Insight is Capital™ Podcast

Joe Canavan built three companies that redefined how Canadians invest — then walked away, backed Wealthsimple before anyone knew the name, and now he's asking one question: why does Canada keep burning down what it builds?In this episode of Insight Is Capital, host Pierre Daillie sits down with Joe Canavan, Principal at Canavan Capital and one of Bay Street's most consequential institution builders, for a wide-ranging conversation on wealth creation, entrepreneurship, and Canada's innovation deficit. Canavan traces his career from retail advisor to founding Fidelity Canada's growth era, GT Global, and Synergy Asset Management — and through to early-stage investing in Wealthsimple, Layer 6, Koho Financial, CapIntel, and Radical AI.He unpacks why Canada's startup ecosystem was on the verge of becoming Silicon North before self-inflicted policy decisions reversed the momentum, and makes the case for a generational vision — "Innovation Nation 2047" — to build millions more millionaires, retain top talent, and attract global capital. The conversation also covers artificial general intelligence, quantum computing, robotics, financial infrastructure security, the leadership crisis in Canadian cities, and why incentives — as Charlie Munger said — determine every outcome.CHAPTERS00:00 – Introduction: What does it actually take to build wealth? 01:55 – Joe's origin story: From new-Canadian roots to Bay Street 03:23 – Building Fidelity Canada, GT Global, and Synergy Asset Management 06:38 – Stepping back, family first, and becoming the "accidental capitalist" 10:11 – How founders found Joe: Wealthsimple, Coho, Layer Six, Cap Intel 13:18 – Next Canada and building the entrepreneurship ecosystem 15:08 – Silicon North: How Canada almost became a global tech hub 18:01 – Policy failure: How capital gains tax changes broke the momentum 20:10 – Incentives drive outcomes: The Charlie Munger principle applied to Canada 22:30 – The case for millions more Canadian millionaires 24:47 – Innovation Nation 2034/2047: Own the podium for startups 39:24 – Leadership as the root cause: Cities, provinces, and the national vision 42:00 – Why financial infrastructure (the plumbing) matters more than the app 44:22 – AGI, artificial general intelligence, and the coming technological singularity 46:52 – Robotics, Elon Musk, and where the puck is going 48:14 – How Joe structures his 10-year investment thesis 52:52 – Early bet on Wealthsimple: Backing people before proof 56:39 – Altruism meets capitalism: The real cost of startup investing 58:55 – Final question: If you had the mandate to make Canada dramatically wealthier, where do you start?#CanadianEntrepreneurship #InsightIsCapital #JoeCanavan #Wealthsimple #FinancialInfrastructure #AIInvesting #QuantumComputing #SiliconNorth #VentureCapital #BayStreet #StartupEcosystem #CanadianFintech #WealthCreation #InnovationNation #LeadershipMatters #CanadianInvestors #AGI #CapitalMarkets #Fintech #AdvisorAnalyst

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

Brian Belski told a room full of Canadian advisors to lighten up on gold in February. They weren't happy about it. Not the popular view at the time.That's Brian Belski in a nutshell — 36 years in the markets, built his reputation going the other way when everyone else is piling in, and he's not about to stop now. In this episode, host Pierre Daillie sits down with Brian Belski, CEO & CIO of Humilis Investment Strategies, and Steve Hawkins, CEO of Longpoint ETFs.Belski's case is simple: the 25-year secular bull market has a decade left, earnings are rising, and the stock picker is back. Gold is overextended. Canadian banks need scrutiny. U.S. financials are the most overlooked opportunity in the market. And if the consensus is calling for recession — he's going the other way.Steve Hawkins built one of Canada's largest ETF platforms, walked away, and built it again on his own terms. Together, they just launched three new ETFs on the TSX — HBTA, HBDV, and HBOP — powered by Belski's fundamental, high-conviction approach. No gimmicks. No spaghetti on the wall. Just process.If you manage money for clients, or you are the client, this one's worth your full hour.🕒 CHAPTERS00:00 — The Contrarian Gold Call01:23 — Setting the Scene02:09 — Meet Brian Belski & Steve Hawkins03:12 — Why Longpoint and Why Now: Three New TSX ETFs04:10 — Market Context 2026: Venezuela, Iran, Stagflation & the S&P Melt-Up05:53 — Brian's Origin Story: Bill O'Neill, Warren Buffett & Iraq in 199010:02 — The 25-Year Secular Bull Market Thesis Explained13:00 — Where We Are in the Cycle: Cyclical Bears Within a Secular Bull15:30 — Why Fundamentals Win: Stocks Lead Earnings, Earnings Lead the Economy16:23 — Private Wealth vs. Institutional Money: Who's the Smart Money Now?19:12 — Steve Hawkins on Why Canadian Investors Were Missing Belski20:34 — How the Humilis + Longpoint Partnership Came Together22:23 — On Founding Humilis: "Equal Parts Excruciating and Exciting"27:36 — The Biggest Investor Mistake Right Now: Behavioural, Not Analytical28:11 — Gold at Four Standard Deviations: Why Belski Said Lighten Up30:23 — Canadian Banks: The Math Behind Underperformance Risk31:18 — AI Arms Race, Anthropic, OpenAI, and the Coke vs. Pepsi Analogy34:44 — The Stock Picker's Market Is Back35:35 — Most Compelling Opportunity Right Now: U.S. Financials38:27 — Inside the Three Humilis ETFs: HBTA, HBDV, and HBOP40:11 — Active vs. Index: The Return of the Stock Picker42:37 — Belski's Canadian Convictions: Aritzia, Waste Connections, Shopify45:20 — Great Company vs. Great Stock: The Distinction That Matters46:17 — Google, Costco, and Contrarian Conviction in Practice47:18 — What the Market Made Belski Revisit in 202648:44 — Longpoint's Vision: A Turnkey Platform for Global Asset Managers51:14 — Wayne Gretzky, the Puck, and Canada's ETF Decade Gap57:10 — $30M AUM in 25 Days Since Launch57:38 — Brian's Biggest Surprise for Investors a Year from Now59:15 — Closing: Keep It Simple, Stupid — and Stay Bullish#BrianBelski #HumilisInvestments #LongpointETFs #SteveHawkins #CanadianETFs #InsightIsCapital #AdvisorAnalyst #SecularBullMarket #StockPicker #ActiveInvesting #ETFCanada #InvestmentStrategy #CanadianInvestors #EquityStrategy #MarketOutlook2026 #FundamentalInvesting #ContraryInvesting #HBTA #HBDV #HBOP #WealthManagement #FinancialAdvisors #TSX #NorthAmericanEquities #MarketVolatility

