Insight is Capital™ Podcast
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The official podcast of AdvisorAnalyst.com, publisher of actionable market and investment insight, commentary, analysis and practice management for investment professionals and investors.
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Nov 21, 2023
Investment Insights from WisdomTree's Jeremy Schwartz & Jeff Weniger
We're excited to share our conversation with two distinguished guests from WisdomTree, Jeremy Schwartz and Jeff Weniger. Jeremy Schwartz, CFA, Global Chief Investment Officer at WisdomTree, shares his views on the market and economy from his vantage point of overseeing all of WisdomTree's investment activity. Jeff Weniger, CFA, Head of Equity Strategy at WisdomTree, shares current insights from his team's analysis of stock market trends and macroeconomic developments.
Where to find our guests:
Jeremy Schwartz
Jeff WenigerTimestamped Highlights
[00:00] Fed Rate Hikes and Economic Impact - We begin with Jeremy Schwartz and Jeff Weniger's analysis of Powell's speeches, highlighting inconsistencies and effects on housing.
[04:55] Inflation and Monetary Policy Concerns over housing data, skewed rental data, and Powell's neutral stance.
[08:33] Central Bank Policies and Banking Industry Challenges - Powell's inflation goals, bravery of central banks, and future risks in banking.
[15:58] Banking Industry Changes and Consumer Behavior - Funding challenges for banks, high net worth individuals holding cash, and consumer spending patterns.
[20:14] Housing Market Dynamics and Potential Correction - Correction trends in housing market, millennial supply issues, and recession implications.
[26:31] Housing Market Trends: Homeowners and Renters - Low home sales volume impact, focus on home prices vs. activity, and new construction's effect on home improvement.
[33:13] Housing Market Trends and Employment Resilience - Demand for new homes and companies’ resilience to rate hikes.
[36:49] Economic Trends, Monetary Policy, Investment Opportunities - Impact of interest rates on tech companies, Dallas Fed report, and investment insights.
[41:48] Labor Market Changes and Economic Uncertainty - Frustration with employment dynamics, real estate professionals’ struggles, and COVID-19's impact.
[47:05] Economic Impact of Demographic Shifts and Monetary Policy - Low interest rates influencing retirement, generational conflict, and political impacts.
[53:12] Economic Stimulus, Budget Deficits, Stock Valuations - Discussion on potential stimulus, budget deficits, and high-valuation companies like Nvidia.
[58:35] Nvidia's Potential as a Prime AI Stock - Cisco's market position contrasted with Nvidia, and the parallel potential of a Japanese stock market resurgence.
[1:01:31] Investing in Japanese Equities] Warren Buffett's Japanese investments, hedging currency risk, and equity investment psychology.
[1:07:28] Japanese Economy: Labor Costs and Profit Margins - Cultural shifts in Japan, labor arbitrage, and wage gap comparisons.
[1:11:50] India's Role in Global Politics and Economy - India's demographic advantages, investment valuation importance, and geopolitical role.
[1:17:58] Cultural Exports and Media Representation - Global cultural exports' impact, Hollywood and Bollywood influence, and increased American interest in foreign cultures.
Copyright © AdvisorAnalyst.com
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Nov 1, 2023
Nicolas Piquard: Monetizing Volatility in Bonds (a First) & Equities
Discover how covered call strategies can help investors profit from rising volatility in today's markets. Nicolas Piquard, Chief Options Strategist at Hamilton ETFs, shares his insights on using covered call options strategies to generate income from popular bank and utilities stock holdings (HMAX and UMAX). Piquard also discusses in depth, the case for the new and timely opportunity of using a covered call strategy to enhance returns from bonds, and how Hamilton ETFs' HBND works.
Learn why this innovative approach allows for more nuanced portfolio adjustments, without taking on additional risk.Nicolas Piquard: Monetizing Volatility in Bonds (a First) & Equities
Timestamped Summary:
[00:00:00] Monetizing volatility with Hamilton ETFs Chief Options Strategist Nicolas Piquard
- Nick Piquard shares insights on monetizing volatility in equity and bond markets.
[00:01:16] Bank earnings, volatility, and covered calls with a focus on Canadian banks.
- discusses his career in the options space, from sell side to buy side, and his current work at Hamilton ETFs.
- Daillie asks about the outlook for bank earnings in light of recent results and expectations.
- provides a mixed view, citing both positive and negative factors, including rising interest rates and a weaker economy.
- notes that Canadian banks have historically been less volatile than US banks, but current market conditions create potential buy opportunities (0:05:25).
[00:07:06] The attractiveness of covered calls in the current market environment, with strong dividends and potential for extra yield .
[00:08:06] Covered call options in a volatile market.
Daillie notes the prevalence of Canadian bank ownership in US banks and stadium naming rights, suggesting it's a source of national pride.
- believes there are good deals to be had in regional banks due to their low valuation, but they need access to capital to overcome challenges.
- highlights the potential opportunities for covered call option writers in a volatile market, as the price of call options increases in such environments.
- advises focusing on selling call options at the higher end of a price range to maximize performance, rather than selling too much upside at a single point.
- advises navigating short-term market volatility by using covered call strategies, avoiding short-term lows, and taking advantage of market whipsaws.
- explains how to navigate a volatile market by writing fewer call options and waiting for better entry points.
- provides an example of how to manage a situation like this in the Canadian banking sector.
[00:17:45] Options trading strategies and their implementation.
Active call strategy can help diversify exposure and adapt to changing market conditions.
- emphasizes importance of proper management of covered call strategies for long-term success.
[00:21:51] Covered call strategies in volatile markets.
- Investors seek tax-efficient income through covered call strategies on safe assets like Canadian banks and utilities, freeing up time for other investment decisions.
- Investors may seek insurance against large cap tech names, generating premiums for investors.
- discusses the benefits of using a covered call strategy in volatile markets, particularly in sectors like tech and energy where upside potential is high.
- notes that while the strategy involves giving up some upside potential, the increased yield from selling call options can help offset this trade-off.
[00:27:48] Using covered calls to diversify and generate income in a volatile market.
- Investors may benefit from diversifying into covered calls to monetize volatility in a potentially uncertain financial environment.
- Investors seeking income can use covered call strategies to monetize volatility while maintaining existing portfolio holdings.
[00:32:10] Tax loss selling and bond market strategies.
Daillie highlights the tax loss selling opportunity in the banking sector, where investors can capture tax efficient income and enhance overall yield.
- Hamilton's new ETF exploits volatility and yield in the bond market, a strategy that has not been done before, with investors asking why it hasn't been explored earlier.
- explains that TLT, a bond ETF, has become a popular proxy for long-term yields due to its liquidity and size, making it an attractive option for covered call strategies.
- Daillie agrees, noting that TLT has become a shorthand for long-duration bonds and its options market has become liquid, making it an ideal choice for traders.
- explains why there hasn't been any previous covered call BOND ETF formations. The concept didn't have any traction to become popular until recently, citing bond market trends and Fed actions.
[00:38:52] Long-term bond yields and inflation.
- identifies two key factors driving the market: investors' perception of inflation and the ability to lock in high yields with safety.
- discusses factors contributing to sticky inflation, including demographic changes, globalization, and monetary policy.
- Counterarguments include concerns about global debt levels and the potential for higher rates to cause economic issues.
[00:44:25] Interest rate volatility and its impact on financial markets.
- notes that traditional buyers of US Treasuries, such as China and Japan, are becoming less active due to high yields in their own bond markets, potentially impacting US interest rates.
- highlights a chart showing the correlation between interest rate volatility and equity volatility, with both increasing in recent years despite the VIX decreasing.
- believes that interest rate volatility will continue to rise due to the Fed's balance sheet reduction, leading to higher VIX levels.
[00:50:01] A new ETF strategy for fixed income investors (HBND).
- Investors can now access extra yield through a new ETF that combines fixed income exposure with covered call strategy, using TLT as the underlying bond.
- discusses using a covered call strategy with US Treasuries to generate income with lower risk.
[00:54:24] Bond market volatility and investment strategies.
- Investors may benefit from exploiting long-term yield opportunities in the bond market, particularly through covered call strategies, given the current high volatility environment and potential for sustained government spending.
- Investors can fine-tune portfolios with new opportunities for volatility monetization.
- is excited about the opportunity in bond ETFs, seeing it as a timely and popular investment opportunity.
- discuss the potential of adjusting portfolio trim without major attitude adjustment, using analogies like boat engine trim and volume control.
ClosingWhere to find Nicolas Piquard
Nicolas Piquard on Linkedin
Hamilton ETFsStrategies discussed:
HMAX - Hamilton Canadian Financials Yield Maximizer ETF
HBND -Hamilton U.S. Bond Yield Maximizer ETF
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Oct 18, 2023
Darius Dale 42 Macro - Looking Back, Looking Forward to 2024
Darius Dale, Chief Strategist & Founder at 42 Macro LLC joins us for an end of Q3 360˚ take, looking back at the last year for context, and looking forward to 2024. He shares his insight from his firm's econometric modeling, and what it is all saying about the economy and markets behaviour for the upcoming quarters and year ahead. Dale eloquently unpacks all the factors driving inflation and market in the context of today's heightened uncertainty surrounding inflation, policy, rates, and market dynamics.Timestamped Highlights
[00:02:25] Darius Dale believes that factors supporting growth persist into next year, inflation has surprisingly decreased, and the Fed's policy remains unchanged.
[00:04:19] China's economy reopening without fiscal stimulus, Europe's growth faltering with sticky inflation causing bond market volatility. Bank of Japan likely to tweak yield curve control. Implications for asset markets.
[00:06:55] Despite concerns about inflation, consumer income and personal spending have exceeded inflation levels. Limited vulnerability in the credit cycle and decreased exposure to the manufacturing sector indicate a more resilient economy.
[00:13:17] Darius Dale's insight, discussing a temporary risk-off scenario, the expectation of a return to equity leadership, and the potential lag in seeing the impact of interest rates on the economy. The author questions whether these circumstances will lead to a leapfrogging of debt maturity.
[00:16:41] Stock market tends to peak with employment cycle, indicating potential retail risk accumulation. Difficulty in answering question of factor dispersion.
[00:20:09] University of Michigan employment survey shows numbers inconsistent with recession patterns. Other indicators also suggest recession is unlikely.
[00:22:14] Most US mortgage holders have 30-year mortgages at low rates, so rising interest rates will take time to impact the housing market.
[00:26:04] There have been few changes in central bank policy rate expectations, but significant moves in floor policy rates, led by the US. The US economy has been performing better than expected, causing investors to believe there is no recession. The fixed income market has seen interesting trends, with minimal impact from the regional banking crisis.
[00:30:48] High interest rates will discourage refinancing for both corporate and household sectors; longest duration since the early 80s.
[00:31:53] Refinancing into higher interest rates is economically irrational. Rates will matter eventually, but not now. The Fed's policy has created a big spread between payments and instrument yields, dragging it into a higher rate regime.
[00:35:27] The mortgage rate spread is causing stagnation in the housing market, leading to a decrease in existing home sales and an increase in new home construction.
[00:40:37] We discuss the potential for higher inflation and the use of a model to project inflation trends. It suggests that the underlying trend of inflation may be around 2.5% to 3%.
[00:44:07] The author specializes in building quantitative models backed by proven techniques. They developed an investment strategy to outperform the standard 60-40 approach by reducing bond holdings and using various risk management overlays.
[00:48:50] We discuss the inflationary era in bond market, potential for term premium to rise, bond bulls buying undervalued market.
[00:52:05] 42 Macro publishes research and prognostications on the market. They made successful calls in early January and May based on their process. They focus on behavioral aspects and reorganized their process for better outcomes.
Visit 42macro.com for more.
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Oct 5, 2023
NBI's Terry Dimock: Governance in Portfolio Management Through Several Angles
Terry Dimock, Chief Risk & Execution Officer, at National Bank Investments is our guest. In this episode, Terry takes us on a journey through NBI's OP4+ Open Architecture Investment process and framework, shedding light on the importance of creating value, the prioritization of organization, people, and process, and the meticulous monitoring of portfolios. Terry shares valuable insights into the selection of portfolio managers, the logic of integrating ESG factors, and the challenges and opportunities in the ever-changing investment landscape. We explore the inner workings of NBI's investment management process and discover how they navigate the complexities of the market to deliver exceptional results for their investors.Timestamped Highlights:
[00:00:00] Opening remarks and introduction to Terry Dimock, a luminary in investment management.
[00:04:37] In 2012, National Bank sold its asset manager and adopted an open architecture approach to build solutions using the best portfolio managers in the world. They created OP4+, an acronym that defines what they look for in a portfolio manager, with "O" standing for organization.
[00:07:00] Where does value come from? How value is created, and the importance of people and process. Terry explains the pillars of OP4+ and monitoring portfolio positions. The goal is to ensure that the process is followed and glitches are avoided.
[00:10:03] How are NBI's sub-advisor portfolio managers evaluated? Terry emphasizes the importance of portfolio manager selection, and the under-recognition of the risk involved is discussed. We discuss his team's role at National Bank Investments in reducing advisor and client burden in evaluating managers.
[00:13:13] The CIO office uses teamwork to identify asset classes and portfolio needs. They may add or change managers to diversify portfolios. NBI's Open Architecture allows flexibility in adding a multitude of asset classes and managers.
[00:16:21] We seek the best portfolio managers with a long track record, particularly in less liquid investments. Fees in these categories can be high, but we value diversification, careful selection, and scale.
[00:19:28] Quarterly performance attribution calls are held with all portfolio managers to assess performance and confirm adherence to OP4+ process. Bi-weekly check-ins and yearly on-site visits ensure trust and accuracy in information provided.
[00:24:29] Investors should consider environmental risks and the management of companies they invest in. For example, PG&E faced lawsuits and bankruptcy due to poor management after 2019 forest fires. Analysts reduced positions in companies with high risk and poor governance. It is important to analyze potential risks and ensure investment aligns with environmental objectives to avoid negative outcomes. Considering and factoring in ESG concerns was a logical decision.
[00:28:10] Terry emphasizes the need for a transition to renewable energy, ensuring job security and sustainable business practices, despite political opposition.
[00:29:56] Investors should use ESG to make credible and accountable decisions. Becoming a signatory of the UN principles for responsible investment demonstrates seriousness. Proof points about using ESG factors are necessary.
[00:33:57] We assess performance criteria and compare active managers to ETFs to ensure value for end-investors. Focus on process, not short-term metrics.
[00:36:25] Gaps in portfolio, lack of diversity, and changes can unearth reasons to lose confidence in a portfolio manager's inclusion in NBI's program.
[00:41:11] AI, like ChatGPT, will enhance analysis and automation, allowing focus on critical tasks. Progress in technology has consistently improved efficiency. Younger generations adapt quickly.
[00:43:22] Terry closes the conversation noting that NBI is constantly working at improving qualitative and quantitative aspects of the OP4+ process, focused on finding the right information and metrics for future success.
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Where to find Terry Dimock
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Terry Dimock on Linkedin
National Bank Investments
Copyright © AdvisorAnalyst.com
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Sep 27, 2023
Doomberg: Separating Fact from Fiction
The head of the Doomberg team, maestros at deciphering the complex symphony of the financial world is our guest. The Doomberg team are well-known for their uncanny ability to recognize patterns before they emerge and connect the dots between topics you'd never think related. They've mastered the art of making the intricate realms of finance accessible. They have become, by far, the most popular Substack. Doomberg join us for a deep, deep dive into their most recent market insights, highlighting the less-than-obvious dualities, contradictions, impacts, and connections in the realm of financial markets.
Timestamped Highlights:
[00:02:07] Doomberg, a small team with experience in the commodity sector launched Doomberg in 2021, now the most subscribed Substack, after pivoting from a consulting firm due to COVID-19. They now research and write 7 to 8 pieces a month with no strict deadlines.
[00:08:37] A framework for assessing scientific breakthroughs, focusing e.g. on a claimed room temperature superconductor. It emphasizes the importance of considering the credibility of those involved, where the research is published, the scientific process, the context of previous claims, and what to expect next. Ultimately, the text expresses deep skepticism and the need for more evidence.
[00:19:37] The potential benefits of a technical singularity, including advancements in grid rewiring, quantum computing, and high-tech electronics. It highlights the difficulty in predicting the specific inventions that could arise and the significant impact it would have.
[00:24:59] Doomberg discusses the relationship between energy, order, and standard of living. He argues that higher energy density leads to economic prosperity and that restrictions on fossil fuel consumption merely shift the privilege. The global south's consumption of fossil fuels is seen as predictable and sustainable within the author's framework.
[00:30:36] The progressive environmental left opposes nuclear power and carbon capture for reasons related to their desire for fewer humans (Malthusians) and resource conservation. They want less energy and advocate for intermittent renewables. Their intentions are not about carbon emissions.
