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