Where to find Eric Balchunas

It’s Time to Clean Up Managed Futures Mutual Funds

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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)

Episodes

112 Andrew Beer on Simplifying Managed Futures and Liquid Alts Exposure

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.

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Where to find Andrew Beer:

Andrew Beer on Linkedin

Andrew Beer on Twitter

Dynamic Beta Investments

Relevant publications:

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:

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Vitali Mossounov on LInkedin

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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

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)

Episodes

111 Investing in Technology Leaders of Today and Tomorrow in 2022?

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:

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Jonathan Needham on Linkedin

Episodes

110 Hugh Hendry: War Europe Inflation U.S. China Dislocations Bonds Equities Carbon Metaverse

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

– Europe caught on the backfoot

– Inflation, what it is and is this it, yet?

– Natural gas, Pipelines

– Gold

– the unbalanced symbiosis that is U.S.-China trade, currency and policy malaise

– the realities facing the bond market

– bifurcation and dislocation in markets

– the crisis and opportunity in equity market ‘glitches’

– the Carbon Credit system, how it works, how it can work, and it’s inevitable future value,

– 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:

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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

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Where to find the Raise Your Average crew:

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Sionna Investment Managers

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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

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)

Episodes

109 Kim Shannon: Value Investing, Inflation & Canadian Equities

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:

Kim Shannon on Linkedin

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Where to find the Raise Your Average crew:

Hugh Hendry Official on Youtube

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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

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)

Episodes

108 Hugh Hendry: Big Macro Fault Lines

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:

[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

Episodes

107 2022 ETF Market Review and Macro Landscape with Daniel Straus, National Bank Financial

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:

ReSolution Investments / ReSolve Asset Management

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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

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)

Episodes

106 Making Sense of Sustainable Investing with Jon Aikman & Dr. Sean Cleary

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

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: