Insight is Capital™ Podcast: Recent Episodes
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The official podcast of AdvisorAnalyst.com, publisher of actionable market and investment insight, commentary, analysis and practice management for investment professionals and investors.
Markets can recover from a downturn. Your retirement cannot recover from cyber fraud.
In this episode of Insight Is Capital, host Pierre Daillie sits down with Cary Williams, Portfolio Manager and Director of Research at North Road Investment Counsel, and Mykhailo "Misha" Niemtsev, North Road's Digital Risk Advisor, to make a compelling and data-backed case that cyber fraud belongs in every retirement plan alongside inflation, longevity, and sequence-of-returns risk.
Drawing on Canadian Anti-Fraud Centre data, their whitepaper The Retirement Risk No One Is Planning For, and direct client experience, Cary and Misha reveal that the average spear phishing loss per victim reached $107,000 in 2024, representing 10 to 15 percent of the average retiree's liquid assets. They examine the AI-powered tools criminals now deploy, including voice cloning, deepfake video, and automated phishing at massive scale, and explain why the very clients who believe they are immune are statistically the most vulnerable. Misha walks through the eight-module digital protection program he has built for North Road's high-net-worth clients, distilling it into the 20 percent of actions that deliver 80 percent of the protection, and makes the case for advisors to add cyber risk to every client conversation, not as a footnote, but as a standing agenda item.
Episode Chapters0:00 - Introduction: The retirement risk that never appears in the plan1:52 - Meet Cary Williams and Misha Niemtsev, North Road Investment Counsel5:23 - How North Road's Digital Risk Advisory program was born8:52 - Canadian Anti-Fraud Centre data: the numbers are striking9:53 - Who is most at risk? The surprising fraud victim profile10:40 - Shame, denial, and the massive under-reporting problem12:08 - AI-powered threats: voice cloning, deepfakes, and agentic phishing17:44 - Dark web reality: your personal data costs criminals just dollars20:46 - Why cyber fraud qualifies as a retirement tail risk25:11 - The human cost: trauma, identity theft, and years of recovery28:02 - Legal consequences when your identity is used to commit crime31:56 - The grandparent scam and what 10 seconds of audio can do35:32 - Pig butchering scams: criminals who play the long game39:02 - Misha's eight-module digital protection program explained43:00 - The Pareto principle: the 20% of actions that stop 80% of attacks46:50 - North Road's free anonymous Digital Risk Quiz49:25 - What advisors should change in their practice today
ResourcesWhitepaper:The Retirement Risk No One Is Planning For
Free Digital Risk Self-Rating Tool (anonymous, no email required): Take the Digital Risk Quiz at northroadic.com
#CyberFraud #RetirementPlanning #FinancialPlanning #WealthManagement #Cybersecurity #IdentityTheft #ElderFraud #RetirementRisk #InsightIsCapital #DigitalRisk #SpearPhishing #AIScams #CanadianInvestors #FinancialAdvisors #ProtectYourRetirement #CyberSecurity #RetirementSecurity #FraudPrevention #WealthProtection #CanadianFinance
What if the biggest edge in manager selection wasn't due diligence, but ownership — literally betting your own balance sheet alongside the managers you back?
In this episode of Insight is Capital, host Pierre Daillie sits down with Ash Lawrence, Head of AGF Capital Partners, to unpack a strategy that flips traditional manager selection on its head: AGF doesn't just allocate capital to alternative managers, it takes meaningful ownership stakes in them. Ash explains why AGF holds majority or significant equity in New Holland Capital, Kensington Capital Partners, and SAF Group — three managers spanning absolute return, private credit, private equity, and venture capital — and how that ownership model delivers deeper transparency, better alignment, and real accountability that a typical sub-advisory relationship can't match.The conversation dives into how AGF preserves each manager's operational independence and culture, why sequencing alternatives allocations depends on an advisor's experience level, and where 2026 has tested (and rewarded) each strategy: private equity distributions stuck at GFC-era lows, a resurgence in venture capital fueled by AI and defense tech, and commodity and macro dislocations creating opportunity for tactical strategies like New Holland's Tactical Alpha.Ash also shares a candid take on Kensington's defense and security platform, One9, and why institutional appetite for the sector is shifting from cautious curiosity to conviction. The episode closes with Ash's most important advice for advisors considering their first alternatives allocation: understand fund structure and gating mechanisms before you understand the underlying strategy, and never let headlines drive an investment decision.TIMESTAMPED CHAPTERS0:00 – Introduction: AGF's ownership-backed model0:47 – Meet Ash Lawrence, Head of AGF Capital Partners1:58 – 2026's volatile market landscape3:00 – Bond diversification challenges and long-term conviction5:04 – Manager selection vs. taking ownership stakes6:58 – Ash's philosophy: why ownership beats sub-advisory9:05 – What ownership reveals that outside due diligence can't13:32 – Preserving operational independence at New Holland, Kensington, and SAF18:03 – Three mandates, one platform: sequencing alternatives for advisors21:41 – New Holland's Tactical Alpha: the "utility player" strategy24:00 – 2026 stress test: private equity distributions at GFC-era lows27:52 – Venture capital's rebound and the rise of defense tech30:57 – Conviction, capital, and the discipline to buy the dip37:34 – New Holland's second-half opportunities in commodities and macro39:37 – Kensington One Nine: the defense and security inflection point47:56 – The most important thing advisors still misunderstand about alternatives50:23 – Why headlines are a bad investment timing tool53:37 – Closing thoughts: "You win or you learn"
#AlternativeInvestments #PrivateEquity #PrivateCredit #VentureCapital #AGFCapitalPartners #AshLawrence #InsightIsCapital #WealthManagement #FinancialAdvisors #DefenseTech #HedgeFunds #PortfolioDiversification #InvestingPodcast #AssetManagement #ManagerSelection #MacroInvesting #CanadianFinance #InvestmentStrategy
If markets no longer price value, then what's actually setting the price?Raise Your Average hosts Pierre Daillie and Adam Butler sit down with Michael Green, Chief Strategist and Portfolio Manager at Simplify Asset Management, for a deep dive into the passive investing thesis he has spent over a decade researching, defending, and stress testing.
Green argues that trillions of dollars flowing automatically into index funds via 401(k)s, RSPs, and defined contribution plans have created a market where price no longer reflects judgment about value. He walks through the mechanics of the "inelastic market hypothesis," the outsized role of leveraged and levered sector ETFs like SOXL, the Grossman-Stiglitz framework and why its core assumptions no longer hold, and why active and value investing have become structurally disadvantaged in the current regime.
The conversation also covers the 2026 macro backdrop of a US-Iran conflict, an oil shock, and equities at all-time highs despite it, the risk of a passive "end stage," and where genuine diversification (like managed futures) still fits. It's a candid, occasionally combative, and consistently illuminating discussion for anyone trying to understand why markets are behaving in ways that don't match historical patterns.
Chapters00:00 – Introduction: has the market stopped pricing risk?
08:00 – Welcome to Michael Green; setting up 2026's contradictions
09:00 – The 50-year shift into "all equities all the time"
10:00 – How ETF mechanics reduce market elasticity
12:00 – Why pod shops and passive flows ignore fundamentals entirely
13:00 – Leveraged sector ETFs (SOXL) aren't really passive
15:00 – Echoes of the dot-com bubble: 1999 vs. today
18:00 – Circular funding and Mag Seven earnings
41:00 – Momentum, autocorrelation, and portfolio construction under passive dominance
44:00 – Pushback from the Financial Times and mainstream finance media
44:30 – Malkiel's Paradox of Skill and the Grossman-Stiglitz framework, unpacked
47:00 – Why the "equal endowment" assumption is false
49:00 – The large-stack player sets the terms of the market
50:00 – The Inelastic Market Hypothesis (Gabaix and Koijen) and Green's updated multiplier estimates
52:00 – Facilitators vs. correctors: why Citadel and Jane Street are thriving
55:00 – The Newtonian vs. quantum physics analogy for market scale
57:00 – GameStop, Michael Saylor, and self-liquidating vehicles
1:13:00 – Market cap concentration data and transaction cost asymmetries
1:15:00 – Why cap weighting has flipped from historically losing to structurally winning
1:17:00 – Stein's Law and the coming correction
1:18:00 – Why value investing is a "negative selection criteria" right now
1:21:00 – Where active investors can still add value: becoming facilitators
1:22:00 – Managed futures as liquidity provision and portfolio ballast
1:25:00 – Capacity constraints and closing thoughts
MichaelGreen #PassiveInvesting #RaiseYourAverage #SimplifyAssetManagement #ETFs #IndexFunds #MarketStructure #InelasticMarketHypothesis #ActiveManagement #ValueInvesting #ManagedFutures #Macro #InvestingPodcast #StockMarket #FinancePodcast #WallStreet #PortfolioManagement #MarketBubble #AdvisorAnalyst
If you couldn't talk about performance for 10 minutes, what would you tell a client about the value you provide?
Som Seif, Founder and CEO of Purpose Investments, joins Pierre Daillie on Insight Is Capital for a candid, wide-ranging conversation that challenges advisors to confront an uncomfortable truth: the portfolio management skills that built their practices over the last four decades are rapidly becoming a commodity. Seif argues that the 60/40 portfolio, long the default solution for most Canadians, succeeded largely because of a 40-year tailwind of declining interest rates, not because it was the most resilient framework. Now, with inflation structurally embedded, bonds no longer reliably offsetting equity risk, and passive investing producing painful results on the fixed income side, Seif contends that advisors who keep selling their investment sophistication as a value proposition are standing on eroding ground. The real job, he insists, is not to beat a benchmark but to answer one question for every client: Am I going to be okay? Drawing on his experience building both Claymore and Purpose from the ground up, Seif outlines what a truly outcome-driven, goals-anchored advisory practice looks like, and why the greatest financial product ever created, the defined benefit pension, is the experience every advisor should be designing for their clients. The conversation also covers Seif's conviction that Canada stands at a rare structural inflection point, why atoms are replacing bytes as the investment theme of the next decade, and why advisors who stop selling the plumbing and start being genuine accountability partners will not only survive fee compression but actually increase what clients are willing to pay.
Timestamped Chapters00:00 Introduction: If you couldn't talk about performance, what's your value?
02:00 The 40-year beta environment and why the 60/40 portfolio was never as resilient as advisors believed
06:00 Building resilient portfolios: hedging, real assets, alternative credit, and why passive fixed income is broken
10:00 Portfolio construction for scenarios, not optimal outcomes: inflation, interest rate regimes, and the role of gold and alternatives
15:00 Indexing vs. active management in fixed income today
17:00 Home country bias, global diversification, and why Canada may be at a genuine turning point
22:00 Atoms vs. bytes: why resources, energy, and infrastructure are the investment themes for the next 20 years
26:00 Canada's structural opportunity: talent, IP ownership, tax policy, and what has to change
27:00 What it actually means to put holistic, outcome-driven planning at the center of the value proposition
29:00 Portfolio management is commoditizing rapidly: the personal trainer as the model for what advisors should become
34:00 The hard part: scaling a planning-first practice and linking the plan directly to the portfolio
38:00 What statements should actually tell clients: stop showing the plumbing, start showing whether they are on track
41:00 The defined benefit pension as the gold standard client experience advisors should be recreating
45:00 The iPhone analogy: outpacing commoditization by continuously increasing your service level offering
47:00 Fee pressure, the cost of advice, and why Som believes advice fees can actually go up
50:00 One thing to do differently on Monday morning: put yourself in your client's shoes
#FinancialAdvisor #WealthManagement #InvestmentStrategy #PortfolioManagement #SomSeif #PurposeInvestments #InsightIsCapital #AdvisorAnalyst #GoalsBasedInvesting #FinancialPlanning #ETF #CanadianInvesting #FeeCompression #AdvisorValueProposition #RetirementPlanning #PortfolioResilience #AlternativeInvestments #RealAssets #FixedIncome #BehavioralFinance #FinancialIndependence #WealthBuilding #InvestmentManagement #AdvisorGrowth #ClientExperience
What if the biggest drag on your client's wealth isn't the market — it's the tax bill you never talk about?
Most advisors obsess over pre-tax returns, basis points of alpha, and fee negotiations — while silently surrendering 200 to 300 basis points a year to taxes. In this episode of Insight Is Capital, host Pierre Daillie sits down with Ray Carroll, Ph.D., CFA, Managing Director and Chief Investment Officer of the Breton Hill Quantitative Investing team at Neuberger Berman, to make the case that after-tax return is the only number that actually matters.
Carroll built one of the few tax-managed investment platforms in the world designed to work across borders — with roughly 40% of assets outside the U.S., including Canada. He explains how a decade-long bull market has quietly eroded the effectiveness of conventional tax-loss harvesting, why long-only strategies eventually run out of fuel, and how a 130/30 long-short extension strategy can triple loss-harvesting capacity while keeping market exposure at exactly 100%. He also shares the salt shaker analogy for leverage, a real-world SpaceX concentration case study, and why Canada's three-year loss carryback rule is an underused advantage for high-net-worth investors. If your clients have ever asked "is there anything we can do about my tax bill?" — this conversation has the answer.
⏱️ Chapters00:00 — Introduction: The Number Your Clients Actually Keep
02:47 — Ray Carroll's Career Arc: From RBC Risk Desk to Neuberger Berman
05:13 — Tax Alpha vs. Market Alpha: The Real Drag on Wealth
09:14 — Is Tax Alpha More Reliable Than Security Selection Alpha?
10:37 — Why the Investment Case Must Always Come Before the Tax Benefit
13:11 — The Decay Problem: When Long-Only Harvesting Runs Out of Fuel
17:24 — How the 130/30 Strategy Rejuvenates Loss Harvesting
18:11 — Behavioral Finance and Why Systematic Management Wins
21:36 — Concentration Risk: The SpaceX Case Study
23:29 — When to Switch from Long-Only to Long-Short
24:49 — When Staying Long-Only Is Still the Right Answer
27:20 — Why This Must Live in Separately Managed Accounts
29:54 — The Salt Shaker Story: How to Think About Leverage
33:11 — Leverage as Risk Offset, Not Risk Amplifier
34:33 — The Plumbing Behind the Strategy: Infrastructure vs. Ideas
37:31 — Who Is the Right Client for 130/30?
39:02 — What Canadian Advisors Specifically Need to Know Under CRA Rules
41:09 — The First Step for Advisors Still on the Fence
TaxAlpha #TaxLossHarvesting #WealthManagement #DirectIndexing #AfterTaxReturns #CapitalGains #InvestingCanada #FamilyOffice #NeubergerBerman #BretonHill #LongShortEquity #QuantitativeInvesting #PortfolioManagement #FinancialAdvisors #TaxEfficientInvesting #InsightIsCapital #AdvisorAnalyst #HighNetWorth #TaxPlanning #ConcentratedPositions #AlternativeInvesting #SmartBeta #WealthPreservation #CRAinvesting #InvestmentStrategy
For 20 years, Canadian investors collected three free gifts they never paid for -- and the bill may finally be arriving.
In this episode of Insight Is Capital, Pierre Daillie sits down with Chhad Aul, Chief Investment Officer and Head of Multi-Asset Solutions at SLGI Asset Management, the team behind the Sun Life Global Investments Granite Target Date and Target Risk funds -- managing the retirement savings of millions of Canadians.
In March 2026, Chhad published five major investment themes for the year. Then a war in the Middle East, a hawkish Fed pivot, and an AI reckoning hit all at once. In this conversation, he breaks down exactly what his process did when the playbook was stress-tested -- and what advisors and investors should be doing right now.
You will learn why the US dollar tailwind that quietly boosted Canadian portfolios for two decades may be reversing, how a systematic, emotion-free investment process allowed the team to step into equity risk at the exact moment markets were most fearful, why AI is not in a bubble yet but the SaaS sector already had its reckoning, what the K-shaped economy means for your portfolio and why it keeps getting more extreme, why bonds failed as a hedge during the inflation shock and where they still earn their place, how commodities and real assets delivered when everything else sold off together, and why the shift to a multipolar world is creating the best international opportunity in a generation.
Chhad also gives advisors three specific moves to prioritize if they are overweight US equities today, explains where passive investing still makes sense and where it does not, and reveals which of his five themes he would stake the rest of the decade on.
Whether you manage portfolios professionally or are planning your own retirement, this is a conversation about how the rules of investing are changing -- and what to do about it.
CHAPTERS
00:00 - The three free gifts Canadian investors never paid for02:16 - Chhad Aul: From engineering and quant finance to CIO06:49 - Five themes for 2026: What held, what broke, and what the process did next09:18 - How to buy equities when everyone else is panicking13:50 - AI's ROI moment: Hyperscaler capex, the SaaS reckoning, and picking winners20:12 - Strategic vs. tactical: Holding AI exposure without chasing it24:12 - Active vs. passive investing: Where fees are actually worth paying26:28 - The K-shaped economy: What it means for markets and inequality32:50 - When bonds fail: What the inflation shock revealed about diversification38:25 - Fixed income today: The 7 to 10 year duration sweet spot40:24 - Multipolar world: European defense, Canadian resources, Chinese robotics45:34 - Is 60% US in your portfolio still neutral? What the math actually says48:29 - Infrastructure vs. the AI data center trade: How to tell the difference50:35 - Three moves advisors should make right now53:58 - How to access SLGI: Granite Funds and portfolio construction services
InsightIsCapital #ChhadadAul #SLGIAssetManagement #SunLifeGlobalInvestments #GraniteFunds #CanadianInvesting #InvestingIn2026 #PortfolioStrategy #MultiAssetInvesting #ActiveManagement #AIInvesting #RealAssets #CommodityInvesting #InflationHedge #FixedIncome #KShapedEconomy #GlobalDiversification #EmergingMarkets #MultipolarWorld #EuropeanDefense #CanadianStocks #WealthManagement #RetirementPlanning #FinancialAdvisor #SystematicInvesting
You don't need to become the insurance expert — you just need to know where the expertise lives and how to bring it to your client's table.
In the inaugural episode of Cover Your Assets, hosts Pierre Daillie and Ayal Cohen welcome Michael Wills, Director of Business Development at PPI, whose career began in the back of an ambulance.
As a paramedic, Michael arrived after the worst had already happened. Today, he makes sure it never has to.
Michael walks advisors through why the insurance conversation keeps getting skipped, how to audit a book for hidden planning gaps, and why you don't need to know everything — you just need to know who does.
Chapters00:24 Welcome to Cover Your Assets
01:39 Meet Michael Wills: From Paramedic to PPI
05:58 What a Business Development Director Actually Does
07:35 The Paramedic Mindset in Financial Planning
13:06 Compliance Complexity and the Crowded Advisor Desk
16:33 The Google Problem: When Clients Arrive With Answers
23:36 Why Advisors Keep Missing the Insurance Opportunity
26:14 The Quarterback Model: Using MGA Consultants to Protect Your Book
36:27 Insurance Is an Asset, Not a Liability
44:05 The Two-Folder Framework: Investment Portfolio and Insurance Portfolio
51:09 Need vs. Want: A Framework for Every Client Segment
53:03 Real Cases: The Client Who Claimed, and the One Who Waited Too Long
59:18 Start With Term: The Simplest On-Ramp for Any Advisor
01:01:15 Real Estate, Capital Gains, and the Insurance Solution
01:03:42 Seg Funds, Probate, and Getting Cash to Families Fast
01:09:48 The Monday Morning Move: Auditing Your Top 25 Clients
01:15:48 How to Reach Michael Wills and PPI's National Team
Connect With Michael WillsMichael Wills on LinkedIn
#CoverYourAssets #InsurancePodcast #CanadianInsurance #WealthManagement #FinancialAdvisor #EstatePlanning #CriticalIllnessInsurance #DisabilityInsurance #TermInsurance #LifeInsurance #HighNetWorthPlanning #PPI #MGA #HolisticPlanning #FinancialPlanningCanada #SegFunds #AdvisorAnalyst #BusinessSuccession #CanadianFinance #WealthProtection #InsuranceAdvisor
She forgot to hang up the phone — and what she overheard about herself in that boardroom became the seed of a Wall Street thriller twenty years in the making.
In this episode of Insight is Capital, Pierre Daillie sits down with Kristine Delano — Independent Board Trustee, fiction author, former Managing Director at Eaton Vance, and host of the We Talk Careers podcast (brought to you by Women in ETFs). After two decades inside Wall Street firms, where she helped win the first SEC approval on an active non-transparent ETF, Kristine walked away from the corner office and did the one thing nobody saw coming: she wrote a novel. Her debut financial thriller, The Lies We Trade, opens on the best day of a woman's career — ringing the closing bell at the New York Stock Exchange — right up until the person she trusts most begins taking it all apart.
Kristine reveals how a neuroscience and engineering background became her career superpower, why "it's all active" when it comes to investing, and the visceral true story of the conference call she never hung up on — where she heard colleagues she trusted throw her under the bus. She unpacks the power imbalances hiding in every boardroom, the micro-expressions that tell you more than any agenda, imposter syndrome at the very top (including a moving story about the late Kathleen Moriarty, the "Queen of ETFs"), and the warning her novel carries for advisors and wealth professionals: process and trust aren't always enough. Plus, a first look at her second novel — two estranged sisters, a journalist and a Wall Street CEO, on a collision course of truth versus power.
Chapters00:00 – Cold open: The executive who walked away02:00 – Welcome, Kristine Delano02:38 – From neuroscience and engineering to Wall Street05:03 – Why thinking differently became her career edge06:49 – Behavioral risk: the investor is the biggest risk09:10 – Bicoastal career, family, and what advisors taught her11:01 – Life after Wall Street: skiing, scuba, and board work14:04 – The family emergency that changed everything16:52 – The call she never hung up on: overhearing the truth25:24 – Meredith: a protagonist who introduced herself29:12 – Writing fraud and betrayal: invention vs. lived experience32:04 – Kathleen Moriarty and imposter syndrome at the top34:28 – We Talk Careers and amplifying voices in ETFs37:22 – Power imbalances and micro-expressions in the boardroom42:26 – The warning for advisors: when process and trust aren't enough46:30 – Alter egos, courage, and the head of sales named Dave49:34 – The second novel: two estranged sisters, truth vs. power55:08 – Sisterhood, family strain, and writing what's real01:01:08 – Where to find The Lies We Trade and We Talk Careers
Find Kristine Delano
The novel: The Lies We Trade
Kristine Delano on Linkedin
Kristine Delano's Website: KristineDelano.com
KristineDelano #TheLiesWeTrade #FinancialThriller #WallStreet #WomenInFinance #WomenInETFs #ETFs #InsightIsCapital #BehavioralFinance #ImposterSyndrome #CareerAdvice #WealthManagement #FinancialAdvisors #BookTube #ThrillerBooks #CareerPivot #Leadership #PowerDynamics #FinanceBooks #Investing
Bitcoin is down 50% from its highs — but Bitwise CIO Matt Hougan says the price is the least important thing happening in crypto right now.
In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Matt Hougan, Chief Investment Officer at Bitwise Asset Management, to make sense of the 2026 crypto winter. Hougan argues this is "the best winter ever" for crypto: prices are down, but the fundamentals, regulatory clarity, and institutional infrastructure are stronger than in any prior cycle. The conversation moves from Bitcoin's role as scarce, digital hard money to the quieter, faster-moving story underneath it: stablecoins and tokenization rebuilding the plumbing of global finance.
Hougan walks through why the "neutral" Bitcoin allocation isn't zero, why advisors and institutions get stuck at the finish line even after months of due diligence, and how blockchain rails already move money and assets faster and cheaper than traditional banking. The episode closes with a deep dive into agentic AI, exploring how autonomous AI agents transacting 24/7 could become the largest driver of blockchain activity yet, and what that means for Bitcoin, Ethereum, Solana, Chainlink, and Bittensor. A must-listen for advisors trying to figure out how to talk to clients about crypto without the noise.
Timestamped Chapters00:00 – Cold open: crypto winter and Bitcoin at $62K06:30 – Welcome, Matt Hougan (Bitwise CIO)09:00 – SpaceX's IPO vs. Bitcoin's entire market cap10:40 – Why this is "the best crypto winter ever"16:40 – Institutions take 8 meetings to allocate — then freeze17:16 – The sticky-note trick for disciplined buying19:14 – Crawl, walk, run: a systematic approach to allocation20:32 – Why the neutral Bitcoin position is 1-2%, not zero22:29 – Bitcoin vs. gold: scarcity, cash flow, and correlation26:08 – Blockchain 101: Bitcoin vs. Ethereum vs. Solana27:23 – Stablecoins and tokenization, explained simply29:31 – Investing in tokens vs. the companies building on them32:26 – What's really holding back adoption (the AI "black hole")34:50 – SEC Chair Paul Atkins on tokenizing all stocks and bonds41:42 – Instant settlement and the velocity of money (casino example)46:12 – Inverting the objections: why the old system is the strange one49:07 – Do you actually own your stocks? Distributed ownership explained58:27 – Agentic AI meets tokenization: Bitcoin, Ethereum, Solana, Chainlink, Tao1:05:05 – Digital natives and the next generation of finance1:07:08 – Advisor takeaways: how to talk to clients about crypto1:09:02 – The final case for a portfolio allocation1:11:06 – Free Bitwise resources for advisors1:14:23 – Bitwise's product lineup, including its flagship index fund1:16:36 – Where to find Matt Hougan
Matt Hougan on Linkedin
Bitwise Asset Management
Bitcoin #Crypto #MattHougan #BitwiseAssetManagement #CryptoWinter #Tokenization #Stablecoins #AgenticAI #Ethereum #Solana #Chainlink #DigitalAssets #FinancialAdvisors #WealthManagement #CryptoInvesting #BitcoinAllocation #RaiseYourAverage #InsightIsCapital #CryptoNews #Blockchain #AIandCrypto #PortfolioManagement #InvestmentStrategy #DigitalGold
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Why does doing more research make investors more confident in the wrong decision, why do warning labels often invite the very risk they're meant to prevent, and why might a friendlier robo-advisor actually produce worse investing behavior?
In this episode of Insight is Capital™, Pierre Daillie sits down with Dr. Preet Banerjee — personal finance expert, founder of Money School, and Globe and Mail behavioural finance columnist, to unpack the psychological wiring beneath everyday investing decisions. From the "cue recall simulation loop" that distorts how investors remember their own portfolio returns, to research showing that useless new information makes people more confident (not more correct), to the counterintuitive finding that warning labels can make risky products more desirable, this conversation maps the gap between what investors think they're doing with their money and what's actually steering the wheel. Preet also explains why robo-advisors with more "human" interfaces see worse adherence to their own advice, how disclosure and judgement anxiety shape client behaviour, and why clients using ChatGPT before a meeting may end up valuing their advisor's guidance more, not less.
Chapters00:00 Open: The Hidden Psychology of Money01:26 Meet Dr. Preet Banerjee01:58 Life in London and the Advisor App Store07:23 From Neuroscience to Behavioral Finance: Preet's Path12:48 The Confidence Trap: Why More Research Backfires18:40 Red Teaming Your Own Investment Decisions20:26 Why You Misremember Your Portfolio's Past Performance23:05 DIY Investing vs. Evidence-Based Strategies26:42 Loss Aversion and the Scars of Your First Market Crash28:42 Journaling as a Behavioral Antidote32:11 The Parental Advisory Effect: Why Warnings Backfire37:59 Could an Investment Literacy Test Protect DIY Investors?40:15 The Regulatory Tightrope Between Risk and Access42:16 Sports Betting, Retirement Savings, and Cautionary Data44:28 The Robo-Advisor Paradox: Warmer Interfaces, Worse Behavior45:59 Disclosure Anxiety, Judgment Anxiety, and Advisor Trust49:31 Why Personal Finance Is 90% Psychology51:30 The Dark Side of Investing Democratization53:49 The Dalbar Study and the Behavior Gap54:11 ChatGPT, Advisors, and the Future of Financial Advice58:25 Closing Thoughts
BehavioralFinance #InvestorPsychology #PersonalFinance #InvestingTips #WealthManagement #FinancialAdvisor #PreetBanerjee #InsightIsCapital #DIYInvesting #RoboAdvisor #FinTech #InvestingMindset #MoneyPsychology #FinancialLiteracy #StockMarket #BehaviorGap
The seasonal clock is ticking — and if history is any guide, the market's most dangerous months are still ahead.
In this episode of Insight Is Capital, host Pierre Daillie sits down with Brooke Thackray, Research Analyst at Global X and author of the long-running Thackray Newsletter, for a wide-ranging conversation about what the seasonal calendar is telling us right now — and why the market's gravity-defying melt-up may be masking a set of risks that most investors aren't pricing in. From the FOMO-fuelled rally that erased April's war-driven selloff, to the eerie parallels between today's AI trade and the late-1990s internet bubble, Brooke and Pierre explore the architecture of the current market: who's driving it, what's being ignored, and where the seasonal patterns are pointing for the second half of 2026. The conversation covers the narrowing breadth behind the S&P 500's new highs, the invisible commodity bottlenecks quietly threatening semiconductor production, and the emerging rotation opportunities in gold, Canadian banks, and resource sectors that few investors are discussing. Whether you're managing a portfolio, planning for retirement, or simply trying to make sense of a market that seems to shrug off every risk, this episode offers a grounded, historically-informed perspective on what comes next — and when.
Episode Chapters
0:00 — Introduction: Markets don't move in straight lines, but they do move in patterns
1:45 — SpaceX IPO day, the AI narrative, and the anatomy of a melt-up
4:30 — How seasonal patterns set up April's explosive rally — and what was missed
6:00 — The invisible supply shock: helium, tungsten hexafluoride, and semiconductor risk
8:00 — Sell in May didn't work — why FOMO overrides seasonality in the short term
10:00 — Ten stocks driving the index: what market narrowness really signals
13:00 — Tracking money flows: how to tell if investors are rotating or leaving entirely
15:00 — The fragility of a narrow market and what historically breaks melt-ups
21:00 — Cisco, Nortel, and One Cent Cisco: the late-90s earnings playbook and its modern echo
24:00 — Utilities, nuclear, data center buildout, and the Gartner hype cycle applied to AI
32:00 — The dead zone: August–September as the two weakest months on the seasonal calendar
33:00 — Semiconductors, South Korea, NVIDIA earnings, and what could flip the trade
38:00 — Supply chain lessons from COVID: why shortages don't heal with a flick of a switch
41:00 — Uranium, silver, copper: the commodity super-cycle quietly building beneath the AI wave
45:00 — Gold, Canadian banks, and healthcare: where seasonal inflection points are setting up now
50:00 — Why gold doesn't trade on geopolitical risk — and what it actually trades on
53:00 — The Fed's stealth QE, Kevin Warsh's debut, stagflation risk, and the M2 expansion
57:00 — Canadian banks: why foreign investors are buying what domestic investors are ignoring
1:01:00 — HAC ETF: how the Global X Seasonal Rotation Fund puts these principles to work
#SeasonalInvesting #StockMarket2026 #BrookeThackray #GlobalXETFs #HACETF #MarketSeasonality #InvestingStrategy #GoldOutlook #Semiconductors #AIStocks #NVIDIA #SpaceXIPO #CommoditySuperCycle #UraniumStocks #SilverDemand #CopperShortage #CanadianBanks #RetirementInvesting #SequenceOfReturnRisk #MarketBreadth #FOMORally #SellInMay #FedPolicy #Stagflation #InsightIsCapital #AdvisorAnalyst #ETFInvesting #WealthManagement #InvestmentPodcast #FinancePodcast
The options income ETF industry just crossed $1 trillion in assets — and almost nobody is talking about the structural flaw buried inside every one of those products.
David Dziekanski, co-founder, CEO, and CIO of Quantify Funds, spent nearly two decades building ETFs — more than 75 of them — before he saw a gap so fundamental he had to build something entirely new. In this episode of Raise Your Average, Pierre Daillie and Mike Philbrick sit down with David to examine what covered call and derivative income ETFs get wrong, why most investors don't realize it, and how Quantify's Stacked Income fund family — powered by Return Stacked ETFs and Convexitas as options sub-advisor — attempts to deliver income, full upside exposure, and genuine diversification without asking investors to choose between them.
⏱ Chapters00:00 — Introduction: The $1 trillion problem hiding in options income ETFs03:00 — David Dziekanski: Career background, Tidal Financial Group, and the founding thesis of Quantify Funds05:00 — The three design flaws of derivative income ETFs: income targeting, formulaic strategies, and lack of benchmarking10:00 — Why covered call ETFs became popular — and why advisors accepted the trade-off for so long13:00 — Delta drift explained: how a 0.74 delta on day one becomes 0.54 by month-end without any manager decision17:00 — Negative alpha in plain sight: why most covered call products underperform even a T-bill + equity blend20:00 — Convexitas's three-step options framework: implied vs. realized vol, skew profiling, and tenor selection24:00 — The core thesis: income without sacrificing total return — ending the trade-off27:00 — Return stacking as capital efficiency: A + B in a single dollar, and imposed diversification30:00 — Distribution policy: why Quantify lowers payouts in drawdowns and tops up on rebounds53:00 — Fee structure: 114 bps on 200% exposure = 57 bps unlevered, and why that beats the competition55:00 — Daily trade transparency: how Quantify posts options rationale on X every trading day59:00 — Building behavioral stickiness: transparency, distributions, and investor intuition01:01:00 — The advisor conversation: aha moments and the covered call education gap01:05:00 — Simplicity vs. complexity: blind spots are the cost of simple option strategies01:09:00 — Quantify as "version 3.0" of options income — crawl, walk, run adoption framework01:11:00 — BTGD, ISBG, ISSB: the Bitcoin + gold stacking thesis and currency debasement01:15:00 — Gold, Bitcoin, and scarcity assets: what comes after the bazooka01:22:00 — Closing: why the derivative income category exists, and where it needs to go
Links & ResourcesQuantify Funds: quantifyfunds.comDaily trade rationale: Quantify Funds on X (Twitter)Return Stacked ETFs: returnstackedetfs.comConvexitas: convexitas.com
OptionsIncome #CoveredCallETF #ReturnStacking #ETFinvesting #QuantifyFunds #Convexitas #VolatilityHarvesting #BitcoinETF #GoldETF #IncomeInvesting #DividendETF #OptionsStrategy #WealthManagement #AlternativeInvesting #FinancialAdvisor #RaiseYourAverage #ETFEducation #ImpliedVolatility #OptionsAlpha #CurrencyDebasement #PortfolioConstruction #CapitalEfficiency #RetailInvestor #PassiveIncome #SmartBeta
Every retiree gets exactly one shot at one sequence of returns — and the first five years can quietly cost you more than half your lifetime portfolio.In this episode of Insight is Capital, host Pierre Daillie sits down with David Varadi, MBA, CFA, instructor of Personal Finance and Investments at the Schulich School of Business at York University, to unpack one of the most underestimated risks in retirement planning: sequence of returns risk. Drawing on a career that spans RBC, Macquarie, Flexible Plan Investments, QuantX, and now academia, Varadi introduces the concept of the "sequence tax" — the measurable gap between what the market returns and what a retiree actually realizes after withdrawals. He explains why poor returns in the first five to ten years of retirement can permanently impair a portfolio in ways that bull markets later cannot repair, and walks through practical levers advisors can use to defend against it, including bond ladders, dynamic withdrawal cuts, trend-following overlays, and diversification beyond the traditional 60/40 mix. The conversation moves into the four economic regimes, why long-duration treasuries, energy, utilities, and managed futures each play a distinct hedging role, and how capital efficiency — using leveraged or portable-alpha structures to free up liquidity — can help underfunded clients diversify into annuities, tontines, and real assets without taking on a purely speculative, all-equity gamble. Varadi closes with a call for advisors to calculate every client's required rate of return and shortfall risk, rather than relying on risk tolerance alone, to determine whether a retirement plan is actually safe versus merely comfortable.Timestamped Chapters
00:00 — Introduction: the sequence tax and why order matters more than average return02:00 — David Varadi's career arc: RBC, Macquarie, Flexible Plan, QuantX, and teaching at Schulich06:00 — Why decumulation is the industry's biggest blind spot and top advisor anxiety08:00 — What sequence of returns risk actually is and how the "sequence tax" is calculated10:00 — Selling shares in a down market: cannibalizing the portfolio and the math of recovery13:00 — The first five and ten years: 53% and 80% of lifetime sequence damage explained14:00 — Levers for protection: liquidity buffers, cutting withdrawals, trend following, bond ladders16:00 — The trade-offs of holding bonds early in retirement24:00 — Replacing traditional fixed income with convexity: managed futures and the four market regimes26:00 — Best hedges for long-duration bonds: energy, utilities, and commodities28:00 — Real assets and inflation protection: pipelines, infrastructure, and rate-linked cash flows30:00 — Managed futures as a "utility player" across market regimes32:00 — Capital efficiency for underfunded clients: solving multiple risks with the same dollar35:00 — X-raying the 60/40 portfolio: why it behaves like 90% equity risk38:00 — The danger of mistaking the need for diversification as a need for more risk48:00 — Building the floor: bonds, annuities, and tontines for funded versus underfunded clients54:00 — Practical capital-efficiency examples: leveraged ETFs, covered calls, and portable alpha1:01:00 — Calculating the retirement required rate of return and the conservative-client mismatch1:02:00 — Shortfall risk versus standard deviation: optimizing for retirement survival1:04:00 — Closing thoughts and a look ahead to capital efficiency in depth #SequenceOfReturnsRisk #RetirementPlanning #DecumulationStrategy #RetirementIncome #FinancialAdvisor #PersonalFinance #PortfolioConstruction #CapitalEfficiency #ManagedFutures #RetirementSavings #WealthManagement #InvestingForRetirement #FinancialPlanning #InsightIsCapital #SchulichSchoolOfBusiness #RetirementRiskManagement #AssetAllocation #FixedIncomeStrategy #AnnuitiesVsTontines #FinanceEducation
If you think launching an ETF sounds like a great business, Eric Balchunas is here to explain why it might be the most brutal competitive arena in finance — and which products are actually winning in 2026.
Pierre Daillie sits down with Eric Balchunas — Senior ETF Analyst at Bloomberg Intelligence, co-host of the Trillions podcast, and author of The Bogle Effect — for an unflinching tour of the ETF Terrordome. Eric maps the structural forces that make ETF success so elusive: Vanguard and BlackRock together capturing 60% of all flows, over 2,000 funds trapped below the $50M zombie line, and a liquidation rate that could hit one-in-three. He unpacks his three C's of ETF survival (Cheap, Creative, or Cabernet), breaks down why legacy active managers finally found their footing by lowering fees, and explains the DRAM phenomenon — a memory chip ETF that reached $15 billion in 60 days by solving a real access problem. The conversation moves into Eric's 26 for '26 ETFs to Watch list, covering uranium mining, auto callable ETFs, laddered buffer strategies, and the growing derivative income space. Balchunas also shares his thesis on why the "Vanguard bid" and government backstops have fundamentally changed how markets absorb sell-offs — and why Bogle may be the most underrated behavioral economist in investing history.
⏱ Chapters00:00 — Introduction: Welcome to the Terrordome03:30 — What the Terrordome actually means: fees, distribution, and the Vanguard effect06:30 — BlackRock vs. Vanguard: the fee war that reshaped an industry08:00 — The three C's of ETF success: Cheap, Creative, or Cabernet10:00 — The $100M threshold: zombies, middle class, and breakout hits13:00 — Active managers finally get it right (Capital Group, JP Morgan, DFA, Avantis)15:00 — DRAM: the $15B ETF that came out of nowhere17:00 — BlackRock & Vanguard as the new IBM for advisors21:00 — Why advisors choose index over active: the blame problem25:00 — 26 for '26: Eric's ETF Watch List highlights (URNM, CAIE, buffer ETFs)28:00 — Auto callables, covered calls, and the derivative income boom31:00 — Mag Seven concentration: Bessembinder, antitrust, and the hoovering of small caps36:00 — Managed futures, portable alpha, and return stacking39:00 — The Vanguard bid: why sell-offs don't cascade anymore41:00 — The Bogle Effect: Jack Bogle as the father of good investor behavior43:00 — Where to find Eric: Trillions podcast, ETF IQ on Bloomberg TV, X & LinkedIn
#ETF #ETFs2026 #EricBalchunas #BloombergIntelligence #ETFInvesting #PassiveInvesting #ActiveETF #Vanguard #BlackRock #IndexFunds #ETFIndustry #Terrordome #TheBogleEffect #CoveredCallETF #BufferETF #AutoCallable #ManagedFutures #PortableAlpha #UraniumETF #DRAM #Trillions #InsightIsCapital #WealthManagement #AdvisorInvesting #InvestmentStrategy #FinancePodcast
Most portfolios already own the AI trade — but almost none own the energy underneath it, and that's exactly where the next big opportunity lives.
In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Justin Huhn, Founder, Lead Analyst and Editor of Uranium Insider, to unpack why uranium is the missing layer beneath the AI trade — and why the structural supply-demand imbalance in the nuclear fuel cycle may be one of the most consequential and overlooked investment opportunities of the decade.
Justin traces uranium's journey from a forgotten commodity trading near $18/lb in 2017 to today's spot price of $85 — and explains why the bull case is more durable now than ever. The convergence of AI data center power demand, Western electricity grid strain, reactor life extensions, hyperscaler nuclear power agreements, and a deeply undersupplied fuel cycle has created a structural setup that, in Justin's view, doesn't require the AI tailwind to deliver significantly higher uranium prices. That tailwind is, as he puts it, "a bonus."
The conversation covers the full uranium fuel cycle — from mine to reactor — including why supply simply cannot respond as quickly as demand, why utilities are systematically late to contract, how hyperscalers like Microsoft, Google and Amazon entering the nuclear fuel market is a landmark signal, and how advisors can think about positioning uranium as an infrastructure-adjacent hedge on the AI power squeeze.
⏱ Chapters00:00 — Introduction: AI, energy crisis, and the nuclear renaissance04:04 — Why nuclear is the only power source AI infrastructure actually needs09:07 — Justin Huhn: from $18/lb uranium to the global nuclear renaissance13:50 — Safety, carbon, and why the anti-nuclear narrative finally broke16:16 — Western electricity demand awakens: AI and electrification converge21:32 — U.S. grid stress: data centers testing the limits of existing infrastructure23:40 — Every U.S. reactor getting life extended; hyperscalers entering the fuel cycle26:39 — What Microsoft, Google and Amazon signing nuclear deals actually signals28:49 — Supply vs. demand: why uranium can't be turned on like an oil well34:44 — Why uranium price is almost irrelevant to reactor restart decisions39:17 — How utilities contract uranium: long-term deals, herd behaviour and missed timing44:57 — Why utilities have been "utterly wrong" about price trajectory — and why that matters50:35 — How Uranium Insider models supply and demand out to 204052:40 — The dynamic trading model: doubling money while outperforming ETFs by 50–60%53:10 — Reading the physical market, sentiment signals, and RSI for trade timing57:54 — Uranium as an advisor portfolio play: the AI-adjacent energy infrastructure trade59:07 — SMR demand, OPG Darlington, and what the next leg of the cycle looks like
#Uranium #NuclearEnergy #AIInfrastructure #EnergyInvesting #UraniumInsider #NuclearRenaissance #DataCenterPower #SmallModularReactors #UraniumBullMarket #RaiseYourAverage #CriticalMinerals #EnergyTransition #NuclearStocks #UraniumMining #PowerGrid #AIDataCenters #AlternativeEnergy #PortfolioConstruction #InvestmentStrategy #FinancePodcast
The desk at RBC Capital Markets that sits behind 90% of Canada's ETF market has a view of where flows are really going — and it's not what most advisors expect.
Pierre Daillie sits down with Valerie Grimba, Head of Global ETF Strategy at RBC Capital Markets, for a wide-ranging conversation about the forces quietly reshaping how Canadian advisors build portfolios. Valerie's team serves as designated broker to roughly 300 ETF mandates and acts as authorized participant across the majority of the Canadian ETF market — giving her a real-time, flow-level view of investor behaviour that almost nobody else has. From the structural fracture that 2022 opened in the 60/40 model, to the liquidity misconceptions her desk corrects every single day, to the explosive rise of asset allocation ETFs, covered call strategies, AAA CLOs, and precision thematic plays, this conversation covers the full terrain of where the ETF market stands today — and where it is heading.
CHAPTERS
00:00 — Introduction: The 60/40 failure and Canada's ETF rebuild02:11 — Valerie's career arc: Bear Stearns, New York, New Zealand, RBC04:21 — How the RBC ETF market making desk actually works05:36 — What a designated broker does — and why it matters08:18 — Flash crashes, Liberation Day, and ETFs as a release valve10:08 — The RBC market view: yellow flags, narrow breadth, and a 12–18 month outlook13:29 — How ETF flows changed: from net outflows in risk-off to rotation14:05 — Gold: zero correlation, the incongruent timing, and the 2026 outlook15:40 — Higher for longer: what advisors are missing about the rate environment17:46 — How 2022 changed advisor behaviour and launched a new ETF ecosystem21:49 — Covered call ETFs: what advisors are still getting wrong24:19 — Retail vs. institutional: why retail has been outperforming25:20 — Private assets in an ETF wrapper: the square peg, round hole problem31:11 — What RBC looks for before taking on a designated broker mandate32:28 — The Pac-Man of Canadian ETF flows: asset allocation ETFs36:29 — CAGE, XEQT, FBAL: who is actually buying all-in-one ETFs38:58 — TLT as widowmaker and the search for yield without duration risk40:36 — AAA CLOs, active fixed income, and aggregate bond ETFs43:07 — CTAs, trend following, and the rise of alternatives in Canada44:30 — Why GIC sectors are becoming antiquated — and what's replacing them45:48 — DRAM, memory chips, and the new thematic precision playbook47:11 — Single stock ETFs: access, covered call overlays, and trade-offs49:07 — The #1 ETF liquidity misconception — and the three layers advisors need to know53:28 — Best execution practices: limit orders, timing, and when to call the desk
#ETF #CanadianETF #ETFInvesting #PortfolioConstruction #CoveredCallETF #AssetAllocation #XEQT #FixedIncome #AlternativeInvestments #WealthManagement #FinancialAdvisor #InvestmentStrategy #ETFLiquidity #RBCCapitalMarkets #MarketOutlook #ThematicETF #PassiveInvesting #ETFTrading #InsightIsCapital #AdvisorAnalyst
In this episode of Insight Is Capital, Pierre Daillie sit down with Ben Felix — Chief Investment Officer and Portfolio Manager at PWL Capital, co-host of the Rational Reminder podcast, and the driving force behind one of the most-watched evidence-based investing channels on YouTube with over half a million subscribers.
Ben unpacks the philosophy and hard-won lessons behind PWL's radical transparency strategy — giving away the "secret sauce" of their entire investment process — and why that counterintuitive bet became the engine of the firm's organic growth. He shares how a Costco parking lot moment sparked his channel concept, why it took him three years to crack a smile on camera, and what the advice industry still consistently gets wrong about content marketing.
The conversation turns candid when Ben addresses the alternatives wave sweeping Canadian portfolios — and PWL's longstanding decision to focus on building systematic, rules-based portfolios. He then reframes the advisor value proposition entirely: a real client's story reveals that none of the reasons they hired PWL had anything to do with securities selection or beating the market, and more importantly, a laundry list of high-value living, breathing concerns.
The episode closes with Ben's most powerful framework for life and practice — the PERMA-V model of human flourishing — and a striking parallel between the five factor model for investing and the five factors of a well-lived life.
⏱️ CHAPTERS
00:00 – Introduction: Who is Ben Felix and why your clients are already watching him02:00 – From basketball scholarship and mechanical engineering to CIO: Ben's accidental path into finance07:30 – How PWL's blogging experiment became a content empire — and the Costco parking lot moment13:00 – What advisor content gets badly wrong: black boxes, sales pitches, and the trust deficit17:00 – The hardest part of content creation: consistency, camera nerves, and why most people quit18:30 – "Investing has been solved": PWL's evidence-based philosophy and the case against stock-picking20:00 – The alternatives warning: gated private funds, client transfers, and why PWL passed23:00 – How content became a beacon for like-minded advisors — and PWL's acquisition growth model28:00 – The self-selecting client: why prospects arrive already sold on the philosophy30:00 – Who Ben is actually talking to: DIY investors, advisors, and the 10-year referral flywheel34:00 – Freeing advisors from the securities selection trap: what evidence-based investing unlocks37:00 – Why a successful DIY investor hired PWL — and none of the reasons were about the portfolio39:30 – Goal-setting, PERMA-V, and the structured process PWL tested with Morningstar42:00 – PWL's financial planning app: systematizing the family office model at scale44:30 – What makes people trust Ben Felix: evidence, sources, and STEM-grade intellectual honesty49:00 – Where PWL goes from here: acquisitions, fiduciary growth, and a possible book51:00 – The one thing to change: applying PERMA-V as a filter for how you live and invest53:00 – Where to find Ben Felix: YouTube, Rational Reminder, The Money Scope
BenFelix #PWLCapital #EvidenceBasedInvesting #IndexInvesting #RationalReminder #FinancialPlanning #AdvisorAlpha #DIYInvesting #FactorInvesting #WealthManagement #InsightIsCapital #PersonalFinanceCanada #ETFInvesting #FinancialAdvisor #FiduciaryAdvisor #InvestingCanada #MoneyScope #PassiveInvesting #BehaviouralFinance #PERMAModel
Canada's ETF market isn't just growing — it's being structurally rewired, and Ron Landry has a front-row seat to where every dollar is flowing and why.
Pierre Daillie sits down with Ronald Landry, Vice President and Head of Segment Solutions and Canadian ETF Services at CIBC Mellon, for a wide-ranging look at the forces driving Canada's historic ETF surge. With nearly $95 billion in net flows through May 2026 — 57% ahead of last year's run rate — Ron unpacks why this isn't a cyclical wave but a structural shift in how Canadians save, invest, and expect to be served. From the rise of income-generating ETFs and single-stock strategies to tokenization, TCR disclosure, and the regulatory cost burden quietly falling on investors, this conversation delivers the institutional vantage point advisors rarely access. Ron and Pierre also tackle what it really takes for a new ETF to survive, why advisor-guided portfolios outperform DIY by 3.6x, and what the next phase of Canadian ETF product formation looks like as active management quietly takes over the flow story.
⏱ Chapters[00:00:00] — Introduction: Pierre sets the stage on Canada's surging ETF flows and welcomes Ron Landry of CIBC Mellon[00:02:00] — $95B and counting: Ron breaks down the staggering 2026 YTD flow numbers and what's driving the pace[00:03:30] — Mutual fund managers come knocking: Why traditional fund firms are now asking about ETF series[00:05:00] — Geography of flows: Rotation from US equities into Canadian, emerging markets, and international mandates[00:07:30] — Product formation trends: Single-stock ETFs, covered calls, high-frequency distributions, and the income yield wave[00:09:00] — The 86% rule: Why the top 10 issuers still capture the lion's share of new assets[00:10:00] — All-in-one ETFs: iShares, Vanguard, and BMO dominate the asset allocation category[00:13:00] — Macro disconnect: Why flows keep surging despite inflation, tariffs, and geopolitical risk[00:14:00] — ETF pipeline signals: Crypto and digital assets, tokenization workshops, and what the CSA is watching[00:18:00] — TCR (Total Cost Reporting): What advisors need to know before January 2027 statements land[00:23:00] — The covered call psychology: Instant income, generational behaviour, and the bear market stress test[00:28:00] — The advisor value case: Portfolio growth 3.6x higher with professional guidance — know your product[00:30:00] — ETF survival signals: First-mover advantage, the three-year rule, and when to pull the plug[00:36:00] — Regulatory cost creep: Filing fee increases, the Emerge warning, and how costs ultimately reach investors[00:43:00] — The road ahead: Active ETFs, advisor positioning, and what the next phase of Canadian ETF evolution demands
#CanadianETF #ETFInvesting #InsightIsCapital #WealthManagement #FinancialAdvisor #ETFCanada #CoveredCallETF #ActiveETF #InvestmentFunds #CIBCMellon #CanadianInvesting #ETFFlows #TotalCostReporting #PortfolioManagement #FinancialPlanning #DIYInvesting #Incomeinvesting #ETFIndustry #CanadianFinance #AdvisorAlyst
Larry Swedroe has spent 30 years proving the market will almost always beat you — and in this episode, he explains why that's about to become even more true.
In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with legendary evidence-based investing author and outsourced CIO Larry Swedroe for a wide-ranging masterclass on where markets are heading and what investors must do to survive them. Swedroe breaks down how AI is accelerating market efficiency rather than unlocking alpha, why the 60/40 portfolio carries far more equity risk than most investors realize, and why true hyper-diversification — across private credit, reinsurance, return stacking, and long-short factor strategies — is the only credible response to a world where correlation assumptions break at exactly the wrong moment. He confronts the behavioral mistakes social media is making worse, challenges advisors to stress-test risk tolerance with real dollar numbers, and argues the future of wealth management belongs to those who master alternatives.
⏱ Chapters00:00 — Cold Open: AI and the Adaptive Markets Hypothesis02:00 — Welcome to Larry Swedroe03:00 — Post-Retirement Life: Consulting, Writing, and Giving Back09:00 — AI and Market Efficiency: Does Technology Create or Destroy Alpha?11:00 — Factor Model History: CAPM, Fama-French, and Shrinking Active Alpha14:00 — Warren Buffett's Disappearing Alpha21:00 — The Danger of AI Data Mining and False Correlations23:00 — What Makes a Factor Worth Owning: Persistent, Pervasive, Robust28:00 — Leverage Aversion: When a Little Is Good and a Lot Is Dangerous30:00 — Private Credit and the Case for Senior Secured Loans31:00 — Return Stacking and Portable Alpha34:00 — Hyper-Diversification: Why Your 60/40 Is Really 90/10 in Risk Terms39:00 — The 40-Year Period Growth Stocks Underperformed Long Treasuries40:00 — Reinsurance and AQR Style Premium: Self-Healing Assets and Impatience45:00 — The Real Definition of Diversification: Something Is Always Hurting47:00 — Good Advisors Are People Managers, Not Money Managers54:00 — Stress-Testing Risk Tolerance with Real Dollar Numbers56:00 — Monte Carlo and the True Cost of Avoiding Alternatives59:00 — Trend Following: Clustered Returns and Why You Buy Insurance at a Cost01:05:00 — Behavioral Mistakes in the Age of Social Media01:07:00 — Information vs. Value-Relevant Information: Why Reddit Won't Make You Rich01:11:00 — The Future of Advisory Practice: Wealth Management and the Next Decade
#EvidenceBasedInvesting #FactorInvesting #MarketEfficiency #AIInvesting #ReturnStacking #BehavioralFinance #WealthManagement #AlternativeInvestments #PortfolioConstruction #FinancialAdvisor #RaiseYourAverage #LarrySwedroe #RetirementPlanning #ManagedFutures #TrendFollowing #PrivateCredit #Reinsurance #HyperDiversification #InvestmentStrategy #FinancePodcast #IndexInvesting #FactorPremium #ActiveVsPassive #AdvisorAnalyst #MikePhilbrick #PierreDaillie #LongShortStrategy #MonteCarloSimulation #SequenceOfReturnsRisk #PortfolioRisk
He replaced his paycheck with a covered call ETF portfolio, moved to Panama, and put the whole system on display — because transparency, it turns out, is the most powerful financial planning tool nobody in the industry is using.
What does it actually look like to live off your portfolio — not someday, but now? Pierre Daillie sits down with Adriano Starinieri, creator of the Passive Income Investing YouTube channel and the voice behind one of Canada's fastest-growing DIY finance communities, to answer that question in full. Adriano walks through his complete origin story: working-class Montreal roots, a father who speculated on penny stocks, a 20-year mortgage paid off in 7 years, and a decision in 2019 to sell the condo, invest the proceeds, and go all-in on covered call ETFs — just months before the COVID crash. Today he and his wife live in Panama, financially independent, drawing monthly income from a seven-figure portfolio he reviews publicly on YouTube every single month.
For investors, this episode is a masterclass in income-first portfolio construction. Adriano breaks down exactly how covered call ETFs work, why the 2021 arrival of lightly leveraged versions effectively solved the total return problem, how to evaluate any covered call ETF by asset quality, coverage ratio, and leverage, and why the buy-and-hold-forever mindset eliminates the behavioural mistakes that derail most portfolios. He makes a compelling case that for income-seeking investors, covered call ETFs don't just compete with bonds — they may make the traditional fixed income sleeve obsolete.
For advisors, this episode is a window into how the next generation of clients is already thinking — and who they're already listening to. Adriano's 250,000-subscriber community was built on a single, confronting idea: radical transparency. He shows his real portfolio, his real numbers, his real monthly distributions — and his audience trusts him completely because of it. Pierre and Adriano explore what that trust gap reveals about how advisors communicate, why proprietary product recommendations erode client confidence, and what it would look like for an advisory practice to meet younger investors where they actually are: online, sceptical, and hungry for education over salesmanship.
Chapters00:00 — Introduction: Who Is Adriano Starinieri?01:45 — Life in Panama: Why They Left Montreal and Never Looked Back07:10 — The Decision to Relocate: From a Three-Month Airbnb to Permanent Residency13:36 — Origin Story: Working-Class Roots, a Father Who Speculated, and Learning What Not to Do20:41 — Swing Trading Phase: BlackBerry, Bombardier, and the Lessons of Getting It Wrong22:27 — The Turning Point: Kevin O'Leary, Dividend Stocks, and Discovering Covered Call ETFs24:51 — The System: Replace Your Paycheck With Passive Income26:06 — Going All-In Before the COVID Crash — and What the System Proved29:41 — Covered Call ETFs Explained in Plain Language34:05 — The 2021 Breakthrough: Lightly Leveraged Covered Call ETFs and the Total Return Problem Solved39:52 — Never Sell: The Automated Drawdown Solution and the Psychology of Buy-and-Hold Forever47:17 — Why Crashes Are Good News for Income Investors52:13 — The 20-Year-Old Who's Already at $3,000/Month: How Young Investors Are Using the System54:41 — Transparency as Trust: Why Showing Your Real Portfolio Changes Everything01:01:14 — The Biggest Misunderstandings About Covered Call ETFs01:05:13 — How to Evaluate a Covered Call ETF: Asset, Coverage Ratio, Leverage01:10:23 — Why Covered Call ETFs May Render Fixed Income Obsolete01:15:31 — The Evolution of the Covered Call Space and Where It's Going01:19:37 — What Advisors Should Learn From the Passive Income Investing Playbook01:22:47 — Closing Thoughts: Meeting the Next Generation Where They Are
PassiveIncomeInvesting #CoveredCallETF #CanadianETFs #PassiveIncome #IncomeInvesting #DividendInvesting #FinancialIndependence #FIRECanada #DIYInvesting #ETFIncome #HamiltonETFs #GlobalXCanada #HarvestETFs #EvolveETFs #QQCL #USCL #InsightIsCapital #AdvisorAnalyst #RetirementIncome #InvestingForBeginners #CoveredCalls #OptionsIncome #BuyAndHold #PortfolioIncome #MonthlyIncome #WealthBuilding #InvestingCanada #TFSA #PersonalFinanceCanada #FinancialFreedom
Most investors think they understand what they own — Devin Anderson and Zed Francis of Convexitas are here to prove they don't, and to show what the next generation of derivative investing actually looks like.
Pierre Daillie and Mike Philbrick welcome Devin Anderson and Zed Francis, Co-Founders of Convexitas, for a masterclass in derivative investing that challenges everything advisors and investors think they know about covered calls, buffered ETFs, and options-based income strategies. Drawing on deep institutional backgrounds — Devin from two decades at Deutsche Bank's equity derivatives structuring desk, and Zed from UBS credit trading, distressed hedge funds, and Legal & General — the two founders lay bare the hidden complexity lurking inside "simple" yield products that dominate today's wealth management landscape.
The conversation pulls no punches: the hockey-stick diagrams used to explain covered call ETFs at point-of-sale actively mask real-time risk exposures that can shift dramatically intraday. A product sold as "half the risk of equities" can quietly become nearly full equity exposure within hours of a 1% market move — and most advisors and clients have no idea. Devin and Zed argue this isn't a reason to abandon these products, but a powerful case for active, continuous derivative management that delivers what the product actually promised.
The founders introduce Convexitas's philosophy: that the options market is structurally mispriced, and that most yield-seeking investors are sitting on the wrong side of that mispricing. They walk through the SMA-based approach — designed to generate accessible liquidity precisely when markets crash, enabling advisors to rebalance into distressed assets rather than being frozen by tax friction, behavioral paralysis, or trapped capital in fund wrappers. From the mechanics of short volatility to the case for unfunded overlays, return stacking, and Warren Buffett's alpha decoded through Fama-French factors, this episode is essential listening for any advisor navigating the derivative income revolution.
Chapters00:00 — Introduction: The income wave reshaping wealth management
04:52 — Meet Devin Anderson & Zed Francis: Career arcs and the founding of Convexitas
12:16 — What investors actually own: The hidden complexity inside covered call ETFs
16:18 — Real-time risk exposure: How moneyness shifts dramatically intraday
19:17 — The silent danger: Stacking short volatility across multiple products
28:00 — Structural mispricing in the options market: Why sellers face a systemic disadvantage
38:00 — Investment products vs. trading instruments: A critical distinction for advisors
43:08 — The income stack: Gaining Gold and Bitcoin exposure with capital efficiency
50:43 — First-gen vs. next-gen: From buffered ETFs to actively managed derivative overlays
57:08 — Tax efficiency, rebalancing, and the SMA advantage
01:18:06 — Why accessible capital is the biggest benefit of risk mitigation — not mark-to-market
01:23:53 — Buying when there's blood in the streets: Liquidity, structure, and Warren Buffett's alpha
01:26:37 — Final outlook: Inflation, financialization, and the binary tail risks ahead
CoveredCallETF #BufferedETF #DerivativeInvesting #OptionsTrading #WealthManagement #VolatilityHarvesting #ReturnStacking #TailRiskHedge #FinancialAdvisors #IncomeInvesting #PortfolioConstruction #AlternativeInvestments #RiskManagement #TaxEfficientInvesting #SMAInvesting #RaiseYourAverage #Convexitas #InvestmentStrategy #OptionsEducation #AdvisorAlphaCopyright © AdvisorAnalyst
Joe Canavan built three companies that redefined how Canadians invest — then walked away, backed Wealthsimple before anyone knew the name, and now he's asking one question: why does Canada keep burning down what it builds?
In this episode of Insight Is Capital, host Pierre Daillie sits down with Joe Canavan, Principal at Canavan Capital and one of Bay Street's most consequential institution builders, for a wide-ranging conversation on wealth creation, entrepreneurship, and Canada's innovation deficit. Canavan traces his career from retail advisor to founding Fidelity Canada's growth era, GT Global, and Synergy Asset Management — and through to early-stage investing in Wealthsimple, Layer 6, Koho Financial, CapIntel, and Radical AI.
He unpacks why Canada's startup ecosystem was on the verge of becoming Silicon North before self-inflicted policy decisions reversed the momentum, and makes the case for a generational vision — "Innovation Nation 2047" — to build millions more millionaires, retain top talent, and attract global capital. The conversation also covers artificial general intelligence, quantum computing, robotics, financial infrastructure security, the leadership crisis in Canadian cities, and why incentives — as Charlie Munger said — determine every outcome.