[00:39:29] In periods of energy abundance, currencies are influenced by manufacturing performance and value-added capabilities. In energy scarcity, energy becomes the key resource, affecting currency strength. During shortages, energy producers profit from price increases. The understanding of energy's significance reveals the less relevance of currency fluctuations. A mild winter in 2022 shifted to energy abundance, causing coal, natural gas, and oil prices to drop, impacting currencies. Russia's currency weakens during surplus energy periods. Energy positioning explains most currency moves during scarcity, but not during abundance. Currency serves as a means to store, transport, and utilize energy.
[00:45:21] Ontario's Green Energy Act caused government waste and enriched insiders, costing taxpayers billions. In 2018, the ruling liberal party was ousted, and the act was revoked. Ontario now focuses on nuclear energy.
[00:52:29] Canada, UAE, and Japan are embracing nuclear power, while most of Europe except Germany is realizing its importance. Pain and political change are necessary for progress.
[01:00:06] Traditional media outlets claim both that drought relief disproves climate change and that climate volatility is the cause.
[01:04:11] The story of Tulare Lake. A California tribe's devastated loss when their lake was drained by dams and diversions, is now seen as a climate crisis causing flooding. The reclaimed lake is viewed as both a salvation and a food growing paradise lost due to climate change.
[01:08:16] The book "The New Dealers War" is recommended and highlights China's dominance in key industries and the need for caution in foreign engagements.
[01:14:26] The US lacks knowledge, China controls Tellurium supply in solar industry.
[01:20:00] Focus on leadership at home, support US prosperity, influence policy, cautious about China, not worried about physical safety. US political system intact despite partisan bickering.
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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
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Sep 12, 2023
Mega-Cap Dominance and Sector-Specific Recovery - What to watch w/ Paul Kornfeld, SIACharts
Paul Kornfeld, President at SIACharts joins us for an comprehensive update featuring SIACharts' insights - we talked about relative strength rankings and how they can guide your investment decisions globally. Small-cap stocks in the US may be lower ranked compared to their large-cap counterparts, but Canadian small-cap stocks are showing promise. We also discussed the movement in energy markets – they've been on the decline but set for gains, while alternatives have been gaining momentum. And fixed income? While it hasn't shown much improvement, it's waiting for that bounce back when interest rates start dropping. Stay away from underperforming areas, follow the analysis, and keep an eye out for sector opportunities in Canada and the US. And, we even explored potential investment opportunities in Mexico, and India. These countries are aligning with western interests, less vulnerable to China's influence, and have charts showing clear breakouts.
Timestamped Highlights:
[00:03:24] We discuss discuss market performance, interest rates, inflation.
[00:10:48] Market recovering, room for growth, market breadth.
[00:15:17] Mega-cap tech stocks dominate market returns. Breath problem persists. Financial recovery underway. Transportation sector improves. Sector flows signal concerns. July historically positive, but caution for August-September.
[00:26:48] Seasonality varies across different market areas. Building an ensemble of indicators is important. Market could be overbought and a bit exuberant. Consider tightening risk levels and taking profits. Summer seasonality may present challenges.
[00:30:02] Expectations for Q4 earnings are changing, with certain sectors predicted to have higher earnings. Information technology remains strong, while utilities have surprisingly high expectations.
[00:36:00] Stocks lagging, utilities messy, no clear trends
[00:44:11] Rankings show US outperforming Canada due to sector composition.
[00:46:50] Global, Europe, international, US Small Cap, Canadian Small Cap, energy markets, alternatives, North American Equity, emerging markets, fixed income, bond valuations, underperformance, sector analysis
[00:53:07] Real estate market booming in Calgary.
[00:56:58] Price expected to pause at resistance level. Support at 125. Potential move down 1%. Resistance at 139. Range between 128 to 138. Short-term outlook weakened. Not bullish for USD.
[01:03:10] US has performed well, Nasdaq has potential.
[01:09:15] Point figure chart eliminates short-term noise. Candlestick chart has more noise. Point figure chart shows value in different time periods. Visuals help identify upside and levels. Long-term view is important. Russell 2000 chart is noisier with a smaller range.
[01:13:06] International markets have potential, particularly Argentina, Mexico, and India. Emerging markets may catch up with developed markets.
[01:20:33] Security mindset challenges, breakout opportunities, orderly uptrend. Reassuring narrative: supply chain shift to aligned countries. Risk management and accumulation strategies. Pay attention to new highs in portfolio.
[01:36:42] Summarizing the text in 6 words: Simplified commodity strategy with low volatility.
[01:40:41] Increased dispersion across asset classes creates opportunities.
======================
Where to find Paul Kornfeld and SIACharts:
======================
Paul Kornfeld on Linkedin
SIACharts.com
SIACharts on Twitter
SIACharts on Linkedin
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Where to find the Raise Your Average crew:
=======================
ReSolve Asset Management
ReSolve Asset Management Blog
Mike Philbrick on Linkedin
Rodrigo Gordillo on Linkedin
Adam Butler on Linkedin
Pierre Daillie on Linkedin
Joseph Lamanna on Linkedin
AdvisorAnalyst.com
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Jul 24, 2023
Risk Mitigating Strategies Framework - Jason Josephiac & Ryan Lobdell
Meketa Investment Group, a consulting company with a rich history, wants to make the complicated language of investing easier for everyone.
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
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Jul 5, 2023
2023 Fidelity Retirement Report: Rising costs shake Canadians' Retirement Optimism
In this episode we welcome Peter Bowen and Michelle Munro from Fidelity Investments Canada, two leading minds in the field, to discuss their insights and discussing the findings from the recent 2023 Fidelity Retirement Report.
Today's financial climate is more complex than ever. The cost of living continues to rise, and market volatility seems like the new norm. Yet, amidst all of these challenges, Canadians are maintaining an optimistic outlook towards retirement, thanks in part to sound financial planning and advice.
Fidelity Investments Canada' 2023 Fidelity Retirement Report, now in its 18th iteration, is a vital resource for financial advisors and investors alike. It aims to shed light on current retirement trends and offer strategies for both preparing for and living during retirement.
The report discusses a wide range of influencing factors, including inflation, housing costs, interest rates, and, of course, market volatility. All of these elements play significant roles in how we plan and strategize for our retirement years.
Peter is Vice President of Tax and Retirement Research and Michelle is Director of Tax and Retirement Research at Fidelity Investments Canada.
Thank you for listening. Don't miss what Peter and Michelle have to say about how we can all better equip ourselves for the financial realities of retirement, no matter what changes the market throws our way.
Read the 2023 Fidelity Retirement Report
Copyright © AdvisorAnalyst.com
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Jun 28, 2023
Private Assets & The High Net Worth Attraction
In this episode, BMO Global Asset Management's Jeffrey Shell and Lillian Ferndriger join us to discuss newly accessible opportunities in private market assets. Jeffrey is Head of Alternatives, Commercial ESG and Innovation from BMO Global Asset Management. And Lillian is Director of Alternatives Distribution at BMO Global Asset Management.
We delve into the realm of private market investing, now a more widely accessible and vital instrument for portfolio diversification that promises attractive risk adjusted returns.
These markets offer an entrance into asset classes and strategies that were previously largely inaccessible territory in the public domain. Moreover, the defining features of private markets, their risk return profiles stand as a powerful key to unlock the full potential of a private wealth portfolio.
A look back in time reveals the compelling performance of private markets as they have consistently outshone public markets becoming a beacon of wealth accumulation and differentiated return stream. In recent times, this asset class has been winning hearts transitioning from its longstanding institutional clientele to captivate high net worth individuals, the segment that's been growing the fastest.
Now we're witnessing an exciting shift, often referred to as the democratization of access. This transformation marks a significant stride for the wealth management industry as it throws open the doors to a broad suite of previously inaccessible specialized strategies within private equity, private debt, real estate infrastructure, and other real assets.
The allure of reduced minimum tickets, enhanced transparency in reporting and lower fees adds to the appeal of these markets. But perhaps the most enticing advantage of this democratization is the boon it provides to private wealth. It serves as the final puzzle piece in portfolio construction, enabling clients to harness and all-encompassing asset allocation in private market sub strategies.
This allows for portfolio diversification, enhanced returns, volatility reduction, and crucially a shield against inflation. Today we're gonna delve deeper into these fascinating dynamics of private market investing. Thank you for listening.Where to find Jeffrey Shell and Lillian Ferndriger, BMO Global Asset Management
Jeffrey Shell on Linkedin
Lillian Ferndriger on Linkedin
More on BMO Partners Group Private Markets Fund.
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Jun 1, 2023
Cole Smead: The Game Has Changed – What About You?
In this episode, Cole Smead, CEO & Portfolio Manager at Smead Capital Management, which oversees in excess of $5-billion AUM, joins us to discuss markets, the current investment climate, investing, and his firms 8 criteria investing philosophy. Our conversation begins with Smead discussing how he and firm work to uncover underloved, and underfollowed investment opportunities à la Charlie Munger, Peter Lynch and Warren Buffett. We then get into a discussion about the significant differences between value factor investing and what Smead does in its long term investing strategy, both in the US and Internationally. Though Smead's investment strategy is go-anywhere, their current investment darling opportunity is in the energy and commodity complex, where they have uncovered what can only be described as generational opportunities, something Smead has gotten right in the 15 years since William Smead, Cole's father founded the firm, following a long career in the industry, investing on beha…
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May 29, 2023
Paul Kornfeld: What Are The Charts Saying About Markets?
Seeking strategies to capitalize on the current market conditions? In this episode, featuring Paul Kornfeld, President of SIACharts, we discuss the utility of a framework to cope with fluctuating markets. We delve into the significance of technical analysis amidst zero interest rates and undervalued fundamentals over the past decade, along with the challenges of risk management during market shifts, such as the current climate of inflation and rising rates.
Kornfeld provides an overview of current market conditions, underscoring cautious optimism and a bullish stance on international markets. He also introduces new SIACharts' developments, emphasizing the importance of chart analysis, particularly point and figure charting.
He explains SIACharts system, which performs billions of calculations daily, employs point and figure comparison charting to examine the supply and demand dynamics of various asset classes. The system's rankings, based on longer-term trends, are not designed for day trading but to provide forward insights into stocks, ETFs, mutual funds, asset classes, sectors, and model portfolios.
The key takeaway is the essential role of tools like SIACharts in offering immediate and ongoing guidance to navigate markets. Using charting analysis to highlight investment opportunities, it liberates advisors from daily analysis rigors. SIACharts aids in identifying top investment prospects and offers risk management tools to minimize drawdowns and enhance the total capture ratio.
<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]
======================Where to find Paul Kornfeld and SIACharts:
======================
Paul Kornfeld on Linkedin
SIACharts.com
SIACharts on Twitter
SIACharts on Linkedin
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May 23, 2023
Deep, Wide Moats & The Art of Investing in Unwanted Assets
Cole Smead, CEO & Portfolio Manager at Smead Capital Management joins us for a fascinating conversation. "Investing is not just about buying stocks and hoping they go up in value. It requires strategic thinking, planning, and a willingness to learn about niche industries," says Smead.
In this new podcast episode, Smead discusses the importance of seeking out profitable opportunities by investing in industries (the energy sector is their current focus) that other investors are not playing. He calls this "mafia investing," and believes that this strategy can lead to high returns and the possibility of becoming "insanely wealthy."
Smead instead chooses to be one among a choice of ten shrewd investors, rather than one among a million average investors.
He cites the example of the oil tanker market, where high steel prices have led to a shortage of supply and higher cash rates for those still in operation. He also notes that there are opportunities to become billionaires in commodity bus…
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May 17, 2023
Mark Noble: Yield Producing Asset Strategies – Why Now?
In this episode, Mark Noble, Executive Vice President and Head of ETF Strategy at Horizons ETFs, joins us. We dive deep into the benefits of yield producing strategies, fixed income strategies, and the focus of our conversation – covered call ETFs. We dive into the current market volatility and how rising interest rates and inflation are impacting market dynamics, and explore how investors can shift some of their matched equity exposures in this period of economic and market uncertainty to enhance portfolio yield, mitigate risk, discuss their tax advantages, and the idea that these strategies enable you to do all of the above without having to alter core fixed income allocations, or investment policy.
Mark discusses the launch of Canada's first ultra-short-term Canadian and US T-bill ETFs, discussing why these weren't previously available. Mark also offers his insights on alternative assets, diversifying strategies, and the role of covered calls as a timely and productive equity alt…
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May 15, 2023
Return Stacking: Strategy for A Low Return Environment
In this episode, we explore the concept of diversification by way of capital-efficient investing, through a strategy coined 'Return Stacking' and how historically, institutions have traditionally had more access to sophisticated strategies than retail investors and financial advisors. That has changed in the last 2-3 years with the advent of the introduction of ETF wrapped strategies now available to retail investors.
We discuss why diversity and prudent use of implicit leverage are important factors in investing, and how adding leverage to an asset that is already expected to outperform cash can increase excess expected returns. We touched on the performance of a 60/40 portfolio and why adding something to the portfolio that will diversify and have positive expected returns may be beneficial, particularly if you don't have to trade down or out of core model portfolio allocations.
We also discuss the 2022 market environment as an example of a growth down/inflation up environment and…
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Apr 25, 2023
Jeffrey Sherman: Tight Credit, Sticky Inflation, Bad Breadth... What Else?
In this episode we get into an insight-filled conversation about the current state of the markets and economy and analyze the potential risks and opportunities on the horizon with Jeffrey Sherman, Deputy CIO, DoubleLine Capital. Timestamped Highlights
[00:07:52] Bond Market Reacts to Economic Slowdown and Banking Crisis
[00:14:32] "Regional banks face loan cost hikes and credit contraction"
[00:21:06] Banking Crisis Causing Recession Watch to Rise
[00:28:16] "Commodities may be key to combating inflation"
[00:32:49] "Banks brace for coming regulations amid pandemic"
[00:42:21] "Bank Liquidity and Outflows: Understanding the System"
[00:49:39] "The Crisis of Confidence: Crypto and Tech Markets"
[00:58:19] "Credit Suisse's Risky Business: Warnings Ignored"
[01:00:48] The downfall of Credit Suisse: Privacy and Market Punishment.
[01:03:42] "Managing Risk and the Fragile Economy: Insights"
=======================Where to find Jeffrey Sherman
=======================
Jeffrey She…
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Apr 19, 2023
Dave Nadig: "Pick your favorite crisis – they're all interconnected."
On this episode of Raise Your Average™, Dave Nadig - Financial Futurist at VettaFi's ETFTrends and ETFdb.com, joins us to discuss the interconnectedness of the banking system, the increasingly hyper-compliance culture in investment management, and the impact of emerging technologies like Chat GPT and AI. We dive into the recent banking crisis at SVB and how it highlights, for example, the need for better communication between advisors and clients during uncertain times. We also explore the potential of AI tools like Chat GPT to improve advisor services and the long term impacts of AI on the financial industry. Thank you for joining us for this thought-provoking conversation on the future of finance.Highlights
[00:04:19] "Polycrisis: Understanding the Interconnectedness of Economic and Market Problems"
[00:07:44] "Financial Advisors React to SVB's Collapse – how and when matters!"
[00:09:41] Navigating Compliance Culture in Investment Markets.
[00:13:08] Navigating Compliance: F…
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Apr 12, 2023
ChatGPT, AI, Systemic Risk & The Case for Dividends
In this episode, Sri Iyer, Head of i3 (i-cubed) Investments™, and Portfolio Manager at Guardian Capital LP, joined us for a provocative conversation about the banking crisis, the Fed, monetary policy, ChatGPT and AI, and the case for dividends as a core and resilient equity allocation for all portfolios.
We discussed the current state of regional bank stocks in the US, which took a hit due to the uncertainty surrounding the Silicon Valley Bank meltdown/collapse. However, Federal Reserve Chair Janet Yellen's statement guaranteed all deposits, implying that the US government will guarantee 100% of deposits, providing some relief.Turbulent Times
In a turbulent period, investors are seeking companies with wider moats and stable or growing dividends, as well as companies whose moats have shrunk. Depositors may pull their money out of lower-tier banks and shift them into tier one banks, while investors default back to high-quality, dividend-paying stocks. So, it's essential to focus on c…
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Mar 29, 2023
Aubrey Basdeo: Bank Breakages, Inflation & Fixed Income Strategy
In this episode of Insight is Capital™, we explore the current state of the market and its reaction to both weak and strong data.
Aubrey Basdeo, Head of Canadian Fixed Income at Guardian Capital LP, shares insights on external risks and how they affect the economy. We also discuss the importance of diversification through fixed income and the correlation of equities and fixed income. Basdeo, a pioneer of modern, active, systematic fixed income management, from his beginnings at Ontario Teachers' Pension Plan, and 14 years at BGI/Blackrock iShares, emphasizes his and his team's use of technology to make informed decisions.
