections, and unexpected macro shocks, investors are again hunting for clarity—and conviction. David Burrows, Chairman and Chief Investment Officer of Barometer Capital Management, has both. With an eye on North American large caps and ETFs, Burrows is leaning into structural strength, free cash flow, and pricing power. His June 11 picks—ARC Resources, Agnico Eagle, and Banco Santander—each tell a story of resilience and growth in a world recalibrating after the Trump tariff shock and global monetary easing.
Burrows’ overall market outlook is bullish, and his rationale is as methodical as it is pragmatic. Liquidity remains the ultimate driver of equity prices. With financial conditions easing and populist fiscal policies in full swing across much of the developed world, the macro setup continues to favour pro-cyclical assets. We’re seeing consistent outperformance in equities and commodities compared to bonds and traditional bond proxies—a clear signal that flows are rotating toward expansion. This is not just about momentum. It’s about leadership. And the sectors currently leading the charge—financials, industrials, defense, materials, and parts of the energy space—are being powered by real earnings, strong balance sheets, and institutional flows.
