The Raise Your Average™ Podcast

The ETF industry has never been more powerful — or more crowded. Dave Nadig, President & Director of Research at ETF.com, joins Pierre Daillie and Mike Philbrick for a no-holds-barred conversation on the structural risks building beneath the surface of the world's most successful financial innovation. From a potential flood of mutual fund conversions to single-stock leverage ETFs, prediction market shenanigans, private credit illiquidity traps, tokenization timelines, AI's impact on the investment industry, and the quiet erosion of the ETF's greatest strength — simplicity — this is the ETF conversation the industry isn't having.⏱ Chapters00:00 — Introduction: Dave Nadig, President & Director of Research, ETF.com 00:46 — The Mutual Fund-to-ETF Conversion Flood: 5,000 Funds in the Pipeline 03:12 — The Plumbing Stress Test: Market Makers, Lead Market Makers & Capacity Limits 05:40 — Too Many Tickers: When Choice Becomes Paralysis 07:51 — The Case FOR Mutual Funds: Where the Structure Still Wins 10:34 — Private Credit ETFs: Retail Bag-Holding at the End of the Cycle? 13:06 — Private Equity ETFs, SpaceX Shenanigans & Liquidity Illusions 18:02 — ETF Proliferation: More Tickers Than Stocks 19:50 — The K-Shaped ETF Innovation Curve: Institutional Genius vs. Levered Junk 22:26 — Prediction Markets, Kalshi & Single-Counterparty Risk 25:04 — AI in Investment Management: Hype vs. Genuine Edge 27:18 — Tokenization: When Does It Actually Matter for Retail? 29:38 — Atomic Settlement, Blockchain, and the DTCC's Big Project 33:27 — Crypto, Prediction Markets & Where the Money Is Really Going 36:11 — 24/7 Equity Markets: Opportunity or Chaos? 45:25 — The Kitchen Drawer Metaphor: Good Tools vs. Junk Drawer ETFs 48:00 — Covered Call ETFs & the Yield Illusion: Total Return Is the Litmus Test 50:40 — How to Spot Extractive Products vs. Genuine Innovation 54:52 — Why Dave Came Back to ETF.com — and Why He Won't Stay in a Box 01:00:02 — ETF.com 3.0: Content, Pop-Up Events & the ETF Beach House 01:03:02 — The ETF Industry's Obligation: Keeping It From Going Extractive 01:07:13 — Where to Find Dave Nadig: ETF Zoo Podcast, Excess Returns & More #ETF #ETFinvesting #DaveNadig #ETFcom #RaiseYourAverage #PassiveInvesting #MutualFunds #PrivateCredit #Tokenization #MarketStructure #LeveredETF #CoveredCallETF #PredictionMarkets #InvestingEducation #WealthManagement #FinancialAdvisors #ETFbubble #PortfolioConstruction #AIinvesting #IndexFunds

When cash is outranking U.S. equities and gold sells off when it's supposed to rally, the advisors holding up aren't reacting faster — they're working from a better framework.In this episode of Raise Your Average, host Pierre Daillie sits down with Paul Kornfeld, Portfolio Manager and Director of Technology Services at SIA Wealth Management, for a wide-ranging conversation on what the firm's rules-based relative strength system is signalling right now — and why those signals have been readable for over a year. Paul walks through SIA's point-and-figure methodology, explaining how millions of pairwise asset comparisons cut through geopolitical noise and behavioural bias to reveal where money is actually flowing. From the Canada-vs.-U.S. rotation that started in April 2024, to the semiconductor-vs.-software divergence that flagged the SaaS repricing before most advisors saw it coming, to a candid story about a Calgary advisor group with zero energy exposure in an oil boom — this episode is a masterclass in process-driven investing. Paul and Pierre also look ahead to the durable themes likely to define the next 12–18 months: real assets over financial assets, international over U.S. broad indices, AI infrastructure over AI software, and the looming wildcard of North American trade renegotiation in Q3.⏱ Chapters00:00 — Introduction: Markets whipsawing, cash beating U.S. equities01:00 — Welcome Paul Kornfeld: Real rotation or relief rally?01:40 — What advisors are asking right now04:36 — SIA's methodology: Relative strength, point-and-figure, opportunity cost07:12 — The goal is alignment, not prediction12:32 — Risk management: The equity action call and the traffic-light model14:01 — Asset class rankings: Cash above U.S. equity, commodities pulling back15:39 — The rotation that started April 2024: International overtakes U.S.17:51 — One takeaway: Reevaluate your U.S. equity weight vs. international21:48 — Gold's anatomy: The longest gold rally Paul has seen29:14 — Tactical sleeves: How advisors can outsource the hard calls31:51 — Canada vs. U.S. sector breakdown: Energy, financials, IT divergence33:44 — Software vs. semiconductors: The SaaS reckoning since ChatGPT40:02 — Data infrastructure: The durable AI theme the market keeps pricing in40:38 — Point-and-figure in action: Salesforce sell signal, CSCO buy signal44:47 — S&P 100 positioning: Semis dominate the top five right now50:06 — Keep politics out of your investing50:56 — TSX60: Energy, mining, chemicals — and the Kinross success story54:13 — The Calgary story: Zero energy exposure in an oil boom56:57 — Buying insurance vs. making a call: Aligning without predicting59:49 — U.S. equities at 65% of global market cap: Is the world overweight?01:03:39 — Durable signals for the next 12–18 months01:05:59 — Real assets, domestic production, AI infrastructure as core theme01:07:16 — Q3 trade negotiations: The biggest wildcard for positioning01:08:47 — Biggest surprise in 12 months: AI disruption, faster than anyone expects01:14:28 — Where to find SIA Wealth and SICharts#RelativeStrength #SIAWealth #SectorRotation #PortfolioManagement #InvestingStrategy #CanadianInvesting #WealthManagement #TacticalAllocation #MomentumInvesting #AIInvesting #GoldBullMarket #EnergyStocks #Semiconductors #SaaSStocks #FinancialAdvisor #InvestmentAdvisor #RaiseYourAverage #MarketRotation #PointAndFigure #BehavioralFinance #EtfInvesting #TSX #SP500 #MacroInvesting #ActiveManagementFind SIA Wealth Management:siawealth.com | siacharts.com

The party always ends — and Meb Faber, one of the most data-driven voices in global investing, says the evidence is now undeniable that the decade-long US equity dominance is giving way to something very different.SUMMARYOn this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Meb Faber — co-founder and CIO of Cambria Investment Management, prolific researcher, and host of The Meb Faber Show — for a wide-ranging conversation about what investors and financial advisors must rethink as the rules of the game quietly change beneath their feet.With US equity concentration at historic extremes, inflation proving stickier than expected, and geopolitical disorder accelerating structural shifts already underway, Meb makes the case that the era of a US-heavy 60/40 portfolio solving everything is in the rearview mirror. He challenges the deeply ingrained recency bias that has left most North American investors dangerously underweight in international equities and real assets — and explains what the data actually says about where opportunity is emerging.The conversation moves from big-picture regime change into highly practical territory: how to build a portfolio that survives behaviorally, not just mathematically; how to think about concentrated, low-basis positions and the tax traps hiding inside the gains of the last 15 years; and why "tax alpha" may be the most overlooked and underutilized edge in wealth management today. Meb also shares how he's deploying AI in his own practice — including a custom-trained GPT built on his entire body of work — and what advisors should be borrowing from that playbook right now.⏱️ CHAPTERS00:00 — Welcome & banter: tacos, spicy food, and market chaos 08:00 — Meb joins; framing the moment: Venezuela to tariffs to Iran 13:00 — A regime change? Dissecting the end of the 40-year bull run 15:00 — The bull market in diversification: foreign markets doing 30%+ while the S&P stalls 17:00 — What advisors are underweight: ex-US equities and real assets 20:00 — How to explain a generational shift to clients without jargon 24:00 — Global diversification: the evidence from 15 famous portfolios 27:00 — The 20% annual spread problem and why tracking error breaks investors 30:00 — Portfolio vulnerabilities in the cap-weighted US-dominant model 31:00 — Opportunities: global value, small cap, fixed income niches, real assets 35:00 — The "fat" portfolio: three ingredients every investor needs 40:00 — Utilities, dividends, and the tortoise-vs-hare reversal 44:00 — Behavioral investing: why systematic strategies exist 48:00 — The concentrated position trap: identity, emotion, and the sell decision 51:00 — Systematic rebalancing: lessons from Cambria's early days 53:00 — "The easy money's been made" — market phrases Meb despises 55:00 — Deep value and what it takes to be a missionary, not a mercenary 58:00 — The best active managers and why they always close the door at the top 1:00:00 — When the penthouse becomes the outhouse 1:04:00 — The Groucho Marx rule: would you buy what you already own? 1:10:00 — Drawdown, pain tolerance, and the real test of a portfolio 1:17:00 — Concentrated low-basis positions: the tax trap hiding in plain sight 1:19:00 — 100 years of stock data: what the best-performing stocks actually returned 1:22:00 — Tax strategies: 351 exchanges, direct indexing, QSBS, and box spreads 1:27:00 — AI in practice: Meb's custom ChatGPT and how advisors should use AI now 1:30:00 — Behavioral AI: what happens when the bot knows you better than you do 1:32:00 — Closing thoughts: raising your average in a noisier, more complex world</p> #MebFaber #CambriaInvestments #GlobalDiversification #PortfolioConstruction #ValueInvesting #TrendFollowing #6040Portfolio #TaxAlpha #ConcentratedPositions #DirectIndexing #RealAssets #InternationalStocks #RegimeChange #FinancialAdvisor #WealthManagement #InvestingStrategy #RaiseYourAverage #AIInvesting #BehavioralFinance #LongTermInvesting #ETFinvesting #SmartBeta #FactorInvesting #MarketOutlook2026 #AdvisorAnalyst

The bond market — not equities — is the most fragile and most misunderstood foundation of your entire portfolio, and most investors have no idea what's coming. Episode SummaryPierre Daillie and Mike Philbrick sit down with Alfonso Peccatiello — former ING bond portfolio manager of $20 billion and founder of macro hedge fund Palinuro Capital — for a masterclass in navigating a world where the old rules no longer apply.With decades of disinflation now behind us, Alfonso makes the case that the classic 60/40 portfolio is structurally ill-equipped for today's macro regime. Drawing from his own eight-quadrant savings portfolio model, he walks through how investors should think about building resilient, all-weather portfolios using risk parity principles, leverage as a diversification tool, and a mix of equities, bonds, gold, CTAs, and the U.S. dollar.The conversation shifts to the current geopolitical shock — a potential disruption in global oil supply through the Strait of Hormuz — and why taking directional risk in a nonlinear, unpredictable event is closer to gambling than investing. Alfonso closes with a bold macro outlook: the most underappreciated story of the next year may not be the U.S. at all, but the rest of the world.3 Key Takeaways1. The 60/40 Is Structurally Broken.The 40-year disinflationary tailwind that made bonds a reliable hedge for equities is over. In today's high-debt, inflation-prone environment, stocks and bonds can fall together — as 2022 proved — making traditional portfolio construction dangerously inadequate.2. Leverage Is a Defense, Not a Weapon.Alfonso's eight-quadrant framework uses leverage not to chase returns, but to free up capital for genuine diversifiers: gold, CTAs, macro hedge funds, and long USD exposure — each sized to contribute equal units of risk across inflation, deleveraging, and growth scenarios.3. When You Can't Predict the Variable, Don't Take the Risk.In a geopolitical supply shock like a Strait of Hormuz closure, no amount of macro skill gives you an edge. The honest answer is to reduce risk, not gamble on a nonlinear binary outcome — a lesson most active managers ignore.⏱️ Timestamped Chapters00:00 Intro: Why the macro regime has shifted00:56 Decades of debt, fiscal dominance & bond market fragility15:15 Welcome Alfonso Peccatiello / Palinuro Capital17:00 The eight-quadrant portfolio model explained22:21 Are Treasuries actually fragile?33:50 Using leverage defensively to unlock diversification36:40 Building blocks: equities, bonds, and positive drift38:29 Protecting against inflation: gold, commodities & CTAs40:28 Protecting against deleveraging: the U.S. dollar's hidden role43:28 Correlation math: why uncorrelated assets reduce total risk45:24 How to size gold, bonds, and carry in a real portfolio50:53 Tracking error: the behavioral trap that kills diversification56:12 The savings portfolio: risk parity in practice58:00 The 4% rule, path dependency & why drawdown size matters1:00:06 Current positioning: geopolitical oil shock & the Strait of Hormuz1:08:16 The most crowded trade in the world right now1:10:20 What will surprise markets most in the next 12 months?1:12:24 Closing thoughts & farewell #MacroInvesting #PortfolioConstruction #BondMarket #RiskParity #AlphonsoPeccatiello #GlobalMacro #Inflation #60_40Portfolio #GoldInvesting #CTAStrategy #FiscalDominance #GeopoliticalRisk #InvestingStrategy #WealthManagement #RaiseYourAverage #FinancialAdvisor #AssetAllocation #RetirementPlanning #MacroHedgeFund #InvestingIn2025

While everyone is arguing about AI disrupting software stocks, WisdomTree's Jeremy Schwartz and Jeff Weniger quietly explain why the most important market story of 2026 has nothing to do with the SaaS selloff — and everything to do with where capital is actually moving.WisdomTree Global CIO Jeremy Schwartz and Head of Equity Strategy Jeff Weniger join Pierre Daillie and Mike Philbrick on Raise Your Average to cut through the noise of the AI disruption panic and make the case for a broader, more structural story unfolding in global markets. From the defense tech supercycle reshaping international equity allocations, to the gold gap most North American portfolios haven't fixed, to a contrarian call on the US dollar at a moment of record-extreme bearish positioning — this conversation covers the ideas that matter most for advisors and investors navigating 2026. Japan, small caps, monetary policy lag, and the behavioral biases keeping investors anchored to a 15-year-old playbook all come into the discussion. If you manage money for clients — or your own — this episode is essential listening.CHAPTERS00:00 — Introduction & what's happening in markets right now08:16 — Guests join: Jeremy Schwartz & Jeff Weniger on the SaaSpocalypse10:27 — Is the AI disruption panic overblown? The BlackBerry parallel16:09 — Rotation: structural shift or head fake?19:35 — AI, jobs, and the history of innovation28:09 — Who actually benefits from the AI buildout?31:50 — The 15-year mega-cap tech bull market is ending — here's what's next32:39 — Jeremy Schwartz introduces the defense tech supercycle35:36 — The dollar: why Weniger is a contrarian bull right now40:30 — Gold: the 10–12% neutral allocation most portfolios are missing44:29 — Why the gold-dollar relationship has changed46:34 — Bitcoin liquidation and the case for gold & silver in 202648:06 — The gold gap: US investors vs. European investors51:14 — International flows: the 80/20 problem and how to fix it55:53 — Japan: the most underowned trade of the decade57:07 — Currency hedging, volatility, and the case for DXJ01:01:45 — Is US mega-cap dominance cracking or just pausing?01:04:16 — The biggest mistake advisors make translating macro into allocation01:05:26 — The Fed lag effect: why 2026 may surprise to the upside01:14:02 — Japan deep dive: debt-to-GDP, Buffett's trade, and OPPJ01:20:41 — Jeremy's top idea: the Japan Opportunities Fund (OPPJ)01:26:28 — Jeff's top idea: the contrarian dollar trade and small caps01:30:37 — Market internals: why most portfolios are actually in the black01:35:14 — What surprises advisors most in the next 12 months?01:39:22 — Uncertainty vs. actual losses — the disconnect in 202601:40:27 — Closing thoughts & thank you5 Key Takeaways1. Market is healthier than the headlines suggest. Ten of eleven S&P sectors were positive over the prior three months. Mid and small caps were outperforming large by 500–700 basis points. Most diversified portfolios were in the black — the pain is concentrated in software and AI-disruption names, not the market as a whole.2. The defense tech supercycle is the structural story most advisors are missing. Rising defense budgets across NATO, Japan, Korea, and India are the seed capital for the next generation of global technology — just as DARPA spending gave us the internet and the cell phone. Europe and Japan are becoming technology investment destinations in their own right.3. Gold belongs at 10–12% in a neutral portfolio — and almost no one is there. US investors allocate less than 2% of ETF assets to commodities versus four to five times that in Europe. Falling yields, Bitcoin liquidation flows, and persistent central bank buying from Asia make 2026 one of the strongest setups for gold in years.4. Dollar bearishness has reached historically extreme levels — a classic contrarian signal. BofA's Fund Manager Survey showed record negative dollar positioning. Every major economy is now running large deficits, weakening the relative case for selling dollars. Weniger's best idea for the next 12 months: the greenback surprises to the upside.5. Japan remains the most underowned and underappreciated equity market in the world. Currency-hedged Japanese equities have compounded at 14–15% annually since 2012, driven by real earnings and dividend growth — not multiple expansion. Japanese equities trade at 15–16x earnings with competitive earnings growth. The biggest mistake: betting on the yen rather than hedging it.#WisdomTree #RaiseYourAverage #GlobalMacro #InternationalStocks #JapanEquities #GoldInvesting #DefenseTech #MarketRotation #PortfolioStrategy #AssetAllocation #AIInvesting #SmallCaps #CurrencyHedging #InvestingIn2026 #FinancialAdvisors

If energy is destiny and stockpiles signal intent, then this episode may completely change how you see oil, gold, China, Canada—and your portfoliIn this high-conviction macro deep dive, hosts Pierre Daillie and Mike Philbrick sit down with returning guest Doomberg to dismantle the comfortable narratives investors use to understand energy, geopolitics, and portfolio construction. Doomberg reframes the global order through a resource-first lens: energy is destiny, stockpiles signal intent, and technology is rewriting the rules of commodities. From Venezuela and Guyana to China’s war rations, from shale’s molecular revolution to Saskatchewan’s overlooked strategic wealth, this episode challenges the assumptions underpinning the traditional 60/40 portfolio. If the last 50 years were defined by efficiency, globalization, and financialization, the next regime may be defined by resilience, reshoring, and resource leverage. This is not just a discussion about oil. It’s about power. 🔑 3 Key Takeaways1. Energy Is No Longer “Just Oil” Shale has fundamentally changed hydrocarbon markets. Crude oil, natural gas, and natural gas liquids are co-produced — meaning price signals can no longer be analyzed in isolation. • What CNBC calls “oil” is no longer just crude. Natural gas arbitrage, LNG flows, and AI-driven electricity demand are quietly reshaping global pricing dynamics.2. The World Is Quietly Re-Industrializing Doomberg argues we are witnessing a regime shift: • Deflationary outsourcing → inflationary reshoring • Strong dollar orthodoxy → weaker dollar tolerance • Efficiency → resilience Trump’s trade posture, sovereign capital repositioning, gold’s breakout, and private infrastructure flows all point toward one theme: industrial renaissance is attempting to replace financial engineering. Implication: The classic 60/40 portfolio may be structurally underexposed to energy, infrastructure, and real assets. 3. China Is Acting Like a Wartime Economy China is stockpiling oil, metals, grains, and gold at unprecedented levels. That behavior can be interpreted two ways: • Defensive hardening • Pre-offensive preparation Either way, the signal is clear: global trade assumptions are shifting toward fragmentation and strategic leverage. Implication: Resource-rich jurisdictions (e.g., Saskatchewan) become strategically relevant in a “might-is-right” world.🕒 Timestamped Chapters 00:00 – Introduction: Energy Is Destiny 01:56 – Venezuela, Guyana & Resource-First Thinking 05:08 – Why Markets Misprice Geopolitical Risk 08:07 – Europe’s Deindustrialization Problem 12:06 – Weak Dollar, Gold & the Industrial Pivot 14:30 – Political Constraints & Capital Cycles 20:24 – How to Separate Signal from Propaganda 26:10 – The Molecular Shift in Oil Markets 33:18 – Natural Gas vs Crude: The Arbitrage Story 37:52 – Propane, Engine Switching & Energy Substitution 40:17 – Energy Exposure & the 60/40 Portfolio 46:01 – Why Producers Are Price Takers 48:25 – China’s “War Rations” Strategy 53:29 – Entering a “Might Is Right” Regime 56:03 – Inverting the 50-Year Investment Playbook 01:05:00 – Saskatchewan: Strategic Resource Wealth 01:13:21 – Canada, Culture & Capital Formation Where to find Doomberg

AI isn’t just about Nvidia anymore — it’s quietly rewiring the entire industrial economy, and most investors don’t even realize where the real money will be made.In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Ivana Delevska, Founder and CIO of Spear Advisors, to unpack how AI is splitting the market — creating massive dispersion between winners and losers — and why passive index exposure may no longer be enough.While most investors believe they’re diversified through Nasdaq or S&P 500 index funds, Delevska explains that passive exposure is heavily concentrated in mega-cap hyperscalers. The real opportunity, she argues, lies deeper in the AI value chain — in networking, optical components, semiconductor capital equipment, electrification, cybersecurity infrastructure, and even space.This conversation goes beyond the hype cycle. Delevska outlines why AI CapEx — projected to reach $600B this year — is fundamentally different from past tech cycles. The sheer dollar magnitude is forcing multi-year infrastructure buildouts, creating 10-year visibility rather than the traditional 3–5 year tech cycle. Yet while hardware beneficiaries remain durable, SaaS and application-layer companies face real disruption risk as AI-native competitors rapidly reshape the software landscape.For investors, this isn’t about abandoning mega-cap tech — it’s about understanding dispersion. In an AI-driven world, alpha will increasingly come from identifying where capital is flowing, how physical constraints shape adoption, and which companies sit at the most critical points in the industrial tech stack.🔑 3 Key Takeaways1️⃣ Passive Exposure Isn’t True AI DiversificationOwning the Nasdaq or S&P 500 mostly means owning hyperscalers. The broader AI opportunity extends into semiconductor equipment, optical networking, power infrastructure, cybersecurity, and industrial tech — areas largely underrepresented in passive indices.2️⃣ AI CapEx Is Structurally Different This TimeWith hyperscalers spending ~$600B annually, the infrastructure buildout has 10-year visibility due to land, power, and supply constraints. This isn’t a short tech cycle — it’s a physical industrial transformation.3️⃣ Massive Dispersion = Massive Alpha PotentialAI will create both winners and losers. Hardware suppliers and infrastructure players may benefit from durable demand, while legacy SaaS and application companies risk disruption. Stock selection and disciplined process matter more than ever.⏱️ Timestamped Chapters00:00 – Introduction & Why This Conversation Matters02:00 – $600B in AI CapEx: Where Is the Money Going?04:00 – Why Industrial Tech Was Underinvested for 15 Years07:00 – The Myth of Diversification in Passive AI Exposure12:00 – Networking, Optical, Semi Cap Equipment: Hidden Winners16:00 – SaaS Under Pressure: AI Disruption in Software19:00 – Spear’s Mental Model for Navigating the AI Stack22:00 – Space, Electrification & Defense as AI Enablers31:00 – The Physical World Bottleneck: S-Curves vs J-Curves33:00 – Dispersion, Alpha & Why Active Management Matters48:00 – Behavioral Mistakes Investors Make in Tech Cycles51:00 – What Could Break the AI Thesis?54:00 – Closing Thoughts & SPEAR ETF (SPRX) #AIInvesting #ArtificialIntelligence #StockMarket #TechStocks #Semiconductors #IndustrialTech #Cybersecurity #DataCenters #ActiveManagement #ETFInvesting #GrowthStocks #SPRX #LongTermInvesting #InvestmentStrategy #RaiseYourAverageCopyright © AdvisorAnalyst.com