He also discusses the portfolio management process, including the use of systematic models and the coexistence of scientific and fundamental approaches to manage Fixed Income. Finally, we delve into the delicate balance of the current economic climate and potential risks, such as the recent effects of runs on the banking system (i.e. SVB, First Republic, CS). Fina…
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Mar 27, 2023
John De Goey – Complacency, Optimism Bias & Investment Risk
John De Goey, Senior Investment Advisor and Portfolio Manager at Wellington-Altus Private Wealth joined us for this episode to discuss dangers of complacency arising from the industy's optimism bias, as well as numerous others, threaten to derail the best laid plans of investment and financial planning and the finances of everyday investors. Our conversation covers a range of topics, including John's career in finance, his latest book "Bullshift: How Optimism Bias Threatens Your Finances," and the importance of addressing biases in investing. We also discuss the challenges of introducing new ideas in the financial services industry, the importance of realistic financial planning assumptions, and the need to reassess one's investment strategy regularly. Among the ideas we emphasized here, was the importance of being 'prepared' for potential changes in the market, such as inflation, and building a more balanced portfolio that can withstand unexpected gyrations. Please enjoy our conversat…
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Mar 21, 2023
Impulses Driving Risk Appetite are Likely Transitory, feat. Aahan Menon
Aahan Menon joined us to discuss Prometheus Research's investment framework, which is based on economic forecasting of growth, inflation, and liquidity. He emphasized the importance of market regime confirmation to mitigate the risk of being wrong in economic forecasting.
HIGHLIGHTS:
Aahan's background and founding of Prometheus Research [00:02:59] Aahan talks about his career journey and how his experiences led him to found Prometheus Research, a systematic macro research firm.
Unique approach of Prometheus Research [00:03:27] Aahan explains how Prometheus Research provides real-time insights into the evolution of markets and the economy through a data-driven, rules-based process, and how they aim to help investors of all sizes navigate macroeconomic cycles.
Navigating the tension between market and macroeconomic modeling [00:06:31] Discussion on how to navigate the tension between the market's forward-looking discounting mechanism and the utility of macroeconomic series.
Opportu…
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Mar 8, 2023
The Importance of Attracting and Engaging Millennial Clients with Justin Castelli
Advisors are currently facing some significant challenges when it comes to working with millennial clients. The challenge lies in the fact that most high-net-worth clients are around 70 years old, while millennials are looking for advisors who can offer innovative, non-traditional approaches.
The idea that millennials don't want professional advice is an under-informed perspective. As a practitioner, it's not about whether millennials want advice or not; the question that begs an answer is, "What kind of advice do millennials want?" and "How do they want to get it?"
To stay relevant and attract millennial clients, advisors must adapt their strategies and align them with the clients' objectives. This means that advisors need to change their approach to incorporate new technologies and methods that are in line with the way millennials prefer to manage their finances.
Fintech is a challenge that advisors must consider. With the proliferation of apps available today, millennials can man…
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Feb 27, 2023
Mike Green: The Fed Overreacted to 2022's Inflation Pulse. Now what?
Simplify Asset Management's Chief Strategist, Michael Green, a prolific researcher and writer, with a huge and popular following on Twitter, where he tweets as @ProfPlum 99 and Real Vision where he shares his thoughts and industry contacts in his Mike Green – In Conversation series, as well as a famed observer of probabilistic market and economic outcomes, provides a deep dive into the current economic landscape and his investment strategy. The market is in a state of uncertainty due to various factors, such as inflation data, recession, and passive investing dynamics.
Green discusses the Federal Reserve's actions and its potential impact on the economy, and explains his thoughts on why, in his opinion, the Fed has overreacted in terms of the bluntness and depth of it's policy response, and what that means for investors and the economy going forward.
He believes that we are already in a recession (the Fed has gone too far too fast) – without considering that the severity of the…
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Feb 9, 2023
137 Alfred Lee – 2023 Outlook & Strategy: 50 / 30 / 20
Alfred Lee, Director, Portfolio Manager, and Investment Strategist at BMO Global Asset Management joined us to discuss his outlook for 2023. 2022 was a year of challenges in the financial markets, with investors facing a lot of uncertainty. For 2023, we talk about whether inflation and interest rates are moving in a positive direction. We cover portfolio strategy, zoom in on interest rate policy, fixed income strategy, and take a look at his 2023 market outlook. We discuss factor and sector equity strategy, banks, energy, gold, alternatives, key risks, and his 50/30/20 asset allocation portfolio framework, risk budgeting and asset mix.
We talk about:
• A lot of investors moved to short term instruments during the last half of 2022. Was that the right move, or was that fear driven?
• What's the likelihood the Fed as well as BoC will soon pause or slow on hiking rates, and if so, for how long?
• Wild cards? The stickier parts of the economy, labour market, the effect higher…
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Jan 23, 2023
Erika Toth - ETFs, Credentials, Strategies & Advisory Tools: Level Up Your Competitiveness
Erika Toth shares her first hand perspective about the work she's doing with advisors to assist them into the realm of top shelf wealth management. This was a comprehensive talk about the trends shaping the wealth management business, the evolution investment advisors have undertaken to become Fee-based, to earn PM designations, and to level up and grow their business, to go toe-to-toe with ICPMs (Investment Counsel PMs).
What's driving this massive change, this levelling of the playing field?
Erika Toth is the director of Institutional and Advisory for Eastern Canada at BMO ETFs. She has extensive experience in investment analysis, portfolio construction, and trading of equities, fixed income, foreign exchange, options, ETFs and mutual funds. She is known for her attention to detail and providing support and education to advisors and portfolio managers in a consultative manner.
We discuss:
- Erika's experience and background
- The size and growth of the ETF space in Canada
- The…
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Dec 19, 2022
Alfonso Peccatiello: Macro 301 – Behind today's most crucial macroeconomic, market concerns
Alfonso Peccatiello, Founder, CEO, & Macro Strategist at The Macro Compass (https://themacrocompass.com) joins us for an amazing deep dive into what is behind all of today's macro-economic and macro-market considerations and discussions. If you're interested in getting at what is at the heart of today's volatile inflation, interest rate, bond yield, and monetary policy considerations across all regions including Europe and the US, don't miss this conversation.
Alfonso Peccatiello's explanation of what is driving all macro considerations in the sobering monetary policy environment we find ourselves in today, is eye-opening. Macro Alf, (@macroalf on Twitter) as he is otherwise known across the internet, provides an eloquent and lucid view of the bewildering plumbing of the economy and markets.
Alfonso once ran a $20-billion portfolio at ING Bank, and while there, operated in the midst of personal consultations with among many others, all central bankers, central banks, and trading floo…
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Dec 16, 2022
Richard Heft: How to add gravity to your client communications
This is part two of our thought provoking conversation with Richard Heft, President and Co-Founder at EXT. Marketing, which is in my opinion, one of Canada's premier expert financial communications and marketing firms. I'm always excited to talk to Richard; he's one of those folks who talks to everyone in the business. He always has a ton of takeaways and insight to share, every time.
In part two, we talk about how advisors can add gravity to their communications with clients at a time when little else matters more. Clients are getting their statements every month and each time they do, especially these days with the rough year it's been, it's potentially a trigger for all their fears and concerns about their investments, about you their advisor, and about whether it's time for a change of direction or worse. This is the call to arms if there ever was one. It's a time to be proactive, it's a time to be sensitive, and Richard and I talk about how you can cement your brand as an advisor…
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Dec 15, 2022
Richard Heft: Markets, Inflation, and Missing the Point on ESG
We recently had a thought provoking conversation with Richard Heft, President and Co-Founder at EXT. Marketing in Toronto. We like talking to Richard as he as a uniquely qualified perspective on the entire Canadian investment industry, as one of the heads of what is arguably one of the best institutional communications consulting and production teams, now on both sides of the border. Along with EXT.'s co-founder, Jillian Bannister, Richard leads a group of communications and marketing experts working with North America's largest financial institutions.
They talk to just about everyone in the business about what's going on and all of the thought leadership that's occurring across the investment company ecosystem, and have a bird's eye view all that is happening, all of the opinions that are floating around, from all sides of the investment business.
Please enjoy our conversation and interview. This is part one of our conversation.
We will share part two of our conversation tomorrow,…
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Nov 8, 2022
132 Barometer's David Burrows: Whats What in This Stormy and Tricky Market?
David Burrows, President & Chief Investment Strategist, at Barometer Capital Management joins us for an in depth discussion on the markets, inflation, monetary policy, outlook, his base case, and exchanges his contrarian case for what possibly lies in the future vis-à-vis domestic and global economics, as well as sharing a few of his surprising ideas regarding what he's doing in the alternative investing space.
David provides the Barometer team with macro driven quantitative analysis. Covering mobile markets and asset classes, Barometer tactically manages investment portfolios, targeting structural revaluations.
David co-founded Barometer Capital Management, in 1991 after beginning his career in 1986 with the Private Client Group at Scotia McLeod. With Greg Guichon, David sits on the firm’s investment policy committee and is responsible for the overall construction and daily review of all client portfolios.
David is a frequent guest as a market commentator on CTV, CBC and BNN Blo…
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Oct 25, 2022
The Diversification Power of Real Liquid Alternatives with Jeff Evans and Travis Wetsch, TD Asset Management
Joining us to talk about how liquid alternatives and real assets are integral to diversifying portfolios against today's inflation and rising rates are Jeff Evans and Travis Wetsch from TD Asset Management.
2022 has been a challenging year so far for most investors. Falling stock and bond prices are taking a toll on investors, marking perhaps the abrupt end to a 40-year period of gains in the bond market like no other, and rates of inflation and inflation growth not seen since 1983.
With correlations in stocks and bonds climbing to 100% this year, it's been challenging, at the very least to find much of a diversification punch among traditional assets. BUT, liquid alternatives are reminding us that diversification is out there if you are willing to look into some of the more-complex, and often actively managed, parts of the ETF ecosystem.
Rising inflation, tightening of monetary policy in the form of rising interest rates, ongoing post-pandemic supply shocks which are the result of…
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Oct 20, 2022
Darius Dale & Jason Del Vicario: Are Inflation Fears Overblown?
Darius Dale, Founder and CEO, 42 Macro LLC, and Jason Del Vicario, CFA, Portfolio Manager, Hillside Wealth Management at IA Private Wealth join us to talk about the inflation outlook and debate the "weather" and whether the threat of inflation, inflationary volatility, and recession are overblown in this climate of extremely negative sentiment around both bond and stock markets.
Darius Dale and his firm, 42 Macro, now based in upstate New York, are a 'macro-quantamental' research shop which have had incredible success in disrupting the world of market and economic research with his unequalled economic research and forecasting model, which now provides top down views and signalling to literally trillions of dollars across institutional investment assets, as well as a full spectrum of asset management firms, advisors, family offices and investors of all categories.
Jason Del Vicario, Hillside Wealth Management was our guest advisor and portfolio manager panelist for this episode and he…
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Oct 19, 2022
Solving the "Nastiest Hardest Problem in Finance" – Barry Gordon and Dr. Moshe A. Milevsky
Barry Gordon, Head of Canadian Retail Asset Management, at Guardian Capital LP, and Dr. Moshe A. Milevsky, Ph.D., Professor at Schulich School of Business at York University join us to discuss how they went about solving what Nobel Laureate, William F. Sharpe, has described at the "nastiest, hardest problem in finance."
Guardian Capital made quite a splash recently, announcing their partnership with Dr. Moshe Milevsky to develop a suite of retirement decumulation solutions, that are now available as securities for investment advisors to utilize, to address the quintessential "Retirement Dilemma," which combine compelling income and growth strategies of targeted-yield and return asset decumulation, in what is definitively described as a 'Modern Tontine.'
We are in the midst of what appears to be an historical regime change, following 40 years of declining government bond yields, into new regime that won't be as friendly to investors as the last, with historically very low, though risi…
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Oct 5, 2022
128 NBI's Martin Lefebvre: Bullish vs. Bearish: Who will win the next round?
Martin Lefebvre, Chief Investment Officer & Strategist at National Bank Investments joined us for a chat to discuss the tug of war that is going on between the bulls and bears.
Our conversation begins with Martin Lefebvre's background as an economist, a portfolio manager and his rise to the CIO position at National Bank Investments. From there, we quickly segué into what's been going on in markets, sentiment, and his office's perspective on how investors should think about positioning their asset allocations for the period ahead. We also discuss in detail his team's process and the factors and data they track and use on an ongoing basis to inform their asset allocation models, as well as the inclusion of alternative investments.
2022 has been a rocky and volatile year, so far, marked by what appears to be a change in economic and market regime, triggered by inflation volatility (supply chain disruptions and a tight labour market) and rising rates (central bank tightening), war in Uk…
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Sep 22, 2022
127 What Diversification Play Tackles a Stagflation Blitz? The HRAA Playbook
Our guests on this episode are our co-hosts , Mike Philbrick and Rodrigo Gordillo. They are principals at ReSolve Asset Management Global. They happen to also be the sub-advisors to the Horizons ReSolve Adaptive Asset Allocation ETF ( HRAA:TSX ).
We talk about the chronic problem that the majority of us investors are UNDER-DIVERSIFIED. Profoundly under-diversified.
Why? Diversifiers are either 'killing it' or 'killing you.'
The problem is that effective uncorrelated diversifiers underperform during benign market periods, and therefore wind up being under-invested during volatile down market periods. This time has been no exception, as most investors have discovered.
The past two years' conversations on this show with some of the industry's most interesting and successful thought leaders has been so highly instructive on this topic.It's become obvious in all these conversations is that our fellow hosts Mike, Adam, and Rodrigo from ReSolve Asset Management not only love to talk about…
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Sep 8, 2022
126 Jason Buck: Defensive Diversification & The Cockroach Portfolio
Jason Buck, Co-Founder & CIO, Mutiny Funds joins us for a chat that may have the power to change your perspective on diversification and risk management, return and long term investing outcomes.
When unexpected major events occur, such as this year's stock and bond market rout in H122, where most or all of your supposedly diversified investments became correlated, and headed sharply to the downside, you may have been left feeling with the need to consider using a portfolio designed to protect against exogenous (COVID-related supply chain disruptions, Ukraine War), economic (inflation, rates), and or Black Swan events. We're all too accustomed with using 'offensive' assets like stocks and bonds. There is no doubt, however, that we are definitely NOT accustomed to making use of 'defensive' assets and defensive strategies that are structurally uncorrelated or negatively correlated, that can provide ballast protection and real 'balance'. What are defensive assets and defensive strategies?…
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Aug 10, 2022
125 Dividend Payers and Growers: Resilient During Periods of High Inflation and Rising Rates
We had the pleasure of interviewing Sri Iyer, Managing Director and Head of i3 Investments™ recently about what is, in our humble opinion, a seminal conversation on Dividend Investing.
2022 has been a challenging year so far for most investors. Both stock prices and bond prices have taken a beating, marking perhaps the abrupt end to a 40-year period of gains like no other, and a rate of inflation not seen since 1983.
It's time for advisors and investors to take steps to immunize their portfolios against the challenges of the current environment of inflation volatility and rising interest rates.
Investing in companies with consistent and growing dividends can provide core building blocks to grow your capital while managing risk in the current environment and over the long term, regardless of changing market conditions, including during periods of high inflation and rising rates.
Sri Iyer is among a minority of leading portfolio managers who have successfully devoted their lives to…
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Aug 3, 2022
124 Meb Faber: The Problem with Long Term Investing
Given the year 2022 has shaped up to be so far, we thought this would be a great time to catch up with one of the true luminaries of modern investing to talk about he wraps his head around successful long-term investing.
Meb Faber, illustrious co-founder and CIO at Cambria Asset Management joins Pierre and Adam to catch up on markets and investing and how he has hacked the long term investing problem.
Our conversation begins with a famous quote from another investing legend and goes from there. We get into an elemental discussion about what investors can begin to do now, where to invest, where to diversify, and how to think of setting themselves up for success going forward.Highlights, we discuss:
• Lots of people say they are long term investors, but...
• how do you set yourself for long term investing success
• what's the biggest problem in long-term investing – why?
• how can you set yourself up (what investments?) so that you can remain a long-term investor no matte…
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Jul 21, 2022
123 The Intended and Unforeseen Opportunities of ESG
ESG has gathered a lot of steam as an essential and strategic investment component for both returns, with long term positive fundamentals, and risk management.
Around roughly 1400 studies have found a positive relationship between ESG scores on the one hand and financial returns on the other, whether measured by equity returns or profitability or valuation multiples. Another factor is the cost of capital. Evidence suggests that a better ESG score translates to about a 10 percent lower cost of capital as the RISKS that affect your business, in terms of its ability to operate, are reduced if you have a strong ESG proposition.
