Explore every episode of the podcast Insight is Capital™ Podcast
| Title | Pub. Date | Duration | |
|---|---|---|---|
| The Trump Put & How ETFs are Shaping Wild Markets with Eric Balchunas | 02 May 2025 | 01:08:56 | |
Can one word from a U.S. president really move markets by 8% in two hours? Bloomberg’s Eric Balchunas calls it the "Trump Put"—and that's just for starters. Episode Summary:In this episode, Raise Your Average hosts Pierre and Mike welcome back Bloomberg Senior ETF Analyst Eric Balchunas, and co-host of Trillions, for a dynamic conversation that peels back the curtain on ETF flows, investor psychology, and the growing crossover between crypto and traditional finance. Balchunas unpacks the hidden narratives driving today's markets—from the surge in passive flows and rebalancing tailwinds, to the rise of “Vanguardians” and the Degens chasing leveraged plays. He also explores how mutual fund share classes, private credit, and public-private crossovers are changing the ETF landscape. With his signature humor and razor-sharp insight, Balchunas offers a front-row seat to the evolution of asset management. Key Takeaways:00:00 – Intro and Eric Balchunas joins the show 03:00 – $333B ETF inflows and the "Vanguard clip" 05:45 – The divergence between retail flows and institutional positioning 07:00 – The "Trump Put" and the 8% rally on one word 08:30 – Degens, leveraged ETFs, and why people keep buying the dip 10:00 – Persistent love for U.S. stocks despite better international value 12:00 – Gold vs. Bitcoin: who's winning in 2025? 14:00 – Bitcoin's improving volatility profile and “better owners” 16:00 – Why Bitcoin ETFs are changing the game 18:30 – Cognitive dissonance: crypto purists vs. TradFi adoption 21:00 – Passive power, BlackRock conspiracies, and Bogle’s last stand 27:30 – ETF transparency vs. mutual fund mythology 30:00 – Mutual fund ETF share classes: game changer or Trojan horse? 34:00 – Private credit and public-private crossover ETFs 38:30 – Why XOVR’s SpaceX bet caught fire 40:00 – The veil lifts on private equity NAV “magic” 43:00 – Active ETFs: rebirth, reinvention, or just beta repackaged? 50:00 – The final frontier: alts, liquidity, and the ETF trust factor #RaiseYourAverage #EricBalchunas #Bloomberg #ETFs #BitcoinETF #Vanguard #PrivateCredit #MutualFunds #TrumpPut #CryptoMarkets #GoldVsBitcoin #ETFFlows #InvestmentStrategy #MarketInsights Copyright © AdvisorAnalyst.com | |||
| Doomberg: Policy Uncertainty is The New Systemic Risk | 17 Apr 2025 | 01:28:45 | |
What happens when political ambition trumps economic reality? Doomberg lays it bare. In this episode, Doomberg returns to unpack the dangerous disconnect between Washington’s four-year campaign cycle and the multi-decade timelines required for industrial and energy investments. From Trump’s tariff threats to the fragility of global auto supply chains, we explore why the U.S. economy may be hurtling toward a recession of its own making. Doomberg dives deep into America's squandered energy advantage, China's calculated rise, and how short-term politics is colliding with long-term capital planning. If you care about markets, manufacturing, or the future of Western economic resilience — you don’t want to miss this one. Chapters: 00:00 – Introduction: Supply Chains, Tariffs, and Recession Risk 04:00 – Trump’s Strategy: Diagnosis vs. Execution 08:00 – Six Reasons Auto Tariffs Will Backfire 13:30 – EVs, China, and the Renewable Illusion 17:00 – Energy Politics: North America, Europe, and Asia Compared 22:00 – Reserves, Regulation, and the Bankability Crisis 27:30 – Capital Cycle vs. Political Cycle: The Core Mismatch 32:00 – Resource Riches and the Western Hemisphere Opportunity 39:00 – Natural Gas: Oversupplied, Undervalued, Unstoppable 44:30 – Energy Market Behavior: Spikes, Gluts, and Investor Strategy 49:00 – Why Projects Get Built Under Republicans, Profits Under Democrats 53:00 – Tariffs or Chaos? The Trump–Carney–Canada Connection 58:00 – Europe's Military Fantasy Meets Energy Reality 1:03:00 – War Fatigue, NATO, and the Illusion of Global Reach 1:09:00 – Final Thoughts: Diplomacy, Decline, and the Danger of Delusion #RecessionWatch, #EVRevolution, #TradeWar, #EnergyPolicy, #BYDvsTesla, #SupplyChainDisruption, #MadeInAmerica, #IndustrialPolicy, #GeopoliticalRisk, #CapitalMarkets | |||
| Pressing Investment Questions for 2025 with Ilan Kolet | 05 Feb 2025 | 00:56:19 | |
Market uncertainty, rate cuts, U.S. exceptionalism, and a potential Canadian dollar shock—are we prepared for 2025? In this must-watch episode, Pierre Daillie sits down with Ilan Kolet, Institutional Portfolio Manager at Fidelity’s Global Asset Allocation Team, to dissect the most pressing questions investors and advisors are facing right now.
00:00:00 Intro & Welcome – Kicking off 2025 with uncertainty 00:02:00 A Market on Fire – Why a balanced portfolio returned 20% in 2024 00:03:00 The Elephant in the Room: Political Instability & Tariffs 00:07:00 Canada’s Hidden Economic Weakness & The BoC's Dire Post-Tariff Simulation 00:13:00 Inflation or Deflation? What a Shock Would Mean for Investors 00:18:00 Are Investors Front-Running Inflation? 00:22:00 Positioning for Uncertainty: How to Build Resilience into Portfolios 00:27:00 The Bond Market Paradox: Higher for Longer? 00:30:00 Why U.S. Equities Are Still the Best Bet in 2025 00:36:00 Rate Cuts: Canada Has to Cut, The Fed Wants to Cut 00:42:00 Will the Canadian Dollar Go On Sale? 00:49:00 The Rise of Alternatives & Why They’re Critical in This Market 00:54:00 The ‘Magic’ of Portfolio Construction in Volatile Markets 00:55:00 Closing Thoughts – An Elegant Solution for Complex Markets ***** Get Fidelity's latest whitepaper: 11 Questions into 2025 ***** Listen to the full episode and get ahead of 2025’s biggest investment challenges! #Markets #Investing #Finance #Economy #InterestRates #PortfolioManagement #WealthManagement #Stocks #Bonds #Canada #USMarkets #Alternatives #Fidelity #Tariffs #MacroEconomics | |||
| 102 A Sea of D's in 2022 w/ Darius Dale and Mary Hagerman | 17 Jan 2022 | 01:16:11 | |
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. Darius Dale's framework provides a fully quantified view of all market fundamentals - what he calls "Quantamental" – and it provides a magnificent view from 30,000 feet. Among the highlights of our conversation was a series of 3 charts that demonstrate quantitatively and eloquently the zeitgeist of inequality in the U.S., which gave rise to the Fed's disproportionately large stimulus reaction during the pandemic and how that has given rise to the inflationary pressure boundaries we are currently breaching. We also discuss the nuance of the question, "Is it inflation, or is it inflationary?" Where to find Darius Dale:***** Where to find the Raise Your Average crew:***** This episode was recorded November 2021 "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| Ep. 100 Multi-Asset Strategies: Making Your Money Work Harder and Smarter | 13 Jan 2022 | 00:28:02 | |
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. | |||
| 99 Huber's New Almanac of Alternative Investments | 06 Jan 2022 | 01:13:49 | |
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 inherent in today's low rates, low yields, and richly valued equity and bond markets. We explore the numerous new tools and vehicles advisors, and in turn, their clients – investors – can exploit the alternatives universe that was once only available to UHNW investors and institutions. We also explore how advisors can begin to introduce the implementation of this universe of alternative investment solutions. Phil provides insight as to what the five main categories of alternatives investors need to begin to consider adding to against their legacy 60/40 portfolios, which for the most part have, enjoyed a 40-year secular disinflationary tailwind since the 1980s, in order to reduce the risk of being blindsided by changes in market and economic regimes. "The best portfolio is the one you can stick with," over the long term, through thick and thin, and since behavioural risk is potentially the most deleterious and costly risk investors can experience in their lifetimes, it has now become critical for advisors to set themselves apart by helping their clients to construct portfolios that are resilient and sustainable, from the point of view of being able to maintain strategic asset allocations over the long-term, without being destroyed by future flights-to-safety. ***** Where to find Phil Huber, CIO, Savant Wealth ManagementPhil Huber on Twitter (@bpsandpieces) Phil Huber's New Book:The Allocator's Edge: A modern guide to alternative investments and the future of diversification – https://links.advisoranalyst.com/The-Allocators-Edge ***** Where to find the Raise Your Average crew:****** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| 97 Preet Banerjee - What is Advice Worth? | 23 Dec 2021 | 01:10:00 | |
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 across the generational and/or under-accumulated wealth divides. Preet is the bestselling author of the personal finance books, Stop Over-Thinking Your Money!: The Five Simple Rules Of Financial Success (2014). Where to find Preet BanerjeeWhere to find the Raise Your Average crew:***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| 96 New Ways to Optimize Retirement with David Blanchett & Michael Finke Ph.D. | 15 Dec 2021 | 01:24:13 | |
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 considerations, and some options may be considerably more useful and less risky than others from all angles given the current investment climate. Where to find David Blanchett and Michael Finke:Micheal Finke, Ph.D. on Linkedin Guaranteed Income: A Licence to Spend Where to find the Raise Your Average crew:***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| 95 Mary Hagerman: The Black Belt Advisor | 09 Dec 2021 | 01:14:03 | |
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 the GFC in 2008-2009, Mary came to the wholehearted realization she wanted to transform the way she advises and invests with and for her clients, to include and substitute legacy investment products with low cost, index-based ETFs, and that if she was going to go higher and farther in the industry, her practice would have to make the leap into the fee-based realm. Unwittingly, Mary became one of the earliest women at her firm, and in Canada, to make the jump to not only using ETFs, but becoming fee-based, and jumping through the educational and regulatory hoops to earn the privelege of being a discretionary portfolio manager. Mary discusses the challenges she faced as a woman coming up in the financial advisory business. In that regard, things have changed since, and she also reveals what she sees as all the silver linings – that this is a great opportunity and business for women to be in. Women, she remarks, are very well suited empathetically, and EQ wise, perhaps naturally more so, than men, better equipped at asking the hard, more sensitive and emotional questions, that men often shy away from, that get to the heart of peoples' relationship with money. Finally, we talk about her highly regarded book, her newly formed charitable foundation (and how she did it), and her key advice for women wanting to be wealth advisors. Where to find Mary HagermanThe Mary Hagerman Group at Raymond James Ltd. Mary Hagerman's bestseller The Black Belt Investor: A Martial Arts Guide to Wealthness; How to Kick Butt and Feel Rich! | |||
| 94 Jeff Bradacs: How Market Neutral Strategies Fit Into Investor Portfolios | 01 Dec 2021 | 00:20:50 | |
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: | |||
| 93 Mike Green: Stock Markets Are Less Efficient, and More 'Inelastic.' What does that mean? | 24 Nov 2021 | 00:35:04 | |
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:The Inelastic Market Hypothesis: A Microstructural Interpretation (JP Bouchaud) How Competitive is the Stock Market? (Valentin Haddad) Robin Wigglesworth's Book - Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever Where to find Michael Green, Chief Strategist, Simplify Asset Management:Michael Green on Twitter - @profplum99 ****** Where to find the Raise Your Average crew:***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. | |||
| 92 Simplify's Michael Green: The Un-Consensus on Today's Macro & Inflation | 16 Nov 2021 | 01:52:56 | |
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 view on peak productivity, i.e. that productivity peaks at age 45 specifically in the context of today's demographics, and how that dynamic is contributing to his view on whether or not we are entering an inflationary spiral. [21:30] Adam asks Michael to describe what he thinks are the underlying mechanics and the subtext of what is driving the inflation impulse, i.e. bottlenecks and underinvestment, as well as inflation the 'Meme' or 'Political Football' or 'Inflation, the Performance Art.' [23:45] Michael explains what is, and what is NOT inflation. [28:40] Michael shares his views on what's happening with surge seen in commodities, shelter costs, labour/wages, followed by a striking explanation of what's happening in shipping/trucking/transportation.[43:26] [59:05] "As you know 'I celebrate anytime I'm called the dumbest man alive," says Green. "I think that possibly the best thing that can happen to me, for a very simple reason." Green says we are in a regime where commodity prices are nearing all time highs, there's already demand destruction in places like oil and gas, and everyone's convinced the only path is higher - "That feels so wrong to me." [1:00:21] At [1:13:30] we wrap up the macro discussion around inflation and segue to Michael's "Inelastic Market Hypothesis" the antithesis of the "Efficient Market Hypothesis." [1:20:21] Mike explains his thesis that as a result of the many trillions of dollars in flow to passive funds and ETFs, stock markets have become increasingly 'inelastic' or susceptible to secular reversals in sentiment - that the way markets work today means that reversals could be catastrophic to equity prices when and if the trend reverses as investors age. Stock Markets Are Becoming Less Efficient, and More 'Inelastic.' What does that mean? Research mentioned in the podcast:The Inelastic Market Hypothesis: A Microstructural Interpretation (JP Bouchaud) How Competitive is the Stock Market? (Valentin Haddad) Where to find Michael Green:Michael Green on Linkedin - https://www.linkedin.com/in/michael-green-9a15142/ Michael Green on Twitter - @profplum99 - https://www.twitter.com/profplum99 Simplify Asset Management - https://www.simplify.us/ ****** Where to find the Raise Your Average crew:ReSolve Asset Management - https://investresolve.com/ ReSolve Asset Management Blog - https://investresolve.com/blog/ Mike Philbrick - https://www.linkedin.com/in/michaelphilbrick/ Rodrigo Gordillo - https://www.linkedin.com/in/rodrigogordillo/ Adam Butler - https://www.linkedin.com/in/adamdbutler/ Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/ Joseph Lamanna - https://www.linkedin.com/in/josephlamanna/ AdvisorAnalyst.com - https://advisoranalyst.com "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. | |||
| 91 SIACharts' Paul Kornfeld on Actionable, Investment Decision-Making Tools, At Scale, for Advisors | 10 Nov 2021 | 01:21:18 | |
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 each ETF or Fund provider, as well as receive up-to-the-day scores and relative strength calls such as the SIACharts Equity Action Call, which provides day-to-day guidance on whether there is cause to increase or decrease equity exposure based on relative strength analysis. Advisors can also plot charts in either of Line, Candlestick, or Point and Figure formats. Point and Figure charting figures large on the SIACharts platform because of its ability to provide trend analysis in an asymmetric format that ignores time as a factor, and focuses on price movement and trend. Point and Figure charting is a proven charting tool effective at identifying trends across securities either on a one-off individual security chart, or when comparing competing pair trades (e.g. stock vs. stock, stock vs. index, stock vs. Sector, ETF vs. Sector, or Fund, etc.) to identify the relative outperformance of one security versus others, and/or other measures. Throughout the conversation, Paul demonstrates how advisors can use this unique and powerful investment management tool to make significant improvements to their investment selection and management process, as well as streamline their trading and communications processes with their clients. One of the most underrated factors in considering the use of SIACharts is how it not only provides valuable insight in the determination of timing and relative strength across securities and markets, tracks model and individual client portfolios, but how it is transforming the practices of advisors who have adopted the platform. It is a massive timesaver in the context of securities selection and analysis. As a meeting preparation tool for instance when getting ready to meet, or intra- or post-meeting with prospective clients, for example, advisors have been able to add enormous value to their initial interactions by being able to provide portfolio x-rays against pre-existing portfolios to point out the strengths and weaknesses in portfolios on very short notice. Clients trend toward highly impressed by the advisor's ability to make quick systematized calls on portfolios on short-notice and on an ongoing basis, in and around the portfolio review process, and also thus, freeing up substantial time for advisors to be able to spend more time on high value relationship building. Paul points out that among his favourite tools in the SIACharts war chest is the ability to set up alerts on individual securities and model portfolios to notify of changes in relative strength across all dimensions. When you can empower your practice to be in a position to deliver on investment commitments such as market entry and exit calls, on an immediate basis, from wherever you may be at any given moment, for example, it greatly enhances the value and competitive dynamic of your advisory practice. Finally, from a behavioural finance perspective, Paul demonstrates via SIACharts' case studies how SIACharts tools provided asset preservation guidance during tumultuous periods, such as last years' panic selloff signals, or by how advisors on the platform were signalled appropriately to both enter Valeant during its massive upward growth spike and, conversely to exit same during its fall from grace. Think Nortel Networks and Bre-X débâcles. Thank you for tuning in, and if you found the conversation to be valuable in any way, please hit that subscribe button in Youtube, Apple Podcasts, or Google Podcasts, the Notifications button, as well as 'liking' and commenting as you see fit. Get a All-Access Free Three Week Trial to SIACharts Here (Advisors only): Where to find Paul Kornfeld and SIACharts: Where to find the Raise Your Average crew: ReSolve Asset Management - https://investresolve.com/ ReSolve Asset Management Blog - https://investresolve.com/blog/ Mike Philbrick - https://www.linkedin.com/in/michaelphilbrick/ Rodrigo Gordillo - https://www.linkedin.com/in/rodrigogordillo/ Adam Butler - https://www.linkedin.com/in/adamdbutler/ Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/ Joseph Lamanna - https://www.linkedin.com/in/josephlamanna/ AdvisorAnalyst.com - https://advisoranalyst.com ***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| Are Markets overestimating 2025 Investment Opportunities with Aahan Menon | 17 Jan 2025 | 01:44:39 | |
What does 2025 have in store for investors? Join us as we dive deep into the markets, macroeconomics, and the evolving landscape of risk and opportunity with Aahan Menon, Founder and CEO of Prometheus Research. In this special kickoff-to-2025 episode of Raise Your Average, Aahan breaks down his systematic and probabilistic approach to navigating today’s unpredictable economic environment, shares his investment outlook, as well as asset allocation. You may be surprised. Key Insights: Macro Trends for 2025: How growth, inflation, and interest rates are setting the stage for the year ahead. Managing Risk: Why a systematic framework is essential in a time of elevated uncertainty. Market Narratives Unpacked: The disconnects between popular sentiment and economic data. Probabilities, Not Predictions: How Prometheus Research quantifies risk and uncovers market opportunities in real time. Actionable Takeaways: Prometheus' 4 ETF portfolio model, for investors looking to stay ahead of the curve in a rapidly shifting environment. Quote of the Episode: "Investing today isn’t about certainty—it’s about managing probabilities in a world of growing complexity." – Aahan Menon Chapters: 00:00 Introduction and Guest Welcome 01:19 Ahan Menon's Investment Framework 01:58 Market Dynamics and 2024 Review 05:48 Economic Indicators and Forecasts 10:21 Interest Rates and Economic Impact 24:51 Liquidity Conditions and Market Implications 46:52 Manufacturing Sector Challenges 53:15 Challenges in the Manufacturing Sector 53:26 Impact of Borrowing and Leverage 53:58 Wage Costs and Interest Burden 54:46 Investment and Borrowing Trends 56:10 Commodity Market Dynamics 58:02 Alpha Portfolio Strategies 01:01:38 Manufacturing and Economic Growth 01:03:53 Recession Indicators and Economic Slowdown 01:11:29 Real Estate Sector Analysis 01:17:14 Signal Strength and Portfolio Allocation 01:21:34 Bond Market Insights 01:31:58 Commodity Market Outlook 01:36:12 Asset Allocation - What to do now 01:43:40 Conclusion and Final Thoughts Stay Ahead of the Curve: Subscribe to Raise Your Average for more market insights, expert interviews, and actionable strategies to elevate your investing game. Connect with Us: Follow Aahan Menon on Linkedin Prometheus Research on Substack ReSolve Asset Management Mike Philbrick on Linkedin #Investing2025 #RaiseYourAverage #MarketInsights #EconomicOutlook #PrometheusResearch | |||
| 90 Canada's Leading VC: Back From the Brink & Keeping Canadian Innovation Canadian | 03 Nov 2021 | 01:00:27 | |
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 most groundbreaking and promising areas of Canadian innovation going forward. Where to find John Ruffolo: | |||
| 89 Unlocking Total Return & Yield From Dividends, Growth, and Options with Ben Gossack and Trevor Cummings, TD Asset Management | 02 Nov 2021 | 01:07:28 | |
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 investment income generation, which involves two actively managed, proprietary option-yield generating overlays: 1) Writing covered calls against a percentage of the portfolio, effectively putting those shares up for short term 'rent', i.e. the option premium income, and 2) Cash-covered put-writing, the equivalent of 'selling insurance,' thus collecting option premium income, to get paid to buy stocks at lower prices. Finally, Ben and Trevor disspell commonly held biases, heuristics and myths surrounding the use of actively managed enhanced option-writing strategies. Among those commonly regarded heuristics is the belief that covered option writing yield strategies only effective in markets that are moving sideways or declining. Also diving into the differences between a systematic approach to option-writing vs. the advantages of being active. To the point, about last year's sharp bullish upturn following the March 23, 2020 low, "from an option premium perspective, it was Christmas every day," said Gossack. In addition, he also points out that since they are active, they have the freedom to choose to write, or not write options, depending on market conditions. TDAM's active enhanced dividend ETF offerings are available in two market exposures: Global (ticker: TGED), U.S. (ticker: TUED). For more on these, visit td.com/ETFs. You can also get more intelligence on TDAM's enhanced dividend strategies here. Ben Gossack's TDAM Bio | |||
| 88 ESG: What Difference Does It Make? | 23 Oct 2021 | 00:56:49 | |
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 conversation about distinction and differences of an actively managed ESG strategy vs. the controversial index-based ESG strategies in the market. | |||
| 87 David Rosenberg: Take Off Your 'Rosie' Coloured Glasses | 14 Oct 2021 | 01:38:41 | |
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 Powell's — is the first pandemic in a century going to be the cause of sustainable inflationary future? Try to wrap your head around that, he says.[13:06] he talks about the feds unbelievable GDP forecast for the fourth quarter and also about the likelihood that a $3.5 trillion fiscal package will be passed. [16:38] Adam asks David about whether or not commodities will go through an upward repricing and David shares his point of view on the big picture and describes why some of that thinking maybe questionable, [23:42] and we get into a deeper conversation about supply chain problems as well as the flaws in wage inflation. Dave points out the difficulties that exist where wages are concerned considering that millions of people are dragging their feet returning to the work, and what the impact of that might be. Here, [27:29] Dave describes the coming "Growth recession" and explains his definition of that – the big story next year will not be inflation. We talk about what Dave calls the economy in 3-D—disruptive technology, demographics, and the egregious debt that's been incurred over the last 2 years.[31:41] Dave elaborates on his Outlook for treasury yields. [35:43] and we segue into the cut off of pandemic paychecks and what that means for consumption. At [52:38] a heated debate about how drivers of inflation, imputed rents, used cars are not being discounted properly, and are expressing an unsustainable share of inflation . Inflation is about the rate of change in inflation not the rate of inflation itself. Rent as the cost-of-living, and how that's being misunderstood because of the way the BLS managers that calculation.[1:01:09] David clarifies further how we're not in Stagflation, how different this period is from the 70s [1:06:19] At [1:09:02] our conversation turns to a debate about how inflationists got it wrong in 2008 when he was Chief Economist at Merrill Lynch, in the lead up to the GFC, and the realities how much room the Fed has to raise rates in the current environment, and why Dave is bullish on treasuries at this point. Are we entering a 'Commodity Supercycle?" [1:15:22] Dave talks about what the market is missing at this point. Is Inflation Transitory? [1:21:52] How often is the Fed right on the economy? We've never seen anything like this before [1:24:29]. Is China in a Lehman moment? [1:30:24] The Wrap on that cheery note [1:31:13] And a final question for Dave - Would you rather spend a week in the past or a week in the future? [1:37:11] Thank you David for an eye-opening conversation about the state of the economy and markets! Download Dave's Special Report (Complimentary) here:https://links.advisoranalyst.com/rosenberg Recorded on September 27, 2021 Where to find David Rosenberg Rosenberg Research & Associates Where to find the Raise Your Average crew: ***** Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| Ep 86 Jeffrey Sherman – Macro-View: How to Protect and Profit in This Bizarre Market | 13 Oct 2021 | 01:19:44 | |
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 Jeffrey's CAPE ratio based equity strategy [43:09], and what insights and signals he's getting from the market, then Jeffrey talks about why growth stocks don't benefit from the rising rates environment, as well as his concept of scarcity, growth and duration of stocks [47:26]. At this point, [56:09] we ask Jeffrey to explain how his unique and successful CAPE ratio equity/bond strategy works, and how he's been able to deliver alpha.[1:03:39] If you're wondering at all about creative ways of how to think about constructing portfolios that express the needs and objectives and risk management of all types of investors our conversation will fill in some of those blanks for you. The conversation then turns to a discussion about the language and jargon game, Smart Alpha, even Cliff Asness, as well as Jeffrey's parting thoughts for advisors [1:15:07]. This podcast was recorded September 20, 2021 Where to find Jeffrey Sherman, DoubleLine CapitalSherman Show on Twitter - @ShermanShowPod Where to find the Raise Your Average crew:****** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| Ep 85 Return Stacking: Strategies for Overcoming a Low Return Environment | 12 Oct 2021 | 01:15:41 | |
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 tracking error by using new products which, in combination, can provide more than $1 of exposure for every dollar invested. - The proposed solution harnesses the full potential of traditional portfolios plus the opportunity for higher returns and risk reduction from non-correlated investments. - This capital efficiency allows for the introduction of non-correlated return streams that stack on top of core portfolio exposures. - We show how to maximize “Return Stacking” opportunities by choosing alternative fund managers already engaging in capital efficient strategies. You can download the paper here (https://investresolve.com/return-stacking-strategies-for-overcoming-a-low-return-environment-lp/). ***** Where to find the Raise Your Average crew: ***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| Ep 84 The Future of Advisor Marketing Today with Richard Heft and Andrew Broadhead | 07 Oct 2021 | 01:22:51 | |
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 Teams for example for most of our meetings, and Facetime and similar to stay in touch with our families. What has been lost however, is ability to be in the same room with our people and our clients. And, anecdotal evidence suggests that the majority of people are reluctant to come to an office for a meeting or, for that matter meet in their homes, to get to know you, the advisor. It's been relatively much easier to maintain existing relationships, particularly where business is concerned, than to develop new ones. Advisors in particular have been challenged when it comes to bringing on new clients, having a hard time being able to coalesce and relate personally from behind the small screens of dgital conferencing. So how can advisors up their prospecting game. For that matter, how can any consultative professional up their effectiveness and their competitiveness when it comes to forming new relationships with new clients? Expect to walk away with some juicy takeaways about how you can transform the nature of your advisory business. And, get yourself a copy of The Ascendant Advisor. This book is chock full of insight, and actionable but not costly tips that you can start using today. Where to find Richard Heft and Andrew Broadhead:Where to find the Raise Your Average crew:****** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| Ep 82 Phil Mesman: Event-Driven Credit Investing | 01 Oct 2021 | 00:19:53 | |
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. | |||
| Ep 80 Jeffrey Sherman, DoubleLine Capital - Macro Outlook – How Should Investors be Positioning? | 23 Sep 2021 | 01:01:01 | |
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 inflation measures, in some instances, it's, you know, the, the highest prints we've seen at 40 years. "Coinciding with that, you talked about the bond rally over 40 years. We're talking about inflation levels we haven't seen in 40 years. So why are rates where they are? Well, that's the 10 or $20 trillion question when it comes to the treasury." Sherman shares his strategic thinking on duration, interest rates, and credit risk and how investors could approach the fixed income market, and position their fixed income sleeve not only for yield, but with a view to keeping risk in check. In our conversation Sherman talks about several good alternatives to bonds that investors can consider. | |||
| Ep 79 Pt. 1 Annamaria Testani - Creating Value as an Advisor Through 'Active Listening' | 20 Sep 2021 | 00:31:24 | |
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 ListeningIn 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, as well as how valuable that is when engaging prospective clients. | |||
| Rethinking Wealth: Unlocking the Power of Private Markets | 10 Dec 2024 | 00:59:17 | |
In this episode of Insight is Capital, we’re joined by Tony Davidow, Senior Alternatives Investment Strategist at Franklin Templeton Institute and author of the soon-to-be-released Private Markets: Building Better Portfolios with Private Equity. Tony shares his expert insights on the revolution in private market investing and why it’s reshaping wealth management. We explore how private equity, private credit, and private real estate are transforming portfolio construction, offering uncorrelated returns, greater diversification, and resilience during market downturns. Tony demystifies the illiquidity premium, highlights the growing role of secondaries, and explains why advisors must embrace alternatives to meet client expectations in today’s financial ecosystem. Key Topics • Rethinking the 60/40 Portfolio: Why traditional strategies are no longer enough in today’s volatile markets. • Private Markets for All: The innovations democratizing access to private investments. • Illiquidity as a Feature: Why patience is key to unlocking higher returns. • The Secondary Market Boom: Shorter J-curves and better diversification for private equity investors. • Enhancing Advisor Value: How mastering alternatives strengthens client relationships and retention. Chapters 0:00 - Welcome & Introduction 2:00 - The End of Easy Money: 2022’s Portfolio Wake-Up Call 6:30 - Tony’s Career & The Power of Private Assets 11:45 - Demystifying Private Market Accessibility 16:00 - Structuring Portfolios: Growth, Income, and Diversification 21:00 - Overcoming Client Hesitations Around Alternatives 26:00 - The Hidden Opportunities in Private Markets 34:00 - Illiquidity: A Feature, Not a Bug 42:00 - The Growing Role of Secondaries in Private Equity 47:00 - Trends Shaping Private Markets Over the Next Decade 55:00 - Closing Thoughts & Where to Find Tony Links & Resources • Tony Davidow on LinkedIn: Link • Franklin Templeton Alternatives - Canada: Link • Franklin Templeton Institute’s Alts Knowledge Hub: Link • Tony’s Book: Private Markets: Building Better Portfolios with Private Equity (Coming February 2024). #PrivateMarkets #AlternativeInvestments #PortfolioConstruction #WealthManagement #PrivateEquity #PrivateCredit #RealEstateInvesting #InvestmentStrategies #FinancialAdvisors #TonyDavidow Copyright © AdvisorAnalyst | |||
| Ep 79 Pt. 2 Annamaria Testani - Reframing and Defining Your Value as an Advisor | 20 Sep 2021 | 00:37:28 | |
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 AdvisorAs 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? In the next segment, part 2 of 3, Annamaria describes how problematic our unconscious biases are, and how they get in the way of being able to have highly productive conversations with your prospective and existing clients. Annamaria provides a clear understanding of how you can consciously identify and set aside your personal biases, as well as understand your clients', so that you may become a more objective and more valued participant in your client conversations. People yearn to feel deeply understood. Annamaria discusses a universal method for eliciting the highest-value feedback you can get whether its from your clients or those dearest to you. | |||
| Ep 79 Pt. 3 Annamaria Testani - Always be Adapting Your Value to Conquer Disruptive Change | 20 Sep 2021 | 00:25:50 | |
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 ChangeAs 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? In the third and final segment, you will discover a line of conversation that serves to subtly make your clients aware of the value of the benefits they receive from their relationship with you. We discuss how to take what you have learned in the process with your clients, and at every step of the way, use it to adapt your methods, and reframe your practice as your clients' most invaluable advisor. You'll also how learn to adapt and differentiate yourself highly to disruptive changes taking place in the industry and investing, by easily taking charge of difficult or controversial advisory topics. | |||
| 78 Justin Castelli on Personal Brand Building for Advisors & Onramp | 14 Sep 2021 | 01:11:16 | |
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 founded by CEO, Tyrone Ross, a now well known RIA, who has specialized within the HNW cryptocurrency space. Onramp Invest provides advisors with the ability to merge their clients crypto- and defi assets into the investment planning ecosystem, via an IPaaS, Integration Platform as a Service. We talk about what this means for advisors, particularly in the context of being able to advise their clients who already own crypto-assets outside of their purview, and how it has the potential to beneficially impact the way advisors and investors can work together to include their already-owned, or planned crypto-asset investments, into full view of their financial planning. Where to find Justin Castelli, RIAWhere to find the Raise Your Average (RYA) crew:****** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| 77 Nicolas Piquard on The Bull Case for Uranium (and Uranium Stocks) | 07 Sep 2021 | 01:10:51 | |
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 get into the growing demand fundamentals versus long-term supply constraints of the Uranium sector. With Uranium prices having been as much as 90% off their pre-Fukushima highs during the last decade, and posting a strong recovery off its extremely low base, Nicolas Piquard says "we are still in the early innings here." This show is for you. If you're enjoying the show, hit that subscribe button, and leave us comments (here and on Youtube), and ratings (Youtube and Apple Podcasts). Where to find Nicolas Piquard and Horizons ETFs:The Horizons Global Uranium Index ETF - HURA An Introduction to Covered Calls Where to find the Raise Your Average crew:***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. | |||
| 76 Matt Hougan on What Bitcoin Does to Portfolios | 25 Aug 2021 | 00:52:32 | |
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 next big thing, what the next multi-trillion dollar financial phenomemon would be, all roads led Hougan to examine Bitcoin and the ecosystem beyond, of cryto-assets and DeFi (Decentralized Finance). He is all in, first principles front and centre, channeling all his research prowess and energy to educate advisors on this investing space. And, in case you're wondering, its still just the beginning. We get into all of it, plus, and importantly, the part of conversation where he describes, in no uncertain tone, what bitcoin does to portfolios. If you're enjoying the show, hit that subscribe button, give us a like, and leave us your comments, so others, like you, can discover it too. Where to find Matt Hougan:Matt Hougan on Twitter - @matt_hougan Bitwise Asset Management's Whitepapers Where to find the Raise Your Average crew:***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| 75 Wade Guenther on An Innovative Approach to Investing in Gold (Raise Your Average) | 18 Aug 2021 | 00:54:08 | |
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 evidence shows allocating to gold strategically is and has been accretive to returns in the long term, and it also helps mitigate portfolio volatility, which can significantly contribute to the ability to remain invested through market events. We get into to engineering behind WGLD, Wilshire wShares Enhanced Gold Trust. Full Transcript: Coming soon Find Wade Guenther and Wilshire Phoenix Wilshire wShares Enhanced Gold Trust (WGLD) Find the Raise Your Average crew: AdvisorAnalyst.com ***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. | |||
| Ep. 74 Eric Crittenden on The Magic of All-Weather Investing | 11 Aug 2021 | 01:24:08 | |
Eric Crittenden, CIO, Standpoint Asset Management joins us to talk about how portfolios can be constructed to withstand or survive a variety of market shocks and regime changes, as well as and all importantly provide potentially superior long-term equity like returns. In a regime where market shocks have a tendency to send most risk assets' correlations to 1, how and what do you combine in a portfolio that will greatly reduce 'sequence of returns' risk, survive the behavioural risk of wanting to exit at the wrong time, and superior long-term outcomes? Believe it or not, most investors are wired to dislike diversification, especially when it's done correctly. A thoughtful perspective and approach is required to re-wire our lizard brains. For advisors, true diversification represents short term career risk; for investors, it leads to a minefield of impatience and potentially dear behavioural mistakes. We dive into the realm of All-Weather investing, how it works, and how to think about it. Eric Crittenden tells us the story of his career journey to solve the problem, his chance acquaintance, then long-term friendship with investing legend and mentor, Tom Basso (think The New Market Wizards), and the very thoughtful ways they do it at Standpoint Asset Management. Full Transcript: Coming Soon We'd love your comments and ratings are very important. If you don't want to miss another awesome conversation, hit that subscribe button. Thank you so much for being with us.Full Transcript: Coming Soon Where to find Eric Crittenden and Standpoint Asset Management: Where to find the Raise Your Average crew: ***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| Ep. 73 Atul Tiwari on The Case for Investing in Fine Wine as an Alternative Asset Class (RYA Edition) | 04 Aug 2021 | 01:28:13 | |
Atul Tiwari, CEO, Cult Wines Canada joins us for a delightful and captivating conversation on the inner workings of the world of investable and collectable fine wine (for starters, think first-growth left-bank Bordeaux's), and of Cult Wines Canada's (his latest foundling) work to bring the world of investable fine wine to the Canadian market. Atul Tiwari is the former founding President of BMO ETFs and former CEO of Vanguard Canada, which grew to $30-billion in assets, before his departure at the end of 2018. Since his departure from from the top role at Vanguard Canada, Tiwari went on, in March 2021, to co-found Cult Wines Canada, the joint venture with Cult Wines UK, and its Global CEO, Tom Gearing, to bring the exciting opportunity of investing in investment grade fine wines, which represent roughly only 1% of the world's annual production, to Canadian investors. Cult Wines UK is the rapidly-growing and well known UK-based investable wine boutique investment firm with $300-million (650,000 bottles) in rare, investable wine assets, held on behalf of investors. We roll up our sleeves, and get into how this unique, and once walled-off, once very private dealing network for wines from the highly-vaunted wine growers has been brought to accessibility, by Cult Wines, for all investors seeking a way to take part in this lucrative market. If you've ever wondered exactly how the investment grade wine market works (or if it's all new to you), come hang out with us for a little while and have your blanks filled. Full Transcript: Coming soon We'd love your comments. If you don't want to miss another awesome conversation, hit that subscribe button. Thank you so much for being with us. Where to find Atul Tiwari and Cult Wines Canada Download Cult Wine's Investment Guide Where to find the Raise Your Average crew: AdvisorAnalyst.com Insight is Capital Podcast ReSolve Asset Management Podcast ***** "You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours. Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK) | |||
| Ep. 72 Steve Hawkins – The Secret Sauce of Horizons ETFs (Raise Your Average) | 29 Jul 2021 | 01:25:08 | |
Our conversation with Steve Hawkins, President & CEO, Horizons ETFs Canada. 'Hawk' begins by taking us on the journey from his humble beginnings on Bay Street all the way to his appointment as Head of Horizons ETFs. We talk about the culture of openness, candor, and enthusiasm he has fostered at Horizons, and of their willingness and drive to push the envelope on identifying and launching ETF solutions well ahead of the s-curve like fruition of their underlying markets. These include making some of the lowest cost index-based ETFs available to investors; being the first to work with active portfolio managers to develop some of Canada's earliest and/or most advanced actively-managed ETFs such as Horizons ReSolve Adaptive Asset Allocation ETF (HRAA), Horizons Seasonality ETF (HAC), as well as its numerous enhanced income 'covered call' and active fixed income mandates; boldly developing some of the most progressive and wildly successful thematic investment ideas like Canada's first Marijuana ETF (HMMJ), and more recently taking the mantle on launching PSYK, the Psychedelic Stocks ETF (PSYK), well ahead of what were/are expected to be watershed legislative and medical care therapies changes, respectively, taking place in the field of health, and mental health sciences; finally, some very interesting 'pick and shovel' themes surrounding the technological 'gold rush.' We get into all of it. Full Transcript: Coming soon Where to find Steve Hawkins: Where to find the Raise Your Average crew: | |||
| Ep. 70 Ted Seides, Capital Allocators – Investing Lessons from Decades Interviewing Elite Money Managers | 07 Jul 2021 | 01:14:06 | |
Ted Seides, founder of Capital Allocators LLC, host of the Capital Allocators Podcast, and author of his second book, Capital Allocators: How the World's Elite Money Managers Lead and Invest, is our guest on Raise Your Average. Takeaways • Ted Seides reminisces about his old friend and mentor, David Swensen, Endowment Fund Manager and CIO, at the Yale Endowment and Yale University, who, sadly, passed away the week before we recorded this episode. • What he learned from David Swensen during his 5 years at the Yale Endowment Investment Office, and the impact that working with him had on the trajectory of his career and his life. • What impact David Swensen had on the investment industry and everyone who knew him. • David Swensen (and team) reportedly added $35-billion in alpha to the Yale Endowment (above and beyond peers and market returns) during 30 years, all the while forgoing insane amounts of compensation. • Ted shares Swensen's timeless framework and first principles, and stories from his time with Swensen. • Swensen created for his own use, what are now called 'factors' and 'factor-based' approach to diversify portfolios in a time when factors did not exist. • Where are the edges in the market today? • What are sophisticated institutions with spending needs/liabilities of 5-8% per yearf doing to get those returns? • Beyond Diversification and Asset Allocation, what are the 3 new 'buckets' institutions are using to construct portfolios? • Ted's infamous bet with Warren Buffett - Ted talks about this in some detail. • The lessons learned from decades interviewing elite money managers • What are the investment learnings? • What are the non-investment learnings? • What are the biggest challenges? • How are the people evolving? • What happens in the Investment Offices of elite money managers? • The 3 Ps and the 3 Cs • How do you make good allocation decisions? As an individual? As a team? • How do investment committees decide what to do? • What are some of the common threads across all allocators? Full Transcript: https://views.advisoranalyst.com/ted-seides Watch on Youtube | |||