What if everything you thought you knew about the Fed, fiscal policy, and recession playbooks is already obsolete? In this episode, Darius Dale reveals why the U.S. economy has entered “Paradigm C” — a regime of fiscal dominance, deregulation, and coordinated support — and what it means for portfolios, the Fed, and your financial future.📖 Episode SummaryIn this powerhouse conversation, hosts Pierre Daillie, Mike Philbrick, and Adam Butler welcome back Darius Dale, Founder of 42 Macro LLC, to dissect the seismic shifts reshaping markets in 2025.Dale explains why April’s bond market shock was the most important event since Lehman, forcing the U.S. into Paradigm C: a policy mix of fiscal dominance, deregulation, and an implicit partnership between the Treasury and the Fed. He argues that recession is no longer bullish for Treasuries, that the Fed’s outdated 2% inflation target is crushing those at the bottom of the “K-shaped” economy, and that retail investors have a once-in-a-generation edge over institutions if they stop chasing factor bets.From the decline of U.S. exceptionalism risk to the emergence of financial repression, Dale outlines why the simple KISS portfolio — may be the smartest way to retire on time and comfortably.This is a must-listen for advisors, investors, and anyone trying to navigate the most uncertain macro environment in decades.🔑 4 Key Takeaways1. Paradigm C Defined – The U.S. has shifted to a regime of fiscal dominance and deregulation, aiming to “outgrow” its debt problem rather than cut or print immediately.2. The End of Old Playbooks – Recession is now bearish for Treasuries, Fed independence is eroding, and the 2% inflation target is increasingly destructive.3. The Retail Investor Advantage – Unlike institutions, individuals can flexibly shift exposure, avoid factor risks, and stick to a simplified but powerful asset mix.4. The KISS Portfolio – Darius champions a three-part framework as the most effective way to capture upside while hedging against fiscal repression and monetary debasement.📺 Timestamped Chapters00:00 – Introduction & Darius Dale’s mission at 42 Macro05:00 – Paradigm A → B → C: How policy shifted after April’s bond shock13:00 – Fiscal dominance explained: deficits, tariffs, and untouchable spending20:00 – Why the Fed has lost independence and why inflation targeting is broken30:00 – K-shaped economy: winners at the top, losers at the bottom40:00 – The dollar’s future, sector plays, and EM opportunities46:00 – The KISS portfolio: why retail investors should stop chasing factors55:00 – Reactions, testimonials, and the simplicity that worksMore...42 Macro LLCDarius Dale on Linkedin

What if the riskiest move in your portfolio isn’t owning crypto—but ignoring it? In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with legendary advisor, founder of the largest US RIA firm, author, and futurist Ric Edelman, Founder of DACFP (Digital Assets Council of Financial Professionals). Edelman, long known as a trusted voice in personal finance, now makes his most provocative case yet: advisors and investors may need to rethink the role of crypto—moving beyond token allocations toward a meaningful presence in portfolios. Ric explains why today’s environment—marked by regulatory clarity, institutional adoption, and longer human lifespans—has shifted the crypto conversation from speculation to necessity. He argues that traditional 60/40 models are broken in a world of longevity risk, rising rates, and monetary debasement, and calls for a bold reallocation: 80/20 with up to half of the equity/growth sleeve in crypto-related equities and including somewhere between 10% and 40% allocated of that directly to bitcoin and other digital assets e.g. Ethereum, Solana, etc. The conversation spans regulatory breakthroughs, the psychology of allocation, fiduciary responsibility, and the mindset shifts advisors must embrace. As Edelman puts it, “Not owning crypto today is effectively shorting it.” This episode is a must-watch for financial professionals navigating the future of portfolio construction. 🔑 Key Takeaways1. From Fringe to Foundational – With regulatory clarity under the Trump administration and institutional adoption accelerating, crypto is no longer a speculative bet but an investable, regulated asset class.2. Longevity Changes Everything – Advances in healthcare and aging science mean people will live far longer, forcing portfolios to outlast retirements that could stretch 40+ years; Edelman argues this demands higher equity and crypto allocations.3. The New 80/20 – The classic 60/40 portfolio has reached its limits; Edelman calls for 80% equities—with bitcoin and crypto-related equities making up as much as half of that equity sleeve with between a low of 10% to high of 40% directly allocated to bitcoin—for true long-term resilience.4. Advisor Imperative – Compliance officers are shifting from resistance to acceptance as rules clarify, but Edelman warns that advisors who stay at zero risk reputational damage as clients begin to demand crypto exposure.⏱️ Timestamped Chapters 00:00 – Ric Edelman on diversification myths and hidden biases 02:00 – Why crypto deserves a 3%+ passive allocation 04:00 – Ric’s bold new thesis: 10–40% crypto allocation 07:00 – Regulatory clarity and the Trump administration’s policy shift 12:00 – Why low single-digit crypto allocations underserve investors 18:00 – Compliance barriers and regulatory breakthroughs 22:00 – The best time in Bitcoin’s history to invest 27:00 – Longevity risk: why retirement planning must change 31:00 – The end of 60/40: why 80/20 with crypto is the future 40:00 – Demographics, pensions, and the failing glide path model 50:00 – Crypto allocation frameworks: Bitcoin, Ethereum, picks & shovels 56:00 – Why crypto is safer now than ever before 1:03:00 – Volatility as a feature, not a bug 1:08:00 – Behavioral hurdles and myths keeping investors sidelined 1:13:00 – Advisors’ fiduciary duty in the new landscape 1:17:00 – Final thoughts: longevity, technology, and the advisor imperative More...• DACFP (Digital Assets Council of Financial Professionals)• Ric Edelman's Bitcoin Allocation Strategy• Earn your CBDA (Certified in Blockchain and Digital AssetsSM) Designation#CryptoInvesting#BitcoinETF#DigitalAssets#FinancialAdvisors#WealthManagement#PortfolioStrategy#CryptoAdoption#RaiseYourAverage#FutureOfFinance#CryptoEducation

In a world where inflation, currency debasement, and geopolitical shocks threaten portfolios, what if you could keep your core equity exposure and add the asymmetric upside of Bitcoin and the timeless stability of gold—without triggering investor panic or selling winners? In this episode, host Pierre Daillie sits down with Mike Philbrick, CEO at ReSolve Asset Management, co-founders, along with Newfound Research, of the Return Stacked ETFs Suite, to unpack a strategy that’s been in the institutional playbook for decades but is now accessible to everyday investors: return stacking. Against today’s backdrop of persistent inflation, volatile markets, and shifting perceptions of alternative assets, Philbrick explains why gold and Bitcoin are moving from “fringe” to “foundational” in modern portfolios—and how the RSSX ETF offers a disciplined, behaviorally resilient way to integrate them without sacrificing the stocks and bonds investors know and trust. From the behavioral traps that cause investors to abandon diversifiers at the worst moments, to the portfolio math that shows how modest allocations can improve returns and reduce risk, this conversation delivers both the “why” and the “how” of strategic diversification. Philbrick also addresses the shifting reputational risk for advisors—from owning Bitcoin to not owning it—and the growing regulatory clarity that’s opening the floodgates for institutional adoption. Whether you’re an advisor, allocator, or investor who wants to strengthen a core portfolio without selling winners, this episode offers a blueprint for adding crisis alpha before the next crisis hits. 4 Key Takeaways:• From Fringe to Foundational: Gold’s centuries-old role as a store of value and Bitcoin’s fixed-supply, asymmetric upside make them compelling diversifiers in today’s inflationary, volatile environment.• Behavioral Risk Management: Return stacking helps avoid the tracking error and emotional selling that often plague diversifier allocations.• RSSX Structure: The ETF delivers 100% S&P 500 exposure plus an 80/20 gold-Bitcoin overlay, equal risk-weighted to manage volatility and rebalanced for efficiency.• Shifting Reputational Risk: Advisors now face greater professional risk in not understanding or allocating to Bitcoin and gold than in owning them—especially as regulatory clarity improves.Timestamps:00:00 – Why uncorrelated assets matter now02:00 – Gold and Bitcoin as strategic, not just tactical, diversifiers04:30 – Behavioral challenges of sticking with diversifiers06:00 – Return stacking explained: adding without selling08:00 – Volatility context: stocks, gold, Bitcoin10:00 – Inside the RSSX ETF structure and allocation12:00 – Implementation examples for advisors and investors14:00 – Rebalancing mechanics and volatility adjustments15:30 – Diversifying before the crisis, not after17:00 – Small starts and building from a position of strength19:00 – Institutional adoption trends and parallels21:00 – Reducing tracking error and client friction22:00 – The reputational risk shift for advisors23:30 – Regulatory clarity and institutional green lights24:30 – The mission: improve outcomes without sacrificing core equity enginesMore...🧠 Learn more at: https://returnstacked.com📘 Read more at: https://investresolve.com📊 ETFs: RSSX (Stocks + Gold & Bitcoin) #PortfolioDiversification #ReturnStacking #GoldInvestment #BitcoinStrategy #InflationHedge #AsymmetricUpside #ETFInvesting #BehavioralFinance #WealthManagement #InvestmentStrategies #MikePhilbrick #ReSolveAssetManagement #RSSXETF

Chances are, you're already using carry strategies in your portfolio—without even realizing it. Problem is, if you’re not doing it deliberately, it might be doing more harm than good. 🔍 Episode Summary In this special episode of Raise Your Average, Pierre is joined by Adam Butler, Chief Investment Officer at ReSolve Asset Management, co-creators along with Newfound Research of the Return Stacked ETF suite, to unpack the misunderstood world of carry strategies. They dig into what carry really is—beyond just currency trades—and why most investors unknowingly take on carry risk without any plan to manage it. Adam breaks down how carry strategies work across currencies, bonds, equities, and commodities, and why combining them in a diversified portfolio can offer powerful, uncorrelated returns. He also explains how return stacking solves a long-standing advisor dilemma: how to add diversification without cutting into your core stock or bond holdings. Now, thanks to ETFs like RSSY and RSBY, retail investors can finally tap into strategies that used to be locked behind hedge fund doors. If you're an advisor or investor looking to build smarter, more resilient portfolios—without giving up performance—this conversation is a must. 💡 Key TakeawaysWhat Carry Really Means: It’s the income you get from holding an asset—like dividends, bond interest, or yield differentials between currencies.You’re Already Exposed (Probably): Many portfolios contain carry trades by accident, especially when investing internationally.Diversification That Works: A global, long/short carry strategy across multiple asset classes offers true diversification without piling on risk.Now in ETF Form: Carry strategies were once only for institutions. Now anyone can access them through ETFs like RSSY and RSBY.No Need to Sell Your Core Assets: With return stacking, you don’t have to sell stocks or bonds—you just add carry on top.Built-In Behavior Benefit: Carry becomes part of your total return, so it’s less likely to get cut when it’s underperforming.Realistic Return Potential: Expect 3–5% excess return over time at 10% volatility—similar to equities but with a different risk profile.Why This Matters: The macro space is still relatively inefficient—meaning carry has room to outperform without competition.⏱️ Chapters 00:00 – Intro: What Is Carry, Really? 01:00 – The Currency Carry Trade 101 04:00 – Beyond Currency: Carry Across Asset Classes 07:00 – Why Carry Happens Everywhere in Your Portfolio 10:00 – Absolute Return vs. Uncorrelated Return 12:00 – Accidental Carry Exposure (And How to Fix It) 14:00 – The Case for a More Deliberate Strategy 17:30 – How Return Stacking Solves the Diversification Dilemma 22:00 – Why RSSY and RSBY Are Built Differently 26:00 – Behavioral Bonus: Less Line-Item Regret 30:00 – What You Can Expect from Carry Over Time 33:00 – The Limits of Stock Picking & the Power of Macro 36:00 – Why Carry Could Be Retail’s Most Underused Advantage 40:00 – Where to Learn More and Take Action 📌 More... 🧠 Learn more at: https://returnstacked.com 📘 Read more at: https://investresolve.com 📊 ETFs: RSSY (Stocks + Carry) | RSBY (Bonds + Carry) 👍 Like, comment, and subscribe if you want more tools to stack your returns without breaking your portfolio.Copyright © AdvisorAnalyst

🎯 What if you could protect your portfolio during market crashes, boost returns, and still keep your core investments intact? That’s not a fantasy—it’s the power of trend following / managed futures via return stacking, and it's finally accessible to everyday investors. 🎙️ In this episode of Raise Your Average, Pierre Daillie sits down with Rodrigo Gordillo, President of ReSolve Asset Management, co-creators of the Return Stacked ETFs suite, for a deep dive into one of investing’s best-kept secrets: managed futures. Long embraced by institutions for their ability to deliver uncorrelated, crisis-resistant returns, managed futures are finally breaking into mainstream portfolios—thanks to innovations in return stacking. Rodrigo breaks it all down: why trend following works, how behavioral biases create opportunities, and how stacking strategies like RSST and RSBT let you keep your equities and bonds while adding diversifiers like managed futures on top. It’s a smarter way to use leverage, designed not to chase returns, but to smooth them out—even in the roughest markets. Whether you're trying to improve performance, reduce downside, or ease your clients’ diversification anxiety, this episode gives you the tools to rethink how portfolios are built in the modern era. ✅ Key Takeaways: Trend following works because human behavior is predictable—anchoring, herding, and slow adjustments to new info create patterns to exploit. Managed futures offer rare benefits: real diversification, low correlation to stocks and bonds, and strong upside when markets tumble. Return stacking lets you “stack” strategies like managed futures on top of your core holdings, without having to sell your stocks or bonds. ETFs like RSST and RSBT make return stacking simple and accessible—bringing institutional tools to retail investors. You can use them to amplify returns or solve behavioral roadblocks—like line-item regret or clients abandoning good strategies at the wrong time. Leverage becomes your friend when applied to uncorrelated assets. Used correctly, it reduces drawdowns and improves compounding. ⏱️ Chapters: 00:00 – Welcome & What This Episode Is About 01:00 – What Are Trend Following and Managed Futures? 03:00 – Why Trend Works: Human Psychology & Risk Dynamics 04:30 – Managed Futures = Real Diversification 06:00 – Crisis Alpha in Action: 2008 and 2022 08:00 – Why Retail Investors Missed Out (Until Now) 10:00 – How Institutions Use Return Stacking 12:00 – How RSST and RSBT Work (Mechanics Explained) 15:00 – Portfolio Use Cases & Applications 17:00 – Why Return Stacking Beats Stock Picking 20:00 – What Is “Defensive Leverage”? 24:00 – Better Compounding Math with Low Correlation 25:00 – Solving for Behavior: Make Diversification Easy to Hold 27:00 – Hiding the Line Item: Reduce Regret Risk 28:00 – What This Means for the Future of Portfolio Construction 🏷️ #ReturnStacking #ManagedFutures #PortfolioDiversification #InvestSmarter #ETFStrategies   Copyright © AdvisorAnalyst

Forget what you thought about merger arbitrage — it’s no longer out of reach for individual investors and advisors. In this episode, Corey Hoffstein, CIO at Newfound Research and co-creator of Return Stacked ETFs, joins us for a deep dive into merger arbitrage — a long-used institutional strategy that’s now accessible to retail and advisor portfolios via the RSBA ETF (Return Stacked Bonds & Arbitrage ETF) Corey explains that merger arbitrage isn’t just about betting on deals; it’s about systematically capturing a risk premium tied to time and deal closure uncertainty. With low correlation to stocks, bonds, and credit spreads, merger arb serves as a powerful diversifier — especially in today’s tight credit environment. The discussion covers how RSBA overlays this risk premium on top of core U.S. Treasuries, allowing investors to enhance returns without sacrificing their bond sleeve. Corey unpacks the return stacking framework, behavioral benefits, and why this method reduces "line item risk" while expanding portfolio breadth. This isn’t just theory — it’s a practical way for advisors and investors to get exposure to uncorrelated return streams, preserve core holdings, and finally access what institutions have done for decades. Chapters 00:00 – Introduction: Why Merger Arb is Timely 01:00 – What is Merger Arbitrage? Mechanics of the Strategy 03:00 – Risk Premium vs Arbitrage: What You’re Really Capturing 04:00 – How Merger Arb Correlates (or Doesn’t) with Stocks, Bonds, and Credit 05:30 – Why Tight Credit Spreads Make Merger Arb a Strong Alternative 07:00 – What RSBA Is and How It’s Constructed 08:30 – Bonds + Merger Arb = Corporate Bond Alternative? 10:00 – Return Stacking Explained: Keep Your Core Beta, Add a Layer 12:00 – Why Merger Arb Is Historically Undervalued by Advisors 13:30 – Behavioral Obstacles and Reducing Line Item Risk 15:00 – Breadth vs Depth in Diversification: Expanding Risk Premiums 16:30 – From T-Bills + Arb to Treasuries + Arb: A Better Structural Design 17:00 – Building a “Hyper Diversified” Portfolio with Return Stacking 18:30 – How Stacking Reduces Tracking Error and Behavioral Risk 19:30 – Democratizing Portable Alpha for Every Investor 20:00 – Closing Remarks: The Future of Diversification Is Here 💡 Key TakeawaysMerger arbitrage is a true, durable risk premium, not a speculative bet — it compensates investors for time and deal break risk post-announcement.RSBA combines Treasuries and merger arb into a single ETF, offering a compelling alternative to corporate credit without the same economic exposure.Return stacking allows investors to “add without subtracting”, enhancing portfolios with diversifiers while retaining core holdings.Behavioral issues like tracking error and client discomfort are reduced by maintaining traditional exposures while quietly layering on return streams.You no longer need to give up your bonds to get alpha. With ETFs like RSBA, you can have both — and do it with institutional-grade tools.More... Return Stacked ETFs RSBA #ReturnStacking #MergerArbitrage #CoreyHoffstein #InvestmentStrategies #alternativeinvesting Copyright © AdvisorAnalyst

In this episode, Mike Philbrick, CEO, ReSolve Asset Management (which jointly innovated Return Stacked Portfolio Solutions with Newfound Research) breaks down how systematic macro strategies can offer powerful diversification benefits—and how Return Stacked™ portfolios make it possible for investors to keep their traditional equity and bond allocations intact while layering on a return stream designed to thrive in challenging market environments. Mike and Pierre unpack the behavioral pitfalls of traditional diversification, the institutional roots of portable alpha, and how the RGBM ETF (Return Stacked™ Global Balanced & Macro ETF) helps solve the portfolio funding dilemma for Canadian investors.

Pierre Daillie and Mike Philbrick welcome Tony Dong—Lead ETF Analyst at ETF Central and founder of ETF Portfolio Blueprint— to the show to explore why investors may need to rethink their reliance on traditional portfolio diversifiers like long-term bonds. Dong pulls no punches, calling out the pitfalls of covered call ETFs, explaining how to think critically about buy-write strategies, and championing capital-efficient alternatives like return stacking, trend-following CTAs, and risk-managed overlays. The trio also dig into the strategic case for overlooked assets like Swiss equities and the Swiss franc, while sharing practical insights into investor behavior, rebalancing discipline, and building resilient portfolios in a stagflation-prone world.   🔖 Key Takeaways: Why blindly chasing high-yield covered call ETFs is a mistake The underrated power of trend-following as a crisis alpha tool How to use return stacking for smarter diversification Why Switzerland may be the ultimate geopolitical safe haven The behavioral traps investors fall into—and how to avoid them 🕒 Chapters: 00:00 – Tony Dong’s Risk-First Origin Story 03:45 – The Problem with Index-Based Covered Call ETFs 08:30 – Gold, Volatility, and Opportunistic Buy-Write Strategies 13:10 – QYLD: A Yield Trap in Disguise? 19:45 – When Bonds Fail: Gold and Trend as Alternatives 23:20 – Leveraging Diversification with Return Stacking 28:00 – Retail’s Dangerous Love Affair with Leveraged ETFs 31:40 – The Rise of Structured Protection: Put Spread Collars 36:20 – Why Low Vol and Min Vol May Be Broken Concepts 39:10 – Trend Following: The Case for Buying the Shop, Not the ETF 43:00 – Behavioral Risk and Staying the Course with Alternatives 47:30 – How to Rebalance for Real-World Portfolios 53:00 – Investor Psychology, Crisis Alpha, and Staying Invested 57:00 – The Case for Switzerland: Stability, Strength, and Sanity   Where to find Tony Dong ETF Portfolio Blueprint - https://etfportfolioblueprint.com Tony Dong, Lead ETF Analyst, ETF Central - https://www.etfcentral.com/author/tony-dong   #InvestingStrategy #ETFs #TrendFollowing #ReturnStacking #PortfolioDiversification #CoveredCalls #QYLD #Alternatives #CapitalEfficient #Gold #BehavioralFinance #TonyDong #RaiseYourAverage  

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:Timestamps:00:00 – Intro and Eric Balchunas joins the show 03:00 – $333B ETF inflows and the "Vanguard clip" 05:45 – The divergence between retail flows and institutional positioning 07:00 – The "Trump Put" and the 8% rally on one word 08:30 – Degens, leveraged ETFs, and why people keep buying the dip 10:00 – Persistent love for U.S. stocks despite better international value 12:00 – Gold vs. Bitcoin: who's winning in 2025? 14:00 – Bitcoin's improving volatility profile and “better owners” 16:00 – Why Bitcoin ETFs are changing the game 18:30 – Cognitive dissonance: crypto purists vs. TradFi adoption 21:00 – Passive power, BlackRock conspiracies, and Bogle’s last stand 27:30 – ETF transparency vs. mutual fund mythology 30:00 – Mutual fund ETF share classes: game changer or Trojan horse? 34:00 – Private credit and public-private crossover ETFs 38:30 – Why XOVR’s SpaceX bet caught fire 40:00 – The veil lifts on private equity NAV “magic” 43:00 – Active ETFs: rebirth, reinvention, or just beta repackaged? 50:00 – The final frontier: alts, liquidity, and the ETF trust factor #RaiseYourAverage #EricBalchunas #Bloomberg #ETFs #BitcoinETF #Vanguard #PrivateCredit #MutualFunds #TrumpPut #CryptoMarkets #GoldVsBitcoin #ETFFlows #InvestmentStrategy #MarketInsights Copyright © AdvisorAnalyst.com

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

Is it possible to enhance diversification without sacrificing returns? In this episode of Raise Your Average, Pierre Daillie sits down with Rodrigo Gordillo of ReSolve Asset Management and Corey Hoffstein of Newfound Research to discuss the game-changing concept of return stacking and the launch of the Return Stacked Global Balanced & Macro ETF (RGBM)—now listed on the Toronto Stock Exchange. Discover how this capital-efficient strategy allows investors and advisors to stack returns from systematic macro strategies on top of a traditional 60/40 portfolio—all without selling core assets. Packed with institutional insights, behavioral solutions, and a dose of ETF innovation, this conversation reveals how ReturnStacked® ETFs is democratizing strategies once exclusive to pension funds and hedge funds. ⏱️ Chapters (Timestamps) 0:00 - Intro: Why diversification doesn’t need to mean sacrifice 2:52 - Genesis of Return Stacking: Portable alpha reborn 6:45 - Institutional proof: The Delta Pension Plan case study 11:50 - Solving line item risk & behavioral drag 14:35 - "A spoonful of sugar helps the diversification go down." 17:30 - Kitchen vs. Solarium: Pierre’s investing metaphor 20:00 - Defensive leverage vs. LICE (Leverage that's Illiquid, Concentrated, Excessive) 22:30 - Inside RGBM: Structure & allocation explained 26:00 - Three implementation strategies for RGBM 32:00 - Why use RGBM as a return enhancer 36:00 - "Why are we playing the game on hard mode?" 41:30 - Systematic macro: strategy, structure, and why now 47:50 - The power of long-term structural un-correlation 52:00 - Return stacking vs. alpha chasing in equity markets 58:00 - Triple Alpha: Strategy Alpha, Structural Alpha, Tax Alpha 1:00:00 - Closing thoughts & how to learn more 🔗 Resources & Links 📘 Learn more about RGBM ETF 📚 Explore the Systematic Macro Research library 📰 Read more from ReSolve Asset Management 🧠 Newfound Research insights Copyright © AdvisorAnalyst #ReturnStacking #RGBM #ETFInvesting #CapitalEfficiency #SystematicMacro #AlternativeInvestments #PortfolioDiversification #FinancialAdvisors #BehavioralFinance #InvestingStrategies #RaiseYourAverage

Is Wall Street turning investing into a casino? Dave Nadig reveals the hidden cracks in the ETF system, the explosive risks no one’s prepared for, and what financial advisors must understand before it’s too late. The ETF market has never been more innovative—or more dangerous. In this controversial conversation, industry veteran Dave Nadig breaks down the evolution of financial markets, the rise of speculative ETF products, and why unchecked leverage in the options market could be the next major financial disaster. Nadig also highlights Canada’s unique role in ETF innovation, the psychological battle between retail FOMO and institutional stability, and why financial advisors need to filter out the "black hats" from the "white hats" in today's investing world. This is a must-watch for investment professionals, advisors, and anyone trying to navigate an increasingly chaotic financial landscape. Chapters 0:00 – The ETF Industry’s Hidden Risks 1:21 – Canada vs. U.S.: Who Leads in ETF Innovation? 3:32 – Financial Chaos: Why Markets Feel Like a Circus 4:34 – The Power Play Behind Market Volatility 9:51 – Black Hats vs. White Hats: The Real ETF Battle 14:29 – Retail Speculation: A Dangerous Game? 17:13 – Why Passive Investing Still Wins (For Now) 26:15 – How to Survive as an Advisor in a Speculative Market 39:55 – The ETF Market’s Next Big Blow-Up 48:58 – Are Financial Regulators Being Dismantled? 53:40 – The ‘Buy The Dip’ Mentality: Will It Ever Break? 1:05:04 – Final Takeaways for Investors & Advisors #Investing #ETF #Finance #Markets #WallStreet #FinancialAdvisors #PassiveInvesting #StockMarket #OptionsTrading #RiskManagement #Trading #WealthManagement #InvestSmart

