Episode Summary

Pierre 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 Chapters

00:00 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

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

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

Summary

Most 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 Takeaways

1. The 1999 Comparison Has One Fatal Flaw

The 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.

2. AI Is Not the Theme — It’s the Engine

ARK’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.

3. The Risk Most Portfolios Aren’t Pricing

Over-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.

Chapters

00:00 — 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

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 Takeaways

1⃣ 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.

2⃣ 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.

3⃣ 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

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 Takeaways

1⃣ Passive Exposure Isn’t True AI Diversification

Owning 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.

2⃣ AI CapEx Is Structurally Different This Time

With 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.

3⃣ Massive Dispersion = Massive Alpha Potential

AI 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 Chapters

00:00 – 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

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 Takeaways

1⃣ The Real Estate Story Isn’t About Rates — It’s About Opportunity Cost

With 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.

2⃣ Fundamentals Are Strong Where Supply Is Constrained

Across 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.

3⃣ 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 Chapters

02:30 – 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

1. 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.

2. The World Is Quietly Re-Industrializing

Doomberg 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.

3. China Is Acting Like a Wartime Economy

China 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 Chapters

00:00 – 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

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 Chapters

00:00 – 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

Episode Summary

In 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 Takeaways

1. 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 Chapters

00:00 – 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

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.

Chapters

00:00 – 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

Three Key Takeaways

1⃣ Options Markets Are the True Information Market

Stock 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.

2⃣ 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.

3⃣ Prediction Markets and Volatility Thinking Will Matter More

Markets 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

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

Copyright © AdvisorAnalyst

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

#SustainableInvesting #ImpactInvesting #ESG #ValuesBasedInvesting #FinancialAdvisors #WealthWithPurpose #EthicalInvesting #AdvisorInsights #GoodInvesting #MoneyAndMeaning

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

CHAPTERS

00:00 – 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 & SUBSCRIBE

If 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

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 Takeaways

1. 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 Chapters

00:00 – 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

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</strong> 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

• 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

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</p>

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 & Chapters

03:00 – 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

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 Chapters

00:00 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 Management

Banrion Capital Management – https://www.banrioncapital.com/

Shana Sissel on Linkedin – https://www.linkedin.com/in/shsissel/

Episode Summary

• 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

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

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

• 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

Key Takeaways

1. 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.

2. 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.

3. 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.

4. 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 Chapters

00:00 – 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

Summary

Alfred 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

• 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 Chapters

00:00 – Introduction to Alfred Lee and his career journey

02:00 – Q Wealth’s model and the rise of advisor independence in Canada

08:30 – Freedom in strategy: private pools, ETFs, and broader exposures

14:00 – Defining success at an independent platform

15:30 – Market outlook: resilience, risks, and equity momentum

24:00 – Fiscal expansion vs monetary caution: Powell vs Trump

33:00 – Valuations, earnings, and the search for asymmetric returns

39:00 – Private equity, private debt, and the power of secondaries

45:00 – Why the 60/40 model is outdated

50:00 – The case for alternatives and diversification

52:00 – Closing reflections and key lessons

#InvestmentStrategy #WealthManagement #QWealth #AlfredLee #InsightIsCapital #MarketOutlook #PortfolioConstruction #PrivateMarkets #Alternatives #ETFInvesting #6040Portfolio #FinancialAdvisors

• 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

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

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?’”

Summary

Key Takeaways:

#ValueOfAdvice, #SegregatedFunds, #InvestorConfidence, #FinancialPlanning, #CanadaLife

Episode Summary

In 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.