CHAPTERS
00:00 – Introduction: What does it actually take to build wealth?01:55 – Joe's origin story: From new-Canadian roots to Bay Street03:23 – Building Fidelity Canada, GT Global, and Synergy Asset Management06:38 – Stepping back, family first, and becoming the "accidental capitalist"10:11 – How founders found Joe: Wealthsimple, Coho, Layer Six, Cap Intel13:18 – Next Canada and building the entrepreneurship ecosystem15:08 – Silicon North: How Canada almost became a global tech hub18:01 – Policy failure: How capital gains tax changes broke the momentum20:10 – Incentives drive outcomes: The Charlie Munger principle applied to Canada22:30 – The case for millions more Canadian millionaires24:47 – Innovation Nation 2034/2047: Own the podium for startups39:24 – Leadership as the root cause: Cities, provinces, and the national vision42:00 – Why financial infrastructure (the plumbing) matters more than the app44:22 – AGI, artificial general intelligence, and the coming technological singularity46:52 – Robotics, Elon Musk, and where the puck is going48:14 – How Joe structures his 10-year investment thesis52:52 – Early bet on Wealthsimple: Backing people before proof56:39 – Altruism meets capitalism: The real cost of startup investing58:55 – Final question: If you had the mandate to make Canada dramatically wealthier, where do you start?
CanadianEntrepreneurship #InsightIsCapital #JoeCanavan #Wealthsimple #FinancialInfrastructure #AIInvesting #QuantumComputing #SiliconNorth #VentureCapital #BayStreet #StartupEcosystem #CanadianFintech #WealthCreation #InnovationNation #LeadershipMatters #CanadianInvestors #AGI #CapitalMarkets #Fintech #AdvisorAnalyst
The ETF industry has never been more powerful — or more crowded. Dave Nadig, President & Director of Research at ETF.com, joins Pierre Daillie and Mike Philbrick for a no-holds-barred conversation on the structural risks building beneath the surface of the world's most successful financial innovation. From a potential flood of mutual fund conversions to single-stock leverage ETFs, prediction market shenanigans, private credit illiquidity traps, tokenization timelines, AI's impact on the investment industry, and the quiet erosion of the ETF's greatest strength — simplicity — this is the ETF conversation the industry isn't having.
⏱ Chapters
00:00 — Introduction: Dave Nadig, President & Director of Research, ETF.com00:46 — The Mutual Fund-to-ETF Conversion Flood: 5,000 Funds in the Pipeline03:12 — The Plumbing Stress Test: Market Makers, Lead Market Makers & Capacity Limits05:40 — Too Many Tickers: When Choice Becomes Paralysis07:51 — The Case FOR Mutual Funds: Where the Structure Still Wins10:34 — Private Credit ETFs: Retail Bag-Holding at the End of the Cycle?13:06 — Private Equity ETFs, SpaceX Shenanigans & Liquidity Illusions18:02 — ETF Proliferation: More Tickers Than Stocks19:50 — The K-Shaped ETF Innovation Curve: Institutional Genius vs. Levered Junk22:26 — Prediction Markets, Kalshi & Single-Counterparty Risk25:04 — AI in Investment Management: Hype vs. Genuine Edge27:18 — Tokenization: When Does It Actually Matter for Retail?29:38 — Atomic Settlement, Blockchain, and the DTCC's Big Project33:27 — Crypto, Prediction Markets & Where the Money Is Really Going36:11 — 24/7 Equity Markets: Opportunity or Chaos?45:25 — The Kitchen Drawer Metaphor: Good Tools vs. Junk Drawer ETFs48:00 — Covered Call ETFs & the Yield Illusion: Total Return Is the Litmus Test50:40 — How to Spot Extractive Products vs. Genuine Innovation54:52 — Why Dave Came Back to ETF.com — and Why He Won't Stay in a Box01:00:02 — ETF.com 3.0: Content, Pop-Up Events & the ETF Beach House01:03:02 — The ETF Industry's Obligation: Keeping It From Going Extractive01:07:13 — Where to Find Dave Nadig: ETF Zoo Podcast, Excess Returns & More
#ETF #ETFinvesting #DaveNadig #ETFcom #RaiseYourAverage #PassiveInvesting #MutualFunds #PrivateCredit #Tokenization #MarketStructure #LeveredETF #CoveredCallETF #PredictionMarkets #InvestingEducation #WealthManagement #FinancialAdvisors #ETFbubble #PortfolioConstruction #AIinvesting #IndexFunds
Brian Belski told a room full of Canadian advisors to lighten up on gold in February. They weren't happy about it. Not the popular view at the time.
That's Brian Belski in a nutshell — 36 years in the markets, built his reputation going the other way when everyone else is piling in, and he's not about to stop now. In this episode, host Pierre Daillie sits down with Brian Belski, CEO & CIO of Humilis Investment Strategies, and Steve Hawkins, CEO of Longpoint ETFs.
Belski's case is simple: the 25-year secular bull market has a decade left, earnings are rising, and the stock picker is back. Gold is overextended. Canadian banks need scrutiny. U.S. financials are the most overlooked opportunity in the market. And if the consensus is calling for recession — he's going the other way.
Steve Hawkins built one of Canada's largest ETF platforms, walked away, and built it again on his own terms. Together, they just launched three new ETFs on the TSX — HBTA, HBDV, and HBOP — powered by Belski's fundamental, high-conviction approach. No gimmicks. No spaghetti on the wall. Just process.
If you manage money for clients, or you are the client, this one's worth your full hour.
🕒 CHAPTERS
00:00 — The Contrarian Gold Call
01:23 — Setting the Scene
02:09 — Meet Brian Belski & Steve Hawkins
03:12 — Why Longpoint and Why Now: Three New TSX ETFs
04:10 — Market Context 2026: Venezuela, Iran, Stagflation & the S&P Melt-Up
05:53 — Brian's Origin Story: Bill O'Neill, Warren Buffett & Iraq in 1990
10:02 — The 25-Year Secular Bull Market Thesis Explained
13:00 — Where We Are in the Cycle: Cyclical Bears Within a Secular Bull
15:30 — Why Fundamentals Win: Stocks Lead Earnings, Earnings Lead the Economy
16:23 — Private Wealth vs. Institutional Money: Who's the Smart Money Now?
19:12 — Steve Hawkins on Why Canadian Investors Were Missing Belski
20:34 — How the Humilis + Longpoint Partnership Came Together
22:23 — On Founding Humilis: "Equal Parts Excruciating and Exciting"
27:36 — The Biggest Investor Mistake Right Now: Behavioural, Not Analytical
28:11 — Gold at Four Standard Deviations: Why Belski Said Lighten Up
30:23 — Canadian Banks: The Math Behind Underperformance Risk
31:18 — AI Arms Race, Anthropic, OpenAI, and the Coke vs. Pepsi Analogy
34:44 — The Stock Picker's Market Is Back
35:35 — Most Compelling Opportunity Right Now: U.S. Financials
38:27 — Inside the Three Humilis ETFs: HBTA, HBDV, and HBOP
40:11 — Active vs. Index: The Return of the Stock Picker
42:37 — Belski's Canadian Convictions: Aritzia, Waste Connections, Shopify
45:20 — Great Company vs. Great Stock: The Distinction That Matters
46:17 — Google, Costco, and Contrarian Conviction in Practice
47:18 — What the Market Made Belski Revisit in 2026
48:44 — Longpoint's Vision: A Turnkey Platform for Global Asset Managers
51:14 — Wayne Gretzky, the Puck, and Canada's ETF Decade Gap
57:10 — $30M AUM in 25 Days Since Launch
57:38 — Brian's Biggest Surprise for Investors a Year from Now
59:15 — Closing: Keep It Simple, Stupid — and Stay Bullish
BrianBelski #HumilisInvestments #LongpointETFs #SteveHawkins #CanadianETFs #InsightIsCapital #AdvisorAnalyst #SecularBullMarket #StockPicker #ActiveInvesting #ETFCanada #InvestmentStrategy #CanadianInvestors #EquityStrategy #MarketOutlook2026 #FundamentalInvesting #ContraryInvesting #HBTA #HBDV #HBOP #WealthManagement #FinancialAdvisors #TSX #NorthAmericanEquities #MarketVolatility
What if the investing rules that protected you for 40 years just stopped working — and the world already moved on without telling you?
Host Pierre Daillie sits down with Tony Dong — founder of ETFPortfolioBlueprint.com, lead ETF analyst at ETF Central, and Columbia-trained risk manager — for a no-holds-barred breakdown of defense ETFs, tail risk hedging, the structural collapse of the 60/40 portfolio, and what a genuinely resilient Canadian portfolio looks like in a world defined by geopolitical fracture, regime change, and compounding uncertainty. Recorded April 2026 amid new all-time equity highs and an active Middle East conflict, this episode is essential listening for any advisor or investor still building for a world that no longer exists.
CHAPTERS
00:00 — Introduction: Who Is Tony Dong?
02:11 — Q1 2026: Markets, Macro & the K-Shaped Economy
06:24 — Defense ETFs: True Exposure vs. Industrial Sector Imposters
09:30 — Canadian Defense ETF Options: XAD vs. SHLD
11:38 — Are We at the Start of a Defense Super Cycle — or the Middle?
13:48 — NATO Rearmament, Europe's €800B Commitment & Valuation Risk
17:13 — The Hidden Risk of Being Long Defense
19:04 — Strait of Hormuz, Ras Laffan & Underappreciated Choke Points
22:01 — Why Tony Isn't Buying the Emerging Markets Rally
23:22 — Tail Risk: CAOS vs. TAIL — Two Products, Two Payoff Profiles
28:58 — How Much to Allocate to Tail Risk?
31:57 — What Risk Actually Is: Permanent Capital Loss vs. Volatility
34:12 — The 60/40 Portfolio: 90% Equity Risk by Any Honest Measure
36:28 — TLT Myths Debunked: Why Long Bonds Are a Structural Trap
39:10 — Fixed Income Alternatives: First-Lien Loans & LCRNs
41:53 — How Conflict Transmits Risk Into a Canadian ETF Portfolio
46:05 — Liquidity Cascades: When the ETF Wrapper Breaks
53:16 — Volatility Laundering & the Private Credit Illusion
56:36 — Building a Resilient Canadian Portfolio for the Next 10 Years
01:00:41 — Biggest Surprises of the Next 12 Months: China, Taiwan & Eastern Europe
DefenseETF #TailRisk #ETFInvesting #CanadianInvestor #GeopoliticalRisk #CAOSETf #TAILETf #6040Portfolio #NATORearmament #InsightIsCapital #TonyDong #PierreDaillie #ETFAnalysis #PortfolioConstruction #WealthManagement #MacroInvesting #FixedIncome #BondAlternatives #ETFLiquidity #PrivateCredit #CanadianDollar #DefenseTech #MarketRegimeChange #AdvisorAnalyst #ETFCentral #PortfolioResilience #InvestingIn2026 #TailRiskHedging #GeopoliticalInvesting #SmartMoney
Most advisors have zero alternatives in their portfolios — and their clients are already paying the price.
In this episode of Insight Is Capital, host Pierre Daillie sits down with Paisley Nardini, Managing Director and Head of Multi-Asset Solutions at Simplify Asset Management, for a frank and data-driven conversation about why the traditional 60/40 portfolio is showing dangerous cracks — and what advisors can do about it right now. Paisley brings rare clarity to one of the most misunderstood corners of modern portfolio construction: liquid alternatives. Drawing on her career spanning PIMCO, Invesco, and Simplify, she walks through the persistent behavioral and educational barriers keeping advisors away from managed futures, the case for dynamic commodity exposure in an era of geopolitical volatility, and why the stock-bond correlation regime has fundamentally shifted. She shares a stat she rechecked ten times — managed futures at the benchmark index level has outperformed bonds across every trailing period from 5 to 25 years — and makes the case that this isn't a niche strategy for institutions anymore. It's a daily-liquid, low-fee, Morningstar five-star tool sitting right on the advisor's shelf. If your portfolio isn't built for this environment, Paisley has a pointed question: what is it actually built for?
Chapters00:00 — The stat Paisley rechecked 10 times: managed futures vs. bonds across every trailing period02:11 — Major asset managers launching managed futures ETFs and adding them to model portfolios02:51 — Introduction: Pierre Daillie welcomes Paisley Nardini, Simplify Asset Management04:23 — Why diversification is more urgent now than it was a year ago05:01 — Deja vu: the eerie parallels between early 2025 and early 202606:39 — Markets are spring-loaded: the bull case for staying invested through volatility09:00 — Why you can't build portfolios around week-to-week geopolitical headlines10:31 — The range-bound 10-year yield and what could finally break it13:56 — The inflation threshold that breaks stock-bond correlation17:38 — The biggest risk advisors are still ignoring: under-allocation to diversifiers19:32 — Why commodity allocations have underdelivered — and how to fix that20:28 — Gold's strange behavior in 2025: momentum trade, not safe haven22:33 — The cocoa example: truly uncorrelated risk and return25:08 — Why managed futures adoption is a behavioral problem, not an investment problem37:48 — The illusion of diversification: how a basic 60/40 leaves investors exposed38:29 — Liquid alts demystified: daily liquidity, no K-1s, fees as low as 30 basis points41:06 — Five years ago this wasn't possible: the democratization of institutional strategies42:18 — The two-legged stool: why portfolios need a third leg43:25 — How much to allocate: why less than 10% probably won't move the needle44:27 — Why Simplify's CTA ETF deliberately excludes equities and FX47:55 — The mirror-image chart: CTA's zig-zag pattern against the 60/4049:13 — The hedge that pays you: outperforming 60/40 while providing ballast49:39 — Positioning multi-asset portfolios for the commodity super cycle51:57 — How advisors can explore Simplify's model portfolios as a starting point
55:57 — Paisley's 12-month prediction: rates will surprise everyone
#ManagedFutures #LiquidAlternatives #PortfolioDiversification #CTAStrategy #SimplifyAssetManagement #TrendFollowing #CrisisAlpha #6040Portfolio #AlternativeInvestments #WealthManagement #FinancialAdvisor #ETFinvesting #CommoditySuperCycle #InsightIsCapital #AdvisorAnalyst #PortfolioConstruction #BondReplacement #MacroInvesting #RiskManagement #InvestmentStrategy
Income investing has never offered more tools — covered call ETFs, buffer strategies, active fixed income, multi-asset funds — and yet most advisors are still building portfolios the way they did five years ago. So what's actually happening on the ground? In this episode of Insight Is Capital, host Pierre Daillie sits down with Jillian DelSignore, VP and Head of Investor Distribution & Insights at Nasdaq Indexes, who brings something rare to the table: real behavioral data.
Her team surveys hundreds of financial advisors every year, runs Nasdaq's global Advisor Council, and sits at the intersection of index innovation, ETF distribution, and the voice of the investor. What the data is showing right now is striking — a fundamental shift from total return thinking toward paycheque replacement investing, accelerating ETF adoption, and a quiet revolution in how options-based income strategies are reshaping portfolio construction. Whether you're an advisor benchmarking your own approach or an investor curious about how your portfolio is being built, this conversation delivers a clear, data-driven picture of where income investing is heading.
Chapters00:00 — Introduction: Why income investing is being rebuilt from the ground up
02:02 — Jillian's 26-year career arc: Federated, Goldman Sachs, J.P. Morgan ETF, and Nasdaq
03:11 — How Nasdaq's global distribution team works with advisors and ETF issuers
06:44 — Nasdaq Dorsey Wright: Momentum investing, point & figure charting, and the advisor research portal
09:55 — The Advisor Survey: What the data from 2023 to 2025 actually shows
10:49 — The big shift: 60% of advisors now allocating 20–40% of portfolios to income — up 52% since 2023
12:05 — Active and passive fixed income ETF adoption is accelerating — and why active is winning in bonds
13:27 — 600 new derivative ETF launches: Covered calls, buffers, and the rise of auto callables
14:43 — Defined outcome strategies: The tip of the spear in income innovation
15:25 — What drove the shift from total return to paycheck replacement investing
18:39 — "I can't eat total return": The behavioral finance case for monthly income
20:09 — The hidden benefit of paycheck investing: keeping clients invested through volatility
21:59 — Sequence of returns risk and how income strategies reduce the pressure to sell
22:48 — Why advisors still under-use these tools — and the education gap holding them back
25:34 — The hockey stick: How covered call ETFs are finally going mainstream
27:15 — The covered call ETF on-ramp in Canada and the long road to advisor adoption
28:55 — Auto callables: The next frontier and why compliance is the last hurdle
29:41 — From income-only buckets to core portfolio allocations — the model is changing
31:53 — Why compliance departments and advisors both have to get on board — and how it's happening
32:35 — What advisors actually want: fewer products, more partners, and turnkey support
35:05 — The model portfolio revolution: Advisors want to be relationship managers, not portfolio managers
37:50 — How the specialist wholesaling model has fundamentally changed ETF distribution
38:37 — The rise of CFAs and CFPs in the field: Fiduciary support is now table stakes
40:25 — Closing reflections: Why there has never been a better time to be a financial advisor
#IncomeInvesting #CoveredCallETF #BufferETF #ETFInvesting #FinancialAdvisor #PortfolioConstruction #ActiveETF #NasdaqIndex #DefinedOutcome #PaycheckReplacement #RetirementIncome #BehavioralFinance #ETFStrategy #WealthManagement #FixedIncome #DorseyWright #MomentumInvesting #SequenceOfReturns #AdvisorETF #InsightIsCapital #InvestmentPodcast #FinancialPlanning #ETFEducation #RetirementPlanning #IncomePodcast
When cash is outranking U.S. equities and gold sells off when it's supposed to rally, the advisors holding up aren't reacting faster — they're working from a better framework.
In this episode of Raise Your Average, host Pierre Daillie sits down with Paul Kornfeld, Portfolio Manager and Director of Technology Services at SIA Wealth Management, for a wide-ranging conversation on what the firm's rules-based relative strength system is signalling right now — and why those signals have been readable for over a year. Paul walks through SIA's point-and-figure methodology, explaining how millions of pairwise asset comparisons cut through geopolitical noise and behavioural bias to reveal where money is actually flowing.
From the Canada-vs.-U.S. rotation that started in April 2024, to the semiconductor-vs.-software divergence that flagged the SaaS repricing before most advisors saw it coming, to a candid story about a Calgary advisor group with zero energy exposure in an oil boom — this episode is a masterclass in process-driven investing. Paul and Pierre also look ahead to the durable themes likely to define the next 12–18 months: real assets over financial assets, international over U.S. broad indices, AI infrastructure over AI software, and the looming wildcard of North American trade renegotiation in Q3.
⏱ Chapters00:00 — Introduction: Markets whipsawing, cash beating U.S. equities
01:00 — Welcome Paul Kornfeld: Real rotation or relief rally?
01:40 — What advisors are asking right now
04:36 — SIA's methodology: Relative strength, point-and-figure, opportunity cost
07:12 — The goal is alignment, not prediction
12:32 — Risk management: The equity action call and the traffic-light model
14:01 — Asset class rankings: Cash above U.S. equity, commodities pulling back
15:39 — The rotation that started April 2024: International overtakes U.S.
17:51 — One takeaway: Reevaluate your U.S. equity weight vs. international
21:48 — Gold's anatomy: The longest gold rally Paul has seen
29:14 — Tactical sleeves: How advisors can outsource the hard calls
31:51 — Canada vs. U.S. sector breakdown: Energy, financials, IT divergence
33:44 — Software vs. semiconductors: The SaaS reckoning since ChatGPT
40:02 — Data infrastructure: The durable AI theme the market keeps pricing in
40:38 — Point-and-figure in action: Salesforce sell signal, CSCO buy signal
44:47 — S&P 100 positioning: Semis dominate the top five right now
50:06 — Keep politics out of your investing
50:56 — TSX60: Energy, mining, chemicals — and the Kinross success story
54:13 — The Calgary story: Zero energy exposure in an oil boom
56:57 — Buying insurance vs. making a call: Aligning without predicting
59:49 — U.S. equities at 65% of global market cap: Is the world overweight?
01:03:39 — Durable signals for the next 12–18 months
01:05:59 — Real assets, domestic production, AI infrastructure as core theme
01:07:16 — Q3 trade negotiations: The biggest wildcard for positioning
01:08:47 — Biggest surprise in 12 months: AI disruption, faster than anyone expects
01:14:28 — Where to find SIA Wealth and SICharts
RelativeStrength #SIAWealth #SectorRotation #PortfolioManagement #InvestingStrategy #CanadianInvesting #WealthManagement #TacticalAllocation #MomentumInvesting #AIInvesting #GoldBullMarket #EnergyStocks #Semiconductors #SaaSStocks #FinancialAdvisor #InvestmentAdvisor #RaiseYourAverage #MarketRotation #PointAndFigure #BehavioralFinance #EtfInvesting #TSX #SP500 #MacroInvesting #ActiveManagement
Find SIA Wealth Management:siawealth.com | siacharts.com
What if the reason your portfolio sometimes fails you isn't the assets you picked — but the engine you never built?
In this episode of Insight Is Capital, host Pierre Daillie sits down with Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management, for a masterclass in what truly diversified, all-weather portfolio construction actually looks like — and why it's fundamentally different from anything most advisors and investors have ever been offered.
Rodrigo's story begins in Lima, Peru — where a government printing money into hyperinflation wiped out his family's savings overnight — and runs through the dot-com crash, the 2008 financial crisis, and the brutal 2022 simultaneous collapse of stocks and bonds. Those lived experiences didn't just shape his worldview; they became the architecture of a completely different way to build portfolios.
What emerges from this conversation is a framework that challenges nearly every assumption embedded in the standard 60/40 model — and explains why most "diversified" portfolios are actually running 85–90% equity risk under the hood. Rodrigo and Pierre explore how thoughtful, purposeful leverage can transform a low-octane diversified portfolio into something that competes with equities — without simply concentrating more risk in equities.
From regime-aware asset allocation across equities, bonds, gold, and systematic macro strategies, to the mechanics of return stacking and portable alpha, to the emerging institutional concept of "total portfolio" risk budgeting — this episode covers the intellectual terrain that separates sophisticated portfolio construction from the conventional wisdom most advisors were trained on.
Whether you're a seasoned allocator or just beginning to question the limits of traditional asset allocation, this is a conversation about what it truly means to prepare for an unknowable future — not predict it.
⏱ CHAPTERS
00:00 — Introduction: All-Terrain Investing & What It Takes to Build for Any Market Weather01:25 — Rodrigo's Origin Story: Hyperinflation in Peru, Immigration to Canada & Early Financial Scars05:14 — From Commerce & Statistics to Quant Finance: Why "Don't Lose Money" Became His North Star07:01 — What Is the All Terrain Fund? The Problem It's Designed to Solve10:22 — Equity-Like Returns With a Different Risk Profile: The Core Promise13:04 — Prepare, Don't Predict: The Philosophy Behind Regime-Aware Portfolio Design17:18 — The Four Pistons: Global Equities, Bonds, Gold & Systematic Macro — and Why Each Matters20:16 — Inflation Regimes, Growth Regimes, and What Actually Works When22:17 — The 60/40 Illusion: Why "Balanced" Portfolios Are Actually 85–90% Equity Risk36:40 — The Nobel Prize–Winning Case for Defensive Leverage: What It Is and Isn't38:30 — Risk Management Filters: Momentum, Trend, and Knowing When to Step Aside41:32 — Adding the Fifth Piston: Systematic Macro, Managed Futures & Crisis Alpha42:55 — Return Stacking & Portable Alpha: How to Add Diversifiers Without Selling Your Core51:03 — Tail Protection and Long Volatility: The Final Layer of the Framework01:03:09 — Backtests, Forward Expectations & The Simple Math Behind Stacking Risk Premia01:08:52 — Rethinking the 100% Portfolio: How Institutions Actually Think About Risk Budgets01:11:04 — The Total Portfolio Approach: A Brand New Institutional Concept That's 20 Years Old01:14:02 — Wrap-Up, Where to Learn More & Resources
🔗 RESOURCES & LINKS
ReSolve Asset Management — All Terrain Strategy: investresolve.com/strategiesReturn Stacked ETFs & Portfolio Explorer: returnstacked.com
#AllTerrainInvesting #ReturnStacking #RiskParity #PortfolioConstruction #ManagedFutures #SystematicMacro #AdaptiveAssetAllocation #LiquidAlternatives #PortableAlpha #WealthManagement #FinancialAdvisors #AdvisorEducation #AllWeatherPortfolio #ReSolveAssetManagement #InsightIsCapital #InvestmentStrategy #CapitalEfficiency #TrendFollowing #CrisisAlpha #MacroInvesting #Diversification #RiskBudgeting #GlobalMacro #ETFInvesting #AlternativeInvestments
The party always ends — and Meb Faber, one of the most data-driven voices in global investing, says the evidence is now undeniable that the decade-long US equity dominance is giving way to something very different.
SUMMARY
On this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Meb Faber — co-founder and CIO of Cambria Investment Management, prolific researcher, and host of The Meb Faber Show — for a wide-ranging conversation about what investors and financial advisors must rethink as the rules of the game quietly change beneath their feet.
With US equity concentration at historic extremes, inflation proving stickier than expected, and geopolitical disorder accelerating structural shifts already underway, Meb makes the case that the era of a US-heavy 60/40 portfolio solving everything is in the rearview mirror. He challenges the deeply ingrained recency bias that has left most North American investors dangerously underweight in international equities and real assets — and explains what the data actually says about where opportunity is emerging.
The conversation moves from big-picture regime change into highly practical territory: how to build a portfolio that survives behaviorally, not just mathematically; how to think about concentrated, low-basis positions and the tax traps hiding inside the gains of the last 15 years; and why "tax alpha" may be the most overlooked and underutilized edge in wealth management today. Meb also shares how he's deploying AI in his own practice — including a custom-trained GPT built on his entire body of work — and what advisors should be borrowing from that playbook right now.
⏱️ CHAPTERS
00:00 — Welcome & banter: tacos, spicy food, and market chaos08:00 — Meb joins; framing the moment: Venezuela to tariffs to Iran13:00 — A regime change? Dissecting the end of the 40-year bull run15:00 — The bull market in diversification: foreign markets doing 30%+ while the S&P stalls17:00 — What advisors are underweight: ex-US equities and real assets20:00 — How to explain a generational shift to clients without jargon24:00 — Global diversification: the evidence from 15 famous portfolios27:00 — The 20% annual spread problem and why tracking error breaks investors30:00 — Portfolio vulnerabilities in the cap-weighted US-dominant model31:00 — Opportunities: global value, small cap, fixed income niches, real assets35:00 — The "fat" portfolio: three ingredients every investor needs40:00 — Utilities, dividends, and the tortoise-vs-hare reversal44:00 — Behavioral investing: why systematic strategies exist48:00 — The concentrated position trap: identity, emotion, and the sell decision51:00 — Systematic rebalancing: lessons from Cambria's early days53:00 — "The easy money's been made" — market phrases Meb despises55:00 — Deep value and what it takes to be a missionary, not a mercenary58:00 — The best active managers and why they always close the door at the top1:00:00 — When the penthouse becomes the outhouse1:04:00 — The Groucho Marx rule: would you buy what you already own?1:10:00 — Drawdown, pain tolerance, and the real test of a portfolio1:17:00 — Concentrated low-basis positions: the tax trap hiding in plain sight1:19:00 — 100 years of stock data: what the best-performing stocks actually returned1:22:00 — Tax strategies: 351 exchanges, direct indexing, QSBS, and box spreads1:27:00 — AI in practice: Meb's custom ChatGPT and how advisors should use AI now1:30:00 — Behavioral AI: what happens when the bot knows you better than you do1:32:00 — Closing thoughts: raising your average in a noisier, more complex world
MebFaber #CambriaInvestments #GlobalDiversification #PortfolioConstruction #ValueInvesting #TrendFollowing #6040Portfolio #TaxAlpha #ConcentratedPositions #DirectIndexing #RealAssets #InternationalStocks #RegimeChange #FinancialAdvisor #WealthManagement #InvestingStrategy #RaiseYourAverage #AIInvesting #BehavioralFinance #LongTermInvesting #ETFinvesting #SmartBeta #FactorInvesting #MarketOutlook2026 #AdvisorAnalyst
What if CRM3 turns out to be the most powerful growth tool you've ever been handed?
In this episode of Insight Is Capital, host Pierre Daillie sits down with Mario Cianfarani, Head of Distribution at Vanguard Canada, to explore the sweeping implications of CRM3 — Canada's incoming total cost reporting regulation — and why the advisors who embrace it now stand to gain the most.
Mario unpacks how Vanguard's landmark Advisors Alpha framework, now celebrating its 25th anniversary, aligns with this new era of transparency, and why the real value of advice has never lived in product selection.
Together, Pierre and Mario examine the critical mindset shifts advisors must make, the power of fee budgeting, and how top practices are already having the conversations that will define the next generation of client relationships — before they're required to.
Chapters0:00 — Introduction: Canada's wealth management inflection point & CRM3 overview
1:23 — Mario's passion for Vanguard's investor-first mission and 15 years disrupting Canada
3:03 — The biggest mindset shifts advisors need to embrace with CRM3
4:31 — From product-centric to advice-centric: building a repeatable value narrative
6:44 — Advisors Alpha at 25: quantifying the real value of advice beyond the portfolio
8:00 — Behavioral coaching, market volatility, and keeping clients fully invested
9:52 — Transparency, trust, and ending the "black box" era of investing
11:34 — How transparency correlates with higher client satisfaction and deeper relationships
13:00 — Fee budgeting: the strategic framework for cost-conscious portfolio construction
14:40 — Vanguard's portfolio construction philosophy: core, satellite, active & passive
19:10 — CRM3 as a competitive differentiator — and why staying flat-footed isn't an option
21:11 — The bottom line: the win-win case for advisors and clients
23:53 — What top advisors are doing right now to get ahead of the change
27:05 — Tax alpha, rebalancing alpha, behavioral alpha — quantifying every dimension of value
27:55 — Mario's top three action items for advisors navigating this transition
30:17 — Parting thoughts: reframing CRM3 as a practice growth opportunity
31:07 — Resources available through Vanguard Canada for advisors and dealerships
CRM3 #TotalCostReporting #AdvisorsAlpha #VanguardCanada #WealthManagement #FinancialAdvisor #FeeTransparency #CanadianInvesting #BehavioralFinance #FinancialPlanning #InvestmentAdvice #ETFCanada #ClientExperience #FeeBudgeting #InsightIsCapital #FinTechCanada #AdvisorGrowth #PassiveInvesting #FinancialRegulation #WealthManagementCanada
What if you could collect covered call option premium hundreds of times a year instead of once a month — without giving up the upside on your core equity holdings?📋 EPISODE SUMMARYIn this enlightening episode of Insight Is Capital, host Pierre Daillie sits down with Nicolas Piquard, Chief Options Strategist at Hamilton ETFs — a 30-year derivatives veteran who has traded from both sides of the options desk, sell-side and buy-side. Together they unpack the seismic shift in options markets driven by zero days-to-expiry (0DTE) options, which now dominate daily S&P 500 options volume. Piquard demystifies why these instruments are not the speculative instruments many preconceive them to be, and explains how Hamilton's DayMAX™ suite of ETFs harnesses daily covered calls — written only against a modest, leveraged 25% VOO sleeve — to generate frequent, tax-efficient income while leaving the core equity holdings fully intact and participating in the upside. With nearly $750 million in DayMAX™ AUM and growing, the conversation explores how advisors can deploy these strategies as precision income tools in a traditional 60/40 portfolio without sacrificing long-term growth.✅ 3 KEY TAKEAWAYS
1. 0DTE options are a structural shift, not a fad.Exchanges gradually introduced weekly, then daily expirations over 20 years — today the market demands them for granular hedging and income generation, and volume keeps growing across asset classes.2. The DMAX structure is engineered to preserve upside.By writing daily covered calls only against a 25% leveraged VOO sleeve — and leaving the 100% core champion dividend ETF completely uncovered — DMAX maximizes time-decay premium collection while keeping the bulk of equity appreciation intact.3. Tax efficiency amplifies the yield advantage.Option premiums are taxed as capital gains, and intraday losses can offset gains — resulting in a distribution blend of dividends, capital gains, and return of capital that is materially more tax-efficient than ordinary income for most investors.
🕐 TIMESTAMPED CHAPTERS00:00 — Introduction: How options markets have evolved
01:45 — Nicolas Piquard's 30-year career arc: sell-side to buy-side
05:22 — Hamilton ETFs growth: $7B in yield maximizers, $750M in DayMAX™
07:18 — The origin story of 0DTE options — from monthly to daily expirations
12:51 — How daily options differ from monthly covered calls
17:51 — The DayMAX™ structure explained: 100% champions ETF + 25% VOO + 0DTE overlay
46:05 — Partial vs. full call coverage: how DMAX preserves equity upside
52:07 — Portfolio construction: how advisors can use DMAX to close a yield gap
57:19 — Tax efficiency of covered call premiums: capital gains, ROC, and dividends
59:01 — Closing thoughts
CoveredCalls #0DTE #OptionsIncome #HamiltonETFs #DMAX #ETFInvesting #OptionsStrategy #InvestmentIncome #PortfolioConstruction #DividendInvesting #FinancialAdvisors #WealthManagement #OptionsTrading #YieldMaximizer #PassiveIncome #CanadianInvesting #IncomeInvesting #VolatilityHarvesting #FinanceCanada #InsideIsCapitalCopyright © AdvisorAnalyst
As Iran targets oil infrastructure with missiles, Wall Street is still buying the dip — but DoubleLine's Jeffrey Sherman says this time, the trade that's worked every time may finally be broken.
EPISODE SUMMARYWith oil prices surging, rate-cut expectations evaporating, and a conflict now entering its fourth week, host Pierre Daillie sits down with Jeffrey Sherman, Deputy CIO of DoubleLine Capital, to interrogate the assumptions underlying today's risk portfolios. Sherman maps the transmission channels from Middle East conflict to Main Street purchasing power, dissects what the bond market is — and isn't — signalling about fiscal sustainability, and raises uncomfortable questions about the liquidity architecture of private credit vehicles that investors may not have asked themselves yet. The conversation spans the K-shaped labour market, the rotation into international and emerging market assets, and where Sherman sees the most defensible risk-adjusted opportunities in fixed income right now — without pretending the answers are simple.
3 KEY TAKEAWAYS• The Iran conflict is structurally different from a tariff shock — war policy does not reverse on equity market pressure, making the "buy-every-dip" playbook potentially dangerous for the first time in years.• Semi-liquid private credit vehicles carry a hidden contagion risk: when investors can't redeem, they sell public assets instead — a dynamic Sherman calls "the margin vortex" — and that forced selling can spiral back to reprice the illiquid positions that started the problem.• In this environment, Sherman favours short-duration high-quality credit, agency and non-agency mortgages, and emerging market local currency bonds as the preferred expression of the de-dollarisation and commodity tailwind trade.
TIMESTAMPED CHAPTERS00:00 - Opening — overweight US risk and what to do about it01:30 - Introduction: recording amid active conflict, March 20, 202603:15 - War as an inflationary event — oil, distillates, and the infrastructure damage timeline06:00 - Higher oil for longer: the "transitory" shock that stays at the new price level08:00 - Growth curtailment, the deficit, and what the bond market is actually pricing11:25 - Why this is not a TACO trade — the limits of policy reversal in wartime13:50 - K-shaped economy: labour market confusion, the no-fire/no-hire dynamic, and wage data19:35 - Three regressive shocks hitting lower-income households: inflation, tariffs, oil20:10 - Credit spreads: IG, high yield, and the triple-C divergence23:30 - International equities, the commodity rotation, gold, and EM local currency bonds30:15 - DoubleLine's portfolio positioning and the case for diversification right now34:20 - Private credit: the slow motion train wreck, gating mechanisms, and the margin vortex45:40 - The liquidity mismatch problem — why "semi-liquid" is a contradiction in terms49:05 - Specific fixed income opportunities: mortgages, CLOs, IG, and leveraged loan avoidance52:45 - Practical playbook for advisors: portfolio tilts, hedges, and what to explicitly avoid
#FixedIncome #BondMarket #DoubleLine #MacroInvesting #PrivateCredit #OilPrices #PortfolioStrategy #EmergingMarkets #GoldInvesting #InterestRates #CreditMarkets #InvestingIn2026 #WealthManagement #FinancePodcast #InsightIsCapital #GeopoliticalRisk #JeffreySherman #TACOTrade #HighYield #Deflation
The bond market — not equities — is the most fragile and most misunderstood foundation of your entire portfolio, and most investors have no idea what's coming.
Episode SummaryPierre Daillie and Mike Philbrick sit down with Alfonso Peccatiello — former ING bond portfolio manager of $20 billion and founder of macro hedge fund Palinuro Capital — for a masterclass in navigating a world where the old rules no longer apply.
With decades of disinflation now behind us, Alfonso makes the case that the classic 60/40 portfolio is structurally ill-equipped for today's macro regime. Drawing from his own eight-quadrant savings portfolio model, he walks through how investors should think about building resilient, all-weather portfolios using risk parity principles, leverage as a diversification tool, and a mix of equities, bonds, gold, CTAs, and the U.S. dollar.
The conversation shifts to the current geopolitical shock — a potential disruption in global oil supply through the Strait of Hormuz — and why taking directional risk in a nonlinear, unpredictable event is closer to gambling than investing. Alfonso closes with a bold macro outlook: the most underappreciated story of the next year may not be the U.S. at all, but the rest of the world.
3 Key Takeaways• The 60/40 Is Structurally Broken.The 40-year disinflationary tailwind that made bonds a reliable hedge for equities is over. In today's high-debt, inflation-prone environment, stocks and bonds can fall together — as 2022 proved — making traditional portfolio construction dangerously inadequate.• Leverage Is a Defense, Not a Weapon.Alfonso's eight-quadrant framework uses leverage not to chase returns, but to free up capital for genuine diversifiers: gold, CTAs, macro hedge funds, and long USD exposure — each sized to contribute equal units of risk across inflation, deleveraging, and growth scenarios.• When You Can't Predict the Variable, Don't Take the Risk.In a geopolitical supply shock like a Strait of Hormuz closure, no amount of macro skill gives you an edge. The honest answer is to reduce risk, not gamble on a nonlinear binary outcome — a lesson most active managers ignore.⏱️ Timestamped Chapters00:00 Intro: Why the macro regime has shifted
00:56 Decades of debt, fiscal dominance & bond market fragility
15:15 Welcome Alfonso Peccatiello / Palinuro Capital
17:00 The eight-quadrant portfolio model explained
22:21 Are Treasuries actually fragile?
33:50 Using leverage defensively to unlock diversification
36:40 Building blocks: equities, bonds, and positive drift
38:29 Protecting against inflation: gold, commodities & CTAs
40:28 Protecting against deleveraging: the U.S. dollar's hidden role
43:28 Correlation math: why uncorrelated assets reduce total risk
45:24 How to size gold, bonds, and carry in a real portfolio
50:53 Tracking error: the behavioral trap that kills diversification
56:12 The savings portfolio: risk parity in practice
58:00 The 4% rule, path dependency & why drawdown size matters
1:00:06 Current positioning: geopolitical oil shock & the Strait of Hormuz
1:08:16 The most crowded trade in the world right now
1:10:20 What will surprise markets most in the next 12 months?
1:12:24 Closing thoughts & farewell
MacroInvesting #PortfolioConstruction #BondMarket #RiskParity #AlphonsoPeccatiello #GlobalMacro #Inflation #60_40Portfolio #GoldInvesting #CTAStrategy #FiscalDominance #GeopoliticalRisk #InvestingStrategy #WealthManagement #RaiseYourAverage #FinancialAdvisor #AssetAllocation #RetirementPlanning #MacroHedgeFund #InvestingIn2025
Is U.S. market dominance about to break? In this episode of Insight is Capital, Pierre Daillie sits down with Cole Smead (CEO & Portfolio Manager, Smead Capital Management) to unpack why today’s market may be less about valuations—and more about a powerful capital cycle that could reshape global investing.
From AI-driven CapEx booms to the hidden risks of passive investing, Smead draws on historical parallels—from railroads to telecom to fracking—to explain why investors often miss the biggest regime shifts… and why the next decade of returns may look very different from the last.
This conversation explores the case for international equities, the structural setup for commodities, and why Canadian oil could play a critical role in portfolios as capital flows begin to rebalance globally.
If you think diversification still means owning the S&P 500… this episode may change your perspective.
🔑 What You’ll Learn:
• Why U.S. equity dominance may be nearing an inflection point• How capital cycles—not narratives—drive long-term returns• The hidden risks inside passive indexing and concentrated markets• Why AI and massive CapEx may not benefit investors the way you expect• The emerging opportunity in international equities and Canadian energy
⏱️ Chapters:
00:00 – The problem with U.S. market concentration
01:00 – Capital cycles vs valuation cycles
03:00 – Lessons from past market manias
05:00 – Why investors often lose in innovation booms
07:00 – Passive investing under pressure
10:00 – Oil markets and historical analogies
13:00 – Behavioral investing mistakes
18:00 – The SaaS reset and return on capital
24:00 – Investment discipline and opportunity
28:00 – Great companies vs great stocks
30:00 – AI CapEx and unintended consequences
34:00 – Who really benefits from innovation cycles
37:00 – Telecom bust lessons for today
40:00 – Falling tech costs and the Jevons Paradox
44:00 – Global capital rotation begins?
48:00 – Index risks and market dispersion
51:00 – Commodities and the U.S. dollar outlook
56:00 – From “mythos” to “logos” in investing
About our guest:
Cole Smead is CEO and Portfolio Manager at Smead Capital Management, known for his long-term, contrarian approach to value investing and deep research into market cycles and investor behavior.
📈 About the Show:
Insight is Capital™ explores the ideas, strategies, and perspectives shaping the future of investing—helping advisors and investors think better before capital compounds.
👍 Like, Subscribe & ShareIf you found this valuable, support the channel by liking the video, subscribing, and sharing with other investors.
#Investing #StockMarket #ValueInvesting #Macro #Commodities #OilAndGas #AI #GlobalMarkets #PassiveInvesting #ActiveInvesting
While everyone is arguing about AI disrupting software stocks, WisdomTree's Jeremy Schwartz and Jeff Weniger quietly explain why the most important market story of 2026 has nothing to do with the SaaS selloff — and everything to do with where capital is actually moving.
WisdomTree Global CIO Jeremy Schwartz and Head of Equity Strategy Jeff Weniger join Pierre Daillie and Mike Philbrick on Raise Your Average to cut through the noise of the AI disruption panic and make the case for a broader, more structural story unfolding in global markets. From the defense tech supercycle reshaping international equity allocations, to the gold gap most North American portfolios haven't fixed, to a contrarian call on the US dollar at a moment of record-extreme bearish positioning — this conversation covers the ideas that matter most for advisors and investors navigating 2026. Japan, small caps, monetary policy lag, and the behavioral biases keeping investors anchored to a 15-year-old playbook all come into the discussion. If you manage money for clients — or your own — this episode is essential listening.
CHAPTERS
00:00 — Introduction & what's happening in markets right now
08:16 — Guests join: Jeremy Schwartz & Jeff Weniger on the SaaSpocalypse
10:27 — Is the AI disruption panic overblown? The BlackBerry parallel
16:09 — Rotation: structural shift or head fake?
19:35 — AI, jobs, and the history of innovation
28:09 — Who actually benefits from the AI buildout?
31:50 — The 15-year mega-cap tech bull market is ending — here's what's next
32:39 — Jeremy Schwartz introduces the defense tech supercycle
35:36 — The dollar: why Weniger is a contrarian bull right now
40:30 — Gold: the 10–12% neutral allocation most portfolios are missing
44:29 — Why the gold-dollar relationship has changed
46:34 — Bitcoin liquidation and the case for gold & silver in 2026
48:06 — The gold gap: US investors vs. European investors
51:14 — International flows: the 80/20 problem and how to fix it
55:53 — Japan: the most underowned trade of the decade
57:07 — Currency hedging, volatility, and the case for DXJ
01:01:45 — Is US mega-cap dominance cracking or just pausing?
01:04:16 — The biggest mistake advisors make translating macro into allocation
01:05:26 — The Fed lag effect: why 2026 may surprise to the upside
01:14:02 — Japan deep dive: debt-to-GDP, Buffett's trade, and OPPJ
01:20:41 — Jeremy's top idea: the Japan Opportunities Fund (OPPJ)
01:26:28 — Jeff's top idea: the contrarian dollar trade and small caps
01:30:37 — Market internals: why most portfolios are actually in the black
01:35:14 — What surprises advisors most in the next 12 months?
01:39:22 — Uncertainty vs. actual losses — the disconnect in 2026
01:40:27 — Closing thoughts & thank you
5 KEY TAKEAWAYS
1. The broad market is healthier than the headlines suggest.Ten of eleven S&P sectors were positive over the prior three months. Mid and small caps were outperforming large by 500–700 basis points. Most diversified portfolios were in the black — the pain is concentrated in software and AI-disruption names, not the market as a whole.
2. The defense tech supercycle is the structural story most advisors are missing.Rising defense budgets across NATO, Japan, Korea, and India are the seed capital for the next generation of global technology — just as DARPA spending gave us the internet and the cell phone. Europe and Japan are becoming technology investment destinations in their own right.
3. Gold belongs at 10–12% in a neutral portfolio — and almost no one is there.US investors allocate less than 2% of ETF assets to commodities versus four to five times that in Europe. Falling yields, Bitcoin liquidation flows, and persistent central bank buying from Asia make 2026 one of the strongest setups for gold in years.
4. Dollar bearishness has reached historically extreme levels — a classic contrarian signal.BofA's Fund Manager Survey showed record negative dollar positioning. Every major economy is now running large deficits, weakening the relative case for selling dollars. Weniger's best idea for the next 12 months: the greenback surprises to the upside.
5. Japan remains the most underowned and underappreciated equity market in the world.Currency-hedged Japanese equities have compounded at 14–15% annually since 2012, driven by real earnings and dividend growth — not multiple expansion. Japanese equities trade at 15–16x earnings with competitive earnings growth. The biggest mistake: betting on the yen rather than hedging it.
#WisdomTree #RaiseYourAverage #GlobalMacro #InternationalStocks #JapanEquities #GoldInvesting #DefenseTech #MarketRotation #PortfolioStrategy #AssetAllocation #AIInvesting #SmallCaps #CurrencyHedging #InvestingIn2026 #FinancialAdvisors
What if the greatest risk in your portfolio right now isn't owning too much AI — it's catastrophically underestimating what's actually happening?
SummaryMost investors are asking the wrong question.
The debate dominating markets right now — AI bubble or generational opportunity? — sounds sophisticated. But Pierre Daillie's conversation with Dan White, Associate Portfolio Manager at ARK Invest, suggests the real question is far more unsettling: what if the investors playing defence are the ones taking on the most risk?
White works directly alongside Cathie Wood, sitting horizontally across ARK's research teams to translate disruptive innovation research into portfolio strategy. He's watched the current AI moment unfold from the inside — across public markets, private venture, and the day-to-day behaviour of a research team that is itself being transformed by the very technologies they cover.
In this episode, they go deep on the comparisons to 1999, the so-called SaaS Apocalypse, the $600 billion CapEx question, and the thesis ARK calls the Great Acceleration. What they uncover challenges just about every instinct the cautious investor has right now — about valuation, about risk, and about which side of this moment history will judge as the costly mistake.
The data White brings to the table is striking. The framework ARK uses to identify true investment platforms is specific and testable. And the thesis risks he's willing to name out loud — including the scenarios that would genuinely break the bull case — are more concrete than most bears expect.
If you've been sitting on the sidelines waiting for clarity, this conversation may reframe what clarity actually looks like.
🔑 3 Key Takeaways1. The 1999 Comparison Has One Fatal FlawThe surface-level similarities are real — but one critical data point separates this moment from the dot-com era entirely. White spells it out with precision.
-
AI Is Not the Theme — It's the EngineARK's Great Acceleration thesis rests on a specific, testable framework. The five platforms AI is simultaneously accelerating are not equally understood by the market — and that gap is where ARK sees its edge.
-
The Risk Most Portfolios Aren't PricingOver-exposure to innovation dominates the risk conversation. White flips it. His case for why the asymmetric danger may run in the opposite direction is one of the sharpest arguments in this episode.
⏱ Chapters00:00 — The Setup: Bubble or Structural Shift?02:00 — Dan White's Role at ARK Invest03:00 — The SaaS Apocalypse Explained06:00 — Where the 1999 Comparison Holds08:00 — Where It Completely Falls Apart10:00 — The Revenue Numbers Behind the Headlines15:00 — Is the CapEx Build Sustainable?20:00 — Claude Code and the Coming Demand Wave22:00 — The Great Acceleration: Five Platforms, One Catalyst28:00 — $600B CapEx: Who Actually Benefits?29:00 — What Would Break ARK's Thesis?34:00 — Energy, Power & Elon's Space Compute Play37:00 — The Underinvestment Risk Argument41:00 — Core-and-Satellite: A Framework for Investors43:00 — Real-World AI in Action47:00 — Closing
ARKInvest #AIInvesting #GreatAcceleration #DisruptiveInnovation #CathieWood #AIStocks2026 #ClaudeCode #Anthropic #Palantir #TeslaFSD #AIRevolution #TechInvesting #GrowthInvesting #InnovationEconomy #AIProductivity #SaaSDisruption #InvestmentStrategy #Robotics #EnergyStorage #SpaceX #TokenEconomy #WrightsLaw #AICapEx #GPUShortage #PortfolioManagement #FinancePodcast #InsightIsCapital #ActiveManagement #FutureOfAI #AIStocks
Copyright © AdvisorAnalyst.com
If institutional investors have already shifted toward global diversification and private markets, why are most retail portfolios still stuck in the past?
In this episode of Insight Is Capital, host Pierre Daillie sits down with Clay Khan, Head of Canada and Managing Director at Neuberger Berman, to explore one of the biggest structural changes in modern portfolio construction: the migration of capital from public markets toward private assets and globally diversified strategies.
Drawing from Neuberger Berman’s “Solving for 2026” investment outlook, Khan explains how global macro forces—AI-driven productivity shifts, diverging fiscal and monetary policies, and evolving capital markets—are reshaping the investment landscape for both institutions and private investors.
The conversation dives into the growing dominance of private equity and private credit, why institutional portfolios increasingly resemble pension-style allocations, and why Canadian investors may need to rethink traditional 60/40 portfolio structures.
Khan also highlights emerging strategies gaining traction among sophisticated investors, including tax-loss harvesting, direct indexing, evergreen private market structures, and secondary markets in private equity. These innovations are gradually bringing institutional-grade investment strategies into the portfolios of high-net-worth investors and advisors.
Ultimately, the discussion centers on a crucial shift: moving from wealth accumulation toward wealth preservation and tax-efficient diversification, particularly for families transitioning from concentrated entrepreneurial wealth into multi-generational portfolios.
3 Key Takeaways1️⃣ Institutional portfolios are leading the shift toward private markets
Canadian pension plans have steadily migrated capital from public markets toward private equity, infrastructure, real estate, and private credit in pursuit of the illiquidity premium and smoother return profiles.
2️⃣ Global diversification is finally broadening beyond the U.S.
While the S&P 500 has dominated recent years, Khan notes that EAFE and emerging markets recently outperformed, highlighting the growing case for international diversification in advisor portfolios.
3️⃣ Tax efficiency may be the next frontier in portfolio construction
High-net-worth investors are increasingly adopting tax-loss harvesting and direct indexing strategies to generate “tax alpha,” potentially adding meaningful after-tax returns over time.
⏱️ Timestamped Chapters
00:00 – Introduction: Markets entering a new macro regime01:07 – What Neuberger Berman’s “Solving for 2026” outlook is signaling01:27 – Clay Khan’s background and Neuberger Berman’s Canadian business02:20 – Market shifts in early 2026 and global equity rotations03:28 – Value vs growth and international outperformance05:28 – Why institutional and retail portfolios look so different06:46 – How Canadian pensions moved from public to private markets10:02 – Why private credit is replacing hedge funds in portfolios12:43 – The shrinking public market and expanding private economy15:03 – The challenge of implementing alternatives in retail portfolios18:35 – How family offices approach long-term investing20:45 – Tax-loss harvesting and the rise of “tax alpha”24:39 – Institutional investing philosophy: global diversification26:09 – Why private companies may outperform public markets28:13 – Solving liquidity challenges in private markets29:34 – The booming private equity secondary market31:59 – A real estate analogy for understanding private equity34:34 – Where advisors are reallocating portfolios today37:32 – The challenge of replacing fixed income diversification39:46 – Lessons from Canadian pension portfolio construction41:34 – How portfolio conversations have evolved over the last decade45:05 – Evergreen private market structures45:13 – What will define the next phase of Canadian portfolio construction46:33 – Concentration vs diversification in wealth preservation49:25 – The psychology of entrepreneurial wealth51:19 – Final reflections on diversification and legacy planning
PrivateMarkets#PrivateEquity#PrivateCredit#PortfolioStrategy#WealthManagement#InstitutionalInvesting#AlternativeInvestments#CanadianInvesting#GlobalDiversification#TaxLossHarvesting#FamilyOffice#InvestmentStrategy#AdvisorInsights#InsightIsCapital#NeubergerBerman
AI isn’t just about Nvidia anymore — it’s quietly rewiring the entire industrial economy, and most investors don’t even realize where the real money will be made.
In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Ivana Delevska, Founder and CIO of Spear Advisors, to unpack how AI is splitting the market — creating massive dispersion between winners and losers — and why passive index exposure may no longer be enough.
While most investors believe they’re diversified through Nasdaq or S&P 500 index funds, Delevska explains that passive exposure is heavily concentrated in mega-cap hyperscalers. The real opportunity, she argues, lies deeper in the AI value chain — in networking, optical components, semiconductor capital equipment, electrification, cybersecurity infrastructure, and even space.
This conversation goes beyond the hype cycle. Delevska outlines why AI CapEx — projected to reach $600B this year — is fundamentally different from past tech cycles. The sheer dollar magnitude is forcing multi-year infrastructure buildouts, creating 10-year visibility rather than the traditional 3–5 year tech cycle. Yet while hardware beneficiaries remain durable, SaaS and application-layer companies face real disruption risk as AI-native competitors rapidly reshape the software landscape.
For investors, this isn’t about abandoning mega-cap tech — it’s about understanding dispersion. In an AI-driven world, alpha will increasingly come from identifying where capital is flowing, how physical constraints shape adoption, and which companies sit at the most critical points in the industrial tech stack.
🔑 3 Key Takeaways1️⃣ Passive Exposure Isn’t True AI DiversificationOwning the Nasdaq or S&P 500 mostly means owning hyperscalers. The broader AI opportunity extends into semiconductor equipment, optical networking, power infrastructure, cybersecurity, and industrial tech — areas largely underrepresented in passive indices.
2️⃣ AI CapEx Is Structurally Different This TimeWith hyperscalers spending ~$600B annually, the infrastructure buildout has 10-year visibility due to land, power, and supply constraints. This isn’t a short tech cycle — it’s a physical industrial transformation.
3️⃣ Massive Dispersion = Massive Alpha PotentialAI will create both winners and losers. Hardware suppliers and infrastructure players may benefit from durable demand, while legacy SaaS and application companies risk disruption. Stock selection and disciplined process matter more than ever.
⏱️ Timestamped Chapters00:00 – Introduction & Why This Conversation Matters
02:00 – $600B in AI CapEx: Where Is the Money Going?
04:00 – Why Industrial Tech Was Underinvested for 15 Years
07:00 – The Myth of Diversification in Passive AI Exposure
12:00 – Networking, Optical, Semi Cap Equipment: Hidden Winners
16:00 – SaaS Under Pressure: AI Disruption in Software
19:00 – Spear’s Mental Model for Navigating the AI Stack
22:00 – Space, Electrification & Defense as AI Enablers
31:00 – The Physical World Bottleneck: S-Curves vs J-Curves
33:00 – Dispersion, Alpha & Why Active Management Matters
48:00 – Behavioral Mistakes Investors Make in Tech Cycles
51:00 – What Could Break the AI Thesis?
54:00 – Closing Thoughts & SPEAR ETF (SPRX)
AIInvesting#ArtificialIntelligence#StockMarket#TechStocks#Semiconductors#IndustrialTech#Cybersecurity#DataCenters#ActiveManagement#ETFInvesting#GrowthStocks#SPRX#LongTermInvesting#InvestmentStrategy#RaiseYourAverage
Copyright © AdvisorAnalyst.com
When equity markets grow concentrated and expensive, the real risk isn’t volatility — it’s failing to diversify before the cycle turns.For years, global real estate has sat in what Pierre Daillie calls “the penalty box” — weighed down by rising rates, skepticism, and falling valuations. Yet beneath the headlines, fundamentals never broke.In this episode of Insight Is Capital, Pierre sits down with Dennis Mitchell, CEO and CIO of Starlight Capital, to unpack why global real estate may be one of the most misunderstood — and potentially asymmetric — opportunities in today’s market.Mitchell argues that the most important change in global real estate “has nothing to do with global real estate.” Instead, it’s about opportunity cost. With the S&P 500 trading north of 24x earnings and the “Mag 7” representing more than 30% of the index, investors face rising concentration risk — amplified by passive flows.Meanwhile, publicly traded REITs in North America have traded at discounts of up to 30% to net asset value, even as supply-demand fundamentals strengthen across key sectors like seniors housing, data centers, industrial, and cell towers.Mitchell breaks down real estate returns into three drivers — yield, growth, and multiple expansion — and explains why today’s combination of 4–6% yields, 3–7% internal growth, and potential mean reversion creates a compelling setup.From demographic tailwinds in seniors housing to AI-driven infrastructure demand for data centers and towers, this conversation reframes real estate not as a rate-sensitive trade — but as a disciplined, supply-demand story hiding in plain sight.
🎯 3 Key Takeaways1️⃣ The Real Estate Story Isn’t About Rates — It’s About Opportunity CostWith equity multiples elevated and passive concentration at historic highs, the opportunity cost of not diversifying into real estate has increased materially.
Concentration + passive flows + stretched multiples = asymmetric portfolio risk.
2️⃣ Fundamentals Are Strong Where Supply Is ConstrainedAcross sectors like seniors housing, industrial, data centers, and towers, resilient demand meets limited supply.
In Canada alone, for example, vis-à-vis seniors housing:
- The 70+ population is set to double by 2035
- ~200,000 additional seniors housing units will be needed
- No decade has delivered more than 73,000 units
That gap matters.
3️⃣ Real Estate Offers a Three-Engine Return ProfileMitchell outlines three sources of return:Add it together, and real estate may offer predictable double-digit total return potential — with diversification benefits.
⏱️ Timestamped Chapters02:30 – Volatility, geopolitics, and the reality of today’s markets
03:38 – S&P 500 concentration risk & passive investing concerns
07:58 – Interest rates vs. supply and demand fundamentals
10:05 – Why seniors housing may have the strongest fundamentals globally
13:17 – Public vs. private markets: pricing inefficiencies and diligence
14:55 – REIT privatizations & valuation gaps
18:34 – The three drivers of real estate returns: yield, growth, multiples
20:52 – AI “picks and shovels”: data centers & cell towers
22:40 – What Dennis is watching in 2026: fund flows & M&A
If markets have rewarded concentration for the past decade, this episode asks the harder question:
What happens when the cycle shifts — and diversification starts to matter again?
#GlobalRealEstate#REITInvesting#Diversification#IncomeInvesting#PortfolioStrategy#PassiveInvestingRisk#SeniorsHousing#DataCenterREIT#AITechnologyInfrastructure#MarketConcentration#StarlightCapital#InvestmentPodcast
If energy is destiny and stockpiles signal intent, then this episode may completely change how you see oil, gold, China, Canada—and your portfolio.In this high-conviction macro deep dive, hosts Pierre Daillie and Mike Philbrick sit down with returning guest Doomberg to dismantle the comfortable narratives investors use to understand energy, geopolitics, and portfolio construction.Doomberg reframes the global order through a resource-first lens: energy is destiny, stockpiles signal intent, and technology is rewriting the rules of commodities. From Venezuela and Guyana to China’s war rations, from shale’s molecular revolution to Saskatchewan’s overlooked strategic wealth, this episode challenges the assumptions underpinning the traditional 60/40 portfolio.If the last 50 years were defined by efficiency, globalization, and financialization, the next regime may be defined by resilience, reshoring, and resource leverage.This is not just a discussion about oil. It’s about power.🔑 3 Key Takeaways
- Energy Is No Longer “Just Oil”Shale has fundamentally changed hydrocarbon markets. Crude oil, natural gas, and natural gas liquids are co-produced — meaning price signals can no longer be analyzed in isolation.
• What CNBC calls “oil” is no longer just crude. Natural gas arbitrage, LNG flows, and AI-driven electricity demand are quietly reshaping global pricing dynamics.
- The World Is Quietly Re-IndustrializingDoomberg argues we are witnessing a regime shift:
• Deflationary outsourcing → inflationary reshoring• Strong dollar orthodoxy → weaker dollar tolerance• Efficiency → resilience
Trump’s trade posture, sovereign capital repositioning, gold’s breakout, and private infrastructure flows all point toward one theme: industrial renaissance is attempting to replace financial engineering.Implication: The classic 60/40 portfolio may be structurally underexposed to energy, infrastructure, and real assets.
- China Is Acting Like a Wartime EconomyChina is stockpiling oil, metals, grains, and gold at unprecedented levels. That behavior can be interpreted two ways:
• Defensive hardening• Pre-offensive preparationEither way, the signal is clear: global trade assumptions are shifting toward fragmentation and strategic leverage.Implication: Resource-rich jurisdictions (e.g., Saskatchewan) become strategically relevant in a “might-is-right” world.
🕒 Timestamped Chapters00:00 – Introduction: Energy Is Destiny01:56 – Venezuela, Guyana & Resource-First Thinking05:08 – Why Markets Misprice Geopolitical Risk08:07 – Europe’s Deindustrialization Problem12:06 – Weak Dollar, Gold & the Industrial Pivot14:30 – Political Constraints & Capital Cycles20:24 – How to Separate Signal from Propaganda26:10 – The Molecular Shift in Oil Markets33:18 – Natural Gas vs Crude: The Arbitrage Story37:52 – Propane, Engine Switching & Energy Substitution40:17 – Energy Exposure & the 60/40 Portfolio46:01 – Why Producers Are Price Takers48:25 – China’s “War Rations” Strategy53:29 – Entering a “Might Is Right” Regime56:03 – Inverting the 50-Year Investment Playbook01:05:00 – Saskatchewan: Strategic Resource Wealth01:13:21 – Canada, Culture & Capital Formation
Where to find Doomberg - https://doomberg.com
Private markets are quietly being rewritten in real time—and in this conversation, Ash Lawrence explains why AI, private credit, and defence could define who wins and who gets left behind in 2026.In this episode of Insight is Capital, host Pierre Daillie sits down with Ash Lawrence, Head of AGF Capital Partners, to unpack AGF Capital Partners’ 2026 - The Annual - Private Markets Outlook.Against a backdrop of geopolitical volatility, AI acceleration, shifting credit dynamics, and renewed defence spending, Lawrence lays out five structural themes reshaping private equity, private credit, and alternative investments. The conversation explores how allocators can separate signal from noise, manage emerging concentration risks, navigate liquidity mismatches in retail private markets, and position portfolios for a world where traditional assumptions no longer apply.From AI infrastructure and mid-market private credit to defence, security, and the evolving role of private capital in public objectives, this episode offers a clear-eyed, practitioner’s view of where private markets are headed—and what investors need to understand to participate intelligently.🔑 Three Key Takeaways
• AI Is Everywhere—and That’s the Risk AI is no longer a standalone theme; it touches venture, infrastructure, real estate, and operating businesses alike. Investors must assess total portfolio AI exposure and balance direct bets with infrastructure-level participation to avoid unintended concentration risk.