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: Aahan’s advice 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

In this episode, Richard and Pierre are joined by the brilliant and always-provocative Doomberg. Known for slicing through political and energy-market noise with precision, Doomberg unpacks the seismic shifts rippling across the globe following the U.S. election. From the resurrection of "Drill, Baby, Drill" to the strategic chessboard of Big Tech’s nuclear ambitions, Doomberg delivers his signature contrarian takes on the interplay of energy, geopolitics, and the economy. Are we entering an era of “energy independence” under Trump 2.0, or is the green agenda facing its biggest existential test yet? Key Topics We Cover: 📉 Why "Drill, Baby, Drill" might spell doom for energy equities but a windfall for supply. ⚛️ The real path forward for nuclear energy in a tech-driven future. 🛢️ How America’s hydrocarbon bounty could reshape foreign policy—and why Europe should brace itself. 🤝 The shifting power dynamics in BRICS and why Brazil’s Lula might be playing 4D chess. 🌐 Why geopolitics is veering toward a dangerous game of brinkmanship across Taiwan, Israel, and Ukraine. Best Quote: "Industrial might is a derivative of energy abundance. Let’s rebuild domestic industry. Energy is life; the absence of it is death." – Doomberg Hit PLAY now to dive into one of the most insightful energy and geopolitical discussions of the year! Chapters: 0:00 - Intro 3:45 - Trump’s Return: What it Means for Energy 15:30 - Big Tech’s Nuclear Gamble 23:00 - BRICS, Brazil, and the U.S. Pivot to the Western Hemisphere 35:00 - Middle East Flashpoints: Israel vs. Iran 45:00 - Taiwan’s Energy Crisis and Lessons from Germany Don’t forget to like, subscribe, and turn on notifications for more hard-hitting conversations. EnergyCrisis #Geopolitics #Doomberg #TrumpEnergyPolicy #BigTech #NuclearPower #GreenEnergy #OilAndGas #BRICS #AdvisorAnalyst Share your thoughts in the comments below—what's your take on the future of energy under Trump? Copyright © Raise Your Average, AdvisorAnalyst.com

In this episode Pierre and Adam sit down with Larry Swedroe, well-known expert in evidence-based investment strategies and former Chief Research Officer at Buckingham Wealth Partners. They get into Larry's views on market forecasting, why investors should ignore short-term predictions, and the importance of building resilient and hyper-diversified portfolios to mitigate market risks. Swedroe emphasizes the inefficiency of individual stock selection and market timing, advocating instead for systematic, rule-based investment strategies. Additionally, he offers insights into the historical performance of various asset classes and how to think about risk in portfolio construction. 00:00 Introduction and Disclaimer 00:27 Welcoming Larry Swedroe 00:38 Larry's Background and Expertise 01:00 The Importance of Forecasting 02:11 Larry's Take on Market Predictions 04:12 Challenges in Economic Forecasting 07:03 Investment Strategies and Market Risks 12:07 The Value of Diversification 22:40 Key Investment Principles 33:13 The Importance of Staying the Course 44:35 Exploring Portfolio Diversification 45:39 The Importance of Education in Investing 47:28 Understanding Risk and Asset Allocation 49:11 The Role of Alternatives in a Diversified Portfolio 56:03 Behavioral Finance and Investor Psychology 59:46 Advising Clients on Investment Strategies 01:05:23 The Significance of Diversification 01:23:06 Final Thoughts and Personal Reflections***************************** Where to find Larry Swedroe *****************************Larry Swedroe on X (@larryswedroe){: target="_blank" rel="noreferrer noopener"} Larry Swedroe on Linkedin{: target="_blank" rel="noreferrer noopener"}#InvestmentStrategies, #MarketRiskManagement, #PortfolioDiversification, #AlternativeInvestments, #LarrySwedroe, #StockMarketInsightsCopyright © AdvisorAnalyst

In this episode of 'Raise Your Average,' co-hosts Pierre and Mike welcome Shana Orczyk Sissel, CEO at Banrion Capital Management. We explore Shana's 20-year journey in wealth management, her experience and insights on alternative investments, and the evolving landscape of the industry. Shana shares her personal story of transitioning from a career in sports management to finance, discussing the challenges and triumphs along the way. Our conversation gets into key trends and opportunities in the alternative space, including private equity, venture capital, and interval funds. Shana emphasizes the importance of differentiating and engaging clients through unique and personalized investment opportunities, from sports rights to fine art and beyond. With practical advice for advisors on how to integrate alternatives into client portfolios and the added benefits of working with experts, this episode offers a comprehensive look at making alternative investments accessible and appealing. 00:00 Welcome and Introduction 00:24 Guest Introduction: Shana Orczyk Sissel 02:01 Shana's Career Journey 04:31 The Role of Alternatives in Portfolios 11:41 Trends in Alternative Investments 21:26 Challenges and Opportunities in Alternatives 33:16 Exploring Market Neutral Strategies 33:45 Discussing BTAL: A Market Neutral ETF 35:23 The Complexity of Managed Futures 37:18 Return Stacking and Portfolio Diversification 39:00 Building Alternative Investment Portfolios 40:46 Banrion's Alternative Models 43:50 Understanding Diversifying and Non-Diversifying Alts 46:12 The Importance of Liquidity in Alternative Investments 51:52 Engaging Clients with Passion Investments 01:01:31 The Opportunity in Alternative Investments 01:05:24 Advice for Advisors Exploring Alternatives 01:10:18 Final Thoughts and Encouragement ========================================= Where to find Shana Sissel, Banrion Capital Management: ========================================= Banrion Capital Management - https://www.banrioncapital.com/team Shana Sissel on Linkedin - https://www.linkedin.com/in/shsissel/ Shana Sissel on X - https://x.com/shanas621 Shana Sissel on Instagram - https://www.instagram.com/finance_queen2020/?hl=en =========================================== Where to find us: =========================================== 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 Copyright © AdvisorAnalyst =========================================

Bob Elliott, CEO, and CIO at NYC-based Unlimited Funds joined us on the show. We discussed his 13 years of experience while at Bridgewater Associates (10 years as head of Ray Dalio's investment research team), and the lessons he learned from the Global Financial Crisis and the more recent period of ecomomic upheaval, and today's macroeconomic landscape. Bob emphasized the importance of diversification, dissecting inflation, interest rates, as well as the effects of, for example, the impact of deglobalization and reshoring may have on the U.S. economy. We explore Unlimited Funds' innovative strategies of hedge fund like replication that everyday investors can now access, at far lower cost than the equivalent portfolio of 2&20 strategies. Bob stressed the significance of balancing risk in portfolios. Bob also shared insights on managing portfolio volatility, behavioral economics, and disciplined trading practices, offering invaluable advice on market assumptions and investment management. Timestamped Highlights 00:00 Introduction and Host Greetings 01:36 Guest Introduction: Bob Elliott 02:41 Bob's Experience at Bridgewater 03:47 Lessons from the Global Financial Crisis 11:38 Current Macroeconomic Conditions 26:57 Impact of Interest Rates and Inflation 37:22 Gold as an Investment 41:16 Gold vs Bonds: A Comparative Analysis 42:14 Generational Perspectives on Gold 42:36 Understanding Economic Regimes 44:17 Strategic Portfolio Management 44:46 Challenges of Beating the Market 46:30 Accessing Top-Tier Asset Managers 47:33 The Role of Diversification 48:37 Replication and Manager Risk 51:19 Behavioral Aspects of Investing 01:03:09 Wealth Accumulation vs Wealth Management 01:04:59 Building a Robust Savings Portfolio 01:15:48 Final Thoughts and Best Advice   Where to find Bob Elliott: Bob Elliott on X (Twitter) - @BobEUnlimited Bob Elliott on Linkedin - @ttoillebob Unlimited Funds - Unlimited Funds   Copyright © AdvisorAnalyst