Chapters

00:00 – 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

 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

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

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:

#CanadianETFs #ETFInnovation #InvestorEducation #CapitalFlight #FinancialAdvocacy

? 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 Story
03:45 – The Problem with Index-Based Covered Call ETFs
08:30 – Gold, Volatility, and Opportunistic Buy-Write Strategies
13:10 – QYLD: A Yield Trap in Disguise?
19:45 – When Bonds Fail: Gold and Trend as Alternatives
23:20 – Leveraging Diversification with Return Stacking
28:00 – Retail’s Dangerous Love Affair with Leveraged ETFs
31:40 – The Rise of Structured Protection: Put Spread Collars
36:20 – Why Low Vol and Min Vol May Be Broken Concepts
39:10 – Trend Following: The Case for Buying the Shop, Not the ETF
43:00 – Behavioral Risk and Staying the Course with Alternatives
47:30 – How to Rebalance for Real-World Portfolios
53:00 – Investor Psychology, Crisis Alpha, and Staying Invested
57:00 – The Case for Switzerland: Stability, Strength, and Sanity

Where to find Tony Dong

ETF Portfolio Blueprint – https://etfportfolioblueprint.com
Tony 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

• 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

Chapters

00:00 – The ETF Boom: Why 2025 Is Already One for the Record Books
02:00 – 30 Years of Insight: Ron Landry’s Unlikely Path to ETF Leadership
04:00 – Markets in Transition: What Record Q1 Flows Are Really Telling Us
08:00 – Central Banks in a Bind: Rates, Tariffs, and the Inflation Puzzle
09:30 – Single Stock ETFs, CDRs, and the Quest for Yield in Canada
12:00 – Built for Canadians: Why Homegrown ETFs Are Winning
14:00 – Crypto, Covered Calls, and the Real Drivers of Demand
16:00 – Alternatives Accelerating: The 53% Growth Story You Missed
19:00 – Advisors’ Dilemma: Explaining Line Item Risk in a 60/40 World
21:00 – Regulation as Catalyst: CSA Reviews, Cost Transparency, and Ticker Labels
24:00 – From 6% to 20%: Canada’s ETF Market Is on a Tear
26:00 – The Rise of Dual-Structure Funds: ETF and Mutual Fund Hybrids
27:00 – Canada: The Quiet Giant of ETF Innovation
29:00 – 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

? CHAPTERS

00:00 – India’s human capital and the reverse brain drain
02:00 – Startup boom: From 500 to 120,000 startups
05:00 – Modi’s economic machete and $1T infrastructure plan
08:00 – The three megatrends redefining emerging markets
10:00 – The India Stack explained: Aadhaar, UPI, and digital identity
14:00 – Opening 800M bank accounts in 10 years
18:00 – Geo and the $12 smartphone revolution
20:00 – UPI: 16B instant transactions a month
22:00 – The death of cash: 95% to 20% in 7 years
24:00 – The trillion-dollar secret the world doesn’t know
27:00 – Quick Commerce: Blinkit, dark stores, and 10-minute delivery
34:00 – Zomato’s ecosystem and disruption beyond food
39:00 – India’s small cap exuberance and retail options boom
43:00 – Companies to watch: MakeMyTrip, FirstCry, InfoEdge
46:00 – Kevin’s final thoughts: Throw out the old EM model

Where to find Kevin Carter, EMQQ Global

Kevin 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

? Chapters & Timestamps:

00:00 – Intro: Meet Kevin Carter, founder of EMQQ Global
01:30 – How a basketball chat led to a job on Wall Street
03:10 – Reading A Random Walk Down Wall Street—and calling its author
06:45 – Realizing the mutual fund industry is a 1.5% “wealth tax”
10:15 – Africa, a notebook, and the spark for fractional investing
13:00 – Creating eInvesting and pioneering Build Your Own Fund
16:20 – Cold-calling Dr. Burton Malkiel at Princeton
18:30 – Selling to ETRADE and the rise of direct indexing
22:00 – Custom indexing, ESG before ESG, and inventing “Tax Alpha”
28:00 – Avoiding over-diversification: Buffett vs. Bogle
33:00 – The Google connection and the call to invest in China
37:00 – The red flags inside traditional China ETFs
44:00 – Launching EMQQ to target the real consumer tech growth
49:00 – Smartphones, internet, and the leapfrog effect
55:00 – Why EMQQ and INQQ launched at the worst possible time
58:00 – The delisting drama, China tech crackdown, and investor fear
01:03:00 – EM growth vs. value traps—and why India is next

This 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 Global

Kevin 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

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.