What if the investing rules that protected you for 40 years just stopped working — and the world already moved on without telling you?Host Pierre Daillie sits down with Tony Dong — founder of ETFPortfolioBlueprint.com, lead ETF analyst at ETF Central, and Columbia-trained risk manager — for a no-holds-barred breakdown of defense ETFs, tail risk hedging, the structural collapse of the 60/40 portfolio, and what a genuinely resilient Canadian portfolio looks like in a world defined by geopolitical fracture, regime change, and compounding uncertainty. Recorded April 2026 amid new all-time equity highs and an active Middle East conflict, this episode is essential listening for any advisor or investor still building for a world that no longer exists.CHAPTERS00:00 — Introduction: Who Is Tony Dong?02:11 — Q1 2026: Markets, Macro & the K-Shaped Economy06:24 — Defense ETFs: True Exposure vs. Industrial Sector Imposters09:30 — Canadian Defense ETF Options: XAD vs. SHLD11:38 — Are We at the Start of a Defense Super Cycle — or the Middle?13:48 — NATO Rearmament, Europe's €800B Commitment & Valuation Risk17:13 — The Hidden Risk of Being Long Defense19:04 — Strait of Hormuz, Ras Laffan & Underappreciated Choke Points22:01 — Why Tony Isn't Buying the Emerging Markets Rally23:22 — Tail Risk: CAOS vs. TAIL — Two Products, Two Payoff Profiles28:58 — How Much to Allocate to Tail Risk?31:57 — What Risk Actually Is: Permanent Capital Loss vs. Volatility34:12 — The 60/40 Portfolio: 90% Equity Risk by Any Honest Measure36:28 — TLT Myths Debunked: Why Long Bonds Are a Structural Trap39:10 — Fixed Income Alternatives: First-Lien Loans & LCRNs41:53 — How Conflict Transmits Risk Into a Canadian ETF Portfolio46:05 — Liquidity Cascades: When the ETF Wrapper Breaks53:16 — Volatility Laundering & the Private Credit Illusion56:36 — Building a Resilient Canadian Portfolio for the Next 10 Years01:00:41 — Biggest Surprises of the Next 12 Months: China, Taiwan & Eastern Europe#DefenseETF #TailRisk #ETFInvesting #CanadianInvestor #GeopoliticalRisk #CAOSETf #TAILETf #6040Portfolio #NATORearmament #InsightIsCapital #TonyDong #PierreDaillie #ETFAnalysis #PortfolioConstruction #WealthManagement #MacroInvesting #FixedIncome #BondAlternatives #ETFLiquidity #PrivateCredit #CanadianDollar #DefenseTech #MarketRegimeChange #AdvisorAnalyst #ETFCentral #PortfolioResilience #InvestingIn2026 #TailRiskHedging #GeopoliticalInvesting #SmartMoney

Most advisors have zero alternatives in their portfolios — and their clients are already paying the price.In this episode of Insight Is Capital, host Pierre Daillie sits down with Paisley Nardini, Managing Director and Head of Multi-Asset Solutions at Simplify Asset Management, for a frank and data-driven conversation about why the traditional 60/40 portfolio is showing dangerous cracks — and what advisors can do about it right now. Paisley brings rare clarity to one of the most misunderstood corners of modern portfolio construction: liquid alternatives. Drawing on her career spanning PIMCO, Invesco, and Simplify, she walks through the persistent behavioral and educational barriers keeping advisors away from managed futures, the case for dynamic commodity exposure in an era of geopolitical volatility, and why the stock-bond correlation regime has fundamentally shifted. She shares a stat she rechecked ten times — managed futures at the benchmark index level has outperformed bonds across every trailing period from 5 to 25 years — and makes the case that this isn't a niche strategy for institutions anymore. It's a daily-liquid, low-fee, Morningstar five-star tool sitting right on the advisor's shelf. If your portfolio isn't built for this environment, Paisley has a pointed question: what is it actually built for?Chapters00:00 — The stat Paisley rechecked 10 times: managed futures vs. bonds across every trailing period 02:11 — Major asset managers launching managed futures ETFs and adding them to model portfolios 02:51 — Introduction: Pierre Daillie welcomes Paisley Nardini, Simplify Asset Management 04:23 — Why diversification is more urgent now than it was a year ago 05:01 — Deja vu: the eerie parallels between early 2025 and early 2026 06:39 — Markets are spring-loaded: the bull case for staying invested through volatility 09:00 — Why you can't build portfolios around week-to-week geopolitical headlines 10:31 — The range-bound 10-year yield and what could finally break it 13:56 — The inflation threshold that breaks stock-bond correlation 17:38 — The biggest risk advisors are still ignoring: under-allocation to diversifiers 19:32 — Why commodity allocations have underdelivered — and how to fix that 20:28 — Gold's strange behavior in 2025: momentum trade, not safe haven 22:33 — The cocoa example: truly uncorrelated risk and return 25:08 — Why managed futures adoption is a behavioral problem, not an investment problem 37:48 — The illusion of diversification: how a basic 60/40 leaves investors exposed 38:29 — Liquid alts demystified: daily liquidity, no K-1s, fees as low as 30 basis points 41:06 — Five years ago this wasn't possible: the democratization of institutional strategies 42:18 — The two-legged stool: why portfolios need a third leg 43:25 — How much to allocate: why less than 10% probably won't move the needle 44:27 — Why Simplify's CTA ETF deliberately excludes equities and FX 47:55 — The mirror-image chart: CTA's zig-zag pattern against the 60/40 49:13 — The hedge that pays you: outperforming 60/40 while providing ballast 49:39 — Positioning multi-asset portfolios for the commodity super cycle 51:57 — How advisors can explore Simplify's model portfolios as a starting point55:57 — Paisley's 12-month prediction: rates will surprise everyone#ManagedFutures #LiquidAlternatives #PortfolioDiversification #CTAStrategy #SimplifyAssetManagement #TrendFollowing #CrisisAlpha #6040Portfolio #AlternativeInvestments #WealthManagement #FinancialAdvisor #ETFinvesting #CommoditySuperCycle #InsightIsCapital #AdvisorAnalyst #PortfolioConstruction #BondReplacement #MacroInvesting #RiskManagement #InvestmentStrategy

Sponsored by BMO Global Asset Management Half of Canadian financial advisors now offer alternative investments to clients. But access and genuine diversification are not the same thing — and that distinction is the heart of this conversation. We sit down with Alexander Singh, Managing Director and Head of Alternatives Partnerships at BMO Global Asset Management, to unpack what it actually takes to build an institutional-quality alternatives platform for private wealth investors. Singh brings a rare vantage point: former lawyer, hedge fund general counsel, merchant banker, and now the architect of one of Canada's most deliberately designed alternatives platforms in wealth management. Our conversation covers the three defining risks in private markets — manager dispersion, vintage concentration, and illiquidity — and why the performance gap between top and bottom quartile managers can exceed 30 percentage points. Singh explains how BMO GAM's platform was built around four non-negotiables: scalability, fair fees, diversification, and reduced risk — and why perpetual, evergreen structures change the calculus for private wealth investors entirely. From the case for modern infrastructure (data centers, logistics, renewables) as the new portfolio ballast, to why multi-strategy funds are the most in-demand institutional asset class today—this episode is a masterclass in how to think about alternatives investing. CHAPTERS 00:00 — The uncomfortable question behind the alternatives boom 01:48 — Alex Singh: from lawyer to hedge fund to BMO GAM 03:46 — How the BMO alternatives platform is structured 09:39 — Why advisor education in alternatives is far from over 12:31 — The 80% of the investable economy that lives in private markets 15:23 — Why the IPO market is no longer the opportunity it once was 18:20 — Manager dispersion: the defining risk of private equity 21:14 — Diversification across managers, sectors, geographies, and vintages 23:40 — The three big risks in private markets and how BMO mitigates them 26:40 — Vintage risk explained: why timing your entry matters more than you think 29:44 — Evergreen structures: investing from $25,000 to $25 million 32:43 — The simplest "why alternatives, why now" message for advisors 35:09 — What replaces bonds in a modern alternatives-inclusive portfolio 37:05 — The smooth ride strategy: absolute return multi-strat hedge funds 42:06 — The origin story and non-negotiables behind the platform design 46:21 — Each fund's job: return enhancement, income, ballast, smooth ride 49:57 — Myth busting: illiquidity, opacity, and the private markets misconceptions 54:39 — Grandparents' infrastructure vs. grandchildren's infrastructure Key Takeaways 1. Access is not diversification. Adding alternatives to a portfolio doesn't automatically reduce risk — manager selection, vintage diversification, and structural design determine whether alternatives actually do the job they're supposed to do.2. The performance gap is not a footnote. The spread between top and bottom quartile private markets managers can exceed 30 percentage points — making manager selection the single greatest risk in any alternatives allocation.3. 80% of the investable economy is private. Advisors and clients who limit themselves to public markets are working with a fraction of the available opportunity set — and missing the fastest-growing parts of the economy entirely.4. Evergreen structures change the calculus. Perpetual, open-ended alternatives vehicles allow private wealth investors to scale in regularly, rebalance, and maintain liquidity management — removing the all-or-nothing vintage timing problem that has historically kept private markets out of reach.5. Every fund has a job. The most effective alternatives allocations are built with purpose — return enhancement, income generation, inflation protection, or volatility reduction — and confusing those roles is how portfolios end up with alternatives exposure that doesn't perform the function it was added to serve.#Sponsored #AlternativeInvestments #PrivateMarkets #PrivateEquity #WealthManagement #FinancialAdvisors #PortfolioConstruction #HedgeFunds #PrivateCredit #Infrastructure #InvestmentStrategy #BMOGlobalAssetManagement #InsightIsCapital #ManagerSelection #AlternativesEducation #6040Portfolio #EverythingAlts #PrivateWealth #InvestmentDiversification #CanadianInvestors #AssetManagement

Income investing has never offered more tools — covered call ETFs, buffer strategies, active fixed income, multi-asset funds — and yet most advisors are still building portfolios the way they did five years ago. So what's actually happening on the ground? In this episode of Insight Is Capital, host Pierre Daillie sits down with Jillian DelSignore, VP and Head of Investor Distribution & Insights at Nasdaq Indexes, who brings something rare to the table: real behavioral data. Her team surveys hundreds of financial advisors every year, runs Nasdaq's global Advisor Council, and sits at the intersection of index innovation, ETF distribution, and the voice of the investor. What the data is showing right now is striking — a fundamental shift from total return thinking toward paycheque replacement investing, accelerating ETF adoption, and a quiet revolution in how options-based income strategies are reshaping portfolio construction. Whether you're an advisor benchmarking your own approach or an investor curious about how your portfolio is being built, this conversation delivers a clear, data-driven picture of where income investing is heading.Chapters00:00 — Introduction: Why income investing is being rebuilt from the ground up02:02 — Jillian's 26-year career arc: Federated, Goldman Sachs, J.P. Morgan ETF, and Nasdaq03:11 — How Nasdaq's global distribution team works with advisors and ETF issuers06:44 — Nasdaq Dorsey Wright: Momentum investing, point & figure charting, and the advisor research portal09:55 — The Advisor Survey: What the data from 2023 to 2025 actually shows10:49 — The big shift: 60% of advisors now allocating 20–40% of portfolios to income — up 52% since 202312:05 — Active and passive fixed income ETF adoption is accelerating — and why active is winning in bonds13:27 — 600 new derivative ETF launches: Covered calls, buffers, and the rise of auto callables14:43 — Defined outcome strategies: The tip of the spear in income innovation15:25 — What drove the shift from total return to paycheck replacement investing18:39 — "I can't eat total return": The behavioral finance case for monthly income20:09 — The hidden benefit of paycheck investing: keeping clients invested through volatility21:59 — Sequence of returns risk and how income strategies reduce the pressure to sell22:48 — Why advisors still under-use these tools — and the education gap holding them back25:34 — The hockey stick: How covered call ETFs are finally going mainstream27:15 — The covered call ETF on-ramp in Canada and the long road to advisor adoption28:55 — Auto callables: The next frontier and why compliance is the last hurdle29:41 — From income-only buckets to core portfolio allocations — the model is changing31:53 — Why compliance departments and advisors both have to get on board — and how it's happening32:35 — What advisors actually want: fewer products, more partners, and turnkey support35:05 — The model portfolio revolution: Advisors want to be relationship managers, not portfolio managers37:50 — How the specialist wholesaling model has fundamentally changed ETF distribution38:37 — The rise of CFAs and CFPs in the field: Fiduciary support is now table stakes40:25 — Closing reflections: Why there has never been a better time to be a financial advisor #IncomeInvesting #CoveredCallETF #BufferETF #ETFInvesting #FinancialAdvisor #PortfolioConstruction #ActiveETF #NasdaqIndex #DefinedOutcome #PaycheckReplacement #RetirementIncome #BehavioralFinance #ETFStrategy #WealthManagement #FixedIncome #DorseyWright #MomentumInvesting #SequenceOfReturns #AdvisorETF #InsightIsCapital #InvestmentPodcast #FinancialPlanning #ETFEducation #RetirementPlanning #IncomePodcast

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

What if the reason your portfolio sometimes fails you isn't the assets you picked — but the engine you never built?In this episode of Insight Is Capital, host Pierre Daillie sits down with Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management, for a masterclass in what truly diversified, all-weather portfolio construction actually looks like — and why it's fundamentally different from anything most advisors and investors have ever been offered.Rodrigo's story begins in Lima, Peru — where a government printing money into hyperinflation wiped out his family's savings overnight — and runs through the dot-com crash, the 2008 financial crisis, and the brutal 2022 simultaneous collapse of stocks and bonds. Those lived experiences didn't just shape his worldview; they became the architecture of a completely different way to build portfolios.What emerges from this conversation is a framework that challenges nearly every assumption embedded in the standard 60/40 model — and explains why most "diversified" portfolios are actually running 85–90% equity risk under the hood. Rodrigo and Pierre explore how thoughtful, purposeful leverage can transform a low-octane diversified portfolio into something that competes with equities — without simply concentrating more risk in equities.From regime-aware asset allocation across equities, bonds, gold, and systematic macro strategies, to the mechanics of return stacking and portable alpha, to the emerging institutional concept of "total portfolio" risk budgeting — this episode covers the intellectual terrain that separates sophisticated portfolio construction from the conventional wisdom most advisors were trained on.Whether you're a seasoned allocator or just beginning to question the limits of traditional asset allocation, this is a conversation about what it truly means to prepare for an unknowable future — not predict it.⏱ CHAPTERS00:00 — Introduction: All-Terrain Investing & What It Takes to Build for Any Market Weather 01:25 — Rodrigo's Origin Story: Hyperinflation in Peru, Immigration to Canada & Early Financial Scars 05:14 — From Commerce & Statistics to Quant Finance: Why "Don't Lose Money" Became His North Star 07:01 — What Is the All Terrain Fund? The Problem It's Designed to Solve 10:22 — Equity-Like Returns With a Different Risk Profile: The Core Promise 13:04 — Prepare, Don't Predict: The Philosophy Behind Regime-Aware Portfolio Design 17:18 — The Four Pistons: Global Equities, Bonds, Gold & Systematic Macro — and Why Each Matters 20:16 — Inflation Regimes, Growth Regimes, and What Actually Works When 22:17 — The 60/40 Illusion: Why "Balanced" Portfolios Are Actually 85–90% Equity Risk 36:40 — The Nobel Prize–Winning Case for Defensive Leverage: What It Is and Isn't 38:30 — Risk Management Filters: Momentum, Trend, and Knowing When to Step Aside 41:32 — Adding the Fifth Piston: Systematic Macro, Managed Futures & Crisis Alpha 42:55 — Return Stacking & Portable Alpha: How to Add Diversifiers Without Selling Your Core 51:03 — Tail Protection and Long Volatility: The Final Layer of the Framework 01:03:09 — Backtests, Forward Expectations & The Simple Math Behind Stacking Risk Premia 01:08:52 — Rethinking the 100% Portfolio: How Institutions Actually Think About Risk Budgets 01:11:04 — The Total Portfolio Approach: A Brand New Institutional Concept That's 20 Years Old 01:14:02 — Wrap-Up, Where to Learn More & Resources🔗 RESOURCES & LINKSReSolve Asset Management — All Terrain Strategy: investresolve.com/strategies Return Stacked ETFs & Portfolio Explorer: returnstacked.com #AllTerrainInvesting #ReturnStacking #RiskParity #PortfolioConstruction #ManagedFutures #SystematicMacro #AdaptiveAssetAllocation #LiquidAlternatives #PortableAlpha #WealthManagement #FinancialAdvisors #AdvisorEducation #AllWeatherPortfolio #ReSolveAssetManagement #InsightIsCapital #InvestmentStrategy #CapitalEfficiency #TrendFollowing #CrisisAlpha #MacroInvesting #Diversification #RiskBudgeting #GlobalMacro #ETFInvesting #AlternativeInvestments

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

What if CRM3 turns out to be the most powerful growth tool you've ever been handed?In this episode of Insight Is Capital, host Pierre Daillie sits down with Mario Cianfarani, Head of Distribution at Vanguard Canada, to explore the sweeping implications of CRM3 — Canada's incoming total cost reporting regulation — and why the advisors who embrace it now stand to gain the most.Mario unpacks how Vanguard's landmark Advisors Alpha framework, now celebrating its 25th anniversary, aligns with this new era of transparency, and why the real value of advice has never lived in product selection.Together, Pierre and Mario examine the critical mindset shifts advisors must make, the power of fee budgeting, and how top practices are already having the conversations that will define the next generation of client relationships — before they're required to.Chapters0:00 — Introduction: Canada's wealth management inflection point & CRM3 overview1:23 — Mario's passion for Vanguard's investor-first mission and 15 years disrupting Canada3:03 — The biggest mindset shifts advisors need to embrace with CRM34:31 — From product-centric to advice-centric: building a repeatable value narrative6:44 — Advisors Alpha at 25: quantifying the real value of advice beyond the portfolio8:00 — Behavioral coaching, market volatility, and keeping clients fully invested9:52 — Transparency, trust, and ending the "black box" era of investing11:34 — How transparency correlates with higher client satisfaction and deeper relationships13:00 — Fee budgeting: the strategic framework for cost-conscious portfolio construction14:40 — Vanguard's portfolio construction philosophy: core, satellite, active & passive19:10 — CRM3 as a competitive differentiator — and why staying flat-footed isn't an option21:11 — The bottom line: the win-win case for advisors and clients23:53 — What top advisors are doing right now to get ahead of the change27:05 — Tax alpha, rebalancing alpha, behavioral alpha — quantifying every dimension of value27:55 — Mario's top three action items for advisors navigating this transition30:17 — Parting thoughts: reframing CRM3 as a practice growth opportunity31:07 — Resources available through Vanguard Canada for advisors and dealerships#CRM3 #TotalCostReporting #AdvisorsAlpha #VanguardCanada #WealthManagement #FinancialAdvisor #FeeTransparency #CanadianInvesting #BehavioralFinance #FinancialPlanning #InvestmentAdvice #ETFCanada #ClientExperience #FeeBudgeting #InsightIsCapital #FinTechCanada #AdvisorGrowth #PassiveInvesting #FinancialRegulation #WealthManagementCanada