Uranium expert Justin Huhn, Founder & Publisher of Uranium Insider, joins Pierre Daillie and Mike Philbrick on the show to discuss the unfolding generational bull case for uranium and the entire uranium and nuclear power generation sector. We explore the cyclical nature of the uranium market, current supply and demand dynamics, and the impact of geopolitical tensions. Justin provides valuable insights on the increasing interest in nuclear energy as a clean power source, driven by rising global electricity demand and technological advancements. He sheds light on the potential for significant market developments by 2029-2030, the importance of long-term contracts, and the investment opportunities emerging from the ongoing and increasingly robust supply-demand imbalance. Timestamped Highlights 00:00 Introduction and Greetings 00:16 Hurricane Experience and Weather Patterns 01:08 Introducing Guest: Justin Huhn 02:50 Justin Huhn's Background and Entry into Uranium Market 04:57 Understanding the Uranium Market Dynamics 07:24 Impact of Fukushima and Market Recovery 20:16 Technological Advancements in Nuclear Energy 26:29 Growing Demand for Electricity and Nuclear Energy's Role 35:18 Uranium Processing and Conversion 35:50 Enrichment and Fabrication 36:59 Global Market Dynamics 37:58 US Nuclear Industry Challenges 38:46 Geopolitical Impacts on Uranium Supply 48:32 Investment Opportunities in Uranium 54:51 Market Volatility and Investment Strategies 01:01:05 Future Outlook and Conclusion

In this conversation Jeff Weniger, Head of Equity Strategy and Samuel Rines, Macro Strategists, Model Portfolios at WisdomTree Asset Management, join us to discuss various topics including the performance of the equity and bond markets, inflation, the labor market, and the real estate market. We explore the potential impact of rising yields on equities, the relationship between bonds and stocks, and the role of the US dollar as a hedge. We get into  the challenges of navigating the current economic landscape and the reluctance of individuals and businesses to make changes in their financial strategies. Jeff and Sam unpack the impact of job mobility and housing on asset allocation. Jeff Weniger discusses the challenges of job relocation and the limitations it imposes on housing choices. He also highlights the rigidity of mortgage rates and the potential financial burden it creates for homeowners. Sam Rines adds that the lack of labor market dynamism and the preference for home remodeling contribute to the stagnation of the housing market. Then we shift to the changing dynamics of the US economy, with a focus on the transition from goods to services. Sam Rines emphasizes the normalization of the services sector and the potential lasting effect on the labor market. Our focus turns to a discussion about asset allocation and the push for domestic equity ownership in various countries. We explore the seismic shift in investment trends, with a focus on the changing dynamics of global markets. We dive into the history of investing in the early 2000s in emerging markets like Brazil, Russia, India, and China (BRIC), and how the focus has now shifted to investing in Japan, Korea and other markets where policy driving home bias is flourishing. We look at the role of China in the commodities market, particularly its insatiable appetite for base metals and gold. If anything, our entire conversation highlights the importance of diversifying portfolios and considering alternative asset classes like managed futures and commodities. They also touch on the impact of US-China relations and the potential risks and opportunities in the market. Takeaways The equity market has performed well despite the backup in yields, indicating resilience in the face of potential headwinds. Bonds may provide a diversifying effect in a 60-40 portfolio, and there is an indication that bonds and equities may move in opposite directions this year. There is a misconception about inflation, with people often misunderstanding the difference between the rate of inflation growth and inflation levels. The labor market has been confounding, with indicators sometimes differing from what is happening on the ground. There is friction and inertia when it comes to individuals and businesses making changes to their financial strategies, such as moving cash to higher-yielding investments. The real estate market is slow-moving, and the effects of macro factors, such as the actions of the Fed, take time to materialize. The current economic landscape presents challenges, but there is a sense of managed control and a slower pace of change compared to previous cycles. Job mobility and housing choices can significantly impact asset allocation decisions. Rigid mortgage rates can create financial burdens for homeowners, limiting their job mobility. The lack of labor market dynamism and the preference for home remodeling contribute to the stagnation of the housing market. The transition from goods to services in the US economy is normalizing, potentially impacting the labor market. There is concern about a push for domestic equity ownership in various countries, which may affect asset allocation strategies, and US equity performance. Japan and Korea, and other countries (Canada) are at the centre of this push that is further bullish for them, and less so for the US where country allocations are concerned. China's insatiable appetite for commodities, particularly base metals and gold, has significant implications for the market. Diversification and considering alternative asset classes like managed futures and commodities are crucial for portfolio management. US-China relations continue to be a significant factor impacting the market, with potential risks and opportunities. Chapters 00:00 Discussion about CTAs, market thresholds, portfolio diversification, and bond-equity relationship. 09:10 Labor market indicators are confounding due to COVID's impact on surveys - may not align with actual conditions. Sub-questions reveal differing responses. 15:38 Recent market issues addressed with intervention, BTFD easing bank assets. 17:10 Surprise at bank walk concept, advises money markets over savings accounts. 23:37 Macro moves slowly, taking 18 months to 2 years for major shifts. Real estate in the US takes longer to impact than expected. 29:48 Post-financial crisis house underwater issue slowed recovery, COVID impact on job mobility and quits. 34:29 Higher mortgage rates, bond market volatility, and housing market concerns persist. 42:38 Encouraging stock purchases through pension plans globally, with a focus on Japan and UK. 46:32 Concerns raised about potential totalitarian push for domestic equities by institutions with significant capital. Nationalistic push may impact relative performance of US equities. 53:44 The possibility of rising prices, impact on retail, potential for gold strength, and higher inflation and bear market probabilities. Cautions against putting all money in equities and bonds. 56:26 Gold's relationship to interest rates and the influence of a strong dollar on its value. 01:01:11 Under-the-radar aggregate companies outperformed in 2021. 01:08:23 Optimistic about US economy, pessimistic about US-China relations. 01:11:48 Many people don't plan for social security, but they should. Copyright © AdvisorAnalyst

In this conversation, Doomberg (https://doomberg.substack.com/) joins Pierre and Mike to discuss various topics including Bitcoin, the parallel between Michael Saylor and Hugo Stinnes, speculative mania, the parallels in the borrowing strategy of Hugo Stinnes and Michael Saylor, pumpamentals driving distortions in the market and the flywheel effect, the geopolitical implications of the Russia-Ukraine conflict, the dangers of do-gooders and climate newspeak, and the natural gas situation and its unexpected impact on the economy.The conversation covers various topics related to the resource and wealth potential of Canada and the US, the prolific natural gas development in the US, the strength of the US economy, Mexico's hidden benefit from natural gas, the importance of secure borders, the economic boom in northern Mexico, the inconsistency of border security measures, the price discrepancy between natural gas and oil, the impact of natural gas prices on the economy, the role of natural gas in manufacturing, the implications of the Tonga eruption, the debate on climate change and carbon emissions, the potential consequences of sanctions on Russia, the capabilities of Russia, China, and India, the dangers of provoking Russia, the rise of nuclear power and gold, the primetime data center and the future of energy, and the importance of nuclear power for the AI revolution.TakeawaysMichael Saylor's bet on Bitcoin has paid off, demonstrating the potential of high volatility assets.Speculative manias often precede currency debasements, making Bitcoin and crypto of interest.The borrowing strategy of Hugo Stinnes (WWI) and Michael Saylor (today) highlights the importance of real assets.Pumpamentals and the flywheel effect can create market distortions and lead to irrational behavior.The Russia-Ukraine conflict and geopolitical tensions have significant implications for energy markets.The dangers of do-gooders and climate newspeak can lead to the suppression of speech and the lack of trade-off discussions.The abundance of natural gas in North America has prevented a potential recession and supported the manufacturing and industrial sectors. Canada and the US have significant resource potential under the right leadership.The US is the most prolific natural gas producer in the world, with a sophisticated downstream manufacturing sector that takes advantage of cheap hydrocarbons.Mexico is a hidden beneficiary of the natural gas boom, with an industrial boom happening in northern Mexico powered by cheap natural gas.Secure borders are important for stability and economic growth.The price discrepancy between natural gas and oil has significant implications for the economy.Nuclear power and gold play important roles in the future of energy and wealth preservation.The AI revolution and the electrification of various industries will drive the demand for energy.Where to find DoombergDoomberg on Substack