• Private Credit’s Sweet Spot Is Moving Down-Market As large-cap sponsor-backed lending becomes crowded and commoditized, opportunity is shifting toward mid- and lower-mid-market private credit, where proprietary deal flow, stronger covenants, and greater repayment optionality can improve risk-adjusted returns.
• Defence and Security Are No Longer Niche Rising geopolitical tensions, technology-driven procurement changes, and massive funding needs are opening defence, cybersecurity, and sovereign infrastructure to private capital. The opportunity is real—but manager expertise and risk controls are critical.
⏱️ Timestamped Chapters00:00 – Introduction - Private markets, alternatives, and AGF Capital Partners’ 2026 outlook
01:10 – Separating Signal From Noise - Why geopolitical “bogeys” can’t be forecast—and shouldn’t dominate portfolio decisions
04:10 – AI in Private Markets - Thematic concentration risk, infrastructure plays, and portfolio-level exposure
10:33 – Private Credit’s Structural Shift - Why capital is moving toward mid- and lower-mid-market lending
16:11 – The Private Equity Deal-Flow Logjam Rates, valuation gaps, and what it will take to restart transactions
26:32 – Defense & National Security Investing Technology, geopolitics, and the expanding definition of defense
34:51 – Retail Investors & Liquidity Mismatch - Why structure matters—and what the recent redemption suspensions are teaching the market
40:47 – Closing Thoughts - Why 2026 could mark a reset year for private markets
#PrivateMarkets#PrivateEquity#PrivateCredit#AlternativeInvestments#AIInvesting#DefenseInvesting#PortfolioConstruction#CapitalAllocation#InstitutionalInvesting#InsightIsCapital
When commodities stop behaving like trades and start behaving like truth detectors, portfolios—and advisors—need to rethink everything.
🎙️ Episode SummaryIn this wide-ranging deep-dive, host Pierre Daillie welcomes back Tony Dong, Founder of ETF Portfolio Blueprint, to pressure-test the most common misconceptions about commodities investing.
Rather than treating commodities as volatile, short-term trading instruments, Tony reframes them as strategic portfolio diversifiers—assets whose value lies in low correlation, structural supply constraints, and long-term geopolitical realities.
Together, Pierre and Tony walk through energy, copper, gold, and silver—unpacking how ETFs actually deliver exposure, where investors get tripped up by outdated narratives, and why narrow, intentional allocations make sense. The discussion ultimately widens into geopolitics, multipolar power dynamics, and why ignoring politics is no longer a luxury for investors.
🔑 3 Key Takeaways1. Volatility isn’t the enemy—correlation is the real story Commodities can be volatile on their own, but when they move differently from stocks and bonds, they can reduce portfolio risk and create a rebalancing premium when sized and managed properly. 2. Not all commodities are created equal—structure matters Energy equities are increasingly driven by balance sheets and capital discipline, copper faces unavoidable supply bottlenecks tied to electrification, and gold remains uniquely supported by central-bank demand. Treating them as interchangeable “inflation hedges” misses the point. 3. Narrow beats broad for most investors Tony argues that focused commodity exposure—gold, copper, or energy you actually understand—is easier to hold through volatility than broad commodity ETFs with mixed drivers, roll-yield drag, and tax complications.
⏱️ Timestamped Chapters00:00 – Why commodities are misunderstood
02:20 – Volatility vs. correlation: the portfolio math advisors miss
03:45 – Futures, contango, and why old commodity ETFs disappointed
04:45 – Energy ETFs: geopolitics vs. fundamentals
08:30 – Capital discipline, buybacks, and M&A in Canadian energy
10:10 – Copper’s biggest misconception: demand vs. supply reality
13:00 – Copper exposure: physical metal vs. mining equities
16:00 – Is a copper supercycle real—or reflexive?
18:30 – Multipolar geopolitics and why resources matter more now
25:10 – Gold vs. silver: false equivalency explained
29:45 – Broad commodity ETFs vs. targeted allocations
31:00 – Final thoughts: why portfolios don’t exist in a vacuum
Commodities#CommodityETFs#PortfolioDiversification#GoldInvesting#CopperInvesting#EnergyETFs#RealAssets#ETFInvesting#WealthManagement#CanadianInvestors#MacroInvesting#GeopoliticsAndMarkets#AdvisorEducation
In this episode of Insight Is Capital, host Pierre Daillie sits down with Mélanie Valcin, President and CEO of United for Literacy, and Matthew Latimer, Executive Director of the Federation of Independent Dealers, for a powerful conversation at the intersection of literacy, financial advice, and economic inclusion.Together, they unpack a sobering reality: one in five working-age Canadians struggles with basic literacy, a barrier that quietly cascades into poor financial outcomes, limited access to advice, workforce stagnation, and rising social costs. Valcin shares on-the-ground stories from communities across Canada—food banks, mining towns, and correctional facilities—illustrating how targeted, trust-based literacy programs can rapidly transform lives. Latimer brings the financial lens, explaining how low financial literacy leaves Canadians vulnerable to costly mistakes, scams, and long-term retirement risk, while also constraining the reach and effectiveness of professional financial advice.The conversation makes a compelling case that literacy—reading, digital, and financial—is not a “soft” social issue, but core economic infrastructure, and argues for a coordinated national strategy that brings together government, educators, industry, and financial advisors themselves.3 Key Takeaways• Literacy Is Economic Infrastructure Improving literacy by just 1% could add $60–$90 billion to Canada’s GDP, while simultaneously reducing pressure on social services and the justice system.• Financial Literacy Gaps Lock People Out of Advice Fewer than two-thirds of Canadians can answer basic questions about interest, inflation, or diversification—leaving millions unable to engage confidently with advisors, savings tools, or retirement planning.• Local, Human-Centered Solutions Work Literacy programs succeed when they meet people where they are—community centers, workplaces, food banks—and when advisors and professionals use clear language instead of jargon.Chapters00:00 – Why Literacy Is Canada’s Hidden Economic Crisis Pierre sets the stage: literacy as a foundation for financial and social participation.02:20 – Meet the Guests: Literacy and Financial Advice Collide Introductions to Mélanie Valcin and Matthew Latimer.05:20 – One in Five Canadians Can’t Read at a Functional Level The scale of the problem—and why it’s getting worse.12:40 – How Community-Based Literacy Programs Change Lives Real-world examples from food banks and workplaces.15:10 – A Mining Town Story: Literacy as Career Mobility How six weeks of digital literacy unlocked advancement.21:00 – Literacy, Incarceration, and Systemic Inequality Why access—not effort—is often the missing link.29:50 – Financial Literacy: The Cost of Not Understanding Money RRSPs, TFSAs, and the silent damage of confusion.33:30 – Scams, AI, and the Rising Risk to Retirement Security Why low literacy magnifies modern financial threats.40:30 – Clear Language and the Role of Advisors How advisors can bridge the gap through education and outreach.45:15 – A Call to Action: National Strategy & Community Involvement Why Canada needs a coordinated literacy push—now.#FinancialLiteracy #LiteracyMatters #AccessToAdvice #CanadianEconomy #InvestorEducation #FinancialInclusion #RetirementPlanning #ClearLanguage #EconomicOpportunity #InsightIsCapital
In this wide-ranging and intellectually rich conversation, host Pierre Daillie sits down with veteran options trader, market maker, and probabilistic thinker Kris Abdelmessih for a deep exploration of how markets really work beneath the surface—and how investors can think more clearly in a world dominated by uncertainty, noise, and emotion.Drawing on more than two decades of experience spanning Susquehanna International Group, proprietary commodity trading, and portfolio management at Parallax, Abdelmessih explains why options markets reveal truths that stock prices alone cannot, how poker shaped his understanding of risk and decision-making, and why probabilistic thinking—not prediction—separates professionals from amateurs.The discussion moves seamlessly from trading pits and market structure to behavioral bias, prediction markets, volatility, and education, culminating in a thoughtful explanation of Moontower, Abdelmessih’s platform designed to help investors understand whether options are cheap, expensive, or inappropriate for a given thesis.This episode is less about “what to buy” and more about how to think—about risk, information, and the difference between being right and making money.
🔑 Three Key Takeaways1️⃣ Options Markets Are the True Information MarketStock prices are two-dimensional snapshots. Options markets, by contrast, embed the market’s full probability distribution—revealing not just where investors think prices may go, but how violently and under what conditions. This makes options markets a powerful lens for understanding hidden risks and asymmetric outcomes.
2️⃣ Good Decisions Can Still Lose—And That’s the Point
Drawing parallels between poker and trading, Abdelmessih emphasizes that outcomes are noisy, even when decisions are sound. Professionals focus on expected value, risk sizing, and repeatability, not short-term wins or losses. This mindset is critical for surviving low-signal environments like financial markets.
3️⃣ Prediction Markets and Volatility Thinking Will Matter MoreMarkets aggregate information better than opinions. From CEO resignations to geopolitical outcomes, prices often reveal consensus faster—and more accurately—than pundits. Understanding volatility, probability, and conditional outcomes will become increasingly important as prediction markets and derivatives continue to evolve.⏱️ Timestamped Chapters
01:15 – Kris Abdelmessih’s career path: SIG, commodities, Parallax
05:10 – From Cornell to trading floors: curiosity as a career catalyst
24:30 – Poker, probability, and Bayesian thinking at Susquehanna
29:20 – Why being “right” doesn’t matter in markets
37:00 – Market making vs. portfolio management: different risk shapes
43:00 – Trading oil, gas, and the chaos of pit trading
48:00 – Why specialization is both powerful and dangerous
58:30 – What Moontower is—and why most investors misuse options
1:02:00 – How options reveal hidden distributions in stock prices
1:08:00 – Prediction markets, truth, and market-based consensus
More on Kris Abdelmessih
Kris Abdelmessih on Linkedin - https://www.linkedin.com/in/kristopher-abdelmessih-63b1b1/
Moontower.ai - https://www.moontower.ai/
Moontower Substack - https://moontower.substack.com/
#OptionsTrading#MarketStructure#ProbabilisticThinking#Volatility#RiskManagement#BehavioralFinance#PredictionMarkets#InvestingMindset#FinancialEducation#InsightIsCapital
In this episode of Insight Is Capital, host Pierre Daillie sits down with David Stonehouse, Interim CIO and Head of North American Specialty Investments at AGF Investments, for a wide-ranging but grounded discussion on what lies ahead for investors as the cycle matures.
Stonehouse frames 2026 as a constructive but narrower environment—one supported by global monetary easing, rising fiscal stimulus, and resilient earnings growth, yet constrained by elevated valuations, softer labor markets, and geopolitical uncertainty. The conversation carefully unpacks how tariffs have shifted from an economic “earthquake” to a lingering aftershock, why inflation fears may be overstated near-term, and how investors can think about regional diversification beyond a heavily concentrated U.S. market.
Rather than offering bold predictions, the discussion emphasizes flexibility, balance, and readiness—highlighting why equal-weight equity exposure, selective credit, emerging markets, and a strategic cash buffer may matter more than ever as uncertainty rises but opportunity persists.
🔑 3 Key Takeaways
- 2026 looks constructive—but with less room for error. Global easing cycles, fiscal stimulus, deregulation, and healthy earnings support risk assets, but elevated valuations and optimistic sentiment increase vulnerability to shocks.
- Tariffs are no longer a shock, but still a drag. The biggest tariff surprise is behind us; clarity—not resolution—matters most now, allowing businesses and consumers to adapt even as trade frictions persist.
- Diversification and optionality matter more than conviction. With U.S. equities richly valued after a long run, Stonehouse sees relative opportunity in emerging markets, Japan, and potentially Canada—while cash provides flexibility if volatility returns.
⏱️ Timestamped Chapters
• 00:00 – Markets heading into 2026: momentum with less margin for error
• 02:00 – David Stonehouse’s career path and investment philosophy
• 03:00 – The six macro tailwinds shaping 2026
• 08:00 – Tariffs: from economic earthquake to manageable aftershocks
• 12:00 – Labor markets, immigration, AI, and the “no-hire, no-fire” economy
• 17:00 – Fiscal stimulus, affordability pressures, and the K-shaped economy
• 22:00 – Central banks, bond markets, and the myth of ‘new QE’
• 31:00 – Inflation, disinflation, and long-term yield risks
• 38:00 – Why equities can still rise—but valuations matter
• 43:00 – Regional opportunities: U.S., Canada, emerging markets, Japan
• 52:00 – Portfolio positioning: equities, fixed income, credit, and cash
• 55:00 – Final thoughts on risk, resilience, and flexibility
#InsightIsCapital #MarketOutlook2026 #MacroInvesting #PortfolioStrategy #AGFInvestments #DavidStonehouse #CentralBanks #TariffsAndTrade #EquityMarkets #FixedIncome #EmergingMarkets #AdvisorInsights
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Explore the evolving world of portfolio construction with Leslie Alba, CFA, CIBC Asset Management's $90-billion Head of Portfolio Solutions. Discover how to move beyond traditional diversification and embrace a total portfolio approach, balancing risk exposures for uncertain markets. Learn actionable insights for managing expectations and navigating market volatility.In This Episode:
00:00 Introduction to Leslie Alba02:16 Leslie’s Career Journey and Philosophy06:00 Promising and Challenging Market Dynamics08:16 Bonds: Diversification and 60/40 Limitations11:48 Total Portfolio Approach and Regime Shifts16:42 Evolving Capital Market Assumptions23:29 Purpose-Driven Portfolio Construction30:18 Overcoming Dogmatism and Risk Tolerance35:02 Private Markets and Investment Selection39:30 Total Investment Solutions for Advisors44:22 Behavioral Finance and Staying Invested50:21 CIBC’s Client-Centric Value PropositionKey Takeaways:
Rethink Diversification: Understand that traditional 60/40 portfolios may not offer sufficient defensive positioning due to overlapping risk factors.
Adopt a Total Portfolio Approach: Manage portfolios holistically, focusing on achieving client objectives and balancing risk exposures rather than isolated asset classes.
Embrace Alternatives: Consider diversifying into alternatives to reduce correlation and economic risk, as they react differently in various market conditions.
Prioritize Purpose: Anchor portfolio design around client objectives and the unique purpose each asset class or strategy serves to achieve those goals.
Manage Behavioral Biases: Equip clients with insights and plans to stay invested and calm during market volatility, mitigating emotional decision-making.
Resources Mentioned:Connect With Leslie Alba:LinkedInSubscribe to Insight is Capital: Hit the Subscribe buttonApple Podcasts: https://podcasts.apple.com/ca/podcast/insight-is-capital-podcast/id1270978994Spotify: https://open.spotify.com/show/3EXEqj0Vv12rp8bLPPTk6X
#investmentstrategy #portfoliomanagementservices #assetallocation #financialplanning #portfoliomanagement
In this wide-ranging and human conversation, host Pierre Daillie sits down with Tim Nash, Founder & CEO of Good Investing, to explore what it really means to invest with intention in an era of political polarization, ESG backlash, and growing client skepticism toward traditional finance.Drawing on more than 15 years of experience in sustainable investing, Tim reframes the debate around ESG, impact investing, and responsible capital allocation. Rather than positioning sustainability as a trade-off against returns, he argues that money is best understood as a means—a tool to support security, freedom, stability, and well-being—rather than an end in itself.The discussion moves well beyond product labels. Tim clearly maps the spectrum of sustainable investing approaches, from divestment and ESG integration to shareholder stewardship, thematic investing, and deep impact investments such as community bonds. Along the way, Pierre and Tim unpack why many advisors struggle with these conversations, how values alignment drives trust and client retention, and why listening—not judgment—is the most critical advisory skill in today’s environment.This episode is essential listening for advisors navigating generational wealth transfer, evolving client values, and the widening gap between what investors want and what the industry often delivers.🔑 Key Takeaways1️⃣ ESG Isn’t Dead—The “Tourists” AreTim explains that the recent backlash against ESG has actually strengthened sustainable investing by flushing out greenwashing. What remains is a more serious, informed, and values-driven core of investors and practitioners committed for the right reasons.2️⃣ Money Is a Tool, Not an IdentityA central theme of the conversation is the idea that net worth is not self-worth. Tim reframes investing as a means to support life goals like freedom, security, leisure, and purpose—an insight that reshapes how advisors should approach planning conversations.3️⃣ Advisors Win by Listening, Not ConvincingFrom hydrogen stocks to community bonds, clients don’t need advisors to agree with them—they need to feel heard. Dismissing values-based ideas is one of the fastest ways to lose trust, especially with younger investors and inheritors.⏱️ Timestamped Chapters00:00 – Introduction: Tim Nash’s journey and the philosophy behind Good Investing 02:30 – ESG backlash, politics, and why “ESG tourists” have left the building 06:15 – The real debate: growth at all costs vs. money as a means to well-being 10:00 – Breaking down sustainable investing: divestment, ESG, stewardship, impact 15:30 – Impact investing explained: community bonds, blended returns, and “recyclable philanthropy” 22:30 – Why purpose matters more than performance for impact allocations 27:00 – The advisor’s challenge: trust, compliance, and values-driven clients 33:00 – The massive gap between client demand and advisor action 38:30 – Wearing different hats: empathy, diversification, and client-led decisions 46:20 – Greenwashing, proxy voting, and what “real” ESG looks like 52:20 – The industry skills gap: EQ vs. IQ in modern advising 57:00 – The most powerful onboarding question: “What’s important about money to you?” 01:03:00 – The future of responsible and impact investing 01:06:40 – Where to find Tim Nash and Good Investing
SustainableInvesting #ImpactInvesting #ESG #ValuesBasedInvesting #FinancialAdvisors #WealthWithPurpose #EthicalInvesting #AdvisorInsights #GoodInvesting #MoneyAndMeaning
Featuring Heather & Douglas Boneparth, authors of Money TogetherWhat really happens when love, money, ambition—and sometimes resentment—share the same address?In this deeply honest and refreshingly candid episode of Insight Is Capital, host Pierre Daillie sits down with Heather and Douglas Boneparth, the powerhouse couple behind Bone Fide Wealth and co-authors of the bestselling book Money Together.Heather’s journey from corporate attorney to financial storyteller and Doug’s rise as one of today’s most recognizable financial planners form the backdrop for a conversation that goes far beyond spreadsheets. They open up about the real dynamics inside modern relationships: shifting power, unseen labor, income imbalances, ambition, fairness, and the emotional landmines that determine whether couples thrive—or quietly fracture.Key Takeaways
Heather and Doug reveal how unspoken expectations, shifting power dynamics, and invisible workloads slowly erode trust when couples aren’t talking honestly about what’s changing in their lives.
True fairness means “making room” for each other—emotionally, professionally, and financially—as needs, seasons, and capacities evolve.
Quarterly money dates, honesty about risk tolerance, and a willingness to stretch outside comfort zones create the compounding effect that strengthens relationships over decades.
This episode is a must-watch for couples, advisors, and anyone seeking a healthier, more intentional relationship with money—and with each other.👉 Order the book:https://domoneytogether.com👉 Subscribe to their newsletter, The Joint Account:https://readthejointaccount.com
⏱️ CHAPTERS00:00 – Welcome00:56 – Meet Heather & Doug02:20 – From law to financial storytelling03:09 – Doug on building Bone Fide Wealth04:29 – Balancing work, family & online presence05:48 – Chaos, organization & compromise07:00 – Discomfort as a sign of growth08:21 – Risk tolerance inside a marriage09:12 – The pandemic inflection point11:48 – Identity, resentment & invisible labor12:43 – The ultimatum that changed everything14:30 – How the book Money Together was born16:26 – What couples aren’t saying about money18:16 – Vulnerability & honesty in relationships21:52 – Why clients don’t reveal everything at first23:09 – How advisors can foster honest conversations25:45 – Slow, gentle financial dialogue29:18 – Fairness vs. equality33:49 – Workloads, seasons & avoiding scorekeeping36:51 – How resentment communicates without words38:25 – Collective ambition & shared power39:55 – Trust, money dates & compounding44:24 – What couples should remember—20 years later46:37 – Where to find the book & newsletter47:10 – Closing reflections
⭐ KEY THEMES* Money & relationships * Power dynamics inside couples * Communication breakdowns * Shared ambition & fairness * Emotional dimensions of financial planning * Why advisors must go beyond numbers * Building a resilient financial partnership * Trust, teamwork & long-term growth
📣 FOLLOW & SUBSCRIBEIf you enjoyed this conversation, hit LIKE, SUBSCRIBE, and turn on notifications for more deep, human, and practical conversations with leaders in wealth, finance, psychology, and behavioral insights. #MoneyTogether #DougBoneparth #HeatherBoneparth #FinancialCouples #RelationshipFinance #MoneyAndMarriage #JointFinances #MillennialMoney #FinancialWellness #PersonalFinanceTips
In this illuminating episode of Insight is Capital, host Pierre Daillie sits down with Brent Smith, CIO of Kinsted Wealth, for a deep dive into how private investors can now build truly institutional-style portfolios. Smith—who spent decades leading Franklin Templeton’s Multi-Asset Strategies group before co-founding Kinsted—shares a masterclass on the evolution from the 60/40 portfolio to a comprehensively diversified portfolio structure that mirrors the strategies of pension funds and endowments.
This is a conversation about rethinking diversification, embracing patient capital, and building the kind of portfolio resilience engendered by institutional and private wealth management. Smith unpacks how Kinsted’s approach to portfolio design, liquidity, and alpha generation is quietly transforming how advisors and their clients think about wealth, access, and opportunity.
💡 3 Key Takeaways1. From 60/40 to Institutional Thinking “If you really want a true institutional-style diversified portfolio, you have to embrace the private markets.” Smith explains how Kinsted rebuilt its platform around public, private, and alternative assets to reflect how pensions like CPP and endowments like Yale invest. 2. The Power of Patient Capital Smith calls it “the patience dividend.” Investing in drawdown funds like Brookfield’s Global Transition Fund requires long-term commitment—but it’s how institutions extract real value. “You require a lot of patience when you’re investing in private assets,” he says. “Ultimately, it’s going to come.” 3. Portable Alpha for Private Wealth Through a bespoke partnership with Morgan Stanley, Kinsted built a multi-strategy hedge fund platform inside its global equity pool—targeting MSCI World +4–6% returns with near-zero beta. “Everyone’s doing this in the institutional space,” Smith notes, “just not in the high-net-worth space.”
📍 Timestamped Chapters00:00 – Introduction: From democratization to institutionalization of investing02:30 – Brent Smith’s career journey: From Franklin Templeton to Kinsted Wealth05:00 – The behavior gap in diversification and the problem with FOMO08:00 – Re-engineering 60/40: The 50/30/20 evolution11:00 – Why private markets are the next frontier15:00 – How Kinsted built access to institutional-grade assets20:00 – The patience of private investing: Brookfield and beyond25:00 – Private market myths and education gaps33:00 – Data centers, energy transition, and thematic private investing40:00 – The liquidity illusion: Long-term capital vs short-term fear47:00 – The relationship premium: Access through trust and time55:00 – Portable alpha and structural alpha explained1:07:00 – Partnering with advisors: Building the next-gen private platform1:11:00 – The future of advice: Proactive vs reactive1:13:00 – Inflation, valuations, and the end of the Fed Put1:17:00 – Closing thoughts: Patient capital and the pension mindset
#InsightIsCapital#BrentSmith#KinstedWealth#PrivateMarkets#InstitutionalInvesting#PortfolioDiversification#Alternatives#PortableAlpha#PatientCapital#InvestmentStrategy#WealthManagement#AdvisorEducation#PensionStyleInvesting#PierreDaillie#FinancialAdvisors#GlobalMarkets#EndowmentModel#PrivateEquity#PrivateCredit#HNWInvesting
In this episode of Insight is Capital, host Pierre Daillie welcomes Deborah Fuhr, one of the world’s foremost authorities on ETFs and the Founder and Managing Partner of ETFGI. Together, they explore the explosive growth of the global ETF industry—now surpassing $18.8 trillion in assets—and what this means for advisors, investors, and the evolving landscape of financial innovation.
Deborah shares her unique perspective ahead of the 7th Annual ETFGI Global ETF Insights Summit in Toronto, offering deep insight into the democratization of investing, the rise of active and structured ETFs, the role of women and wealth transfer, and the next wave of transformation—from tokenization to digital assets.
🗝️ 3 Key Takeaways
• ETFs as the Great Equalizer: ETFs have become the most democratic investment vehicle ever created—used by sovereign funds, hedge funds, institutions, advisors, and retail investors alike—all accessing identical exposures and costs.
• The New Growth Drivers: The next leg of ETF expansion will be fueled by retail investors, women, and retirees. As trillions in wealth transfer to women, education and accessibility will define the future of advisory relationships.
• Innovation and the Future of Wrappers: The ETF universe is expanding into active, structured, and tokenized forms. Expect continued growth from mutual fund conversions, crypto integration, and AI-driven portfolio design—with global ETF assets potentially reaching $52 trillion by 2030.
⏱️ Chapters
00:00 – Introduction: Meet Deborah Fuhr and the ETFGI story.
01:40 – Global ETF Landscape: $18.8T milestone and what it means.
03:00 – Democratization of Investing: From sovereign funds to retail.
06:00 – The Canadian ETF Advantage: Why local listings matter.
08:30 – Women, Wealth Transfer & Retirement: The coming tidal shift.
11:30 – The ETFGI Summit Preview: Key themes and regulatory updates.
14:30 – The Rise of Active & Systematic ETFs: Myths and opportunities.
18:00 – Women in ETFs: How mentorship and diversity drive performance.
21:00 – Record ETF Inflows & Market Dynamics: What’s fueling the boom.
25:00 – The Next Frontier: Tokenization, AI, and global ETF expansion.
33:00 – Rethinking Diversification: How ETFs reshape portfolio design.
36:00 – How to Attend the Toronto Summit: Free registration & CE credits.
Join us for this insightful conversation ahead of the ETFGI Global ETF Insights Summit Toronto 2025—where advisors, regulators, and innovators will redefine what’s next in the ETF ecosystem. Don’t miss your chance to learn, network, and earn CE credits.
Register now to attend our 7th annual ETFGI Global ETFs Insights summit – Canada on December 9th at Borden Ladner Gervais LLP (BLG)’s office!
ETFGI #DeborahFuhr #ETFInsights #ETFSummitToronto #GlobalETFGrowth #AdvisorAnalyst #InsightIsCapital #ETFs #ActiveETFs #Tokenization #WomenInFinance #WealthTransfer #FinancialAdvisors #ETFInnovation #PortfolioConstruction
In this episode of Insight is Capital, Mark Jarosz, Head of Credit Alternatives at BMO Global Asset Management, joins us to demystify the world of Collateralized Loan Obligations (CLOs) — a sophisticated yet increasingly accessible asset class, now reshaping how investors think about income, risk, and portfolio diversification.Jarosz explains how CLOs are structured, how they differ from the infamous CDOs of 2008, and why they’ve quietly become a go-to for institutional investors seeking floating-rate income with resilience across market cycles. With the launch of BMO’s CLO ETFs (tickers: ZAAA and ZBBZ), everyday investors now have access to institutional-quality fixed income exposure for the first time in Canada.From the mechanics of tranche hierarchies and over-collateralization to the yield opportunities in BBB-rated tranches, we cut through the jargon to reveal why CLOs are becoming an essential building block for diversified income portfolios.3 Key Takeaways* CLOs Are Not CDOs: Jarosz clarifies that CLOs are built on pools of investment grade corporate loans, and are actively managed, transparent, and rigorously rated — with zero defaults at the AAA level over 30 years of history. * Floating-Rate Advantage: In a “higher-for-longer” rate environment, CLOs’ floating-rate structure protects investors from duration risk while providing yield enhancement and resilience during both rising and falling rate cycles. * Democratization of Access: Through BMO’s ZAAA (AAA CLO ETF) and ZBBZ (BBB CLO ETF), Canadian investors can now access institutional-grade credit in a liquid, transparent ETF format — a first in the Canadian market.
Timestamps & Chapters[00:00] Introduction to Fixed Income Challenges[01:01] Guest Introduction: Mark Jarosz[02:30] Mark Jarosz's Career Journey[04:19] The Impact of the Financial Crisis on Career Development[05:21] Defining CLOs: Structure and Function[07:32] The Role of Rating Agencies in CLOs[08:43] CLOs vs. CDOs: Key Differences[10:54] Current Market Conditions for CLOs[11:55] Evaluating CLO Managers[13:22] Yield Opportunities in CLO Investments[16:02] Over-Collateralization Explained[17:50] Exploring BBB Rated CLOs[19:56] The Role of AAA CLOs in Investment Strategies[22:50] Institutional Investor Behavior in Volatile Markets[24:52] Benefits of CLOs in Portfolio Diversification[26:32] Floating Rate Structure of CLOs[30:44] Understanding Risks Associated with CLOs[35:12] Introduction of CLO ETFs for Retail Investors[38:25] Investor Preferences for Investment Grade Products[39:58] Monthly Distribution and Yield Pickup[41:05] Utilizing ETFs for Access to Asset Managers[42:01] ConclusionCopyright © AdvisorAnalyst#CLOInvesting #FixedIncome #AlternativeInvestments #BMOGAM #CreditMarkets #YieldStrategy #FloatingRate #StructuredCredit #InvestmentGrade #ZAAA #ZBBZ #AdvisorEducation #PortfolioDiversification #IncomeInvesting #InsightIsCapital #PierreDaillie #MarkJarosz #CanadianInvestors #CLOETF #WealthManagement
What if the biggest obstacle between you and financial freedom isn’t your income — but your mindset?
In this powerful and eye-opening episode of Insight is Capital, host Pierre Daillie sits down with Dr. Brad Klontz, financial psychologist, bestselling author, and professor, to explore the hidden forces shaping our relationship with money. From childhood money scripts to the myths we inherit about wealth, Klontz reveals how emotional conditioning, fear, and tribal thinking keep so many of us stuck — and how to break free.
Drawing from his latest book, Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Financial Freedom, Dr. Klontz delivers a no-nonsense roadmap for replacing self-sabotage with empowerment. He explains why being broke is temporary, but being poor is a mindset — and why cultivating an internal locus of control can change everything.
Through deeply personal stories, sharp insights, and behavioral research, Klontz challenges conventional beliefs about capitalism, wealth, and happiness. He unpacks why people self-sabotage after windfalls (like lottery winners), how tribal instincts influence spending (“Sprinter Van Syndrome”), and why automation is the most powerful tool for lasting wealth.
💡 What You’ll Learn:
• How your money mindset determines your financial destiny.
• Why tough love is more transformative than positive affirmations.
• The three most common paths to becoming a millionaire — and why most of them don’t require luck.
• How visualization and automation can hack your psychology and make saving effortless.
• Why surrounding yourself with the right people is the most underrated wealth strategy of all.
⏱️ Chapters:
00:00.16 Introduction to Financial Mindset
01:17.35 Defining Moments in Money Mindset
04:49.73 The Psychology of Wealth
07:01.41 Broke vs. Poor: Understanding Mindsets
09:44.13 The Impact of Social Circles on Wealth
13:36.98 Navigating Systemic Barriers to Success
18:18.73 The Impact of Money Scripts
20:07.73 Understanding Family Financial History
23:39.79 The Role of Tough Love in Financial Growth
29:12.63 Paths to Wealth: Employee vs. Entrepreneur
33:40.69 Understanding Financial Success
35:05.62 The Psychology of Spending
36:28.99 Wealth vs. Income Skills
37:34.37 The Influence of Social Comparison
42:30.72 The Role of Relationships in Financial Decisions
44:04.14 Transforming Money into Freedom
46:30.83 Visualizing Financial Goals
47:56.49 The Power of Automation in Saving
49:46.40 The Psychology of Automatic Saving
51:18.82 Closing Thoughts and Acknowledgments
🎯 Key Quote:
“If they can do it, I can do it. That mindset changes everything.” — Dr. Brad Klontz
📚 About the Guest:
Dr. Brad Klontz is a financial psychologist, Certified Financial Planner®, and author of multiple bestselling books on the psychology of money. His work has been featured in The Wall Street Journal, The New York Times, and Forbes. His mission: to help people understand their deep-seated money beliefs and build sustainable wealth through mindset transformation.
🔥 Don’t Miss This Episode If You Want To:
• Understand the emotional side of money and wealth
• Break through limiting beliefs and generational money trauma
• Learn practical, science-backed habits to grow wealth over time
#BradKlontz #MoneyMindset #FinancialPsychology #StartThinkingRich #WealthBuilding #BehavioralFinance #FinancialFreedom #AdvisorAnalyst #InsightIsCapital #MindsetMatters #MoneyScripts #InvestInYourself #PersonalFinance #FinancialWisdom
In a world where ego often overshadows insight, First Avenue’s Kash Pashootan and Michael Newton reveal why humility, curiosity, and true team depth are redefining the future of wealth management.
In this Insight is Capital episode, host Pierre Daillie sits down with Kash Pashootan, CEO, and Michael Newton, Head of Wealth Management at First Avenue Investment Counsel, for a powerful, introspective discussion about the evolution of wealth management, the essence of humility in leadership, and the future of multi-generational wealth stewardship.
Kash and Michael share their personal philosophies and the firm’s mission to bring pension-style investing and true family office depth to Canadian families. They emphasize the importance of curiosity, humility, and hands-on investing, while contrasting the depth of their integrated model with the “by-appointment” approach common in traditional advisory structures. Together, they explore how advisors can evolve from solo operators to multi-disciplinary teams that can truly serve the complex needs of high- and ultra-high-net-worth families.
Pierre draws out reflections on how ego, conviction, and the hunger for relevance must evolve toward humility, curiosity, and collaboration. The result is a deeply human, highly practical conversation that challenges advisors and investors alike to rethink what stewardship means in today’s markets.
⏱️ Timestamps & Chapters03:00 – Passion for the Wealth Business Kash and Michael share how curiosity and lifelong learning keep them inspired in an ever-changing industry.
08:00 – A Day in the Life Michael reveals his structured approach to time management and delegation, while Kash discusses balancing hands-on investing with family office oversight.
13:00 – Evolution and Humility in Wealth Management The duo reflects on transitioning from individual expertise to team leadership—embracing humility, curiosity, and diverse perspectives as cornerstones of progress.
24:00 – The Pension-Style Approach Explained Kash details how First Avenue’s investment philosophy mirrors Canada’s leading pension funds, with intelligent exposure beyond stocks and bonds—into private equity, real estate, and strategic income.
32:00 – Building True Family Office Infrastructure Michael contrasts “by-appointment” advisory models with First Avenue’s integrated, permanent team of experts, emphasizing genuine collaboration across tax, legal, and estate disciplines.
43:00 – Planning for Generational Wealth Kash explains why high-net-worth clients value multifaceted planning and proactive, structured processes that anticipate family complexities before they arise.
49:00 – Advisor Evolution and Scaling Pierre and Kash discuss how advisors must adapt, deepen their infrastructure, and build true teams to attract larger clients and deliver holistic value.
50:00 – Client Concerns in Today’s Market Michael and Kash share insights on clients’ current worries—geopolitics, concentration risk, and interest rates—and how preparation creates calm amid uncertainty.
55:00 – The Future of Investing and Advisor Mindset They stress separating emotion from investing, focusing on deep understanding of assets, and maintaining disciplined diversification to reduce volatility.
1:02:00 – Final Thoughts A reflection on humility, discipline, and teamwork as the defining traits of modern wealth stewardship.
💡 Key Takeaways Humility Drives Progress: True leadership in wealth management means trading ego for humility—creating space for curiosity, learning, and collaboration. “Curiosity combined with humility is really the ingredient for continued progress,” says Kash. * The Pension-Style Approach Works: First Avenue’s model of blending public equities, private equity, real estate, and strategic income mirrors Canada’s top pension funds, aiming to deliver consistent returns with lower volatility. * The Future Belongs to Integrated Teams*: As Michael explains, “Advisors need to ask—who stands behind you?” A cohesive, multidisciplinary team—not a “by-appointment” model—is what truly differentiates a firm serving multi-generational families.
Copyright © AdvisorAnalyst
WealthManagement #FamilyOffice #InvestmentPodcast #AlternativeInvesting #PensionStyleInvesting #FinancialAdvisors #PrivateWealth #CanadianInvesting #PortfolioManagement #CuriosityAndHumility #AdvisorInsights #FirstAvenueInvestmentCounsel #InsightIsCapital #PierreDaillie #KashPashootan #MichaelNewton
In this powerful episode of Insight is Capital, host Pierre Daillie sits down with Shana Sissel, CEO and Founder of Banríon Capital Management, widely known as the “Queen of Alternatives.” From breaking barriers in the world of alternative investments to surviving and thriving through profound personal adversity, Shana’s story is one of resilience, purpose, and innovation.She reveals how Banríon was built by advisors, for advisors — an open-architecture platform designed to help wealth managers make sense of alternatives and scale their use effectively. Shana and Pierre dig deep into what makes advisors successful, why emotional intelligence (EQ) matters more than ever, and how Banríon is redefining the bridge between asset managers and advisors.The conversation takes a personal and moving turn as Shana recounts launching her firm while battling stage-four cancer and the unexpected loss of her fiancé. Her perspective on perseverance, purpose, and leadership transforms this episode into an unforgettable masterclass in both business and humanity.3 Key Takeaways
Redefining “Alternative” Investing: Alternatives aren’t a niche — they’re a mindset. Shana explains how advisors can unlock new opportunities by thinking beyond the 60/40 portfolio and embracing a structure-agnostic, relationship-driven approach to investment solutions.
Resilience and Purpose in Leadership: From personal loss to life-threatening illness, Shana’s story exemplifies how grit, purpose, and optimism can fuel innovation and success. Her journey underscores that true leadership is built in the face of adversity.
The Advisor’s EQ Advantage: Success in wealth management isn’t about IQ — it’s about empathy. Advisors who master emotional intelligence and authentic relationship-building are the ones who stand apart in an increasingly automated industry.
Timestamped Chapters00:00 Pierre’s intro: Meet Shana Sissel — The Queen of Alternatives
02:00 How Shana accidentally discovered finance (from sports to Morgan Stanley)
06:00 Why EQ matters more than IQ in financial advising
09:30 What makes Banríon Capital’s platform different — built by advisors, for advisors
13:00 The truth about product design, relationships, and client trust
17:00 Why most alt platforms miss the mark — and how Banríon bridges the gap
21:00 Helping smaller managers and advisors connect efficiently
33:00 Shortening the sales cycle: How Banríon streamlines due diligence
36:00 The origin story — how Banríon evolved from concept to platform
44:00 Facing tragedy: Shana’s journey through grief and cancer diagnosis
49:00 How resilience and attitude became her greatest business assets
56:00 The new investing era — why alternatives are essential today
1:06:00 Building resilient portfolios: Private credit, sports, and managed futures
1:13:00 The rise of return stacking and the future of portfolio construction
1:18:00 Closing reflections — living with purpose and building legacy
Where to find Banrion Capital ManagementBanrion Capital Management - https://www.banrioncapital.com/
Shana Sissel on Linkedin - https://www.linkedin.com/in/shsissel/
What if the U.S. economy is already sprinting off a cliff—and just hasn’t looked down yet? In this riveting conversation, BCA Research’s Peter Berezin joins Pierre Daillie to unpack whether markets are living through their Wile E. Coyote moment: running on optimism while gravity—the reality of stagflation, slowing growth, and political interference—waits below.🎙️ Episode SummaryIn this episode of Insight Is Capital, BCA Research’s Chief Global Strategist Peter Berezin offers a sobering yet strategic take on today’s markets. From stagflation and tariffs to AI hype and fiscal fragility, Berezin breaks down why the next 12–18 months could reshape everything investors think they know about “soft landings.” He discusses:
- Why stagflation risk is rising as inflation edges higher and employment weakens.
- How political meddling and trillion-dollar deficits could push the Fed into impossible choices.
- Why the housing market, not GDP, is the clearest gauge of monetary pain.
- Where investors can still find safety—in gold, yen, defense, and healthcare—and why “waiting to see the whites of the recession’s eyes” might be the smartest move right now.
- Plus: the AI paradox—huge promise, uncertain profits, and eerie echoes of the 2000 tech crash.
⏱️ Timestamped Chapters00:00 – Introduction: Meet Peter Berezin, Chief Global Strategist at BCA Research01:40 – Recession or stagflation? Reading the early signals04:00 – The Fed’s bind: inflation vs. employment06:00 – Housing market pain and weak consumption growth08:30 – Rate cuts, long yields, and the risk of a policy trap11:00 – Stagflation now, inflation later: Berezin’s 2-phase macro outlook13:00 – Tariffs, reshoring, and corporate paralysis amid policy fog16:00 – Trade disruption and the tariff mess17:30 – Markets mispricing rate cuts: déjà vu from 2001 & 200819:00 – Global allocation: dollar weakness, gold strength, and fiscal cliffs22:00 – Defensive positioning: “wait for the whites of the recession’s eyes”25:00 – Currency debasement and why inflation is a political problem28:00 – Strategic diversifiers: defense, healthcare, and copper31:00 – Fixed-income strategy: “cash is king,” for now36:00 – AI and productivity: hype, lag, and parallels to the dot-com era44:00 – Free cash flow as the real warning sign for tech investors47:00 – Final thoughts: the Wile E. Coyote moment for markets
InsightIsCapital #BCAResearch #PeterBerezin #MarketOutlook #Stagflation #Recession #FedPolicy #MacroStrategy #Gold #AI #InvestmentInsights #GlobalMarkets #PierreDaillie #WealthManagement #Economy2025
Private markets aren’t just the playground of institutions and the ultra-wealthy anymore. In this episode, we dig into how access to private credit, equity, and real assets is opening up—and why that shift is changing the way Canadian advisors build portfolios.
Raphaëlle Gauthier-Grenier, Senior Director, Investment Solutions – Private Investments at National Bank Investments, and Ross Neilson, Principal at Apollo Global Management, join us for a candid look at the surge of private investing in Canada. Together, we unpack what’s driving the momentum, how new fund structures are breaking down barriers, and where private markets really belong in a modern portfolio. From the rise of evergreen fund structures to the behavioral edge of illiquidity, we unpack:
Why private markets are gaining momentum with advisors and investors.
How fund design and distribution partnerships are breaking down barriers.
The role of private credit, equity, and real assets in building resilient, diversified portfolios.
Canadian-specific trends in advisor adoption and product scrutiny.
If you’re an advisor or investor wondering how to balance opportunity with liquidity in a modern portfolio, this episode delivers the insights you need.
⏱️ Timestamps & Chapters
00:00 – Introduction & guest bios
03:00 – The surge in private markets: why now?
06:30 – Post-GFC shifts and new demand for capital
08:00 – Entrepreneurs and natural fit with private investing
10:00 – Democratization of private markets explained
13:00 – Technology, fund platforms, and scalable access
14:00 – Evergreen vs. closed-end funds: structural innovations
18:00 – Liquidity sleeves and investor expectations
22:00 – The rise of the secondary market & manager dispersion
25:00 – Portfolio construction: private credit, equity & real assets
28:00 – The case for minimum allocations & proportional exposure
30:00 – Inflation protection, diversification & role clarity
33:00 – 90% of $100M+ revenue companies are private—what that means
36:00 – Illiquidity premium, behavioral advantages & patience capital
37:30 – Canadian market nuances: real estate, private credit, and compliance
42:00 – Why private credit is Canada’s first step into alternatives
46:00 – National Bank Investments’ open architecture & Apollo partnership
49:00 – Closing thoughts & opportunities ahead
PrivateMarkets #AlternativeInvestments #WealthManagement #PrivateCredit #PrivateEquity #EvergreenFunds #InvestmentAdvisors #PortfolioConstruction #FinancialAdvisors #NationalBankInvestments #ApolloGlobalManagement #InsightIsCapital
“Things are priced for perfection—but the world isn’t perfect.” — Ilan Kolet
What does it take to navigate a world where the U.S. is no longer the default safe haven? In this powerful episode, Pierre Daillie is joined by Ilan Kolet, Institutional Portfolio Manager on Fidelity Investments Canada’s Global Asset Allocation Team, to break down Fidelity’s latest asset allocation moves—and the four-pillar process guiding them.
From trimming U.S. equities to boosting exposure to Europe and gold, to reassessing the Canadian market after a decade-long underweight, Kolet reveals how Fidelity is tactically rebalancing amid macro volatility, political headwinds, and shifting global capital flows.
📉 We unpack weakening U.S. labor data, 🇨🇦 Canada’s slow productivity renaissance, the potential loss of USD tailwind status, and why gold has emerged as a strategic diversifier in a fractured geopolitical landscape.
Whether you're an advisor, institutional allocator, or just looking to sharpen your portfolio perspective, this conversation is packed with insights you won’t want to miss.
⏱️ CHAPTERS
00:00 – Welcome + The big shift: From U.S. exceptionalism to global pragmatism
02:30 – One year later: What’s changed in Fidelity’s outlook
05:45 – AI tailwinds vs. valuation headwinds
08:25 – What “neutral” really means for U.S. and Canadian equities
10:10 – Canada’s lost decade… and signs of turnaround
14:10 – The slow return of Canadian capital investment
17:00 – Productivity as the key to prosperity
19:40 – Asset allocation as audio mastering: “The equalizer analogy”
22:00 – Gold, Europe, and the art of being selectively offensive
25:45 – The weakening U.S. labor market and the Fed’s dilemma
29:00 – Canada’s rising unemployment: Recession or reset?
32:00 – Political interference and the erosion of central bank independence
36:00 – The U.S. Dollar: Still a hedge, or just a habit?
40:00 – Why Fidelity slashed its CAD underweight and closed its USD long
44:00 – Europe’s defense renaissance and the rise of Rheinmetall
46:30 – Gold as a geopolitical hedge: Inflation, war, and volatility
48:00 – The power of active management: +40% outperformance over passive
50:30 – Wrapping up: From big dials to basis points
📌 KEY INSIGHTS
📉 Underweight U.S.: Valuations are too high, concentration is risky, and macro instability is rising.
🇨🇦 Neutral Canada: After 10+ years underweight, Canadian equities are finally earning back their spot.
🌍 Overweight Europe: A geopolitical awakening in defense spending may unlock long-suppressed value.
🪙 Gold Allocation: A 2.5% out-of-benchmark position to hedge inflation volatility and geopolitical tail risk.
💱 Currency Realignment: From a 20% CAD underweight to just -3%, now diversified beyond USD.
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FidelityInvestments #GlobalAssetAllocation #IlanKolet #PierreDaillie #InvestmentStrategy #AssetAllocation #CanadianEquities #USEquities #GoldInvesting #MacroOutlook2025 #PortfolioConstruction #Inflation #InterestRates #USDollar #FinancialAdvisors #ActiveManagement #AdvisorAnalyst #InsightIsCapital
Canada invented ETFs — but how did they grow into a trillion-dollar force, and where are they headed next? Pierre Daillie sits down with BMO ETF leaders Alain Desbiens and Tammy Cash to reveal the untold stories, the lessons learned, and what the future holds for advisors and investors.Episode SummaryIn this in-depth conversation, Pierre Daillie is joined by Alain Desbiens, Vice Chair at BMO ETFs, and Tammy Cash, Director of Distribution Strategy at BMO ETFs and Global Co-President of Women in ETFs. Together, they trace the remarkable journey of exchange-traded funds in Canada—from their early days as a disruptive upstart, to their current role as an essential building block in portfolio construction.Alain shares candid reflections on being one of BMO’s first ETF wholesalers and the skepticism he faced when ETFs were dismissed as a “trend.” Tammy recalls her path into the industry, her passion for democratization of investing, and her leadership in Women in ETFs, a global movement empowering women across financial services.The discussion covers the resilience it took to build the industry, the role of education and advisor partnerships, and how tools and technology are reshaping the advisor-client experience. Both leaders also look ahead to 2030, envisioning an ETF marketplace that is larger, more competitive, and increasingly shaped by innovation in active strategies, alternatives, and digital distribution.This is more than a story about the ETF industry — it’s about people, purpose, and the power of advice.🔑 Key Takeaways• ETFs as Disruption Turned Foundation – Alain reflects: “At the beginning I saw that the ETF could be disruptive and it could create waves and I loved it. I knew we were into something.”• Advisor Education Remains Central – Tammy emphasizes: “It really is about that education and the intersection of education and partnership today… making sure that we provide clarity, congruency and real education to advisors and investors.”• Competitive Landscape & DIY Risks – Alain warns: “There’s a lot of people [DIY investors] that buy products and they don’t really understand what they’re buying. That’s probably the worst money you’re buying.”• Women in ETFs & the Future of Advice – Tammy highlights the opportunity: “Today, sadly, we still sit at 17% representation of women as financial advisors in Canada… and the opportunity that that presents is significant.”📌 Timestamped Chapters00:00 - Introduction to Insight is Capital01:32 - Exploring Early Days in the ETF Industry03:03 - Building an Industry: Lessons from the Early Days05:37 - The Evolution of ETFs and Market Dynamics09:43 - Adapting to Change: Insights on Resilience16:39 - Women in ETFs: Empowering Female Leaders21:52 - Celebrating Women's Careers in Finance23:06 - Legacy and Product Impact on Investing24:32 - Challenges in the Advisory Business27:13 - The Evolution of Client Experience in Finance28:56 - The Return of Key Industry Figures30:47 - Investor Education and Transparency31:59 - Opportunities in ETF Specialization34:37 - The Challenge of Meeting Investor Expectations37:19 - The State of Canadian Investable Assets38:23 - Diversification Strategies for Advisors39:43 - Innovations in ETF Solutions41:08 - Navigating Complexity and Competition in ETFs42:30 - The Demand for Financial Advice43:58 - Personal Reflections on Industry Impact45:31 - The Human Element in Finance47:07 - Legacy and Leadership in Finance#BMOETFs #ETFInvesting #CanadianETFs #WomenInETFs #AdvisorEducation #InvestingInsights #PortfolioConstruction #WealthManagement #FinancialAdvisors #FutureOfInvesting
What if everything you thought you knew about the Fed, fiscal policy, and recession playbooks is already obsolete? In this episode, Darius Dale reveals why the U.S. economy has entered “Paradigm C” — a regime of fiscal dominance, deregulation, and coordinated support — and what it means for portfolios, the Fed, and your financial future.📖 Episode SummaryIn this powerhouse conversation, hosts Pierre Daillie, Mike Philbrick, and Adam Butler welcome back Darius Dale, Founder of 42 Macro LLC, to dissect the seismic shifts reshaping markets in 2025.Dale explains why April’s bond market shock was the most important event since Lehman, forcing the U.S. into Paradigm C: a policy mix of fiscal dominance, deregulation, and an implicit partnership between the Treasury and the Fed. He argues that recession is no longer bullish for Treasuries, that the Fed’s outdated 2% inflation target is crushing those at the bottom of the “K-shaped” economy, and that retail investors have a once-in-a-generation edge over institutions if they stop chasing factor bets.From the decline of U.S. exceptionalism risk to the emergence of financial repression, Dale outlines why the simple KISS portfolio — may be the smartest way to retire on time and comfortably.This is a must-listen for advisors, investors, and anyone trying to navigate the most uncertain macro environment in decades.🔑 4 Key Takeaways1. Paradigm C Defined – The U.S. has shifted to a regime of fiscal dominance and deregulation, aiming to “outgrow” its debt problem rather than cut or print immediately.2. The End of Old Playbooks – Recession is now bearish for Treasuries, Fed independence is eroding, and the 2% inflation target is increasingly destructive.3. The Retail Investor Advantage – Unlike institutions, individuals can flexibly shift exposure, avoid factor risks, and stick to a simplified but powerful asset mix.4. The KISS Portfolio – Darius champions a three-part framework as the most effective way to capture upside while hedging against fiscal repression and monetary debasement.📺 Timestamped Chapters00:00 – Introduction & Darius Dale’s mission at 42 Macro05:00 – Paradigm A → B → C: How policy shifted after April’s bond shock13:00 – Fiscal dominance explained: deficits, tariffs, and untouchable spending20:00 – Why the Fed has lost independence and why inflation targeting is broken30:00 – K-shaped economy: winners at the top, losers at the bottom40:00 – The dollar’s future, sector plays, and EM opportunities46:00 – The KISS portfolio: why retail investors should stop chasing factors55:00 – Reactions, testimonials, and the simplicity that worksMore...42 Macro LLCDarius Dale on Linkedin
CRM3 (Total Cost Reporting) isn’t just another compliance box to check—it’s the biggest shift in cost transparency Canadian advisors have ever faced, and how you handle it could define your client relationships for years to come.In this episode of Insight is Capital, host Pierre Daillie sits down with three leading voices to unpack the realities—and the opportunities—of Total Cost Reporting (TCR/CRM3).Joining the conversation are:* Arnie Hochman, Senior Vice President & General Counsel at SIMA * Dr. David Lewis, Behavioural Scientist, Consultant & Independent Director * Steve Braugiroux, Associate Vice President, Dealer Relations at National Bank
Together, they break down why TCR matters, what advisors need to prepare for, and how transparency—far from being a threat—can actually deepen trust and strengthen the advisor-client relationship.
From the mechanics of cost disclosure to the psychology of investor perception, this discussion explores how advisors can transform a regulatory requirement into a defining moment of value delivery.🔑 Four Key Takeaways* Transparency Builds Trust - Research shows clients often overestimate hidden fees. When full costs are revealed, trust in advisors actually increases, making them more willing to pay for advice. * TCR Is a System Overhaul - Unlike CRM2, TCR requires advisors and dealers to report on costs they don’t directly control—demanding a new ecosystem of data sharing between managers, dealers, and service providers. * Advisors Must Get Ahead of the Conversation - Waiting until January 2027 to explain statements will create confusion and mistrust. Proactive education now will turn compliance into confidence. * An Opportunity for Better Advice - TCR creates a level playing field for comparing costs, paving the way for deeper portfolio conversations, fee budgeting, and demonstrating the true value of advice—especially in areas like asset allocation and behavioral coaching.
🕒 Timestamped Chapters00:00 – Why transparency matters: client psychology and hidden fees02:00 – What CRM3 (TCR) really changes for advisors and clients06:00 – The operational challenge: new pipelines, new ecosystems10:00 – Research insights: transparency increases trust, not fear14:00 – What’s included, what’s not—and how advisors can bridge gaps18:00 – Foreign-listed ETFs and global disclosure challenges21:00 – A level playing field: portfolio-wide cost conversations24:00 – Fee budgeting, portfolio construction, and advice value27:00 – Preparing clients early: avoiding confusion in 202730:00 – OEO vs. advice channels and the complexity of FER31:00 – The role of industry associations in guiding implementation33:00 – Closing thoughts: collaboration, consistency, and opportunityMore...• The Securities and Investment Management Association (SIMA)• Read SIMA's FAQ on Total Cost Reporting. #CRM3 #TotalCostReporting #WealthManagementCanada #FinancialAdvisors #InvestmentTransparency #AdvisorClientTrust #BehaviouralFinance #CanadianInvesting #PortfolioConstruction #AdvisorValue
What if the riskiest move in your portfolio isn’t owning crypto—but ignoring it?In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with legendary advisor, founder of the largest US RIA firm, author, and futurist Ric Edelman, Founder of DACFP (Digital Assets Council of Financial Professionals). Edelman, long known as a trusted voice in personal finance, now makes his most provocative case yet: advisors and investors may need to rethink the role of crypto—moving beyond token allocations toward a meaningful presence in portfolios.Ric explains why today’s environment—marked by regulatory clarity, institutional adoption, and longer human lifespans—has shifted the crypto conversation from speculation to necessity. He argues that traditional 60/40 models are broken in a world of longevity risk, rising rates, and monetary debasement, and calls for a bold reallocation: 80/20 with up to half of the equity/growth sleeve in crypto-related equities and including somewhere between 10% and 40% allocated of that directly to bitcoin and other digital assets e.g. Ethereum, Solana, etc.The conversation spans regulatory breakthroughs, the psychology of allocation, fiduciary responsibility, and the mindset shifts advisors must embrace. As Edelman puts it, “Not owning crypto today is effectively shorting it.” This episode is a must-watch for financial professionals navigating the future of portfolio construction.
🔑 Key Takeaways1. From Fringe to Foundational – With regulatory clarity under the Trump administration and institutional adoption accelerating, crypto is no longer a speculative bet but an investable, regulated asset class.
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Longevity Changes Everything – Advances in healthcare and aging science mean people will live far longer, forcing portfolios to outlast retirements that could stretch 40+ years; Edelman argues this demands higher equity and crypto allocations.
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The New 80/20 – The classic 60/40 portfolio has reached its limits; Edelman calls for 80% equities—with bitcoin and crypto-related equities making up as much as half of that equity sleeve with between a low of 10% to high of 40% directly allocated to bitcoin—for true long-term resilience.
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Advisor Imperative – Compliance officers are shifting from resistance to acceptance as rules clarify, but Edelman warns that advisors who stay at zero risk reputational damage as clients begin to demand crypto exposure.
⏱️ Timestamped Chapters00:00 – Ric Edelman on diversification myths and hidden biases02:00 – Why crypto deserves a 3%+ passive allocation04:00 – Ric’s bold new thesis: 10–40% crypto allocation07:00 – Regulatory clarity and the Trump administration’s policy shift12:00 – Why low single-digit crypto allocations underserve investors18:00 – Compliance barriers and regulatory breakthroughs22:00 – The best time in Bitcoin’s history to invest27:00 – Longevity risk: why retirement planning must change31:00 – The end of 60/40: why 80/20 with crypto is the future40:00 – Demographics, pensions, and the failing glide path model50:00 – Crypto allocation frameworks: Bitcoin, Ethereum, picks & shovels56:00 – Why crypto is safer now than ever before1:03:00 – Volatility as a feature, not a bug1:08:00 – Behavioral hurdles and myths keeping investors sidelined1:13:00 – Advisors’ fiduciary duty in the new landscape1:17:00 – Final thoughts: longevity, technology, and the advisor imperativeMore...
• DACFP (Digital Assets Council of Financial Professionals)
• Ric Edelman's Bitcoin Allocation Strategy
• Earn your CBDA (Certified in Blockchain and Digital AssetsSM) Designation#CryptoInvesting#BitcoinETF#DigitalAssets#FinancialAdvisors#WealthManagement#PortfolioStrategy#CryptoAdoption#RaiseYourAverage#FutureOfFinance#CryptoEducation
In a market climbing a wall of worry, Alfred Lee, Deputy CIO at Q Wealth Partners, breaks down what’s really driving resilience in equities, the pitfalls of the 60/40 portfolio, and why private markets may hold the key to asymmetric opportunities.
SummaryAlfred Lee, Deputy Chief Investment Officer at Q Wealth Partners, joins us for a deep dive into the future of portfolio construction, the limitations of legacy models, and the overlooked opportunities in private markets.With over two decades of experience—from building BMO’s ETF platform from the ground up to shaping Q Wealth’s investment platform—Alfred brings a candid, data-driven perspective on how advisors can navigate today’s uncertain environment.Our conversation ranges from the rise of independence in Canada’s wealth management industry, his role as Deputy CIO at Q Wealth Partners, one of Canada's leading independent advisor platforms where he has been for almost one year, to his views on navigating markets in the context of the push-pull dynamics between fiscal expansion and monetary caution. Alfred also shares his conviction that investors need to evolve beyond the traditional 60/40 and embrace a more diversified, resilient approach—one that integrates private equity, private debt, and liquid alternatives alongside public markets.This is a must-listen for advisors and investors looking to position portfolios for an era where fundamentals matter again, resilience is paramount, and opportunity often lies beyond the obvious.4 Key Takeaways- The rise of independence in wealth management – Q Wealth is at the forefront of Canada’s RIA-style movement, offering turnkey infrastructure for advisors seeking freedom from traditional institutions. * Markets priced for perfection – Equity markets may look overvalued, but earnings surprises suggest valuations could be less frothy than they appear. Still, risks such as tariffs, inflation, and geopolitical uncertainty loom large. * Beyond the 60/40 portfolio – Traditional models fail in inflationary regimes; resilient portfolios now require privates and alternatives alongside equities and bonds. * Asymmetric opportunities – The most compelling upside lies in private markets and alternative strategies, where strong due diligence can unlock alpha inaccessible in public markets.
Timestamped Chapters00:00 – Introduction to Alfred Lee and his career journey02:00 – Q Wealth’s model and the rise of advisor independence in Canada08:30 – Freedom in strategy: private pools, ETFs, and broader exposures14:00 – Defining success at an independent platform15:30 – Market outlook: resilience, risks, and equity momentum24:00 – Fiscal expansion vs monetary caution: Powell vs Trump33:00 – Valuations, earnings, and the search for asymmetric returns39:00 – Private equity, private debt, and the power of secondaries45:00 – Why the 60/40 model is outdated50:00 – The case for alternatives and diversification52:00 – Closing reflections and key lessons#InvestmentStrategy #WealthManagement #QWealth #AlfredLee #InsightIsCapital #MarketOutlook #PortfolioConstruction #PrivateMarkets #Alternatives #ETFInvesting #6040Portfolio #FinancialAdvisors
In a world where inflation, currency debasement, and geopolitical shocks threaten portfolios, what if you could keep your core equity exposure and add the asymmetric upside of Bitcoin and the timeless stability of gold—without triggering investor panic or selling winners?In this episode, host Pierre Daillie sits down with Mike Philbrick, CEO at ReSolve Asset Management, co-founders, along with Newfound Research, of the Return Stacked ETFs Suite, to unpack a strategy that’s been in the institutional playbook for decades but is now accessible to everyday investors: return stacking. Against today’s backdrop of persistent inflation, volatile markets, and shifting perceptions of alternative assets, Philbrick explains why gold and Bitcoin are moving from “fringe” to “foundational” in modern portfolios—and how the RSSX ETF offers a disciplined, behaviorally resilient way to integrate them without sacrificing the stocks and bonds investors know and trust.From the behavioral traps that cause investors to abandon diversifiers at the worst moments, to the portfolio math that shows how modest allocations can improve returns and reduce risk, this conversation delivers both the “why” and the “how” of strategic diversification. Philbrick also addresses the shifting reputational risk for advisors—from owning Bitcoin to not owning it—and the growing regulatory clarity that’s opening the floodgates for institutional adoption.Whether you’re an advisor, allocator, or investor who wants to strengthen a core portfolio without selling winners, this episode offers a blueprint for adding crisis alpha before the next crisis hits.4 Key Takeaways:
• From Fringe to Foundational: Gold’s centuries-old role as a store of value and Bitcoin’s fixed-supply, asymmetric upside make them compelling diversifiers in today’s inflationary, volatile environment.
• Behavioral Risk Management: Return stacking helps avoid the tracking error and emotional selling that often plague diversifier allocations.
• RSSX Structure: The ETF delivers 100% S&P 500 exposure plus an 80/20 gold-Bitcoin overlay, equal risk-weighted to manage volatility and rebalanced for efficiency.
• Shifting Reputational Risk: Advisors now face greater professional risk in not understanding or allocating to Bitcoin and gold than in owning them—especially as regulatory clarity improves.
Timestamps:
00:00 – Why uncorrelated assets matter now
02:00 – Gold and Bitcoin as strategic, not just tactical, diversifiers
04:30 – Behavioral challenges of sticking with diversifiers
06:00 – Return stacking explained: adding without selling
08:00 – Volatility context: stocks, gold, Bitcoin
10:00 – Inside the RSSX ETF structure and allocation
12:00 – Implementation examples for advisors and investors
14:00 – Rebalancing mechanics and volatility adjustments
15:30 – Diversifying before the crisis, not after
17:00 – Small starts and building from a position of strength
19:00 – Institutional adoption trends and parallels
21:00 – Reducing tracking error and client friction
22:00 – The reputational risk shift for advisors
23:30 – Regulatory clarity and institutional green lights
24:30 – The mission: improve outcomes without sacrificing core equity engines
More...