| Women and Alts: A Global Perspective with Barbara Stewart, CFA | 27 Nov 2024 | 00:31:16 | |
In this episode of Insight is Capital, Pierre Daillie welcomes Barbara Stewart, CFA, a renowned global researcher, author, and former portfolio manager, to discuss her latest white paper, 'Women and Alts: A Global Perspective.' Commissioned by Kensington Capital Partners, the in-depth 83-page research paper explores the alt gender gap and the barriers preventing women from investing in alternative assets. Barbara shares insights from her extensive interviews with 52 global finance leaders, highlighting the need for improved information, network access, and inclusive marketing strategies. She emphasizes the importance of tailored marketing approaches and encourages women to begin investing, stressing the significance of understanding risks and making informed decisions. You can download the entire enlightening research report (and guide), full of detailed and universally practical tips and insights into the blossoming market for alternative investments, below. Chapters00:00 Introduction 00:19 Welcoming Barbara Stewart 01:22 Barbara's Career Journey 03:37 Inspiration Behind the White Paper 06:05 Key Findings and Barriers 15:08 Strategies to Attract Women (and Men) to Alts 20:17 Future Trends and AI Impact 27:31 Advice for Women Interested in Alts 28:33 Conclusion and Acknowledgements Copyright © AdvisorAnalyst, Barbara Stewart, Kensington Capital Partners | |||
| Ep. 69 'Timing Luck' and Liquidity Cascades with Corey Hoffstein, Newfound Research (Raise Your Average) | 29 Jun 2021 | 01:17:45 | |
### Takeaways from Ep. 10 with Corey Hoffstein, CIO, Newfound Research: • Thinking of diversification in portfolios in terms of three axes: What, How, and When? • The unintended consequences of 'timing luck' (re: 'when?' diversificatio) • How to reduce 'timing luck' from portfolios • How rebalancing premium trumps "timing luck" • Market distortions caused by the shift from actively managed funds to passive funds • What are 'Liquidity Cascades," and how to 'smoothe' against unforeseen destructive convergences of trading activity in markets.'Luck' is a double-edged sword which, if you're an allocator of capital, can, more often than not, disadvantage you in investing and asset management. In our conversation with Corey Hoffstein, CIO, at Boston-based Newfound Research we discuss three axes of diversification: What, How, and When? The 'What?' aspect involves deciding what you're going to invest in. 'How?' is where you decide what process you'll use, e.g. stylistic tilts, value, momentum, active, passive, systematic or rules based investing, and factors, etc. The 'When?,' aspect is the consideration of timing, or rather, 'when' you choose to invest, or rebalance. While luck plays a role in all three aspects of diversification, of the three aspects, timing is the one that gets the least amount of consideration, and luck seems to have a disproportionately low amount of consideration. As we discuss timing luck, you realize how the luck of timing, with all else being equal, i.e. multiple managers using, for the sake of argument, the exact same investment strategy, and even the same holdings can wind up experiencing a wide range of investment returns due to the variability of 'when' the invested, or rebalanced into given investment holdings. Corey Hoffstein eloquently describes how advisors, allocators, and other investment professionals can reduce or eliminate timing luck from portfolios, which we know, can more frequently go against us, and instead harvest the 'rebalancing' premium. If you're at all wondering about the ways in which you could establish greater advisor alpha, rebalancing and the rebalancing premium are among the most valuable and manageable ways to do so, and in turn, reduce the occurrence of when 'timing luck' can turn against you as an allocator. Our conversation then turns to Liquidity Cascades, coined by Corey Hoffstein. This is his well researched findings of what have culminated in more recent times as unforeseen destructive convergences of trading activity in markets, how they occur, and what to do to navigate through them. We talk about how to construct tactical portfolios that 'smoothe' out the heavy drawdowns across financial markets, as experienced in Q1 2020. ***** Where to find Corey Hoffstein: Where to find the Raise Your Average crew: Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/ | |||
| Ep. 68 On Running Canada's Most Successful Family Office – Arthur Salzer, CIO, Northland Wealth Management | 23 Jun 2021 | 01:19:30 | |
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. Contact: ***** Find the Raise Your Average crew: | |||
| 67 Clients Expect Advisors to Lead Them on Responsible Investment | 17 Jun 2021 | 00:56:55 | |
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 investors are wanting to make sure their investments have more meaningful impact, but that only a small minority of 16% of advisors are being proactive with their clients about ESG and responsible investing. We delve into some interesting perspectives on how advisors can fulfill some, if not all, of their clients' expectations – the bottom line here is that being proactive could have a meaningful impact on advisors' relationships with their clients' successors. Links / Resources: Desjardins Responsible Investing *Desjardins Responsible Investing Certification Program and Training Contacts: Deborah Debas, Desjardins on Linkedin Pasquale Posteraro, Desjardins Global Asset Management on Linkedin Nicola Fritz, IMPAX Asset Management on Linkedin Full Transcript: https://advisoranalyst.com/2021/06/17/ep-67-deborah-debas-pasquale-posteraro-nicola-fritz-dgam.html/ | |||
| 67 Brief Version – Clients Expect Advisors to Lead Them on Responsible Investment | 17 Jun 2021 | 00:21:54 | |
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 of retail investors are wanting to make sure their investments have more meaningful impact, but that only a small minority of 16% of advisors are being proactive with their clients about ESG and responsible investing. We delve into some interesting perspectives on how advisors can fulfill some, if not all, of their clients' expectations – the bottom line here is that being proactive could have a meaningful impact on advisors' relationships with their clients' successors. Links / Resources: Desjardins Responsible Investing *Desjardins Responsible Investing Certification Program and Training Contacts: Deborah Debas, Desjardins on Linkedin Pasquale Posteraro, Desjardins Global Asset Management on Linkedin Nicola Fritz, IMPAX Asset Management on Linkedin Full Transcript: https://advisoranalyst.com/2021/06/17/ep-67-deborah-debas-pasquale-posteraro-nicola-fritz-dgam.html/ | |||
| Ep. 66 Raise Your Average with Mark Noble, Executive VP, Horizons ETFs | 08 Jun 2021 | 01:22:52 | |
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: Generation ETFs (Horizons ETFs Podcast The Crew | |||
| Ep. 65 How to Overcome Six Modern Advisor Practice Challenges – Richard Heft, Andrew Broadhead on The Ascendant Advisor | 07 Jun 2021 | 00:52:16 | |
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 advisors can make themselves discoverable, knowledgeable, and relatable, without feeling like all they're doing is tooting their own horn and coming off the wrong way. Finally, we get into the topic of inter-spousal and/or inter-generational wealth transfer. We talk about some obvious and not so obvious ways advisors can bridge any of the gaps that exist in their client-family relationships, to have a better chance of retaining their clients, post-succession. You'll find this conversation full of valuable takeaways. As for what we didn't get to in this conversation, and there is so much, you'll have to get yourself a copy of Richard Heft and Andrew Broadhead's excellent new playbook, The Ascendant Advisor. Full transcript: Available soon More The Ascendant Advisor is available on Amazon: The Ascendant Advisor | |||
| Ep. 64 Som Seif, Purpose Investments on the World's First Bitcoin and Ether ETFs | 03 Jun 2021 | 00:17:47 | |
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. | |||
| Ep. 63 Raise Your Average with Jason Buck CIO Mutiny Fund | 21 May 2021 | 01:22:40 | |