Timestamps:

00:00 – Intro and Eric Balchunas joins the show
03:00 – $333B ETF inflows and the “Vanguard clip”
05:45 – The divergence between retail flows and institutional positioning
07:00 – The “Trump Put” and the 8% rally on one word
08:30 – Degens, leveraged ETFs, and why people keep buying the dip
10:00 – Persistent love for U.S. stocks despite better international value
12:00 – 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 game
18:30 – Cognitive dissonance: crypto purists vs. TradFi adoption
21:00 – Passive power, BlackRock conspiracies, and Bogle’s last stand
27:30 – ETF transparency vs. mutual fund mythology
30:00 – Mutual fund ETF share classes: game changer or Trojan horse?
34:00 – Private credit and public-private crossover ETFs
38:30 – Why XOVR’s SpaceX bet caught fire
40:00 – 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

Chapters:

00:00 – Introduction: Supply Chains, Tariffs, and Recession Risk
04:00 – Trump’s Strategy: Diagnosis vs. Execution
08:00 – Six Reasons Auto Tariffs Will Backfire
13:30 – EVs, China, and the Renewable Illusion
17:00 – Energy Politics: North America, Europe, and Asia Compared
22:00 – Reserves, Regulation, and the Bankability Crisis
27:30 – Capital Cycle vs. Political Cycle: The Core Mismatch
32:00 – Resource Riches and the Western Hemisphere Opportunity
39:00 – Natural Gas: Oversupplied, Undervalued, Unstoppable
44:30 – Energy Market Behavior: Spikes, Gluts, and Investor Strategy
49:00 – Why Projects Get Built Under Republicans, Profits Under Democrats
53:00 – Tariffs or Chaos? The Trump–Carney–Canada Connection
58:00 – Europe’s Military Fantasy Meets Energy Reality
1:03:00 – War Fatigue, NATO, and the Illusion of Global Reach
1:09:00 – Final Thoughts: Diplomacy, Decline, and the Danger of Delusion

#RecessionWatch, #EVRevolution, #TradeWar, #EnergyPolicy, #BYDvsTesla, #SupplyChainDisruption, #MadeInAmerica, #IndustrialPolicy, #GeopoliticalRisk, #CapitalMarkets

In 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:

Chapters

00:00 – Intro: Why One Fire Tanked Industrial Production
01:05 – Today’s Geopolitical Crossroads
02:44 – From US Exceptionalism to Strategic Repositioning
06:15 – Signs of Stagflation & Why Fidelity Bought Gold
09:04 – The Undermining of Institutional Strength in the US
12:41 – Valuations vs. Catalysts: Europe’s Turn to Shine
18:25 – Caution on Canada: Debt, Rates, and Tariff Fallout
22:29 – How Tariffs Could Hammer the Canadian Economy
30:03 – Who Really Pays for Tariffs? A Case Study in Washing Machines
36:57 – Manufacturing, Inflation, and Hollowed-Out Labor
39:37 – Supply Chain Disruptions & Auto Sector Insights
44:40 – Tactical Shifts: Gold, TIPS, and Currency Hedging
48:32 – Wrapping Up: Managing Through Uncertainty

#FidelityInvestments #GlobalAssetAllocation #IlanKolet #MarketOutlook2025 #InvestingInStagflation #USExceptionalism #GoldAsAhedge #TIPSInvesting #TradeTariffs #CanadianEconomy #AdvisorPodcast #FinancialMarkets #InvestmentStrategy #RecessionRisk

Copyright © AdvisorAnalyst

#ReturnStacking #RGBM #ETFInvesting #CapitalEfficiency #SystematicMacro #AlternativeInvestments #PortfolioDiversification #FinancialAdvisors #BehavioralFinance #InvestingStrategies #RaiseYourAverage