🧠 Learn more at: https://returnstacked.com
📘 Read more at: https://investresolve.com
📊 ETFs: RSSX (Stocks + Gold & Bitcoin)
#PortfolioDiversification #ReturnStacking #GoldInvestment #BitcoinStrategy #InflationHedge #AsymmetricUpside #ETFInvesting #BehavioralFinance #WealthManagement #InvestmentStrategies #MikePhilbrick #ReSolveAssetManagement #RSSXETF
In this episode of 'Insight is Capital,' Mark Robinson, the 'shtty leadership guy', and founder of The Shtty Leadership Series, joins us for a terrific conversation. With over 30 years of experience in leadership, Mark discusses the pitfalls of ego-driven management and the importance of honest, reflective leadership. We dive into the impact of fake perfection, ego, and micromanagement on team dynamics and innovation. Mark also shares practical advice on how leaders can improve by asking the right questions and fostering a culture of safety and growth. Whether you're a seasoned leader or just starting your career, this episode provides valuable insights to help you lead like a real human, not just a manager.
Chapters:00:00 The Pitfalls of Pretending to Be Perfect01:14 Introduction to Mark Robinson: The Shitty Leadership Guy03:40 Mark Robinson's Leadership Journey06:19 The Dunning-Kruger Effect in Leadership16:38 The Chaos of Performative Leadership26:23 Micromanagement: Fear Disguised as Excellence36:33 Introduction to Leadership Questions36:59 The Impact of Micromanagement39:00 Clear Communication in Leadership43:14 Adapting Leadership Questions for Clients51:15 The Pitfalls of Being a 'Buddy' Leader01:05:00 Self-Reflection and Improvement for Leaders01:06:33 Conclusion and Final Thoughts
More...Mark Robinson (website)Book: The Ego ContinuumBook: The Ego Continuum IICopyright © AdvisorAnalyst
What do advisors do when markets feel like a giant game of Jenga—top-heavy, fragile, and unpredictable with every move?Ahmed Farooq, Senior VP and Head of ETF Distribution at Franklin Templeton Canada joins us to explore how smart ETF design, active fixed income, and global diversification are helping advisors rebuild sturdier portfolios for an increasingly uncertain world.
🎧 Summary:
In this episode, host Pierre Daillie welcomes Ahmed Farooq, for a wide-ranging, insight-packed conversation on the evolution of ETF usage by Canadian advisors. From navigating tariff turmoil and Mag-7 concentration risk to building smarter income solutions and global diversification strategies, Ahmed shares a front-line perspective from the road across Canada.He explains how Franklin Templeton is responding to market demand with low-cost passive offerings, factor-based ETFs like their Low Volatility High Dividend suite, and precision-focused actively managed fixed income solutions that are reshaping how advisors approach portfolio construction. With advisors seeking both protection and income, Farooq explains why it's time to get comfortable with complexity—because simplicity in this market can be costly.
💡 Key Takeaways:* Regional Divergence in US Exposure Sentiment: Advisor views on US equity exposure vary widely across Canada—Eastern advisors are trimming, while Western clients remain overweight USD assets. * Market Fragility Requires Smarter Diversification: Amid tariff threats, macro noise, and election risk, advisors are embracing factor-based strategies (like Low Volatility + High Dividend) to hedge downside without abandoning return potential. * Mid-Caps Offer Shelter from MAG7 Storm: Franklin’s new FMID ETF (US Mid Cap Multifactor) helps diversify away from S&P 500 concentration by tilting toward locally domiciled, less globally exposed companies. * Fixed Income: “Don’t Try This at Home” Advisors are outsourcing bond sleeve construction due to rate volatility, inverted curves, and term premium unpredictability. Ultra-short mandates like FHIS are seeing big inflows. * Pricing Power for Portfolio Flexibility: Franklin’s razor-thin passive ETF fees (as low as 5 bps) free up advisors’ fee budget to allocate to alpha-seeking active or alternative strategies. * Smart Beta 2.0 is Actually Just... Smarter Rules: Legacy “smart beta” is giving way to multi-layered, rules-based ETFs that integrate dividend sustainability, earnings quality, and volatility screens. * Active Management is Back—for Good Reason: As bond markets become harder to read, advisors want precision, not guesswork. And they want active managers who justify their fees through measurable performance and risk control.
⏱️ Chapters:00:00 – Intro: Market Noise, Rate Cuts, and Tariff Whiplash01:30 – Cross-Canada Advisor Sentiment on US Exposure 05:45 – Emotional Investing & Climbing the Wall of Worry 10:30 – Why Low Volatility + High Dividend ETFs Are Resonating 13:00 – Avoiding Dividend Traps: Earnings & Guidance Matter 18:20 – FMID: Mid-Cap US Multifactor as a MAG7 Antidote 24:00 – Are Mid-Caps More “Domestic”? Surprising Names & Thesis 28:00 – The Fixed Income Puzzle: Why Advisors Aren’t Going Long 33:00 – Ultra Short Flows & Advisor Reinvestment Fatigue 36:45 – Why Active Fixed Income Is in Demand Again 42:00 – Fixed Income Doesn’t Excite Advisors—That’s Why They Outsource It 44:45 – From “Smart Beta” to Smarter Rules-Based Strategies 48:00 – The Evolution of Active Fixed Income ETF Design 51:00 – The Fee Budget Shift: Where Active and Passive Coexist 55:00 – Franklin's Pricing Strategy and Competitive Edge 58:00 – Fee Budgeting: Making Room for Alternatives 01:01:00 – What's Ahead: Tariffs, Geopolitics & Diversifying for Multiple Outcomes 01:04:30 – Helping Advisors Build Resilient Models and Platforms 01:08:00 – Why Pricing, Platform Fit, and Analyst Buy-In Matter #ETFs #FranklinTempleton #FixedIncome #SmartBeta #DividendInvesting #PortfolioConstruction #ETFInvesting #AdvisorInsights #ActiveManagement #Markets2025Copyright © AdvisorAnalyst.com
🎯 "Investors Aren’t Just Asking ‘Will I Have Enough?’—They’re Asking ‘Will I Be Okay?’"In this episode of Insight is Capital, we're joined by Sam Febbraro, SVP of Wealth Solutions at Canada Life and President & CEO of Canada Life Investment Management Ltd.. With fresh insights from Canada Life’s 2025 Abacus Data survey in hand, Sam offers a compelling look at how Canadians are thinking about their investments, what’s driving client confidence (and where it breaks down), and why the role of the advisor has never been more important—or more human.📝 SummarySam Febbraro reveals how today’s investors are navigating a complex web of economic uncertainty, inflation pressures, and shifting priorities. It’s no longer just about performance—it’s about resilience, safety, and purpose. Drawing on the latest investor sentiment data, Sam explains why financial advisors must evolve from product-focused strategists to trusted navigators and educators. He outlines the power of segregated funds to deliver peace of mind and estate efficiency, underscores the importance of bridging the financial literacy gap, and calls on advisors to boldly articulate their value in a post-CRM3 world.💡 Key Takeaways:
📌 #ValueOfAdvice, #SegregatedFunds, #InvestorConfidence, #FinancialPlanning, #CanadaLife
Chances are, you're already using carry strategies in your portfolio—without even realizing it. Problem is, if you’re not doing it deliberately, it might be doing more harm than good.
🔍 Episode SummaryIn this special episode of Raise Your Average, Pierre is joined by Adam Butler, Chief Investment Officer at ReSolve Asset Management, co-creators along with Newfound Research of the Return Stacked ETF suite, to unpack the misunderstood world of carry strategies. They dig into what carry really is—beyond just currency trades—and why most investors unknowingly take on carry risk without any plan to manage it.Adam breaks down how carry strategies work across currencies, bonds, equities, and commodities, and why combining them in a diversified portfolio can offer powerful, uncorrelated returns. He also explains how return stacking solves a long-standing advisor dilemma: how to add diversification without cutting into your core stock or bond holdings. Now, thanks to ETFs like RSSY and RSBY, retail investors can finally tap into strategies that used to be locked behind hedge fund doors.If you're an advisor or investor looking to build smarter, more resilient portfolios—without giving up performance—this conversation is a must.
💡 Key Takeaways
- What Carry Really Means: It’s the income you get from holding an asset—like dividends, bond interest, or yield differentials between currencies.
- You’re Already Exposed (Probably): Many portfolios contain carry trades by accident, especially when investing internationally.
- Diversification That Works: A global, long/short carry strategy across multiple asset classes offers true diversification without piling on risk.
- Now in ETF Form: Carry strategies were once only for institutions. Now anyone can access them through ETFs like RSSY and RSBY.
- No Need to Sell Your Core Assets: With return stacking, you don’t have to sell stocks or bonds—you just add carry on top.
- Built-In Behavior Benefit: Carry becomes part of your total return, so it’s less likely to get cut when it’s underperforming.
- Realistic Return Potential: Expect 3–5% excess return over time at 10% volatility—similar to equities but with a different risk profile.
- Why This Matters: The macro space is still relatively inefficient—meaning carry has room to outperform without competition.
⏱️ Chapters00:00 – Intro: What Is Carry, Really?01:00 – The Currency Carry Trade 10104:00 – Beyond Currency: Carry Across Asset Classes07:00 – Why Carry Happens Everywhere in Your Portfolio10:00 – Absolute Return vs. Uncorrelated Return12:00 – Accidental Carry Exposure (And How to Fix It)14:00 – The Case for a More Deliberate Strategy17:30 – How Return Stacking Solves the Diversification Dilemma22:00 – Why RSSY and RSBY Are Built Differently26:00 – Behavioral Bonus: Less Line-Item Regret30:00 – What You Can Expect from Carry Over Time33:00 – The Limits of Stock Picking & the Power of Macro36:00 – Why Carry Could Be Retail’s Most Underused Advantage40:00 – Where to Learn More and Take Action
📌 #ReturnStacking, #CarryStrategy, #ETFInvesting, #PortfolioDiversification, #AlternativeInvestments🧠 Learn more at: https://returnstacked.com📘 Read more at: https://investresolve.com📊 ETFs: RSSY (Stocks + Carry) | RSBY (Bonds + Carry)👍 Like, comment, and subscribe if you want more tools to stack your returns without breaking your portfolio.
Copyright © AdvisorAnalyst
🎯 What if you could protect your portfolio during market crashes, boost returns, and still keep your core investments intact? That’s not a fantasy—it’s the power of trend following / managed futures via return stacking, and it's finally accessible to everyday investors.
🎙️ In this episode of Raise Your Average, Pierre Daillie sits down with Rodrigo Gordillo, President of ReSolve Asset Management, co-creators of the Return Stacked ETFs suite, for a deep dive into one of investing’s best-kept secrets: managed futures. Long embraced by institutions for their ability to deliver uncorrelated, crisis-resistant returns, managed futures are finally breaking into mainstream portfolios—thanks to innovations in return stacking.
Rodrigo breaks it all down: why trend following works, how behavioral biases create opportunities, and how stacking strategies like RSST and RSBT let you keep your equities and bonds while adding diversifiers like managed futures on top. It’s a smarter way to use leverage, designed not to chase returns, but to smooth them out—even in the roughest markets. Whether you're trying to improve performance, reduce downside, or ease your clients’ diversification anxiety, this episode gives you the tools to rethink how portfolios are built in the modern era.
✅ Key Takeaways:* Trend following works because human behavior is predictable—anchoring, herding, and slow adjustments to new info create patterns to exploit. * Managed futures offer rare benefits: real diversification, low correlation to stocks and bonds, and strong upside when markets tumble. * Return stacking lets you “stack” strategies like managed futures on top of your core holdings, without having to sell your stocks or bonds. * ETFs like RSST and RSBT make return stacking simple and accessible—bringing institutional tools to retail investors. * You can use them to amplify returns or solve behavioral roadblocks—like line-item regret or clients abandoning good strategies at the wrong time. * Leverage becomes your friend when applied to uncorrelated assets. Used correctly, it reduces drawdowns and improves compounding.
⏱️ Chapters:00:00 – Welcome & What This Episode Is About01:00 – What Are Trend Following and Managed Futures?03:00 – Why Trend Works: Human Psychology & Risk Dynamics04:30 – Managed Futures = Real Diversification06:00 – Crisis Alpha in Action: 2008 and 202208:00 – Why Retail Investors Missed Out (Until Now)10:00 – How Institutions Use Return Stacking12:00 – How RSST and RSBT Work (Mechanics Explained)15:00 – Portfolio Use Cases & Applications17:00 – Why Return Stacking Beats Stock Picking20:00 – What Is “Defensive Leverage”?24:00 – Better Compounding Math with Low Correlation25:00 – Solving for Behavior: Make Diversification Easy to Hold27:00 – Hiding the Line Item: Reduce Regret Risk28:00 – What This Means for the Future of Portfolio Construction
🏷️ #ReturnStacking #ManagedFutures #PortfolioDiversification #InvestSmarter #ETFStrategies
Copyright © AdvisorAnalyst
Forget what you thought about merger arbitrage — it’s no longer out of reach for individual investors and advisors.
In this episode, Corey Hoffstein, CIO at Newfound Research and co-creator of Return Stacked ETFs, joins us for a deep dive into merger arbitrage — a long-used institutional strategy that’s now accessible to retail and advisor portfolios via the RSBA ETF (Return Stacked Bonds & Arbitrage ETF)Corey explains that merger arbitrage isn’t just about betting on deals; it’s about systematically capturing a risk premium tied to time and deal closure uncertainty. With low correlation to stocks, bonds, and credit spreads, merger arb serves as a powerful diversifier — especially in today’s tight credit environment. The discussion covers how RSBA overlays this risk premium on top of core U.S. Treasuries, allowing investors to enhance returns without sacrificing their bond sleeve. Corey unpacks the return stacking framework, behavioral benefits, and why this method reduces "line item risk" while expanding portfolio breadth. This isn’t just theory — it’s a practical way for advisors and investors to get exposure to uncorrelated return streams, preserve core holdings, and finally access what institutions have done for decades.Chapters
00:00 – Introduction: Why Merger Arb is Timely01:00 – What is Merger Arbitrage? Mechanics of the Strategy03:00 – Risk Premium vs Arbitrage: What You’re Really Capturing04:00 – How Merger Arb Correlates (or Doesn’t) with Stocks, Bonds, and Credit05:30 – Why Tight Credit Spreads Make Merger Arb a Strong Alternative07:00 – What RSBA Is and How It’s Constructed08:30 – Bonds + Merger Arb = Corporate Bond Alternative?10:00 – Return Stacking Explained: Keep Your Core Beta, Add a Layer12:00 – Why Merger Arb Is Historically Undervalued by Advisors13:30 – Behavioral Obstacles and Reducing Line Item Risk15:00 – Breadth vs Depth in Diversification: Expanding Risk Premiums16:30 – From T-Bills + Arb to Treasuries + Arb: A Better Structural Design17:00 – Building a “Hyper Diversified” Portfolio with Return Stacking18:30 – How Stacking Reduces Tracking Error and Behavioral Risk19:30 – Democratizing Portable Alpha for Every Investor20:00 – Closing Remarks: The Future of Diversification Is Here
💡 Key Takeaways* Merger arbitrage is a true, durable risk premium, not a speculative bet — it compensates investors for time and deal break risk post-announcement. * RSBA combines Treasuries and merger arb into a single ETF, offering a compelling alternative to corporate credit without the same economic exposure. * Return stacking allows investors to “add without subtracting”, enhancing portfolios with diversifiers while retaining core holdings. * Behavioral issues like tracking error and client discomfort are reduced by maintaining traditional exposures while quietly layering on return streams. * You no longer need to give up your bonds to get alpha. With ETFs like RSBA, you can have both — and do it with institutional-grade tools.
More...Return Stacked ETFsRSBA#ReturnStacking #MergerArbitrage #CoreyHoffstein #InvestmentStrategies #alternativeinvestingCopyright © AdvisorAnalyst
In this episode, Pierre Daillie sit down with Eli Yufest, Executive Director of The Canadian ETF Association (CETFA), for a sharp and revealing conversation about the future of Canada’s ETF industry. Yufest gets right down to it: beyond the Canadian ETF industry's assets under management, more than $230 billion of Canadian investor capital has left the country—straight into U.S.-listed ETFs—and he’s sounding the alarm on what’s at stake if that trend continues.
With ETFs now pushing close to $600 billion in assets under management at home, CETFA is stepping up with a full-court press—launching bold educational campaigns, ramping up advocacy efforts, and pushing for smart policy changes. From regulatory risks and investor misconceptions to a tidal wave of U.S. share-class products set to flood the market, this episode digs into the real pressures threatening Canada's investment ecosystem—and the plan to keep it thriving.
What if the biggest threat to Canada’s financial future isn’t inflation or interest rates—but our own indifference to homegrown ETFs?
📌 Episode Snapshot:Newly appointed CETFA Executive Director Eli Yufest joins us to share his blueprint for growing and protecting Canada’s ETF industry. With a warning about the growing shift of Canadian dollars to U.S.-listed ETFs, Yufest outlines a two-pronged strategy: direct advocacy with regulators and an aggressive education push to reach everyday investors and financial advisors. The conversation covers looming CRM3 disclosure changes, why young Canadians are embracing ETFs, how innovation can unlock broader access, and what’s at risk if we fail to make the domestic market more competitive.
Chapters:[00:01:00] – Meet Eli Yufest – from political campaigns to ETF advocacy[00:06:30] – What surprised Eli about the ETF industry[00:08:00] – Canada’s overlooked role as ETF innovator[00:09:30] – Why regulators and politicians are finally listening[00:11:00] – CETFA’s core mission: Grow the ETF industry[00:13:00] – The education gap: Jane & Joe Front Porch still don’t know what ETFs are[00:14:30] – Advisors: Still a huge ETF adoption lag[00:15:30] – ETF misconceptions: liquidity, costs, and innovation[00:17:30] – Gen Z, online brokerages, and the future of DIY investing[00:20:00] – The biggest threat: $230B in assets has left for the U.S.[00:22:00] – ETF share class tsunami: 1,200+ new U.S. products are coming[00:25:30] – Why Canada must act now—or lose its ETF market entirely[00:28:00] – Private equity ETFs and the democratization of access[00:33:00] – From hedge fund strategies to long-short: ETFs unlock it all[00:35:30] – CETFA’s behind-the-scenes policy influence and wins[00:39:00] – Expanding membership, strengthening industry alignment[00:41:30] – Drawing on a career in strategy and education to lead change
#CanadianETFs #ETFInnovation #InvestorEducation #CapitalFlight #FinancialAdvocacy
In this episode, Mike Philbrick, CEO, ReSolve Asset Management (which jointly innovated Return Stacked Portfolio Solutions with Newfound Research) breaks down how systematic macro strategies can offer powerful diversification benefits—and how Return Stacked™ portfolios make it possible for investors to keep their traditional equity and bond allocations intact while layering on a return stream designed to thrive in challenging market environments. Mike and Pierre unpack the behavioral pitfalls of traditional diversification, the institutional roots of portable alpha, and how the RGBM ETF (Return Stacked™ Global Balanced & Macro ETF) helps solve the portfolio funding dilemma for Canadian investors.
Pierre Daillie and Mike Philbrick welcome Tony Dong—Lead ETF Analyst at ETF Central and founder of ETF Portfolio Blueprint— to the show to explore why investors may need to rethink their reliance on traditional portfolio diversifiers like long-term bonds. Dong pulls no punches, calling out the pitfalls of covered call ETFs, explaining how to think critically about buy-write strategies, and championing capital-efficient alternatives like return stacking, trend-following CTAs, and risk-managed overlays. The trio also dig into the strategic case for overlooked assets like Swiss equities and the Swiss franc, while sharing practical insights into investor behavior, rebalancing discipline, and building resilient portfolios in a stagflation-prone world. 🔖 Key Takeaways:
- Why blindly chasing high-yield covered call ETFs is a mistake
- The underrated power of trend-following as a crisis alpha tool
- How to use return stacking for smarter diversification
- Why Switzerland may be the ultimate geopolitical safe haven
- The behavioral traps investors fall into—and how to avoid them
🕒 Chapters:00:00 – Tony Dong’s Risk-First Origin Story03:45 – The Problem with Index-Based Covered Call ETFs08:30 – Gold, Volatility, and Opportunistic Buy-Write Strategies13:10 – QYLD: A Yield Trap in Disguise?19:45 – When Bonds Fail: Gold and Trend as Alternatives23:20 – Leveraging Diversification with Return Stacking28:00 – Retail’s Dangerous Love Affair with Leveraged ETFs31:40 – The Rise of Structured Protection: Put Spread Collars36:20 – Why Low Vol and Min Vol May Be Broken Concepts39:10 – Trend Following: The Case for Buying the Shop, Not the ETF43:00 – Behavioral Risk and Staying the Course with Alternatives47:30 – How to Rebalance for Real-World Portfolios53:00 – Investor Psychology, Crisis Alpha, and Staying Invested57:00 – The Case for Switzerland: Stability, Strength, and Sanity
Where to find Tony DongETF Portfolio Blueprint - https://etfportfolioblueprint.comTony Dong, Lead ETF Analyst, ETF Central - https://www.etfcentral.com/author/tony-dong
#InvestingStrategy #ETFs #TrendFollowing #ReturnStacking #PortfolioDiversification #CoveredCalls #QYLD #Alternatives #CapitalEfficient #Gold #BehavioralFinance #TonyDong #RaiseYourAverage
Canadian ETFs are booming—and behind the scenes, a quiet revolution is reshaping how advisors and investors build smarter, more efficient portfolios. In this episode, ETF industry leader Ronald Landry, Vice President, Head of Segment Solutions and Canadian ETF Services at CIBC Mellon joins us to explore what’s driving record ETF flows, the rise of covered calls and liquid alts, the accelerating evolution of Canada's ETF landscape, and the policy shifts that could transform the advisory business in 2025 and beyond.Landry shares over 30 years of industry insight, covering everything from:
- The two-year boom in covered call ETFs—and why yield remains king
- How alternative strategies are finally gaining traction after years of slow adoption
- New ETF-wrapped solutions making it easier than ever for advisors to close portfolio gaps
- The regulatory innovations (like total cost reporting and ticker rule proposals) that could reshape the advisor-client conversation
- Why Canada continues to lead global ETF innovation—and what the US is learning from our market
Chapters00:00 – The ETF Boom: Why 2025 Is Already One for the Record Books02:00 – 30 Years of Insight: Ron Landry’s Unlikely Path to ETF Leadership04:00 – Markets in Transition: What Record Q1 Flows Are Really Telling Us08:00 – Central Banks in a Bind: Rates, Tariffs, and the Inflation Puzzle09:30 – Single Stock ETFs, CDRs, and the Quest for Yield in Canada12:00 – Built for Canadians: Why Homegrown ETFs Are Winning14:00 – Crypto, Covered Calls, and the Real Drivers of Demand16:00 – Alternatives Accelerating: The 53% Growth Story You Missed19:00 – Advisors' Dilemma: Explaining Line Item Risk in a 60/40 World21:00 – Regulation as Catalyst: CSA Reviews, Cost Transparency, and Ticker Labels24:00 – From 6% to 20%: Canada’s ETF Market Is on a Tear26:00 – The Rise of Dual-Structure Funds: ETF and Mutual Fund Hybrids27:00 – Canada: The Quiet Giant of ETF Innovation29:00 – One Rulebook to Rule Them All: The Secret to Canada’s ETF Advantage #ETFs #CanadianETFs #InvestingCanada #FinancialAdvisors #CoveredCalls #LiquidAlts #ETFInnovation #CIBCMellon #RonLandry #WealthManagement #PortfolioConstruction #FinancePodcast #InvestmentStrategies #YieldHunting
The most important tech story of the decade isn’t in Silicon Valley—it’s unfolding in Mumbai, Delhi, and Bangalore. In Part 2 of our in-depth conversation, Kevin Carter, founder of EMQQ Global, reveals why India’s digital transformation, powered by the India Stack, is not only revolutionary—it’s investable.We dive deep into the megatrends fueling India’s internet economy, explore explosive business models like 10-minute delivery, and uncover why investors are missing one of the greatest untold tech stories of our time. As Kevin puts it: "There's no developed or emerging country with anything like this... and the world has no idea it exists."👇 CHAPTERS00:00 – India’s human capital and the reverse brain drain02:00 – Startup boom: From 500 to 120,000 startups05:00 – Modi’s economic machete and $1T infrastructure plan08:00 – The three megatrends redefining emerging markets10:00 – The India Stack explained: Aadhaar, UPI, and digital identity14:00 – Opening 800M bank accounts in 10 years18:00 – Geo and the $12 smartphone revolution20:00 – UPI: 16B instant transactions a month22:00 – The death of cash: 95% to 20% in 7 years24:00 – The trillion-dollar secret the world doesn't know27:00 – Quick Commerce: Blinkit, dark stores, and 10-minute delivery34:00 – Zomato's ecosystem and disruption beyond food39:00 – India’s small cap exuberance and retail options boom43:00 – Companies to watch: MakeMyTrip, FirstCry, InfoEdge46:00 – Kevin’s final thoughts: Throw out the old EM model
Where to find Kevin Carter, EMQQ GlobalKevin Carter on Linkedin - https://www.linkedin.com/in/thekevintcarter/EMQQ Global - https://emqqglobaletfs.com/
IndiaStack #EmergingMarkets #Fintech #DigitalIndia #UPI #Aadhaar #QuickCommerce #Blinkit #Zomato #EMQQ #KevinCarter #ModiEconomics #InvestInIndia #IndianStartups #DigitalTransformation #TechInvesting
🔥 You’ve heard of index funds… but what if the real revolution in investing started with fractional shares, a phone call to Dr. Burton Malkiel, and a vision for emerging markets that no one saw coming?In Part 1 of this fireside chat on Insight is Capital host Pierre Daillie sits down with Kevin Carter, Founder and CIO of EMQQ Global, for a wide-ranging conversation that spans Carter’s unplanned journey into finance, his pivotal role in the birth of fractional investing, AND direct indexing, and the origin story of EMQQ, the Emerging Markets Internet Index ETF.Carter recounts his early days reading A Random Walk Down Wall Street, cold-calling its author Dr. Burton Malkiel, and launching not one—but multiple investing platforms that have shaped how millions invest today. From building the “Build Your Own Fund” platform sold to ETRADE, to coining “Tax Alpha”, to launching ETFs that target the real growth in emerging markets (hint: it's not state-owned enterprises), this episode is a deep dive into innovation, conviction, and seeing around corners.🎬 Chapters & Timestamps:00:00 – Intro: Meet Kevin Carter, founder of EMQQ Global01:30 – How a basketball chat led to a job on Wall Street03:10 – Reading A Random Walk Down Wall Street—and calling its author06:45 – Realizing the mutual fund industry is a 1.5% “wealth tax”10:15 – Africa, a notebook, and the spark for fractional investing13:00 – Creating eInvesting and pioneering Build Your Own Fund16:20 – Cold-calling Dr. Burton Malkiel at Princeton18:30 – Selling to ETRADE and the rise of direct indexing22:00 – Custom indexing, ESG before ESG, and inventing “Tax Alpha”28:00 – Avoiding over-diversification: Buffett vs. Bogle33:00 – The Google connection and the call to invest in China37:00 – The red flags inside traditional China ETFs44:00 – Launching EMQQ to target the real consumer tech growth49:00 – Smartphones, internet, and the leapfrog effect55:00 – Why EMQQ and INQQ launched at the worst possible time58:00 – The delisting drama, China tech crackdown, and investor fear01:03:00 – EM growth vs. value traps—and why India is nextThis conversation continues in Part Two, where we dive into the "India Stack" and what it means for India's economic growth and tech/internet sector.
Where to find Kevin Carter, EMQQ GlobalKevin Carter on Linkedin - https://www.linkedin.com/in/thekevintcarter/EMQQ Global - https://emqqglobaletfs.com/
EMQQ #Investing#EmergingMarkets#ETFs#FractionalShares#Indexing#KevinCarter#ChinaTech#IndiaGrowth#SmartphoneRevolution#BurtonMalkiel#TaxAlpha#DirectIndexing#Vanguard#Buffett#FutureOfFinance#FinancialInnovation
Can one word from a U.S. president really move markets by 8% in two hours? Bloomberg’s Eric Balchunas calls it the "Trump Put"—and that's just for starters.
Episode Summary:In this episode, Raise Your Average hosts Pierre and Mike welcome back Bloomberg Senior ETF Analyst Eric Balchunas, and co-host of Trillions, for a dynamic conversation that peels back the curtain on ETF flows, investor psychology, and the growing crossover between crypto and traditional finance. Balchunas unpacks the hidden narratives driving today's markets—from the surge in passive flows and rebalancing tailwinds, to the rise of “Vanguardians” and the Degens chasing leveraged plays. He also explores how mutual fund share classes, private credit, and public-private crossovers are changing the ETF landscape. With his signature humor and razor-sharp insight, Balchunas offers a front-row seat to the evolution of asset management.
Key Takeaways:Timestamps:00:00 – Intro and Eric Balchunas joins the show03:00 – $333B ETF inflows and the "Vanguard clip"05:45 – The divergence between retail flows and institutional positioning07:00 – The "Trump Put" and the 8% rally on one word08:30 – Degens, leveraged ETFs, and why people keep buying the dip10:00 – Persistent love for U.S. stocks despite better international value12:00 – Gold vs. Bitcoin: who's winning in 2025?14:00 – Bitcoin's improving volatility profile and “better owners”16:00 – Why Bitcoin ETFs are changing the game18:30 – Cognitive dissonance: crypto purists vs. TradFi adoption21:00 – Passive power, BlackRock conspiracies, and Bogle’s last stand27:30 – ETF transparency vs. mutual fund mythology30:00 – Mutual fund ETF share classes: game changer or Trojan horse?34:00 – Private credit and public-private crossover ETFs38:30 – Why XOVR’s SpaceX bet caught fire40:00 – The veil lifts on private equity NAV “magic”43:00 – Active ETFs: rebirth, reinvention, or just beta repackaged?50:00 – The final frontier: alts, liquidity, and the ETF trust factor
RaiseYourAverage #EricBalchunas #Bloomberg #ETFs #BitcoinETF #Vanguard #PrivateCredit #MutualFunds #TrumpPut #CryptoMarkets #GoldVsBitcoin #ETFFlows #InvestmentStrategy #MarketInsightsCopyright © AdvisorAnalyst.com
What happens when political ambition trumps economic reality? Doomberg lays it bare.In this episode, Doomberg returns to unpack the dangerous disconnect between Washington’s four-year campaign cycle and the multi-decade timelines required for industrial and energy investments. From Trump’s tariff threats to the fragility of global auto supply chains, we explore why the U.S. economy may be hurtling toward a recession of its own making. Doomberg dives deep into America's squandered energy advantage, China's calculated rise, and how short-term politics is colliding with long-term capital planning. If you care about markets, manufacturing, or the future of Western economic resilience — you don’t want to miss this one.Chapters:00:00 – Introduction: Supply Chains, Tariffs, and Recession Risk04:00 – Trump’s Strategy: Diagnosis vs. Execution08:00 – Six Reasons Auto Tariffs Will Backfire13:30 – EVs, China, and the Renewable Illusion17:00 – Energy Politics: North America, Europe, and Asia Compared22:00 – Reserves, Regulation, and the Bankability Crisis27:30 – Capital Cycle vs. Political Cycle: The Core Mismatch32:00 – Resource Riches and the Western Hemisphere Opportunity39:00 – Natural Gas: Oversupplied, Undervalued, Unstoppable44:30 – Energy Market Behavior: Spikes, Gluts, and Investor Strategy49:00 – Why Projects Get Built Under Republicans, Profits Under Democrats53:00 – Tariffs or Chaos? The Trump–Carney–Canada Connection58:00 – Europe's Military Fantasy Meets Energy Reality1:03:00 – War Fatigue, NATO, and the Illusion of Global Reach1:09:00 – Final Thoughts: Diplomacy, Decline, and the Danger of Delusion
RecessionWatch, #EVRevolution, #TradeWar, #EnergyPolicy, #BYDvsTesla, #SupplyChainDisruption, #MadeInAmerica, #IndustrialPolicy, #GeopoliticalRisk, #CapitalMarkets
SummaryIn this timely episode of Insight is Capital, Pierre sits down with Ilan Kolet, Institutional Portfolio Manager at Fidelity Investments, to unpack Fidelity’s latest macro outlook and strategic asset allocation decisions—just as the world braces for another wave of geopolitical and trade disruption.
Drawing from Fidelity’s latest research piece titled "Elbows Up", Kolet shares why his team is dialing back US equity exposure and tactically reallocating toward Europe. The conversation delves into the erosion of US institutional strength, rising stagflation risk, and the immense threat posed by potential tariffs on Canadian exports. Investors and advisors alike will find invaluable insights into positioning portfolios for resilience in a world increasingly defined by fragmentation and volatility.
Kolet’s clarity and candor shine through as he outlines how Fidelity is protecting investors from mounting uncertainty—without overreacting to short-term noise.
3 Key Takeaways:Chapters00:00 – Intro: Why One Fire Tanked Industrial Production01:05 – Today's Geopolitical Crossroads02:44 – From US Exceptionalism to Strategic Repositioning06:15 – Signs of Stagflation & Why Fidelity Bought Gold09:04 – The Undermining of Institutional Strength in the US12:41 – Valuations vs. Catalysts: Europe’s Turn to Shine18:25 – Caution on Canada: Debt, Rates, and Tariff Fallout22:29 – How Tariffs Could Hammer the Canadian Economy30:03 – Who Really Pays for Tariffs? A Case Study in Washing Machines36:57 – Manufacturing, Inflation, and Hollowed-Out Labor39:37 – Supply Chain Disruptions & Auto Sector Insights44:40 – Tactical Shifts: Gold, TIPS, and Currency Hedging48:32 – Wrapping Up: Managing Through Uncertainty
FidelityInvestments #GlobalAssetAllocation #IlanKolet #MarketOutlook2025 #InvestingInStagflation #USExceptionalism #GoldAsAhedge #TIPSInvesting #TradeTariffs #CanadianEconomy #AdvisorPodcast #FinancialMarkets #InvestmentStrategy #RecessionRisk
Is it possible to enhance diversification without sacrificing returns?In this episode of Raise Your Average, Pierre Daillie sits down with Rodrigo Gordillo of ReSolve Asset Management and Corey Hoffstein of Newfound Research to discuss the game-changing concept of return stacking and the launch of the Return Stacked Global Balanced & Macro ETF (RGBM)—now listed on the Toronto Stock Exchange.Discover how this capital-efficient and tax-efficient strategy allows investors and advisors to stack returns from systematic macro strategies on top of a traditional 60/40 portfolio—all without selling core assets.Packed with institutional insights, behavioral solutions, and a dose of ETF innovation, this conversation reveals how ReturnStacked® ETFs is democratizing strategies once exclusive to pension funds and hedge funds.⏱️ Chapters (Timestamps)0:00 - Intro: Why diversification doesn’t need to mean sacrifice2:52 - Genesis of Return Stacking: Portable alpha reborn6:45 - Institutional proof: The Delta Pension Plan case study11:50 - Solving line item risk & behavioral drag14:35 - "A spoonful of sugar helps the diversification go down."17:30 - Kitchen vs. Solarium: Pierre’s investing metaphor20:00 - Defensive leverage vs. LICE (Leverage that's Illiquid, Concentrated, Excessive)22:30 - Inside RGBM: Structure & allocation explained26:00 - Three implementation strategies for RGBM32:00 - Why use RGBM as a return enhancer36:00 - "Why are we playing the game on hard mode?"41:30 - Systematic macro: strategy, structure, and why now47:50 - The power of long-term structural un-correlation52:00 - Return stacking vs. alpha chasing in equity markets58:00 - Triple Alpha: Strategy Alpha, Structural Alpha, Tax Alpha1:00:00 - Closing thoughts & how to learn more🔗 Resources & Links📘 Learn more about RGBM ETF📚 Explore the Systematic Macro Research library📰 Read more from ReSolve Asset Management🧠 Newfound Research insights
Copyright © AdvisorAnalyst
#ReturnStacking #RGBM #ETFInvesting #CapitalEfficiency #SystematicMacro #AlternativeInvestments #PortfolioDiversification #FinancialAdvisors #BehavioralFinance #InvestingStrategies #RaiseYourAverage
In this episode of Insight is Capital, Pierre Daillie sits down with Tony Dong, founder of ETF Portfolio Blueprint and lead ETF analyst at ETF Central, for a comprehensive dive into the fast-evolving world of exchange-traded funds. Tony brings sharp insights and a dose of healthy skepticism to today’s ETF landscape—from flashy private credit products and speculative options-based funds to underappreciated core portfolio strategies like the "cockroach portfolio."
Tony pulls back the curtain on everything from buffer ETFs and zero-day options to smart beta, tax efficiency, and how to write an investment policy statement that keeps you grounded when FOMO strikes.
You’ll learn:
- What to watch out for in private market ETFs like PRIV and XOVR
- The performance gap between growth and value ETFs—and what to do about it
- Why simplicity beats complexity in volatile markets
- How the “cockroach portfolio” can deliver long-term resilience
- The importance of resisting shiny object syndrome with new ETF launches
Chapters & Timestamps:00:00 – Risk in Private Credit ETFs: A Sanity Check01:45 – Tony Dong’s Background: From Risk Manager to ETF Expert03:50 – Market Outlook: Why Allocators Are Skittish in 202405:00 – Growth vs. Value ETFs: Are Investors Missing the Point?08:00 – The Better Way to Access Factor Investing10:30 – Risks and Red Flags in Private Market ETFs (PRIV, XOVR)14:30 – Authority Bias and Fund Due Diligence16:45 – Best New ETF Launches: Canada vs. US18:50 – Derivative-Based and Zero-DTE ETFs: Caution Required20:15 – Liquid Alternatives and Bridgewater’s All Weather ETF22:25 – Return Stacking and Trend Following Strategies23:45 – The Problem with “1+1” S&P 500 + Bitcoin ETFs25:00 – Buffer ETFs Explained: Training Wheels for Risk-Averse Clients27:00 – Why You Need an Investment Policy Statement29:00 – Building the Cockroach Portfolio: Resilience First32:00 – The Psychology of Staying Invested34:00 – Where to Find Tony Dong and His Research
Featured Guest:Tony Dong – Founder, ETF Portfolio BlueprintLead ETF Analyst, ETF CentralWebsite: https://etfportfolioblueprint.comLinkedIn: Tony Dong on LinkedIn
Is Wall Street turning investing into a casino? Dave Nadig reveals the hidden cracks in the ETF system, the explosive risks no one’s prepared for, and what financial advisors must understand before it’s too late.The ETF market has never been more innovative—or more dangerous. In this controversial conversation, industry veteran Dave Nadig breaks down the evolution of financial markets, the rise of speculative ETF products, and why unchecked leverage in the options market could be the next major financial disaster.Nadig also highlights Canada’s unique role in ETF innovation, the psychological battle between retail FOMO and institutional stability, and why financial advisors need to filter out the "black hats" from the "white hats" in today's investing world.This is a must for investment professionals, advisors, and anyone trying to navigate an increasingly chaotic financial landscape.Chapters0:00 – The ETF Industry’s Hidden Risks1:21 – Canada vs. U.S.: Who Leads in ETF Innovation?3:32 – Financial Chaos: Why Markets Feel Like a Circus4:34 – The Power Play Behind Market Volatility9:51 – Black Hats vs. White Hats: The Real ETF Battle14:29 – Retail Speculation: A Dangerous Game?17:13 – Why Passive Investing Still Wins (For Now)26:15 – How to Survive as an Advisor in a Speculative Market39:55 – The ETF Market’s Next Big Blow-Up48:58 – Are Financial Regulators Being Dismantled?53:40 – The ‘Buy The Dip’ Mentality: Will It Ever Break?1:05:04 – Final Takeaways for Investors & Advisors
#Investing #ETF #Finance #Markets #WallStreet #FinancialAdvisors #PassiveInvesting #StockMarket #OptionsTrading #RiskManagement #Trading #WealthManagement #InvestSmart
🔹 Is your portfolio riding the edge of chaos? Discover why diversification is back—and how to future-proof your investments before it’s too late.The investment world is shifting, and your portfolio needs to keep up. In this must-watch episode of The Insight is Capital Podcast, Pierre Daillie sits down with Paisley Nardini, portfolio manager and multi-asset strategist at Simplify Asset Management, to break down the rise of alternative investments, the return of diversification, and how to navigate today's unpredictable markets. They tackle the evolving role of derivatives, flow-driven investing, and the institutional strategies now accessible to advisors. Paisley shares her insights on market cycles, interest rates, geopolitical risks, and how to hedge against uncertainty without making high-conviction bets that could wreck your returns.If you’re an advisor looking for smarter ways to manage risk and capture new opportunities, this episode is packed with insights you can’t afford to miss.
📌 Chapters & Timestamps:0:00 - What is Flow-Driven Investing? Unlocking institutional alpha for advisors1:37 - Introduction2:16 - Meet Paisley Nardini—From equity analytics to multi-asset strategy5:06 - Why Fixed Income Isn’t “Boring” The real driver behind macro trends10:47 - The ETF Revolution How rule changes reshaped portfolio diversification11:58 - The Noise Problem Separating innovative investing from speculation15:49 - Hedging for Tail Risk Using derivatives for capital-efficient protection20:13 - The FOMO Dilemma Why one group of investors is missing the big picture26:21 - Where Are Rates Headed? The advisor divide on higher-for-longer vs. duration bets30:38 - Riding the Edge of Chaos The thin ice we’re skating on in today's markets33:53 - Market Outlook for 2025 Why the game has changed for growth & earnings36:05 - Correction or Collapse? What’s really happening under the market’s surface38:15 - Hard Assets & Inflation Commodities, gold, and the hidden drivers of price action42:28 - True Diversification The difference between academic & structural returns47:32 - Breaking the 60/40 Model How advisors should adapt their portfolios now50:24 - Avoiding Costly Mistakes Why gradual changes beat high-conviction bets55:26 - How to Implement Change The ETF solutions making diversification seamless58:49 - Final Takeaways The key to building resilient, forward-looking portfolios
#Investing #FinancialAdvisors #PortfolioManagement #ETFs #AlternativeInvestments #Derivatives #MarketOutlook #InterestRates #StockMarket #InvestmentStrategy #TailRiskHedging #WealthManagement #Diversification #HedgeFunds #FinancialMarkets
In this episode Som Seif, CEO of Purpose Investments, joins us to challenge common misconceptions about private markets. First, we discuss the current state of markets. Seif explains why private assets—private equity, private credit, and private real estate—are becoming essential components of modern investment portfolios. He discusses how institutional-grade private investments have become accessible to retail investors, debunks myths about risk and illiquidity, and outlines how these assets can enhance diversification, generate uncorrelated returns, and offer a more stable investment experience. Finally, we delve into how private sub-advisor managers like Apollo, Pantheon, and BlueRock are taking a significant role in democratizing access to these private market opportunities.01:22 – Introduction: Debunking Private Markets01:39 – Opening Disclaimer01:58 – The State of Markets in 2025: Uncertainty & Opportunity04:50 – Emotions vs. Rational Investing: Avoiding Reactionary Mistakes09:17 – Why Private Markets Matter Now More Than Ever10:04 – The Rise of Private Investments for Retail Investors14:56 – Breaking the Myth: Institutional vs. Retail Access16:58 – How Private Market Investments Are Being Democratized21:03 – The Role of Private Assets in Portfolio Construction23:34 – Private Equity: The Strategic Edge Beyond Public Markets29:26 – Private Credit: A Rising Opportunity Amid Bank Retrenchment33:55 – The Convergence of Private Equity & Private Credit37:41 – Addressing Liquidity Concerns in Private Market Investing45:27 – Purpose Investments’ Approach to Private Market Accessibility47:48 – What Advisors Need to Know About Private Markets49:79 – Final Takeaways: A Call to Reevaluate Private Investments
PrivateMarkets #AlternativeInvestments #PrivateEquity #PrivateCredit #RealEstate #PortfolioManagement #WealthManagement #InstitutionalInvesting #InvestmentStrategy #FinancialMarkets
Private markets are undergoing a seismic shift, with assets poised to surge from $13 trillion to $23 trillion in just five years. As interest rates fluctuate and the new U.S. administration reshapes the financial landscape, where should investors look for opportunities, and what risks lie ahead?
In this episode, we are joined by Ash Lawrence, Head of AGF Capital Partners, to unpack the evolving world of private equity, private debt, and absolute return strategies. We discuss:
- The impact of rising and falling interest rates on alternative strategies
- The growth of private credit as banks tighten lending
- The role of continuation vehicles in private equity
- How alternative investments can enhance returns and mitigate risk
- What the Trump administration’s policies mean for markets
- The increasing institutional and retail adoption of alternatives
As markets face volatility and uncertainty, alternative investments offer new ways to build resilient, high-performing portfolios. Don't miss this deep dive into the future of alternatives with insights from one of the industry's top experts.
Subscribe for more exclusive insights on markets, investments, and strategies that shape the financial world.
PrivateEquity #PrivateDebt #HedgeFunds #Investing #AlternativeInvestments #Finance #WealthManagement #Markets #AGF #PrivateMarkets #EconomicTrends #FamilyOffices #FixedIncome #MultiStrategy #InvestmentTrends
📖 Did you know that nearly 1 in 5 Canadian adults struggles to read a simple sentence?
In this eye-opening episode of the Insight is Capital Podcast, host Pierre Daillie sits down with Mélanie Valcin, President & CEO of United for Literacy, to discuss the life-changing impact of literacy on individuals, families, and the Canadian economy.
We explore:
✅ The hidden literacy crisis in Canada and how it affects employment, health, and civic engagement
✅ The $50+ billion GDP boost that raising literacy levels by just 1% could create
✅ How United for Literacy is helping individuals overcome barriers and unlock new opportunities
✅ The vital role of financial literacy in economic empowerment
✅ Ways YOU can help make a difference
🎲 Join us for "Game Night for Literacy" on March 5, 2025!
📍 Arcadian Loft, Toronto
This fun-filled fundraising event will bring together leaders from the financial industry to support literacy programs across Canada. Play Scrabble, Trivia, Taboo, and more—while making a meaningful impact.
🔗 Get your tickets now! 👉 gamenightforliteracy.ca
👥 Want to get involved?
Volunteer, donate, or learn more at unitedforliteracy.ca
🔔 Subscribe for more insightful conversations with thought leaders shaping the future of finance and society.
UnitedForLiteracy #GameNightForLiteracy #FinancialLiteracy #EducationMatters #RaiseTheBar #InsightIsCapital #AdvisorAnalyst #Podcast #LiteracyMatters #Impact #GameOnForLiteracy
Market uncertainty, rate cuts, U.S. exceptionalism, and a potential Canadian dollar shock—are we prepared for 2025? In this must-watch episode, Pierre Daillie sits down with Ilan Kolet, Institutional Portfolio Manager at Fidelity’s Global Asset Allocation Team, to dissect the most pressing questions investors and advisors are facing right now.
- What happens if a 25% tariff is imposed on Canadian exports?
- Is the Canadian dollar heading for a collapse?
- Why are U.S. equities still the best game in town?
- Have investors misunderstood the bond market?
- Should portfolios brace for a new investment paradigm?
"A 25% tariff on Canadian exports could trigger as much as a 6% GDP shock, a 3% surge in inflation, and send the Canadian dollar plummeting to 52 cents." — Ilan KoletEpisode Highlights & Timestamps00:00:00 Intro & Welcome – Kicking off 2025 with uncertainty
00:02:00 A Market on Fire – Why a balanced portfolio returned 20% in 2024
00:03:00 The Elephant in the Room: Political Instability & Tariffs
00:07:00 Canada’s Hidden Economic Weakness & The BoC's Dire Post-Tariff Simulation
00:13:00 Inflation or Deflation? What a Shock Would Mean for Investors
00:18:00 Are Investors Front-Running Inflation?
00:22:00 Positioning for Uncertainty: How to Build Resilience into Portfolios
00:27:00 The Bond Market Paradox: Higher for Longer?
00:30:00 Why U.S. Equities Are Still the Best Bet in 2025
00:36:00 Rate Cuts: Canada Has to Cut, The Fed Wants to Cut
00:42:00 Will the Canadian Dollar Go On Sale?
00:49:00 The Rise of Alternatives & Why They’re Critical in This Market
00:54:00 The ‘Magic’ of Portfolio Construction in Volatile Markets
00:55:00 Closing Thoughts – An Elegant Solution for Complex Markets
Get Fidelity's latest whitepaper: 11 Questions into 2025
Listen to the full episode and get ahead of 2025’s biggest investment challenges!
Markets #Investing #Finance #Economy #InterestRates #PortfolioManagement #WealthManagement #Stocks #Bonds #Canada #USMarkets #Alternatives #Fidelity #Tariffs #MacroEconomics
What does 2025 have in store for investors? Join us as we dive deep into the markets, macroeconomics, and the evolving landscape of risk and opportunity with Aahan Menon, Founder and CEO of Prometheus Research. In this special kickoff-to-2025 episode of Raise Your Average, Aahan breaks down his systematic and probabilistic approach to navigating today’s unpredictable economic environment, shares his investment outlook, as well as asset allocation. You may be surprised.
Key Insights:
Macro Trends for 2025: How growth, inflation, and interest rates are setting the stage for the year ahead.
Managing Risk: Why a systematic framework is essential in a time of elevated uncertainty.
Market Narratives Unpacked: The disconnects between popular sentiment and economic data.
Probabilities, Not Predictions: How Prometheus Research quantifies risk and uncovers market opportunities in real time.
Actionable Takeaways: Prometheus' 4 ETF portfolio model, for investors looking to stay ahead of the curve in a rapidly shifting environment.
Quote of the Episode: "Investing today isn’t about certainty—it’s about managing probabilities in a world of growing complexity." – Aahan Menon
Chapters:
00:00 Introduction and Guest Welcome
01:19 Ahan Menon's Investment Framework
01:58 Market Dynamics and 2024 Review
05:48 Economic Indicators and Forecasts
10:21 Interest Rates and Economic Impact
24:51 Liquidity Conditions and Market Implications
46:52 Manufacturing Sector Challenges
53:15 Challenges in the Manufacturing Sector
53:26 Impact of Borrowing and Leverage
53:58 Wage Costs and Interest Burden
54:46 Investment and Borrowing Trends
56:10 Commodity Market Dynamics
58:02 Alpha Portfolio Strategies
01:01:38 Manufacturing and Economic Growth
01:03:53 Recession Indicators and Economic Slowdown
01:11:29 Real Estate Sector Analysis
01:17:14 Signal Strength and Portfolio Allocation
01:21:34 Bond Market Insights
01:31:58 Commodity Market Outlook
01:36:12 Asset Allocation - What to do now
01:43:40 Conclusion and Final Thoughts
Stay Ahead of the Curve:
Subscribe to Raise Your Average for more market insights, expert interviews, and actionable strategies to elevate your investing game.
Connect with Us:
Follow Aahan Menon on Linkedin
Prometheus Research on Substack
ReSolve Asset Management
Mike Philbrick on Linkedin
Investing2025 #RaiseYourAverage #MarketInsights #EconomicOutlook #PrometheusResearch
In this episode of Insight is Capital, we’re joined by Tony Davidow, Senior Alternatives Investment Strategist at Franklin Templeton Institute and author of the soon-to-be-released Private Markets: Building Better Portfolios with Private Equity. Tony shares his expert insights on the revolution in private market investing and why it’s reshaping wealth management.
We explore how private equity, private credit, and private real estate are transforming portfolio construction, offering uncorrelated returns, greater diversification, and resilience during market downturns. Tony demystifies the illiquidity premium, highlights the growing role of secondaries, and explains why advisors must embrace alternatives to meet client expectations in today’s financial ecosystem.
Key Topics
• Rethinking the 60/40 Portfolio: Why traditional strategies are no longer enough in today’s volatile markets.
• Private Markets for All: The innovations democratizing access to private investments.
• Illiquidity as a Feature: Why patience is key to unlocking higher returns.
• The Secondary Market Boom: Shorter J-curves and better diversification for private equity investors.
• Enhancing Advisor Value: How mastering alternatives strengthens client relationships and retention.
Chapters
0:00 - Welcome & Introduction
2:00 - The End of Easy Money: 2022’s Portfolio Wake-Up Call
6:30 - Tony’s Career & The Power of Private Assets
11:45 - Demystifying Private Market Accessibility
16:00 - Structuring Portfolios: Growth, Income, and Diversification
21:00 - Overcoming Client Hesitations Around Alternatives
26:00 - The Hidden Opportunities in Private Markets
34:00 - Illiquidity: A Feature, Not a Bug
42:00 - The Growing Role of Secondaries in Private Equity
47:00 - Trends Shaping Private Markets Over the Next Decade
55:00 - Closing Thoughts & Where to Find Tony
Links & Resources
• Tony Davidow on LinkedIn: Link
• Franklin Templeton Alternatives - Canada: Link
• Franklin Templeton Institute’s Alts Knowledge Hub: Link
• Tony’s Book: Private Markets: Building Better Portfolios with Private Equity (Coming February 2024).
PrivateMarkets #AlternativeInvestments #PortfolioConstruction #WealthManagement #PrivateEquity #PrivateCredit #RealEstateInvesting #InvestmentStrategies #FinancialAdvisors #TonyDavidow
Copyright © AdvisorAnalyst
In this episode of Insight is Capital, Pierre Daillie welcomes Barbara Stewart, CFA, a renowned global researcher, author, and former portfolio manager, to discuss her latest white paper, 'Women and Alts: A Global Perspective.' Commissioned by Kensington Capital Partners, the in-depth 83-page research paper explores the alt gender gap and the barriers preventing women from investing in alternative assets. Barbara shares insights from her extensive interviews with 52 global finance leaders, highlighting the need for improved information, network access, and inclusive marketing strategies. She emphasizes the importance of tailored marketing approaches and encourages women to begin investing, stressing the significance of understanding risks and making informed decisions. You can download the entire enlightening research report (and guide), full of detailed and universally practical tips and insights into the blossoming market for alternative investments, below.
Chapters00:00 Introduction
00:19 Welcoming Barbara Stewart
01:22 Barbara's Career Journey
03:37 Inspiration Behind the White Paper
06:05 Key Findings and Barriers
15:08 Strategies to Attract Women (and Men) to Alts
20:17 Future Trends and AI Impact
27:31 Advice for Women Interested in Alts
28:33 Conclusion and Acknowledgements
Copyright © AdvisorAnalyst, Barbara Stewart, Kensington Capital Partners
In this episode Mario Cianfarani, Head of Distribution at Vanguard Investments Canada joins us to discuss the latest findings from Vanguard Canada's Value of Advice survey. The widely developed survey, which gathered responses from 1,307 Canadian investors, highlights strong client satisfaction among advisors, with 74% of investors feeling their advisor is worth every dollar. The survey also reveals the generational shift towards online brokerages among younger investors aged 18 to 34, who at the same time have a desire access to an investment professional, frequent communication and personalized financial planning - a hybrid model. Key topics include trust issues among younger investors, the value of advice beyond investment performance, and strategies for advisors to engage with the next generation of clients effectively.
Chapters00:00 Introduction and Disclaimer
00:20 Overview of Vanguard Canada's Value of Advice Survey
00:41 Key Findings: Client Satisfaction and Online Brokerages
01:35 Generational Differences in Financial Advice
05:27 Trust Issues Among Younger Investors
12:02 The Role of Advisors in Life Events
24:12 Building Relationships with Younger Clients
28:16 Communication Strategies for Advisors
36:06 Perceptions of Financial Advisors' Value
44:29 Conclusion and Final Thoughts
Copyright © AdvisorAnalyst
In this episode, Richard and Pierre are joined by the brilliant and always-provocative Doomberg. Known for slicing through political and energy-market noise with precision, Doomberg unpacks the seismic shifts rippling across the globe following the U.S. election.
From the resurrection of "Drill, Baby, Drill" to the strategic chessboard of Big Tech’s nuclear ambitions, Doomberg delivers his signature contrarian takes on the interplay of energy, geopolitics, and the economy. Are we entering an era of “energy independence” under Trump 2.0, or is the green agenda facing its biggest existential test yet?
Key Topics We Cover:
📉 Why "Drill, Baby, Drill" might spell doom for energy equities but a windfall for supply.
⚛️ The real path forward for nuclear energy in a tech-driven future.
🛢️ How America’s hydrocarbon bounty could reshape foreign policy—and why Europe should brace itself.
🤝 The shifting power dynamics in BRICS and why Brazil’s Lula might be playing 4D chess.
🌐 Why geopolitics is veering toward a dangerous game of brinkmanship across Taiwan, Israel, and Ukraine.
Best Quote: "Industrial might is a derivative of energy abundance. Let’s rebuild domestic industry. Energy is life; the absence of it is death." – DoombergHit PLAY now to dive into one of the most insightful energy and geopolitical discussions of the year!
Chapters:
0:00 - Intro
3:45 - Trump’s Return: What it Means for Energy
15:30 - Big Tech’s Nuclear Gamble
23:00 - BRICS, Brazil, and the U.S. Pivot to the Western Hemisphere
35:00 - Middle East Flashpoints: Israel vs. Iran
45:00 - Taiwan’s Energy Crisis and Lessons from Germany
Don’t forget to like, subscribe, and turn on notifications for more hard-hitting conversations.
EnergyCrisis #Geopolitics #Doomberg #TrumpEnergyPolicy #BigTech #NuclearPower #GreenEnergy #OilAndGas #BRICS #AdvisorAnalyst
Share your thoughts in the comments below—what's your take on the future of energy under Trump?
Copyright © Raise Your Average, AdvisorAnalyst
In this episode Pierre and Adam sit down with Larry Swedroe, well-known expert in evidence-based investment strategies and former CIO at Buckingham Wealth Partners. They get into Larry's views on market forecasting, why investors should ignore short-term predictions, and the importance of building resilient and hyper-diversified portfolios to mitigate market risks. Swedroe emphasizes the inefficiency of individual stock selection and market timing, advocating instead for systematic, rule-based investment strategies. Additionally, he offers insights into the historical performance of various asset classes and how to think about risk in portfolio construction.
00:00 Introduction and Disclaimer
00:27 Welcoming Larry Swedroe
00:38 Larry's Background and Expertise
01:00 The Importance of Forecasting
02:11 Larry's Take on Market Predictions
04:12 Challenges in Economic Forecasting
07:03 Investment Strategies and Market Risks
12:07 The Value of Diversification
22:40 Key Investment Principles
33:13 The Importance of Staying the Course
44:35 Exploring Portfolio Diversification
45:39 The Importance of Education in Investing
47:28 Understanding Risk and Asset Allocation
49:11 The Role of Alternatives in a Diversified Portfolio
56:03 Behavioral Finance and Investor Psychology
59:46 Advising Clients on Investment Strategies
01:05:23 The Significance of Diversification
01:23:06 Final Thoughts and Personal Reflections
Where to find Larry Swedroe
Larry Swedroe on X (@larryswedroe)
Larry Swedroe on Linkedin
InvestmentStrategies, #MarketRiskManagement, #PortfolioDiversification, #AlternativeInvestments, #LarrySwedroe, #StockMarketInsights
Copyright © AdvisorAnalyst
Pierre welcomes back Ilan Kolet, Institutional Portfolio Manager at Fidelity Investments. This episode delves into Ilan's expert analysis on U.S. and Canadian economies amid ongoing global economic shifts. Discover insights on the Fed's unprecedented rate cuts, the productivity expansion in the U.S., challenges facing the Canadian economy, and Fidelity's tactical asset allocation positioning. Ilan also shares his experience and insight from the NABE conference and thoughts on the future of fiscal and monetary policy. Explore investment strategies and gain valuable perspectives on navigating today's markets.
Timestamped Highlights00:00 Introduction and Disclaimer
00:20 Guest Introduction: Ilan Kolet
01:38 Market Overview: 2024 Insights
02:25 Fed's Decision and Implications
04:14 Productivity Expansion in the U.S.
09:05 Comparing U.S. and Canadian Economies
13:31 NABE Conference Highlights
22:47 Divergence in US and Canadian Monetary Policies
23:21 Strategic Use of the Canadian Dollar
24:58 Impact of Interest Rate Differentials
25:48 Canada's Economic Growth Drivers
29:11 Decoupling of the Canadian Dollar from Oil Prices
31:28 US Shale Revolution and Its Implications
32:31 China's Economic Influence on Canada
33:49 Tactical Asset Allocation Strategies
37:44 Impact of US Election on Economic Policies
40:57 Fixed Income and Commodities Exposure
45:28 Ongoing Research and Portfolio Adjustments
48:32 Conclusion and Final Thoughts
Copyright © AdvisorAnalyst.com
In this episode of the Insight is Capital podcast, Pierre talks to Martin Lefebvre, Chief Investment Officer at National Bank Investments. They explore Martin's outlook on the economy, fixed income, and equities, amid a backdrop of U.S. stock highs, falling bond yields, and changing labor market indicators. They discuss the recent Federal Reserve's 50 bps interest rate cut and its implications, the potential for a soft economic landing, and the intricacies of the U.S. and Canadian housing markets. Additionally, Lefebvre delves into strategies for handling expected market volatility ahead of the U.S. election and the broader implications of global economic factors on investment strategies. The conversation provides valuable insights into asset allocation amid economic pressures and highlights the importance of a balanced investment approach in current markets.
Timestamped Highlights00:00 Introduction and Disclaimer
00:20 Guest Introduction: Martin Lefebvre
01:31 Market Overview and Economic Outlook
03:30 Federal Reserve's Rate Cut Decision
06:25 Impact on Fixed Income Strategies
09:52 Recession Risks and Asset Allocation
19:15 U.S. Election and Market Volatility
30:16 Geographical Positioning
35:46 Conclusion and Final Thoughts
Copyright © AdvisorAnalyst
In this episode of 'Raise Your Average,' co-hosts Pierre and Mike welcome Shana Orczyk Sissel, CEO at Banrion Capital Management. We explore Shana's 20-year journey in wealth management, her experience and insights on alternative investments, and the evolving landscape of the industry. Shana shares her personal story of transitioning from a career in sports management to finance, discussing the challenges and triumphs along the way. Our conversation gets into key trends and opportunities in the alternative space, including private equity, venture capital, and interval funds. Shana emphasizes the importance of differentiating and engaging clients through unique and personalized investment opportunities, from sports rights to fine art and beyond. With practical advice for advisors on how to integrate alternatives into client portfolios and the added benefits of working with experts, this episode offers a comprehensive look at making alternative investments accessible and appealing.