For these reasons, publicly traded companies that are actively implementing ESG in their operations are expected to be granted a valuation and risk premium as a result 'ESG goodwill,' versus those companies doing less.
Samantha McDonald, Vice President, ESG Research and Engagement, and Jonathan Needham, Vice President & Director, Lead of ETF Distribution, at TD A…
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Jun 30, 2022
Ivana Delevska - Investment Thesis for Industrial Technology Stocks
There's a race going on in the industrial sector to modernize, technologize, compete, as well as de-carbonize.
Ivana Delevska, Chief Investment Officer, SPEAR Invest, joined us to discuss the her investment thesis and strategy, underlined by her firm's research that following roughly 5 years of underinvestment, industrial companies have significant capital expenditures in front of them to catch up on, which will lead to greater adoption of industrial technology. We get into the important developments that may make for some outsized opportunities in both the industrial and technology sectors, in the not so distant future.
Ms. Delevska is the Founder and CIO of SPEAR. She founded the Advisor in 2021 after spending 14 years evaluating and investing in industrial and industrial technology companies.
Ms. Delevska spent four years covering Multi-Industry companies at Deutsche Bank as a Vice President (2017-2018) and Gordon Haskett as a Director (2018-2021). Prior to that time, she spent 1…
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Jun 9, 2022
120 Value Stocks Are Back w/ Stephen Jenkins and Jackie Au
Every stock market correction is unique, with its own causes and consequences. There are some similarities between the current market decline and past declines.
Take today's example; following a period of speculation and excess that began in 2020, tech stocks have taken a beating, some from as early as Q2 2021. It's reminiscent of the tech rout in 2000, when value stocks outperformed technology stocks.
In fact, value stocks are outperforming, and providing both meaningful relative positive returns, across the board in this stock market rout. Value is outperforming in large-cap U.S., small-cap U.S. segments, foreign-developed stocks and emerging market stocks. If you're wondering whether this resurgence in value stocks is fleeting, it's advisable to recall that the forces that are shaping inflation and inflationary volatility are likely to outlast our expectations, our hopes.
Value investing great Stephen Jenkins, Co-CIO, and Portfolio Manager, and Jackie Au, Portfolio Manager, Sionn…
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Jun 2, 2022
Nicolas Piquard: The Lowdown on Uranium, Lithium & Carbon
Nicolas Piquard, Vice-President & Portfolio Manager with Horizons ETFs Canada, joined us to talk about the significance of accessing three key commodity-focused sectors and asset classes in the context of today's global "low-carbon" ambitions.
The biggest challenge for investors in 2022 is reconciling the need for diversification, largely in allocating more portfolio exposure to commodities and hard assets, with the fact that many of these sectors and asset classes are not aligned with responsible investing.
In this episode we explore the much-debated commodities that are expected to play a significant role in defining energy, consumption, industrial production - sectors and asset classes that could benefit from inflation, while offering exposure to the longer-term trends in renewable energy and carbon emission reduction.
We get into the nuts and bolts of how investors can more effectively align themselves with inflation using commodity-focused thematic strategies focused on the pot…
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May 26, 2022
Key Investment Themes in Tumultuous '22
Mark Noble, Executive Vice President, ETF Strategy joins us to discuss the reasons markets have become so fragile in the wake of COVID, the inflation trend, rising rates and the war in the Ukraine which are defining the beginning of perhaps a new economic and market regime, and giving sharp definition to a number of key investment themes.
We discuss the investing climate, and thematic investment trends and opportunities, some of which are still in their infancy, and some that are more mature, but have been made all the more enticing post this year's tumultuous first trimester and stock market's profound volatility and correction.
We hope you find the discussion insightful and useful.
Where to find Mark Noble:
Mark Noble on Linkedin
Thematic ETFs Mentioned:
HURA - Horizons Global Uranium Index ETF
HLIT - Horizons Global Lithium Producers Index ETF
HMMJ - Horizons Marijuana Life Sciences Index ETF
CHPS - Horizons Global Semiconductor Index ETF
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May 25, 2022
Does Seasonal Rotation Work?
Brooke Thackray, Research Analyst, Horizons ETFs Management, and Kim Inglis, Portfolio Manager at Raymond James Canada join us for a fascinating deep dive looking at 'seasonal rotation' investment strategy, the revealing and repetitive behavioural patterns that define key undercurrents in markets, and how he approaches the nuanced task of navigating annual seasonal uptrends and downtrends across a variety of equity markets, equity sectors, the bond market, and other asset categories.
Brooke Thackray provides the research and analysis that guides the Horizons Seasonal Rotation ETF, ticker HAC. We quickly set aside the question of "How has the Seasonal Rotation strategy worked?" and get into the nuts and bolts of Thackray's research and implementation – "How do you do it?"
It's noteworthy to mention here that HAC is Canada's longest tenured actively-managed, multi-asset strategy ETF.
What you'll discover is that Thackray's approach to seasonal rotation, and the technical analysis wo…
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May 3, 2022
115 Canadian ETF Trends 2022 Update w/ Ronald Landry, CIBC Mellon
Ronald Landry, Head of Product & Canadian ETF Services at CIBC Mellon joined us for a look at the trends and developments that are shaping the growth of the Canadian ETF industry. Landry has been in the Canadian investment management industry for nearly 30 years, spending the past most recent 20 years in the once-nascent, and now flourishing ETF industry.
Markets have gotten off to a rough in 2022, and we've just been through some pretty tumultuous, AND exciting times during the last two years, and what were until the end of 2021 pretty hot investment markets. From his unique position at the centre of the Canadian ETF industry, Landry shares his thoughts on what he is most excited about, what's changing, and what's new.
We discuss some of the biggest trends driving the Canadian ETF space – What's been expanding, what's been receding, the fastest growing segments, and some insights on flows and investor behaviour.
Our conversation turns as we get into how the change in regime that…
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Apr 20, 2022
113 Eric Balchunas' The Bogle Effect
Eric Balchunas, Bloomberg's Senior ETF Analyst joins us for a conversation about his journey and discoveries in the course of writing "The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions."
Eric has a unique perspective as a senior ETF analyst at Bloomberg Intelligence, having researched and analyzed the Bogle Effect extensively. He is able to combine his data with interviews with Jack Bogle himself and over 50 people who knew him well, including Warren Buffett, Micheal Lewis, Cathie Wood, Cliff Asness, John Bogle Jr., Brad Katsuyama, Gus Sauter and Jason Zweig.
One of Balchunas' big takeaways is the revelation that passive investing and index funds are not to blame for the rise of passive investing, as they would not have been a big deal without Vanguard's structure, in the first place.
The Bogle Effect is a biography, analysis, and how-to guide with Balchunas as your tour guide. Through his experiences and insights, Balchunas he…
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Apr 7, 2022
112 Andrew Beer on Simplifying Managed Futures and Liquid Alts Exposure
Our very special guest Andrew Beer, has a fascinating background and career in finance. He is a managing member at Dynamic Beta Investments, one of the oldest firms doing liquid alternatives. Their mission is to sponsor and roll out ETFs that look like managed futures (CTAs) and hedge funds, except with full transparency, liquidity, and none of the high fees.
Dynamic Beta Investments' approach is both unique and fascinating, which brings Jack Bogle's philosophy to the managed futures (CTAs) and hedge fund space.
If you’re looking to liquid alts or manage futures and want to learn more about how these things work, stay tuned, you’ll find this to be an enlightening and insightful conversation.
========================Where to find Andrew Beer:
Andrew Beer on Linkedin
Andrew Beer on Twitter
Dynamic Beta InvestmentsRelevant publications:
It’s Time to Clean Up Managed Futures Mutual Funds
Liquid Alternatives - 2.0
How Hedge Funds Became the New Fixed Income Substitute
======…
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Mar 29, 2022
111 Investing in Technology Leaders of Today and Tomorrow in 2022?
Technology stocks have had a rough start to date in 2022, and currently remain in and around correction territory after temporarily slipping into bear market territory just a few short weeks ago, as measured by the Nasdaq 100 index.
Vitali Mossounov, Portfolio Manager and Global Technology Analyst, and Jonathan Needham, Vice President of ETF Distribution, at TD Asset Management joined Pierre Daillie to talk about how the external financial conditions of rising rates have led to this pullback year-to-date, despite blockbuster corporate earnings reports for the end of 2021.
We discuss the fundamental underpinnings for the strong mega-cap bellwether technology stocks, such as Apple, Microsoft, Google, and Facebook, found in the TD Global Technology Leaders Index ETF (TEC), and higher-growth technology innovators such as AMD, Broadcom, Crowdstrike, and Shopify, found in the Global Technology Innovators Index ETF (TECI).
Vitali Mossounov and Jonathan Needham provide their thesis and thou…
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Mar 21, 2022
110 Hugh Hendry: War Europe Inflation U.S. China Dislocations Bonds Equities Carbon Metaverse
Hugh Hendry, The Acid Capitalist, Macro-Advisor, and Founder of Eclectica Asset Management, joins us for a creative and critical, hot-take filled conversation.
=========================================HIGHLIGHTS
=========================================
- Blunderer Putin's absurd personal ego-fueled tragic war on Ukraine
- Europe caught on the backfoot
- Inflation, what it is and is this it, yet?
- Natural gas, Pipelines
- Gold
- the unbalanced symbiosis that is U.S.-China trade, currency and policy malaise
- the realities facing the bond market
- bifurcation and dislocation in markets
- the crisis and opportunity in equity market 'glitches'
- the Carbon Credit system, how it works, how it can work, and it's inevitable future value,
- the meaning and significance of 'The Metaverse' and NFTs and why and who it matters to.
=========================================Where to find Hugh Hendry:
=========================================
Hugh Hendry Official on Youtube
[Downloa…
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Mar 8, 2022
109 Kim Shannon: Value Investing, Inflation & Canadian Equities
Kim Shannon, Founder & Co-CIO, Sionna Investment Managers, joins us on Raise Your Average for a very enjoyable and insightful deep dive conversation about value investing, that value is an inflation/reflation trade, and has some advice for stock investors heading into 2022. The Canadian market is undervalued right now and there's a lot of opportunity for investors to take advantage of in the new year.
Today is International Women's Day and in honour of that, we are excited to serendipitously feature our conversation of February 14, 2022 with Kim Shannon, one of Canada's brilliant value investors.
Our conversation begins with Kim Shannon sharing some of her early experiences as a value investor, and notably as one of the very few 'first' women in Canadian capital markets to have the courage and the conviction to follow her dream as a value equity portfolio manager. She so humbly describes the journey, and the hard work that led to her meteoric rise into the pantheon of Canadian equity…
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Mar 1, 2022
108 Hugh Hendry: Big Macro Fault Lines
Hugh Hendry, a.k.a. The Acid Capitalist, and Founder of the award winning hedge fund management firm, Eclectica Asset Management, joins Pierre Daillie and Joseph Lamanna for over 90 minutes, in a hot-take filled and hilarious-at-times conversation deep in critical and paradoxical thinking about the past and current geo-politics of Russia and China, the QE and disinflation-fueled equity and bond bull markets, the dynamics of oil and natural gas in the context of both pre-inflation concerns and the ultimate exogenous energy threat to Europe, his unique perspective on the impact and opportunity presented by the carbon permit/credit market, as well as his take on the now flaring Russia/Ukraine conflict we are witnessing.
Our conversation is an exploratory journey around the geo-political world. Hendry identifies the chasms that are opening up the fault lines between Russia and the Western World, China and the U.S., the shift from Quantitative Easing to Quantitative Tightening, and what th…
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Feb 15, 2022
107 2022 ETF Market Review and Macro Landscape with Daniel Straus, National Bank Financial
Daniel Straus, M.Fin, Ph.D., Director and Head of ETF Research and Strategy, at National Bank Financial joins us for a full bodied conversation about the North American ETF ecosystem and macro landscape.
Highlights
* Daniel's background in engineering, technology & finance
* How the ETF landscape has changed in 12 years
* Observation that ETFs have become a game changer, the dominant solution - but already people are talking about what the 'next thing' will be. Direct indexing, DeFi, etc.
* Canadian ETFs are $350-billion, about 1/20th of the $7-trillion U.S. ETF market. Canadian adoption is accelerating as we catch up with the U.S. adoption, but Canadian tax efficiency is not as favourable as in U.S. and that may be part of the reason adoption trailed.
* How ETFs are being used by advisors, how factors are sometimes substituted for sector bets in diversification, how ETFs have democratized access to liquid alts
* Mutual fund companies are entered the ETF business and stro…
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Feb 9, 2022
106 Making Sense of Sustainable Investing with Jon Aikman & Dr. Sean Cleary
Jon Aikman, Portfolio Manager, at ReSolution Investments and Dr. Sean Cleary, Chair of the Institute for Sustainable Finance, at Smith School of Business at Queen's University join us for a deep dive concerning ESG, the intended and controversial unintended consequences of ESG, ways of thinking about the definition and implementation of ESG investing, impact or sustainable investing, from the angles of both risk management and investment opportunity, and the key differences between top-down (passive) and bottom-up (active) ESG investing. We also get into their unique perspectives and examples of how investors, and the advisors who serve them, can meaningfully approach ESG, SRI, or impact investing, for those wanting to know how they can align their investment strategy with their personal, or institutional views, values, and desires.Where to find our guests:
Jon Aikman on Linkedin
ReSolution Investments / ReSolve Asset Management
Dr. Sean Cleary, Chair, Institute for Sustainable Fina…
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Feb 3, 2022
105 How ETFs Are Changing the Way We Invest with Deborah Fuhr, ETFGI
Deborah Fuhr, Founder & Managing Partner, ETFGI joins us for a fireside chat about the work she is doing to further the evolution of the ETF industry. To begin, Ms. Fuhr sheds some light on the arc of her career. It's an 'aha moment' and it is her work history and background that provides an enlightening answer to the question "Who is Deborah Fuhr?"
From her early days at Greenwich Associates to her rapid ascent to the high echelons of Wall Street and The City in London, we get to understand from her why she was ultimately motivated to launch ETFGI, and her mission. She also launched Women in ETFs to bring together people in the ETF industry across the globe to champion our goals of actively choosing equality, diversity, and inclusion.
Deborah Fuhr has a had a front row seat in the investment, and ETF business, since it's beginnings, in executive roles, leading teams at Morgan Stanley and Blackrock/Barclays Global Investors, specifically in the earliest days of the first prominent ET…
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Jan 26, 2022
104 Kim Shannon: Inflation, Value Investing & Canada Now
Kim Shannon, CFA, Founder & Co-CIO, Sionna Investment Managers joined us for deep dive of a fireside chat on her career and perspective as a value manager, investing, inflation, the reflation trade, and why the current leg in the economic cycle is a favourable backdrop for Canadian equities.
Kim reflects on her career history – her beginnings as a value manager under the wing of her early mentor at Royal and Sun Alliance, investing legend, John Di Tomasso, in the early 80s. She describes her investing journey, the application of her knowledge and her own proprietary take on value investing, and how she and her associates subsequently turned an old then $40-million AUM fund into Canada's largest equity mutual fund, which earned her the reputation as one of Canada's pre-eminent market wizards.
The last ten years however have seen the hollowing out of value fund AUMs against growth and momentum, and Kim Shannon, no stranger to the challenges of competing against the market, candidly a…
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Jan 24, 2022
103 Crypto: Still Early Innings with Ric Edelman
Ric Edelman, Founder, DACFP (Digital Assets Council of Financial Professionals & Edelman Financial Engines, the largest independent U.S. RIA firm joins us for 80 minutes to discuss his thoughts on Crypto, Bitcoin, Ethereum, and Blockchain.
Ric Edelman shares his history in the financial industry as the founder of Edelman Financial Engines, and as founder of DACFP, the Digital Assets Council of Financial Professionals, which he founded more recently to address the growing needs advisors have to level up their awareness and knowledge of the transformational 'Crypto' asset class.
In our conversation, Mr. Edelman provides an excellent overview and understanding of the most important components of the cryptocurrency and blockchain space.
He warns advisors to not be caught on the back foot when they are advising clients on whether or not e.g. Bitcoin is an asset they should or should not consider adding to their portfolios.
Currently 17% of all Americans own some bitcoin, and it's popula…
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Jan 17, 2022
102 A Sea of D's in 2022 w/ Darius Dale and Mary Hagerman
Darius Dale, Founder & CEO, 42 Macro LLC, and Mary Hagerman, Portfolio Manager, Raymond James (our guest advisor panelist) joined us on Raise Your Average for a full market macro overview. Darius Dale takes us through the inner workings of his and his firm's "GRID" macro framework as well as macro-forecast modelling framework. We discuss his outlook at the time for the markets and economy, and the inflationary and simultaneously, deflationary dynamics that are causing confusion surrounding whether inflation might be pernicious or temporary.