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 Check
01:45 – Tony Dong’s Background: From Risk Manager to ETF Expert
03:50 – Market Outlook: Why Allocators Are Skittish in 2024
05:00 – Growth vs. Value ETFs: Are Investors Missing the Point?
08:00 – The Better Way to Access Factor Investing
10:30 – Risks and Red Flags in Private Market ETFs (PRIV, XOVR)
14:30 – Authority Bias and Fund Due Diligence
16:45 – Best New ETF Launches: Canada vs. US
18:50 – Derivative-Based and Zero-DTE ETFs: Caution Required
20:15 – Liquid Alternatives and Bridgewater’s All Weather ETF
22:25 – Return Stacking and Trend Following Strategies
23:45 – The Problem with “1+1” S&P 500 + Bitcoin ETFs
25:00 – Buffer ETFs Explained: Training Wheels for Risk-Averse Clients
27:00 – Why You Need an Investment Policy Statement
29:00 – Building the Cockroach Portfolio: Resilience First
32:00 – The Psychology of Staying Invested
34:00 – Where to Find Tony Dong and His Research

Featured Guest:Tony Dong – Founder, ETF Portfolio Blueprint

Lead ETF Analyst, ETF CentralWebsite: https://etfportfolioblueprint.com
LinkedIn: Tony Dong on LinkedIn

Chapters

0:00 – The ETF Industry’s Hidden Risks
1:21 – Canada vs. U.S.: Who Leads in ETF Innovation?
3:32 – Financial Chaos: Why Markets Feel Like a Circus
4:34 – The Power Play Behind Market Volatility
9:51 – Black Hats vs. White Hats: The Real ETF Battle
14:29 – 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 Market
39:55 – The ETF Market’s Next Big Blow-Up
48:58 – 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

? Chapters & Timestamps:

0:00 – What is Flow-Driven Investing? Unlocking institutional alpha for advisors
1:37 – Introduction2:16 – Meet Paisley Nardini—From equity analytics to multi-asset strategy
5:06 – Why Fixed Income Isn’t “Boring” The real driver behind macro trends
10:47 – The ETF Revolution How rule changes reshaped portfolio diversification
11:58 – The Noise Problem Separating innovative investing from speculation
15:49 – Hedging for Tail Risk Using derivatives for capital-efficient protection
20:13 – The FOMO Dilemma Why one group of investors is missing the big picture
26:21 – Where Are Rates Headed? The advisor divide on higher-for-longer vs. duration bets
30:38 – Riding the Edge of Chaos The thin ice we’re skating on in today’s markets
33:53 – Market Outlook for 2025 Why the game has changed for growth & earnings
36:05 – Correction or Collapse? What’s really happening under the market’s surface
38:15 – Hard Assets & Inflation Commodities, gold, and the hidden drivers of price action
42:28 – True Diversification The difference between academic & structural returns
47:32 – Breaking the 60/40 Model How advisors should adapt their portfolios now
50:24 – Avoiding Costly Mistakes Why gradual changes beat high-conviction bets
55:26 – How to Implement Change The ETF solutions making diversification seamless
58:49 – 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

Chapters

01:22 – Introduction: Debunking Private Markets
01:58 – The State of Markets in 2025: Uncertainty & Opportunity
04:50 – Emotions vs. Rational Investing: Avoiding Reactionary Mistakes
09:17 – Why Private Markets Matter Now More Than Ever
10:04 – The Rise of Private Investments for Retail Investors
14:56 – Breaking the Myth: Institutional vs. Retail Access
16:58 – How Private Market Investments Are Being Democratized
21:03 – The Role of Private Assets in Portfolio Construction
23:34 – Private Equity: The Strategic Edge Beyond Public Markets
29:26 – Private Credit: A Rising Opportunity Amid Bank Retrenchment
33:55 – The Convergence of Private Equity & Private Credit
37:41 – Addressing Liquidity Concerns in Private Market Investing
45:27 – Purpose Investments’ Approach to Private Market Accessibility
47:48 – What Advisors Need to Know About Private Markets
49:79 – Final Takeaways: A Call to Reevaluate Private Investments

#PrivateMarkets #AlternativeInvestments #PrivateEquity #PrivateCredit #RealEstate #PortfolioManagement #WealthManagement #InstitutionalInvesting #InvestmentStrategy #FinancialMarkets

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

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

• 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 Kolet

Episode Highlights & Timestamps

00:00:00 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

? Key Topics Discussed:

The Changing Face of Marketing for Advisors

• Why a digital presence is non-negotiable in the era of $30 trillion in millennial-controlled assets.
• The importance of niche marketing and standing out in a crowded marketplace.