What if you could collect covered call option premium hundreds of times a year instead of once a month — without giving up the upside on your core equity holdings? 📋 EPISODE SUMMARY In this enlightening episode of Insight Is Capital, host Pierre Daillie sits down with Nicolas Piquard, Chief Options Strategist at Hamilton ETFs — a 30-year derivatives veteran who has traded from both sides of the options desk, sell-side and buy-side. Together they unpack the seismic shift in options markets driven by zero days-to-expiry (0DTE) options, which now dominate daily S&P 500 options volume. Piquard demystifies why these instruments are not the speculative instruments many preconceive them to be, and explains how Hamilton's DayMAX™ suite of ETFs harnesses daily covered calls — written only against a modest, leveraged 25% VOO sleeve — to generate frequent, tax-efficient income while leaving the core equity holdings fully intact and participating in the upside. With nearly $750 million in DayMAX™ AUM and growing, the conversation explores how advisors can deploy these strategies as precision income tools in a traditional 60/40 portfolio without sacrificing long-term growth. ✅ 3 KEY TAKEAWAYS1. 0DTE options are a structural shift, not a fad. Exchanges gradually introduced weekly, then daily expirations over 20 years — today the market demands them for granular hedging and income generation, and volume keeps growing across asset classes. 2. The DMAX structure is engineered to preserve upside. By writing daily covered calls only against a 25% leveraged VOO sleeve — and leaving the 100% core champion dividend ETF completely uncovered — DMAX maximizes time-decay premium collection while keeping the bulk of equity appreciation intact. 3. Tax efficiency amplifies the yield advantage. Option premiums are taxed as capital gains, and intraday losses can offset gains — resulting in a distribution blend of dividends, capital gains, and return of capital that is materially more tax-efficient than ordinary income for most investors. 🕐 TIMESTAMPED CHAPTERS 00:00 — Introduction: How options markets have evolved01:45 — Nicolas Piquard's 30-year career arc: sell-side to buy-side05:22 — Hamilton ETFs growth: $7B in yield maximizers, $750M in DayMAX™07:18 — The origin story of 0DTE options — from monthly to daily expirations12:51 — How daily options differ from monthly covered calls17:51 — The DayMAX™ structure explained: 100% champions ETF + 25% VOO + 0DTE overlay46:05 — Partial vs. full call coverage: how DMAX preserves equity upside52:07 — Portfolio construction: how advisors can use DMAX to close a yield gap57:19 — Tax efficiency of covered call premiums: capital gains, ROC, and dividends59:01 — Closing thoughts #CoveredCalls #0DTE #OptionsIncome #HamiltonETFs #DMAX #ETFInvesting #OptionsStrategy #InvestmentIncome #PortfolioConstruction #DividendInvesting #FinancialAdvisors #WealthManagement #OptionsTrading #YieldMaximizer #PassiveIncome #CanadianInvesting #IncomeInvesting #VolatilityHarvesting #FinanceCanada #InsideIsCapital Copyright © AdvisorAnalyst

As Iran targets oil infrastructure with missiles, Wall Street is still buying the dip — but DoubleLine's Jeffrey Sherman says this time, the trade that's worked every time may finally be broken.EPISODE SUMMARYWith oil prices surging, rate-cut expectations evaporating, and a conflict now entering its fourth week, host Pierre Daillie sits down with Jeffrey Sherman, Deputy CIO of DoubleLine Capital, to interrogate the assumptions underlying today's risk portfolios. Sherman maps the transmission channels from Middle East conflict to Main Street purchasing power, dissects what the bond market is — and isn't — signalling about fiscal sustainability, and raises uncomfortable questions about the liquidity architecture of private credit vehicles that investors may not have asked themselves yet. The conversation spans the K-shaped labour market, the rotation into international and emerging market assets, and where Sherman sees the most defensible risk-adjusted opportunities in fixed income right now — without pretending the answers are simple. 3 KEY TAKEAWAYS • The Iran conflict is structurally different from a tariff shock — war policy does not reverse on equity market pressure, making the "buy-every-dip" playbook potentially dangerous for the first time in years. • Semi-liquid private credit vehicles carry a hidden contagion risk: when investors can't redeem, they sell public assets instead — a dynamic Sherman calls "the margin vortex" — and that forced selling can spiral back to reprice the illiquid positions that started the problem. • In this environment, Sherman favours short-duration high-quality credit, agency and non-agency mortgages, and emerging market local currency bonds as the preferred expression of the de-dollarisation and commodity tailwind trade. TIMESTAMPED CHAPTERS00:00 - Opening — overweight US risk and what to do about it 01:30 - Introduction: recording amid active conflict, March 20, 2026 03:15 - War as an inflationary event — oil, distillates, and the infrastructure damage timeline 06:00 - Higher oil for longer: the "transitory" shock that stays at the new price level 08:00 - Growth curtailment, the deficit, and what the bond market is actually pricing 11:25 - Why this is not a TACO trade — the limits of policy reversal in wartime 13:50 - K-shaped economy: labour market confusion, the no-fire/no-hire dynamic, and wage data 19:35 - Three regressive shocks hitting lower-income households: inflation, tariffs, oil 20:10 - Credit spreads: IG, high yield, and the triple-C divergence 23:30 - International equities, the commodity rotation, gold, and EM local currency bonds 30:15 - DoubleLine's portfolio positioning and the case for diversification right now 34:20 - Private credit: the slow motion train wreck, gating mechanisms, and the margin vortex 45:40 - The liquidity mismatch problem — why "semi-liquid" is a contradiction in terms 49:05 - Specific fixed income opportunities: mortgages, CLOs, IG, and leveraged loan avoidance 52:45 - Practical playbook for advisors: portfolio tilts, hedges, and what to explicitly avoid #FixedIncome #BondMarket #DoubleLine #MacroInvesting #PrivateCredit #OilPrices #PortfolioStrategy #EmergingMarkets #GoldInvesting #InterestRates #CreditMarkets #InvestingIn2026 #WealthManagement #FinancePodcast #InsightIsCapital #GeopoliticalRisk #JeffreySherman #TACOTrade #HighYield #Deflation

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 Takeaways• The 60/40 Is Structurally Broken.The 40-year disinflationary tailwind that made bonds a reliable hedge for equities is over. In today's high-debt, inflation-prone environment, stocks and bonds can fall together — as 2022 proved — making traditional portfolio construction dangerously inadequate.• Leverage Is a Defense, Not a Weapon.Alfonso's eight-quadrant framework uses leverage not to chase returns, but to free up capital for genuine diversifiers: gold, CTAs, macro hedge funds, and long USD exposure — each sized to contribute equal units of risk across inflation, deleveraging, and growth scenarios.• When You Can't Predict the Variable, Don't Take the Risk.In a geopolitical supply shock like a Strait of Hormuz closure, no amount of macro skill gives you an edge. The honest answer is to reduce risk, not gamble on a nonlinear binary outcome — a lesson most active managers ignore.⏱️ Timestamped 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

