Why This Contrarian Investor Is Betting on Telus, Natural Gas, and Gold—While Walking Away from Canada’s Big Banks
Let’s cut through the noise: The market is full of cheerleaders. But Ryan Bushell, the CEO of Newhaven Asset Management, isn’t one of them. He’s the guy who’ll remind you that the sky can fall—even if it hasn’t yet. While others chase growth stocks or obsess over meme-driven rallies, Bushell is quietly loading up on telecom giants, natural gas plays, and gold miners. And he’s trimming Canada’s most iconic institutions: the big banks. Here’s why his approach feels eerily prescient in today’s fragile economic climate.
The ‘Defensive Delusion’—Why Stability Is the New Growth
Bushell’s entire strategy hinges on a simple truth: markets are cyclical, but human memory is short. He’s not betting on a crash, but he’s preparing for one. By focusing on dividend-paying utilities, telecoms, and energy stocks, he’s building a portfolio that can weather storms. Personally, I think this reflects a deeper cultural shift—investors are tired of volatility. After the pandemic, inflation shocks, and crypto collapses, people crave predictability. Telus isn’t just a telecom; it’s a proxy for stability in a chaotic world. Its oligopoly status? That’s not a flaw—it’s a moat. Critics howled when Telus slashed its dividend, but Bushell sees opportunity. Why? Because even with cuts, its yield remains attractive, and its infrastructure isn’t going anywhere. As he puts it: ‘You can’t disrupt a cell tower the way you disrupt a tech startup.’
Natural Gas: The Unsexy Bet That Could Power AI’s Future
Tourmaline Oil, a natural gas producer, might seem like a relic in the age of renewables. But Bushell’s move here is genius. While ESG warriors dismiss fossil fuels, they’re ignoring a critical detail: AI’s energy demands are exploding. Data centers guzzle power, and Canadian LNG could fill that gap. What makes this fascinating is the irony—environmentalists might hate it, but their green tech relies on energy that needs natural gas to scale. Plus, Tourmaline’s CEO owning 10% of the company aligns incentives in a way most execs never do. This isn’t a speculative play; it’s a bet on pragmatism in a world addicted to both energy and moral posturing.
Gold Miners: The ‘Anti-Fiat’ Play Without the Crypto Risk
Agnico Eagle Mines isn’t for the faint of heart. Bushell admits he’s no goldbug, but here’s the twist: owning a gold miner is a leveraged bet on currency devaluation and geopolitical chaos. Physical gold storage is a pain; ETFs rely on derivatives that can blow up (hello, 2008). Agnico’s advantage? Mines in Canada and Finland, not Venezuela or Mali. In my opinion, this reflects a quiet crisis in investor trust—people are hedging against central banks’ money-printing sprees, but doing it through operational companies, not abstract contracts. It’s old-school insurance with modern relevance.
Why the Big Banks Are Losing Their Crown Jewels
Now, the most controversial move: trimming Canadian banks. Bushell isn’t dumping them entirely, but he’s clearly skeptical. Why? Their valuations are stratospheric compared to U.S. peers, and they’re priced for perfection. What many people don’t realize is that Canada’s banks thrived on low volatility and rising real estate prices—a perfect storm that’s fading. High household debt, stagnant wage growth, and commercial real estate cracks could all dent their armor. Bushell isn’t predicting doom, but he’s asking: When did caution become a dirty word? His answer: ‘We’re not selling; we’re just not buying the hype.’
The Bigger Picture: Investing in a World That’s ‘Getting Less Dependable’
Let’s zoom out. Bushell’s playbook isn’t about fear—it’s about respect for uncertainty. His returns (20% annualized over three years) aren’t ‘normal,’ and he knows it. But his philosophy matters more than the numbers. He’s channeling a generational shift: millennials burned by crypto, retirees spooked by 2008, and Gen Z entering markets with a distrust of institutions. Dividends, utilities, and hard assets aren’t just investments—they’re emotional anchors. The wolf hasn’t arrived yet, but Bushell’s building a house sturdy enough to survive it. The real question is: Are you?
In a financial media landscape obsessed with hot takes and quick wins, Bushell’s approach feels like a breath of fresh air. It’s not flashy. It’s not revolutionary. But in an era where every investor’s a gambler by default, maybe the quietest strategies are the boldest of all.
