Political turmoil and the ongoing U.S. government shutdown are creating new layers of uncertainty for markets. But some investors see opportunity in companies able to operate effectively without heavy regulatory dependence.
BNN Bloomberg spoke with Todd Stankiewicz, co-portfolio manager at The Free Markets ETF, about strategies that focus on firms benefiting from deregulation and policy shifts.
Key Takeaways
- The ongoing U.S. shutdown is creating uncertainty in sectors reliant on federal oversight, such as banking and energy.
- Companies with lighter regulatory footprints may show greater resilience during periods of government dysfunction.
- Deregulation trends could create opportunities in energy, crypto and transportation sectors.
- Energy producers like Peabody Energy and Uranium Energy may benefit from AI-driven demand and policy shifts.
- Emerging players such as Circle Internet Group and Joby Aviation could gain from new legislation reducing barriers to innovation.
Read the full transcript below:
ANDREW: There’s been political turmoil in France, and it’s not showing any signs of easing. The U.S. government is still shut down. Our guest says investors can look for opportunities in companies positioned to navigate uncertainty. We’re joined by Todd Stankiewicz, co-portfolio manager at The Free Markets ETF. Todd, thanks very much for joining us.
TODD: Thank you for having me.
ANDREW: That’s an approach many investors take, isn’t it? They look for businesses that will keep generating profits regardless of what’s happening in government or politics.
TODD: It’s certainly a good strategy to look for companies that can generate profits in a range of environments. With The Free Markets ETF, ticker FMKT, we’re focused not only on companies that can grow profits, but also those benefiting from the deregulatory tailwind we’re seeing right now. We’re seeing executive orders and legislation that make it easier to do business and lower barriers to entry across several industries.
ANDREW: Right. So, The Free Markets ETF — I’m just checking its assets — it’s a play on deregulation. It’s not huge yet; I’m seeing about US$18 million?
TODD: That’s right. We launched the ETF a couple of months ago with co-portfolio managers from several firms who have expertise in this space. We’re growing and gaining traction, and so far, the results help validate our thesis.
ANDREW: You’ve brought some ideas for us. Peabody Energy — BTU is the ticker — a major coal producer in the U.S. What attracts you there?
TODD: Energy infrastructure is critical when we talk about deregulation. There’s a big push to make the U.S. a leader in artificial intelligence, and to do that, we need to expand energy capacity. Peabody Energy is one of our top holdings. We got in early, as new executive orders allowed coal plants to stay online longer, making the sector more attractive. Previous regulations had been restrictive. But it’s not just about coal — it’s also about natural gas and uranium, which all play into building out the energy infrastructure needed to support AI.
ANDREW: And of course, former president Donald Trump has reversed policy by favouring coal.
TODD: Yes, definitely. I don’t think we’ll see new coal plants popping up everywhere, but we are seeing utilities that had planned to shut them down instead keeping them online longer. The headwinds have turned into tailwinds. That’s creating cost-effective energy production. We see coal as a short-term play, natural gas as a medium-term play, and uranium as a long-term solution for providing enough energy globally to power AI growth.
ANDREW: Right. So, Uranium Energy — UEC — that’s one stock you favour. The U.S. still gets a lot of its nuclear fuel from Russia.
TODD: Uranium Energy is based in North America, and we haven’t had the right environment recently for companies to scale up. UEC is vertically integrated — it mines, refines and handles power delivery. We like that they’re part of the push for onshoring and energy independence. Companies like this are key to building a self-reliant nuclear program in North America.
ANDREW: Another name you like is Circle Internet Group — CRCL. What do they do, and why do you see potential there?
TODD: Circle Internet Group is a leading stablecoin issuer that went public in early July. We’ve been building a position as it trades. The Genius Act, which passed around that time, provides a regulatory framework for stablecoin issuance in the U.S. Unlike other cryptocurrencies, stablecoins are backed by U.S. dollars, so they maintain value stability. Circle has been a leader in that space and has benefited from higher interest rates. We expect further supportive legislation and deregulation in the sector, which could help unlock additional value as stablecoin adoption grows.
ANDREW: And finally, Joby Aviation — they’re a leader in electric aircraft.
TODD: Yes. Joby and Archer are two major players in electric vertical takeoff and landing vehicles. Executive orders passed in early June aimed at supersonic flights also lowered barriers for this type of aviation. Many see air taxis becoming viable by the Los Angeles Olympics. These are speculative companies, but they couldn’t have advanced in the old regulatory environment. The new one gives them runway — literally and figuratively — to grow. Improved transportation could also help ease urban congestion and housing pressures.
ANDREW: Todd, thank you very much indeed.
TODD: Thank you.
ANDREW: Todd Stankiewicz, co-portfolio manager at The Free Markets ETF.
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This BNN Bloomberg summary and transcript of the Oct. 6, 2025 interview with Todd Stankiewicz are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