Is U.S. market dominance about to break? In this episode of Insight is Capital, Pierre Daillie sits down with Cole Smead (CEO & Portfolio Manager, Smead Capital Management) to unpack why today’s market may be less about valuations—and more about a powerful capital cycle that could reshape global investing.From AI-driven CapEx booms to the hidden risks of passive investing, Smead draws on historical parallels—from railroads to telecom to fracking—to explain why investors often miss the biggest regime shifts… and why the next decade of returns may look very different from the last.This conversation explores the case for international equities, the structural setup for commodities, and why Canadian oil could play a critical role in portfolios as capital flows begin to rebalance globally.If you think diversification still means owning the S&P 500… this episode may change your perspective.🔑 What You’ll Learn:• Why U.S. equity dominance may be nearing an inflection point • How capital cycles—not narratives—drive long-term returns • The hidden risks inside passive indexing and concentrated markets • Why AI and massive CapEx may not benefit investors the way you expect • The emerging opportunity in international equities and Canadian energy⏱️ Chapters:00:00 – The problem with U.S. market concentration01:00 – Capital cycles vs valuation cycles03:00 – Lessons from past market manias05:00 – Why investors often lose in innovation booms07:00 – Passive investing under pressure10:00 – Oil markets and historical analogies13:00 – Behavioral investing mistakes18:00 – The SaaS reset and return on capital24:00 – Investment discipline and opportunity28:00 – Great companies vs great stocks30:00 – AI CapEx and unintended consequences34:00 – Who really benefits from innovation cycles37:00 – Telecom bust lessons for today40:00 – Falling tech costs and the Jevons Paradox44:00 – Global capital rotation begins?48:00 – Index risks and market dispersion51:00 – Commodities and the U.S. dollar outlook56:00 – From “mythos” to “logos” in investingAbout our guest:Cole Smead is CEO and Portfolio Manager at Smead Capital Management, known for his long-term, contrarian approach to value investing and deep research into market cycles and investor behavior.📈 About the Show:Insight is Capital™ explores the ideas, strategies, and perspectives shaping the future of investing—helping advisors and investors think better before capital compounds.👍 Like, Subscribe & Share If you found this valuable, support the channel by liking the video, subscribing, and sharing with other investors.#Investing #StockMarket #ValueInvesting #Macro #Commodities #OilAndGas #AI #GlobalMarkets #PassiveInvesting #ActiveInvesting

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. The broad market is healthier than the headlines suggest. Ten of eleven S&P sectors were positive over the prior three months. Mid and small caps were outperforming large by 500–700 basis points. Most diversified portfolios were in the black — the pain is concentrated in software and AI-disruption names, not the market as a whole.2. The defense tech supercycle is the structural story most advisors are missing. Rising defense budgets across NATO, Japan, Korea, and India are the seed capital for the next generation of global technology — just as DARPA spending gave us the internet and the cell phone. Europe and Japan are becoming technology investment destinations in their own right.3. Gold belongs at 10–12% in a neutral portfolio — and almost no one is there. US investors allocate less than 2% of ETF assets to commodities versus four to five times that in Europe. Falling yields, Bitcoin liquidation flows, and persistent central bank buying from Asia make 2026 one of the strongest setups for gold in years.4. Dollar bearishness has reached historically extreme levels — a classic contrarian signal. BofA's Fund Manager Survey showed record negative dollar positioning. Every major economy is now running large deficits, weakening the relative case for selling dollars. Weniger's best idea for the next 12 months: the greenback surprises to the upside.5. Japan remains the most underowned and underappreciated equity market in the world. Currency-hedged Japanese equities have compounded at 14–15% annually since 2012, driven by real earnings and dividend growth — not multiple expansion. Japanese equities trade at 15–16x earnings with competitive earnings growth. The biggest mistake: betting on the yen rather than hedging it. #WisdomTree #RaiseYourAverage #GlobalMacro #InternationalStocks #JapanEquities #GoldInvesting #DefenseTech #MarketRotation #PortfolioStrategy #AssetAllocation #AIInvesting #SmallCaps #CurrencyHedging #InvestingIn2026 #FinancialAdvisors

What if the greatest risk in your portfolio right now isn't owning too much AI — it's catastrophically underestimating what's actually happening?SummaryMost investors are asking the wrong question.The debate dominating markets right now — AI bubble or generational opportunity? — sounds sophisticated. But Pierre Daillie's conversation with Dan White, Associate Portfolio Manager at ARK Invest, suggests the real question is far more unsettling: what if the investors playing defence are the ones taking on the most risk?White works directly alongside Cathie Wood, sitting horizontally across ARK's research teams to translate disruptive innovation research into portfolio strategy. He's watched the current AI moment unfold from the inside — across public markets, private venture, and the day-to-day behaviour of a research team that is itself being transformed by the very technologies they cover.In this episode, they go deep on the comparisons to 1999, the so-called SaaS Apocalypse, the $600 billion CapEx question, and the thesis ARK calls the Great Acceleration. What they uncover challenges just about every instinct the cautious investor has right now — about valuation, about risk, and about which side of this moment history will judge as the costly mistake.The data White brings to the table is striking. The framework ARK uses to identify true investment platforms is specific and testable. And the thesis risks he's willing to name out loud — including the scenarios that would genuinely break the bull case — are more concrete than most bears expect.If you've been sitting on the sidelines waiting for clarity, this conversation may reframe what clarity actually looks like.🔑 3 Key Takeaways1. The 1999 Comparison Has One Fatal FlawThe surface-level similarities are real — but one critical data point separates this moment from the dot-com era entirely. White spells it out with precision.2. AI Is Not the Theme — It's the EngineARK's Great Acceleration thesis rests on a specific, testable framework. The five platforms AI is simultaneously accelerating are not equally understood by the market — and that gap is where ARK sees its edge.3. The Risk Most Portfolios Aren't PricingOver-exposure to innovation dominates the risk conversation. White flips it. His case for why the asymmetric danger may run in the opposite direction is one of the sharpest arguments in this episode.⏱ Chapters00:00 — The Setup: Bubble or Structural Shift? 02:00 — Dan White's Role at ARK Invest 03:00 — The SaaS Apocalypse Explained 06:00 — Where the 1999 Comparison Holds 08:00 — Where It Completely Falls Apart 10:00 — The Revenue Numbers Behind the Headlines 15:00 — Is the CapEx Build Sustainable? 20:00 — Claude Code and the Coming Demand Wave 22:00 — The Great Acceleration: Five Platforms, One Catalyst 28:00 — $600B CapEx: Who Actually Benefits? 29:00 — What Would Break ARK's Thesis? 34:00 — Energy, Power & Elon's Space Compute Play 37:00 — The Underinvestment Risk Argument 41:00 — Core-and-Satellite: A Framework for Investors 43:00 — Real-World AI in Action 47:00 — Closing #ARKInvest #AIInvesting #GreatAcceleration #DisruptiveInnovation #CathieWood #AIStocks2026 #ClaudeCode #Anthropic #Palantir #TeslaFSD #AIRevolution #TechInvesting #GrowthInvesting #InnovationEconomy #AIProductivity #SaaSDisruption #InvestmentStrategy #Robotics #EnergyStorage #SpaceX #TokenEconomy #WrightsLaw #AICapEx #GPUShortage #PortfolioManagement #FinancePodcast #InsightIsCapital #ActiveManagement #FutureOfAI #AIStocks Copyright © AdvisorAnalyst.com