00:00 Welcome and Introduction
00:24 Guest Introduction: Shana Orczyk Sissel
02:01 Shana's Career Journey
04:31 The Role of Alternatives in Portfolios
11:41 Trends in Alternative Investments
21:26 Challenges and Opportunities in Alternatives
33:16 Exploring Market Neutral Strategies
33:45 Discussing BTAL: A Market Neutral ETF
35:23 The Complexity of Managed Futures
37:18 Return Stacking and Portfolio Diversification
39:00 Building Alternative Investment Portfolios
40:46 Banrion's Alternative Models
43:50 Understanding Diversifying and Non-Diversifying Alts
46:12 The Importance of Liquidity in Alternative Investments
51:52 Engaging Clients with Passion Investments
01:01:31 The Opportunity in Alternative Investments
01:05:24 Advice for Advisors Exploring Alternatives
01:10:18 Final Thoughts and Encouragement
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Where to find Shana Sissel, Banrion Capital Management:
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Banrion Capital Management
Shana Sissel on Linkedin
Shana Sissel on X
Shana Sissel on Instagram
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Where to find us:
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ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
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In this episode of Insight is Capital, Pierre welcomes Dr. Todd Finkle, esteemed Pigott Professor of Entrepreneurship at Gonzaga University and author of 'Warren Buffett: Investor and Entrepreneur.' Dr. Finkle draws on nearly two decades of research and personal experiences and notably, his connection to the Buffett family (he shares his memories of friendship and hanging around at school with Buffett’s son, Pete, and his friendship with both he and Susie), of taking students to meet Warren Buffett in Omaha, to explore Buffett's investment philosophy, entrepreneurial spirit, and the lasting impact of Buffett's childhood during the Great Depression. The discussion highlights the influence of key figures like Charlie Munger and Phil Fisher in Buffett's life, the importance of critical thinking, and the value of surrounding oneself with supportive individuals. Dr. Finkle shares the challenges of writing his book and the invaluable lessons learned from Buffett's mistakes while providing unique insights about the importance to Buffett and Munger of avoiding toxic people and embracing continual, lifelong learning.
Timestamped Highlights
00:00 Introduction to Dr. Todd Finkle and His Unique Insights on Warren Buffett
01:31 Dr. Finkle's Personal Connection to Warren Buffett and family
02:49 Warren Buffett's Philosophy and Influence
07:08 Buffett's Humble and Positive Character
10:20 Family Ties and Early Life in Omaha
28:04 The Entrepreneurial Spirit of Young Warren Buffett
35:27 Dr. Finkle's Journey to Writing the Book
38:05 Meeting Warren Buffett: A Professor's Experience
41:33 Meeting Warren Buffett: A Life-Changing Experience
42:39 Exploring Omaha: The Heart of Buffett's Investments
44:27 Buffett's Investment Philosophy and Local Business Support
46:02 The Humble Life of Warren Buffett
56:40 Buffett's Mistakes and Lessons Learned
01:10:09 The Entrepreneurial Spirit of Warren Buffett
01:17:31 The Future of Berkshire Hathaway
01:24:10 The Importance of Critical Thinking and Entrepreneurship
01:25:59 Final Thoughts and Best Advice
Bob Elliott, CEO, and CIO at NYC-based Unlimited Funds joined us on the show. We discussed his 13 years of experience while at Bridgewater Associates (10 years as head of Ray Dalio's investment research team), and the lessons he learned from the Global Financial Crisis and the more recent period of ecomomic upheaval, and today's macroeconomic landscape. Bob emphasized the importance of diversification, dissecting inflation, interest rates, as well as the effects of, for example, the impact of deglobalization and reshoring may have on the U.S. economy. We explore Unlimited Funds' innovative strategies of hedge fund like replication that everyday investors can now access, at far lower cost than the equivalent portfolio of 2&20 strategies. Bob stressed the significance of balancing risk in portfolios. Bob also shared insights on managing portfolio volatility, behavioral economics, and disciplined trading practices, offering invaluable advice on market assumptions and investment management.
Timestamped Highlights
00:00 Introduction and Host Greetings
01:36 Guest Introduction: Bob Elliott
02:41 Bob's Experience at Bridgewater
03:47 Lessons from the Global Financial Crisis
11:38 Current Macroeconomic Conditions
26:57 Impact of Interest Rates and Inflation
37:22 Gold as an Investment
41:16 Gold vs Bonds: A Comparative Analysis
42:14 Generational Perspectives on Gold
42:36 Understanding Economic Regimes
44:17 Strategic Portfolio Management
44:46 Challenges of Beating the Market
46:30 Accessing Top-Tier Asset Managers
47:33 The Role of Diversification
48:37 Replication and Manager Risk
51:19 Behavioral Aspects of Investing
01:03:09 Wealth Accumulation vs Wealth Management
01:04:59 Building a Robust Savings Portfolio
01:15:48 Final Thoughts and Best Advice
Uranium expert Justin Huhn, Founder & Publisher of Uranium Insider, joins Pierre Daillie and Mike Philbrick on the show to discuss the unfolding generational bull case for uranium and the entire uranium and nuclear power generation sector. We explore the cyclical nature of the uranium market, current supply and demand dynamics, and the impact of geopolitical tensions. Justin provides valuable insights on the increasing interest in nuclear energy as a clean power source, driven by rising global electricity demand and technological advancements. He sheds light on the potential for significant market developments by 2029-2030, the importance of long-term contracts, and the investment opportunities emerging from the ongoing and increasingly robust supply-demand imbalance.
Timestamped Highlights
00:00 Introduction and Greetings
00:16 Hurricane Experience and Weather Patterns
01:08 Introducing Guest: Justin Huhn
02:50 Justin Huhn's Background and Entry into Uranium Market
04:57 Understanding the Uranium Market Dynamics
07:24 Impact of Fukushima and Market Recovery
20:16 Technological Advancements in Nuclear Energy
26:29 Growing Demand for Electricity and Nuclear Energy's Role
35:18 Uranium Processing and Conversion
35:50 Enrichment and Fabrication
36:59 Global Market Dynamics
37:58 US Nuclear Industry Challenges
38:46 Geopolitical Impacts on Uranium Supply
48:32 Investment Opportunities in Uranium
54:51 Market Volatility and Investment Strategies
01:01:05 Future Outlook and Conclusion
In this episode of Insight is Capital, Pierre Daillie chats with Jason Buck, Chief Investment Officer at Mutiny Fund, to discuss defensive and offensive strategies in portfolio management - with equity valuations of the "Magnificent 7" it's now particularly essential for advisors and investors alike to consider defense ahead of any potential reversals. Buck points out that from a business perspective, advisors are leveraged to the equity market by 3-4x, when their business AUM is exposed to drawdown risks. Jason shares his journey from a real estate developer affected by the 2008 financial crisis to a consultant on risk management and bespoke long volatility strategies. He highlights the 'cockroach investment strategy' and the necessity of combining offensive assets like stocks and bonds with defensive assets like long volatility and commodity trend advisors. The importance of rebalancing, the concept of convexity, and the practical application of strategies like the Harry Brown portfolio model are discussed in detail. Using the memorable Herschel Walker analogy, Jason underscores the importance of a well-diversified portfolio. This episode is essential for investors and advisors looking to understand the implementation and benefits of a balanced approach to portfolio construction.
Timestamped Highlights00:00 Introduction - Guest - Jason Buck, Mutiny Fund
00:14 Jason Buck's Background and Investment Philosophy
00:49 The Cockroach Investment Strategy
01:20 Podcast Disclaimer and Welcome Back
01:49 Discussing the Cockroach Strategy
03:08 Importance of Diversification and Defense Strategy
04:44 Launching the Defense Strategy
06:47 The Great Financial Crisis and Its Lessons
07:40 Combining Offensive and Defensive Assets
08:53 Harry Brown's Four Quadrant Model
09:33 Modern Portfolio Techniques and Convexity
12:33 Commodity Trend Advisors (CTAs) Explained
14:12 The Role of CTAs in Inflationary Environments
15:01 Ensemble of CTAs for Robust Returns
24:04 Challenges in Explaining Trend Following
30:43 Understanding the Buy Button Mentality
31:05 The Case for Commodity Trend Following
31:38 Challenges in Portfolio Allocation
32:42 Financial Advisors and Client Resistance
34:37 The Importance of Defensive Assets
36:37 Cash and Capital Efficiency
39:19 Long Volatility and Tail Risk Explained
41:02 Convexity and Portfolio Insurance
48:51 Rebalancing for Effective Compounding
55:45 The Herschel Walker Trade Analogy
58:57 Conclusion and Final Thoughts
Copyright © AdvisorAnalyst
In this conversation, Pierre Daillie interviews Elisabeth Kashner, Director of Global Funds Research, FactSet, about the trends and challenges in the ETF market. They discuss the slow pace of ETF flows in 2024, the impact of the Fed's rate cuts, and the attractiveness of cash investments. They also explore the rise of actively managed equity ETFs and the competition among asset managers to offer low-cost products. The conversation highlights the importance of providing exceptional value and solving the profitability challenge in the ETF industry. The asset management industry is experiencing a shift towards lower fees and increased efficiency, driven by the rise of ETFs. While some ETF issuers have raised their management expense ratios (MERs), it is often due to operational concerns rather than a desire to make more money. The industry is becoming more commoditized, allowing investors to focus on making the right asset allocation decisions. The ETF industry continues to grow, with inflows increasing every year. However, with over 3,500 ETFs available, investors need to do their homework and understand the products they are investing in.
Takeaways• ETF flows in 2024 have been slow compared to previous years, with investors gravitating towards cash investments due to their attractive yields.
• The rise of actively managed equity ETFs has led to increased competition among asset managers, with a few firms attracting the majority of flows.
• Asset managers face the challenge of offering exceptional value and solving the profitability issue in a highly competitive market.
• The barriers to entry in the ETF industry are low, but the barriers to success are high, requiring efficiency, scale, and effective capital markets management.
• The asset management industry is shifting towards lower fees and increased efficiency
• ETF issuers have raised MERs due to operational concerns, not to make more money
• Investors have a wide range of ETF options, but need to do their homework and understand the products
• The industry is becoming more commoditized, allowing investors to focus on asset allocation decisions
• Investors should seek the advice of a knowledgeable advisor to navigate the market
Copyright © AdvisorAnalyst
Join us as we catch up with Som Seif, Founder and CEO of Purpose Investments. In this episode of Insight is Capital, Som shares his perspectives on the current volatile market environment, discussing trends in stocks, bonds, and interest rates. With a focus on sustainable investment solutions and economic productivity driven by AI, Som shares his views of market expectations, the role of the Fed, and the importance of preparing for multiple economic scenarios, considering the range of possibilities of 'higher for longer' monetary policy. Som shares his thoughts on the need to establish a mental model for advisors to consider while navigating today's uncertainty and to consider ways of building resilient portfolios for today’s more challenging and changing financial landscape.
Timestamped Highlights
00:00 Introduction
01:15 Market Overview and Current Trends
02:56 Bond Market Overview
06:03 Economic Assumptions and the futility of predictions
11:47 Comparing Consumer Resilience and Housing Market
29:43 A Mental Model for Investment Strategies and Portfolio Management
34:38 Advisors' Role and Resources
41:19 Closing Thoughts and Best Advice Ever Received
Copyright © AdvisorAnalyst
Join us on the Insight is Capital Podcast as we interview Joel Litman, Chief Investment Strategist at Valens Research, discussing insights into the current equity, bond markets, and the challenges in commercial real estate. Discover the strong investment potential of the U.S. amidst global shifts, encouraging a disciplined, long-term investment strategy. We then get into a discussion of the limitations of GAAP accounting and the benefits of Uniform Adjusted Financial Reporting Standards (UAFRS). It’s earnings season, after all. Explore how understanding true business earnings and improved transparency can lead to better investment decisions, and outcomes. Dive into the nuances of corporate management claims, financial forensics, and market analysis, including Jerome Powell's statements on inflation, the pitfalls of EBITDA, and the past example of IBM’s flawed compensation strategy.
Timestamped Highlights00:00 Understanding Earnings Comparisons
00:11 The Impact of Inventory Methods on Profit Reporting
00:53 Challenges with GAAP Accounting
01:31 Historical Perspectives on Accounting Standards
03:39 Introduction to Uniform Accounting Principles
03:44 The Role of Shelby Davis in Accounting
04:29 The Importance of Consistent Accounting Standards
06:42 Market Insights and Economic Trends
07:54 The State of the Bond Market
31:19 Private Equity and Credit Markets
47:18 Understanding Sustainable Earnings
48:16 The Flaws of Wall Street Ratings
50:37 Uniform Accounting and Fraud Detection
53:00 Case Studies and Real-World Applications
55:04 Challenges in Financial Analysis
01:01:22 The Role of Audio Analysis in Detecting Deception
01:07:20 Teaching Uniform Accounting
01:14:08 The IBM Case Study
01:18:30 Advice for Financial Analysts and Investors
01:20:40 Global Economic Outlook and U.S. Dominance
In this episode of Insight is Capital, Pierre Daillie, Managing Editor at AdvisorAnalyst.com catches up with Steve Hawkins, CEO of Longpoint ETFs. After a notable career leading Horizons ETFs (now Global X ETFs Canada) and a brief retirement travelling the world, Hawkins discusses his market outlook, his return to the investment industry with his new venture focused on building innovative ETF products. We dive into his experiences, strategic vision, as well as his take on the evolving landscape of the ETF market, touching on the importance of listening to investor needs and the distinct opportunities he plans to bring to both retail advisors and self-directed investors. The conversation wraps up with Hawkins' insights into the future of ETFs and his excitement for upcoming launches at Longpoint.
Timestamped Highlights
00:00 Introduction and Welcome
00:41 Steve Hawkins' Retirement Adventures
01:44 Return to the Industry
03:33 Building Longpoint ETFs
06:46 Innovations and Future Plans
11:00 Market Review, Challenges and Opportunities
13:32 Global ETF Market Insights
18:51 Partnerships and Strategies
36:09 Personal Reflections and Travel Highlights
41:20 Wrap up and Future Outlook
Copyright © AdvisorAnalyst
In this episode of 'Insight is Capital', host Pierre Daillie sits down with Daniel Straus, Director and Head of National Bank Financials' ETF Research and Strategy Group, to discuss trends in the ETF market both in Canada and the U.S. They explore recent market conditions, the dynamics between U.S. and international equities, the role of AI and technology stocks, and the state of the bond market. Daniel also delves into investor behavior, the emergence of alternative investment strategies, and the implications of recent regulatory changes on ETFs. This comprehensive discussion provides extraordinary and valuable insights into the opportunities and challenges that shape today's ETF landscape.
Timestamped Highlights00:00 Introduction and Guest Welcome
01:31 Market Overview and Recent Trends
04:32 Economic Indicators and Household Spending
07:15 Investor Sentiment and ETF Flows
11:50 Bond Market Dynamics and Strategies
18:11 Trends in the ETF Market
24:22 Investor Behavior and Tactical Decisions
33:51 Exploring ETF Strategies for Recovery
34:18 Tax Implications and Strategies
34:35 Diversification in ETFs
36:02 Market Cap Weighting and Passive Investing
38:03 Tax Alpha and Risk Management
39:50 Investor Behavior and Cognitive Biases
41:26 Trends in International Markets
42:46 The Rise of Thematic ETFs
43:54 Crypto ETFs and Market Dynamics
49:07 Alternative Assets and Leveraged ETFs
58:54 Commodities and Inflation Protection
01:02:13 Conclusion and Future Insights
Copyright © AdvisorAnalyst.com
In this episode of the Insight is Capital podcast, Ilan Kolet, an Institutional Portfolio Manager in Fidelity's Global Asset Allocation team, discusses the current investment landscape, focusing on the divergence between the Canadian and U.S. economies, the significance of productivity growth, and the strategic inclusion of liquid alternatives in investment portfolios. Kolet highlights the U.S. economy's remarkable growth compared to other G7 countries and emphasizes the potential of a productivity expansion in the U.S. to enhance economic growth without stoking inflation. The conversation also covers Fidelity's decision to incorporate liquid alternative strategies into their managed portfolio suite, aiming to improve diversification and risk-adjusted returns for investors. This move reflects a deliberate and research-based approach to portfolio construction, underscoring Fidelity's commitment to innovation while maintaining a cautious and incremental investment strategy.
Timestamped Highlights00:00 Catching Up After a Long Time
00:30 Divergence Between Canada and the U.S.
04:50 The Importance of Productivity
07:47 Stocks and Bonds Performance
10:12 Understanding Productivity Growth
16:39 Implications for Monetary Policy
20:14 Introduction and Episode Overview
21:04 Current Market Positioning
26:56 Incremental Investment Approach
27:06 Valuation and Sentiment in Investment Decisions
28:14 Comprehensive Global Asset Allocation Strategy
29:17 Manager Selection and Diversification
29:56 Rigorous Evaluation and Tactical Decisions
30:58 Challenges for Advisors
35:57 Balanced Fund of the Future
36:30 Inclusion of Liquid Alternatives
40:44 Democratizing Access to Alternative Investments
53:52 Strategic and Methodical Investment Decisions
55:04 Concluding Thoughts and Future Plans
Bob Elliott, Co-Founder, CEO, and CIO of Unlimited Funds, and former long-time Bridgewater exec, discusses the company's pioneering use of machine learning to create low-cost index replications of alternative investments. The HFND ETF as the fastest growing independent active ETF launch in the US in 2022 and Bob shares his extensive experience in investment strategy development. Bob emphasizes the inspiration behind founding Unlimited, which was to democratize access to alternative investments by bringing concepts of diversified low-cost indexing to the world of two and twenty strategies. He explains the technology development process, the importance of building the technology based on an expert understanding of the types of strategies pursued by managers, and the company's focus on returns to gain a better understanding of how managers are positioned. Bob also discusses the impact of fees on investors, the role of public funds in leading the shift towards alternatives due to fee sensitivity, and the democratization of investments to make them more widely available.
Thank you for listening!
Timestamped Highlights00:00 At Bridgewater, he built a career around macroeconomic understanding, remains passionate.
06:55 Successful investors continually learn and trade their edge.
09:43 Lower fees, greater access through technology replication.
11:42 Machine learning approach for hedge fund strategies.
17:15 Factors and returns drive portfolio construction strategies.
19:00 Importance of expert-designed systematic approach for hedge funds.
24:33 Hedge fund managers balance risk and return.
26:32 Hedge fund objective: preserve wealth, reduce drawdowns.
30:51 Investors face fees and uncertain returns. Durable fee alpha.
35:06 Importance of low-cost diversified investment strategies explained.
38:26 Asset managers earn $700 billion in fees.
39:53 Industry fees need radical rethink for wealth.
43:39 Creating low-cost index products for everyday investors.
46:33 Investors need to diversify portfolio for inflation.
49:29 Grateful for the conversation and your insight.
Where to find Bob Elliott and Unlimited FundsBob Elliott on Linkedin
Bob Elliott on Twitter
Unlimited Funds
In this episode Brooke Thackray, research analyst at Global X ETFs Canada, and advisor to the Global X Seasonal Rotation ETF (HAC), joins us to discuss seasonal investing trends across US and Canadian stocks and bonds. Thackray emphasizes the effectiveness of seasonality in fine-tuning the investment process with technicals and historical market patterns – just take a quick look at the chart for the ETF – confirmed. We also discuss the rotation aspect of the fund, the expectation, for example, of gold performing well in a strong upcoming seasonal period, and the anticipation of a weaker equity market over the next six months due to various factors. Thackray highlights the importance of relying on a long-term model and discipline for managing the investment process, and expects the seasonal framework to work even better over the next decade due to changes in market sectors.
Thank you for listening!
Timestamped Highlights00:00 Market signals mixed, economy struggles with inflation.
06:15 Economy has a rich-poor divide, different news.
14:23 Seasonal trends and market performance post-COVID.
16:04 Investors' shifting interest from trends to analysis.
22:57 Global X Seasonal Rotation ETF chart impressive.
32:10 Discussing the challenge of simplifying stock strategy.
35:21 Adhere to rules. E.g. gold sector showing strength.
38:32 Tech sector's strong performance suggests market caution.
44:32 Economy slowing, technicals show bond strength. Yield rising or remaining high.
50:35 Stock market trend uncertain, potential opportunities ahead.
55:34 Investing in mystery and history, a seasonal strategy.
01:00:15 Market behavior varies with seasonal elements.
01:05:04 Improving processes for future market changes.
Copyright © AdvisorAnalyst
In this conversation Jeff Weniger, Head of Equity Strategy and Samuel Rines, Macro Strategists, Model Portfolios at WisdomTree Asset Management, join us to discuss various topics including the performance of the equity and bond markets, inflation, the labor market, and the real estate market. We explore the potential impact of rising yields on equities, the relationship between bonds and stocks, and the role of the US dollar as a hedge. We get into the challenges of navigating the current economic landscape and the reluctance of individuals and businesses to make changes in their financial strategies. Jeff and Sam unpack the impact of job mobility and housing on asset allocation. Jeff Weniger discusses the challenges of job relocation and the limitations it imposes on housing choices. He also highlights the rigidity of mortgage rates and the potential financial burden it creates for homeowners. Sam Rines adds that the lack of labor market dynamism and the preference for home remodeling contribute to the stagnation of the housing market. Then we shift to the changing dynamics of the US economy, with a focus on the transition from goods to services. Sam Rines emphasizes the normalization of the services sector and the potential lasting effect on the labor market. Our focus turns to a discussion about asset allocation and the push for domestic equity ownership in various countries. We explore the seismic shift in investment trends, with a focus on the changing dynamics of global markets. We dive into the history of investing in the early 2000s in emerging markets like Brazil, Russia, India, and China (BRIC), and how the focus has now shifted to investing in Japan, Korea and other markets where policy driving home bias is flourishing. We look at the role of China in the commodities market, particularly its insatiable appetite for base metals and gold. If anything, our entire conversation highlights the importance of diversifying portfolios and considering alternative asset classes like managed futures and commodities. They also touch on the impact of US-China relations and the potential risks and opportunities in the market.
Takeaways* The equity market has performed well despite the backup in yields, indicating resilience in the face of potential headwinds. * Bonds may provide a diversifying effect in a 60-40 portfolio, and there is an indication that bonds and equities may move in opposite directions this year. * There is a misconception about inflation, with people often misunderstanding the difference between the rate of inflation growth and inflation levels. * The labor market has been confounding, with indicators sometimes differing from what is happening on the ground. * There is friction and inertia when it comes to individuals and businesses making changes to their financial strategies, such as moving cash to higher-yielding investments. * The real estate market is slow-moving, and the effects of macro factors, such as the actions of the Fed, take time to materialize. * The current economic landscape presents challenges, but there is a sense of managed control and a slower pace of change compared to previous cycles. Job mobility and housing choices can significantly impact asset allocation decisions. * Rigid mortgage rates can create financial burdens for homeowners, limiting their job mobility. * The lack of labor market dynamism and the preference for home remodeling contribute to the stagnation of the housing market. * The transition from goods to services in the US economy is normalizing, potentially impacting the labor market. * There is concern about a push for domestic equity ownership in various countries, which may affect asset allocation strategies, and US equity performance. * Japan and Korea, and other countries (Canada) are at the centre of this push that is further bullish for them, and less so for the US where country allocations are concerned. * China's insatiable appetite for commodities, particularly base metals and gold, has significant implications for the market. * Diversification and considering alternative asset classes like managed futures and commodities are crucial for portfolio management. * US-China relations continue to be a significant factor impacting the market, with potential risks and opportunities.
Chapters00:00 Discussion about CTAs, market thresholds, portfolio diversification, and bond-equity relationship.
09:10 Labor market indicators are confounding due to COVID's impact on surveys - may not align with actual conditions. Sub-questions reveal differing responses.
15:38 Recent market issues addressed with intervention, BTFD easing bank assets.
17:10 Surprise at bank walk concept, advises money markets over savings accounts.
23:37 Macro moves slowly, taking 18 months to 2 years for major shifts. Real estate in the US takes longer to impact than expected.
29:48 Post-financial crisis house underwater issue slowed recovery, COVID impact on job mobility and quits.
34:29 Higher mortgage rates, bond market volatility, and housing market concerns persist.
42:38 Encouraging stock purchases through pension plans globally, with a focus on Japan and UK.
46:32 Concerns raised about potential totalitarian push for domestic equities by institutions with significant capital. Nationalistic push may impact relative performance of US equities.
53:44 Text suggests possibility of rising prices, impact on retail, potential for gold strength, and higher inflation and bear market probabilities. Cautions against putting all money in equities and bonds.
56:26 Gold's relationship to interest rates and the influence of a strong dollar on its value.
01:01:11 Under-the-radar aggregate companies outperformed in 2021.
01:08:23 Optimistic about US economy, pessimistic about US-China relations.
01:11:48 Many people don't plan for social security, but they should.
Copyright © AdvisorAnalyst
In this episode with SIACharts' President, Paul Kornfeld, we kick off our conversation with the recent changes in the Federal Reserve's rate cut projections and the performance of various stocks. We question whether it's a good time to 'buy the dip or sell the rip.' We get into the use of SIA charts in analyzing market trends and making investment decisions. What are the benefits of using a systematic approach and relative strength analysis? We touch on the challenges and opportunities of 24/7 trading, and the pressure that's mounting for moneycenter banks. We dive into the importance of having a rules-based approach and risk management in investing. We discuss the opportunities and risks in the market, and in particular the generational opportunity in the energy and materials sectors. Wending our way through the conversation, Paul peels back the layers on the importance of diversification and the need to consider the opportunity cost of investing in certain sectors. There's also the potential impact of various serious geopolitical events on international markets to weigh and the importance of incorporating risk management strategies, now. What has been the historical performance of different sectors and how great is the potential for a shift in market dynamics. What is the market indicating are trends to follow in specific sectors? What is the potential impact of inflation on portfolios and how great is the need to consider alternative asset classes?
Takeaways
- The Federal Reserve's rate cut projections have been revised, leading to uncertainty in the market.
- Using SIA charts and a systematic approach can help investors analyze market trends and make informed investment decisions.
- 24/7 trading presents both opportunities and challenges for investors, and risk management is crucial in navigating the market.
- Money center banks are facing pressure due to rising interest rates, and it's important to monitor their performance.
- Having a rules-based approach and discipline in investing can help mitigate emotional biases and improve investment outcomes.
- There are opportunities for profitability in sectors like energy and materials
- Diversification is important to mitigate risk and take advantage of different market opportunities.
- Consider the opportunity cost of investing in certain sectors and evaluate the potential for higher profitability in other areas.
- Geopolitical events can have a significant impact on international markets, and it's important to monitor and adjust investment strategies accordingly.
- Incorporating risk management strategies is crucial to protect portfolios during market fluctuations.
- The historical performance of different sectors can provide insights into potential future trends and opportunities in the market. Diversification and following trends in specific sectors can provide opportunities in the current market environment.
- Inflation is expected to remain sticky, and portfolios need to consider alternative asset classes to fill the void left by bonds.
- SIACharts is a tool that simplifies research and provides actionable insights for advisors.
In this conversation, Mike and Pierre talk to Tobias Carlisle, Managing Principal and Chief Investment Officer at Acquirers Funds, LLC, and portfolio manager of ZIG and DEEP ETFs. Toby shares his approach to value investing and the historical perspective he brings to the art of investing. He also talks about the performance of value investing and the importance of staying consistent with your strategy. Our conversation highlights the benefits of a systematic and quantitative approach to investing. We explore the challenges and strategies of value investing. Toby emphasizes the importance of having a systematic design and sticking to a set of rules to avoid emotional and behavioral mistakes. We discuss the ideological debate between value and growth investing and the need for a balanced approach. Our conversation turns to the role of activism in value investing and the importance of avoiding ruin and focusing on survival. The conversation continues with Toby sharing his insights into portfolio construction and the baked-in returns of value investing. We further explore the concept of investing in value stocks and the challenges that come with it – the importance of considering the long-term perspective and the potential for high returns despite short-term fluctuations. Mike and Toby deconstruct the role of market feedback loops and the impact of market crashes on investment strategies. Toby highlights the significance of character and reputation in investing. We ask Toby about his upcoming book 'Invincible' and its exploration of the parallels between value investing, Sun Tzu's 'Art of War,' and Lao Tzu's 'Tao Te Ching.'
In this episode, our conversation with Aubrey Basdeo, Head of Fixed Income at Guardian Capital LP, we focus on the fixed income landscape and the outlook for interest rates in the US and Canada, the Federal Reserve's approach to inflation and interest rate cuts, as well as the differences between the US and Canadian economies, the impact of mortgage rates on consumer spending and the potential for rate cuts by the Bank of Canada. Overall, the conversation highlights the importance of maximizing optionality and the challenges of monetary policy in a changing economic environment, various topics related to central banks, portfolio construction, and fixed income investing. Our main themes include the shift in central bank narratives, the impact of inflation on monetary policy, the changing dynamics of portfolio construction, the shifting climate in holding duration for the sake of hedging portfolios, and the critical importance of using active management in fixed income. Our conversation also touches lightheartedly on the challenges faced by different generations in the current economic environment.
Timestamped Highlights:
00:00 Maximizing Optionality: The Federal Reserve's Approach to Interest Rate Cuts
12:10 US Exceptionalism: Strong Growth and Pro-Growth Policies
15:55 Challenges in the Canadian Economy: Higher Mortgage Rates and Slower Job Growth
17:54 American homeowners have tax deduction advantage.
21:16 Bank of Canada needs to pivot on inflation.
24:32 Bond market optimism can spell consumer pessimism.
26:43 Bank of Canada rate likely to rise.
32:32 Portfolio construction shifting due to global changes.
35:26 Hedging portfolio with fixed income shifted focus.
40:24 Fed should be less restrictive, economy speed-dependent.
43:20 Bank of Canada will ease rates moderately.
48:29 Central banks shift risk approach, requiring active management.
50:45 Focus on coupon, not duration, for returns.
54:12 Economic growth needs younger population to sustain.
"The mistake is that if they're going to make a mistake, it's that they're going to be focused on that two number (~2% neutral rate) and insist that they need to get to that, rather than you're on that trajectory towards two and you can start to ease at that point." "The world that we're entering into in terms of how things are going to, the factors that we're gonna be reacting to are going to be different from those factors that guided portfolio construction for the past 30 years." "If you're looking for duration as the hedge to the portfolio, that's not going to provide it in the same way that it did 10 years ago."Takeaways* The Federal Reserve is aiming to maximize optionality in its approach to interest rate cuts, with the possibility of three cuts, two cuts, or no cuts depending on the evolution of inflation and the economy. * The US economy is showing signs of exceptionalism, with strong growth and pro-growth policies driving the outlook for interest rates. In contrast, Europe and China are facing slower growth and export-driven challenges. * The Bank of Canada is expected to ease interest rates ahead of the Federal Reserve, as the Canadian economy faces challenges from higher mortgage rates and slower job growth. * The impact of mortgage rates on consumer spending differs between the US and Canada, with American homeowners benefiting from tax deductions and longer-term mortgages. * Bond investors are optimistic about the potential for rate cuts, while consumers may be more pessimistic due to the potential impact on disposable income. * The Bank of Canada will need to carefully navigate the path of easing, considering the impact on inflation, the interest rate differential with the US, and the potential depreciation of the Canadian dollar. Central banks may shift their narrative from targeting a specific inflation number to being less restrictive in their policies. * Portfolio construction needs to adapt to a changing economic environment and regime shift. * Duration may no longer provide the same level of protection in portfolios as it did in the past. * Investors should focus on the belly of the yield curve for fixed income exposure. * Active management is crucial in navigating the risks and opportunities in the fixed income market. * The current economic environment has different implications for different generations.
Copyright © AdvisorAnalyst.com
In this conversation, Doomberg (https://doomberg.substack.com/) joins Pierre and Mike to discuss various topics including Bitcoin, the parallel between Michael Saylor and Hugo Stinnes, speculative mania, the parallels in the borrowing strategy of Hugo Stinnes and Michael Saylor, the pumpamentals driving distortions in the market and the flywheel effect, the geopolitical implications of the Russia-Ukraine conflict, the dangers of do-gooders and climate newspeak, and the natural gas situation and its unexpected impact on the economy.
The conversation covers various topics related to the resource and wealth potential of Canada and the US, the prolific natural gas development in the US, the strength of the US economy, Mexico's hidden benefit from natural gas, the importance of secure borders, the economic boom in northern Mexico, the inconsistency of border security measures, the price discrepancy between natural gas and oil, the impact of natural gas prices on the economy, the role of natural gas in manufacturing, the implications of the Tonga eruption, the debate on climate change and carbon emissions, the potential consequences of sanctions on Russia, the capabilities of Russia, China, and India, the dangers of provoking Russia, the dangers of provoking Iran, the rise of nuclear power and gold, the 'Prime' time data center and the future of energy, and the importance of nuclear power for the AI revolution.
Takeaways
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Michael Saylor's bet on Bitcoin has paid off, demonstrating the potential of high volatility assets.
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Speculative manias often precede currency debasements, making Bitcoin and crypto of interest.
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The borrowing strategy of Hugo Stinnes (WWI) and Michael Saylor (today) highlights the importance of real assets.
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Pumpamentals and the flywheel effect can create market distortions and lead to irrational behavior.
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The Russia-Ukraine conflict and geopolitical tensions have significant implications for energy markets.
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The dangers of do-gooders and climate newspeak can lead to the suppression of speech and the lack of trade-off discussions.
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The abundance of natural gas in North America has prevented a potential recession and supported the manufacturing and industrial sectors. Canada and the US have significant resource potential under the right leadership.
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The US is the most prolific natural gas producer in the world, with a sophisticated downstream manufacturing sector that takes advantage of cheap hydrocarbons.
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Mexico is a hidden beneficiary of the natural gas boom, with an industrial boom happening in northern Mexico powered by cheap natural gas.
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Secure borders are important for stability and economic growth.
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The price discrepancy between natural gas and oil has significant implications for the economy.
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Nuclear power and gold play important roles in the future of energy and wealth preservation.
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The AI revolution and the electrification of various industries will drive the demand for energy.
Where to find Doomberg
Doomberg on Substack
Copyright © AdvisorAnalyst.com
This is one of the trickiest times in investing history marked by heightened uncertainty, distorted valuations, regime change and increased volatility in both equity and bond markets. For good reason, advisors have increasingly turned to shifting parts of the portfolios they manage away from traditional equity and bond assets in return for exposure to structured note and investment strategies that provide structured investing outcomes from those same asset categories.
In this conversation with Bill Bamber, CFA, Chief Executive Officer at BMO Global Asset Management, we are treated to a behind-the-scenes look at how and why BMO GAM developed and launched its innovative Strategic Equity Yield Fund (SEYF) solution (in June 2023). What was the thinking behind innovating this?
Investors face unforeseen risks, eroded correlations, as well as unprecedented decision-making challenges due to the proliferation of choices of individual structured products in the marketplace. SEYF is an elegant, actively managed, one-ticket solution for investors, the likes of which were once only available to large institutional investors, via the capital markets desk.
We discuss the rationale and strategic thinking behind BMO GAM launching this type of actively managed capital markets-based solution for accessing the best ideas and best strategies in the structured note market, in the form of a mutual fund. Now accessible to all investors, this is a milestone unto itself, to solve what have become some quintessential problems for investors desiring structured outcome solutions for their portfolio, in an always-on, always available format.
Bill Bamber, CFA, brings 3 decades worth of expertise in the capital markets space to BMO GAM. As CEO, he is leading this drive to bring wide investor accessibility to structured capital markets investing strategies for everyday investors. This solution provides the enhanced yield plus capital appreciation potential and liquidity investors are seeking, along with the sophistication of stability, structured downside protection and price-seeking power, owing to the economies of scale of the firm’s substantial global trading operations.
Thank you for listening!
About Bill Bamber, CFA
Chief Executive Officer
BMO Global Asset Management
Bill Bamber joined BMO Wealth Management in April 2022 as Head of Synthetic Asset Management and is currently the CEO of BMO Global Asset Management. Bill has more than 30 years of experience in the Financial Services Industry, including extensive experience in International Capital Markets, most notably in exotic derivatives spanning all asset classes as well as global structuring and structured products.
Prior to joining BMO, Bill oversaw Structured Products and Quantitative Investment Strategy businesses globally and led many ground-breaking initiatives and innovative indices. He has held senior positions at International and North American financial institutions including a focus on equity derivative structuring in the Americas.
Bill is well-known as an innovator in the investment industry with an outstanding track record for product firsts around the world. This includes pioneering the world’s first Emerging Market ETF (STX40 SJ Equity) and creating the first MLP-linked security both inside (AMJ US Equity) and outside of the U.S. He was also the first to create a listed trading platform for zero-coupon South African gilts.
Bill is a Chartered Financial Analyst (CFA) and holds both a Master of Management Analytics and a Master of Business Administration from Queen’s University.
This episode with guest Mario Cianfarani, Head of Distribution at Vanguard Canada kicks off delving into 2024's First Challenge: Bond yields and the importance of re-positioning cash for the long term given the likelihood of central banks shifting towards rate cuts in 2024.
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It’s time to consider how to put money back to work, to shift from a defensive market stance to a more opportunistic investment approach, and its implications on advising with regard to 60/40 portfolios and bonds. We discuss the challenge posed by having funds on standby in short-term instruments and cash equivalents, and emphasize sticking to or revisiting long-term investment strategy despite today’s uncertainty and market fluctuations.
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Challenge Two: We discuss the importance and challenge of investors being able to stick to their predetermined plans emphasizing the value of guidance provided by advisors. Do they have plans THEY can stick to? How can you properly get them to that state? The nature of markets has always required the necessity of portfolio diversification, and HOW you diversify is even more important, now, as is the ability to adhere to long-term investment strategies. Mario makes the point that advisors should communicate their value by widening the scope of their client discussions. That goes far beyond selecting stocks or managing portfolios, demonstrating their role, in financial planning, behavioural coaching, estate and tax planning. It’s very important to consider context when making investment decisions and utilizing viewpoints and data, for managing portfolios.
Pierre highlights the considerable value-add of tapping in to (such as) Vanguard’s deep experience and resources to enhance portfolio construction and bolster investor trust in the quality of the source of guidance, in the context of the reintroduction of interest rates, i.e. the impact and gravity of that. Our discussion sheds light on how the zero interest rate environment has influenced now distorted valuation models and investment strategies, highlighting a return to investing principles in response to effects of higher interest rates.
The conversation touches on the increasing professionalization and personalization in wealth management, Mario references Vanguard's seminal research into Advisors Alpha and the significance investors attach to services.
Challenge Three: The conversation wraps up by discussing the impact of wealth transfer on succession planning for advisors suggesting it's high time to consider the notion of promoting a multi-generational approach, to managing family wealth, OR face the high risk being traded out, replaced, as their key advisor at succession. How can you strategically begin to approach this problem?
Thank you for watching and listening!
Ilan Kolet, Institutional Portfolio manager in Fidelity's Global Asset Allocation Team, joins us to discuss the most important questions he and his team mates, David Wolf and David Tulk have been fielding at the start of 2024. We delve into the unexpected shifts in monetary policy led by the Federal Reserve and mull over the repercussions of potential rate cuts on inflation volatility, weaving through the intricacies of the Fed's data-driven stance and 'pivot' toward a less restrictive monetary environment.
In the context of historical reflections and economic projections, Kolet elaborates on the team’s optimism regarding the US market, supported by a belief in a productivity boom that dallies with the possibility of economic prosperity, low inflation, and equity strength. We get into Canadian fiscal policy, where Kolet voices concerns about Canada's macroeconomy potentially trailing in equities and fixed income, and how the team is allocating to Canada. Kolet sheds light on the team’s investment strategy, from high-conviction underweights and overweights to the complexities and nuances of handling asset allocation.
Throughout the episode, it's clear that the core of the discussion isn't merely the transactional aspects of investment but relates to the broader challenges advisors face when reconciling market complexities with client needs. The episode provides Fidelity's highest conviction global asset allocation guidance through the labyrinth of 2024's financial mixed and uncertain landscape.
John De Goey, Portfolio Manager and Investment Advisor at Designed Wealth Management joins us to discuss and explore the current investment landscape and the choices available to investors. He highlights the importance of managing risk and staying on the short end of the yield curve, for time being where fixed income is concerned. We also delve into the topics of optimism and pessimism, with a focus on the potential challenges and uncertainties in the market. We talk about the shifts in real estate markets, particularly the shift happening that's favouring the US Sun Belt, and the potential impact of climate change on investments. De Goey urges investors to be prepared and take proactive measures to balance risk in their portfolios. He also cautions against unrealistic expectations for future returns. Is your portfolio equipped to handle unknown variables and tail risks?
Our chat wraps up with a nudge to uphold a diverse and balanced portfolio, mindful of the effects of surging interest rates. Remember, Balanced Asset Allocation and Balanced Funds are not the same - risk management is key. Unlike a traditional 60/40 'balanced fund', a balanced asset allocation approach ensures apt risk distribution.
We explore the perils of unchecked optimism in the finance sector and how to construct a resilient, well-equipped portfolio. We ponder the withdrawal effects of quantitative easing and the necessity to confront market realities. We also investigate the financial industry's positivity bias and the knock-on effects of negativity.
De Goey's "dumbest thing he's heard" takes a jab at data manipulation to bolster a narrative. We delve into the need to anticipate potential pitfalls and the importance of diversification as a safety net. Our dialogue concludes with a conversation about managing expectations, loss aversion, and the task of keeping clients invested for the long haul. Certainly, plenty to contemplate.
Takeaways* Stay on the short end of the yield curve for now, and manage risk in the current market. * Be cautious of excessive optimism and be prepared for potential challenges and uncertainties. * Consider investments in real estate, traditional inflation hedges, and diversified portfolios. * Recognize the changing investment landscape and adjust expectations for future returns. Blind optimism in the financial industry can be dangerous, as it can lead to a lack of preparedness for potential risks. * Quantitative easing has created withdrawal symptoms in the market, and it is important to face the reality of the current situation. * The financial services industry has a commercial imperative to be optimistic, but it is crucial to consider both the positive and negative aspects of investing. * Cherry-picking data to support a narrative is not a reliable approach, and it is important to consider the full picture. * Proper diversification is like insurance for a portfolio, and it is essential to mitigate potential harm. * Expectations management, loss aversion, and maintaining perspective are key in keeping clients invested for the long term.
Timestamped Highlights:[00:00] Introduction
[01:01] Investment Choices in the Current Market
[03:31] Optimism and Pessimism
[06:07] Shifts in Real Estate Markets
[06:56] The Sun Belt and Financial Centers
[08:20] Concerns and Pessimism
[10:32] Preparing for Uncertain Times
[16:06] Lowering Expectations for the Future
[21:12] Balancing Climate Obligations and Economic Growth
[26:04] Preparing for a Lower Standard of Living
[31:05] The Danger of Optimism Bias
[35:47] The Importance of Being Prepared
[41:49] Diversification and Balance in Portfolios
[46:16] The Impact of Rising Rates
[48:40] The Danger of Blind Optimism
[49:14] The Withdrawal Symptoms of Quantitative Easing
[50:20] The Commercial Imperative of Optimism in the Financial Services Industry
[51:18] The Cascading Effect of Pessimism in the Market
[52:16] The Dumbest Thing Heard: Cherry-Picking Data to Support a Narrative
[55:43] Listening for Quips and Side Comments in Financial Media
[58:32] The Afterglow of Reaction to Bad Economic News
[01:00:36] The Importance of Considering What Could Go Wrong
[01:02:31] Optimism with Insurance: Proper Diversification
[01:05:55] Expectations Management and Loss Aversion
[01:07:29] The Challenge of Minimizing Losses and Maintaining Perspective
[01:09:29] The Difficulty of Keeping Clients Invested for the Long Term
[01:11:36] The Struggle of Getting Clients to Embrace Diversification
[01:14:33] Differentiating Between Great Companies and Great Stocks
[01:15:16] The Historical Perspective of Overvalued Markets
[01:17:41] The Redistribution of Wealth During Flat Markets
[01:20:55] The Need for Realism and Mitigating Potential Harm
Join us for this enlightening conversation with Ilan Kolet, Institutional Portfolio Manager, Global Asset Allocation Team, at Fidelity Investments, as we delve into the economic outlook for 2024. Kolet provides invaluable insight into the Canadian and US economies, the housing market, investment strategies, and inflation protection. We explore the impact of interest rates, consumer spending, and central bank policies on investments. Kolet's expertise sheds light on asset allocation, portfolio diversification, and the potential implications of elevated inflation rates, making this episode an absolute must-listen.
Timestamped Highlights:[00:00] Introduction - career - Bank of Canada, under Dodge and Carney, to Bloomberg, then Fidelity in Boston.
[05:24] Thoughts on Market optimism.
[12:10] Potential US economic growth boosted by technology.
[17:36] Labor market shows resilience and interest concerns.
[23:19] Reduced consumer spending leads to economic impact.
[29:47] Asset allocation process involves feedback from managers.
[33:03] Elevated rates causing financial stress in Canada.
[38:11] Diversifying and explaining investments to numerous clients.
[43:33] Services drive inflation, labor market drives expenses.
[48:45] US government faces challenges in refunding debt.
[57:25] Researchers on Wellington acknowledge economic sensitivities, rates outlook.
[01:02:28] Leverage negative sentiment, be cautious in exuberance.
[01:06:15] Questioning fixed income view, cash overweight strategic.
[01:10:13] Investors have many short and long-term options.
[01:17:30] Working with talented teams on global research.
Where to find Ilan Kolet, Fidelity Investments:Fidelity Investments Canada - Asset Allocation Quarterly
Bio
Ilan Kolet on Linkedin
Global Asset Allocation Team - Fidelity Investments
In this insightful discussion, Dino Bourdos, Portfolio Manager & Head of Investment Solutions at Guardian Capital LP delves into the intricacies of investment strategies, particularly focusing on the use of derivatives, covered call strategies, and the impact of market dynamics on investment decisions. With his extensive experience in the field, Bourdos offers valuable insights into the challenges and opportunities in the current economic landscape, making this a must-watch for investors and financial professionals alike.
Timestamped Highlights:
[00:02:19] - Impact of 2008 Financial Crisis on Individual Investors: Discussion on how the 2008 crisis led to a need for risk management strategies for individual investors, leading to the development of innovative options strategies.
[00:03:39] - Guardian Capital's Approach to Asset Management: Insights into Guardian Capital's strategies, including the use of machine learning and AI in stock selection and the launch of innovative solutions like the Tontine.
[00:09:47] - Creating Awareness in Investment Strategies: Emphasis on the importance of understanding the mechanics of investment strategies and setting realistic expectations to avoid misconceptions.
[00:10:46] - Role of Advisors in Setting Expectations: The significance of advisors setting correct expectations and working towards delivering on them, particularly in relation to mutual funds and systematic withdrawal plans.
[00:21:02] - Fundamentals Over Yield in Investment Choices: The discussion focuses on the importance of the underlying asset in investments, rather than just the yield, and the necessity of a portfolio's ability to grow and sustain payments.
[00:24:31] - Cover Call Strategies for Long-Term Growth: How cover call strategies can be integrated into long-term investment plans, providing tax-efficient income while maintaining portfolio value.
[00:29:04] - Personal Investment Strategy Using Home Equity: A personal anecdote about using home equity to invest in a cover call strategy, highlighting a creative approach to wealth creation.
[00:32:35] - Opportunities in Single Stock Options: Discussion on the transition from index options to single stock options and the different opportunities they present in the market.
[00:36:02] - Navigating Market Volatility with Covered Call Strategies: Insights into the use of covered call strategies during market downturns and the importance of being pragmatic and prudent in investment decisions.
[00:37:16] - Adapting Investment Strategies Amidst Global Transitions: Commentary on adapting investment strategies in response to global shifts such as from globalism to protectionism and low to high interest rates.
Where to find Dino BourdosDino Bourdos on Linkedin
Guardian Capital LP
Research: Is the yield on your Covered Call Fund too high?
Copyright © AdvisorAnalyst.com
Join us in conversation with Joaquin Kritz Lara, Chief Economist at Numera Analytics, as we explore the intricate world of global economics and financial markets. Hosted by Pierre Daillie and Richard Laterman, the discussion delves into the nuances of macroeconometrics, the dynamics of inflation, and the complexities of investment strategies in today's volatile market.
Joaquin brings his extensive experience in macroeconomic analysis and model building, offering unique insights into the causal relationships between economic variables and their impact on financial markets. The conversation also touches on the rigidity of Europe's job markets, the influence of geopolitical events, and the critical role of domain knowledge in leveraging AI tools like ChatGPT for economic analysis.
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Timestamped Highlights
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[00:01:16] Introduction of Joaquin Kritz Lara, emphasizing his role and expertise in the financial sector.
[00:07:23] Discussion on macroeconomic dynamics and Fed policy impacts on financial markets, identifying a late-cycle stage in G10 countries.
[00:22:59] Analysis of the lag between real interest rate changes and consumption growth in developed markets, indicating a late-cycle economic stage.
[00:25:30] Examination of the slow-moving banking crisis and its effects on the international demand for U.S. Treasuries and term premiums.
[00:34:00] Conversation about the final stage of an economic expansion phase and the determination of optimal asset allocation weights for different investors.
[00:50:10] Discussion on complementing stock-bond portfolios in light of paradigm shifts, focusing on asset class correlations and regime shifts.
[01:29:49] Discussion on the limitations of AI tools like ChatGPT in financial analysis, highlighting the importance of domain knowledge.
[01:31:51] Conclusion of the discussion, expressing appreciation for Joaquin Kritz Lara's insights and mentioning the sharing of research for further queries.
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Where to find Joaquin Kritz Lara
===========================
Joaquin Kritz Lara on Linkedin
Numera Analytics
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Quoted Research
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Numera Analytics - US Asset Allocation - October 2023
Numera Analytics - Global Asset Allocation - October 2023
Numera Analytics - Top Conviction Calls - Week 42 - October 2023
Copyright © AdvisorAnalyst.com
Join us for this insight-rich conversation with Michael Robbins, a distinguished figure in quantitative asset management. He is an author, thought leader, Professor of Graduate Studies in Quantitative Investing at Columbia University, and a sitting CIO. Our conversation focuses on quantitative trading, asset management, and financial modeling. Michael's recently published book, "Quantitative Asset Management," offers insights into the complexities and nuances of quantitative strategies. We delve deep into the intricacies of Global Tactical Asset Allocation (GTA) and explore the nuances of quantitative investment strategies.
HIGHLIGHTSUnderstanding GTAA: We start by defining Global Tactical Asset Allocation and discussing effective approaches and potential pitfalls in employing this strategy.
[04:18] - Adam Butler discusses the unique challenges and advantages small investors face compared to large investors, emphasizing the benefit of portfolio agility for smaller investors.
Investment Strategy Insights: Michael Robbins shares his expertise on various aspects of investment strategies, including the importance of a fund's management team, the significance of qualitative factors, and the role of an advisor in making informed investment decisions.
Quantitative Strategies: We explore the realm of quantitative strategies, discussing hyperparameters, the impact of biases, and the importance of defining investment goals.
The Role of Machine Learning: Delve into the use of machine learning in finance, understanding overfitting, and the challenges of translating complex financial data into actionable strategies.
[24:20] - Pierre Daillie and Michael Robbins explore the concept of overfitting in algorithmic strategies and the skepticism surrounding backtesting, highlighting the importance of a solid theoretical foundation behind investment strategies.
[34:47] - The conversation shifts to the importance of qualitative factors in investment, such as the management team's experience and the terms of investment, which are crucial alongside performance metrics.
[26:58] - Michael Robbins emphasizes the need to eliminate luck and human bias from systematic investment programs, advocating for a more quantitative and systematic approach to investing.
[42:08] - Michael Robbins and Pierre Daillie discuss the often overlooked aspect of the personality and charisma of analytical experts in investment management, and how it affects investment decisions.
Practical Advice for Investors: Gain insights on what investors should look for in funds, the importance of diversification, and how to avoid common mistakes in quantitative investing.
[1:01:56] - The article concludes with a discussion on expanding investment horizons and differentiating oneself as an advisor by exploring unique investment strategies, as suggested by Michael Robbins.
📚 About Michael Robbins: Michael Robbins is an acclaimed author and expert in finance, Professor of Graduate Studies in Quantitative Investing at Columbia University in New York, and a sitting CIO. He is known for his deep understanding of quantitative strategies and asset allocation. His insights provide valuable guidance for both new and seasoned investors.
Where to find Michael Robbins, CFA
Michael Robbins on Linkedin
Michael Robbins' book - Quantitative Asset Management
👍 Like and Share: If you find this discussion informative, please like, share, and comment below with your thoughts or questions.
InvestmentStrategies #GlobalTacticalAssetAllocation #QuantitativeInvesting #MichaelRobbins
We're excited to share our conversation with two distinguished guests from WisdomTree, Jeremy Schwartz and Jeff Weniger. Jeremy Schwartz, CFA, Global Chief Investment Officer at WisdomTree, shares his views on the market and economy from his vantage point of overseeing all of WisdomTree's investment activity. Jeff Weniger, CFA, Head of Equity Strategy at WisdomTree, shares current insights from his team's analysis of stock market trends and macroeconomic developments.
Where to find our guests:
Jeremy Schwartz
Jeff Weniger
Timestamped Highlights[00:00] Fed Rate Hikes and Economic Impact - We begin with Jeremy Schwartz and Jeff Weniger's analysis of Powell's speeches, highlighting inconsistencies and effects on housing.
[04:55] Inflation and Monetary Policy Concerns over housing data, skewed rental data, and Powell's neutral stance.
[08:33] Central Bank Policies and Banking Industry Challenges - Powell's inflation goals, bravery of central banks, and future risks in banking.
[15:58] Banking Industry Changes and Consumer Behavior - Funding challenges for banks, high net worth individuals holding cash, and consumer spending patterns.
[20:14] Housing Market Dynamics and Potential Correction - Correction trends in housing market, millennial supply issues, and recession implications.
[26:31] Housing Market Trends: Homeowners and Renters - Low home sales volume impact, focus on home prices vs. activity, and new construction's effect on home improvement.
[33:13] Housing Market Trends and Employment Resilience - Demand for new homes and companies’ resilience to rate hikes.
[36:49] Economic Trends, Monetary Policy, Investment Opportunities - Impact of interest rates on tech companies, Dallas Fed report, and investment insights.
[41:48] Labor Market Changes and Economic Uncertainty - Frustration with employment dynamics, real estate professionals’ struggles, and COVID-19's impact.
[47:05] Economic Impact of Demographic Shifts and Monetary Policy - Low interest rates influencing retirement, generational conflict, and political impacts.
[53:12] Economic Stimulus, Budget Deficits, Stock Valuations - Discussion on potential stimulus, budget deficits, and high-valuation companies like Nvidia.
[58:35] Nvidia's Potential as a Prime AI Stock - Cisco's market position contrasted with Nvidia, and the parallel potential of a Japanese stock market resurgence.
[1:01:31] Investing in Japanese Equities] Warren Buffett's Japanese investments, hedging currency risk, and equity investment psychology.
[1:07:28] Japanese Economy: Labor Costs and Profit Margins - Cultural shifts in Japan, labor arbitrage, and wage gap comparisons.
[1:11:50] India's Role in Global Politics and Economy - India's demographic advantages, investment valuation importance, and geopolitical role.
[1:17:58] Cultural Exports and Media Representation - Global cultural exports' impact, Hollywood and Bollywood influence, and increased American interest in foreign cultures.
Copyright © AdvisorAnalyst.com
Discover how covered call strategies can help investors profit from rising volatility in today's markets. Nicolas Piquard, Chief Options Strategist at Hamilton ETFs, shares his insights on using covered call options strategies to generate income from popular bank and utilities stock holdings (HMAX and UMAX). Piquard also discusses in depth, the case for the new and timely opportunity of using a covered call strategy to enhance returns from bonds, and how Hamilton ETFs' HBND works.
Learn why this innovative approach allows for more nuanced portfolio adjustments, without taking on additional risk.
Nicolas Piquard: Monetizing Volatility in Bonds (a First) & EquitiesTimestamped Summary:[00:00:00] Monetizing volatility with Hamilton ETFs Chief Options Strategist Nicolas Piquard
- Nick Piquard shares insights on monetizing volatility in equity and bond markets.
[00:01:16] Bank earnings, volatility, and covered calls with a focus on Canadian banks.
-
discusses his career in the options space, from sell side to buy side, and his current work at Hamilton ETFs.
-
Daillie asks about the outlook for bank earnings in light of recent results and expectations.
-
provides a mixed view, citing both positive and negative factors, including rising interest rates and a weaker economy.
-
notes that Canadian banks have historically been less volatile than US banks, but current market conditions create potential buy opportunities (0:05:25).
[00:07:06] The attractiveness of covered calls in the current market environment, with strong dividends and potential for extra yield .
[00:08:06] Covered call options in a volatile market.
Daillie notes the prevalence of Canadian bank ownership in US banks and stadium naming rights, suggesting it's a source of national pride.
-
believes there are good deals to be had in regional banks due to their low valuation, but they need access to capital to overcome challenges.
-
highlights the potential opportunities for covered call option writers in a volatile market, as the price of call options increases in such environments.
-
advises focusing on selling call options at the higher end of a price range to maximize performance, rather than selling too much upside at a single point.
-
advises navigating short-term market volatility by using covered call strategies, avoiding short-term lows, and taking advantage of market whipsaws.
-
explains how to navigate a volatile market by writing fewer call options and waiting for better entry points.
-
provides an example of how to manage a situation like this in the Canadian banking sector.
[00:17:45] Options trading strategies and their implementation.
Active call strategy can help diversify exposure and adapt to changing market conditions.
- emphasizes importance of proper management of covered call strategies for long-term success.
[00:21:51] Covered call strategies in volatile markets.
-
Investors seek tax-efficient income through covered call strategies on safe assets like Canadian banks and utilities, freeing up time for other investment decisions.
-
Investors may seek insurance against large cap tech names, generating premiums for investors.
-
discusses the benefits of using a covered call strategy in volatile markets, particularly in sectors like tech and energy where upside potential is high.
-
notes that while the strategy involves giving up some upside potential, the increased yield from selling call options can help offset this trade-off.
[00:27:48] Using covered calls to diversify and generate income in a volatile market.
-
Investors may benefit from diversifying into covered calls to monetize volatility in a potentially uncertain financial environment.
-
Investors seeking income can use covered call strategies to monetize volatility while maintaining existing portfolio holdings.
[00:32:10] Tax loss selling and bond market strategies.
Daillie highlights the tax loss selling opportunity in the banking sector, where investors can capture tax efficient income and enhance overall yield.
-
Hamilton's new ETF exploits volatility and yield in the bond market, a strategy that has not been done before, with investors asking why it hasn't been explored earlier.
-
explains that TLT, a bond ETF, has become a popular proxy for long-term yields due to its liquidity and size, making it an attractive option for covered call strategies.
-
Daillie agrees, noting that TLT has become a shorthand for long-duration bonds and its options market has become liquid, making it an ideal choice for traders.
-
explains why there hasn't been any previous covered call BOND ETF formations. The concept didn't have any traction to become popular until recently, citing bond market trends and Fed actions.
[00:38:52] Long-term bond yields and inflation.
-
identifies two key factors driving the market: investors' perception of inflation and the ability to lock in high yields with safety.
-
discusses factors contributing to sticky inflation, including demographic changes, globalization, and monetary policy.
-
Counterarguments include concerns about global debt levels and the potential for higher rates to cause economic issues.
[00:44:25] Interest rate volatility and its impact on financial markets.
-
notes that traditional buyers of US Treasuries, such as China and Japan, are becoming less active due to high yields in their own bond markets, potentially impacting US interest rates.
-
highlights a chart showing the correlation between interest rate volatility and equity volatility, with both increasing in recent years despite the VIX decreasing.
-
believes that interest rate volatility will continue to rise due to the Fed's balance sheet reduction, leading to higher VIX levels.
[00:50:01] A new ETF strategy for fixed income investors (HBND).
-
Investors can now access extra yield through a new ETF that combines fixed income exposure with covered call strategy, using TLT as the underlying bond.
-
discusses using a covered call strategy with US Treasuries to generate income with lower risk.
[00:54:24] Bond market volatility and investment strategies.
-
Investors may benefit from exploiting long-term yield opportunities in the bond market, particularly through covered call strategies, given the current high volatility environment and potential for sustained government spending.
-
Investors can fine-tune portfolios with new opportunities for volatility monetization.
-
is excited about the opportunity in bond ETFs, seeing it as a timely and popular investment opportunity.
-
discuss the potential of adjusting portfolio trim without major attitude adjustment, using analogies like boat engine trim and volume control.
Closing
Where to find Nicolas PiquardNicolas Piquard on Linkedin
Hamilton ETFs
Strategies discussed:HMAX - Hamilton Canadian Financials Yield Maximizer ETF
HBND -Hamilton U.S. Bond Yield Maximizer ETF
Darius Dale, Chief Strategist & Founder at 42 Macro LLC joins us for an end of Q3 360˚ take, looking back at the last year for context, and looking forward to 2024. He shares his insight from his firm's econometric modeling, and what it is all saying about the economy and markets behaviour for the upcoming quarters and year ahead. Dale eloquently unpacks all the factors driving inflation and market in the context of today's heightened uncertainty surrounding inflation, policy, rates, and market dynamics.
Timestamped Highlights[00:02:25] Darius Dale believes that factors supporting growth persist into next year, inflation has surprisingly decreased, and the Fed's policy remains unchanged.
[00:04:19] China's economy reopening without fiscal stimulus, Europe's growth faltering with sticky inflation causing bond market volatility. Bank of Japan likely to tweak yield curve control. Implications for asset markets.
[00:06:55] Despite concerns about inflation, consumer income and personal spending have exceeded inflation levels. Limited vulnerability in the credit cycle and decreased exposure to the manufacturing sector indicate a more resilient economy.
[00:13:17] Darius Dale's insight, discussing a temporary risk-off scenario, the expectation of a return to equity leadership, and the potential lag in seeing the impact of interest rates on the economy. The author questions whether these circumstances will lead to a leapfrogging of debt maturity.
[00:16:41] Stock market tends to peak with employment cycle, indicating potential retail risk accumulation. Difficulty in answering question of factor dispersion.
[00:20:09] University of Michigan employment survey shows numbers inconsistent with recession patterns. Other indicators also suggest recession is unlikely.
[00:22:14] Most US mortgage holders have 30-year mortgages at low rates, so rising interest rates will take time to impact the housing market.
[00:26:04] There have been few changes in central bank policy rate expectations, but significant moves in floor policy rates, led by the US. The US economy has been performing better than expected, causing investors to believe there is no recession. The fixed income market has seen interesting trends, with minimal impact from the regional banking crisis.
[00:30:48] High interest rates will discourage refinancing for both corporate and household sectors; longest duration since the early 80s.
[00:31:53] Refinancing into higher interest rates is economically irrational. Rates will matter eventually, but not now. The Fed's policy has created a big spread between payments and instrument yields, dragging it into a higher rate regime.
[00:35:27] The mortgage rate spread is causing stagnation in the housing market, leading to a decrease in existing home sales and an increase in new home construction.
[00:40:37] We discuss the potential for higher inflation and the use of a model to project inflation trends. It suggests that the underlying trend of inflation may be around 2.5% to 3%.
[00:44:07] The author specializes in building quantitative models backed by proven techniques. They developed an investment strategy to outperform the standard 60-40 approach by reducing bond holdings and using various risk management overlays.
[00:48:50] We discuss the inflationary era in bond market, potential for term premium to rise, bond bulls buying undervalued market.
[00:52:05] 42 Macro publishes research and prognostications on the market. They made successful calls in early January and May based on their process. They focus on behavioral aspects and reorganized their process for better outcomes.
Visit 42macro.com for more.
Terry Dimock, Chief Risk & Execution Officer, at National Bank Investments is our guest. In this episode, Terry takes us on a journey through NBI's OP4+ Open Architecture Investment process and framework, shedding light on the importance of creating value, the prioritization of organization, people, and process, and the meticulous monitoring of portfolios. Terry shares valuable insights into the selection of portfolio managers, the logic of integrating ESG factors, and the challenges and opportunities in the ever-changing investment landscape. We explore the inner workings of NBI's investment management process and discover how they navigate the complexities of the market to deliver exceptional results for their investors.
Timestamped Highlights:[00:00:00] Opening remarks and introduction to Terry Dimock, a luminary in investment management.