Strategies to Build a High-Converting Website

• The 5-second rule: how to grab visitor attention and convert leads fast.
• Creating engaging, hyper-targeted content that speaks directly to your ideal client.

The Role of AI and Social Search in Advisor Marketing

• How tools like ChatGPT and TikTok are transforming how clients find advisors.
• Practical tips for staying ahead in the AI-driven search era.

Leveraging LinkedIn for Business Growth

• Proven techniques for building meaningful professional relationships.
• Why comments are the secret sauce to LinkedIn success.

Events That Drive Engagement

• Memorable online and in-person event ideas that keep prospects talking.
• Tips to host impactful webinars and fun client gatherings.

The Power of Video Marketing

• How short, authentic videos can build trust and expand your reach.
• Creative ideas for content that resonates with clients and prospects.

? Resource Spotlight:

? FMG 2025 Marketing Guide for Financial Advisors

Discover 31 pages of actionable marketing strategies tailored for advisors.

? Download it here: 2025 Marketing Guide for Financial Advisors

Key Takeaways:

? About Samantha Russell:

Samantha Russell is a marketing trailblazer with a passion for empowering advisors to excel in a competitive digital landscape. As Chief Evangelist at FMG Suite, Samantha has transformed how advisors approach growth through modern tools, strategies, and expertise.

? Connect with Samantha:

LinkedIn: Samantha Russell

FMG Suite: fmgsuite.com

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

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

Chapters

00:00 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

Chapters

00:00 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

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.” – Doomberg

Hit 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

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

Timestamped Highlights

00:00 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

Timestamped Highlights

00:00 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

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

=========================================

Where to find Shana Sissel, Banrion Capital Management:

=========================================

Banrion Capital Management

Shana Sissel on Linkedin

Shana Sissel on X

Shana Sissel on Instagram

===========================================

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

=========================================

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

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

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

Timestamped Highlights

00:00 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

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

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

Timestamped Highlights

00:00 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

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

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Timestamped Highlights

00:00 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

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Timestamped Highlights

00:00 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

Thank you for listening!

Timestamped Highlights

00:00 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 Funds

Bob Elliott on Linkedin

Bob Elliott on Twitter

Unlimited Funds

Thank you for listening!

Timestamped Highlights

00:00 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

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.

Chapters

00:00 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

Takeaways

• Investors should consider diversifying their portfolios with private real estate, infrastructure, and equity assets to replicate the strategies of large pension plans.

• The Canadian market has recently opened up to alternative and real asset investments, providing more options for investors.

• Investors need to understand the benefits of diversification and the importance of long-term returns.

• Geopolitical risks, such as conflicts in the Middle East and Russia-Ukraine tensions, can undermine political stability and impact global markets.

• The rise of authoritarianism poses a threat to democracy, free markets, and innovation.

• The world has become smaller and more dangerous, with the potential for catastrophic consequences if leaders abdicate their roles or fail to address emerging challenges.

• The investment climate is influenced by geopolitical events and economic cycles, which create opportunities to allocate capital to different sectors and geographies.

• Traditional 60-40 portfolios are outdated, and investors should consider allocating more to alternative asset classes.

• Private assets, such as private equity, private real estate, infrastructure, commodities, and private credit, offer opportunities for long-term returns and diversification.

• Financial education is crucial for investors to understand different asset classes and make informed investment decisions.

• Financial institutions have a responsibility to provide innovative investment solutions and be accurate stewards of the economy.

