From Cavities to Cash Flow: Inside Mike Vinokur’s Investment Strategy
How Mike Vinokur is navigating market volatility with three strategic picks across healthcare, media, and energy
The markets are charging ahead, and Mike Vinokur is treading carefully but confidently. As Portfolio Manager and Senior Wealth Advisor at Propellus Wealth Partners under IA Private Wealth, Vinokur is no stranger to market momentum, mispriced opportunity, and disciplined timing. With North American large caps at the core of his strategy, his latest top picks—Dental Corp, IAC, and Cenovus—are a reflection of his sharp-eyed approach to value, growth, and resilience in uncertain times.
Navigating a Volatile Macro Landscape
After a turbulent start to the year marked by geopolitical tension and tariff worries, North American equity markets have rebounded with notable strength. But beneath the rally, cracks are starting to show. The tech sector has masked broader fragilities, propping up indices while unemployment claims begin to creep higher and housing activity starts to cool. Inflation, tame so far in 2025, may yet return with a vengeance as energy prices climb and the full effect of tariffs kicks in during the back half of the year. It’s a recipe for volatility—and that’s exactly where selective opportunity thrives.
Vinokur is keeping 30 per cent of his equity mandates in cash, a clear sign of caution. But when he does deploy capital, he’s going for companies with solid fundamentals and room to outperform.
Dental Corp: A Smile-Worthy Compounder
That’s where Dental Corp comes in. With 570 dental practices already under its belt and the ability to scale aggressively, this quiet consolidator of oral healthcare is sitting on a treasure chest of opportunity. The company is generating $160 million in free cash flow annually, yielding roughly nine percent—impressive by any metric. Even more compelling is their acquisition pipeline, with over 700 targets identified and negotiations underway with more than 150. Vinokur believes Dental Corp can add 40 practices per year, bolstering both earnings and operational scale. Add in recent technology upgrades, improving margins, insider ownership, and a newly minted dividend, and you’ve got a stock that not only cleans teeth—it polishes portfolios.
IAC: Hidden Value Behind Media’s Curtain
Then there’s IAC, a name that often flies under the radar but shouldn’t. Chaired by Barry Diller, a media mogul who’s built and spun out empires like Expedia and Angi, IAC is a masterclass in shareholder value creation. Today, the company sits on a $2 billion stake in MGM, nearly a billion in cash, and owns operating businesses like Dotdash Meredith and Care.com that are expected to generate $250 million in EBITDA. At $36 per share, Vinokur argues that investors are getting the operating businesses and IAC’s 32 percent stake in Turo—essentially for free. In other words, the market is mispricing IAC’s real value. For Vinokur, it’s a textbook example of asymmetric upside and patient capital.
Cenovus: A Deep Reserve in the Energy Patch
Last but not least is Cenovus. The integrated oil and gas producer has been under pressure lately, with refining margins soft, wildfires disrupting Alberta production, and oil prices pulling back. But Vinokur sees these as temporary headwinds in an otherwise compelling long-term thesis. Cenovus owns refineries in both Canada and the U.S., has a reserve life index of 29—one of the highest among its peers—and remains cash flow positive even with oil at $45. The company has a rock-solid balance sheet, a growing dividend, and is closing in on its $4 billion net debt target. Once that’s hit, expect a significant ramp-up in share buybacks. If oil stabilizes or climbs, Cenovus is positioned to gush value.
Final Thoughts: Selectivity Over Speculation
Vinokur’s top picks share a common thread: companies with robust fundamentals, margin for safety, and levers for long-term growth. He’s not chasing hype or momentum—he’s targeting undervalued assets with proven operators, strong cash generation, and strategic foresight. Whether it’s Dental Corp’s consolidation engine, IAC’s underappreciated portfolio, or Cenovus’s strategic positioning in energy, the message is clear: when the market’s flashing green, it pays to pick your spots wisely.