[00:04:37] In 2012, National Bank sold its asset manager and adopted an open architecture approach to build solutions using the best portfolio managers in the world. They created OP4+, an acronym that defines what they look for in a portfolio manager, with "O" standing for organization.
[00:07:00] Where does value come from? How value is created, and the importance of people and process. Terry explains the pillars of OP4+ and monitoring portfolio positions. The goal is to ensure that the process is followed and glitches are avoided.
[00:10:03] How are NBI's sub-advisor portfolio managers evaluated? Terry emphasizes the importance of portfolio manager selection, and the under-recognition of the risk involved is discussed. We discuss his team's role at National Bank Investments in reducing advisor and client burden in evaluating managers.
[00:13:13] The CIO office uses teamwork to identify asset classes and portfolio needs. They may add or change managers to diversify portfolios. NBI's Open Architecture allows flexibility in adding a multitude of asset classes and managers.
[00:16:21] We seek the best portfolio managers with a long track record, particularly in less liquid investments. Fees in these categories can be high, but we value diversification, careful selection, and scale.
[00:19:28] Quarterly performance attribution calls are held with all portfolio managers to assess performance and confirm adherence to OP4+ process. Bi-weekly check-ins and yearly on-site visits ensure trust and accuracy in information provided.
[00:24:29] Investors should consider environmental risks and the management of companies they invest in. For example, PG&E faced lawsuits and bankruptcy due to poor management after 2019 forest fires. Analysts reduced positions in companies with high risk and poor governance. It is important to analyze potential risks and ensure investment aligns with environmental objectives to avoid negative outcomes. Considering and factoring in ESG concerns was a logical decision.
[00:28:10] Terry emphasizes the need for a transition to renewable energy, ensuring job security and sustainable business practices, despite political opposition.
[00:29:56] Investors should use ESG to make credible and accountable decisions. Becoming a signatory of the UN principles for responsible investment demonstrates seriousness. Proof points about using ESG factors are necessary.
[00:33:57] We assess performance criteria and compare active managers to ETFs to ensure value for end-investors. Focus on process, not short-term metrics.
[00:36:25] Gaps in portfolio, lack of diversity, and changes can unearth reasons to lose confidence in a portfolio manager's inclusion in NBI's program.
[00:41:11] AI, like ChatGPT, will enhance analysis and automation, allowing focus on critical tasks. Progress in technology has consistently improved efficiency. Younger generations adapt quickly.
[00:43:22] Terry closes the conversation noting that NBI is constantly working at improving qualitative and quantitative aspects of the OP4+ process, focused on finding the right information and metrics for future success.
=======================
Where to find Terry Dimock
=======================
Terry Dimock on Linkedin
National Bank Investments
Copyright © AdvisorAnalyst.com
The head of the Doomberg team, maestros at deciphering the complex symphony of the financial world is our guest. The Doomberg team are well-known for their uncanny ability to recognize patterns before they emerge and connect the dots between topics you'd never think related. They've mastered the art of making the intricate realms of finance accessible. They have become, by far, the most popular Substack. Doomberg join us for a deep, deep dive into their most recent market insights, highlighting the less-than-obvious dualities, contradictions, impacts, and connections in the realm of financial markets.
Timestamped Highlights:
[00:02:07] Doomberg, a small team with experience in the commodity sector launched Doomberg in 2021, now the most subscribed Substack, after pivoting from a consulting firm due to COVID-19. They now research and write 7 to 8 pieces a month with no strict deadlines.
[00:08:37] A framework for assessing scientific breakthroughs, focusing e.g. on a claimed room temperature superconductor. It emphasizes the importance of considering the credibility of those involved, where the research is published, the scientific process, the context of previous claims, and what to expect next. Ultimately, the text expresses deep skepticism and the need for more evidence.
[00:19:37] The potential benefits of a technical singularity, including advancements in grid rewiring, quantum computing, and high-tech electronics. It highlights the difficulty in predicting the specific inventions that could arise and the significant impact it would have.
[00:24:59] Doomberg discusses the relationship between energy, order, and standard of living. He argues that higher energy density leads to economic prosperity and that restrictions on fossil fuel consumption merely shift the privilege. The global south's consumption of fossil fuels is seen as predictable and sustainable within the author's framework.
[00:30:36] The progressive environmental left opposes nuclear power and carbon capture for reasons related to their desire for fewer humans (Malthusians) and resource conservation. They want less energy and advocate for intermittent renewables. Their intentions are not about carbon emissions.
[00:39:29] In periods of energy abundance, currencies are influenced by manufacturing performance and value-added capabilities. In energy scarcity, energy becomes the key resource, affecting currency strength. During shortages, energy producers profit from price increases. The understanding of energy's significance reveals the less relevance of currency fluctuations. A mild winter in 2022 shifted to energy abundance, causing coal, natural gas, and oil prices to drop, impacting currencies. Russia's currency weakens during surplus energy periods. Energy positioning explains most currency moves during scarcity, but not during abundance. Currency serves as a means to store, transport, and utilize energy.
[00:45:21] Ontario's Green Energy Act caused government waste and enriched insiders, costing taxpayers billions. In 2018, the ruling liberal party was ousted, and the act was revoked. Ontario now focuses on nuclear energy.
[00:52:29] Canada, UAE, and Japan are embracing nuclear power, while most of Europe except Germany is realizing its importance. Pain and political change are necessary for progress.
[01:00:06] Traditional media outlets claim both that drought relief disproves climate change and that climate volatility is the cause.
[01:04:11] The story of Tulare Lake. A California tribe's devastated loss when their lake was drained by dams and diversions, is now seen as a climate crisis causing flooding. The reclaimed lake is viewed as both a salvation and a food growing paradise lost due to climate change.
[01:08:16] The book "The New Dealers War" is recommended and highlights China's dominance in key industries and the need for caution in foreign engagements.
[01:14:26] The US lacks knowledge, China controls Tellurium supply in solar industry.
[01:20:00] Focus on leadership at home, support US prosperity, influence policy, cautious about China, not worried about physical safety. US political system intact despite partisan bickering.
==========================
Where to find Doomberg:
==========================
Doomberg - Substack
=======================
Where to find the Raise Your Average crew:
=======================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
Paul Kornfeld, President at SIACharts joins us for an comprehensive update featuring SIACharts' insights - we talked about relative strength rankings and how they can guide your investment decisions globally. Small-cap stocks in the US may be lower ranked compared to their large-cap counterparts, but Canadian small-cap stocks are showing promise. We also discussed the movement in energy markets – they've been on the decline but set for gains, while alternatives have been gaining momentum. And fixed income? While it hasn't shown much improvement, it's waiting for that bounce back when interest rates start dropping. Stay away from underperforming areas, follow the analysis, and keep an eye out for sector opportunities in Canada and the US. And, we even explored potential investment opportunities in Mexico, and India. These countries are aligning with western interests, less vulnerable to China's influence, and have charts showing clear breakouts.
Timestamped Highlights:
[00:03:24] We discuss discuss market performance, interest rates, inflation.
[00:10:48] Market recovering, room for growth, market breadth.
[00:15:17] Mega-cap tech stocks dominate market returns. Breath problem persists. Financial recovery underway. Transportation sector improves. Sector flows signal concerns. July historically positive, but caution for August-September.
[00:26:48] Seasonality varies across different market areas. Building an ensemble of indicators is important. Market could be overbought and a bit exuberant. Consider tightening risk levels and taking profits. Summer seasonality may present challenges.
[00:30:02] Expectations for Q4 earnings are changing, with certain sectors predicted to have higher earnings. Information technology remains strong, while utilities have surprisingly high expectations.
[00:36:00] Stocks lagging, utilities messy, no clear trends
[00:44:11] Rankings show US outperforming Canada due to sector composition.
[00:46:50] Global, Europe, international, US Small Cap, Canadian Small Cap, energy markets, alternatives, North American Equity, emerging markets, fixed income, bond valuations, underperformance, sector analysis
[00:53:07] Real estate market booming in Calgary.
[00:56:58] Price expected to pause at resistance level. Support at 125. Potential move down 1%. Resistance at 139. Range between 128 to 138. Short-term outlook weakened. Not bullish for USD.
[01:03:10] US has performed well, Nasdaq has potential.
[01:09:15] Point figure chart eliminates short-term noise. Candlestick chart has more noise. Point figure chart shows value in different time periods. Visuals help identify upside and levels. Long-term view is important. Russell 2000 chart is noisier with a smaller range.
[01:13:06] International markets have potential, particularly Argentina, Mexico, and India. Emerging markets may catch up with developed markets.
[01:20:33] Security mindset challenges, breakout opportunities, orderly uptrend. Reassuring narrative: supply chain shift to aligned countries. Risk management and accumulation strategies. Pay attention to new highs in portfolio.
[01:36:42] Summarizing the text in 6 words: Simplified commodity strategy with low volatility.
[01:40:41] Increased dispersion across asset classes creates opportunities.
======================
Where to find Paul Kornfeld and SIACharts:
======================
Paul Kornfeld on Linkedin
SIACharts.com
SIACharts on Twitter
SIACharts on Linkedin
=======================
Where to find the Raise Your Average crew:
=======================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
In this episode we welcome Peter Bowen and Michelle Munro from Fidelity Investments Canada, two leading minds in the field, to discuss their insights and discussing the findings from the recent 2023 Fidelity Retirement Report.
Today's financial climate is more complex than ever. The cost of living continues to rise, and market volatility seems like the new norm. Yet, amidst all of these challenges, Canadians are maintaining an optimistic outlook towards retirement, thanks in part to sound financial planning and advice.
Fidelity Investments Canada' 2023 Fidelity Retirement Report, now in its 18th iteration, is a vital resource for financial advisors and investors alike. It aims to shed light on current retirement trends and offer strategies for both preparing for and living during retirement.
The report discusses a wide range of influencing factors, including inflation, housing costs, interest rates, and, of course, market volatility. All of these elements play significant roles in how we plan and strategize for our retirement years.
Peter is Vice President of Tax and Retirement Research and Michelle is Director of Tax and Retirement Research at Fidelity Investments Canada.
Thank you for listening. Don't miss what Peter and Michelle have to say about how we can all better equip ourselves for the financial realities of retirement, no matter what changes the market throws our way.
Read the 2023 Fidelity Retirement Report
Copyright © AdvisorAnalyst.com
In this episode, BMO Global Asset Management's Jeffrey Shell and Lillian Ferndriger join us to discuss newly accessible opportunities in private market assets. Jeffrey is Head of Alternatives, Commercial ESG and Innovation from BMO Global Asset Management. And Lillian is Director of Alternatives Distribution at BMO Global Asset Management.
We delve into the realm of private market investing, now a more widely accessible and vital instrument for portfolio diversification that promises attractive risk adjusted returns.
These markets offer an entrance into asset classes and strategies that were previously largely inaccessible territory in the public domain. Moreover, the defining features of private markets, their risk return profiles stand as a powerful key to unlock the full potential of a private wealth portfolio.
A look back in time reveals the compelling performance of private markets as they have consistently outshone public markets becoming a beacon of wealth accumulation and differentiated return stream. In recent times, this asset class has been winning hearts transitioning from its longstanding institutional clientele to captivate high net worth individuals, the segment that's been growing the fastest.
Now we're witnessing an exciting shift, often referred to as the democratization of access. This transformation marks a significant stride for the wealth management industry as it throws open the doors to a broad suite of previously inaccessible specialized strategies within private equity, private debt, real estate infrastructure, and other real assets.
The allure of reduced minimum tickets, enhanced transparency in reporting and lower fees adds to the appeal of these markets. But perhaps the most enticing advantage of this democratization is the boon it provides to private wealth. It serves as the final puzzle piece in portfolio construction, enabling clients to harness and all-encompassing asset allocation in private market sub strategies.
This allows for portfolio diversification, enhanced returns, volatility reduction, and crucially a shield against inflation. Today we're gonna delve deeper into these fascinating dynamics of private market investing. Thank you for listening.
Where to find Jeffrey Shell and Lillian Ferndriger, BMO Global Asset ManagementJeffrey Shell on Linkedin
Lillian Ferndriger on Linkedin
More on BMO Partners Group Private Markets Fund.
Seeking strategies to capitalize on the current market conditions? In this episode, featuring Paul Kornfeld, President of SIACharts, we discuss the utility of a framework to cope with fluctuating markets. We delve into the significance of technical analysis amidst zero interest rates and undervalued fundamentals over the past decade, along with the challenges of risk management during market shifts, such as the current climate of inflation and rising rates.
Kornfeld provides an overview of current market conditions, underscoring cautious optimism and a bullish stance on international markets. He also introduces new SIACharts' developments, emphasizing the importance of chart analysis, particularly point and figure charting.
He explains SIACharts system, which performs billions of calculations daily, employs point and figure comparison charting to examine the supply and demand dynamics of various asset classes. The system's rankings, based on longer-term trends, are not designed for day trading but to provide forward insights into stocks, ETFs, mutual funds, asset classes, sectors, and model portfolios.
The key takeaway is the essential role of tools like SIACharts in offering immediate and ongoing guidance to navigate markets. Using charting analysis to highlight investment opportunities, it liberates advisors from daily analysis rigors. SIACharts aids in identifying top investment prospects and offers risk management tools to minimize drawdowns and enhance the total capture ratio.
Thank you for listening!
Timestamped Highlights
Importance of having a framework to navigate changing market conditions [00:00:15]
Importance of charting analysis and point and figure charting [00:02:05] The usefulness of charting analysis and point and figure charting
Shift in market leadership [00:08:04] The speakers discuss the importance of having an exit plan and tools to adjust one's narrative.
The winter of discontentment [00:10:31] Paul Kornfeld talks about the quarterly outlook and recap, called "The Winter of Discontentment."
Concentrated Market [00:17:41] Discussion on the current market conditions, including the concentration of the market and the performance of underlying stocks.
Asset Allocation and Risk Management [00:18:30] Importance of having a framework to navigate changing market conditions.
Asset Class Rankings [00:23:17]
Point and Figure Comparison Charts [00:24:09] Explanation of the methodology behind the rankings.
Identifying Long-Term Trends [00:26:31] Importance of longer-term trends in the market and how the rankings help advisors make informed decisions for their clients.
European stocks and international opportunities [00:30:56] The speakers discuss the surprising performance of (surprise) European stocks despite the ongoing war and energy vulnerability.
ETF country heat map tool [00:33:17] Paul Kornfeld introduces the new ETF country heat map tool, which visually shows the performance of different countries and sectors over timeframes.
Following the money [00:38:04] The speakers discuss the importance of following the money and tracking money flows
Avoiding hitting bottoms [00:39:27] Importance of avoiding dead money in the portfolio and staying out of trouble.
Sector analysis [00:40:23] Using charting analysis to visually see the money flowing in and out of markets and the importance of sector analysis.
Short-term overbought/oversold [00:43:06] Understanding short-term overbought/oversold sectors, portfolio weighting and timing.
Using the Reports Tactically [00:48:28] Paul Kornfeld encourages advisors to use the reports tactically as a confirmation tool for allocation decisions.
Staying Away from Banking [00:49:24] Paul Kornfeld provides an example of how the reports e.g. helped advisors avoid sectors like banking, which has been red since December and has fallen by 18% over the last quarter.
Finding Opportunities in the Market [00:50:54] Paul Kornfeld discusses using a top-down approach and combining sectors to find the best names.
Eliminating Guesswork with Relative Strength [00:52:53] We discuss how using relative strength eliminates guesswork and biases when deciding where to invest.
Saving time in volatile markets [00:56:51]
Reservations about technical analysis [00:59:25] Paul Kornfeld addresses two reservations about technical analysis.
Using SIA Charts to empower advisors [01:05:13] Paul Kornfeld discusses how SIA Charts can empower advisors.
(One of) SIA Charts' Most Valuable Feature [01:08:59] Paul Kornfeld discusses the most valuable feature of SIA Charts.
Risk Management and Analytics [01:10:34] SIA Charts' biggest value add is risk management, which is not talked about enough.
Simplifying analysis for advisors [01:16:12]
======================
Where to find Paul Kornfeld and SIACharts:======================
Paul Kornfeld on Linkedin
SIACharts.com
SIACharts on Twitter
SIACharts on Linkedin
Cole Smead, CEO & Portfolio Manager at Smead Capital Management joins us for a fascinating conversation. "Investing is not just about buying stocks and hoping they go up in value. It requires strategic thinking, planning, and a willingness to learn about niche industries," says Smead.
In this new podcast episode, Smead discusses the importance of seeking out profitable opportunities by investing in industries (the energy sector is their current focus) that other investors are not playing. He calls this "mafia investing," and believes that this strategy can lead to high returns and the possibility of becoming "insanely wealthy."
Smead instead chooses to be one among a choice of ten shrewd investors, rather than one among a million average investors.
He cites the example of the oil tanker market, where high steel prices have led to a shortage of supply and higher cash rates for those still in operation. He also notes that there are opportunities to become billionaires in commodity businesses that may not be popular, such as the coal business.
Smead emphasizes the need for active investors to earn their profits through the learning process and by studying successful capital allocators and billionaires. He recommends the book "The King of Oil" by Daniel Amman, to listeners, which, among others, intensified his interest in commodities.
To clarify, Smead Capital Management are 'go anywhere' investors, but one of areas that has become the current focus of their long term strategy is the energy sector.
Overall, Smead's investment philosophy emphasizes the importance of strategic thinking, planning, and a willingness to learn about niche industries. By seeking out profitable opportunities in these industries, investors can potentially achieve high returns and become "insanely wealthy."
This was a fascinating conversation. Buckle up and thank you for listening.
Timestamped Highlights:BackgroundBackground and Investment Philosophy [00:01:54] Cole Smead discusses the genesis of Smead Capital Management and his investment philosophy, including the eight criteria used to find investment opportunities.
Starting in the Investment Business [00:02:30] Cole Smead talks about how his father's legacy and teachings inspired him to get into the investment business.
Investing in stocks [00:05:16] Cole Smead talks about his early interest in investing in stocks and how it drove him to pursue a career in the investment business.
Experience and learningsPsychology of markets [00:06:40] Smead shares his experience of the late 1990s and how it left a huge impression of the psychology of markets and how damaging they can be.
Disagreement with markets [00:08:05] Smead discusses the huge rewards of being in disagreement with markets at times with businesses that produce good economics and how people forget about those ideals.
Bear Market Rallies [00:10:21] Speaker 1 discusses the nature of bear market rallies and how they can frustrate investors.
Top 10 Market Caps by Decade [00:11:49] Speaker 1 talks about how the top 10 market caps by decade have historically underperformed the S&P 500, and how this affects investment probabilities.
Active Investing [00:14:28] Pierre and Cole discuss the negative sentiment towards active investing in recent years and how macro and fundamental factors have been overlooked.
Active Investing is Dead? [00:15:29] Discussion on the dispersion of returns within the index and the belief that active investing is dead.
Flexibility of Investing [00:17:03] Importance of being flexible in investing and not limiting oneself to certain industries or sectors.
Sticking to Investment Philosophy [00:20:18] The history of Smead Capital Management and their investment philosophy of active management and concentration.
Importance of Reading [00:22:52] Cole Smead and Pierre Daillie discuss the importance of reading and how it inspires their work.
Technology is Bullish on OilThe Jevons Paradox [00:24:08] Cole Smead explains the Jevons Paradox and how it relates to energy efficiency and consumption.
Efficiency and Energy Usage [00:25:42] Cole Smead discusses how technological efficiency does not necessarily lead to a decrease in energy usage, using the example of LED light bulbs and the laser. In fact, it has tended to lead to maximum use of efficiency - i.e. energy enables more technology and more technology unlocks demand for more energy, and so on.
Energy usage and economic growth [00:26:36] Discussion on the relationship between energy usage and economic growth, and the potential consequences of going back to lower levels of economic growth.
Electricity usage and technology infrastructure [00:28:58] The potential shortfall in electricity usage versus growth of technology infrastructure, and the risks of having too little energy.
Germany's last nuclear reactor [00:32:29] Germany's closure of its last nuclear reactor and the implications of relying on different sources of electricity.
Nuclear vs Oil and Gas [00:34:19] Comparison between nuclear and oil and gas as the most economic forms of energy, and the geopolitical risks of nuclear energy.
Renewable Energy [00:37:15] Discussion about the economic return of $3 trillion spent globally on renewables, the least concentrated form of energy being solar, and the concentrated form of energy being gasoline.
Electric vs Combustion Engines [00:38:54] Cole Smead discusses the benefits and risks of electric and combustion engines, and predicts a hybrid world for cars.
Continued Energy Shortages [00:40:20] Cole Smead and Eric Al discuss the inventory shortfalls and the need for more energy, warning against governments' calls for less investment.
Long-Term Holdings [00:40:57] Cole Smead shares the story behind his key long-term holdings, including the importance of paying attention to great capital allocators and the value of longer duration assets in the oil and gas industry.
Long-dated asset production [00:44:12] Cole Smead discusses the importance of long-dated asset production and the potential for consolidation in the oil and gas industry.
Capital allocation [00:44:54] Smead explains the importance of capital allocation in the oil and gas industry and the benefits of buying back stocks.
Borrowing KnowledgeInvesting as a liberal art [00:47:29] Smead and Daillie discuss the importance of learning and education in investing, and how it is the last liberal art.
Interest and Passion in Investing [00:49:21] Cole and Pierre discuss the importance of being interested and passionate about investing, as it requires a significant investment of time.
Underinvestment in Energy [00:50:35] Cole and Pierre talk about the underinvestment in energy over the past 10 years, leading to shortages in new production and the need for significant catch-up investment.
The Coming Consolidation in the Energy IndustryConsolidation in the Energy Industry [00:54:08] The speakers discuss the potential for consolidation in the energy industry, with many small Canadian companies having less than $3 billion in market cap, and the benefits of acquiring existing assets versus developing new ones.
Fractured dollar system [00:55:39] Cole discusses how the post-pandemic and post-Ukraine world has created niche opportunities to make money in the oil and gas business, such as the oil tanker market.
Studying successful investors [00:56:21] Cole emphasizes the importance of studying successful investors and capital caterers, such as John Fredericks and Harold Ham in the oil and gas business, and Jay Gould, the railroad baron.
Investing in coal [00:57:40] Cole talks about how he learned about the coal business and how there are good economics in the coal business, which has created billionaires in the last 10 years.
Consolidation and Active Investing [00:59:37] Cole Smead discusses how consolidation feeds into the moat idea and how active investors should seek to earn profits.
Investment Philosophy: Commodity Businesses [01:00:17] Smead explains how he uses a negative art approach to investing in commodity businesses, particularly in the coal industry.
The Glencore / Teck TakeoverTech and Glencore's Bid for Teck [01:04:28] Pierre Daillie asks for Cole Smead's thoughts on Glencore's bid for Tech and how it seeks to take advantage of ESG.
The Genesis of Interest in Commodities [01:04:54] Cole Smead discusses his interest in commodities and how reading the book "The King of Oil" intensified his interest.
The Dual Commodity World [01:05:44] Smead explains the dual commodity world and how companies like Tech Resources are trying to detach themselves from coal to focus on copper.
Glencore's Coal Business [01:08:38] Smead discusses Glencore's coal business and how they plan to spin it off, while still owning it and paying out 100% of the income or free cash flow of the business.
ConclusionExtracting High Returns [01:10:15] Cole Smead talks about his investment philosophy of extracting high returns in places where other people don't want to invest.
============================================
Where to find Cole Smead and Smead Capital Management
============================================
Cole Smead on Linkedin
Smead Capital Management Blog
Smead Capital A Book With Legs Podcast
Copyright © AdvisorAnalyst.com
In this episode, Mark Noble, Executive Vice President and Head of ETF Strategy at Horizons ETFs, joins us. We dive deep into the benefits of yield producing strategies, fixed income strategies, and the focus of our conversation – covered call ETFs. We dive into the current market volatility and how rising interest rates and inflation are impacting market dynamics, and explore how investors can shift some of their matched equity exposures in this period of economic and market uncertainty to enhance portfolio yield, mitigate risk, discuss their tax advantages, and the idea that these strategies enable you to do all of the above without having to alter core fixed income allocations, or investment policy.
Mark discusses the launch of Canada's first ultra-short-term Canadian and US T-bill ETFs, discussing why these weren't previously available. Mark also offers his insights on alternative assets, diversifying strategies, and the role of covered calls as a timely and productive equity alternative strategy.
Our conversations turns to Noble's take on the interesting macroeconomic shifts in the gold market and the impact of the financial crisis and Fed's balance sheet expansion.
Finally, we wrap up with a discussion on the optimal conditions for implementing covered call strategies, especially in our current uncertain market environment. Tune in for a deep dive into ETFs, market volatility, and timely strategic investment tactics.
Timestamped Highlights:Yield Producing Asset Strategies - Why Now? [00:00:00] Introduction
Launch of Canada's First Ultra-Short-Term Canadian and US T-Bill ETFs [00:02:13] Mark Noble talks about the launch of Canada's first ultra-short-term Canadian and US T-bill ETFs by Horizons ETFs, and why there were no T-bill ETFs on the market before.
Current Market Conditions and Volatility [00:03:11] Mark Noble and the host discuss the current market conditions, volatility, and the shift in market dynamics due to rising interest rates, inflation, and investors seeking strategies to outpace inflation and traditional GICs.
Short-term T-bills as a cash alternative [00:08:33] Discussion on the attractiveness of short-term T-bills as a cash alternative and a low-risk way to generate income on the bond portfolio.
Market conditions and volatility [00:10:09] Talk about the current market conditions, volatility, and the shift in market dynamics.
Covered call ETFs [00:14:25] The rise of covered call ETFs as a mainstream investment strategy, their risk-return perspective, and how they can enhance the yield of an overall portfolio.
Covered Call Strategy and Premiums [00:17:29] Mark Noble explains how demographic shifts and rising interest rates have increased premiums for covered call strategies, which aim to generate monthly income while maintaining capital appreciation.
Tax Treatment of Covered Call Income [00:22:17] Mark Noble discusses the tax treatment of covered call income in Canada, which is viewed as hedging and generally taxed as capital gain. However, there are nuances to this treatment, and in some scenarios, the income may be taxed as return of capital.
Alternative Assets and Diversifying Strategies [00:25:22] Pierre and Mark Noble discuss covered call strategies as alternative assets and diversifying strategies, particularly when writing calls at or near the money. They also touch on the importance of considering the total return and the potential impact on the underlying securities.
Covered Call ETFs and Equity Alternative [00:25:50] Mark Noble explains the risk-return profile of covered call ETFs and how they can be an equity alternative.
Gold Market and Macro Shifts [00:27:27] Mark Noble discusses the macroeconomic shift in the gold market and the central bank gold buying trend.
Financial Crisis Contagion and Fed's Balance Sheet [00:33:22] Mark Noble talks about the similarities between the current situation and the financial crisis, and the Fed's balance sheet expansion due to the bailout.
Covered Call Strategies Case Wrap-up [00:38:11] Mark Noble and the host discuss the benefits of covered call strategies in the current market conditions, with interest rate volatility and uncertainty around inflation creating an advantage for call writers.
Optimal Conditions for Covered Calls [00:39:32] The host and Mark Noble talk about how covered call strategies have always been available, but the current market conditions make them more optimal than ever before.
=============
Where to find Mark Noble:=============
Mark Noble on Linkedin
In this episode, we explore the concept of diversification by way of capital-efficient investing, through a strategy coined 'Return Stacking' and how historically, institutions have traditionally had more access to sophisticated strategies than retail investors and financial advisors. That has changed in the last 2-3 years with the advent of the introduction of ETF wrapped strategies now available to retail investors.
We discuss why diversity and prudent use of implicit leverage are important factors in investing, and how adding leverage to an asset that is already expected to outperform cash can increase excess expected returns. We touched on the performance of a 60/40 portfolio and why adding something to the portfolio that will diversify and have positive expected returns may be beneficial, particularly if you don't have to trade down or out of core model portfolio allocations.
We also discuss the 2022 market environment as an example of a growth down/inflation up environment and how using capital efficient ETFs can allow investors to introduce a diversifying secondary return stream and enhance returns, without introducing tracking error risks.
The episode also covered the lack of building block solutions in the ETF space, led Newfound Research to partner with Resolve to bring several ETFs to market. The ETFs, called "Return Stacked," were launched in February 2022, offering diverse combinations of stocks, bonds, and alternative trading strategies as building blocks for diversified portfolios.
Both Newfound Research and ReSolve Asset Management understand deeply the importance of education, which is why we prioritize engaging with the advisor community and providing accessible content.
We encourage you to reach out to us via LinkedIn, Twitter, or our websites (Newfound.com, InvestReSolve.com and Returnstacked.com) with any questions or comments.
We hope this episode provided valuable insights and tools to help you make informed investment decisions.
Thank you for tuning in, and we look forward to bringing you more unique perspectives in future episodes.
[00:07:24] "ETFs: Key Driver in Evolution of Investment Strategies"
[00:14:10] The Capital Efficiency Strategies of Institutions Explained
[00:24:15] "Unlocking Capital Efficiency through Alternative Investments"
[00:35:39] "Exploring how investments respond to economic environments"
[00:38:34] "Managed Futures and Systematic Macro: Diversification Done Right"
[00:43:47] Newfound and ReSolve Launches ETF Building Blocks for Advisors.
[00:48:37] The Pros and Cons of Leverage in Investing
[00:59:51] "Understanding Hurdle Rates and Leveraging Investments"
[01:04:05] "Efficient markets drive fair compensation for risk"
[01:16:37] "Maximizing Advisor Allocation with Passive Investments"
=======================
Where to find Corey Hoffstein, Rodrigo Gordillo, ReturnStackedETFs.com
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Return Stacked ETFs
Newfound Research
ReSolve Asset Management
Corey Hoffstein on Linkedin
Corey Hoffstein on Twitter (@choffstein)
Rodrigo Gordillo on Twitter (@rodgordillop)
=======================
Where to find the Raise Your Average crew:
=======================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
In this episode we get into an insight-filled conversation about the current state of the markets and economy and analyze the potential risks and opportunities on the horizon with Jeffrey Sherman, Deputy CIO, DoubleLine Capital.
Timestamped Highlights[00:07:52] Bond Market Reacts to Economic Slowdown and Banking Crisis
[00:14:32] "Regional banks face loan cost hikes and credit contraction"
[00:21:06] Banking Crisis Causing Recession Watch to Rise
[00:28:16] "Commodities may be key to combating inflation"
[00:32:49] "Banks brace for coming regulations amid pandemic"
[00:42:21] "Bank Liquidity and Outflows: Understanding the System"
[00:49:39] "The Crisis of Confidence: Crypto and Tech Markets"
[00:58:19] "Credit Suisse's Risky Business: Warnings Ignored"
[01:00:48] The downfall of Credit Suisse: Privacy and Market Punishment.
[01:03:42] "Managing Risk and the Fragile Economy: Insights"
=======================
Where to find Jeffrey Sherman=======================
Jeffrey Sherman on Twitter - @ShermanShowPod
Jeffrey Sherman on The Sherman Show
DoubleLine Capital
=======================
Where to find the Raise Your Average crew:=======================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
On this episode of Raise Your Average™, Dave Nadig - Financial Futurist at VettaFi's ETFTrends and ETFdb.com, joins us to discuss the interconnectedness of the banking system, the increasingly hyper-compliance culture in investment management, and the impact of emerging technologies like Chat GPT and AI. We dive into the recent banking crisis at SVB and how it highlights, for example, the need for better communication between advisors and clients during uncertain times. We also explore the potential of AI tools like Chat GPT to improve advisor services and the long term impacts of AI on the financial industry. Thank you for joining us for this thought-provoking conversation on the future of finance.
Highlights[00:04:19] "Polycrisis: Understanding the Interconnectedness of Economic and Market Problems"
[00:07:44] "Financial Advisors React to SVB's Collapse – how and when matters!"
[00:09:41] Navigating Compliance Culture in Investment Markets.
[00:13:08] Navigating Compliance: Finding Middle Ground for Communication.
[00:21:02] "The Banking Crisis: A Simple Systemic Issue?"
[00:28:36] "Overestimating and Underestimating AI: Mythbusting Explained"
[00:37:07] "e.g. Maximizing Chat GPT's Editing Potential"
[00:42:03] "Trust and Providence: The Future of Reviews"
[00:46:08] "Improv and Humor: Keys to Achieving Sentience? AI is not capable of either, but it is highly capable and extremely useful."
[00:47:59] "e.g. Chat GPT and Wolfram Alpha: Creating Connections"
Episode Summary- The issue in the banking industry is systemic
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Fractional reserve banking allows for asset and liability mismatching, causing systemic risk
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Tightening the system is the solution to prevent people asking for their money back
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Financial advisors with wealthy clients had a different weekend due to SVB banking crisis
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Advisors reassure clients by showing portfolio's exposure
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Rules in the investment market create a hyper-compliance culture
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Advisors need to find ways to communicate with clients that firms are comfortable with
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Multiple factors contribute to the SVB crisis
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Investing in high volatility opportunities has risks and rewards
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Design collaboration is essential for successful projects
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Advisors should stay informed and learn to effectively use AI tools like Chat GPT
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AI tools are developing quickly and will disintermediate big chunks of financial services workflows.
Where to find Dave Nadig, VettaFiDave Nadig on Linkedin
Dave Nadig on Twitter
ETFTrends.com
ETFdb.com
Where to find the Raise Your Average crewMike Philbrick on Linkedin
Adam Butler on Linkedin
Rodrigo Gordillo on Linkedin
ReSolve Asset Management
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
In this episode, Sri Iyer, Head of i3 (i-cubed) Investments™, and Portfolio Manager at Guardian Capital LP, joined us for a provocative conversation about the banking crisis, the Fed, monetary policy, ChatGPT and AI, and the case for dividends as a core and resilient equity allocation for all portfolios.
We discussed the current state of regional bank stocks in the US, which took a hit due to the uncertainty surrounding the Silicon Valley Bank meltdown/collapse. However, Federal Reserve Chair Janet Yellen's statement guaranteed all deposits, implying that the US government will guarantee 100% of deposits, providing some relief.
Turbulent TimesIn a turbulent period, investors are seeking companies with wider moats and stable or growing dividends, as well as companies whose moats have shrunk. Depositors may pull their money out of lower-tier banks and shift them into tier one banks, while investors default back to high-quality, dividend-paying stocks. So, it's essential to focus on consistent companies with a proven track record of growing dividends during uncertain times.
Stagflation?We also discussed the concept of 'stagflation', which is a recession amid high inflation. The market believes that the Fed can engineer a soft landing, but this is a mistake. The main components of inflation are supply chain problems and persistent high labor costs due to labor force participation issues.
More Market Volatility AheadGeopolitical issues, such as the Ukrainian war and China's impact on supply chains, are structural issues that cannot be solved by mere rate increases. These structural issues will lead to market volatility and turbulence, making it essential to separate beta and alpha. As a result, many experts believe that active management may be better than passive management right now.
Democratization of AIWe discussed the democratization of AI through open source tools such as Pytorch, which is making AI accessible to a wider audience. Chat GPT is one such AI tool that can be used for making decisions. It has the potential to revolutionize several industries such as software development, big data storage, cybersecurity, search engines, media content generation, music, legal sector, healthcare, pharmaceuticals, predictive analysis, and aerospace engineering.
Dividend InvestingLastly, we talked about how dividends can provide a good conduit to capture duration visibility and have a mid space between safe deposits and risky duration, playing a vital role in this market. Also, we discussed how the Fed's response to the market cycle is measured, and it's more concerned about protecting the average investor than bailing out failing institutions.
Thank you for listening to our podcast. Stay tuned for more exciting episodes!
Timestamped Highlights:[00:01:46] The Fed is responding to the market in a measured way, balancing inflation and protecting the average investor; not bailing out failing institutions.
[00:06:06] Chad GPT revolutionized the average person's interaction with AI, leading to new levels of "humans and bots merging" and the emergence of new forms of AI like regenerative AI.
[00:09:00] AI processing data and training has been drastically changed with the introduction of Chat GPT, leading to democratization of AI.
[00:15:30] Chat GPT is a revolutionary AI that can change software development, data centers, cybersecurity, search engines, communication, media content, healthcare, pharmaceuticals, banks, and aerospace engineering.
[00:26:32] Dividend paying stocks help investors in turbulent markets with low volatility, downside capture, cash flow visibility and increased yield at cost.
[00:31:35] Secular cash flow/dividend growth gives consistency to company/cash flow, allowing for cleaner valuation and better market mismatch detection.
[00:39:51] Fed guarantees bank deposits to protect against cascading credit risk and inflation. Dividends provide mid-space between deposits and risky duration.
[00:51:59] Recession and high inflation due to labor costs and geopolitical issues, leading to market volatility and the need for active management.
[00:55:35] Dividend strategy has no cuts since inception; trained model on COVID data to recognize behavior and infer future trends.
[00:59:24] AI using transformers to create abstract data and learn from predictions of other models.
Guardian Capital LP is a sub-advisor on numerous funds for BMO Global Asset Management, BMO Exchange Traded Funds, and Horizons Exchange Traded Funds, in addition to managing its own suite of investment funds, and assets for large institutional clients.
Copyright © AdvisorAnalyst.com
In this episode of Insight is Capital™, we explore the current state of the market and its reaction to both weak and strong data.
Aubrey Basdeo, Head of Canadian Fixed Income at Guardian Capital LP, shares insights on external risks and how they affect the economy. We also discuss the importance of diversification through fixed income and the correlation of equities and fixed income. Basdeo, a pioneer of modern, active, systematic fixed income management, from his beginnings at Ontario Teachers' Pension Plan, and 14 years at BGI/Blackrock iShares, emphasizes his and his team's use of technology to make informed decisions.
He also discusses the portfolio management process, including the use of systematic models and the coexistence of scientific and fundamental approaches to manage Fixed Income. Finally, we delve into the delicate balance of the current economic climate and potential risks, such as the recent effects of runs on the banking system (i.e. SVB, First Republic, CS). Finally, Basdeo advises patience and caution when investing for the long term and offers tips for constructing a portfolio for the regime change ahead, where it's critical to consider liquidity and value.
Highlights:
[00:05:23] Gaining global experience and applying new tools in global markets.
[00:08:16] Analyzing markets systematically with models to reduce cognitive bias and take the best of both fundamental and scientific approaches.
[00:14:18] Analyze data to make informed decisions.
[00:30:23] Potential risk of sharp slowdown, Fed acting decisively to prevent it, need to assess risks and act accordingly.
[00:34:06] Investment in fixed income must account for macroeconomic changes and expected monetary policy. Shorten duration and curve-steepening are likely needed. Opportunities lie in observing individual companies.
[00:38:56] Looser financial conditions may spur activity, but likely CPI decline until year-end; entering new regime of higher inflation, volatility, and terminal rate.
[00:42:29] Terminal rate of 3-3.5%, lower to maintain inflation and employment goals, fracturing of global economy leading to higher production costs.
[00:50:19] Need to diversify portfolio with fixed income to reduce risk and volatility, use cash equivalents to earn 5% return.
[00:55:23] Market reacts more to weak data than strong data; Fed and other central banks trying to balance supply and demand; external political risks difficult to hedge.
[01:01:18] Liquidity, value, patience.
Key Takeaways:
1/ The market is reactive to weak data more than strong data, and external risks of recent regional U.S. bank instability, Russia, Ukraine and China are difficult to hedge.
2/ Aligning with long-term asset management, the Guardian Capital Fixed Income team analyzes markets systematically through building models & interpreting their output to identify opportunities.
3/ Aubrey Basdeo advises caution and monitoring portfolios for potential risks, but doesn't believe it's time to make big investments.
4/ The delicate balance in the current economic climate means more volatility to come, particularly because of long and variable lags to monetary policy.
5/ To construct a balanced portfolio, always pay attention to value and don't deviate from your discipline. Invest for the long term, and don't rush to buy or sell.
6/ Lastly, don't forget about the importance of liquidity stress testing - liquidity can disappear quickly in unexpected times.
Aahan Menon joined us to discuss Prometheus Research's investment framework, which is based on economic forecasting of growth, inflation, and liquidity. He emphasized the importance of market regime confirmation to mitigate the risk of being wrong in economic forecasting.
HIGHLIGHTS:
Aahan's background and founding of Prometheus Research [00:02:59] Aahan talks about his career journey and how his experiences led him to found Prometheus Research, a systematic macro research firm.
Unique approach of Prometheus Research [00:03:27] Aahan explains how Prometheus Research provides real-time insights into the evolution of markets and the economy through a data-driven, rules-based process, and how they aim to help investors of all sizes navigate macroeconomic cycles.
Navigating the tension between market and macroeconomic modeling [00:06:31] Discussion on how to navigate the tension between the market's forward-looking discounting mechanism and the utility of macroeconomic series.
Opportunity set in macro investing [00:07:48] Explanation of how understanding the likely gap between a potential acceleration and what's discounted in terms of a linear path is the opportunity set in macro investing.
Factors driving the forecast [00:19:33] Discussion on the factors driving the current forecast, including monetary tightening and debt service burdens.
Housing activity and employment contraction [00:20:45] Discussion on the contractionary condition of the economy, the impact on the housing sector, and the potential for a recessionary condition.
Softening of the labor market [00:26:34] The potential for a recessionary contraction despite historically low unemployment rates, and the projection of sub 2% unemployment rate by the end of the year.
Employment and Inflation [00:34:25] Discussion on the recent pulse in employment and its impact on inflation, as well as the unlikelihood of it continuing in the future.
Productivity and Economic Growth [00:37:42] Mention of a recent McKinsey paper on the potential impact of productivity increases on inflation and debt, and how it could affect economic growth.
Retirements and Wealth [00:40:46] Discussion on the excess retirements due to windfalls and wealth, especially in housing, and the possibility of retirees returning to work.
Labor Force and Profits [00:43:46] Analysis of the impact of labor force participation and employment growth on the economy, and the squeeze on profits due to businesses' own reinvestment.
Recomposition of the economy [00:51:04] Explanation of the shift towards a services-oriented economy and the impact of income injection on the economy.
Navigating the cycle [00:53:02] Discussion on navigating the cycle and the relative strength of cyclical sectors.
Investment decisions [00:53:46] Explanation of how Prometheus Research's algorithmic work informs investment decisions.
Investment Framework [00:54:22] Aahan explains the economic forecasting framework used by Prometheus Research, focusing on growth, inflation, and liquidity. They also discuss the challenges of forecasting and the importance of market regime confirmation.
Portfolio Construction [00:56:02] Aahan discusses the timing tools used by Prometheus Research to create stable return streams that are impervious to any particular regime or auto-correlation structure. They also talk about the importance of managing volatility and risk in the current tightening liquidity environment.
Current Positioning [00:57:57] Aahan shares Prometheus Research's current positioning, which includes a high level of cash and a focus on relative value trades such as being long the dollar and long T-bills. They also discuss potential trades, such as shorting the two-year and being long bonds.
Term Structure Dynamics [01:17:01] Discussion on the impact of the Fed's manipulation of the term structure on asset prices and risk premia.
Private sector credit creation and liquidity [01:20:42] Discussion on the impact of private sector credit creation and liquidity on the economy and financial markets.
Improvement in banking and corporate activity [01:22:16] Analysis of the improvement in lending and issuance of commercial paper, high yield, and IG in 2022.
Factors affecting liquidity creation [01:24:00] Explanation of the rush to issue commercial paper in anticipation of rate increases and the impact of nominal activity and inflation on liquidity creation.
Pro-cyclical liquidity and economic activity [01:25:04] Discussion on the potential effects of quantitative tightening and responsible treasury policies.
Where to find Aahan Menon:
Prometheus Research Substack
Where to find the RYA crew:
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Advisors are currently facing some significant challenges when it comes to working with millennial clients. The challenge lies in the fact that most high-net-worth clients are around 70 years old, while millennials are looking for advisors who can offer innovative, non-traditional approaches.
The idea that millennials don't want professional advice is an under-informed perspective. As a practitioner, it's not about whether millennials want advice or not; the question that begs an answer is, "What kind of advice do millennials want?" and "How do they want to get it?"
To stay relevant and attract millennial clients, advisors must adapt their strategies and align them with the clients' objectives. This means that advisors need to change their approach to incorporate new technologies and methods that are in line with the way millennials prefer to manage their finances.
Fintech is a challenge that advisors must consider. With the proliferation of apps available today, millennials can manage their finances without intermediaries, all from their smartphones. Advisors should integrate Fintech into their approach to ensure that they remain relevant and useful to their clients.
Justin Castelli, Investment Advisor and Founder at RLS Wealth, joined us to share some the ways he's navigated these challenges. One of the reasons he's uniquely qualified to explore this topic is because he realized and envisioned much of the ideas we discuss at the point of breaking away from a larger financial institution after many years, and becoming an independent advisor.
Fortunately, most of what we discuss here can be, with some tools (including fintech), thought, and effort, painlessly integrated into your existing practice, so as to grow your book into the millenial market, as well as reduce your practice's potentially high succession risk.
Where to find Justin Castelli:
Justin Castelli on Linkedin
Justin Castelli at RLS Wealth
Justin Castelli at All About Your Benjamins
For a Canadian WealthTech resource/solution, one example to check out is AdvisorFlow that allows you to easily and efficiently onboard new clients of all types. (This is not an endorsement. Canadian advisors use AdvisorFlow as a wealthtech solution).
AA is looking for a subscription platform that can support advisors looking for a solution for flat rate services for smaller clients seeking professional advice.
Copyright © AdvisorAnalyst
In this episode, Simplify Asset Management's Chief Strategist, Michael Green, a well-known observer of probabilistic market and economic outcomes, provides a deep dive into the current economic landscape and investment strategy. The market is in a state of uncertainty due to various factors, such as inflation, recession, and passive investing.
Green discusses the Federal Reserve's actions and its potential impact on the economy, and explains his thoughts on why, in his opinion, the Fed has overreacted in terms of the bluntness and depth of it's policy response, and what that means for investors and the economy going forward.
Green discusses the Federal Reserve's actions and its potential impact on the economy, and explains his thoughts on why, in his opinion, the Fed has overreacted in terms of the bluntness and depth of it's policy response. He believes that we are already in a recession – the severity of the recession is often a function of who is trying to get into the job market (e.g. highly skilled, highly paid workers vs. average workers). We examine the unemployment story and the risk of a two-speed economy, as well as specific impacts of recent events such as the Ukraine conflict and the pandemic stimulus.
The episode delves into the potential impact of technological advancements on the economy, such as the deflationary and inflationary effects of technology.
We discuss potential negative impact on equities of profit (EPS) recession on equities, due to less investment as a result of the decrease in capital availability, arising from an increase in unemployment.
Join us for a fascinating, thought-provoking analysis of the economic landscape and provides valuable insights for investors and policymakers alike.
Where to find Michael Green:
Michael Green at Simplify
Michael Green on Twitter
Michael Green on Substack
Copyright © AdvisorAnalyst.com
Alfred Lee, Director, Portfolio Manager, and Investment Strategist at BMO Global Asset Management joined us to discuss his outlook for 2023. 2022 was a year of challenges in the financial markets, with investors facing a lot of uncertainty. For 2023, we talk about whether inflation and interest rates are moving in a positive direction. We cover portfolio strategy, zoom in on interest rate policy, fixed income strategy, and take a look at his 2023 market outlook. We discuss factor and sector equity strategy, banks, energy, gold, alternatives, key risks, and his 50/30/20 asset allocation portfolio framework, risk budgeting and asset mix.
We talk about:
• A lot of investors moved to short term instruments during the last half of 2022. Was that the right move, or was that fear driven?
• What's the likelihood the Fed as well as BoC will soon pause or slow on hiking rates, and if so, for how long?
• Wild cards? The stickier parts of the economy, labour market, the effect higher interest rates are having on housing prices, discretionary income and spending, 18-24 months lag time, China re-opening
• What's your fixed income strategy in this climate where we're hearing a lot of talk about rates remaining where they are for a while, and the high probability of a recession?
• The 'big story' for 2023, is fixed income, and what to do with it, where to go?
• the strategic thinking behind the 75 / 25 split in fixed income allocation
• Is it a new regime? Or back to the "Old Normal"
• equities strategy and rationale - Multi-Factor & Sectors?
• alternatives / liquid alternatives strategy?
• The demand for diversifiers, liquid alts
• The 50 / 30 / 20 asset allocation framework.
Where to find Alfred and his team at BMO ETFs:
BMO ETFs Dashboard
BMO ETFs Trade Ideas and Podcasts
Alfred lee on LinkedIn
Copyright © AdvisorAnalyst.com
Erika Toth shares her first hand perspective about the work she's doing with advisors to assist them into the realm of top shelf wealth management. This was a comprehensive talk about the trends shaping the wealth management business, the evolution investment advisors have undertaken to become Fee-based, to earn PM designations, and to level up and grow their business, to go toe-to-toe with ICPMs (Investment Counsel PMs).
What's driving this massive change, this levelling of the playing field?
Erika Toth is the director of Institutional and Advisory for Eastern Canada at BMO ETFs. She has extensive experience in investment analysis, portfolio construction, and trading of equities, fixed income, foreign exchange, options, ETFs and mutual funds. She is known for her attention to detail and providing support and education to advisors and portfolio managers in a consultative manner.
We discuss:
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Erika's experience and background
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The size and growth of the ETF space in Canada
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The proliferation of ETF options/solutions in ten years, ranging from simple to very complex
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the trend of advisors graduating to PM in the field, gaining the credentials to do so
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from index ETFs to liquid alternative ETFs.
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how ETFs are levelling the playing field between Investment Advisor PMs vs. Investment Counsel PMs
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how ETFs are providing advisors with all the building blocks they can use to compete
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how advisors are competing with ICPMs using ETFs
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how she and the team at BMO ETFs are assisting advisors on a daily basis to level up their competitiveness
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how the playing field is levelling
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ideas and strategies advisors can implement to be competitive in the business and vs. ICPMs.
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portfolio construction and investment planning tools BMO ETFs have created for advisors
You can find pretty much everything we discussed at https://bmoetfs.ca
BMO ETFs Trade Ideas and Podcasts
ETF tools and resources: https://www.bmogam.com/ca-en/advisors/tools-and-resources/etf-investing-basics/etf-tools-and-resources/
Thank you for listening. Thank you for watching. Please make sure to like us and share us wherever you can. It helps more people like you find us.
Alphonso Peccatiello, Founder, CEO, & Macro Strategist at The Macro Compass (https://themacrocompass.com) joins us for an amazing deep dive into what is driving all of today's macro-economic and macro-market considerations and discussions. If you want a much higher level insight than you've normally been getting, hence our 'Macro 301' title, on what is at the heart of today's volatile inflation, interest rate, bond yield, and monetary policy considerations across all regions including Europe and the US, don't miss this conversation.
Alphonso Peccatiello's explanation of what is driving all macro considerations in the sobering monetary policy environment we find ourselves in today, is eye-opening. Macro Alf, (@macroalf on Twitter) as he is otherwise known across the internet, provides an eloquent and lucid view of the bewildering plumbing of the economy and markets.
Alphonso once ran a $20-billion portfolio at ING Bank, and while there, operated in the midst of personal consultations with among many others, all central bankers, central banks, and trading floors across Europe and the UK. He has a deep understanding of global bond markets, and his familiarity with all things macro has bestowed him with a rare gift of being able to explain some of the most complicated topics of the financial system so that anyone can begin to understand how it all works.
His substack and podcast are/were among the most popular finance outlets across the financesphere of the internet.
Where to find Alphonso Peccatiello, The Macro Compass
The Macro Compass
Alphonso Peccatiello on Twitter
Alphonso Peccatiello on Linkedin
The Macro Compass Substack
Where to find the Raise Your Average crew:
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
This is part two of our thought provoking conversation with Richard Heft, President and Co-Founder at EXT. Marketing, which is in my opinion, one of Canada's premier expert financial communications and marketing firms. I'm always excited to talk to Richard; he's one of those folks who talks to everyone in the business. He always has a ton of takeaways and insight to share, every time.
In part two, we talk about how advisors can add gravity to their communications with clients at a time when little else matters more. Clients are getting their statements every month and each time they do, especially these days with the rough year it's been, it's potentially a trigger for all their fears and concerns about their investments, about you their advisor, and about whether it's time for a change of direction or worse. This is the call to arms if there ever was one. It's a time to be proactive, it's a time to be sensitive, and Richard and I talk about how you can cement your brand as an advisor, in this critical moment.
Please enjoy our conversations and thank you again for listening.
We recently had a thought provoking conversation with Richard Heft, President and Co-Founder at EXT. Marketing in Toronto. We like talking to Richard as he as a uniquely qualified perspective on the entire Canadian investment industry, as one of the heads of what is arguably one of the best institutional communications consulting and production teams, now on both sides of the border. Along with EXT.'s co-founder, Jillian Bannister, Richard leads a group of communications and marketing experts working with North America's largest financial institutions.
They talk to just about everyone in the business about what's going on and all of the thought leadership that's occurring across the investment company ecosystem, and have a bird's eye view all that is happening, all of the opinions that are floating around, from all sides of the investment business.
Please enjoy our conversation and interview. This is part one of our conversation.
We will share part two of our conversation tomorrow, in which we discuss a multitude of ways advisors can step up their communications strategies with their clients in what is and has otherwise been a very difficult and challenging year and transition period, for all as investors.
David Burrows, President & Chief Investment Strategist, at Barometer Capital Management joins us for an in depth discussion on the markets, inflation, monetary policy, outlook, his base case, and exchanges his contrarian case for what possibly lies in the future vis-à-vis domestic and global economics, as well as sharing a few of his surprising ideas regarding what he's doing in the alternative investing space.
David provides the Barometer team with macro driven quantitative analysis. Covering mobile markets and asset classes, Barometer tactically manages investment portfolios, targeting structural revaluations.
David co-founded Barometer Capital Management, in 1991 after beginning his career in 1986 with the Private Client Group at Scotia McLeod. With Greg Guichon, David sits on the firm’s investment policy committee and is responsible for the overall construction and daily review of all client portfolios.
David is a frequent guest as a market commentator on CTV, CBC and BNN Bloomberg.
Barometer manages discretionary investment portfolios for private investors, foundations and endowment funds. Their stated purpose is to earn consistent, absolute returns while preserving capital. In an industry that measures success by relative performance to the market, Barometer is unique for its commitment to, and history of, producing consistent absolute returns.
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Where to find David Burrows
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David Burrows on Linkedin
David Burrows, Barometer Capital Management
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Where to find the Raise Your Average crew:
=======================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Joining us to talk about how liquid alternatives and real assets are integral to diversifying portfolios against today's inflation and rising rates are Jeff Evans and Travis Wetsch from TD Asset Management.
2022 has been a challenging year so far for most investors. Falling stock and bond prices are taking a toll on investors, marking perhaps the abrupt end to a 40-year period of gains in the bond market like no other, and rates of inflation and inflation growth not seen since 1983.
With correlations in stocks and bonds climbing to 100% this year, it's been challenging, at the very least to find much of a diversification punch among traditional assets. BUT, liquid alternatives are reminding us that diversification is out there if you are willing to look into some of the more-complex, and often actively managed, parts of the ETF ecosystem.
Rising inflation, tightening of monetary policy in the form of rising interest rates, ongoing post-pandemic supply shocks which are the result of disruption of global supply chains, and War in Ukraine have highlighted the fact that investors need to begin to seek alternative investment return streams that do not correlate or have structurally low correlations to the equity/bond portfolios made popular during the last 4 decades.
Since 2019, Liquid alternative investments as well as real assets have become readily available to retail investors in the form of ETFs and Funds that trade on a daily basis. So, we've now had in and around three years plus of experience and two major market downturns, the Spring of 2020 and the first three quarters of 2022, for investors to draw from, to understand and see how newly available liquid alternative investments are delivering on their intended value proposition, and, how they can playing an effective role in diversifying portfolios for better outcomes against market volatility, economic and interest rate risk.
Please enjoy our conversation!
Highlights• What are you seeing in the markets today and how have things evolved over the course of 2022?
• What has been TD Asset Management's experience with Alts and Real Assets through numerous market cycles?
• How can portfolios benefit from Liquid Alts? What are the greatest weaknesses of today's popular investment portfolios?
• In the context of portfolio construction – how can advisors or investors integrate alts and real assets into model portfolios to hedge against volatility and inflation?
• Lots of similarities between Infrastructure and Real Estate. What are the key differences?
• Please explain the significant divergence between public and private asset classes which makes the public ETF quite attractive today.
• How do you manage these unique strategies? Fundamental? Quantitative?
• How do liquid alternatives like like infrastructure and real estate fit into existing model portfolios?
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About our guests
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Jeff Evans, CFA is Vice President and Director of Quantitative Research and Risk Management. He focuses on factor analysis and quantitative risk assessment for the TD Active Global Infrastructure Equity ETF, TD Active Global Real Estate Equity ETF and Greystone funds. He is Co-Lead Portfolio Manager for the TD Global Active Real Estate Equity Strategy and the TD Active Global Infrastructure Equity Strategy. Jeff designed the first equity exchange traded fund offerings for one of the major Canadian banks.
Travis Wetsch, CFA is Lead Portfolio Manager for the TD Active Global Real Estate Equity ETF and is the Global Real Estate Sector Analyst responsible for U.S. and International Equity strategies. His career began in 1997, and he joined TDAM in 2003. Travis holds a B. Admin. from the University of Regina. He has organized fundraising campaigns for Camp Circle O’ Friends and the Chris Knox Foundation.
Darius Dale, Founder and CEO, 42 Macro LLC, and Jason Del Vicario, CFA, Portfolio Manager, Hillside Wealth Management at IA Private Wealth join us to talk about the inflation outlook and debate the "weather" and whether the threat of inflation, inflationary volatility, and recession are overblown in this climate of extremely negative sentiment around both bond and stock markets.
Darius Dale and his firm, 42 Macro, now based in upstate New York, are a 'macro-quantamental' research shop which have had incredible success in disrupting the world of market and economic research with his unequalled economic research and forecasting model, which now provides top down views and signalling to literally trillions of dollars across institutional investment assets, as well as a full spectrum of asset management firms, advisors, family offices and investors of all categories.
Jason Del Vicario, Hillside Wealth Management was our guest advisor and portfolio manager panelist for this episode and he contributed his bottom up fundamental views to the debate.
As a result of our guests' philosophically opposite views on the economy, markets and investing, the debate managed to reach an interesting conclusion, where top-down meets bottom-up.
We hope you enjoy our conversation.
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Where to find our guests:
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Darius Dale on Linkedin
42 Macro LLC
Jason Del Vicario on Linkedin
Hillside Wealth Management
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Where to find the Raise Your Average crew:
==================================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Barry Gordon, Head of Canadian Retail Asset Management, at Guardian Capital LP, and Dr. Moshe A. Milevsky, Ph.D., Professor at Schulich School of Business at York University join us to discuss how they went about solving what Nobel Laureate, William F. Sharpe, has described at the "nastiest, hardest problem in finance."
Guardian Capital made quite a splash recently, announcing their partnership with Dr. Moshe Milevsky to develop a suite of retirement decumulation solutions, that are now available as securities for investment advisors to utilize, to address the quintessential "Retirement Dilemma," which combine compelling income and growth strategies of targeted-yield and return asset decumulation, in what is definitively described as a 'Modern Tontine.'
We are in the midst of what appears to be an historical regime change, following 40 years of declining government bond yields, into new regime that won't be as friendly to investors as the last, with historically very low, though rising rates and inflationary volatility. Investors are facing what may be a very trying period for retirees, or those in pre-retirement, from a sequence of returns risk and market volatility perspective.
Highlights:* What was the genesis of GuardPath Longevity Solutions – when did you first realize this project needed to be brought to life? * How does the GuardPath Suite address these problems? * What is a Tontine? What is the origin of the Tontine? * The science of mortality credits or survivorship credits (monetizing mortality) * Why should the insurance industry have a monopoly on mortality credits? * How does the decumulation strategy work? What can investors expect from the Managed Decumulation strategy? * Can the two main components of the Guardpath suite be used separately, or are they only intended to be implemented together? * how do you operationalize the complete modern tontine strategy? * What can the estates of investors/retirees expect from GuardPath in the event of death? * What happens if you live past the 20 year term?
Thank you for watching and listening.
For more on GuardPath™ Longevity Solutions, visit guardpath.ca
Martin Lefebvre, Chief Investment Officer & Strategist at National Bank Investments joined us for a chat to discuss the tug of war that is going on between the bulls and bears.
Our conversation begins with Martin Lefebvre's background as an economist, a portfolio manager and his rise to the CIO position at National Bank Investments. From there, we quickly segué into what's been going on in markets, sentiment, and his office's perspective on how investors should think about positioning their asset allocations for the period ahead. We also discuss in detail his team's process and the factors and data they track and use on an ongoing basis to inform their asset allocation models, as well as the inclusion of alternative investments.
2022 has been a rocky and volatile year, so far, marked by what appears to be a change in economic and market regime, triggered by inflation volatility (supply chain disruptions and a tight labour market) and rising rates (central bank tightening), war in Ukraine, and energy crisis and economic upheaval in Europe. Broadly speaking, both stock and bond prices have seen sharp declines and while investors have suffered, they nonetheless have also bifurcated into two camps. Those who feel the Fed may begin to turn dovish sooner rather than later (hope), as a result of softening economic conditions, and those who believe we are in for a longer stretch where monetary tightening is concerned (fear).
Which camp is more likely correct? Join us for this conversation – please enjoy.
Our guests on this episode are our co-hosts , Mike Philbrick and Rodrigo Gordillo. They are principals at ReSolve Asset Management Global. They happen to also be the sub-advisors to the Horizons ReSolve Adaptive Asset Allocation ETF ( HRAA:TSX ).
We talk about the chronic problem that the majority of us investors are UNDER-DIVERSIFIED. Profoundly under-diversified.
Why? Diversifiers are either 'killing it' or 'killing you.'
The problem is that effective uncorrelated diversifiers underperform during benign market periods, and therefore wind up being under-invested during volatile down market periods. This time has been no exception, as most investors have discovered.
The past two years' conversations on this show with some of the industry's most interesting and successful thought leaders has been so highly instructive on this topic.It's become obvious in all these conversations is that our fellow hosts Mike, Adam, and Rodrigo from ReSolve Asset Management not only love to talk about what they do, i.e. what they're their cooking – they eat their own cooking.
So it's fitting that today we're going to be talking thoughtfully about how ReSolve 'eats the free lunch' of global diversification.
Having been in your shoes, as investors, as former advisors, and then as portfolio managers, Mike, Adam and Rodrigo and their firm, have been through multiple major market cycles. They each brought their personal experience and learnings of the last 20-30 years to the table and devoted the last 10-12 years to developing versions of what they do now at ReSolve Asset Management, in the strategies they manage and sub-advise.
They co-founded ReSolve Asset Management in order to break out on their own in September 2015 and began the process of offering their investment strategies to investors via separately managed accounts, mutual funds, hedge funds, and ETFs (HRAA is sponsored by Horizons ETFs) in both the U.S. and Canada.
The last three years, which have seen some the most volatile and unprecedented bouts of uncertainty and market fluctuations beginning with the Pandemic, and culminating in this years violent reaction to inflation volatility and rising policy rates, have been a rock-solid proving ground for ReSolve's strategies.
YTD to September 21, 2022, HRAA has a positive return – during the same period that has seen the traditional assets of 60:40 portfolios get trounced, as inflation volatility, market volatility, and rising rates have moved sharply against both stock and bond values, broadly and at the same time.
We hope you enjoy our conversation – we get to the bottom of these questions:
– Where are we in the life-span of the last cycle's winning 60:40 portfolio model?