The key takeaway from this conversation is that we are likely entering a period of heightened volatility as the market reacts to what could be a temporary inflationary pulse, as Dale's framework suggests there is a "sea of D's" or (D)eflationary signals in 2022. It remains to be seen what the half-life could be of a 'reflation' trade (that favours for example value stocks vs. growth stocks) as we progress to toward the second half of this year.
Da…
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Jan 13, 2022
Ep. 100 Multi-Asset Strategies: Making Your Money Work Harder and Smarter
Michael White, CFA, Portfolio Manager, Multi-Asset Strategies at Picton Mahoney Asset Management joins Pierre Daillie to discuss how taking a multi-asset/multi-strategy approach to diversification - using alternative strategies that don’t rely on stock and bond markets rallying - can potentially help diversify the risks that investors are taking in the market and enhance the quality of returns in portfolios.
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Jan 6, 2022
99 Huber's New Almanac of Alternative Investments
Phil Huber, CIO, Savant Wealth Management, based in Chicago, joins us for a deep dive on how advisors can thoughtfully and successfully implement alternatives to gain a competitive edge in portfolio construction. Phil is a former award-winning advisor, was appointed CIO, at Savant following the merger of Huber Financial Advisors and Savant Capital, which forged their $8-billion Chicago-land behemoth Savant Wealth Management RIA two years ago.
Recognizing that there was a massive proliferation of alternative investment vehicles, he decided to publish a tour-de-force guide that provides detail, reference, and rich insights on understanding how and why the universe of alternative investments available today fit into today's traditional retail investment portfolios.
Today's capital market assumptions (CMAs) show that investors must either lower their forward expected investment returns forecasts or learn how to productively use alternatives to augment total return and mitigate the risks…
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Dec 23, 2021
97 Preet Banerjee - What is Advice Worth?
Preet Banerjee, Founder and CEO of MoneyGaps (https://moneygaps.com) joins us for a deep dive into the topic of the value of financial advice, and he has been researching the answer to the question, "How do you quantify the value of financial advice?". This is a quintessential question, and the answer is not simple. We get into an eloquent and well explained conversation about the different qualitative and quantitative components that make up that value. As pretext, Preet Banerjee is in the process of completing a Ph.D. on this very subject of how to quantify the value of financial advice (across all advice channels).
In addition, Preet recently founded MoneyGaps.com (2019), a software service for financial advisors to help them deliver a lighter, but more holistic planning experience for Canadians who may not have millions of dollars. He explains how his company's Hybrid Advice Software-as-a-Service platform can be used by Canadian Advisors to bridge their ability to do business acro…
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Dec 15, 2021
96 New Ways to Optimize Retirement with David Blanchett & Michael Finke Ph.D.
David Blanchett, Head of Retirement Research at $1.5-trillion AUM, PGIM (Prudential) and Dr. Michael Finke, Ph.D., Professor of Wealth Management, The American College, join us for a deep dive discussion into the challenges facing retirees, new ways of thinking about retirement and longevity, and new solutions advisors can use to help their clients optimize funding retirement income liabilities in this low rate, low yielding, & historically sky-high equity valuation environment. They answer the question, What are some of the newer ways retirees can approach this conundrum?
The concurrence of demographic waves, economic and market conditions, equity valuations and bond yields, have culminated in a situation that leaves many investors nearing or at retirement, cornered by a limited number of effective, and not-so-effective, investment income generating options, ranging from moderately risky, to highly risky. There's a great deal to consider, and we get into a profound look at all of the…
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Dec 9, 2021
95 Mary Hagerman: The Black Belt Advisor
Mary Hagerman, accomplished, award-winning Investment Advisor, Portfolio Manager, and best-selling author of 'The Black Belt Investor', at Raymond James, based in Montreal, joins us for a fireside chat. Our conversation spans from Mary's early career, her longstanding desire to implement true fiduciary financial planning in what was a traditional, transactional stockbroker/advisor driven business, to evolving her practice into a fee-based, discretionary portfolio management business model that allowed her to fulfill her career aspirations. The takeaway: It wasn't easy. There were numerous people, industry biases, and conflicting interests and challenges that could have just as well succeeded in dashing those hopes. But, there were also great mentors, and along her journey, her love and learning of martial arts (which inspired her to write her aptly titled book), which helped to embolden her resolve to become the wealth manager she is today.
In the midst of the mass financial trauma of…
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Dec 1, 2021
94 Jeff Bradacs: How Market Neutral Strategies Fit Into Investor Portfolios
Jeff Bradacs, CFA, Portfolio Manager, Picton Mahoney Asset Management joins Pierre Daillie to discuss how a market neutral strategy can help keep Mr. Market quiet, especially in today’s economy and market that is transitioning from a high-growth, early-cycle recovery stage to a slower-growth, mid-cycle environment. Jeff breaks down how a market neutral strategy generates returns through stock selection, where he and his team are finding opportunities and what they see in the macro environment.
Where to find Picton Mahoney Asset Management:
Picton Mahoney
Picton Mahoney Insights
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Nov 24, 2021
93 Mike Green: Stock Markets Are Less Efficient, and More 'Inelastic.' What does that mean?
Michael Green, Michael Green, Chief Strategist at Simplify Asset Management joins Pierre Daillie and Adam Butler for a revealing conversation about his thesis that stock markets are less efficient and more 'inelastic' because of the proliferation of passive index investing over the last few decades, and what that means. His thesis and research, now corroborated and examined by academic studies, labelling it as the 'Inelastic Market Hypothesis,' by Xavier Gabaix and Ralph Koijen, Jean-Philippe Bouchaud, and Valentin Haddad, shine a bright new light on how and why markets are displaying increasingly violent and rapid bouts of volatility, that may intensify over the coming years and decades.Research mentioned in the conversation:
In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis (Gabaix and Koijen)
The Inelastic Market Hypothesis: A Microstructural Interpretation (JP Bouchaud)
How Competitive is the Stock Market? (Valentin Haddad)
Robin Wigglesworth'…
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Nov 16, 2021
92 Simplify's Michael Green: The Un-Consensus on Today's Macro & Inflation
Michael Green, Chief Strategist at Simplify Asset Management joins Pierre Daillie and Adam Butler for a blockbuster of a conversation about his macro view of the economy, inflation, markets and the dynamics of today's equity and fixed income markets, as well as his in depth view that stock markets are less efficient and more 'inelastic' due to the proliferation of passive index investing, and what that means.
Our conversation begins with Michael setting the stage for the entire conversation by describing how and why the 70s inflation occurred. [5:00] Instead, with the power of historical hindsight and investigation of all data from that period, Michael eloquently describes in non-jargony fashion what actually happened and provides a deeply profound view of how the economy works and how it worked then, and asks the thought -provoking rhetoric to shift our perspective on what we should be looking at if we want have a true look at what is happening.
Then [19:35] Michael explains his vie…
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Nov 10, 2021
91 SIACharts' Paul Kornfeld on Actionable, Investment Decision-Making Tools, At Scale, for Advisors
Paul Kornfeld, CFA, President of SIACharts joins Pierre, Mike and Rodrigo for a deep dive into the capabilities of his firms powerful proprietary Investment Advisor platform, SIACharts encompasses a suite of tools advisors can use to efficiently make comparative decisions across all individual North American Stocks, ETFs and Canadian Mutual Funds.
We get into the nuts and bolts of what makes the SIACharts platform tick. For starters, SIACharts carries out 10-billion calculations each trading day to provide cross securities analysis across roughly 10,000 securities. The tool enables advisors to make rapid calls between securities based on SIACharts proprietary Relative Strength Analysis (not to be confused with Technical Analysis' Relative Strength Indicator)
Advisors can easily make pair-trading distinctions between stocks, Canadian and US ETFs and all Canadian Mutual Funds on a adhoc basis, compare entire stock, ETF and mutual categories and sector and factor strategies, or across e…
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Nov 3, 2021
90 Canada's Leading VC: Back From the Brink & Keeping Canadian Innovation Canadian
John Ruffolo, Founder and Managing Partner at Maverix Private Equity, joins us for an full hour conversation. Our conversation begins with Ruffolo recounting his near-catastrophic brush with death last Fall, when he was struck from behind by a jack-knifing Mack truck hit him while cycling, and his subsequent and arduous 30-hours per week recovery regimen.
Our conversation then turns to the long standing issue of the trend of the historical Canadian brain and IP drain. Ruffolo shares his profound views and passion about Canadian innovation, and the mission he, his partners, and their advisors are on to discover, invest and capitalize Canadian companies in the disruptive innovation space, so that ultimately, their intellectual property remains ours, remains Canadian. Ruffolo is famously credited with the funding, expansion and growth of Shopify into a home-grown Canadian e-Commerce powerhouse, as well as Hootsuite, among others. Ruffolo also shares his ideas and outlook on what are the…
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Nov 2, 2021
89 Unlocking Total Return & Yield From Dividends, Growth, and Options with Ben Gossack and Trevor Cummings, TD Asset Management
Ben Gossack, VP & Director, Portfolio Manager, and Trevor Cummings, VP, ETF Distribution, both from TD Asset Management (TDAM), join Pierre Daillie for a deep dive discussion about the innovative ways the asset management team at TDAM are enhancing investment income without sacrificing total return in their enhanced dividend income strategies.
In the conversation, Ben Gossack, lead portfolio manager on TDAM's enhanced dividend strategies, details how he and his team actively manage their core 'dividend-growers' stock selection strategy, which comprises at least 70% of holdings in their ETFs, while integrating a less constrained, 'unlocked' investment process that also involves layering in notional and direct holdings in non-dividend paying secular growth names, e.g. Amazon and Square, for up to a maximum of 30%.
Ben and Trevor further detail the mechanics of the unique feature of TDAM's enhanced dividend income strategy which is the addition of the important second and third layer of…
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Oct 23, 2021
88 ESG: What Difference Does It Make?
There is clearly a lot of scepticism about the validity of ESG? So why is ESG happening, and exactly who cares about it?
In this episode, we invited three thought leaders in the field of ESG and responsible investing to demystify the meaning and the significance of ESG.
For example, does it really matter if you agree with it or not? It doesn't. Your clients however may feel differently, and if you're not talking to them about it, chances are they are going to talk to someone else about it.
The whole idea of responsible investing has gotten distorted by virtue of it's own success.
We have a straightforward discussion here around the three dimensions of ESG that DO matter, rather than entertain a debate about aspects that don't actually matter.
Pat Posteraro, Portfolio Manager, at Desjardins Global Asset Management, Nicola Fritz, Portfolio Specialist, at London-based IMPAX Asset Management, and Deborah Debas, Specialist, Responsible Investment, Desjardins join us for a clear-eyed co…
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Oct 14, 2021
87 David Rosenberg: Take Off Your 'Rosie' Coloured Glasses
David 'Rosie' Rosenberg joins us for 98 minutes to discuss his latest outlook for the economy, bond and equity markets, and two of his current investment recommendations.
We jump right in to David Rosenberg's outlook for the economy and markets. [1:24] Setting the stage for what's to come in our conversation David Rosenberg describes the conditions he thinks are likely to occur and what that means for the economy and markets. At 38X valuations he says the temptation to get in the market in equity markets is high, and shares two of his top ideas on where to position in the bog of uncertainty, thematically. He points to attractive market segments in terms of expected returns going forward.[5:52] and shares his rationale for this top ideas [9:50] including his views on long bond yields.
Mike asked David if he could explain backup in the yield curve.[11:19] David goes on to explain his thoughts on the ab and flow of US treasury yields [12:43] and describes his agreement with Jerome Powel…
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Oct 13, 2021
Ep 86 Jeffrey Sherman – Macro-View: How to Protect and Profit in This Bizarre Market
Jeffrey Sherman, Deputy CIO, DoubleLine Capital joins us for nearly 90 minutes on all things investing, and how he's navigating this bizarre market. Our discussion turns to positioning fixed income, equities, commodities, real assets, as well as getting into the nuts and bolts of how he manages money at DoubleLine Capital. To begin, Jeffrey talks about his career path [1:27] and then we get into his expectations for the economy, markets, rates, wages, housing and Inflation among other things [6:20], [6:42] and explaining why the inflation picture is much more difficult to distill [13:04]. Jeffrey Sherman points to where investors can think about repositioning some of their 40% fixed income sleeve [15:14] for example, right now "It's not a High Yield at that point, it's just yield.," says Sherman.[19:07] Our conversation then turns to commodities [21:20] the bottlenecks [28:19], backwardation [30:00], as well as precious metals [32:23], and ESG's role [34:30]. We go on to talk about J…
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Oct 12, 2021
Ep 85 Return Stacking: Strategies for Overcoming a Low Return Environment
Adam Butler, CIO and Rodrigo Gordillo, President, of ReSolve Asset Management Global join Pierre Daillie, from AdvisorAnalyst.com for an amazing discussion about ReSolve's latest research paper, "Return Stacking: Strategies for Overcoming a Low-Return Environment."
In our discussion we cover the following points on this novel investment concept of portfolio construction:
- Stretched valuations in equities and fixed income imply depressed returns and higher potential volatility for traditional portfolios.
- Reaching for yield or increasing exposure to pro-cyclical assets may help compensate for low expected returns, but can increase portfolio risk.
- Reducing exposure to equities and bonds to accommodate non-correlated assets or alternative strategies may reduce risk, but at the expense of lower potential returns and painful tracking error.
- We introduce a novel investment concept, accessible to all investors, which is designed to seek higher returns with less risk and low trackin…
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Oct 7, 2021
Ep 84 The Future of Advisor Marketing Today with Richard Heft and Andrew Broadhead
Richard Heft, President, and Andrew Broadhead, Head of Content, at EXT. Marketing, and co-authors of the bestselling guide, The Ascendant Advisor, join us to talk about how advisors can transform their practice into a competitive business magnet in today's digital world. If you're an advisor, then this conversation is entirely all about how you can change the way your new clients find you, find out about you, and get to know you, so they're familiar with you, well before they meet you. It's also just as much about how you can widen the scope of your existing client relationships, to build stronger bonds with them, to let them further into your realm, so that you become more referable, in ways you might not have imagined.
Investment advisors spent the better part of the last 18 months successfully maintaining and growing their businesses, mostly from within their existing client bases. It's apparent COVID-19 forced us on to every digital platform out there. Now we use Zoom, Webex, and…
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Oct 1, 2021
Ep 82 Phil Mesman: Event-Driven Credit Investing
Phil Mesman, lead fixed income portfolio manager at Picton Mahoney sits down with Pierre Daillie to discuss credit investing, a widely underrepresented category of alternative fixed income in Canada.
They discuss the current challenges long-only bond investors face and why today’s environment has presented an unprecedented need to think alternative when it comes to your fixed income book. Mesman gets right under the hood of Special Situations credit investing and provides his thoughts on a real time event, the Evergrande situation.
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Sep 23, 2021
Ep 80 Jeffrey Sherman, DoubleLine Capital - Macro Outlook – How Should Investors be Positioning?
Jeffrey Sherman, Deputy CIO of Los Angeles-based DoubleLine Capital, which manages $137-billion in AUM joined us for an hour-long chat last week.
He is DoubleLine's lead portfolio manager for multi-sector and derivative-based. He also oversees all of DoubleLine's investment teams and strategies. Sherman was named by Money Management Executive as one of the "Ten Fund Managers to Watch" in 2018. He began his career at TCW where he focused on fixed income and real asset portfolios.
We discuss his career, his beliefs, as well as diving into his macroeconomic and market outlook, his outlook for fixed income, and how investors looking for better yield and ballast can position in this market where traditional government bond yields are at historic lows, and bond and equity valuations are at all time highs.
"We are in bizarro world," says Sherman. "You have this idea that you have some of the highest inflation prints we've seen. And if you strip out the commodity prices and look at core inf…
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Sep 20, 2021
Ep 79 Pt. 1 Annamaria Testani - Creating Value as an Advisor Through 'Active Listening'
Annamaria Testani, Senior Vice President, National Sales at National Bank Investments leads us in an enlightening conversation about developing a client communication journey that can have a dramatic positive impact on raising the value of your stock as an advisor with each and every client.
As an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always been a significant challenge you've had to overcome. So, how can you set yourself apart, how do you differentiate your offering, today, to be successfully competitive?Creating Value as an Advisor Through Active Listening
In the first segment of this three part series, Annamaria defines the art of active listening, and provides clear guidance on how active listening can elevate the quality and stickiness of your relationships with your new and long-time clients,…
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Sep 20, 2021
Ep 79 Pt. 2 Annamaria Testani - Reframing and Defining Your Value as an Advisor
Annamaria Testani, Senior Vice President, National Sales at National Bank Investments leads us in an enlightening conversation about developing a client communication journey that can have a dramatic positive impact on raising the value of your stock as an advisor with each and every client.