Chapters

• Introduction and Setting

• The Impact of Interest Rates and Rate Cuts

• The Canadian Market and Inflation

• The Importance of Diversification and Investing in Private Assets

• The Risks of Authoritarianism and Erosion of Democracy

• The Impact of Politics and Populism on Global Markets

• The Danger of Geopolitical Conflicts and Authoritarianism

• The World’s Smaller and More Dangerous Nature

• The Current Investment Climate

• The Decline of Traditional 60-40 Portfolios

• The Role of Financial Education and Institutions

Where to find Dennis Mitchell & Starlight Capital

Dennis Mitchell on Linkedin

Starlight Capital

Starlight Capital’s Thought Leadership

<h3>Takeaways</h3>

<ul>

<li>The Federal Reserve’s rate cut projections have been revised, leading to uncertainty in the market.</li>

<li>Using SIA charts and a systematic approach can help investors analyze market trends and make informed investment decisions.</li>

<li>24/7 trading presents both opportunities and challenges for investors, and risk management is crucial in navigating the market.</li>

<li>Money center banks are facing pressure due to rising interest rates, and it’s important to monitor their performance.</li>

<li>Having a rules-based approach and discipline in investing can help mitigate emotional biases and improve investment outcomes.</li>

<li>There are opportunities for profitability in sectors like energy and materials</li>

<li>Diversification is important to mitigate risk and take advantage of different market opportunities.</li>

<li>Consider the opportunity cost of investing in certain sectors and evaluate the potential for higher profitability in other areas.</li>

<li>Geopolitical events can have a significant impact on international markets, and it’s important to monitor and adjust investment strategies accordingly.</li>

<li>Incorporating risk management strategies is crucial to protect portfolios during market fluctuations.</li>

<li>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.</li>

<li>Inflation is expected to remain sticky, and portfolios need to consider alternative asset classes to fill the void left by bonds.</li>

<li>SIACharts is a tool that simplifies research and provides actionable insights for advisors.</li>

</ul>

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.

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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

– Michael Saylor’s bet on Bitcoin has paid off, demonstrating the potential of high volatility assets.

– Speculative manias often precede currency debasements, making Bitcoin and crypto of interest.

– The borrowing strategy of Hugo Stinnes (WWI) and Michael Saylor (today) highlights the importance of real assets.

– Pumpamentals and the flywheel effect can create market distortions and lead to irrational behavior.

– The Russia-Ukraine conflict and geopolitical tensions have significant implications for energy markets.

– The dangers of do-gooders and climate newspeak can lead to the suppression of speech and the lack of trade-off discussions.

– 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.

– The US is the most prolific natural gas producer in the world, with a sophisticated downstream manufacturing sector that takes advantage of cheap hydrocarbons.

– Mexico is a hidden beneficiary of the natural gas boom, with an industrial boom happening in northern Mexico powered by cheap natural gas.

– Secure borders are important for stability and economic growth.

– The price discrepancy between natural gas and oil has significant implications for the economy.

– Nuclear power and gold play important roles in the future of energy and wealth preservation.

– The AI revolution and the electrification of various industries will drive the demand for energy.

Where to find Doomberg

Doomberg on Substack

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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.

– 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.

– 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!

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.

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:

Timestamped Highlights:

Where to find Ilan Kolet, Fidelity Investments:

Fidelity Investments Canada – Asset Allocation Quarterly

Bio

Ilan Kolet on Linkedin

Global Asset Allocation Team – Fidelity Investments

Timestamped Highlights:

Where to find Dino Bourdos

Dino Bourdos on Linkedin

Guardian Capital LP

Research: Is the yield on your Covered Call Fund too high?

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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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Where to find Joaquin Kritz Lara

===========================

Joaquin Kritz Lara on Linkedin

Numera Analytics

===========================

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

HIGHLIGHTS

Understanding GTAA: We start by defining Global Tactical Asset Allocation and discussing effective approaches and potential pitfalls in employing this strategy.

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

Where to find our guests:

Jeremy Schwartz

Jeff Weniger

Timestamped Highlights

Copyright © AdvisorAnalyst.com

Learn why this innovative approach allows for more nuanced portfolio adjustments, without taking on additional risk.