– What are some diversifiers investors have been reaching for?
– What is different about ReSolve Asset Management's investment approach?
– What is HRAA?
– How is HRAA possible?
– What is ReSolve's Adaptive Asset Allocation framework?
– How does it work?
– What can you learn from it?
– How does ReSolve manage risk?
– How does the strategy provide tail risk protection?
– How can you begin to think about risk-balanced adaptive asset allocation and portfolio diversification?
– Where and how does it fit in a portfolio?
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Where to find the Raise Your Average crew:
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HRAA - Horizons ReSolve Adaptive Asset Allocation ETF
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
Jason Buck, Co-Founder & CIO, Mutiny Funds joins us for a chat that may have the power to change your perspective on diversification and risk management, return and long term investing outcomes.
When unexpected major events occur, such as this year's stock and bond market rout in H122, where most or all of your supposedly diversified investments became correlated, and headed sharply to the downside, you may have been left feeling with the need to consider using a portfolio designed to protect against exogenous (COVID-related supply chain disruptions, Ukraine War), economic (inflation, rates), and or Black Swan events. We're all too accustomed with using 'offensive' assets like stocks and bonds. There is no doubt, however, that we are definitely NOT accustomed to making use of 'defensive' assets and defensive strategies that are structurally uncorrelated or negatively correlated, that can provide ballast protection and real 'balance'. What are defensive assets and defensive strategies?
Jason Buck and his partner at Mutiny Fund have been thinking about this question for a long time and have created one such portfolio.
We discuss:
• Diversification, both offensive and defensive
• Tail Hedging
• Behavioural issues around tail risk and hedging
• Ego doubt and destruction
• Capital Efficiency
• The 'Cockroach' Portfolio
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Where to find Jason Buck, Mutiny Funds
=================================
Jason Buck on Twitter - https://twitter.com/jasonmutiny
Jason Buck on Linkedin - https://www.linkedin.com/in/jason-buck-a2540b1b7/
Mutiny Funds - https://mutinyfund.com/
==================================
Where to find the Raise Your Average crew:
==================================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
We had the pleasure of interviewing Sri Iyer, Managing Director and Head of i3 Investments™ recently about what is, in our humble opinion, a seminal conversation on Dividend Investing.
2022 has been a challenging year so far for most investors. Both stock prices and bond prices have taken a beating, marking perhaps the abrupt end to a 40-year period of gains like no other, and a rate of inflation not seen since 1983.
It's time for advisors and investors to take steps to immunize their portfolios against the challenges of the current environment of inflation volatility and rising interest rates.
Investing in companies with consistent and growing dividends can provide core building blocks to grow your capital while managing risk in the current environment and over the long term, regardless of changing market conditions, including during periods of high inflation and rising rates.
Sri Iyer is among a minority of leading portfolio managers who have successfully devoted their lives to a profound study and implementation of quantitative approaches to the sphere of dividend investing that for the better part of the last two decades, has gotten less notice by most investors.
This is most likely because since the GFC (c. 2008-9), growth stocks, or rather, 'high duration' stocks stole the show. During that time Iyer and his team at Guardian Capital sharpened their dividend investing skates to more accurately identify which companies had dividend paying strength and sustainability, and those which had a high probability of growing their dividends; and, on the credit risk management side, they also handily determined a methodology they could implement to identify dividend cutters.
Beginning in 2017, Iyer and his team began their dive into big 'alternative sources' data with the assistance of artificial intelligence (AI) to sift through tens of millions of points of abstract and empirical statistics, the objective being to bring them to the end zone (think football) of the dividend stock selection and risk management process.
Listen in as we wend our way through what is a truly seminal deep-dive into what is the impetus of seeking success at dividend investing in the first place. Even if you believe you understand what are the sound premises of dividend investing, this is truly time well spent on a subject you may be under-appreciating right about now.
Where to find Sri Iyer, Guardian Capital:Srikanth Iyer on Linkedin
Guardian Capital LP
Copyright © AdvisorAnalyst.com
Given the year 2022 has shaped up to be so far, we thought this would be a great time to catch up with one of the true luminaries of modern investing to talk about he wraps his head around successful long-term investing.
Meb Faber, illustrious co-founder and CIO at Cambria Asset Management joins Pierre and Adam to catch up on markets and investing and how he has hacked the long term investing problem.
Our conversation begins with a famous quote from another investing legend and goes from there. We get into an elemental discussion about what investors can begin to do now, where to invest, where to diversify, and how to think of setting themselves up for success going forward.
Highlights, we discuss:• Lots of people say they are long term investors, but...
• how do you set yourself for long term investing success
• what's the biggest problem in long-term investing – why?
• how can you set yourself up (what investments?) so that you can remain a long-term investor no matter what happens (like this year)
• How do you transition from 60/40 to something elementally more durable?
• What are the current market's portfolio building blocks – why?
• How much time is required?
• What are the easy hurdles, the structural basic investments that should be added?
• What to invest to diverge from hope that the past bubble will recover
• Is 60:40 over?
• 'Trinity' portfolio construction
• Is technology providing better recipes?
• What are the ingredients of a portfolio that allows you to remain invested no matter what happens?
• Be contrarian – What is contrarian?
• What's the way around inflation and higher rates
• What is the most contrarian investment you can make today?
• falling in 'love' with your investments complicates everything
• what is all that matters in investing over the long term?
• "To be a good investor, you have to be a good loser."
• Question: Assuming no tax repercussions, if you could liquidate your entire portfolio and start over anew, what would you put in your new portfolio?
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Where to find Meb Faber:
=========================
Meb Faber on Linkedin
Meb Faber on Twitter
Cambria Investment Management
==========================
Where to find us:
==========================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
=========================================
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
ESG has gathered a lot of steam as an essential and strategic investment component for both returns, with long term positive fundamentals, and risk management.
Around roughly 1400 studies have found a positive relationship between ESG scores on the one hand and financial returns on the other, whether measured by equity returns or profitability or valuation multiples. Another factor is the cost of capital. Evidence suggests that a better ESG score translates to about a 10 percent lower cost of capital as the RISKS that affect your business, in terms of its ability to operate, are reduced if you have a strong ESG proposition.
For these reasons, publicly traded companies that are actively implementing ESG in their operations are expected to be granted a valuation and risk premium as a result 'ESG goodwill,' versus those companies doing less.
Samantha McDonald, Vice President, ESG Research and Engagement, and Jonathan Needham, Vice President & Director, Lead of ETF Distribution, at TD Asset Management Inc. (TDAM), join us to talk about the approach that TDAM is taking to ESG, as well as the suite of TD ESG ETFs. These ETFs invest in stocks and bonds that have strong ESG metrics and leverage exclusive Morningstar Indexes and research from Sustainalytics, a Morningstar® company and a globally recognized leader in ESG risk ratings and research.
Highlights include:
- How do you define your view on ESG?
- How TDAM defines a gradual approach vs. a binary approach to ESG – Engagement vs. divestment?
- How TDAM's shareholder engagement on behalf of investors' alignments works
- The Aha! moment for advisors
- TDAM's ESG ETFs screening methodology - sector-neutral Morningstar Sustainability Indexes
- market-like exposure with significantly lower ESG risk, relative to benchmarks
- Position sizing? Benchmark replacements.
- Silver linings? – Taking advantage of tax-loss harvesting to increase pure beta ESG exposure.
- How do Morningstar Sustainable Indexes navigate geo-political concerns?
- Investors can now also get beta exposure to ESG corporate bond indexes
- highest quality, high liquidity investment grade corporate credits for yield
- Building blocks, maximum diversification, low or no tracking error.
- How do the screening rules work?
- What is greenwashing?
Where to find our guests:
Samantha McDonald on Linkedin
Jonathan Needham on Linkedin
For more on TDAM ETFs, visit td.com/etfs
There's a race going on in the industrial sector to modernize, technologize, compete, as well as de-carbonize.
Ivana Delevska, Chief Investment Officer, SPEAR Invest, joined us to discuss the her investment thesis and strategy, underlined by her firm's research that following roughly 5 years of underinvestment, industrial companies have significant capital expenditures in front of them to catch up on, which will lead to greater adoption of industrial technology. We get into the important developments that may make for some outsized opportunities in both the industrial and technology sectors, in the not so distant future.
Ms. Delevska is the Founder and CIO of SPEAR. She founded the Advisor in 2021 after spending 14 years evaluating and investing in industrial and industrial technology companies.
Ms. Delevska spent four years covering Multi-Industry companies at Deutsche Bank as a Vice President (2017-2018) and Gordon Haskett as a Director (2018-2021). Prior to that time, she spent 10 years as a Senior Analyst on the buy-side at several long/short hedge fund platforms: Tiger Management, Millennium Management, Citadel Asset Management, and Davidson Kempner.
Ivana started her career at JP Morgan in the Mergers and
Acquisitions Group. She graduated from the University of Chicago in 2006 with a BA in Economics.
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Where to find Ivana Delevska and SPEAR Invest:
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Ivana Delevska on Linkedin
Ivana Delevska on Twitter
SPEAR Invest for up to date holdings and prospectus
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Where to find the Raise Your Average crew:
=========================================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
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"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Nicolas Piquard, Vice-President & Portfolio Manager with Horizons ETFs Canada, joined us to talk about the significance of accessing three key commodity-focused sectors and asset classes in the context of today's global "low-carbon" ambitions.
The biggest challenge for investors in 2022 is reconciling the need for diversification, largely in allocating more portfolio exposure to commodities and hard assets, with the fact that many of these sectors and asset classes are not aligned with responsible investing.
In this episode we explore the much-debated commodities that are expected to play a significant role in defining energy, consumption, industrial production - sectors and asset classes that could benefit from inflation, while offering exposure to the longer-term trends in renewable energy and carbon emission reduction.
We get into the nuts and bolts of how investors can more effectively align themselves with inflation using commodity-focused thematic strategies focused on the potential long term drivers of return in Uranium, Lithium, Carbon and Carbon Credits.
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Where to find Nicolas Piquard:=========================
Nicolas Piquard on Linkedin
ETFs discussed: HURA - Horizons Global Uranium Index ETF
HLIT - Horizons Global Lithium Producers Index ETF
CARB - Carbon Credits ETF
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Where to find the Raise Your Average crew:
===============================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
Copyright © AdvisorAnalyst.com
Mark Noble, Executive Vice President, ETF Strategy joins us to discuss the reasons markets have become so fragile in the wake of COVID, the inflation trend, rising rates and the war in the Ukraine which are defining the beginning of perhaps a new economic and market regime, and giving sharp definition to a number of key investment themes.
We discuss the investing climate, and thematic investment trends and opportunities, some of which are still in their infancy, and some that are more mature, but have been made all the more enticing post this year's tumultuous first trimester and stock market's profound volatility and correction.
We hope you find the discussion insightful and useful.
Where to find Mark Noble:
Mark Noble on Linkedin
Thematic ETFs Mentioned:
HURA - Horizons Global Uranium Index ETF
HLIT - Horizons Global Lithium Producers Index ETF
HMMJ - Horizons Marijuana Life Sciences Index ETF
CHPS - Horizons Global Semiconductor Index ETF
Brooke Thackray, Research Analyst, Horizons ETFs Management, and Kim Inglis, Portfolio Manager at Raymond James Canada join us for a fascinating deep dive looking at 'seasonal rotation' investment strategy, the revealing and repetitive behavioural patterns that define key undercurrents in markets, and how he approaches the nuanced task of navigating annual seasonal uptrends and downtrends across a variety of equity markets, equity sectors, the bond market, and other asset categories.
Brooke Thackray provides the research and analysis that guides the Horizons Seasonal Rotation ETF, ticker HAC. We quickly set aside the question of "How has the Seasonal Rotation strategy worked?" and get into the nuts and bolts of Thackray's research and implementation – "How do you do it?"
It's noteworthy to mention here that HAC is Canada's longest tenured actively-managed, multi-asset strategy ETF.
What you'll discover is that Thackray's approach to seasonal rotation, and the technical analysis work that supports the strategy's strict, but flexible, and systematic approach has for the better part of 12 years, been an underloved darling among actively managed ETFs.
Enjoy the episode! Like, follow, and subscribe to our channel, and leave us a comment. Please help us get the word out and grow our following.
Where to find Brooke Thackray:Brooke Thackray on LinkedIn
Brooke Thackray – alphaMountain
Horizons Seasonal Rotation ETF (HAC)
Where to find Kim Inglis:Kim Inglis on Linkedin
Kim Inglis – Inglis Private Investment Counsel
Kim Inglis – Raymond James Canada
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Ronald Landry, Head of Product & Canadian ETF Services at CIBC Mellon joined us for a look at the trends and developments that are shaping the growth of the Canadian ETF industry. Landry has been in the Canadian investment management industry for nearly 30 years, spending the past most recent 20 years in the once-nascent, and now flourishing ETF industry.
Markets have gotten off to a rough in 2022, and we've just been through some pretty tumultuous, AND exciting times during the last two years, and what were until the end of 2021 pretty hot investment markets. From his unique position at the centre of the Canadian ETF industry, Landry shares his thoughts on what he is most excited about, what's changing, and what's new.
We discuss some of the biggest trends driving the Canadian ETF space – What's been expanding, what's been receding, the fastest growing segments, and some insights on flows and investor behaviour.
Our conversation turns as we get into how the change in regime that is taking place in the context of inflationary pressures and rising rates are re-directing flows and product formation, and the newest kinds of ETF solutions, as well as the progress that's happening vis-à-vis liquid alts ETF formations.
Finally, Landry, who has been closely watching the ETF and markets' regulatory landscape reveals some big changes that are coming on the settlement (T+1, T+0) and improved taxation and efficiency (re: taxable distributions from funds).
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Where to find Ronald Landry:
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Ronald Landry on Linkedin
Copyright © AdvisorAnalyst.com
If you're at all interested in what the next decade has in store for investors in the Genomics and Biotech Sector, stay tuned. The innovation, disruption, and breakthroughs taking place at companies in this space are destined to be among the most exciting for investors in the period ahead.
It was an honour to chat with Emerge Canada CEO, Lisa Langley and ARK Investments' Ali Urman about the Genomics and Biotech Sector, as defined by the holdings of the Emerge ARK Genomics and Biotech ETF (ticker: EAGB:NEO).
Lisa Langley is CEO at Emerge Canada Inc. Her firm is the sponsor of Emerge ARK ETFs. Lisa Langley's firm, Emerge Canada launched the Emerge Canada Inc. in 2019 to bring Canadians actively managed, innovation focused investment strategies. Emerge offers ETFs, Mutual Funds and Separate Accounts, sub-advised by ARK Investments, led by investing legend and household name, Cathie Wood.
Ali Urman is ARK Invest’s Genomic Revolution analyst, responsible for the company’s research on Gene editing, DNA sequencing, Stem cell technologies & Immunotherapy.
We discuss the Genomic revolution – Ali explains the transformative convergence of Next-generation DNA sequencing, Artificial Intelligence & CRISPR gene editing. We talked about some of the revolutionary medical breakhthroughs borne out of the massive progress taking place in biotechnology. Following this we get into how ARK picks their Genomics stocks, and the once in decades opportunity markets have handed investors post the recent market drawdowns of the last year, to accumulate diversified holdings in the space. Enjoy the episode.
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Emerge Canada Inc.
Emerge ARK Genomics & Biotech ETF -ticker: EAGB
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ARK Investments - Big Ideas 2022
Ali Urman's section at pg. 77
ARK Investments Big Ideas 2022
====================
Copyright © AdvisorAnalyst.com
Eric Balchunas, Bloomberg's Senior ETF Analyst joins us for a conversation about his journey and discoveries in the course of writing "The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions."
Eric has a unique perspective as a senior ETF analyst at Bloomberg Intelligence, having researched and analyzed the Bogle Effect extensively. He is able to combine his data with interviews with Jack Bogle himself and over 50 people who knew him well, including Warren Buffett, Micheal Lewis, Cathie Wood, Cliff Asness, John Bogle Jr., Brad Katsuyama, Gus Sauter and Jason Zweig.
One of Balchunas' big takeaways is the revelation that passive investing and index funds are not to blame for the rise of passive investing, as they would not have been a big deal without Vanguard's structure, in the first place.
The Bogle Effect is a biography, analysis, and how-to guide with Balchunas as your tour guide. Through his experiences and insights, Balchunas helps investors and professionals understand the ways that Vanguard and Bogle have impacted the industry.
“He commandeered trillions of dollars, and he only made a few million himself. In the history of Wall Street, the ratio of money touched to money taken was never so high.”- Michael Lewis
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Where to find Eric Balchunas==================================
Eric Balchunas on Twitter
Eric Balchunas on Linkedin
Trillions Podcast (Bloomberg)
Trillions Podcast (Apple)
The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions
==================================
Where to find the Raise Your Average crew:==================================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
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"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Our very special guest Andrew Beer, has a fascinating background and career in finance. He is a managing member at Dynamic Beta Investments, one of the oldest firms doing liquid alternatives. Their mission is to sponsor and roll out ETFs that look like managed futures (CTAs) and hedge funds, except with full transparency, liquidity, and none of the high fees.
Dynamic Beta Investments' approach is both unique and fascinating, which brings Jack Bogle's philosophy to the managed futures (CTAs) and hedge fund space.
If you’re looking to liquid alts or manage futures and want to learn more about how these things work, stay tuned, you’ll find this to be an enlightening and insightful conversation.
========================
Where to find Andrew Beer:Andrew Beer on Linkedin
Andrew Beer on Twitter
Dynamic Beta Investments
Relevant publications:It’s Time to Clean Up Managed Futures Mutual Funds
Liquid Alternatives - 2.0
How Hedge Funds Became the New Fixed Income Substitute
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Where to find the Raise Your Average crew:
=========================================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
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"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Technology stocks have had a rough start to date in 2022, and currently remain in and around correction territory after temporarily slipping into bear market territory just a few short weeks ago, as measured by the Nasdaq 100 index.
Vitali Mossounov, Portfolio Manager and Global Technology Analyst, and Jonathan Needham, Vice President of ETF Distribution, at TD Asset Management joined Pierre Daillie to talk about how the external financial conditions of rising rates have led to this pullback year-to-date, despite blockbuster corporate earnings reports for the end of 2021.
We discuss the fundamental underpinnings for the strong mega-cap bellwether technology stocks, such as Apple, Microsoft, Google, and Facebook, found in the TD Global Technology Leaders Index ETF (TEC), and higher-growth technology innovators such as AMD, Broadcom, Crowdstrike, and Shopify, found in the Global Technology Innovators Index ETF (TECI).
Vitali Mossounov and Jonathan Needham provide their thesis and thoughts on the way forward for tech stocks.
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Where to find our guests:
===================
Vitali Mossounov on LInkedin
Jonathan Needham on Linkedin
Hugh Hendry, The Acid Capitalist, Macro-Advisor, and Founder of Eclectica Asset Management, joins us for a creative and critical, hot-take filled conversation.
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HIGHLIGHTS=========================================
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Blunderer Putin's absurd personal ego-fueled tragic war on Ukraine
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Europe caught on the backfoot
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Inflation, what it is and is this it, yet?
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Natural gas, Pipelines
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Gold
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the unbalanced symbiosis that is U.S.-China trade, currency and policy malaise
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the realities facing the bond market
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bifurcation and dislocation in markets
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the crisis and opportunity in equity market 'glitches'
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the Carbon Credit system, how it works, how it can work, and it's inevitable future value,
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the meaning and significance of 'The Metaverse' and NFTs and why and who it matters to.
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Where to find Hugh Hendry:=========================================
Hugh Hendry Official on Youtube
[Download] Hugh Hendry's 'Dawn of Chaos' Report
HughHendry.com
Hugh Hendry on Instagram
Hugh Hendry on Twitter
Hugh Hendry on Linkedin
BlancBleu Saint Barts
BlancBleu Saint Barts - Press
=========================================
Where to find the Raise Your Average crew:=========================================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
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"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Kim Shannon, Founder & Co-CIO, Sionna Investment Managers, joins us on Raise Your Average for a very enjoyable and insightful deep dive conversation about value investing, that value is an inflation/reflation trade, and has some advice for stock investors heading into 2022. The Canadian market is undervalued right now and there's a lot of opportunity for investors to take advantage of in the new year.
Today is International Women's Day and in honour of that, we are excited to serendipitously feature our conversation of February 14, 2022 with Kim Shannon, one of Canada's brilliant value investors.
Our conversation begins with Kim Shannon sharing some of her early experiences as a value investor, and notably as one of the very few 'first' women in Canadian capital markets to have the courage and the conviction to follow her dream as a value equity portfolio manager. She so humbly describes the journey, and the hard work that led to her meteoric rise into the pantheon of Canadian equity fund managers.
She points out that the last twelve years have been the longest period in market history of high quality fundamental value-investing underperformance relative to growth investing, also noting that 80% of the time, value has outshone growth investing. Shannon believes that we've possibly passed the inflection point, the change to a reflationary regime, that favours value investing. And, as investors turn their sights back to quality, growth, competitiveness, and risk, she points out that Canada is not only undervalued, read 'cheap', but that today's inflationary/reflationary triggers are a great setup for Canadian Equities.
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Where to find Kim Shannon, Founder & Co-CIO, Sionna Investment Managers:Sionna Investment Managers
Kim Shannon on Linkedin
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Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
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"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Hugh Hendry, a.k.a. The Acid Capitalist, and Founder of the award winning hedge fund management firm, Eclectica Asset Management, joins Pierre Daillie and Joseph Lamanna for over 90 minutes, in a hot-take filled and hilarious-at-times conversation deep in critical and paradoxical thinking about the past and current geo-politics of Russia and China, the QE and disinflation-fueled equity and bond bull markets, the dynamics of oil and natural gas in the context of both pre-inflation concerns and the ultimate exogenous energy threat to Europe, his unique perspective on the impact and opportunity presented by the carbon permit/credit market, as well as his take on the now flaring Russia/Ukraine conflict we are witnessing.
Our conversation is an exploratory journey around the geo-political world. Hendry identifies the chasms that are opening up the fault lines between Russia and the Western World, China and the U.S., the shift from Quantitative Easing to Quantitative Tightening, and what that all means.
Where to find and reach out to Hugh Hendry:Hugh Hendry Official on Youtube
[Download] Hugh Hendry's 'Dawn of Chaos' Report
HughHendry.com
Hugh Hendry on Instagram
Hugh Hendry on Twitter
Hugh Hendry on Linkedin
BlancBleu Saint Barts
BlancBleu Saint Barts - Press
Copyright © AdvisorAnalyst.com
Daniel Straus, M.Fin, Ph.D., Director and Head of ETF Research and Strategy, at National Bank Financial joins us for a full bodied conversation about the North American ETF ecosystem and macro landscape.
Highlights
- Daniel's background in engineering, technology & finance
- How the ETF landscape has changed in 12 years
- Observation that ETFs have become a game changer, the dominant solution - but already people are talking about what the 'next thing' will be. Direct indexing, DeFi, etc.
- Canadian ETFs are $350-billion, about 1/20th of the $7-trillion U.S. ETF market. Canadian adoption is accelerating as we catch up with the U.S. adoption, but Canadian tax efficiency is not as favourable as in U.S. and that may be part of the reason adoption trailed.
- How ETFs are being used by advisors, how factors are sometimes substituted for sector bets in diversification, how ETFs have democratized access to liquid alts
- Mutual fund companies are entered the ETF business and strongly behind actively managed ETFs (e.g. Dynamic, Desjardins, Manulife, Mackenzie). Insurance companies have entered the ETF business.
- How many ETFs are there in Canada now
- Thematic ETFs
- Liquid Alts ETFs - what were once complex strategies reserved for institutions and UHNW, are being wrapped in ETFs for all investors to access
- It helps to have a 1-year or 3-year sample of actual performance in order to see an uptick in adoption. Some of the more sophisticated users of ETFs like to see actual numbers vs. back tests before they'll commit to some of the more complex strategies.
- How did the ETF landscape change over the last 2 years?
- How did ETF flows change since last year's inflationary uptick and into January 2022?
- What did investors do? How did they behave in January's rout? Where did the ETF dollars shift to?
- Daniel shares his knowledge of market structure at length – How can thoughtful PMs best approach ETF trading to get the best outcomes for their investors/holders.
- How advisors/PMs' can optimize their outcomes on large trades?
- What are Carbon Nanotubes?
- Daniel shares some of his Sci-Fi favourites
Where to find Daniel Straus, National Bank Financial:Daniel Straus on Linkedin
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Jon Aikman, Portfolio Manager, at ReSolution Investments and Dr. Sean Cleary, Chair of the Institute for Sustainable Finance, at Smith School of Business at Queen's University join us for a deep dive concerning ESG, the intended and controversial unintended consequences of ESG, ways of thinking about the definition and implementation of ESG investing, impact or sustainable investing, from the angles of both risk management and investment opportunity, and the key differences between top-down (passive) and bottom-up (active) ESG investing. We also get into their unique perspectives and examples of how investors, and the advisors who serve them, can meaningfully approach ESG, SRI, or impact investing, for those wanting to know how they can align their investment strategy with their personal, or institutional views, values, and desires.
Where to find our guests:Jon Aikman on Linkedin
ReSolution Investments / ReSolve Asset Management
Dr. Sean Cleary, Chair, Institute for Sustainable Finance, Smith School of Business, Queen's University
Institute for Sustainable Finance, Smith School of Business, Queen's University
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
Deborah Fuhr, Founder & Managing Partner, ETFGI joins us for a fireside chat about the work she is doing to further the evolution of the ETF industry. To begin, Ms. Fuhr sheds some light on the arc of her career. It's an 'aha moment' and it is her work history and background that provides an enlightening answer to the question "Who is Deborah Fuhr?"
From her early days at Greenwich Associates to her rapid ascent to the high echelons of Wall Street and The City in London, we get to understand from her why she was ultimately motivated to launch ETFGI, and her mission. She also launched Women in ETFs to bring together people in the ETF industry across the globe to champion our goals of actively choosing equality, diversity, and inclusion.
Deborah Fuhr has a had a front row seat in the investment, and ETF business, since it's beginnings, in executive roles, leading teams at Morgan Stanley and Blackrock/Barclays Global Investors, specifically in the earliest days of the first prominent ETF companies.
Fast forward to present, and ETFGI provides global ETF market research and consulting across all markets to a repertoire of the most prominent ETF companies, pensions and financial institutions.
We get to talking about the interesting trends that are shaping the way the world invests, the way we invest, and the attitudes that are shaping this long-term trend. Deborah Fuhr also sheds light on some of the ways in which ETF formations have been evolving away from once having been wrappers for passive index investing, into being an innovative wrapper for just about every kind of investment vehicle.
Finally we discuss WE, or Women in ETFs, its mission, and its success in championing the opportunities and benefits of equality, diversity, and inclusion in the ETF industry.
Where to find Deborah Fuhr:Deborah Fuhr on Linkedin
ETFGI
Women in ETFs
Kim Shannon, CFA, Founder & Co-CIO, Sionna Investment Managers joined us for deep dive of a fireside chat on her career and perspective as a value manager, investing, inflation, the reflation trade, and why the current leg in the economic cycle is a favourable backdrop for Canadian equities.
Kim reflects on her career history – her beginnings as a value manager under the wing of her early mentor at Royal and Sun Alliance, investing legend, John Di Tomasso, in the early 80s. She describes her investing journey, the application of her knowledge and her own proprietary take on value investing, and how she and her associates subsequently turned an old then $40-million AUM fund into Canada's largest equity mutual fund, which earned her the reputation as one of Canada's pre-eminent market wizards.
The last ten years however have seen the hollowing out of value fund AUMs against growth and momentum, and Kim Shannon, no stranger to the challenges of competing against the market, candidly admits that it's been a tough go, maintaining her integrity and conviction through the period. Until last year, that is, when value stocks, in the context of a comeback in inflation, began to show the meaningful glimmer of reverting back to historical trend. That glimmer of a reversion to mean in investing styles emerged during last year's re-opening in the context of reflation following the COVID-19 growth shock of 2020.
She points out that, "The last 12 years have been the longest period of underperformance of Value, and when Value failed to outperform following the March 2020 bear market, that really affected the psyche of investors about Value." Kim Shannon goes on to add that, "So that really affected client psyche about value because a lot of clients had held in with value because it always defended at a down market."
We then discuss valuations on several the last decade's market leaders, and even with a reversion in P/E multiples, Shannon points out that even if P/Es come down to 150 times earnings, their valuations imply that it will take 150 years for those stocks to pay investors back. Most of the darlings of the 1990s run up no longer exist, such as Sun Microsystems, and companies like Cisco and Intel have failed to inspire investors.
"The average tenure of stocks today is 20 years," explains Shannon. That means that investors are paying up for valuations that will take, in some cases many generations to collect on for companies, that, in most cases, won't be around in 20 years.
Our conversation winds through the topics of inflation, value as a reflation trade, value investing, and culminates with her bull case for Canadian stocks. There is also strong likelihood that if if there is a sustained inflation, it will be supportive of Canadian equity valuations.
We discuss some of her favoured areas of opportunity and get into some of the names she likes. Her over-arching thesis is that she believes and expects that Canadian stocks are set to outperform U.S. stocks in the period ahead, and we discuss her pro-Canada investment case.
Notes: Kim Shannon's reference to George Athanassakos' (Professor at Ivey School of Business - Benjamin Graham School of Value Investing) research findings from last year:
What if inflation is here to stay? Think value stocks
"We also examined the annual inflation rate above which the value premium became decidedly positive. This inflation rate was approximately 2.5 per cent. Once inflation started to exceed 2.5 per cent, value stocks started to outperform, while growth stocks, in general, did better when inflation was below 2.5 per cent. Between 1930 and 2020, there were 50 years when annual inflation was at or above 2.5 per cent and 40 years when it was below 2.5 per cent. The median value premium in the first period was 11.04 per cent and in the second 2.34 per cent. It’s worth noting that it is primarily small-cap value stocks that drive these relationships."
Where to find Kim Shannon, Founder & Co-CIO, Sionna Investments:Kim Shannon on Linkedin
Sionna Investments
Thank you for watching – If you're enjoying Insight is Capital, please subscribe to the podcast at Apple or Google Podcasts, and please do share your thoughts and comments, and ratings.
Ric Edelman, Founder, DACFP (Digital Assets Council of Financial Professionals & Edelman Financial Engines, the largest independent U.S. RIA firm joins us for 80 minutes to discuss his thoughts on Crypto, Bitcoin, Ethereum, and Blockchain.
Ric Edelman shares his history in the financial industry as the founder of Edelman Financial Engines, and as founder of DACFP, the Digital Assets Council of Financial Professionals, which he founded more recently to address the growing needs advisors have to level up their awareness and knowledge of the transformational 'Crypto' asset class.
In our conversation, Mr. Edelman provides an excellent overview and understanding of the most important components of the cryptocurrency and blockchain space.
He warns advisors to not be caught on the back foot when they are advising clients on whether or not e.g. Bitcoin is an asset they should or should not consider adding to their portfolios.
Currently 17% of all Americans own some bitcoin, and it's popularity has taken on wide network effects during the run-up of the last two year. It's expected that 20 million Americans will invest in digital assets in the near future. 78% of U.S. investors say digital assets are appealing. 82% of clients expect their financial advisors to be knowledgeable about bitcoin.
"It's no longer an asset you can wave off as a fad," explains Edelman. "If you're going to provide any kind of advice on anything 'crypto' you had better make sure you have acquired the required knowledge to do so."
"It is real. It is here to stay, and it is one of the most profound and transformational innovations that will shape the world," says Edelman. "You have a fiduciary responsibility to your clients to become an expert on this subject. It will also set you apart competitively from all other advisors who perilously continue to wave it off as irrelevant or unimportant."
If you've been asked, for example, what Blockchain, Bitcoin or Ethereum are, and found you weren't having much success sticking the landing, here in our conversation, Ric Edelman shares some of his most successful anecdotes and analogies that will help you to provide a significantly better understanding to your clients, and everyone else you talk to.
We also get into a wide ranging and deeper discussion on the scalability and implementation of real-world commercial use cases, valuation and the origins of Bitcoin and Ethereum valuations.
The DACFP was conceived in 2018 by Ric Edelman, one of the top thought leaders in the financial services industry, and is an independent, educational organization, with a most impressive faculty of instructors, providing advisors with a 13-Credit Course Certificate in Blockchain and Digital Assets (designed for financial advisors).
Raise Your Average listeners get 20% OFF the fee for the DACFP program with the
discount code:
GENSLERWEALTH20
Visit https://dacfp.com to enroll and claim your discount.
Where to find Ric Edelman, DACFP:Ric Edelman on Linkedin
Ric Edelman on Twitter
DACFP
The Truth About Your Future
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Darius Dale, Founder & CEO, 42 Macro LLC, and Mary Hagerman, Portfolio Manager, Raymond James (our guest advisor panelist) joined us on Raise Your Average for a full market macro overview. Darius Dale takes us through the inner workings of his and his firm's "GRID" macro framework as well as macro-forecast modelling framework. We discuss his outlook at the time for the markets and economy, and the inflationary and simultaneously, deflationary dynamics that are causing confusion surrounding whether inflation might be pernicious or temporary.
The key takeaway from this conversation is that we are likely entering a period of heightened volatility as the market reacts to what could be a temporary inflationary pulse, as Dale's framework suggests there is a "sea of D's" or (D)eflationary signals in 2022. It remains to be seen what the half-life could be of a 'reflation' trade (that favours for example value stocks vs. growth stocks) as we progress to toward the second half of this year.
Darius Dale's framework provides a fully quantified view of all market fundamentals - what he calls "Quantamental" – and it provides a magnificent view from 30,000 feet. Among the highlights of our conversation was a series of 3 charts that demonstrate quantitatively and eloquently the zeitgeist of inequality in the U.S., which gave rise to the Fed's disproportionately large stimulus reaction during the pandemic and how that has given rise to the inflationary pressure boundaries we are currently breaching. We also discuss the nuance of the question, "Is it inflation, or is it inflationary?"
Where to find Darius Dale:Darius Dale on Linkedin
42 Macro LLC
Darius Dale on Twitter
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
This episode was recorded November 2021
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Lisa Langley is on a mission. Although she is CEO of Emerge Canada Inc., the sponsor of Emerge ARK ETFs, whose disruptive innovation ETFs are the Canadian sisters of the U.S. based ETFs sub-advised by ARKInvest, Lisa has been devoting considerable time during the last 3 years to the mission of educating Canadian advisors on the pitfalls of using U.S. domiciled ETFs in the portfolios they manage on behalf of their clients, specifically in the cases where there are equivalent Canadian domiciled ETFs they could be using.
You can find more information on her firm's mission, here at: "Think Canadian ETFs"
We didn't talk about her firm's ETFs here.
Instead, to talk about the issue and her next-to-most important mission, Lisa invited Dr. Dean Smith, Ph.D., partner at Cadesky Tax, a Canadian tax expert, who specializes in working with multi-national companies and wealthy expatriate individuals on U.S.-Canada cross-border tax issues, to join us for a deep dive on the various high -value considerations investors need to be aware of when it comes to specifically investing in (equivalent) Canadian-domiciled ETFs vs. U.S.-domiciled ones.
The bottom line is that it is in the financial best interest of Canadian investors, and their advisors (you), to decisively begin using Canadian-domiciled ETFs in all portfolios, going forward. Our conversation in this podcast is all about "Why?"
It's also important that we recognize here that many investors and advisors currently hold U.S.-domiciled ETF positions that may be difficult to replace or unwind because they have accumulated substantial capital gains, so our talk is not about unwinding those positions, but rather, rethinking the decision to further add to those U.S. domiciled ETFs, vs. finding equivalent Canadian-listed counterparts.
Our objective here is to focus on what to consider for future decisions. Think of it as your resolution for 2022. Positions in U.S.-domiciled ETFs that fulfill an investment objective should only be considered in the event there is no Canadian-listed equivalent ETF, i.e. only if there is no other way.
There are serious fiduciary implications, and considerable long term practitioner liability to consider. The consequences could wind up being very messy, particularly on long-time held U.S. domiciled ETF assets.
Tune in, this is important. Once you know, you won't be able to look away or think about it any other way.
Where to find our guests:
Lisa Lake Langley on Linkedin
Emerge Canada Inc. / Emerge Canada ETFs
Dr. Dean Smith on Linkedin
Cadesky Tax
Michael White, CFA, Portfolio Manager, Multi-Asset Strategies at Picton Mahoney Asset Management joins Pierre Daillie to discuss how taking a multi-asset/multi-strategy approach to diversification - using alternative strategies that don’t rely on stock and bond markets rallying - can potentially help diversify the risks that investors are taking in the market and enhance the quality of returns in portfolios.
Phil Huber, CIO, Savant Wealth Management, based in Chicago, joins us for a deep dive on how advisors can thoughtfully and successfully implement alternatives to gain a competitive edge in portfolio construction. Phil is a former award-winning advisor, was appointed CIO, at Savant following the merger of Huber Financial Advisors and Savant Capital, which forged their $8-billion Chicago-land behemoth Savant Wealth Management RIA two years ago.
Recognizing that there was a massive proliferation of alternative investment vehicles, he decided to publish a tour-de-force guide that provides detail, reference, and rich insights on understanding how and why the universe of alternative investments available today fit into today's traditional retail investment portfolios.
Today's capital market assumptions (CMAs) show that investors must either lower their forward expected investment returns forecasts or learn how to productively use alternatives to augment total return and mitigate the risks inherent in today's low rates, low yields, and richly valued equity and bond markets.
We explore the numerous new tools and vehicles advisors, and in turn, their clients – investors – can exploit the alternatives universe that was once only available to UHNW investors and institutions. We also explore how advisors can begin to introduce the implementation of this universe of alternative investment solutions.
Phil provides insight as to what the five main categories of alternatives investors need to begin to consider adding to against their legacy 60/40 portfolios, which for the most part have, enjoyed a 40-year secular disinflationary tailwind since the 1980s, in order to reduce the risk of being blindsided by changes in market and economic regimes.
"The best portfolio is the one you can stick with," over the long term, through thick and thin, and since behavioural risk is potentially the most deleterious and costly risk investors can experience in their lifetimes, it has now become critical for advisors to set themselves apart by helping their clients to construct portfolios that are resilient and sustainable, from the point of view of being able to maintain strategic asset allocations over the long-term, without being destroyed by future flights-to-safety.
Where to find Phil Huber, CIO, Savant Wealth ManagementPhil Huber on Linkedin
Phil Huber on Twitter (@bpsandpieces)
Bps and Pieces Blog
Savant Wealth Management
Phil Huber's New Book:The Allocator's Edge: A modern guide to alternative investments and the future of diversification – https://links.advisoranalyst.com/The-Allocators-Edge
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Preet Banerjee, Founder and CEO of MoneyGaps (https://moneygaps.com) joins us for a deep dive into the topic of the value of financial advice, and he has been researching the answer to the question, "How do you quantify the value of financial advice?". This is a quintessential question, and the answer is not simple. We get into an eloquent and well explained conversation about the different qualitative and quantitative components that make up that value. As pretext, Preet Banerjee is in the process of completing a Ph.D. on this very subject of how to quantify the value of financial advice (across all advice channels).
In addition, Preet recently founded MoneyGaps.com (2019), a software service for financial advisors to help them deliver a lighter, but more holistic planning experience for Canadians who may not have millions of dollars. He explains how his company's Hybrid Advice Software-as-a-Service platform can be used by Canadian Advisors to bridge their ability to do business across the generational and/or under-accumulated wealth divides.
Preet is the bestselling author of the personal finance books, Stop Over-Thinking Your Money!: The Five Simple Rules Of Financial Success (2014).
Where to find Preet BanerjeePreet Banerjee on Linkedin
MoneyGaps (for Advisors)
PreetBanerjee.com
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
David Blanchett, Head of Retirement Research at $1.5-trillion AUM, PGIM (Prudential) and Dr. Michael Finke, Ph.D., Professor of Wealth Management, The American College, join us for a deep dive discussion into the challenges facing retirees, new ways of thinking about retirement and longevity, and new solutions advisors can use to help their clients optimize funding retirement income liabilities in this low rate, low yielding, & historically sky-high equity valuation environment. They answer the question, What are some of the newer ways retirees can approach this conundrum?
The concurrence of demographic waves, economic and market conditions, equity valuations and bond yields, have culminated in a situation that leaves many investors nearing or at retirement, cornered by a limited number of effective, and not-so-effective, investment income generating options, ranging from moderately risky, to highly risky. There's a great deal to consider, and we get into a profound look at all of the considerations, and some options may be considerably more useful and less risky than others from all angles given the current investment climate.
Where to find David Blanchett and Michael Finke:David Blanchett on Linkedin
Micheal Finke, Ph.D. on Linkedin
Wealth, Managed Podcast
Guaranteed Income: A Licence to Spend
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Mary Hagerman, accomplished, award-winning Investment Advisor, Portfolio Manager, and best-selling author of 'The Black Belt Investor', at Raymond James, based in Montreal, joins us for a fireside chat. Our conversation spans from Mary's early career, her longstanding desire to implement true fiduciary financial planning in what was a traditional, transactional stockbroker/advisor driven business, to evolving her practice into a fee-based, discretionary portfolio management business model that allowed her to fulfill her career aspirations. The takeaway: It wasn't easy. There were numerous people, industry biases, and conflicting interests and challenges that could have just as well succeeded in dashing those hopes. But, there were also great mentors, and along her journey, her love and learning of martial arts (which inspired her to write her aptly titled book), which helped to embolden her resolve to become the wealth manager she is today.
In the midst of the mass financial trauma of the GFC in 2008-2009, Mary came to the wholehearted realization she wanted to transform the way she advises and invests with and for her clients, to include and substitute legacy investment products with low cost, index-based ETFs, and that if she was going to go higher and farther in the industry, her practice would have to make the leap into the fee-based realm. Unwittingly, Mary became one of the earliest women at her firm, and in Canada, to make the jump to not only using ETFs, but becoming fee-based, and jumping through the educational and regulatory hoops to earn the privelege of being a discretionary portfolio manager.
Mary discusses the challenges she faced as a woman coming up in the financial advisory business. In that regard, things have changed since, and she also reveals what she sees as all the silver linings – that this is a great opportunity and business for women to be in. Women, she remarks, are very well suited empathetically, and EQ wise, perhaps naturally more so, than men, better equipped at asking the hard, more sensitive and emotional questions, that men often shy away from, that get to the heart of peoples' relationship with money.
Finally, we talk about her highly regarded book, her newly formed charitable foundation (and how she did it), and her key advice for women wanting to be wealth advisors.
Where to find Mary HagermanMary Hagerman on Linkedin
The Mary Hagerman Group at Raymond James Ltd.
Mary Hagerman's bestseller
The Black Belt Investor: A Martial Arts Guide to Wealthness; How to Kick Butt and Feel Rich!
Jeff Bradacs, CFA, Portfolio Manager, Picton Mahoney Asset Management joins Pierre Daillie to discuss how a market neutral strategy can help keep Mr. Market quiet, especially in today’s economy and market that is transitioning from a high-growth, early-cycle recovery stage to a slower-growth, mid-cycle environment. Jeff breaks down how a market neutral strategy generates returns through stock selection, where he and his team are finding opportunities and what they see in the macro environment.
Where to find Picton Mahoney Asset Management:
Picton Mahoney
Picton Mahoney Insights
Michael Green, Michael Green, Chief Strategist at Simplify Asset Management joins Pierre Daillie and Adam Butler for a revealing conversation about his thesis that stock markets are less efficient and more 'inelastic' because of the proliferation of passive index investing over the last few decades, and what that means. His thesis and research, now corroborated and examined by academic studies, labelling it as the 'Inelastic Market Hypothesis,' by Xavier Gabaix and Ralph Koijen, Jean-Philippe Bouchaud, and Valentin Haddad, shine a bright new light on how and why markets are displaying increasingly violent and rapid bouts of volatility, that may intensify over the coming years and decades.
Research mentioned in the conversation:In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis (Gabaix and Koijen)
The Inelastic Market Hypothesis: A Microstructural Interpretation (JP Bouchaud)
How Competitive is the Stock Market? (Valentin Haddad)
Robin Wigglesworth's Book - Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
Where to find Michael Green, Chief Strategist, Simplify Asset Management:Michael Green on Linkedin
Michael Green on Twitter - @profplum99
Simplify Asset Management
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Michael Green, Chief Strategist at Simplify Asset Management joins Pierre Daillie and Adam Butler for a blockbuster of a conversation about his macro view of the economy, inflation, markets and the dynamics of today's equity and fixed income markets, as well as his in depth view that stock markets are less efficient and more 'inelastic' due to the proliferation of passive index investing, and what that means.
Our conversation begins with Michael setting the stage for the entire conversation by describing how and why the 70s inflation occurred. [5:00] Instead, with the power of historical hindsight and investigation of all data from that period, Michael eloquently describes in non-jargony fashion what actually happened and provides a deeply profound view of how the economy works and how it worked then, and asks the thought -provoking rhetoric to shift our perspective on what we should be looking at if we want have a true look at what is happening.
Then [19:35] Michael explains his view on peak productivity, i.e. that productivity peaks at age 45 specifically in the context of today's demographics, and how that dynamic is contributing to his view on whether or not we are entering an inflationary spiral.
[21:30] Adam asks Michael to describe what he thinks are the underlying mechanics and the subtext of what is driving the inflation impulse, i.e. bottlenecks and underinvestment, as well as inflation the 'Meme' or 'Political Football' or 'Inflation, the Performance Art.'
[23:45] Michael explains what is, and what is NOT inflation.
[28:40] Michael shares his views on what's happening with surge seen in commodities, shelter costs, labour/wages, followed by a striking explanation of what's happening in shipping/trucking/transportation.[43:26]
[59:05] "As you know 'I celebrate anytime I'm called the dumbest man alive," says Green. "I think that possibly the best thing that can happen to me, for a very simple reason." Green says we are in a regime where commodity prices are nearing all time highs, there's already demand destruction in places like oil and gas, and everyone's convinced the only path is higher - "That feels so wrong to me." [1:00:21]
At [1:13:30] we wrap up the macro discussion around inflation and segue to Michael's "Inelastic Market Hypothesis" the antithesis of the "Efficient Market Hypothesis."
[1:20:21] Mike explains his thesis that as a result of the many trillions of dollars in flow to passive funds and ETFs, stock markets have become increasingly 'inelastic' or susceptible to secular reversals in sentiment - that the way markets work today means that reversals could be catastrophic to equity prices when and if the trend reverses as investors age.
Stock Markets Are Becoming Less Efficient, and More 'Inelastic.' What does that mean?
Research mentioned in the podcast:In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis (Gabaix and Koijen)
The Inelastic Market Hypothesis: A Microstructural Interpretation (JP Bouchaud)
How Competitive is the Stock Market? (Valentin Haddad)
Where to find Michael Green:Michael Green on Linkedin - https://www.linkedin.com/in/michael-green-9a15142/
Michael Green on Twitter - @profplum99 - https://www.twitter.com/profplum99
Simplify Asset Management - https://www.simplify.us/
Where to find the Raise Your Average crew:ReSolve Asset Management - https://investresolve.com/
ReSolve Asset Management Blog - https://investresolve.com/blog/
Mike Philbrick - https://www.linkedin.com/in/michaelphilbrick/
Rodrigo Gordillo - https://www.linkedin.com/in/rodrigogordillo/
Adam Butler - https://www.linkedin.com/in/adamdbutler/
Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/
Joseph Lamanna - https://www.linkedin.com/in/josephlamanna/
AdvisorAnalyst.com - https://advisoranalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Paul Kornfeld, CFA, President of SIACharts joins Pierre, Mike and Rodrigo for a deep dive into the capabilities of his firms powerful proprietary Investment Advisor platform, SIACharts encompasses a suite of tools advisors can use to efficiently make comparative decisions across all individual North American Stocks, ETFs and Canadian Mutual Funds.
We get into the nuts and bolts of what makes the SIACharts platform tick. For starters, SIACharts carries out 10-billion calculations each trading day to provide cross securities analysis across roughly 10,000 securities. The tool enables advisors to make rapid calls between securities based on SIACharts proprietary Relative Strength Analysis (not to be confused with Technical Analysis' Relative Strength Indicator)
Advisors can easily make pair-trading distinctions between stocks, Canadian and US ETFs and all Canadian Mutual Funds on a adhoc basis, compare entire stock, ETF and mutual categories and sector and factor strategies, or across each ETF or Fund provider, as well as receive up-to-the-day scores and relative strength calls such as the SIACharts Equity Action Call, which provides day-to-day guidance on whether there is cause to increase or decrease equity exposure based on relative strength analysis. Advisors can also plot charts in either of Line, Candlestick, or Point and Figure formats.
Point and Figure charting figures large on the SIACharts platform because of its ability to provide trend analysis in an asymmetric format that ignores time as a factor, and focuses on price movement and trend. Point and Figure charting is a proven charting tool effective at identifying trends across securities either on a one-off individual security chart, or when comparing competing pair trades (e.g. stock vs. stock, stock vs. index, stock vs. Sector, ETF vs. Sector, or Fund, etc.) to identify the relative outperformance of one security versus others, and/or other measures.
Throughout the conversation, Paul demonstrates how advisors can use this unique and powerful investment management tool to make significant improvements to their investment selection and management process, as well as streamline their trading and communications processes with their clients.
One of the most underrated factors in considering the use of SIACharts is how it not only provides valuable insight in the determination of timing and relative strength across securities and markets, tracks model and individual client portfolios, but how it is transforming the practices of advisors who have adopted the platform. It is a massive timesaver in the context of securities selection and analysis.
As a meeting preparation tool for instance when getting ready to meet, or intra- or post-meeting with prospective clients, for example, advisors have been able to add enormous value to their initial interactions by being able to provide portfolio x-rays against pre-existing portfolios to point out the strengths and weaknesses in portfolios on very short notice. Clients trend toward highly impressed by the advisor's ability to make quick systematized calls on portfolios on short-notice and on an ongoing basis, in and around the portfolio review process, and also thus, freeing up substantial time for advisors to be able to spend more time on high value relationship building.
Paul points out that among his favourite tools in the SIACharts war chest is the ability to set up alerts on individual securities and model portfolios to notify of changes in relative strength across all dimensions. When you can empower your practice to be in a position to deliver on investment commitments such as market entry and exit calls, on an immediate basis, from wherever you may be at any given moment, for example, it greatly enhances the value and competitive dynamic of your advisory practice.
Finally, from a behavioural finance perspective, Paul demonstrates via SIACharts' case studies how SIACharts tools provided asset preservation guidance during tumultuous periods, such as last years' panic selloff signals, or by how advisors on the platform were signalled appropriately to both enter Valeant during its massive upward growth spike and, conversely to exit same during its fall from grace. Think Nortel Networks and Bre-X débâcles.
Thank you for tuning in, and if you found the conversation to be valuable in any way, please hit that subscribe button in Youtube, Apple Podcasts, or Google Podcasts, the Notifications button, as well as 'liking' and commenting as you see fit.
Get a All-Access Free Three Week Trial to SIACharts Here (Advisors only):
Where to find Paul Kornfeld and SIACharts:
Paul Kornfeld on Linkedin
SIACharts
Where to find the Raise Your Average crew:
ReSolve Asset Management - https://investresolve.com/
ReSolve Asset Management Blog - https://investresolve.com/blog/
Mike Philbrick - https://www.linkedin.com/in/michaelphilbrick/
Rodrigo Gordillo - https://www.linkedin.com/in/rodrigogordillo/
Adam Butler - https://www.linkedin.com/in/adamdbutler/
Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/
Joseph Lamanna - https://www.linkedin.com/in/josephlamanna/
AdvisorAnalyst.com - https://advisoranalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
John Ruffolo, Founder and Managing Partner at Maverix Private Equity, joins us for an full hour conversation. Our conversation begins with Ruffolo recounting his near-catastrophic brush with death last Fall, when he was struck from behind by a jack-knifing Mack truck hit him while cycling, and his subsequent and arduous 30-hours per week recovery regimen.
Our conversation then turns to the long standing issue of the trend of the historical Canadian brain and IP drain. Ruffolo shares his profound views and passion about Canadian innovation, and the mission he, his partners, and their advisors are on to discover, invest and capitalize Canadian companies in the disruptive innovation space, so that ultimately, their intellectual property remains ours, remains Canadian. Ruffolo is famously credited with the funding, expansion and growth of Shopify into a home-grown Canadian e-Commerce powerhouse, as well as Hootsuite, among others. Ruffolo also shares his ideas and outlook on what are the most groundbreaking and promising areas of Canadian innovation going forward.
Where to find John Ruffolo:
John Ruffolo on Linkedin
Maverix Private Equity
Ben Gossack, VP & Director, Portfolio Manager, and Trevor Cummings, VP, ETF Distribution, both from TD Asset Management (TDAM), join Pierre Daillie for a deep dive discussion about the innovative ways the asset management team at TDAM are enhancing investment income without sacrificing total return in their enhanced dividend income strategies.
In the conversation, Ben Gossack, lead portfolio manager on TDAM's enhanced dividend strategies, details how he and his team actively manage their core 'dividend-growers' stock selection strategy, which comprises at least 70% of holdings in their ETFs, while integrating a less constrained, 'unlocked' investment process that also involves layering in notional and direct holdings in non-dividend paying secular growth names, e.g. Amazon and Square, for up to a maximum of 30%.
Ben and Trevor further detail the mechanics of the unique feature of TDAM's enhanced dividend income strategy which is the addition of the important second and third layer of investment income generation, which involves two actively managed, proprietary option-yield generating overlays:
1) Writing covered calls against a percentage of the portfolio, effectively putting those shares up for short term 'rent', i.e. the option premium income, and 2) Cash-covered put-writing, the equivalent of 'selling insurance,' thus collecting option premium income, to get paid to buy stocks at lower prices.
Finally, Ben and Trevor disspell commonly held biases, heuristics and myths surrounding the use of actively managed enhanced option-writing strategies. Among those commonly regarded heuristics is the belief that covered option writing yield strategies only effective in markets that are moving sideways or declining. Also diving into the differences between a systematic approach to option-writing vs. the advantages of being active.
To the point, about last year's sharp bullish upturn following the March 23, 2020 low, "from an option premium perspective, it was Christmas every day," said Gossack. In addition, he also points out that since they are active, they have the freedom to choose to write, or not write options, depending on market conditions.
TDAM's active enhanced dividend ETF offerings are available in two market exposures: Global (ticker: TGED), U.S. (ticker: TUED). For more on these, visit td.com/ETFs.
You can also get more intelligence on TDAM's enhanced dividend strategies here.
Trevor Cummings on Linkedin
Ben Gossack on Linkedin
Ben Gossack's TDAM Bio
There is clearly a lot of scepticism about the validity of ESG? So why is ESG happening, and exactly who cares about it?
In this episode, we invited three thought leaders in the field of ESG and responsible investing to demystify the meaning and the significance of ESG.
For example, does it really matter if you agree with it or not? It doesn't. Your clients however may feel differently, and if you're not talking to them about it, chances are they are going to talk to someone else about it.
The whole idea of responsible investing has gotten distorted by virtue of it's own success.
We have a straightforward discussion here around the three dimensions of ESG that DO matter, rather than entertain a debate about aspects that don't actually matter.
Pat Posteraro, Portfolio Manager, at Desjardins Global Asset Management, Nicola Fritz, Portfolio Specialist, at London-based IMPAX Asset Management, and Deborah Debas, Specialist, Responsible Investment, Desjardins join us for a clear-eyed conversation about distinction and differences of an actively managed ESG strategy vs. the controversial index-based ESG strategies in the market.
David 'Rosie' Rosenberg joins us for 98 minutes to discuss his latest outlook for the economy, bond and equity markets, and two of his current investment recommendations.
We jump right in to David Rosenberg's outlook for the economy and markets. [1:24] Setting the stage for what's to come in our conversation David Rosenberg describes the conditions he thinks are likely to occur and what that means for the economy and markets. At 38X valuations he says the temptation to get in the market in equity markets is high, and shares two of his top ideas on where to position in the bog of uncertainty, thematically. He points to attractive market segments in terms of expected returns going forward.[5:52] and shares his rationale for this top ideas [9:50] including his views on long bond yields.
Mike asked David if he could explain backup in the yield curve.[11:19] David goes on to explain his thoughts on the ab and flow of US treasury yields [12:43] and describes his agreement with Jerome Powell's — is the first pandemic in a century going to be the cause of sustainable inflationary future? Try to wrap your head around that, he says.[13:06] he talks about the feds unbelievable GDP forecast for the fourth quarter and also about the likelihood that a $3.5 trillion fiscal package will be passed. [16:38] Adam asks David about whether or not commodities will go through an upward repricing and David shares his point of view on the big picture and describes why some of that thinking maybe questionable, [23:42] and we get into a deeper conversation about supply chain problems as well as the flaws in wage inflation.
Dave points out the difficulties that exist where wages are concerned considering that millions of people are dragging their feet returning to the work, and what the impact of that might be. Here, [27:29] Dave describes the coming "Growth recession" and explains his definition of that – the big story next year will not be inflation. We talk about what Dave calls the economy in 3-D—disruptive technology, demographics, and the egregious debt that's been incurred over the last 2 years.[31:41] Dave elaborates on his Outlook for treasury yields. [35:43] and we segue into the cut off of pandemic paychecks and what that means for consumption.
At [52:38] a heated debate about how drivers of inflation, imputed rents, used cars are not being discounted properly, and are expressing an unsustainable share of inflation . Inflation is about the rate of change in inflation not the rate of inflation itself. Rent as the cost-of-living, and how that's being misunderstood because of the way the BLS managers that calculation.[1:01:09] David clarifies further how we're not in Stagflation, how different this period is from the 70s [1:06:19]
At [1:09:02] our conversation turns to a debate about how inflationists got it wrong in 2008 when he was Chief Economist at Merrill Lynch, in the lead up to the GFC, and the realities how much room the Fed has to raise rates in the current environment, and why Dave is bullish on treasuries at this point. Are we entering a 'Commodity Supercycle?" [1:15:22] Dave talks about what the market is missing at this point.
Is Inflation Transitory? [1:21:52]
How often is the Fed right on the economy? We've never seen anything like this before [1:24:29].
Is China in a Lehman moment? [1:30:24]
The Wrap on that cheery note [1:31:13]
And a final question for Dave - Would you rather spend a week in the past or a week in the future? [1:37:11]
Thank you David for an eye-opening conversation about the state of the economy and markets!
Download Dave's Special Report (Complimentary) here: https://links.advisoranalyst.com/rosenberg
Recorded on September 27, 2021
Where to find David Rosenberg
David Rosenberg on Linkedin
Rosenberg Research & Associates
Where to find the Raise Your Average crew:
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Jeffrey Sherman, Deputy CIO, DoubleLine Capital joins us for nearly 90 minutes on all things investing, and how he's navigating this bizarre market. Our discussion turns to positioning fixed income, equities, commodities, real assets, as well as getting into the nuts and bolts of how he manages money at DoubleLine Capital. To begin, Jeffrey talks about his career path [1:27] and then we get into his expectations for the economy, markets, rates, wages, housing and Inflation among other things [6:20], [6:42] and explaining why the inflation picture is much more difficult to distill [13:04]. Jeffrey Sherman points to where investors can think about repositioning some of their 40% fixed income sleeve [15:14] for example, right now "It's not a High Yield at that point, it's just yield.," says Sherman.[19:07] Our conversation then turns to commodities [21:20] the bottlenecks [28:19], backwardation [30:00], as well as precious metals [32:23], and ESG's role [34:30]. We go on to talk about Jeffrey's CAPE ratio based equity strategy [43:09], and what insights and signals he's getting from the market, then Jeffrey talks about why growth stocks don't benefit from the rising rates environment, as well as his concept of scarcity, growth and duration of stocks [47:26]. At this point, [56:09] we ask Jeffrey to explain how his unique and successful CAPE ratio equity/bond strategy works, and how he's been able to deliver alpha.[1:03:39] If you're wondering at all about creative ways of how to think about constructing portfolios that express the needs and objectives and risk management of all types of investors our conversation will fill in some of those blanks for you. The conversation then turns to a discussion about the language and jargon game, Smart Alpha, even Cliff Asness, as well as Jeffrey's parting thoughts for advisors [1:15:07].
This podcast was recorded September 20, 2021
Where to find Jeffrey Sherman, DoubleLine CapitalThe Sherman Show Podcast
Sherman Show on Twitter - @ShermanShowPod
Jeffrey Sherman on Linkedin
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Adam Butler, CIO and Rodrigo Gordillo, President, of ReSolve Asset Management Global join Pierre Daillie, from AdvisorAnalyst.com for an amazing discussion about ReSolve's latest research paper, "Return Stacking: Strategies for Overcoming a Low-Return Environment."
In our discussion we cover the following points on this novel investment concept of portfolio construction:
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Stretched valuations in equities and fixed income imply depressed returns and higher potential volatility for traditional portfolios.
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Reaching for yield or increasing exposure to pro-cyclical assets may help compensate for low expected returns, but can increase portfolio risk.
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Reducing exposure to equities and bonds to accommodate non-correlated assets or alternative strategies may reduce risk, but at the expense of lower potential returns and painful tracking error.
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We introduce a novel investment concept, accessible to all investors, which is designed to seek higher returns with less risk and low tracking error by using new products which, in combination, can provide more than $1 of exposure for every dollar invested.
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The proposed solution harnesses the full potential of traditional portfolios plus the opportunity for higher returns and risk reduction from non-correlated investments.
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This capital efficiency allows for the introduction of non-correlated return streams that stack on top of core portfolio exposures.
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We show how to maximize “Return Stacking” opportunities by choosing alternative fund managers already engaging in capital efficient strategies.
You can download the paper here (https://investresolve.com/return-stacking-strategies-for-overcoming-a-low-return-environment-lp/).
Where to find the Raise Your Average crew:
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Richard Heft, President, and Andrew Broadhead, Head of Content, at EXT. Marketing, and co-authors of the bestselling guide, The Ascendant Advisor, join us to talk about how advisors can transform their practice into a competitive business magnet in today's digital world. If you're an advisor, then this conversation is entirely all about how you can change the way your new clients find you, find out about you, and get to know you, so they're familiar with you, well before they meet you. It's also just as much about how you can widen the scope of your existing client relationships, to build stronger bonds with them, to let them further into your realm, so that you become more referable, in ways you might not have imagined.
Investment advisors spent the better part of the last 18 months successfully maintaining and growing their businesses, mostly from within their existing client bases. It's apparent COVID-19 forced us on to every digital platform out there. Now we use Zoom, Webex, and Teams for example for most of our meetings, and Facetime and similar to stay in touch with our families. What has been lost however, is ability to be in the same room with our people and our clients. And, anecdotal evidence suggests that the majority of people are reluctant to come to an office for a meeting or, for that matter meet in their homes, to get to know you, the advisor.
It's been relatively much easier to maintain existing relationships, particularly where business is concerned, than to develop new ones. Advisors in particular have been challenged when it comes to bringing on new clients, having a hard time being able to coalesce and relate personally from behind the small screens of dgital conferencing. So how can advisors up their prospecting game. For that matter, how can any consultative professional up their effectiveness and their competitiveness when it comes to forming new relationships with new clients?
Expect to walk away with some juicy takeaways about how you can transform the nature of your advisory business.
And, get yourself a copy of The Ascendant Advisor. This book is chock full of insight, and actionable but not costly tips that you can start using today.