As an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always been a significant challenge you've had to overcome. So, how can you set yourself apart, how do you differentiate your offering, today, to be successfully competitive?Part 2: Reframing and Defining Your Value as an Advisor
As an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always be…
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Sep 20, 2021
Ep 79 Pt. 3 Annamaria Testani - Always be Adapting Your Value to Conquer Disruptive Change
Annamaria Testani, Senior Vice President, National Sales at National Bank Investments leads us in an enlightening conversation about developing a client communication journey that can have a dramatic positive impact on raising the value of your stock as an advisor with each and every client.
As an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always been a significant challenge you've had to overcome. So, how can you set yourself apart, how do you differentiate your offering, today, to be successfully competitive?How to Adapt Your Value to Conquer Disruptive Change
As an advisor you're operating in a field along with thousands of your competitor peers. The investment industry is becoming increasingly commoditized in terms of its offerings of solutions. Setting yourself apart from the field has always been…
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Sep 14, 2021
78 Justin Castelli on Personal Brand Building for Advisors & Onramp
Justin Castelli, RIA, founder of RLS Wealth Management joins the RYA Crew to talk about his very successful journey in personal brand building as an advisor, that began when he established his own RIA, after being an advisor for 10 years. Justin talks about when and how he decided to use the power of blogs, video and podcasts to create a strong persona that reflected his values, personality and knowledge, and grew the footprint of his Indiana-based firm from local to nationwide.
Since then, Castelli has widened the scope of his work to co-developing The AGC Community (Advisor Growth Community) an advisor marketing peer group that meets on a regular basis to exchange marketing and process experiences with one another. Justin has been a featured guest speaker at some of the world's largest financial conferences where he has shared his experience with personal brand building with thousands of advisors.
This year, Castelli was recruited to join the team at Onramp Invest, a company founde…
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Sep 7, 2021
77 Nicolas Piquard on The Bull Case for Uranium (and Uranium Stocks)
Nicolas Piquard, Vice President, and Portfolio Manager at Horizons ETFs joins us for a thorough and insightful discussion on the bull case for Uranium and Uranium producers. In addition to co-managing the Horizons ETFs lineup of Covered Call ETFs, Nicolas Piquard also manages the Horizons Global Uranium Index ETF (ticker: HURA) which consists of holdings in the world's leading Uranium producers, such as Cameco (Canadian) and Kazetomprom (Kazakhstan-based) as well as positions in the hard commodity itself.
Our conversation with Piquard bridges the wide ranging gap in sentiment for Uranium itself over the last decade since the Fukushima disaster, to the climate change débâcle which is resulting in global shortages of the nuclear fuel. Ironically, while there has been much controversy surrounding nuclear power over the last decade, it is starting to become apparent that nuclear power generation holds some of the integral keys to solving the secular drive to de-carbonize the world. We g…
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Aug 25, 2021
76 Matt Hougan on What Bitcoin Does to Portfolios
Matt Hougan, CIO, Bitwise Asset Management, joins us for a conversation about how Bitcoin, Ethereum, and other cryptoassets are set to transform the financial marketplace. Hougan's firm was the first-to-market asset management firm to make managed crypto-assets accessible to advisors and other investment professionals, with its Bitwise 10 Crypto Index Fund (BITW) as well as a stable of innovative and disruptive fund and ETF exposures to Bitcoin, DeFi, Ethereum, Uniswap, and Aave.
Matt first established himself in his early career as the lead go-to authority on ETFs, as CEO of ETF.com (formerly IndexUniverse.com), where he tirelessly advocated on the power of ETFs to transform the global investment marketplace.
Now, his experiences, and his insights from the ETF revolution serve as the guideposts to how the nascent Crypto and DeFi disruption could unfurl, into a new system and future financial standard.
Several years ago, after selling ETF.com, and on his journey to discover what the…
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Aug 18, 2021
75 Wade Guenther on An Innovative Approach to Investing in Gold (Raise Your Average)
Wade Guenther, Partner, at New York-based Wilshire Phoenix, who spent the better part of his early career at Horizons ETFs Canada and sister U.S.-based company, Global X ETFs, joins us to discuss the real assets markets, commodities, gold, bitcoin, and inflationary pressures that are shaping the macro-landscape. We discuss Wilshire Phoenix's innovative new take on a way investors can strategically invest and diversify into gold, that reduces the normal volatility of participating in the barbarous relic, and enhance long-term returns.
Gold is typically viewed by investors as a tactical allocation, something you want to own when you need to own it. That way of thinking comes with the problem of trying to correctly time gold ownership as part of a portfolio.
Guenther explains how strategically owning gold in a way that makes it easier to keep owning gold as a permanent long-term strategic holding in portfolios was an aspect that was absent the market. Whether you believe it or not, the…
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Aug 11, 2021
Ep. 74 Eric Crittenden on The Magic of All-Weather Investing
Eric Crittenden, CIO, Standpoint Asset Management joins us to talk about how portfolios can be constructed to withstand or survive a variety of market shocks and regime changes, as well as and all importantly provide potentially superior long-term equity like returns.
In a regime where market shocks have a tendency to send most risk assets' correlations to 1, how and what do you combine in a portfolio that will greatly reduce 'sequence of returns' risk, survive the behavioural risk of wanting to exit at the wrong time, and superior long-term outcomes?
Believe it or not, most investors are wired to dislike diversification, especially when it's done correctly. A thoughtful perspective and approach is required to re-wire our lizard brains. For advisors, true diversification represents short term career risk; for investors, it leads to a minefield of impatience and potentially dear behavioural mistakes. We dive into the realm of All-Weather investing, how it works, and how to think about…
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Aug 4, 2021
Ep. 73 Atul Tiwari on The Case for Investing in Fine Wine as an Alternative Asset Class (RYA Edition)
Atul Tiwari, CEO, Cult Wines Canada joins us for a delightful and captivating conversation on the inner workings of the world of investable and collectable fine wine (for starters, think first-growth left-bank Bordeaux's), and of Cult Wines Canada's (his latest foundling) work to bring the world of investable fine wine to the Canadian market. Atul Tiwari is the former founding President of BMO ETFs and former CEO of Vanguard Canada, which grew to $30-billion in assets, before his departure at the end of 2018.
Since his departure from from the top role at Vanguard Canada, Tiwari went on, in March 2021, to co-found Cult Wines Canada, the joint venture with Cult Wines UK, and its Global CEO, Tom Gearing, to bring the exciting opportunity of investing in investment grade fine wines, which represent roughly only 1% of the world's annual production, to Canadian investors.
Cult Wines UK is the rapidly-growing and well known UK-based investable wine boutique investment firm with $300-million…
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Jul 29, 2021
Ep. 72 Steve Hawkins – The Secret Sauce of Horizons ETFs (Raise Your Average)
Our conversation with Steve Hawkins, President & CEO, Horizons ETFs Canada. 'Hawk' begins by taking us on the journey from his humble beginnings on Bay Street all the way to his appointment as Head of Horizons ETFs. We talk about the culture of openness, candor, and enthusiasm he has fostered at Horizons, and of their willingness and drive to push the envelope on identifying and launching ETF solutions well ahead of the s-curve like fruition of their underlying markets.
These include making some of the lowest cost index-based ETFs available to investors; being the first to work with active portfolio managers to develop some of Canada's earliest and/or most advanced actively-managed ETFs such as Horizons ReSolve Adaptive Asset Allocation ETF (HRAA), Horizons Seasonality ETF (HAC), as well as its numerous enhanced income 'covered call' and active fixed income mandates; boldly developing some of the most progressive and wildly successful thematic investment ideas like Canada's first Mari…
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Jul 19, 2021
Ep. 71 'Running Money' – Jason Mann and Mike Newton Walk Into a Zoom (RYA Ep. 12)
Mike Newton, VP and Portfolio Manager, RBC Wealth Management, and Jason Mann, CIO at EdgeHill Partners and EHP Funds, join us for a rich conversation on running money at both the retail and institutional levels.
Takeaways
• How was business and what were the investing challenges of the pandemic from a business perspective?
• Mike Newton shares some valuable nuggets on how he organizes and runs his retail wealth management practice.
• How to use model portfolios productively in your practice.
• What are the processes you use to organize your business around?
• Jason Mann talks about his and his firm's approach to running liquid alternatives, and how he approaches the challenges of portfolio construction and outcome.
• Outlook and opportunities - Mike and Jason talk about how they make decisions invest, and what kinds of investments.
• How do you manage investment risk?
• How are you communicating with clients?
• What are big challenges forward, and what lesso…
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Jul 7, 2021
Ep. 70 Ted Seides, Capital Allocators – Investing Lessons from Decades Interviewing Elite Money Managers
Ted Seides, founder of Capital Allocators LLC, host of the Capital Allocators Podcast, and author of his second book, Capital Allocators: How the World's Elite Money Managers Lead and Invest, is our guest on Raise Your Average.
Takeaways
• Ted Seides reminisces about his old friend and mentor, David Swensen, Endowment Fund Manager and CIO, at the Yale Endowment and Yale University, who, sadly, passed away the week before we recorded this episode.
• What he learned from David Swensen during his 5 years at the Yale Endowment Investment Office, and the impact that working with him had on the trajectory of his career and his life.
• What impact David Swensen had on the investment industry and everyone who knew him.
• David Swensen (and team) reportedly added $35-billion in alpha to the Yale Endowment (above and beyond peers and market returns) during 30 years, all the while forgoing insane amounts of compensation.
• Ted shares Swensen's timeless framework and first principl…
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Jun 29, 2021
Ep. 69 'Timing Luck' and Liquidity Cascades with Corey Hoffstein, Newfound Research (Raise Your Average)
### Takeaways from Ep. 10 with Corey Hoffstein, CIO, Newfound Research:
• Thinking of diversification in portfolios in terms of three axes: What, How, and When?
• The unintended consequences of 'timing luck' (re: 'when?' diversificatio)
• How to reduce 'timing luck' from portfolios
• How rebalancing premium trumps "timing luck"
• Market distortions caused by the shift from actively managed funds to passive funds
• What are 'Liquidity Cascades," and how to 'smoothe' against unforeseen destructive convergences of trading activity in markets.'Luck' is a double-edged sword which, if you're an allocator of capital, can, more often than not, disadvantage you in investing and asset management.
In our conversation with Corey Hoffstein, CIO, at Boston-based Newfound Research we discuss three axes of diversification:
What, How, and When?
The 'What?' aspect involves deciding what you're going to invest in. 'How?' is where you decide what process you'll use, e.g. stylistic ti…
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Jun 23, 2021
Ep. 68 On Running Canada's Most Successful Family Office – Arthur Salzer, CIO, Northland Wealth Management
Our conversation with Arthur Salzer, CEO, CIO, of Northland Wealth Management, one of Canada's leading wealth management family offices. Arthur Salzer shares his personal history, his early career experiences, and the process and steps he and his firm took under his stewardship which have culminated in Northland Wealth Management's success as a private, independent wealth manager.
For those of you in the private wealth management business, our conversation is a valuable walk-through on best practices, the fiduciary mindset, due diligence, and his independent research on real estate, real assets, private equity, equities, technology, and cryptocurrencies bitcoin and ether.
Salzer reminds us of the simple truth that if you always put your clients above your firm's interests, and your own, you can't go wrong.
We hope you enjoy this conversation.
Full Transcript
Contact:
Arthur Salzer on Linkedin
Northland Wealth Management
*****
Find the Raise Your Average crew:
ReSolve Asset Ma…
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Jun 17, 2021
67 Brief Version – Clients Expect Advisors to Lead Them on Responsible Investment
Our conversation with three of Desjardins' thought leaders on responsible investing, Deborah Debas, Senior Responsible Investing Specialist at Desjardins, Pasquale Posteraro, Portfolio Manager, Equities, at Desjardins Global Asset Management, and Nicola Fritz, Portfolio Specialist, IMPAX Asset Management.
We discuss three fundamental investment dimensions of responsible investing through the ESG lens: Risk, Reward, and Impact. Pasquale Posteraro and Nicola Fritz provide deep dive insight into how the overlay of active portfolio manager and shareholder engagement is having a collaborative impact on identifying environmental, social and governance risks, how interaction between investee companies and investors is leading to progressive corporate responsibility, and how that mitigates risk substantially for investors.
Deborah Debas provides valuable insight on how advisors can be more proactive vis-à-vis responsible investing with their clients. Current research shows that two-thirds o…
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Jun 17, 2021
67 Clients Expect Advisors to Lead Them on Responsible Investment
Our conversation with three thought leaders on responsible investing, Deborah Debas, Senior Responsible Investing Specialist at Desjardins, Pasquale Posteraro, Portfolio Manager, Equities, at Desjardins Global Asset Management, and Nicola Fritz, Portfolio Specialist, IMPAX Asset Management.
We discuss three fundamental investment dimensions of responsible investing through the ESG lens: Risk, Reward, and Impact. Pasquale Posteraro and Nicola Fritz provide deep dive insight into how the overlay of active portfolio manager and shareholder engagement is having a collaborative impact on identifying environmental, social and governance risks, how interaction between investee companies and investors is leading to progressive corporate responsibility, and how that mitigates risk substantially for investors.
Deborah Debas provides valuable insight on how advisors can be more proactive vis-à-vis responsible investing with their clients. Current research shows that two-thirds of retail invest…
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Jun 8, 2021
Ep. 66 Raise Your Average with Mark Noble, Executive VP, Horizons ETFs
Our conversation with Mark Noble, Executive Vice President at Horizons ETFs. We get deep into a discussion around the big investment themes, the pros and cons, and the ups and downs of adoption of actively managed thematic ETFs. We talk about the conflicting views on valuations ascribed to technology related themes, both broad and narrow, from the widely held thematics, like innovation to the not-so widely held, like Uranium.
We also dive into the conundrum of investors reaching for yield at what is shaping up to be an inopportune time to be doing so. Mark Noble shares some valuable insight about fixed income in our chat.
This all made for some remarkable takeaways. Tune in. Mark Noble is definitely one of the brightest lights in the investing profession today, with a profound treasure trove of strategic thought leadership to offer us all.
Toward the end of the discussion Mark reveals some new and interesting observations on the Marijuana sector.
Full Transcript: Coming soon
More:…
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Jun 7, 2021
Ep. 65 How to Overcome Six Modern Advisor Practice Challenges – Richard Heft, Andrew Broadhead on The Ascendant Advisor
Richard Heft, Co-Founder and President, of EXT. Marketing, and Andrew Broadhead, Head of Content at EXT. Marketing, co-authors of the new bestseller, The Ascendant Advisor, a comprehensive content-focused marketing roadmap for advisors, join us a for our an in-depth conversation about how advisors can set themselves apart competitively.
In our conversation, we discuss the 6 major challenges facing advisors today. These challenges, as Richard Heft points out, were on the rise well before the COVID pandemic landed on our shores. What The unfolding of the pandemic did, however, was to accelerate the pace of change, and force advisors to revisit the road forward.
Owing to KYC, advisors are required to invest a great deal of time getting to know everything they can about their clients. But what about Know Your Advisor? Very little time is spent helping their clients, and their potential public, get to know who they are. Perhaps this is because time is at a premium. We talk about how advis…
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Jun 3, 2021
Ep. 64 Som Seif, Purpose Investments on the World's First Bitcoin and Ether ETFs
Som Seif, CEO, Purpose Investments joins AdvisorAnalyst's Joseph Lamanna, to discuss the Purpose Bitcoin ETF (BTCC: TSX), the world's first bitcoin ETF, and the Purpose Ether ETF (ETHH: TSX), also another world's first. We discuss the challenge of launching these two new exchange-traded cryptocurrency funds, in the context of the inabliilty by a multitude of U.S.-based ETF firms to do so.
We get into the differences between investing in cryptocurrencies directly versus via ETF, and Som also shares is thoughts on the tracking of the ETFs against the underlying, as well as institutional versus retail transaction costs of trading bitcoin, ether, cold wallets vs. hot wallets, and how to approach position sizing in portfolios.
Finally, we ask Som Seif which of the two of bitcoin and ether, he favours.
Full Transcript
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May 21, 2021
Ep. 63 Raise Your Average with Jason Buck CIO Mutiny Fund
Jason Buck, Chief Investment Officer of Mutiny Fund joins us. Based in California, Mutiny was born out of Jason Buck's quest to find a way to hedge entrepreneurial risk {he was in commercial real estate in 2006-2008). After the GFC, he figured there had to be a way. Around 2010-2012 family began to ask him if there was tail protection available to protect against Taleb's 'Black Swans.' At that time, Buck's response was that unless you had at least $100-million, you were out of luck if you were looking for this kind of solution.