Nicolas Piquard: Monetizing Volatility in Bonds (a First) & Equities

Timestamped Summary:

– Nick Piquard shares insights on monetizing volatility in equity and bond markets.

– 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).

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.

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.

– 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.

– 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.

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.

– 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.

– 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.

– 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.

– 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 Piquard

Nicolas Piquard on Linkedin

Hamilton ETFs

Strategies discussed:

HMAX – Hamilton Canadian Financials Yield Maximizer ETF

HBND -Hamilton U.S. Bond Yield Maximizer ETF

Timestamped Highlights

Visit 42macro.com for more.

Timestamped Highlights:

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Where to find Terry Dimock

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Terry Dimock on Linkedin

National Bank Investments

Copyright © AdvisorAnalyst.com

Timestamped Highlights:

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Where to find Doomberg:

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Doomberg – Substack

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Where to find the Raise Your Average crew:

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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

AdvisorAnalyst.com

Timestamped Highlights:

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Where to find Paul Kornfeld and SIACharts:

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Paul Kornfeld on Linkedin

SIACharts.com

SIACharts on Twitter

SIACharts on Linkedin

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Where to find the Raise Your Average crew:

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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

AdvisorAnalyst.com

In this episode Jason Josephiac and Ryan Lobdell of Meketa Investment Group discuss the educational paper they released this year that tries to clear up much of this confusion.

They note that calling something a “hedge fund” is a bit like saying “sports” without saying which sport you mean – which could be anything from football to car racing (think football ≠ car racing). Just like in sports, it’s important to have a well-rounded team with different strengths, and Meketa’s Josephiac and Lobdell want to help investors do this with their investments.

Our conversation delves into how the best teams have both a strong attack (offense) and a strong defense. It’s the same with investing. If your investments are all attacking (basically going after growth), you might be taking on more risk than you think and leaving yourself open (to being attacked) on the defense side. This might mean you’re not set up as well as you could be to consistently do well. They also point out that some programs that are supposed to protect you (like playing defense in sports) might not really be doing that job well.

We discuss all of the accessible investment tools and strategies an investor have at the ready to build a championship level portfolio.

Thank you for listening.

Where to find Ryan Lobdell & Jason Josephiac:

Ryan Lobdell on Linkedin

Jason Josepiac on Linkedin

Read the whitepaper: Risk Mitigating Strategies (RMS) Framework

TAKEAWAYS

• The fear of a synchronized global recession and the potential impact on the financial markets.
• The appeal of long duration treasuries as a safe haven asset in a potentially weakening economy.
• The concentration of market gains in a few mega cap tech stocks and the potential risks of a market correction.
• The impact of China’s oversupply on global markets and the deficiency of demand caused by their trade surplus. The stock market is flat, causing wealth destruction.
• There is a symbiotic relationship between the Communist Party of China and Wall Street.
• US capital markets have a conflict of interest that prevents them from addressing the real market problems.
• Trend is crucial in trading and asset allocation.