If institutional investors have already shifted toward global diversification and private markets, why are most retail portfolios still stuck in the past?In this episode of Insight Is Capital, host Pierre Daillie sits down with Clay Khan, Head of Canada and Managing Director at Neuberger Berman, to explore one of the biggest structural changes in modern portfolio construction: the migration of capital from public markets toward private assets and globally diversified strategies.Drawing from Neuberger Berman’s “Solving for 2026” investment outlook, Khan explains how global macro forces—AI-driven productivity shifts, diverging fiscal and monetary policies, and evolving capital markets—are reshaping the investment landscape for both institutions and private investors. The conversation dives into the growing dominance of private equity and private credit, why institutional portfolios increasingly resemble pension-style allocations, and why Canadian investors may need to rethink traditional 60/40 portfolio structures.Khan also highlights emerging strategies gaining traction among sophisticated investors, including tax-loss harvesting, direct indexing, evergreen private market structures, and secondary markets in private equity. These innovations are gradually bringing institutional-grade investment strategies into the portfolios of high-net-worth investors and advisors.Ultimately, the discussion centers on a crucial shift: moving from wealth accumulation toward wealth preservation and tax-efficient diversification, particularly for families transitioning from concentrated entrepreneurial wealth into multi-generational portfolios.3 Key Takeaways1️⃣ Institutional portfolios are leading the shift toward private marketsCanadian pension plans have steadily migrated capital from public markets toward private equity, infrastructure, real estate, and private credit in pursuit of the illiquidity premium and smoother return profiles. 2️⃣ Global diversification is finally broadening beyond the U.S.While the S&P 500 has dominated recent years, Khan notes that EAFE and emerging markets recently outperformed, highlighting the growing case for international diversification in advisor portfolios. 3️⃣ Tax efficiency may be the next frontier in portfolio constructionHigh-net-worth investors are increasingly adopting tax-loss harvesting and direct indexing strategies to generate “tax alpha,” potentially adding meaningful after-tax returns over time. ⏱️ Timestamped Chapters00:00 – Introduction: Markets entering a new macro regime 01:07 – What Neuberger Berman’s “Solving for 2026” outlook is signaling 01:27 – Clay Khan’s background and Neuberger Berman’s Canadian business 02:20 – Market shifts in early 2026 and global equity rotations 03:28 – Value vs growth and international outperformance 05:28 – Why institutional and retail portfolios look so different 06:46 – How Canadian pensions moved from public to private markets 10:02 – Why private credit is replacing hedge funds in portfolios 12:43 – The shrinking public market and expanding private economy 15:03 – The challenge of implementing alternatives in retail portfolios 18:35 – How family offices approach long-term investing 20:45 – Tax-loss harvesting and the rise of “tax alpha” 24:39 – Institutional investing philosophy: global diversification 26:09 – Why private companies may outperform public markets 28:13 – Solving liquidity challenges in private markets 29:34 – The booming private equity secondary market 31:59 – A real estate analogy for understanding private equity 34:34 – Where advisors are reallocating portfolios today 37:32 – The challenge of replacing fixed income diversification 39:46 – Lessons from Canadian pension portfolio construction 41:34 – How portfolio conversations have evolved over the last decade 45:05 – Evergreen private market structures 45:13 – What will define the next phase of Canadian portfolio construction 46:33 – Concentration vs diversification in wealth preservation 49:25 – The psychology of entrepreneurial wealth 51:19 – Final reflections on diversification and legacy planning#PrivateMarkets#PrivateEquity#PrivateCredit#PortfolioStrategy#WealthManagement#InstitutionalInvesting#AlternativeInvestments#CanadianInvesting#GlobalDiversification#TaxLossHarvesting#FamilyOffice#InvestmentStrategy#AdvisorInsights#InsightIsCapital#NeubergerBerman

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

When equity markets grow concentrated and expensive, the real risk isn’t volatility — it’s failing to diversify before the cycle turns. For years, global real estate has sat in what Pierre Daillie calls “the penalty box” — weighed down by rising rates, skepticism, and falling valuations. Yet beneath the headlines, fundamentals never broke. In this episode of Insight Is Capital, Pierre sits down with Dennis Mitchell, CEO and CIO of Starlight Capital, to unpack why global real estate may be one of the most misunderstood — and potentially asymmetric — opportunities in today’s market. Mitchell argues that the most important change in global real estate “has nothing to do with global real estate.” Instead, it’s about opportunity cost. With the S&P 500 trading north of 24x earnings and the “Mag 7” representing more than 30% of the index, investors face rising concentration risk — amplified by passive flows. Meanwhile, publicly traded REITs in North America have traded at discounts of up to 30% to net asset value, even as supply-demand fundamentals strengthen across key sectors like seniors housing, data centers, industrial, and cell towers. Mitchell breaks down real estate returns into three drivers — yield, growth, and multiple expansion — and explains why today’s combination of 4–6% yields, 3–7% internal growth, and potential mean reversion creates a compelling setup. From demographic tailwinds in seniors housing to AI-driven infrastructure demand for data centers and towers, this conversation reframes real estate not as a rate-sensitive trade — but as a disciplined, supply-demand story hiding in plain sight. 🎯 3 Key Takeaways1️⃣ The Real Estate Story Isn’t About Rates — It’s About Opportunity CostWith equity multiples elevated and passive concentration at historic highs, the opportunity cost of not diversifying into real estate has increased materially.Concentration + passive flows + stretched multiples = asymmetric portfolio risk.2️⃣ Fundamentals Are Strong Where Supply Is ConstrainedAcross sectors like seniors housing, industrial, data centers, and towers, resilient demand meets limited supply.In Canada alone, for example, vis-à-vis seniors housing:The 70+ population is set to double by 2035~200,000 additional seniors housing units will be neededNo decade has delivered more than 73,000 unitsThat gap matters.3️⃣ Real Estate Offers a Three-Engine Return Profile Mitchell outlines three sources of return: Add it together, and real estate may offer predictable double-digit total return potential — with diversification benefits.⏱️ Timestamped Chapters02:30 – Volatility, geopolitics, and the reality of today’s markets 03:38 – S&P 500 concentration risk & passive investing concerns 07:58 – Interest rates vs. supply and demand fundamentals 10:05 – Why seniors housing may have the strongest fundamentals globally 13:17 – Public vs. private markets: pricing inefficiencies and diligence 14:55 – REIT privatizations & valuation gaps 18:34 – The three drivers of real estate returns: yield, growth, multiples 20:52 – AI “picks and shovels”: data centers & cell towers 22:40 – What Dennis is watching in 2026: fund flows & M&A If markets have rewarded concentration for the past decade, this episode asks the harder question:What happens when the cycle shifts — and diversification starts to matter again? #GlobalRealEstate#REITInvesting#Diversification#IncomeInvesting#PortfolioStrategy#PassiveInvestingRisk#SeniorsHousing#DataCenterREIT#AITechnologyInfrastructure#MarketConcentration#StarlightCapital#InvestmentPodcast