This set him on a journey of a thousand steps to solve the problem of bringing tail protection strategies and solutions, initiailly to his immediate circle and ultimately, retail level investors. Buck had already been trading options for over ten years, and had more recently begun trading vol, so he understood well how to hedge his own portfolio. But the problem was how do solve for the problem of being able to easily do this for others, namely his family and f…
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May 13, 2021
Ep. 62 Raise Your Average with Lyn Alden, Lyn Alden Investment Strategy
Lyn Alden of Lyn Alden Investment Strategy is our guest on Raise Your Average. Lyn is one of today's foremost and profound macro-economic strategists and thinkers. She provides tens of thousands of investors per month with her proprietary investment research. Lyn's investing framework primarily involves fundamental equity investing with a global macro overlay, and while her research is meticulous, multi-layered, and inter-connected in it's findings, one of Lyn Alden's gifts is her ability to appeal to a wide range of investors, from beginners all the way up to market intellectuals.
Our discussion is wide ranging. Lyn describes how she ended up in the investment research arena (she's an engineer), what her interests are, how she's constructed her research framework, what she's looking for in her research, how she identifies bottlenecks and roadblocks, and how she's investing.
We get into the subject of the economy, interest rates, yields, and inflation expectations, Lyn leads the disc…
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Apr 28, 2021
Ep. 61 Raise Your Average with Alex Shahidi and Damien Bisserier, Co-CIOs, Evoke Advisors
Our guests are Alex Shahidi, and Damien Bisserier, both Managing Partners and Co-Chief Investment Officers at Evoke Advisors. Evoke is a $20 billion Registered Investment Advisor based in L.A. They are also well-known as the portfolio managers of the Risk Parity ETF (RPAR:NYSE).
This is ordinarily a fairly complicated topic to discuss, however, Alex and Damien have clearly found a very layperson-friendly way to explain how to construct robust and resilient 'all-weather' portfolios that can profit and preserve capital in all economic and market climates.
In our conversation, Shahidi and Bisserier outline how they construct their portfolios, what are the basic components of their portfolios, and why. They explain the why each asset type behaves and interplays with the other three in the context of four main asset categories, and how they perform through extreme market events.
What you can expect to take away from this, assuming you make the time to listen to the whole conversation, is…
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Apr 6, 2021
Ep 59 Raise Your Average with Wesley Gray, PhD, CEO, Alpha Architect
In this episode, your Raise Your Average crew, are joined by Wesley Gray, CEO of Alpha Architect. Alpha Architect is a firm, based in the US that specializes in quantitative research. Wesley completed his MBA and PhD at the University of Chicago, Harvard of the finance world. His expertise is in quantitative research and factor investing. We talk about his experience, perspective and his firm's systematic investing strategies.
It is unbelievable that Mr. Gray took a four-year break from his PhD in 1988, joined the Marines, and went to Iraq. He was also a bestselling author of several books. He made a remarkable transition from a value-investing stock picker to a quant who focused on the factors that drive the market.
Our chat with Wes illuminated the subtle nuance of concentrated factor investing, the difference between behavioural and risk-based factor premiums, and the pros and cons of active management over passive and index-based strategies.
Wes discusses his PhD research, the…
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Mar 18, 2021
Ep 58 Raise Your Average with Nancy Davis, Quadratic Capital Management LLC
Our deep dive conversation into hedging interest rate volatility and inflation, with Nancy Davis, Founder and Managing Director of Greenwich, Connecticut-based Quadratic Capital Management LLC. We discuss markets, interest rates and interest rate volatility, and the risk of inflation making a comeback, from the perspective of IVOL being a strategic portfolio diversifier as well as being opportunistically priced. Davis discusses the asymmetry of being long 'convexity,' a way of investing in interest rate volatility where the potential for return is disproportionately greater than the investment because the risk is mis-priced.
We discuss how the Quadratic Interest Rate Volatility and Inflation Hedge ETF (IVOL:NYSE), her firm's ETF, is a solution for investors looking for investment options that have little or no correlation(do not behave the same way at the same time) to equities and bonds, and in the context of today's investment climate, represents an asymmetrical opportunity/addition…
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Feb 23, 2021
Ep 57 Raise Your Average with Dave Nadig and Tim Nash – ESG: (What's it to you?)
Dave Nadig, CIO, ETF Trends and ETF Database, and Tim Nash, Founder of Good Investing, join co-hosts Pierre Daillie and Mike Philbrick for a deep dive conversation into all things ESG investing. We discuss the landscape of the ESG investing, the hype, the reality, the drivers, the debates, and at the end of this discussion, you will have some answers to the question "What is the point of ESG?"
Notes:
00:00:40 Welcome/Introductions
00:05:22 How can advisors talk about and pass on the knowledge of ESG to their clients?
00:09:32 What is the difference between Values-based vs. ESG vs. Impact investing?
00:18:19 What do investors need to understand about what to expect from ESG?
00:21:13 How are retail investors leading the ESG discussion?
00:25:54 What are the hot points?
00:29:11 How are large asset managers using their voting power to effect ESG change?
00:31:15 What insights can you share about how ESG is shaping ethics and governance in markets?
00:33:17 How do the advisor an…
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Feb 3, 2021
Ep 56 Raise Your Average with Meb Faber and Marc Dalpé – The 60/40 Portfolio Puzzle
The first episode of this new show. Meb Faber, founder of L.A.-based Cambria Asset Management and Marc Dalpé, Portfolio Manager at Richardson Wealth chat with Raise Your Average co-hosts Pierre Daillie, Managing Editor, AdvisorAnalyst.com, and Mike Philbrick, President, of ReSolve Asset Management SEZC (Cayman), about the 60/40 portfolio puzzle.
With bond yields at 5,000 year lows and the S&P 500 at all time highs, Meb Faber and Marc Dalpé weigh in on where investors can consider re-allocating assets to raise their forward investment returns and investment income, while reducing their risk of loss and behavioural exposure.
Meb Faber, Cambria Asset Management - https://www.cambriainvestments.com/
The Meb Faber Show - https://mebfaber.com/podcast/
Meb Faber Research - https://mebfaber.com/
Marc Dalpé, Richardson Wealth - https://web.richardsonwealth.com//dalpe.milette/marc-dalpe?lang=en_US
Michael Philbrick, ReSolve Asset Management SEZC - https://www.investresolve.com…
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Sep 22, 2020
Ep. 54 Som Seif and Greg Taylor, Purpose Investments
Our wide ranging conversation with Som Seif, CEO, Purpose Investments and Greg Taylor, CIO, Purpose Investments. We begin by revisiting those intense moments in the days leading to the March 2020 bottom following this year's COVID-19 lockdown. Seif and Taylor open up about what they were thinking, and what their frame of mind was, in what was a critical time for all. Taylor shares his view that 'passive' investors running for the exits put outsized pressure on the entire market structure. We talk about some of the behaviours and events that shaped markets during the summer, what's concerning, and what's looking both bearish and bullish for the period ahead.
Full Transcript
#ETFs, #Alts, #stocks, #bonds, #purpose, #outlook, #markets, #investing, #risk, #economy, #Canada, #policy
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Sep 4, 2020
Ep. 53 Sri Iyer, Guardian Capital
Our conversation with Srikanth Iyer, Managing Director, Head of I3 (i-Cubed) Investments, at Guardian Capital.
From their head start in 2010 to today, Iyer explains why factor investing has not been working well, and boils down and shares 10 years of his group's discoveries, insights, and innovation that have come from their two main investment management projects - 1) asset preservation through dividend growth, and 2) asset growth through earnings growth.
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Sep 1, 2020
Ep. 52 Candice Bangsund, Fiera Capital
Candice Bangsund, Vice-President, Portfolio Manager of Global Asset Allocation at Fiera Capital joins us for a wide ranging discussion about both fixed income and equity markets, the nature of global monetary policy and central bank stimulus. We talk about where the opportunity set is for investors. Valuations are high in both equity and fixed income markets, and investment income is at an historic low. We talk about where investors can rebalance their portfolios for both higher income, as well as equity growth for the period ahead.
Full transcript
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Aug 18, 2020
Ep. 51 Brian Wesbury, Chief Economist, First Trust Portfolios
Our wide-ranging conversations with Brian Wesbury, Chief Market Economist, at First Trust Portfolios, where we discuss the state of the U.S. economy, the consequences of the COVID-19 lockdown, what empirical data says about the true state of affairs. Recently, Wesbury has been quoted as saying "The recession is over," and we discuss what he meant by that.
Show notes:
• What is your background?
• What are some of your most remarkable findings during this pandemic period?
• There's never been a full-on shutdown of the economy.
• "The recession is over." What did you mean when you said it?
• What weekly and monthly high frequency data are revealing
• "The virus has a virus."
• We have borrowed against our children and grandkids to do this - one day we'll look back on this and realize...
• Quantitative Easing and the COVID rescue are happening concurrently (in case you haven't given it much thought since the lockdown)
• The COVID related economic rescue is likel…
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Jul 28, 2020
Ep. 50 Hans Albrecht and Nicolas Piquard, Horizons ETFs
Our conversation with Hans Albrecht and Nicolas Piquard, portfolio managers at Horizons ETFs.
In this wide ranging discussion, we discuss markets and market conditions, investor economics, (low) bond yields and (low and threatened) dividend yields. We go in-depth on the misunderstood opportunity of covered call writing as an overlay equity investing strategy, that is available via covered call ETFs, that produce a sustainable, tax efficient, high monthly income for every-day investors seeking yield, in addition to equity returns.
Transcript
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Jul 21, 2020
Ep. 49 Steve Hawkins, President and CEO, Horizons ETFs
Our conversation with Steve Hawkins, President and CEO, Horizons ETFs, we discuss markets, trends, and why cash balances shouldn't be a drag on investing, which led his firm to launch two new cash management ETFs.
HSAV, launched earlier this year, and HSUV.U, launched more recently, solve some of the perennial problems of cash balances, earning nearly zero-interest, which are a drag on returns and revenue, sitting in investment accounts.
Transcript
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Jul 8, 2020
Ep. 48 Adam Butler, Resolve Asset Management
Risk Parity is the answer: What was the question?
Adam and Pierre focus their discussion on diversification as a combination of "diversity" and "balance". Diversity is about holding investments that are designed to thrive in very different market environments, and for different reasons. Balance has the objective of ensuring that investments are all able to express their unique personalities. Risk parity is the ultimate expression of diversification. Sadly, many investors are misguided about the concept, and focus on the wrong things. We drill to the heart of the idea and illuminate why a risk parity portfolio should be the starting place for most investors.
For those of you who don't know it, Adam Butler and his partners, Mike Philbrick and Rodrigo Gordillo are among North America's small community of rising authorities on on the subject of quantitative investing, risk parity, and adaptive asset allocation.
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Jun 4, 2020
Ep. 47 Brooke Thackray: What is Seasonal Investing?
Brooke Thackray is an expert on seasonal investing, a research analyst for Horizons ETFs, and sub-advisor of the Horizons Seasonal Rotation ETF (Ticker: HAC). He is also the author of 9 books and guides on the subject.
Full transcript
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Jun 1, 2020
Ep. 46 Mike Philbrick and Rodrigo Gordillo, Resolve AM
Our conversation with Resolve Asset Management's Mike Philbrick and Rodrigo Gordillo. We discuss how in little more than 10 weeks we have gone from "What's going on with the market? Is the world ending?" to "What's going on with the market? Why isn't the world ending?"
Investors have a second chance now in the midst of the COVID-19 shutdown shock, the biggest single economic event of our lifetimes, to revisit their portfolio construction, and to reconstruct their portfolios so as to capture the highest realized risk adjusted returns, and all but eliminate their exposure to 4-standard deviation, black swan type market events.
Full Transcript
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May 6, 2020
Ep. 45 Michael Greenberg: Rebalance? Yes, but where?
Michael Greenberg, Vice-President and Portfolio Manager, at Franklin Templeton Multi-Asset Solutions joins us to talk about his perspective on COVID-19 shocked markets, and his outlook on markets, behavioural finance, rebalancing, and opportunities.
Full transcript
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Apr 28, 2020
Ep. 44 Hubert Marleau: Macro, Micro, and Mini-Micro – Now and Post-Pandemic
Our conversation with Hubert Marleau, Market Economist, Palos Management, about macro, micro, and mini-micro market and economic considerations in the present and his clear-eyed expectations of what the future holds, post-COVID-19.
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Apr 19, 2020
Ep. 43 Paulette Filion and Judy Paradi: Advisors' Future Success Depends on Keeping Women Engaged
Our conversation with Judy Paradi and Paulette Filion, partners at StrategyMarketing.ca, and co-authors of the terrific new book, “Invest in HER, The Smart Financial Advisor’s Guide to Winning Female Clients.”
According to numerous studies, women are on course to control about half of all accumulated wealth in Canada within the next decade. The financial industry, though, which remains dominated by males, has been slow to evolve in light of this extraordinary socio-economic trend. This isn’t the 60’s anymore.
Women are getting elected to government, they are gaining an influential foothold on Boards of Directors. They start businesses, they are terrific consumers. Women are expected to live longer than men.
– Today women account for 62% of University graduates – Women represent almost half of all practicing lawyers and accountants, more than 60% of all new physicians, and are the main breadwinners in 40% of all households.
In their new book, Invest (in) HER, The Smart…
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Apr 15, 2020
Ep. 42 Guy Haselmann: How World Order Looks After COVID-19
Our conversation with Capital Markets Strategist, Guy Haselmann, on COVID-19's market, economic and social shock, and contemplating what the exit from the economic shutdown may look like, and how it may reshape things.
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Apr 14, 2020
Ep. 41 Sandy Liang: The Correction/Opportunity Set of 2020's Bond and Credit Market Crisis
Sandy Liang, Portfolio Manager of the Purpose Credit Opportunities Fund, Purpose Investments shares his expert critique on the differences and similarities between the 2008 and 2020 Bond and Credit Market Crisis.
In our conversation, Sandy Liang provides valuable insight on how the credit market works, his fund's defensive posture going into the drawdown, and the correction/opportunity set that has revealed itself.
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Apr 13, 2020
Ep. 40 Mark Noble: Did ETFs Pass the Pandemic Sell-Off Test?
Mark Noble, EVP, Horizons ETFs, and Head of ETF Strategy joins us for this in-depth conversation. We explore some controversial long-time questions about ETFs, equity and fixed income markets liquidity in the context of the high-speed COVID-19 pandemic market panic, in this honest discussion about whether or not ETFs have been a blessing or a curse to capital markets.
Transcript (coming soon)
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Jan 27, 2020
David Picton: Is the 60/40 Portfolio Dead?
David Picton, President and Portfolio Manager, Picton Mahoney Asset Management, joined us at the CETFA Mindpath ETF Conference.
The lifespan and sustainability of the 60/40 portfolio has been a subject great debate as both equity and bond markets ascend the late end of this market cycle. Investors are facing high equity valuations, low dividend yields, and low bond yields. Risk is rising, while expectations of future returns from both equities and bonds get cut.
In this enlightening conversation, David Picton shares his thoughts on the 60/40 portfolio, as well shedding light on what advisors and investors can do in the face of this challenging market environment, including how to make sense of using alternative investments.
Copyright © AdvisorAnalyst.com
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Dec 10, 2019
Daniel Straus: Canadians Lead the World in ETF Innovation
Daniel Straus, Vice President, Head of ETF Research and Strategy, at National Bank Financial, joined us for an insightful conversation about the the trends that are shaping the retail investment advice landscape in Canada.
Canada, birthplace of the first ETF (turning 30 in 2020), is also now the world leader in development and adoption of actively managed ETFs. We talk about the fundamental reason and differences that have enabled the Canadian market to foster financial innovation.
It's revealing for the future of the financial industry that Canadian investors are gravitating toward actively managed equity and bond ETFs. ETF authority Daniel Straus weighs in on this and more.
Copyright © AdvisorAnalyst.com
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Aug 26, 2019
Time to get comfortable being uncomfortable
Rodrigo Gordillo and Mike Philbrick, co-founders of Resolve Asset Management contend that it's time to get comfortable being uncomfortable. We're late in the cycle, bond yields are at lows, equity valuations are very high, and that means long term investment returns from the conventional 60/40 equity bond portfolio have a high probability of being lower than expected, and that near-term downside risk is proportionately higher.
When your clients think about risk they most often recall or imagine losing money or enduring volatile markets. You, as an advisor, however, have to widen your perspective on risk to include your clients' feelings about their investments, and the potential decisions they may make as a result.