KEY TIMESTAMPS

[00:00] Introduction and Setting the Stage

[02:31] Debt Ceiling Deal and Liquidity Concerns

[03:44] The Fear of Supply and Risk Aversion

[05:29] The Rise of Tech Stocks and Riskless Securities

[07:02] The Appeal of Long Duration Treasuries

[07:36] Inflation and Real Rates

[09:36] Mean Reversion and Treasuries

[11:44] The Market’s Dependence on Mega Cap Tech Stocks

[13:29] The Hated Rally and Missed Opportunities

[14:38] The Belief System and Valuation of Stocks

[16:09] The Coiled Spring and Potential Correction

[19:45] Debt Ceiling and the Chinese Economy

[20:34] Mutually Assured Destruction and Debt Ceiling

[24:35] The Deficiency of Demand and Chinese Oversupply

[29:18] The Impact of Xi Jinping’s Policies

[37:57] China’s Wealth and Posturing

[39:21] The Wealth Destruction

[40:35] The Real Problem with China

[41:39] The Symbiotic Relationship between China and Wall Street

[42:43] The Monetary Policy of the US

[43:50] The Conflict of Interest in Capital Markets

[44:45] The Search for Equilibrium

[46:33] Investment Strategy: Quadratic Expression

[47:52] The Role of Cash in Asset Allocation

[49:52] The Potential of Bitcoin

[51:39] The Relative Sizes of Gold and Bitcoin

[55:26] The Correlation between Bitcoin and NASDAQ

[57:19] The Importance of Trend in Trading

[58:47] The Decline of Hedge Funds

[59:23] The Glaring Opportunity in Long Bonds

[01:02:24] A Parallel with 2003

[01:03:39] The Conflict of Agendas

[01:06:22] The Glitch at Boeing

[01:11:27] The Most Glaring Opportunity

[01:13:49] Where to Find Hugh Hendry

HIGHLIGHTS

The Magnificent Seven Stocks:

• Hendry notes that in every major bear market, certain stocks, referred to as the “Magnificent Seven,” are perceived as being independent of broader market trends. These include companies like Nvidia and AMD, considered less economically sensitive within equity allocations.
• He draws parallels between the valuation of these stocks and Bitcoin, suggesting that their market value is more influenced by belief systems than traditional financial metrics, similar to how art is valued.
• Hendry discusses the valuation of the U.S. stock market, highlighting its size relative to the GDP and expressing skepticism about overly optimistic market projections.
• He mentions a cautious investment approach, allocating about 15% of his portfolio to these specific stocks, emphasizing the importance of following market trends in his investment decisions.

On US Treasury Bonds:

• Hendry addresses concerns about the U.S. Treasury issuing a large amount of bonds and its impact on prices.
• He draws parallels with the 2008 financial crisis, noting the importance of confidence in collateral, which often includes U.S. Treasury bonds.
• Hendry observes a mean reversion in Treasury prices, suggesting that current trading levels are relatively rare and could present buying opportunities.

On China:

• Hendry discusses the probability of a confrontation between China and Taiwan, expressing concerns about the increasing likelihood of such an event.
• He critiques China’s economic growth, labeling it as ‘fake growth’ and pointing out that despite the appearance of progress, real wealth creation has been lacking.
• Hendry also touches on China’s role in global trade and economic imbalances, particularly how it redistributes wealth within its economy and buys financial assets in the United States.
• We discuss the symbiotic relationship between the Communist Party of China and Wall Street, suggesting both have prospered in the current environment. As a result, there is no desire on Wall Street for the was the US manages its Capital Account.

On Bitcoin:

• He talks about the changing correlation between Bitcoin and NASDAQ, suggesting that such correlations can be misleading.
• Hendry expresses interest in investing in Bitcoin, particularly as its value had significantly decreased.
• He discusses Bitcoin’s potential for growth, considering its market size relative to the larger segment it belongs to.
• Hendry likens Bitcoin’s valuation to a belief system, similar to how art is valued.

Copyright © AdvisorAnalyst.com

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

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 Management

Jeffrey Shell on Linkedin

Lillian Ferndriger on Linkedin

More on BMO Partners Group Private Markets Fund.

Thank you for listening. Smead has an encyclopedic knowledge of both the fundamental and quantitative aspects of investing, so it made for a lot for an enthralling discussion on markets, value investing, making money, avoiding losses through exceptional views on risk management.

Timestamped Highlights:

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Where to find Cole Smead and Smead Capital Management

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Cole Smead on Linkedin

Smead Capital Management Blog – Advice Blog

Smead Capital A Book With Legs Podcast

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.

<strong>Thank you for listening!</strong>

<h2>Timestamped Highlights</h2>

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]

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Where to find Paul Kornfeld and SIACharts:

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Paul Kornfeld on Linkedin

SIACharts.com

SIACharts on Twitter

SIACharts on Linkedin

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:

Background

Background 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 learnings

Psychology 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 Oil

The 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 Knowledge

Investing 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 Industry

Consolidation 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 Takeover