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Home » News » Gold, Grit, and Gigawatts: The Stocks David Burrows Says Are Set to Shine

Gold, Grit, and Gigawatts: The Stocks David Burrows Says Are Set to Shine

David Burrows of Barometer Capital Management reveals why Agnico Eagle, Caterpillar, and Cameco are his top plays for year-end growth as markets shift toward cash flow, commodities, and energy resilience.

Editorial Team (ET)October 18, 2025



As global markets navigate the volatile tail end of the year, Barometer Capital Management’s Chairman and Chief Investment Officer, David Burrows, believes investors should look beyond the noise and focus on leadership that endures. In his latest appearance on BNN Bloomberg, Burrows outlines his conviction in North American large caps and unveils his top stock picks for October 2025: Agnico Eagle Mines Ltd. (TSX:AEM), Caterpillar Inc. (NYSE:CAT), and Cameco Corp. (TSX:CCO).

A Market in Sorting Mode

Burrows describes today’s equity landscape as one of resilience and selectivity. Global markets have weathered what is typically the most challenging stretch of the year, emerging with strong internals and leadership trends that appear set to carry into year-end. “This is a healthy market,” he explains, noting that low correlations between sectors signal a market that’s sorting winners from laggards rather than being driven by a single macro theme.

This decoupling of performance across industries gives active managers a chance to shine. Burrows highlights how developed and emerging markets are outperforming U.S. equities—a shift from the past 18 months—and that Canadian stocks are re-entering the spotlight. Barometer’s strategy remains fully invested, emphasizing dividend growth and cash-generating equities in financials, industrials, materials, and cyclical technology, particularly semiconductors.

Inflation, Debt, and the Case for Commodities

While many asset managers remain cautious about inflation, Burrows believes the key is positioning portfolios in a way that turns inflation from a threat into a tailwind. He argues that high fiscal debt levels globally will continue to challenge traditional bond markets, leaving commodities as a more effective hedge. “We prefer commodities exposure over bonds,” he states, pointing to the strength in energy, metals, and materials as part of Barometer’s defensive growth approach.

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