Your clients' greatest risk is the probability they won't meet their financial goals – it rests upon you, their advisor, to minimize this risk. How do you do that? What actions, what decisions, what conversations are required in order for you, as an advisor, to minimize…
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Mar 26, 2019
Som Seif: Conventional Fixed Income Will Be High Risk, Low Return
We recently sat down with Som Seif, Founder and CEO of Purpose Investments, to catch up with him on markets and strategy.
In this episode, we discuss the Fed's about face on interest rates, and what it may mean for investors. But more relevant in this conversation was the angle of discussion on where and how investors/advisors may posiition fixed income and equities for total return in the acutely uncertain period we find ourselves in.
Conventional bond investing are now a high risk, low return proposition for most investors today. What's a fixed income solution that works right now? What does the optimal equity investments sleeve look like to Seif right now. These are some of the points we chatted about.
More detailed show notes to follow.
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Dec 29, 2018
Dan Richards: How to be the most valuable advisor to clients
Dan Richards, CEO, Client Insights, joined us at the CETFA Mindpath ETF 2018 Conference, to talk about how advisors need to excel in terms of the value that they provide to clients.
The level of scrutiny that investors are putting on what they're getting for what they're paying is intensified, and will continue to intensify.
Many advisors are locked in the past to some extent, and there is also a degree of not looking at the cost/value concern from the investor's point of view.
Dan describes more of the ways elite advisors position themselves uniquely to not only be, and remain, their clients' most valuable and trusted advisor, but also to attract more of their ideal clients.
Dan Richards shares some universal shifts in mindset advisors can adopt from conversations and consultations he's had with top advisors in the Canada and in the U.S.
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Dec 5, 2018
Goshka Folda: What will make you the irreplaceable advisor?
Goshka Folda, President & CEO, Investor Economics, and Global Head of Research, Strategic Insight, chatted with us at the 2018 Mindpath CETFA ETF Conference to discuss her research firm's findings of what it will take for advisors to remain the advisor of choice, to be irreplaceable, in the future, as the nature of the investment business evolves, as a result of the convergence of AI, Fintech, and the proliferation of ETFs.
On an increasing basis, advisors are facing mounting pressure as investors/consumers scrutinize costs and fees, demand more transparency, more 'contemporary' accessibility to the information regarding their accounts, and a higher level of guidance, beyond investment options. The commoditization of investment funds is shifting value in the financial ecosystem from the institutions to advisors, and advisors need to recognize that its more important than ever to fine tune their 'value narrative,' to define their value.
"There's never been a better time to be a great…
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Sep 25, 2018
Jason Del Vicario: The Journey to Discretionary Portfolio Manager
Jason Del Vicario is a discretionary portfolio manager at Hillside Wealth Management (operating within Holliswealth/IA Securities) in Vancouver, BC. Jason's experience is varied, however, not unlike that of many Canadian advisors. Over the course of his career, and as a result of key decisions, he evolved into the discretionary fee-based portfolio manager he always envisioned being.
Many advisors entered the financial advice business with a vision of how that would look, what it would be to achieve the position of portfolio manager, of successfully managing the wealth of private investors.
Jason Del Vicario openly shares his journey here, in some detail, from his beginnings at Investors Group, to what is now he and his partner's own [successful] discretionary portfolio management boutique.
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Jun 27, 2018
Greg Taylor: Outlook for Cannabis, Energy, and Banking
We recently had an enlightening deep-dive conversation with Purpose Investments’ Greg Taylor, portfolio manager of the Purpose Marijuana Opportunities Fund (MJJ.NO) about his outlook for the hot Canadian cannabis sector. He also manages Purpose Investments’ Canadian Equity mandates, so we also discussed his outlook for the Canadian energy and banking sectors as well.
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May 30, 2018
David Rosenberg: In depth on Canada, U.S., and Global Economy and Markets
Recorded May 28, 2018 - Our in-depth conversation with David Rosenberg, Chief Economist, at Gluskin Sheff on Canada, the U.S., and the Global Economy, and what to do with assets given the current economic and market environment we are entering.AA: Hello and thank you for listening to the Insight is Capital podcast™. This is Pierre Daillie, Managing Editor of the AdvisorAnalyst.com and today we are very pleased to welcome David Rosenberg, Chief Economist with Gluskin Sheff + Associates and author of the daily economic newsletter “Breakfast with Dave.”
David, thank you very much for joining us today! In your most recent notes you’ve become critical of the growth outlook for Canada and the U.S. First, let’s talk about Canada. What are the factors you see are interfering with the Canadian story?
David Rosenberg: Right, well the Canadian story I think is a probably a more obvious one than the U.S. but I think in Canada it’s a case of excessive regulation, the fact that we’re…
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May 24, 2018
Som Seif: How has Q1's Volatility Changed Your Market Outlook?
Som Seif, CEO, Purpose Investments discusses how his outlook has changed since the return of volatility to the markets in February of this year. We discuss areas of the market to avoid or reduce, and areas of the market that he favours.
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Apr 17, 2018
Dan Kelley: The Opportunity in Founder-Led Companies
In this podcast, Dan Kelley, portfolio manager, Fidelity Investments, discusses how the opportunity of investing in founder-led companies has historically translated in higher returns.
As a high school student, one of Dan Kelley's first jobs was working in a supermarket. At a young age he was interested in how businesses worked, how they were run. In high school he was inspired by legendary investor, Peter Lynch, after reading "One Up On Wall Street." Dan went on to work for two Wall Street powerhouses, as an analyst, until the opportunity to work at Fidelity Investments came along, in 2007, which fulfilled his long-time desire to work on the buy-side for one of the great investment management firms.
Prior to joining Fidelity, Dan never imagined that he would one day be mentored by, and earn a place alongside investing greats Will Danoff and Joel Tillinghast, nor that he would have regular conversations with Peter Lynch.
Dan Kelley manages Fidelity Founders Class Fund for Canadian i…
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Mar 30, 2018
Sandy Liang: The Credit Risk Thesis for Investors Seeking Yield in a Rising Rate Market
We recently chatted with Sandy Liang, President, Purpose Investments Partners, and high yield fixed income portfolio manager to discuss his thesis on credit risk vs. interest rate risk for investors seeking yield in a rising rates environment.
"Interest rate risk, or the risk of bond investments going down in value from a change in rates, is more worrisome right now than credit risk, or the risk that a company won’t be able to pay you back," says Sandy Liang.
"A great example of this is the Taper Tantrum of 2013. The beginning of the wind-down of QE in the U.S. at that time prompted an interest rate scare," says Liang. "In that calendar year, long-term Treasuries in the U.S. (maturities of 20+ years) lost investors 13%. Mid-term Treasuries (maturities of 7-10 years), meanwhile, lost investors 6%. The U.S. high yield corporate debt market, on the other hand, returned a positive 6% in the same period of time (source: Bloomberg, using ETFs TLT, IEF and HYG)."
What follows in this pod…
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Mar 30, 2018
Sandy Liang: A Leading High Yield Fund Manager's Front Row Seat at the Financial Crisis
We recently caught up with Sandy Liang, President, Purpose Investments Partners, and high-yield fixed income portfolio manager. Sandy's exemplary career on both the buy-side and sell-side in equities, and more notably in high yield, on Wall Street. have earned him a reputation as a shrewd, no-nonsense high yield and corporate bond portfolio manager.
As a preamble to our discussion about where the opportunities are in high yield and corporate fixed income space, we talked about Sandy's background, notably, his front row seat at the financial crisis, when he was a Senior Managing Director at Bear Stearns. A former Wall Street analyst and 7-time member of Institutional Investor Magazine’s All-American Fixed Research Team is resolute about putting asset protection first.
Sandy shares the tenets of his investment philosophy, and his methodology for uncovering undiscovered, high quality yield opportunities in the high yield and corporate debt market market.
This two-part podcast with Sa…
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Feb 22, 2018
Tom O'Gorman: Where are the Fixed Income Opportunities?
In this final segment of our conversation with Tom O'Gorman, CFA, Portfolio Manager and Director of Franklin Bissett Fixed Income, we discuss the areas of opportunity in the bond market that he and Franklin Bissett Fixed Income are currently favouring.
Where are the Fixed Income Opportunities in a rising interest rate environment?
Thank you for listening.
About Tom O'Gorman
Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management in Calgary, Alberta, Canada.
Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010.
Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust…
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Feb 22, 2018
Tom O'Gorman: Are China's Large Forex Bond Purchases the Fed's Unwinding White Knight?
In this segment of our conversation with Tom O'Gorman, CFA, SVP, Director of Fixed Income as Franklin Bissett Investment Management, we discuss the possibility that China's Forex reserve bond buying, which has resumed very strongly in the second half of 2017, may be the White Knight of the Fed's unwinding of QE as it turns down the volume on it's bond purchase program.
About Tom O'Gorman
Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management.
Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010.
Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Fr…
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Feb 22, 2018
Tom O'Gorman: Are central banks caught between a pillar and a post?
In this segment of in depth discussion about the bond market, Tom O'Gorman points out that while there is definitely inflation within financial market prices, its not clear whether there is clear pricing and consumer inflation.
Are central banks caught between a pillar and post of conflicting views on inflation? What lies ahead? Our conversation continues.
About Tom O'Gorman
Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management in Calgary, Alberta, Canada.
Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Tru…
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Feb 22, 2018
Tom O'Gorman: Is the bond market right about the economy?
We recently chatted with Tom O'Gorman, Senior Vice President, Director of Franklin Bissett Fixed Income, at Franklin Bissett Investment Management. Via the flattening of the yield curve the bond market has been expressing doubts about the economy, so we asked Tom O'Gorman to share his outlook, his perspectives on the market, and his thoughts on perception versus reality. Is the bond market right about the economy?
About Tom O'Gorman
TOM O'GORMAN, CFA, is Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management.
Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011…
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Jan 31, 2018
Stephen Lingard: Multi-Asset Outlook for 2018 (Full Interview)
In this podcast, we chatted at length with Stephen Lingard, SVP, and Portfolio Manager, Franklin Templeton Managed Solutions, about his Multi-Asset outlook for 2018.
Steven Lingard shares his candid views about what this year and forward holds in store for investors, and how to prepare in advance for the change in regime that is underway, as central banks continue in their efforts to turn down the volume on quantitative easing
Stephen Lingard is senior multi-asset portfolio manager directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
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Jan 28, 2018
Stephen Lingard: Where are the opportunities?
In conclusion, we asked Stephen Lingard where the opportunities are, where he is positioning portfolios for this year and beyond.
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
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Jan 28, 2018
Stephen Lingard: Has Low Dispersion in Index Stocks Made Active Investing Harder?
We asked Stephen Lingard for his thoughts on the argument that low dispersion in Index stocks is making it harder for active investors to beat their benchmarks.
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
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Jan 28, 2018
Stephen Lingard: Why is the return of volatility heralded by active investors?
Stephen Lingard talks about why the return of volatility is heralded by active investors.
"If I was managing an ETF portfolio, I would probably have concerns about a changing regime – a lot of what has worked worked over the last few years has been because of high stock correlations, sector correlations, and even cross-country correlations," says Lingard.
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
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Jan 28, 2018
Stephen Lingard: Undoing 'The Giant Monetary Experiment'
We exchange thoughts with Stephen Lingard on the very 'managed' economy, markets, prices, risk, and earnings of 'The Great Monetary Experiment,' that is nearly a decade old. What does the future hold as the central bankers turn down the volume?
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
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Jan 28, 2018
Stephen Lingard: Is there a connection between volatility and inflation?
With volatility and inflation continuing to be AWOL, we wondered if there is any connection between the two. Why have both of these factors remained at historical lows for so long – where have they gone, and did they go together?
"In an idealized world, we would look to construct portfolios that gave us a pure expression of our views on each of the main investment factors," says Lingard. "By doing this, we could construct portfolios with better diversification and a higher probability of producing an outcome that meets investors’ specific needs. We could, for example, use option positions to gain long exposure to the volatility factor or potentially create asymmetric outcomes."
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and…
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Jan 28, 2018
Stephen Lingard: Investors did have a long memory about 2008
Stephen Lingard discusses, among other things, his strategic view that they continue to favour equities, because investors have had a long memory of the scars of 2008, and as a result this will most likely be the longest economic cycle on record.
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
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Jan 28, 2018
Stephen Lingard: Multi-Asset Outlook for 2018 – Anticipating the Return of Volatility
In this first part of our featured podcast series with Stephen Lingard, SVP and portfolio manager, Franklin Templeton Managed Solutions, we discuss the importance of anticipating change.
"When volatility is at historical lows, perhaps you don’t need to attempt to see where the lightning bolt comes from," says Lingard. "In a world that feels complacent and desensitized to many of the risks that we remain conscious of, perhaps it is enough to simply anticipate a change and be prepared."
Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions.
He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.
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Jan 28, 2018
Dan Dupont: What are your outlook and plans for 2018, and thoughts for your investors?
Dan Dupont maintains that reducing risk by reducing exposure to over-valued stocks is the key to long term success as an investor. The cost of valuation risk is potentially far greater than the cost waiting for opportunities.
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
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Jan 28, 2018
Dan Dupont: "I am unwavering in my focus on downside protection"
Dan Dupont's passion for protecting his investors against downturns is worth more to him than the opportunity risk of the rising market.
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
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Jan 28, 2018
Dan Dupont: "Bad deals are made in good times, and these are excessively good times"
Dan Dupont talks about what the catalysts and conditions might be that will lead to a storm in the market, and that it's time for investors to 'bolt down the house.'
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
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Jan 28, 2018
Dan Dupont: "Credit is like oxygen. You don't think about until it's gone."
Dan Dupont talks shares his thoughts on why its time to think defensively as an investor.
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
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Jan 28, 2018
Dan Dupont: How did your childhood in rural Québec prepare you as a portfolio manager?
Dan Dupont recalls the important lessons of his childhood in rural Québec, and the key aspects of his investment strategy.
Dan Dupont is a portfolio manager at Fidelity Investments Canada.
He manages Fidelity Canadian Large Cap Fund and co-manages Fidelity NorthStar Fund with legendary manager Joel Tilinghast. They are respectively rated 5 and 4 stars by Morningstar.
He is also sub-portfolio manager of Fidelity Monthly income, Fidelity Income Allocation Fund, and Fidelity North Star Balanced Fund.
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Aug 11, 2017
What defines the Frontier Emerging Markets Opportunity?
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets Fund, gets to the heart of the opportunity, providing an insightful and eloquent take on why investors need to consider the timing and the growth opportunity of Frontier Emerging Markets an opportunity that has been overshadowed by the last ten years bull market in US and Technology equities. Tune in.
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Aug 11, 2017
The Gift from Senior Emerging Markets. Structural 'Share Gainers.'
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets Fund, continues the discussion on Insight is Capital™ about the kinds of companies that he is investing in for their rapid structural growth charactertistics. He calls these very well run Frontier Emerging Markets' companies "structural share gainers."
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Aug 11, 2017
Former Dictatorships are Fertile Ground for Today's Investors
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets Fund reminds us that Korea and Brazil were once dictatorships that have flourished with liiberalzation, and that the opportunity on a grand scale exists today for emerging markets that are undergoing widespread economic reforms and structural change. These former dictatorships are now fertile ground for today's investors.
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Aug 11, 2017
What are the 'Four Neighbours?'
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets, continues his discussion on the Insight is Capital podcast about the 'Four Neighbours,' whose companies are flourishing into their neighbouring economies and markets and 'gentrifyting' the frontier emerging markets with structural growth opportunities.
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Aug 11, 2017
The Biggest IPO in World History is Coming? What does it mean?
Adam Kutas, Portfolio Manager, Fidelity Frontier Emerging Markets Fund, joins us to discuss the structural changes taking place in Frontier Emerging Markets, which includes the up and coming biggest IPO in world market history. What does it mean for investors? Tune in.
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Aug 11, 2017
Risk Management: Are you long-only in this market?
Som Seif, founder and CEO, Purpose Investments joins us to discuss risk management, and stresses that in a market environment like the one we're currently in, with markets at all time highs, valuations at historic highs, historically low volatility, and a climate of accomodative monetary policy, and risk-complacency, investors need to do far more than rebalance.
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Aug 11, 2017
Is Good Economic News Still Bad News for Stock Markets?
Som Seif, founder and CEO, Purpose Investments joins us to discuss the better economic news and central banks' change of tone, and what it possibly means for markets. Is good news still bad news? Tune in.
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Aug 11, 2017
Is This The Most Uncomfortable Bull Market in History?
Som Seif, founder and CEO, Purpose Investments, discusses the unprecedented wall of worry that markets have been climbing for the better part of the last ten years since the financial crisis.
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Aug 11, 2017
Is Warren Buffett the Pied Piper of Indexing?
There is reason to believe that Warren Buffett is responsible for the boom in indexing and the rapid ascent of Vanguard's Index ETFs.
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