Listen on The Move
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
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