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 friends. The Mutiny Fund is Jason Buck and Taylor Pearson's tail protection fund, launched last year in April 2020, to provide investors with access to a tail protection solution that would provide asymmetric payoffs in periods of market drawdowns of at least 20%. You are the average of the five people you spend the most time with. Come hang out with us for a while. You just might find out about something you didn't know you didn't know about. Like how portfolio tail risk protection works. Transcript: Coming soon You can get to know more about Jason Buck, Mutiny Fund, and their worthwhile research, podcast, and blogs here: Mutiny Fund - https://mutinyfund.com/about/ Mutiny Podcast - https://mutinyfund.com/podcast/ THE DRAGON PORTFOLIO: How To Preserve And Grow Your Wealth For The Next Century https://mutinyfund.com/thedragon/ THE COCKROACH PORTFOLIO - https://mutinyfund.com/cockroach/ ***** Mike Philbrick, CEO, ReSolve Asset Management SEZC on Linkedin Rodrigo Gordillo, President, ReSolve Asset Management SEZC on Linkedin Pierre Daillie, AdvisorAnalyst.com on Linkedin Please SUBSCRIBE and leave us a REVIEW Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. #insight, #outlook, #markets, #RaiseYourAverage, #InsightisCapital, @advisoranalyst, #stocks, #investing, #wealth #antifragile #blackswan #mutiny | |||
| Ep. 62 Raise Your Average with Lyn Alden, Lyn Alden Investment Strategy | 13 May 2021 | 01:29:41 | |
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 discussion on how the base effects of April-May 2020, when the economy and consumption troughed, is temporarily distorting investors' view on economic growth. In addition to her equity and macroeconomic research, Lyn has also conducted in-depth research into Bitcoin and cryptocurrencies, and we get into that in some detail too here. There's so much here. Full transcript: Lyn Alden Investment Strategy - https://www.lynalden.com/ Lyn Alden on Linkedin - https://www.linkedin.com/in/lynalden/ Lyn Alden's Newsletter - https://www.lynalden.com/investing-newsletter/ How Market Capitalization Works: A Look at Rolling Bubbles - https://www.lynalden.com/market-capitalization/ Ulimate Guide to Inflation - https://www.lynalden.com/inflation/ Economic Japanification: Not What You Think - https://www.lynalden.com/economic-japanification/ ReSolve Asset Management - https://investresolve.com/ ReSolve Asset Management Blog - https://investresolve.com/blog/ Mike Philbrick - https://www.linkedin.com/in/michaelphilbrick/ Rodrigo Gordillo - https://www.linkedin.com/in/rodrigogordillo/ Adam Butler - https://www.linkedin.com/in/adamdbutler/ Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/ AdvisorAnalyst.com - https://advisoranalyst.com | |||
| Ep. 61 Raise Your Average with Alex Shahidi and Damien Bisserier, Co-CIOs, Evoke Advisors | 28 Apr 2021 | 01:27:40 | |
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 how you can construct a portfolio that can keep you and your clients invested, and can keep you from potentially losing your heads, behaviourally, during events like the March 2020 Pandemic 40% drawdown. If the key to long term investment success is to get investment selection and risk budgeting correct, so you, as an investor, and your clients, as investors can stay fully invested through market crashes, economic events, and 'black swans', then "Balanced Asset Allocation" by definition, is seriously worth your consideration. By a country-mile, the 2020 drawdown in the value of almost all risk assets, served as an inflection point which will define how successful investors will be from that moment in time forward. Please feel free to share your thoughts about this. Please comment below, AND if you enjoyed this episode and others we have recently shared with you, please subscribe, and by all means leave us a review on Youtube, Apple Podcasts or iTunes, or wherever you listen to your favourite podcasts. Alex Shahidi, Co-CIO, Managing Director, Evoke Advisors Damien Bisserier, Co-CIO, Managing Director, Evoke Advisors Mike Philbrick, CEO, ReSolve Asset Management SEZC | |||
| Mario Cianfarani: Canadians love their advisors - but Gen Z and Millenials are shaking things up | 20 Nov 2024 | 00:46:36 | |
In this episode Mario Cianfarani, Head of Distribution at Vanguard Investments Canada joins us to discuss the latest findings from Vanguard Canada's Value of Advice survey. The widely developed survey, which gathered responses from 1,307 Canadian investors, highlights strong client satisfaction among advisors, with 74% of investors feeling their advisor is worth every dollar. The survey also reveals the generational shift towards online brokerages among younger investors aged 18 to 34, who at the same time have a desire access to an investment professional, frequent communication and personalized financial planning - a hybrid model. Key topics include trust issues among younger investors, the value of advice beyond investment performance, and strategies for advisors to engage with the next generation of clients effectively. Chapters00:00 Introduction and Disclaimer 00:20 Overview of Vanguard Canada's Value of Advice Survey 00:41 Key Findings: Client Satisfaction and Online Brokerages 01:35 Generational Differences in Financial Advice 05:27 Trust Issues Among Younger Investors 12:02 The Role of Advisors in Life Events 24:12 Building Relationships with Younger Clients 28:16 Communication Strategies for Advisors 36:06 Perceptions of Financial Advisors' Value 44:29 Conclusion and Final Thoughts Copyright © AdvisorAnalyst | |||
| Ep 59 Raise Your Average with Wesley Gray, PhD, CEO, Alpha Architect | 07 Apr 2021 | 01:31:00 | |
| Ep 58 Raise Your Average with Nancy Davis, Quadratic Capital Management LLC | 18 Mar 2021 | 01:16:07 | |
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 that may be opportunistic and complementary to today's traditional portfolios. The price of interest rate volatility also happens to be at an all time low, lower than even before the GFC. By the time we're done talking about what seems an otherwise complicated strategy, you'll be able to understand what it is. The rates market is the largest segment of financial markets and until now was for all intents and purposes, inaccessible by individual investors. Nancy Davis - https://www.linkedin.com/in/nancyquadratic IVOL ETF - https://www.ivoletf.com Quadratic Capital Management LLC - https://quadraticllc.com IVOL White Paper - https://kfafunds.com/reports/ivol-white-paper IVOL Presentation - https://www.ivoletf.com/wp-content/uploads/2021/01/IVOL-Presentation.pdf IVOL Fact Sheet - https://www.ivoletf.com/wp-content/uploads/2021/01/2020_12_31_ivol_factsheet.pdf ***** Mike Philbrick, CEO, Resolve Asset Management SEZC - https://www.linkedin.com/in/michaelphilbrick Rodrigo Gordillo, President, Resolve Asset Management SEZC - https://www.linkedin.com/in/rodrigogordillo Resolve Asset Management - https://investresolve.com Resolve AM's Featured Research - https://investresolve.com/research Resolve AM's Blog - https://investresolve.com/blog ***** Pierre Daillie, AdvisorAnalyst.com - https://www.linkedin.com/in/pierre-daillie-advisoranalyst AdvisorAnalyst.com - https://advisoranalyst.com ***** Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. Jump in with us and raise your average, as we raise ours. | |||
| Ep 57 Raise Your Average with Dave Nadig and Tim Nash – ESG: (What's it to you?) | 23 Feb 2021 | 01:23:29 | |
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 and investor empower themselves to get the most from ESG? 00:39:08 What's in it for clients and advisors? How much of ESG is being driven by investors? 00:47:10 How do you balance between ESG and other thematic trends without being in conflict? 00:49:42 How does ESG benefit investors in terms of risk management? 00:52:13 How much of it is doing good vs. sounding good? Greenwashing? 00:58:43 The meaning of 'sustainable' 01:03:33 Busting the myth that ESG is fluff Tim Nash on Linkedin - https://www.linkedin.com/in/timothyjacknash/ GoodInvesting.com on Youtube - https://www.youtube.com/c/GoodInvesting GoodInvesting.com - https://www.goodinvesting.com/ Dave Nadig on Linkedin - https://www.linkedin.com/in/dave-nadig-9461/ ETF Database - https://etfdb.com/ ETF Trends - https://www.etftrends.com/ Mike Philbrick, CEO, Resolve Asset Management SEZC - https://www.linkedin.com/in/michaelphilbrick/ ReSolve Asset Management - https://investresolve.com Pierre Daillie, AdvisorAnalyst.com - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/ | |||