Where to find Richard Heft and Andrew Broadhead:Richard Heft on Linkedin
Andrew Broadhead on Linkedin
The Ascendant Advisor Website
EXT. Marketing
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Phil Mesman, lead fixed income portfolio manager at Picton Mahoney sits down with Pierre Daillie to discuss credit investing, a widely underrepresented category of alternative fixed income in Canada.
They discuss the current challenges long-only bond investors face and why today’s environment has presented an unprecedented need to think alternative when it comes to your fixed income book. Mesman gets right under the hood of Special Situations credit investing and provides his thoughts on a real time event, the Evergrande situation.
Lisa Lake Langley, CEO/Founder of Emerge Canada Inc. (sponsor of Emerge ARK ETFs) joins us on Insight is Capital. We talk about her life's work, receiving the industry's CEO of the Year Award, nomination for ETF Champion of the Year (we get into why), and the realization that Emerge Canada Inc. is Canada's first female-owned fund company. Langley shares some early stories about when she first met and became friends with the Emerge ARK ETFs sub-advisor, Cathie Wood of ARK Invest. Don't miss this.
Jeffrey Sherman, Deputy CIO of Los Angeles-based DoubleLine Capital, which manages $137-billion in AUM joined us for an hour-long chat last week.
He is DoubleLine's lead portfolio manager for multi-sector and derivative-based. He also oversees all of DoubleLine's investment teams and strategies. Sherman was named by Money Management Executive as one of the "Ten Fund Managers to Watch" in 2018. He began his career at TCW where he focused on fixed income and real asset portfolios.
We discuss his career, his beliefs, as well as diving into his macroeconomic and market outlook, his outlook for fixed income, and how investors looking for better yield and ballast can position in this market where traditional government bond yields are at historic lows, and bond and equity valuations are at all time highs.
"We are in bizarro world," says Sherman. "You have this idea that you have some of the highest inflation prints we've seen. And if you strip out the commodity prices and look at core inflation measures, in some instances, it's, you know, the, the highest prints we've seen at 40 years.
"Coinciding with that, you talked about the bond rally over 40 years. We're talking about inflation levels we haven't seen in 40 years. So why are rates where they are? Well, that's the 10 or $20 trillion question when it comes to the treasury."
Sherman shares his strategic thinking on duration, interest rates, and credit risk and how investors could approach the fixed income market, and position their fixed income sleeve not only for yield, but with a view to keeping risk in check. In our conversation Sherman talks about several good alternatives to bonds that investors can consider.
Annamaria Testani, Senior Vice President, National Sales at National Bank Investments leads us in an enlightening conversation about developing a client communication journey that can have a dramatic positive impact on raising the value of your stock as an advisor with each and every client.
As an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always been a significant challenge you've had to overcome. So, how can you set yourself apart, how do you differentiate your offering, today, to be successfully competitive?
Creating Value as an Advisor Through Active ListeningIn the first segment of this three part series, Annamaria defines the art of active listening, and provides clear guidance on how active listening can elevate the quality and stickiness of your relationships with your new and long-time clients, as well as how valuable that is when engaging prospective clients.
Annamaria Testani, Senior Vice President, National Sales at National Bank Investments leads us in an enlightening conversation about developing a client communication journey that can have a dramatic positive impact on raising the value of your stock as an advisor with each and every client.
As an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always been a significant challenge you've had to overcome. So, how can you set yourself apart, how do you differentiate your offering, today, to be successfully competitive?
Part 2: Reframing and Defining Your Value as an AdvisorAs an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always been a significant challenge you've had to overcome. So, how can you set yourself apart, how do you differentiate your offering, today, to be successfully competitive?
In the next segment, part 2 of 3, Annamaria describes how problematic our unconscious biases are, and how they get in the way of being able to have highly productive conversations with your prospective and existing clients. Annamaria provides a clear understanding of how you can consciously identify and set aside your personal biases, as well as understand your clients', so that you may become a more objective and more valued participant in your client conversations. People yearn to feel deeply understood. Annamaria discusses a universal method for eliciting the highest-value feedback you can get whether its from your clients or those dearest to you.
Annamaria Testani, Senior Vice President, National Sales at National Bank Investments leads us in an enlightening conversation about developing a client communication journey that can have a dramatic positive impact on raising the value of your stock as an advisor with each and every client.
As an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always been a significant challenge you've had to overcome. So, how can you set yourself apart, how do you differentiate your offering, today, to be successfully competitive?
How to Adapt Your Value to Conquer Disruptive ChangeAs an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always been a significant challenge you've had to overcome. So, how can you set yourself apart, how do you differentiate your offering, today, to be successfully competitive?
In the third and final segment, you will discover a line of conversation that serves to subtly make your clients aware of the value of the benefits they receive from their relationship with you.
We discuss how to take what you have learned in the process with your clients, and at every step of the way, use it to adapt your methods, and reframe your practice as your clients' most invaluable advisor. You'll also how learn to adapt and differentiate yourself highly to disruptive changes taking place in the industry and investing, by easily taking charge of difficult or controversial advisory topics.
Justin Castelli, RIA, founder of RLS Wealth Management joins the RYA Crew to talk about his very successful journey in personal brand building as an advisor, that began when he established his own RIA, after being an advisor for 10 years. Justin talks about when and how he decided to use the power of blogs, video and podcasts to create a strong persona that reflected his values, personality and knowledge, and grew the footprint of his Indiana-based firm from local to nationwide.
Since then, Castelli has widened the scope of his work to co-developing The AGC Community (Advisor Growth Community) an advisor marketing peer group that meets on a regular basis to exchange marketing and process experiences with one another. Justin has been a featured guest speaker at some of the world's largest financial conferences where he has shared his experience with personal brand building with thousands of advisors.
This year, Castelli was recruited to join the team at Onramp Invest, a company founded by CEO, Tyrone Ross, a now well known RIA, who has specialized within the HNW cryptocurrency space. Onramp Invest provides advisors with the ability to merge their clients crypto- and defi assets into the investment planning ecosystem, via an IPaaS, Integration Platform as a Service. We talk about what this means for advisors, particularly in the context of being able to advise their clients who already own crypto-assets outside of their purview, and how it has the potential to beneficially impact the way advisors and investors can work together to include their already-owned, or planned crypto-asset investments, into full view of their financial planning.
Where to find Justin Castelli, RIAJustin Castelli
Where to find the Raise Your Average (RYA) crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Nicolas Piquard, Vice President, and Portfolio Manager at Horizons ETFs joins us for a thorough and insightful discussion on the bull case for Uranium and Uranium producers. In addition to co-managing the Horizons ETFs lineup of Covered Call ETFs, Nicolas Piquard also manages the Horizons Global Uranium Index ETF (ticker: HURA) which consists of holdings in the world's leading Uranium producers, such as Cameco (Canadian) and Kazetomprom (Kazakhstan-based) as well as positions in the hard commodity itself.
Our conversation with Piquard bridges the wide ranging gap in sentiment for Uranium itself over the last decade since the Fukushima disaster, to the climate change débâcle which is resulting in global shortages of the nuclear fuel. Ironically, while there has been much controversy surrounding nuclear power over the last decade, it is starting to become apparent that nuclear power generation holds some of the integral keys to solving the secular drive to de-carbonize the world. We get into the growing demand fundamentals versus long-term supply constraints of the Uranium sector.
With Uranium prices having been as much as 90% off their pre-Fukushima highs during the last decade, and posting a strong recovery off its extremely low base, Nicolas Piquard says "we are still in the early innings here."
This show is for you. If you're enjoying the show, hit that subscribe button, and leave us comments (here and on Youtube), and ratings (Youtube and Apple Podcasts).
Where to find Nicolas Piquard and Horizons ETFs:Nicolas Piquard on Linkedin
Nicolas Piqard on Twitter
The Horizons Global Uranium Index ETF - HURA
An Introduction to Covered Calls
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Matt Hougan, CIO, Bitwise Asset Management, joins us for a conversation about how Bitcoin, Ethereum, and other cryptoassets are set to transform the financial marketplace. Hougan's firm was the first-to-market asset management firm to make managed crypto-assets accessible to advisors and other investment professionals, with its Bitwise 10 Crypto Index Fund (BITW) as well as a stable of innovative and disruptive fund and ETF exposures to Bitcoin, DeFi, Ethereum, Uniswap, and Aave.
Matt first established himself in his early career as the lead go-to authority on ETFs, as CEO of ETF.com (formerly IndexUniverse.com), where he tirelessly advocated on the power of ETFs to transform the global investment marketplace.
Now, his experiences, and his insights from the ETF revolution serve as the guideposts to how the nascent Crypto and DeFi disruption could unfurl, into a new system and future financial standard.
Several years ago, after selling ETF.com, and on his journey to discover what the next big thing, what the next multi-trillion dollar financial phenomemon would be, all roads led Hougan to examine Bitcoin and the ecosystem beyond, of cryto-assets and DeFi (Decentralized Finance). He is all in, first principles front and centre, channeling all his research prowess and energy to educate advisors on this investing space. And, in case you're wondering, its still just the beginning.
We get into all of it, plus, and importantly, the part of conversation where he describes, in no uncertain tone, what bitcoin does to portfolios.
If you're enjoying the show, hit that subscribe button, give us a like, and leave us your comments, so others, like you, can discover it too.
Where to find Matt Hougan:Matt Hougan on Linkedin
Matt Hougan on Twitter - @matt_hougan
Bitwise Asset Management
Bitwise Asset Management's Whitepapers
Where to find the Raise Your Average crew:ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Wade Guenther, Partner, at New York-based Wilshire Phoenix, who spent the better part of his early career at Horizons ETFs Canada and sister U.S.-based company, Global X ETFs, joins us to discuss the real assets markets, commodities, gold, bitcoin, and inflationary pressures that are shaping the macro-landscape. We discuss Wilshire Phoenix's innovative new take on a way investors can strategically invest and diversify into gold, that reduces the normal volatility of participating in the barbarous relic, and enhance long-term returns.
Gold is typically viewed by investors as a tactical allocation, something you want to own when you need to own it. That way of thinking comes with the problem of trying to correctly time gold ownership as part of a portfolio.
Guenther explains how strategically owning gold in a way that makes it easier to keep owning gold as a permanent long-term strategic holding in portfolios was an aspect that was absent the market. Whether you believe it or not, the evidence shows allocating to gold strategically is and has been accretive to returns in the long term, and it also helps mitigate portfolio volatility, which can significantly contribute to the ability to remain invested through market events. We get into to engineering behind WGLD, Wilshire wShares Enhanced Gold Trust.
Full Transcript: Coming soon
Find Wade Guenther and Wilshire Phoenix
Wade Guenther on Linkedin
Wilshire Phoenix
Wilshire wShares Enhanced Gold Trust (WGLD)
Find the Raise Your Average crew:
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Eric Crittenden, CIO, Standpoint Asset Management joins us to talk about how portfolios can be constructed to withstand or survive a variety of market shocks and regime changes, as well as and all importantly provide potentially superior long-term equity like returns.
In a regime where market shocks have a tendency to send most risk assets' correlations to 1, how and what do you combine in a portfolio that will greatly reduce 'sequence of returns' risk, survive the behavioural risk of wanting to exit at the wrong time, and superior long-term outcomes?
Believe it or not, most investors are wired to dislike diversification, especially when it's done correctly. A thoughtful perspective and approach is required to re-wire our lizard brains. For advisors, true diversification represents short term career risk; for investors, it leads to a minefield of impatience and potentially dear behavioural mistakes. We dive into the realm of All-Weather investing, how it works, and how to think about it. Eric Crittenden tells us the story of his career journey to solve the problem, his chance acquaintance, then long-term friendship with investing legend and mentor, Tom Basso (think The New Market Wizards), and the very thoughtful ways they do it at Standpoint Asset Management.
Full Transcript: Coming Soon
We'd love your comments and ratings are very important. If you don't want to miss another awesome conversation, hit that subscribe button. Thank you so much for being with us.Full Transcript: Coming Soon
Where to find Eric Crittenden and Standpoint Asset Management:
Eric Crittenden on Linkedin
Standpoint Asset Management
Where to find the Raise Your Average crew:
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Atul Tiwari, CEO, Cult Wines Canada joins us for a delightful and captivating conversation on the inner workings of the world of investable and collectable fine wine (for starters, think first-growth left-bank Bordeaux's), and of Cult Wines Canada's (his latest foundling) work to bring the world of investable fine wine to the Canadian market. Atul Tiwari is the former founding President of BMO ETFs and former CEO of Vanguard Canada, which grew to $30-billion in assets, before his departure at the end of 2018.
Since his departure from from the top role at Vanguard Canada, Tiwari went on, in March 2021, to co-found Cult Wines Canada, the joint venture with Cult Wines UK, and its Global CEO, Tom Gearing, to bring the exciting opportunity of investing in investment grade fine wines, which represent roughly only 1% of the world's annual production, to Canadian investors.
Cult Wines UK is the rapidly-growing and well known UK-based investable wine boutique investment firm with $300-million (650,000 bottles) in rare, investable wine assets, held on behalf of investors.
We roll up our sleeves, and get into how this unique, and once walled-off, once very private dealing network for wines from the highly-vaunted wine growers has been brought to accessibility, by Cult Wines, for all investors seeking a way to take part in this lucrative market.
If you've ever wondered exactly how the investment grade wine market works (or if it's all new to you), come hang out with us for a little while and have your blanks filled.
Full Transcript: Coming soon
We'd love your comments. If you don't want to miss another awesome conversation, hit that subscribe button. Thank you so much for being with us.
Where to find Atul Tiwari and Cult Wines Canada
Cult Wines Canada
Atul Tiwari on Linkedin
Download Cult Wine's Investment Guide
What is Left Bank Bordeaux?
Where to find the Raise Your Average crew:
Resolve Asset Management SEZC
AdvisorAnalyst.com Insight is Capital Podcast
ReSolve Asset Management Podcast
ReSolve Asset Management Blog
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Mike Philbrick on Linkedin
Joseph Lamanna on Linkedin
Rodrigo Gordillo on Linkedin
"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.
Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
Our conversation with Steve Hawkins, President & CEO, Horizons ETFs Canada. 'Hawk' begins by taking us on the journey from his humble beginnings on Bay Street all the way to his appointment as Head of Horizons ETFs. We talk about the culture of openness, candor, and enthusiasm he has fostered at Horizons, and of their willingness and drive to push the envelope on identifying and launching ETF solutions well ahead of the s-curve like fruition of their underlying markets.
These include making some of the lowest cost index-based ETFs available to investors; being the first to work with active portfolio managers to develop some of Canada's earliest and/or most advanced actively-managed ETFs such as Horizons ReSolve Adaptive Asset Allocation ETF (HRAA), Horizons Seasonality ETF (HAC), as well as its numerous enhanced income 'covered call' and active fixed income mandates; boldly developing some of the most progressive and wildly successful thematic investment ideas like Canada's first Marijuana ETF (HMMJ), and more recently taking the mantle on launching PSYK, the Psychedelic Stocks ETF (PSYK), well ahead of what were/are expected to be watershed legislative and medical care therapies changes, respectively, taking place in the field of health, and mental health sciences; finally, some very interesting 'pick and shovel' themes surrounding the technological 'gold rush.' We get into all of it.
Full Transcript: Coming soon
Where to find Steve Hawkins:
Steve Hawkins on Linkedin
Where to find the Raise Your Average crew:
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
ReSolve Asset Management on Twitter
Pierre Daillie on Linkedin
Mike Newton, VP and Portfolio Manager, RBC Wealth Management, and Jason Mann, CIO at EdgeHill Partners and EHP Funds, join us for a rich conversation on running money at both the retail and institutional levels.
Takeaways
• How was business and what were the investing challenges of the pandemic from a business perspective?
• Mike Newton shares some valuable nuggets on how he organizes and runs his retail wealth management practice.
• How to use model portfolios productively in your practice.
• What are the processes you use to organize your business around?
• Jason Mann talks about his and his firm's approach to running liquid alternatives, and how he approaches the challenges of portfolio construction and outcome.
• Outlook and opportunities - Mike and Jason talk about how they make decisions invest, and what kinds of investments.
• How do you manage investment risk?
• How are you communicating with clients?
• What are big challenges forward, and what lessons have you learned from this period?
• What sets you apart? What kind of investor are you?
• How do you help your clients overcome their behavioural risks, like selling at the wrong time.
Full Transcript
Ted Seides, founder of Capital Allocators LLC, host of the Capital Allocators Podcast, and author of his second book, Capital Allocators: How the World's Elite Money Managers Lead and Invest, is our guest on Raise Your Average.
Takeaways
• Ted Seides reminisces about his old friend and mentor, David Swensen, Endowment Fund Manager and CIO, at the Yale Endowment and Yale University, who, sadly, passed away the week before we recorded this episode.
• What he learned from David Swensen during his 5 years at the Yale Endowment Investment Office, and the impact that working with him had on the trajectory of his career and his life.
• What impact David Swensen had on the investment industry and everyone who knew him.
• David Swensen (and team) reportedly added $35-billion in alpha to the Yale Endowment (above and beyond peers and market returns) during 30 years, all the while forgoing insane amounts of compensation.
• Ted shares Swensen's timeless framework and first principles, and stories from his time with Swensen.
• Swensen created for his own use, what are now called 'factors' and 'factor-based' approach to diversify portfolios in a time when factors did not exist.
• Where are the edges in the market today?
• What are sophisticated institutions with spending needs/liabilities of 5-8% per yearf doing to get those returns?
• Beyond Diversification and Asset Allocation, what are the 3 new 'buckets' institutions are using to construct portfolios?
• Ted's infamous bet with Warren Buffett - Ted talks about this in some detail.
• The lessons learned from decades interviewing elite money managers
• What are the investment learnings?
• What are the non-investment learnings?
• What are the biggest challenges?
• How are the people evolving?
• What happens in the Investment Offices of elite money managers?
• The 3 Ps and the 3 Cs
• How do you make good allocation decisions? As an individual? As a team?
• How do investment committees decide what to do?
• What are some of the common threads across all allocators?
Full Transcript: https://views.advisoranalyst.com/ted-seides
Watch on Youtube
Takeaways from Ep. 10 with Corey Hoffstein, CIO, Newfound Research:
• Thinking of diversification in portfolios in terms of three axes: What, How, and When?
• The unintended consequences of 'timing luck' (re: 'when?' diversificatio)
• How to reduce 'timing luck' from portfolios
• How rebalancing premium trumps "timing luck"
• Market distortions caused by the shift from actively managed funds to passive funds
• What are 'Liquidity Cascades," and how to 'smoothe' against unforeseen destructive convergences of trading activity in markets.'Luck' is a double-edged sword which, if you're an allocator of capital, can, more often than not, disadvantage you in investing and asset management.
In our conversation with Corey Hoffstein, CIO, at Boston-based Newfound Research we discuss three axes of diversification:
What, How, and When?
The 'What?' aspect involves deciding what you're going to invest in. 'How?' is where you decide what process you'll use, e.g. stylistic tilts, value, momentum, active, passive, systematic or rules based investing, and factors, etc. The 'When?,' aspect is the consideration of timing, or rather, 'when' you choose to invest, or rebalance.
While luck plays a role in all three aspects of diversification, of the three aspects, timing is the one that gets the least amount of consideration, and luck seems to have a disproportionately low amount of consideration.
As we discuss timing luck, you realize how the luck of timing, with all else being equal, i.e. multiple managers using, for the sake of argument, the exact same investment strategy, and even the same holdings can wind up experiencing a wide range of investment returns due to the variability of 'when' the invested, or rebalanced into given investment holdings.
Corey Hoffstein eloquently describes how advisors, allocators, and other investment professionals can reduce or eliminate timing luck from portfolios, which we know, can more frequently go against us, and instead harvest the 'rebalancing' premium. If you're at all wondering about the ways in which you could establish greater advisor alpha, rebalancing and the rebalancing premium are among the most valuable and manageable ways to do so, and in turn, reduce the occurrence of when 'timing luck' can turn against you as an allocator.
Our conversation then turns to Liquidity Cascades, coined by Corey Hoffstein. This is his well researched findings of what have culminated in more recent times as unforeseen destructive convergences of trading activity in markets, how they occur, and what to do to navigate through them. We talk about how to construct tactical portfolios that 'smoothe' out the heavy drawdowns across financial markets, as experienced in Q1 2020.
Full transcript: Coming soon
Where to find Corey Hoffstein:
Corey Hoffstein on Linkedin
Corey Hoffstein on Twitter
Newfound Research
Newfound Research on Linkedin
Where to find the Raise Your Average crew:
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick
Rodrigo Gordillo
Adam Butler
Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/
Our conversation with Arthur Salzer, CEO, CIO, of Northland Wealth Management, one of Canada's leading wealth management family offices. Arthur Salzer shares his personal history, his early career experiences, and the process and steps he and his firm took under his stewardship which have culminated in Northland Wealth Management's success as a private, independent wealth manager.
For those of you in the private wealth management business, our conversation is a valuable walk-through on best practices, the fiduciary mindset, due diligence, and his independent research on real estate, real assets, private equity, equities, technology, and cryptocurrencies bitcoin and ether.
Salzer reminds us of the simple truth that if you always put your clients above your firm's interests, and your own, you can't go wrong.
We hope you enjoy this conversation.
Full Transcript
Contact:
Arthur Salzer on Linkedin
Northland Wealth Management
Find the Raise Your Average crew:
ReSolve Asset Management -
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
AdvisorAnalyst.com
Our conversation with three of Desjardins' thought leaders on responsible investing, Deborah Debas, Senior Responsible Investing Specialist at Desjardins, Pasquale Posteraro, Portfolio Manager, Equities, at Desjardins Global Asset Management, and Nicola Fritz, Portfolio Specialist, IMPAX Asset Management.
We discuss three fundamental investment dimensions of responsible investing through the ESG lens: Risk, Reward, and Impact. Pasquale Posteraro and Nicola Fritz provide deep dive insight into how the overlay of active portfolio manager and shareholder engagement is having a collaborative impact on identifying environmental, social and governance risks, how interaction between investee companies and investors is leading to progressive corporate responsibility, and how that mitigates risk substantially for investors.
Deborah Debas provides valuable insight on how advisors can be more proactive vis-à-vis responsible investing with their clients. Current research shows that two-thirds of retail investors are wanting to make sure their investments have more meaningful impact, but that only a small minority of 16% of advisors are being proactive with their clients about ESG and responsible investing. We delve into some interesting perspectives on how advisors can fulfill some, if not all, of their clients' expectations – the bottom line here is that being proactive could have a meaningful impact on advisors' relationships with their clients' successors.
Links / Resources:
Desjardins Responsible Investing
*Desjardins Responsible Investing Certification Program and Training
Desjardins Webcasts - Continuing Education – 5.5 IIROC Credits available or 6.25 CE Credits (The Institute)
Contacts:
Deborah Debas, Desjardins on Linkedin
Pasquale Posteraro, Desjardins Global Asset Management on Linkedin
Nicola Fritz, IMPAX Asset Management on Linkedin
Full Transcript: https://advisoranalyst.com/2021/06/17/ep-67-deborah-debas-pasquale-posteraro-nicola-fritz-dgam.html/
Our conversation with three thought leaders on responsible investing, Deborah Debas, Senior Responsible Investing Specialist at Desjardins, Pasquale Posteraro, Portfolio Manager, Equities, at Desjardins Global Asset Management, and Nicola Fritz, Portfolio Specialist, IMPAX Asset Management.
We discuss three fundamental investment dimensions of responsible investing through the ESG lens: Risk, Reward, and Impact. Pasquale Posteraro and Nicola Fritz provide deep dive insight into how the overlay of active portfolio manager and shareholder engagement is having a collaborative impact on identifying environmental, social and governance risks, how interaction between investee companies and investors is leading to progressive corporate responsibility, and how that mitigates risk substantially for investors.
Deborah Debas provides valuable insight on how advisors can be more proactive vis-à-vis responsible investing with their clients. Current research shows that two-thirds of retail investors are wanting to make sure their investments have more meaningful impact, but that only a small minority of 16% of advisors are being proactive with their clients about ESG and responsible investing. We delve into some interesting perspectives on how advisors can fulfill some, if not all, of their clients' expectations – the bottom line here is that being proactive could have a meaningful impact on advisors' relationships with their clients' successors.
Links / Resources:
Desjardins Responsible Investing
*Desjardins Responsible Investing Certification Program and Training
Desjardins Webcasts - Continuing Education – 5.5 IIROC Credits available or 6.25 CE Credits (The Institute)
Contacts:
Deborah Debas, Desjardins on Linkedin
Pasquale Posteraro, Desjardins Global Asset Management on Linkedin
Nicola Fritz, IMPAX Asset Management on Linkedin
Full Transcript: https://advisoranalyst.com/2021/06/17/ep-67-deborah-debas-pasquale-posteraro-nicola-fritz-dgam.html/
Our conversation with Mark Noble, Executive Vice President at Horizons ETFs. We get deep into a discussion around the big investment themes, the pros and cons, and the ups and downs of adoption of actively managed thematic ETFs. We talk about the conflicting views on valuations ascribed to technology related themes, both broad and narrow, from the widely held thematics, like innovation to the not-so widely held, like Uranium.
We also dive into the conundrum of investors reaching for yield at what is shaping up to be an inopportune time to be doing so. Mark Noble shares some valuable insight about fixed income in our chat.
This all made for some remarkable takeaways. Tune in. Mark Noble is definitely one of the brightest lights in the investing profession today, with a profound treasure trove of strategic thought leadership to offer us all.
Toward the end of the discussion Mark reveals some new and interesting observations on the Marijuana sector.
Full Transcript: Coming soon
More:
Mark Noble on Linkedin
Horizons ETFs
Generation ETFs (Horizons ETFs Podcast
The Crew
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
AdvisorAnalyst.com
Richard Heft, Co-Founder and President, of EXT. Marketing, and Andrew Broadhead, Head of Content at EXT. Marketing, co-authors of the new bestseller, The Ascendant Advisor, a comprehensive content-focused marketing roadmap for advisors, join us a for our an in-depth conversation about how advisors can set themselves apart competitively.
In our conversation, we discuss the 6 major challenges facing advisors today. These challenges, as Richard Heft points out, were on the rise well before the COVID pandemic landed on our shores. What The unfolding of the pandemic did, however, was to accelerate the pace of change, and force advisors to revisit the road forward.
Owing to KYC, advisors are required to invest a great deal of time getting to know everything they can about their clients. But what about Know Your Advisor? Very little time is spent helping their clients, and their potential public, get to know who they are. Perhaps this is because time is at a premium. We talk about how advisors can make themselves discoverable, knowledgeable, and relatable, without feeling like all they're doing is tooting their own horn and coming off the wrong way.
Finally, we get into the topic of inter-spousal and/or inter-generational wealth transfer. We talk about some obvious and not so obvious ways advisors can bridge any of the gaps that exist in their client-family relationships, to have a better chance of retaining their clients, post-succession.
You'll find this conversation full of valuable takeaways. As for what we didn't get to in this conversation, and there is so much, you'll have to get yourself a copy of Richard Heft and Andrew Broadhead's excellent new playbook, The Ascendant Advisor.
Full transcript: Available soon
More
The Ascendant Advisor is available on Amazon: The Ascendant Advisor
The Ascendant Advisor site
Richard Heft on Linkedin
Andrew Broadhead on Linkedin
The Ascendant Advisor on Linkedin
Som Seif, CEO, Purpose Investments joins AdvisorAnalyst's Joseph Lamanna, to discuss the Purpose Bitcoin ETF (BTCC: TSX), the world's first bitcoin ETF, and the Purpose Ether ETF (ETHH: TSX), also another world's first. We discuss the challenge of launching these two new exchange-traded cryptocurrency funds, in the context of the inabliilty by a multitude of U.S.-based ETF firms to do so.
We get into the differences between investing in cryptocurrencies directly versus via ETF, and Som also shares is thoughts on the tracking of the ETFs against the underlying, as well as institutional versus retail transaction costs of trading bitcoin, ether, cold wallets vs. hot wallets, and how to approach position sizing in portfolios.
Finally, we ask Som Seif which of the two of bitcoin and ether, he favours.
Full Transcript
Jason Buck, Chief Investment Officer of Mutiny Fund joins us. Based in California, Mutiny was born out of Jason Buck's quest to find a way to hedge entrepreneurial risk {he was in commercial real estate in 2006-2008). After the GFC, he figured there had to be a way. Around 2010-2012 family began to ask him if there was tail protection available to protect against Taleb's 'Black Swans.' At that time, Buck's response was that unless you had at least $100-million, you were out of luck if you were looking for this kind of solution.
This set him on a journey of a thousand steps to solve the problem of bringing tail protection strategies and solutions, initiailly to his immediate circle and ultimately, retail level investors. Buck had already been trading options for over ten years, and had more recently begun trading vol, so he understood well how to hedge his own portfolio. But the problem was how do solve for the problem of being able to easily do this for others, namely his family and friends. The Mutiny Fund is Jason Buck and Taylor Pearson's tail protection fund, launched last year in April 2020, to provide investors with access to a tail protection solution that would provide asymmetric payoffs in periods of market drawdowns of at least 20%.
You are the average of the five people you spend the most time with. Come hang out with us for a while. You just might find out about something you didn't know you didn't know about. Like how portfolio tail risk protection works.
Transcript: Coming soon
You can get to know more about Jason Buck, Mutiny Fund, and their worthwhile research, podcast, and blogs here:
Jason Buck on Linkedin
Taylor Pearson on Linkedin
Jason Buck on Twitter
Taylor Pearson on Twitter
Mutiny Fund - https://mutinyfund.com/about/
Mutiny Podcast - https://mutinyfund.com/podcast/
THE DRAGON PORTFOLIO: How To Preserve And Grow Your Wealth For The Next Century
https://mutinyfund.com/thedragon/
THE COCKROACH PORTFOLIO - https://mutinyfund.com/cockroach/
Mike Philbrick, CEO, ReSolve Asset Management SEZC on Linkedin
Rodrigo Gordillo, President, ReSolve Asset Management SEZC on Linkedin
ReSolve Asset Management
ReSolve Asset Management Blog
Pierre Daillie, AdvisorAnalyst.com on Linkedin
AdvisorAnalyst.com
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Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
insight, #outlook, #markets, #RaiseYourAverage, #InsightisCapital, @advisoranalyst, #stocks, #investing, #wealth #antifragile #blackswan #mutiny
Lyn Alden of Lyn Alden Investment Strategy is our guest on Raise Your Average. Lyn is one of today's foremost and profound macro-economic strategists and thinkers. She provides tens of thousands of investors per month with her proprietary investment research. Lyn's investing framework primarily involves fundamental equity investing with a global macro overlay, and while her research is meticulous, multi-layered, and inter-connected in it's findings, one of Lyn Alden's gifts is her ability to appeal to a wide range of investors, from beginners all the way up to market intellectuals.
Our discussion is wide ranging. Lyn describes how she ended up in the investment research arena (she's an engineer), what her interests are, how she's constructed her research framework, what she's looking for in her research, how she identifies bottlenecks and roadblocks, and how she's investing.
We get into the subject of the economy, interest rates, yields, and inflation expectations, Lyn leads the discussion on how the base effects of April-May 2020, when the economy and consumption troughed, is temporarily distorting investors' view on economic growth.
In addition to her equity and macroeconomic research, Lyn has also conducted in-depth research into Bitcoin and cryptocurrencies, and we get into that in some detail too here. There's so much here.
Full transcript:
Lyn Alden Investment Strategy - https://www.lynalden.com/
Lyn Alden on Linkedin - https://www.linkedin.com/in/lynalden/
Lyn Alden's Newsletter - https://www.lynalden.com/investing-newsletter/
How Market Capitalization Works: A Look at Rolling Bubbles - https://www.lynalden.com/market-capitalization/
Ulimate Guide to Inflation - https://www.lynalden.com/inflation/
Economic Japanification: Not What You Think - https://www.lynalden.com/economic-japanification/
ReSolve Asset Management - https://investresolve.com/
ReSolve Asset Management Blog - https://investresolve.com/blog/
Mike Philbrick - https://www.linkedin.com/in/michaelphilbrick/
Rodrigo Gordillo - https://www.linkedin.com/in/rodrigogordillo/
Adam Butler - https://www.linkedin.com/in/adamdbutler/
Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/
AdvisorAnalyst.com - https://advisoranalyst.com
Our guests are Alex Shahidi, and Damien Bisserier, both Managing Partners and Co-Chief Investment Officers at Evoke Advisors. Evoke is a $20 billion Registered Investment Advisor based in L.A. They are also well-known as the portfolio managers of the Risk Parity ETF (RPAR:NYSE).
This is ordinarily a fairly complicated topic to discuss, however, Alex and Damien have clearly found a very layperson-friendly way to explain how to construct robust and resilient 'all-weather' portfolios that can profit and preserve capital in all economic and market climates.
In our conversation, Shahidi and Bisserier outline how they construct their portfolios, what are the basic components of their portfolios, and why. They explain the why each asset type behaves and interplays with the other three in the context of four main asset categories, and how they perform through extreme market events.
What you can expect to take away from this, assuming you make the time to listen to the whole conversation, is how you can construct a portfolio that can keep you and your clients invested, and can keep you from potentially losing your heads, behaviourally, during events like the March 2020 Pandemic 40% drawdown.
If the key to long term investment success is to get investment selection and risk budgeting correct, so you, as an investor, and your clients, as investors can stay fully invested through market crashes, economic events, and 'black swans', then "Balanced Asset Allocation" by definition, is seriously worth your consideration. By a country-mile, the 2020 drawdown in the value of almost all risk assets, served as an inflection point which will define how successful investors will be from that moment in time forward.
Please feel free to share your thoughts about this. Please comment below, AND if you enjoyed this episode and others we have recently shared with you, please subscribe, and by all means leave us a review on Youtube, Apple Podcasts or iTunes, or wherever you listen to your favourite podcasts.
Alex Shahidi, Co-CIO, Managing Director, Evoke Advisors
Damien Bisserier, Co-CIO, Managing Director, Evoke Advisors
Evoke Advisors
Risk Parity ETF (RPAR:NYSE)
Mike Philbrick, CEO, ReSolve Asset Management SEZC
Rodrigo Gordillo, President, ReSolve Asset Management SEZC
ReSolve Asset Management
ReSolve Asset Management Blog
Insight is Capital™ Podcast
Pierre Daillie, AdvisorAnalyst.com
ARK Invest's Sam Korus and Emerge ARK ETFs CEO, Lisa Langley join us to chat about the simultaneous launch of two new Space Exploration ETFs, EAXP and ARKX. We discuss some of the key innovation trends and areas of opportunity within 4 subgroups of the Space Exploration Sector.
Our deep dive conversation into hedging interest rate volatility and inflation, with Nancy Davis, Founder and Managing Director of Greenwich, Connecticut-based Quadratic Capital Management LLC. We discuss markets, interest rates and interest rate volatility, and the risk of inflation making a comeback, from the perspective of IVOL being a strategic portfolio diversifier as well as being opportunistically priced. Davis discusses the asymmetry of being long 'convexity,' a way of investing in interest rate volatility where the potential for return is disproportionately greater than the investment because the risk is mis-priced.
We discuss how the Quadratic Interest Rate Volatility and Inflation Hedge ETF (IVOL:NYSE), her firm's ETF, is a solution for investors looking for investment options that have little or no correlation(do not behave the same way at the same time) to equities and bonds, and in the context of today's investment climate, represents an asymmetrical opportunity/addition that may be opportunistic and complementary to today's traditional portfolios.
The price of interest rate volatility also happens to be at an all time low, lower than even before the GFC. By the time we're done talking about what seems an otherwise complicated strategy, you'll be able to understand what it is. The rates market is the largest segment of financial markets and until now was for all intents and purposes, inaccessible by individual investors.
Nancy Davis - https://www.linkedin.com/in/nancyquadratic
IVOL ETF - https://www.ivoletf.com
Quadratic Capital Management LLC - https://quadraticllc.com
IVOL White Paper - https://kfafunds.com/reports/ivol-white-paper
IVOL Presentation - https://www.ivoletf.com/wp-content/uploads/2021/01/IVOL-Presentation.pdf
IVOL Fact Sheet - https://www.ivoletf.com/wp-content/uploads/2021/01/2020_12_31_ivol_factsheet.pdf
Mike Philbrick, CEO, Resolve Asset Management SEZC - https://www.linkedin.com/in/michaelphilbrick
Rodrigo Gordillo, President, Resolve Asset Management SEZC - https://www.linkedin.com/in/rodrigogordillo
Resolve Asset Management - https://investresolve.com
Resolve AM's Featured Research - https://investresolve.com/research
Resolve AM's Blog - https://investresolve.com/blog
Pierre Daillie, AdvisorAnalyst.com - https://www.linkedin.com/in/pierre-daillie-advisoranalyst
AdvisorAnalyst.com - https://advisoranalyst.com
Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.
We are all students and we are all teachers. Jump in with us and raise your average, as we raise ours.
Dave Nadig, CIO, ETF Trends and ETF Database, and Tim Nash, Founder of Good Investing, join co-hosts Pierre Daillie and Mike Philbrick for a deep dive conversation into all things ESG investing. We discuss the landscape of the ESG investing, the hype, the reality, the drivers, the debates, and at the end of this discussion, you will have some answers to the question "What is the point of ESG?"
Notes:
00:00:40 Welcome/Introductions
00:05:22 How can advisors talk about and pass on the knowledge of ESG to their clients?
00:09:32 What is the difference between Values-based vs. ESG vs. Impact investing?
00:18:19 What do investors need to understand about what to expect from ESG?
00:21:13 How are retail investors leading the ESG discussion?
00:25:54 What are the hot points?
00:29:11 How are large asset managers using their voting power to effect ESG change?
00:31:15 What insights can you share about how ESG is shaping ethics and governance in markets?
00:33:17 How do the advisor and investor empower themselves to get the most from ESG?
00:39:08 What's in it for clients and advisors? How much of ESG is being driven by investors?
00:47:10 How do you balance between ESG and other thematic trends without being in conflict?
00:49:42 How does ESG benefit investors in terms of risk management?
00:52:13 How much of it is doing good vs. sounding good? Greenwashing?
00:58:43 The meaning of 'sustainable'
01:03:33 Busting the myth that ESG is fluff
Tim Nash on Linkedin - https://www.linkedin.com/in/timothyjacknash/
GoodInvesting.com on Youtube - https://www.youtube.com/c/GoodInvesting
GoodInvesting.com - https://www.goodinvesting.com/
Dave Nadig on Linkedin - https://www.linkedin.com/in/dave-nadig-9461/
ETF Database - https://etfdb.com/
ETF Trends - https://www.etftrends.com/
Mike Philbrick, CEO, Resolve Asset Management SEZC - https://www.linkedin.com/in/michaelphilbrick/
ReSolve Asset Management - https://investresolve.com
Pierre Daillie, AdvisorAnalyst.com - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/
The first episode of this new show. Meb Faber, founder of L.A.-based Cambria Asset Management and Marc Dalpé, Portfolio Manager at Richardson Wealth chat with Raise Your Average co-hosts Pierre Daillie, Managing Editor, AdvisorAnalyst.com, and Mike Philbrick, President, of ReSolve Asset Management SEZC (Cayman), about the 60/40 portfolio puzzle.
With bond yields at 5,000 year lows and the S&P 500 at all time highs, Meb Faber and Marc Dalpé weigh in on where investors can consider re-allocating assets to raise their forward investment returns and investment income, while reducing their risk of loss and behavioural exposure.
Meb Faber, Cambria Asset Management - https://www.cambriainvestments.com/
The Meb Faber Show - https://mebfaber.com/podcast/
Meb Faber Research - https://mebfaber.com/
Marc Dalpé, Richardson Wealth - https://web.richardsonwealth.com//dalpe.milette/marc-dalpe?lang=en_US
Michael Philbrick, ReSolve Asset Management SEZC - https://www.investresolve.com
ReSolve Asset Management Podcast - https://investresolve.com/podcasts/
ReSolve Asset Management Blog - https://investresolve.com/blog/
Behind the scenes of the search for a COVID vaccine, there's so much more than this going on, and the search for a COVID vaccine has both highlighted, but also completely overshadowed what was happening in healthcare before COVID exploded into our lives. Behind the scenes there's a massive wave of disruption and technological advancement that is driving huge growth potential for companies in the genomics and biotech space.
It is a revolution one that will change our lives immeasurably, the Genomics Revolution. What I'm talking about is companies that are on the verge of major medical breakthroughs. You know that S curve of technology adoption? Genomics and biotech are just a little bit above the beginning of that sharp perpendicular rise to the left and top of the S-curve.
Key inflection points have been passed in the last five years that now give researchers the ability to access, manipulate and understand the molecular building blocks of the human anatomy. The ramifications are profound.
Transcript: https://advisoranalyst.com/2020/12/15/ep-55-the-genomics-and-biotech-revolution-feat-lisa-lake-langley-and-ali-urman.html/
Our wide ranging conversation with Som Seif, CEO, Purpose Investments and Greg Taylor, CIO, Purpose Investments. We begin by revisiting those intense moments in the days leading to the March 2020 bottom following this year's COVID-19 lockdown. Seif and Taylor open up about what they were thinking, and what their frame of mind was, in what was a critical time for all. Taylor shares his view that 'passive' investors running for the exits put outsized pressure on the entire market structure. We talk about some of the behaviours and events that shaped markets during the summer, what's concerning, and what's looking both bearish and bullish for the period ahead.
Full Transcript
ETFs, #Alts, #stocks, #bonds, #purpose, #outlook, #markets, #investing, #risk, #economy, #Canada, #policy
Our conversation with Srikanth Iyer, Managing Director, Head of I3 (i-Cubed) Investments, at Guardian Capital.
From their head start in 2010 to today, Iyer explains why factor investing has not been working well, and boils down and shares 10 years of his group's discoveries, insights, and innovation that have come from their two main investment management projects - 1) asset preservation through dividend growth, and 2) asset growth through earnings growth.
Candice Bangsund, Vice-President, Portfolio Manager of Global Asset Allocation at Fiera Capital joins us for a wide ranging discussion about both fixed income and equity markets, the nature of global monetary policy and central bank stimulus. We talk about where the opportunity set is for investors. Valuations are high in both equity and fixed income markets, and investment income is at an historic low. We talk about where investors can rebalance their portfolios for both higher income, as well as equity growth for the period ahead.
Full transcript
Our wide-ranging conversations with Brian Wesbury, Chief Market Economist, at First Trust Portfolios, where we discuss the state of the U.S. economy, the consequences of the COVID-19 lockdown, what empirical data says about the true state of affairs. Recently, Wesbury has been quoted as saying "The recession is over," and we discuss what he meant by that.
Show notes:
• What is your background?
• What are some of your most remarkable findings during this pandemic period?
• There's never been a full-on shutdown of the economy.
• "The recession is over." What did you mean when you said it?
• What weekly and monthly high frequency data are revealing
• "The virus has a virus."
• We have borrowed against our children and grandkids to do this - one day we'll look back on this and realize...
• Quantitative Easing and the COVID rescue are happening concurrently (in case you haven't given it much thought since the lockdown)
• The COVID related economic rescue is likely to be inflationary
• How can the economy be so bad, and stocks so good?
• This year's earnings won't be as bad as originally forecast at the beginning of the lockdown.
• The true consequences of the lockdown are not yet known.
• Continue to be bullish on broad equities and commodities - gold is expensive relative to historical norms versus other commodities, e.g. gold/oil ratio. 45x vs. 16x gold per barrel.
• The worst thing that could happen this year?
• We are resilient. We will get through this.
• There's a lot of skepticism and confusion surrounding the need for the lockdown
• Collection of Data about COVID-19 cases and deaths are not uniform and subject to a lot of error.
• What have you been reading in your spare time?
Our conversation with Hans Albrecht and Nicolas Piquard, portfolio managers at Horizons ETFs.
In this wide ranging discussion, we discuss markets and market conditions, investor economics, (low) bond yields and (low and threatened) dividend yields. We go in-depth on the misunderstood opportunity of covered call writing as an overlay equity investing strategy, that is available via covered call ETFs, that produce a sustainable, tax efficient, high monthly income for every-day investors seeking yield, in addition to equity returns.
Transcript
Our conversation with Steve Hawkins, President and CEO, Horizons ETFs, we discuss markets, trends, and why cash balances shouldn't be a drag on investing, which led his firm to launch two new cash management ETFs.
HSAV, launched earlier this year, and HSUV.U, launched more recently, solve some of the perennial problems of cash balances, earning nearly zero-interest, which are a drag on returns and revenue, sitting in investment accounts.
Transcript
Risk Parity is the answer: What was the question?Adam and Pierre focus their discussion on diversification as a combination of "diversity" and "balance". Diversity is about holding investments that are designed to thrive in very different market environments, and for different reasons. Balance has the objective of ensuring that investments are all able to express their unique personalities. Risk parity is the ultimate expression of diversification. Sadly, many investors are misguided about the concept, and focus on the wrong things. We drill to the heart of the idea and illuminate why a risk parity portfolio should be the starting place for most investors.
For those of you who don't know it, Adam Butler and his partners, Mike Philbrick and Rodrigo Gordillo are among North America's small community of rising authorities on on the subject of quantitative investing, risk parity, and adaptive asset allocation.
Brooke Thackray is an expert on seasonal investing, a research analyst for Horizons ETFs, and sub-advisor of the Horizons Seasonal Rotation ETF (Ticker: HAC). He is also the author of 9 books and guides on the subject.
Full transcript
Our conversation with Resolve Asset Management's Mike Philbrick and Rodrigo Gordillo. We discuss how in little more than 10 weeks we have gone from "What's going on with the market? Is the world ending?" to "What's going on with the market? Why isn't the world ending?"
Investors have a second chance now in the midst of the COVID-19 shutdown shock, the biggest single economic event of our lifetimes, to revisit their portfolio construction, and to reconstruct their portfolios so as to capture the highest realized risk adjusted returns, and all but eliminate their exposure to 4-standard deviation, black swan type market events.
Full Transcript
Michael Greenberg, Vice-President and Portfolio Manager, at Franklin Templeton Multi-Asset Solutions joins us to talk about his perspective on COVID-19 shocked markets, and his outlook on markets, behavioural finance, rebalancing, and opportunities.
Full transcript
Our conversation with Hubert Marleau, Market Economist, Palos Management, about macro, micro, and mini-micro market and economic considerations in the present and his clear-eyed expectations of what the future holds, post-COVID-19.
Our conversation with Judy Paradi and Paulette Filion, partners at StrategyMarketing.ca, and co-authors of the terrific new book, “Invest in HER, The Smart Financial Advisor’s Guide to Winning Female Clients.”
According to numerous studies, women are on course to control about half of all accumulated wealth in Canada within the next decade. The financial industry, though, which remains dominated by males, has been slow to evolve in light of this extraordinary socio-economic trend. This isn’t the 60’s anymore.
Women are getting elected to government, they are gaining an influential foothold on Boards of Directors. They start businesses, they are terrific consumers. Women are expected to live longer than men.
– Today women account for 62% of University graduates – Women represent almost half of all practicing lawyers and accountants, more than 60% of all new physicians, and are the main breadwinners in 40% of all households.
In their new book, Invest (in) HER, The Smart Financial Advisor’s Guide to Winning Female Clients, they say advisors are missing the obvious – they have failed to see that their future success depends on women – of every age and background.
Our conversation with Capital Markets Strategist, Guy Haselmann, on COVID-19's market, economic and social shock, and contemplating what the exit from the economic shutdown may look like, and how it may reshape things.
Sandy Liang, Portfolio Manager of the Purpose Credit Opportunities Fund, Purpose Investments shares his expert critique on the differences and similarities between the 2008 and 2020 Bond and Credit Market Crisis.
In our conversation, Sandy Liang provides valuable insight on how the credit market works, his fund's defensive posture going into the drawdown, and the correction/opportunity set that has revealed itself.
Mark Noble, EVP, Horizons ETFs, and Head of ETF Strategy joins us for this in-depth conversation. We explore some controversial long-time questions about ETFs, equity and fixed income markets liquidity in the context of the high-speed COVID-19 pandemic market panic, in this honest discussion about whether or not ETFs have been a blessing or a curse to capital markets.
Transcript (coming soon)
David Picton, President and Portfolio Manager, Picton Mahoney Asset Management, joined us at the CETFA Mindpath ETF Conference.
The lifespan and sustainability of the 60/40 portfolio has been a subject great debate as both equity and bond markets ascend the late end of this market cycle. Investors are facing high equity valuations, low dividend yields, and low bond yields. Risk is rising, while expectations of future returns from both equities and bonds get cut.
In this enlightening conversation, David Picton shares his thoughts on the 60/40 portfolio, as well shedding light on what advisors and investors can do in the face of this challenging market environment, including how to make sense of using alternative investments.
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Daniel Straus, Vice President, Head of ETF Research and Strategy, at National Bank Financial, joined us for an insightful conversation about the the trends that are shaping the retail investment advice landscape in Canada.
Canada, birthplace of the first ETF (turning 30 in 2020), is also now the world leader in development and adoption of actively managed ETFs. We talk about the fundamental reason and differences that have enabled the Canadian market to foster financial innovation.
It's revealing for the future of the financial industry that Canadian investors are gravitating toward actively managed equity and bond ETFs. ETF authority Daniel Straus weighs in on this and more.
Copyright © AdvisorAnalyst.com
Rodrigo Gordillo and Mike Philbrick, co-founders of Resolve Asset Management contend that it's time to get comfortable being uncomfortable. We're late in the cycle, bond yields are at lows, equity valuations are very high, and that means long term investment returns from the conventional 60/40 equity bond portfolio have a high probability of being lower than expected, and that near-term downside risk is proportionately higher.
When your clients think about risk they most often recall or imagine losing money or enduring volatile markets. You, as an advisor, however, have to widen your perspective on risk to include your clients' feelings about their investments, and the potential decisions they may make as a result.
Your clients' greatest risk is the probability they won't meet their financial goals – it rests upon you, their advisor, to minimize this risk. How do you do that? What actions, what decisions, what conversations are required in order for you, as an advisor, to minimize the possibility that your clients won't achieve their objectives?
Here, in this podcast episode, we take a deep dive into this dilemma, which may change some of your perspectives about how to tackle the key risk facing your clients and by proxy you, and to shed some light on how to overcome and succeed.
We recently sat down with Som Seif, Founder and CEO of Purpose Investments, to catch up with him on markets and strategy.
In this episode, we discuss the Fed's about face on interest rates, and what it may mean for investors. But more relevant in this conversation was the angle of discussion on where and how investors/advisors may posiition fixed income and equities for total return in the acutely uncertain period we find ourselves in.
Conventional bond investing are now a high risk, low return proposition for most investors today. What's a fixed income solution that works right now? What does the optimal equity investments sleeve look like to Seif right now. These are some of the points we chatted about.
More detailed show notes to follow.
Dan Richards, CEO, Client Insights, joined us at the CETFA Mindpath ETF 2018 Conference, to talk about how advisors need to excel in terms of the value that they provide to clients.
The level of scrutiny that investors are putting on what they're getting for what they're paying is intensified, and will continue to intensify.
Many advisors are locked in the past to some extent, and there is also a degree of not looking at the cost/value concern from the investor's point of view.
Dan describes more of the ways elite advisors position themselves uniquely to not only be, and remain, their clients' most valuable and trusted advisor, but also to attract more of their ideal clients.
Dan Richards shares some universal shifts in mindset advisors can adopt from conversations and consultations he's had with top advisors in the Canada and in the U.S.
Goshka Folda, President & CEO, Investor Economics, and Global Head of Research, Strategic Insight, chatted with us at the 2018 Mindpath CETFA ETF Conference to discuss her research firm's findings of what it will take for advisors to remain the advisor of choice, to be irreplaceable, in the future, as the nature of the investment business evolves, as a result of the convergence of AI, Fintech, and the proliferation of ETFs.
On an increasing basis, advisors are facing mounting pressure as investors/consumers scrutinize costs and fees, demand more transparency, more 'contemporary' accessibility to the information regarding their accounts, and a higher level of guidance, beyond investment options. The commoditization of investment funds is shifting value in the financial ecosystem from the institutions to advisors, and advisors need to recognize that its more important than ever to fine tune their 'value narrative,' to define their value.
"There's never been a better time to be a great advisor," says Folda.
What makes you indispensable and irreplaceable to your clients? What do your clients need you for?
We discuss ideas advisors may implement to get in front of the curve of the industry's evolution, to free themselves to do more of the high value work that will make them indispensable and irreplaceable to their existing and future clients.
Jason Del Vicario is a discretionary portfolio manager at Hillside Wealth Management (operating within Holliswealth/IA Securities) in Vancouver, BC. Jason's experience is varied, however, not unlike that of many Canadian advisors. Over the course of his career, and as a result of key decisions, he evolved into the discretionary fee-based portfolio manager he always envisioned being.
Many advisors entered the financial advice business with a vision of how that would look, what it would be to achieve the position of portfolio manager, of successfully managing the wealth of private investors.
Jason Del Vicario openly shares his journey here, in some detail, from his beginnings at Investors Group, to what is now he and his partner's own [successful] discretionary portfolio management boutique.
We recently had an enlightening deep-dive conversation with Purpose Investments’ Greg Taylor, portfolio manager of the Purpose Marijuana Opportunities Fund (MJJ.NO) about his outlook for the hot Canadian cannabis sector. He also manages Purpose Investments’ Canadian Equity mandates, so we also discussed his outlook for the Canadian energy and banking sectors as well.
Recorded May 28, 2018 - Our in-depth conversation with David Rosenberg, Chief Economist, at Gluskin Sheff on Canada, the U.S., and the Global Economy, and what to do with assets given the current economic and market environment we are entering.AA: Hello and thank you for listening to the Insight is Capital podcast™. This is Pierre Daillie, Managing Editor of the AdvisorAnalyst.com and today we are very pleased to welcome David Rosenberg, Chief Economist with Gluskin Sheff + Associates and author of the daily economic newsletter “Breakfast with Dave.”
David, thank you very much for joining us today! In your most recent notes you’ve become critical of the growth outlook for Canada and the U.S. First, let’s talk about Canada. What are the factors you see are interfering with the Canadian story?
David Rosenberg: Right, well the Canadian story I think is a probably a more obvious one than the U.S. but I think in Canada it’s a case of excessive regulation, the fact that we’re having trouble obviously attracting foreign direct investment into the country, because ...
FULL TRANSCRIPT OF PODCAST
Som Seif, CEO, Purpose Investments discusses how his outlook has changed since the return of volatility to the markets in February of this year. We discuss areas of the market to avoid or reduce, and areas of the market that he favours.
In this podcast, Dan Kelley, portfolio manager, Fidelity Investments, discusses how the opportunity of investing in founder-led companies has historically translated in higher returns.
As a high school student, one of Dan Kelley's first jobs was working in a supermarket. At a young age he was interested in how businesses worked, how they were run. In high school he was inspired by legendary investor, Peter Lynch, after reading "One Up On Wall Street." Dan went on to work for two Wall Street powerhouses, as an analyst, until the opportunity to work at Fidelity Investments came along, in 2007, which fulfilled his long-time desire to work on the buy-side for one of the great investment management firms.
Prior to joining Fidelity, Dan never imagined that he would one day be mentored by, and earn a place alongside investing greats Will Danoff and Joel Tillinghast, nor that he would have regular conversations with Peter Lynch.
Dan Kelley manages Fidelity Founders Class Fund for Canadian investors. He also manages the Fidelity Trend Fund and the Fidelity Advisor Diversified Stock Fund for U.S. investors.
TRANSCRIPT
We recently chatted with Sandy Liang, President, Purpose Investments Partners, and high yield fixed income portfolio manager to discuss his thesis on credit risk vs. interest rate risk for investors seeking yield in a rising rates environment.
"Interest rate risk, or the risk of bond investments going down in value from a change in rates, is more worrisome right now than credit risk, or the risk that a company won’t be able to pay you back," says Sandy Liang.
"A great example of this is the Taper Tantrum of 2013. The beginning of the wind-down of QE in the U.S. at that time prompted an interest rate scare," says Liang. "In that calendar year, long-term Treasuries in the U.S. (maturities of 20+ years) lost investors 13%. Mid-term Treasuries (maturities of 7-10 years), meanwhile, lost investors 6%. The U.S. high yield corporate debt market, on the other hand, returned a positive 6% in the same period of time (source: Bloomberg, using ETFs TLT, IEF and HYG)."
What follows in this podcast is an enlightening, and eloquent conversation with Sandy Liang, providing a clear-eyed view of how to benefit from investing in credit in the rising rate environment.
We recently caught up with Sandy Liang, President, Purpose Investments Partners, and high-yield fixed income portfolio manager. Sandy's exemplary career on both the buy-side and sell-side in equities, and more notably in high yield, on Wall Street. have earned him a reputation as a shrewd, no-nonsense high yield and corporate bond portfolio manager.
As a preamble to our discussion about where the opportunities are in high yield and corporate fixed income space, we talked about Sandy's background, notably, his front row seat at the financial crisis, when he was a Senior Managing Director at Bear Stearns. A former Wall Street analyst and 7-time member of Institutional Investor Magazine’s All-American Fixed Research Team is resolute about putting asset protection first.
Sandy shares the tenets of his investment philosophy, and his methodology for uncovering undiscovered, high quality yield opportunities in the high yield and corporate debt market market.
This two-part podcast with Sandy Liang is an enlightening, plain talking conversation that should leave you with a better understanding of how high yield works and where the opportunities are for investors looking for income.
In this final segment of our conversation with Tom O'Gorman, CFA, Portfolio Manager and Director of Franklin Bissett Fixed Income, we discuss the areas of opportunity in the bond market that he and Franklin Bissett Fixed Income are currently favouring.
Where are the Fixed Income Opportunities in a rising interest rate environment?
Thank you for listening.
About Tom O'Gorman
Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management in Calgary, Alberta, Canada.
Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010.
Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception).
Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets.
Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.
In this segment of our conversation with Tom O'Gorman, CFA, SVP, Director of Fixed Income as Franklin Bissett Investment Management, we discuss the possibility that China's Forex reserve bond buying, which has resumed very strongly in the second half of 2017, may be the White Knight of the Fed's unwinding of QE as it turns down the volume on it's bond purchase program.
About Tom O'Gorman
Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management.
Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010.
Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception).
Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets.
Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.
In this segment of in depth discussion about the bond market, Tom O'Gorman points out that while there is definitely inflation within financial market prices, its not clear whether there is clear pricing and consumer inflation.
Are central banks caught between a pillar and post of conflicting views on inflation? What lies ahead? Our conversation continues.
About Tom O'Gorman
Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management in Calgary, Alberta, Canada.
Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception).
Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets.
Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.
We recently chatted with Tom O'Gorman, Senior Vice President, Director of Franklin Bissett Fixed Income, at Franklin Bissett Investment Management. Via the flattening of the yield curve the bond market has been expressing doubts about the economy, so we asked Tom O'Gorman to share his outlook, his perspectives on the market, and his thoughts on perception versus reality. Is the bond market right about the economy?
About Tom O'Gorman
TOM O'GORMAN, CFA, is Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management.
Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception).
Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets.
Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.
In this podcast, we chatted at length with Stephen Lingard, SVP, and Portfolio Manager, Franklin Templeton Managed Solutions, about his Multi-Asset outlook for 2018.
Steven Lingard shares his candid views about what this year and forward holds in store for investors, and how to prepare in advance for the change in regime that is underway, as central banks continue in their efforts to turn down the volume on quantitative easing
Stephen Lingard is senior multi-asset portfolio manager directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
In conclusion, we asked Stephen Lingard where the opportunities are, where he is positioning portfolios for this year and beyond.
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
We asked Stephen Lingard for his thoughts on the argument that low dispersion in Index stocks is making it harder for active investors to beat their benchmarks.
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
Stephen Lingard talks about why the return of volatility is heralded by active investors.
"If I was managing an ETF portfolio, I would probably have concerns about a changing regime – a lot of what has worked worked over the last few years has been because of high stock correlations, sector correlations, and even cross-country correlations," says Lingard.
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
We exchange thoughts with Stephen Lingard on the very 'managed' economy, markets, prices, risk, and earnings of 'The Great Monetary Experiment,' that is nearly a decade old. What does the future hold as the central bankers turn down the volume?
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
With volatility and inflation continuing to be AWOL, we wondered if there is any connection between the two. Why have both of these factors remained at historical lows for so long – where have they gone, and did they go together?
"In an idealized world, we would look to construct portfolios that gave us a pure expression of our views on each of the main investment factors," says Lingard. "By doing this, we could construct portfolios with better diversification and a higher probability of producing an outcome that meets investors’ specific needs. We could, for example, use option positions to gain long exposure to the volatility factor or potentially create asymmetric outcomes."
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
Stephen Lingard discusses, among other things, his strategic view that they continue to favour equities, because investors have had a long memory of the scars of 2008, and as a result this will most likely be the longest economic cycle on record.
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
In this first part of our featured podcast series with Stephen Lingard, SVP and portfolio manager, Franklin Templeton Managed Solutions, we discuss the importance of anticipating change.
"When volatility is at historical lows, perhaps you don’t need to attempt to see where the lightning bolt comes from," says Lingard. "In a world that feels complacent and desensitized to many of the risks that we remain conscious of, perhaps it is enough to simply anticipate a change and be prepared."
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
Dan Dupont maintains that reducing risk by reducing exposure to over-valued stocks is the key to long term success as an investor. The cost of valuation risk is potentially far greater than the cost waiting for opportunities.
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
Dan Dupont's passion for protecting his investors against downturns is worth more to him than the opportunity risk of the rising market.
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
Dan Dupont talks about what the catalysts and conditions might be that will lead to a storm in the market, and that it's time for investors to 'bolt down the house.'
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
Dan Dupont talks shares his thoughts on why its time to think defensively as an investor.
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
Dan Dupont recalls the important lessons of his childhood in rural Québec, and the key aspects of his investment strategy.
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets Fund, gets to the heart of the opportunity, providing an insightful and eloquent take on why investors need to consider the timing and the growth opportunity of Frontier Emerging Markets an opportunity that has been overshadowed by the last ten years bull market in US and Technology equities. Tune in.
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets Fund, continues the discussion on Insight is Capital™ about the kinds of companies that he is investing in for their rapid structural growth charactertistics. He calls these very well run Frontier Emerging Markets' companies "structural share gainers."
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets Fund reminds us that Korea and Brazil were once dictatorships that have flourished with liiberalzation, and that the opportunity on a grand scale exists today for emerging markets that are undergoing widespread economic reforms and structural change. These former dictatorships are now fertile ground for today's investors.
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets, continues his discussion on the Insight is Capital podcast about the 'Four Neighbours,' whose companies are flourishing into their neighbouring economies and markets and 'gentrifyting' the frontier emerging markets with structural growth opportunities.
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets Fund, joins us to discuss the structural changes taking place in Frontier Emerging Markets, which includes the up and coming biggest IPO in world market history. What does it mean for investors? Tune in.
Som Seif, founder and CEO, Purpose Investments joins us to discuss risk management, and stresses that in a market environment like the one we're currently in, with markets at all time highs, valuations at historic highs, historically low volatility, and a climate of accomodative monetary policy, and risk-complacency, investors need to do far more than rebalance.
Som Seif, founder and CEO, Purpose Investments joins us to discuss the better economic news and central banks' change of tone, and what it possibly means for markets. Is good news still bad news? Tune in.
Som Seif, founder and CEO, Purpose Investments, discusses the unprecedented wall of worry that markets have been climbing for the better part of the last ten years since the financial crisis.
There is reason to believe that Warren Buffett is responsible for the boom in indexing and the rapid ascent of Vanguard's Index ETFs.