If energy is destiny and stockpiles signal intent, then this episode may completely change how you see oil, gold, China, Canada—and your portfolio. In 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-IndustrializingDoomberg argues we are witnessing a regime shift:• Deflationary outsourcing → inflationary reshoring • Strong dollar orthodoxy → weaker dollar tolerance • Efficiency → resilienceTrump’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 EconomyChina 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 Chapters00:00 – 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 - https://doomberg.com

Private markets are quietly being rewritten in real time—and in this conversation, Ash Lawrence explains why AI, private credit, and defence could define who wins and who gets left behind in 2026. In this episode of Insight is Capital, host Pierre Daillie sits down with Ash Lawrence, Head of AGF Capital Partners, to unpack AGF Capital Partners’ 2026 - The Annual - Private Markets Outlook. Against a backdrop of geopolitical volatility, AI acceleration, shifting credit dynamics, and renewed defence spending, Lawrence lays out five structural themes reshaping private equity, private credit, and alternative investments. The conversation explores how allocators can separate signal from noise, manage emerging concentration risks, navigate liquidity mismatches in retail private markets, and position portfolios for a world where traditional assumptions no longer apply. From AI infrastructure and mid-market private credit to defence, security, and the evolving role of private capital in public objectives, this episode offers a clear-eyed, practitioner’s view of where private markets are headed—and what investors need to understand to participate intelligently. 🔑 Three Key Takeaways• AI Is Everywhere—and That’s the Risk AI is no longer a standalone theme; it touches venture, infrastructure, real estate, and operating businesses alike. Investors must assess total portfolio AI exposure and balance direct bets with infrastructure-level participation to avoid unintended concentration risk.• Private Credit’s Sweet Spot Is Moving Down-Market As large-cap sponsor-backed lending becomes crowded and commoditized, opportunity is shifting toward mid- and lower-mid-market private credit, where proprietary deal flow, stronger covenants, and greater repayment optionality can improve risk-adjusted returns.• Defence and Security Are No Longer Niche Rising geopolitical tensions, technology-driven procurement changes, and massive funding needs are opening defence, cybersecurity, and sovereign infrastructure to private capital. The opportunity is real—but manager expertise and risk controls are critical.⏱️ Timestamped Chapters00:00 – Introduction - Private markets, alternatives, and AGF Capital Partners’ 2026 outlook 01:10 – Separating Signal From Noise - Why geopolitical “bogeys” can’t be forecast—and shouldn’t dominate portfolio decisions 04:10 – AI in Private Markets - Thematic concentration risk, infrastructure plays, and portfolio-level exposure 10:33 – Private Credit’s Structural Shift - Why capital is moving toward mid- and lower-mid-market lending 16:11 – The Private Equity Deal-Flow Logjam Rates, valuation gaps, and what it will take to restart transactions 26:32 – Defense & National Security Investing Technology, geopolitics, and the expanding definition of defense 34:51 – Retail Investors & Liquidity Mismatch - Why structure matters—and what the recent redemption suspensions are teaching the market 40:47 – Closing Thoughts - Why 2026 could mark a reset year for private markets  #PrivateMarkets#PrivateEquity#PrivateCredit#AlternativeInvestments#AIInvesting#DefenseInvesting#PortfolioConstruction#CapitalAllocation#InstitutionalInvesting#InsightIsCapital

When commodities stop behaving like trades and start behaving like truth detectors, portfolios—and advisors—need to rethink everything.🎙️ Episode SummaryIn this wide-ranging deep-dive, host Pierre Daillie welcomes back Tony Dong, Founder of ETF Portfolio Blueprint, to pressure-test the most common misconceptions about commodities investing.Rather than treating commodities as volatile, short-term trading instruments, Tony reframes them as strategic portfolio diversifiers—assets whose value lies in low correlation, structural supply constraints, and long-term geopolitical realities.Together, Pierre and Tony walk through energy, copper, gold, and silver—unpacking how ETFs actually deliver exposure, where investors get tripped up by outdated narratives, and why narrow, intentional allocations make sense. The discussion ultimately widens into geopolitics, multipolar power dynamics, and why ignoring politics is no longer a luxury for investors. 🔑 3 Key TakeawaysVolatility isn’t the enemy—correlation is the real story Commodities can be volatile on their own, but when they move differently from stocks and bonds, they can reduce portfolio risk and create a rebalancing premium when sized and managed properly.Not all commodities are created equal—structure matters Energy equities are increasingly driven by balance sheets and capital discipline, copper faces unavoidable supply bottlenecks tied to electrification, and gold remains uniquely supported by central-bank demand. Treating them as interchangeable “inflation hedges” misses the point.Narrow beats broad for most investors Tony argues that focused commodity exposure—gold, copper, or energy you actually understand—is easier to hold through volatility than broad commodity ETFs with mixed drivers, roll-yield drag, and tax complications.⏱️ Timestamped Chapters00:00 – Why commodities are misunderstood02:20 – Volatility vs. correlation: the portfolio math advisors miss03:45 – Futures, contango, and why old commodity ETFs disappointed04:45 – Energy ETFs: geopolitics vs. fundamentals08:30 – Capital discipline, buybacks, and M&A in Canadian energy10:10 – Copper’s biggest misconception: demand vs. supply reality13:00 – Copper exposure: physical metal vs. mining equities16:00 – Is a copper supercycle real—or reflexive?18:30 – Multipolar geopolitics and why resources matter more now25:10 – Gold vs. silver: false equivalency explained29:45 – Broad commodity ETFs vs. targeted allocations31:00 – Final thoughts: why portfolios don’t exist in a vacuum#Commodities#CommodityETFs#PortfolioDiversification#GoldInvesting#CopperInvesting#EnergyETFs#RealAssets#ETFInvesting#WealthManagement#CanadianInvestors#MacroInvesting#GeopoliticsAndMarkets#AdvisorEducation

In this episode of Insight Is Capital, host Pierre Daillie sits down with Mélanie Valcin, President and CEO of United for Literacy, and Matthew Latimer, Executive Director of the Federation of Independent Dealers, for a powerful conversation at the intersection of literacy, financial advice, and economic inclusion.Together, they unpack a sobering reality: one in five working-age Canadians struggles with basic literacy, a barrier that quietly cascades into poor financial outcomes, limited access to advice, workforce stagnation, and rising social costs. Valcin shares on-the-ground stories from communities across Canada—food banks, mining towns, and correctional facilities—illustrating how targeted, trust-based literacy programs can rapidly transform lives. Latimer brings the financial lens, explaining how low financial literacy leaves Canadians vulnerable to costly mistakes, scams, and long-term retirement risk, while also constraining the reach and effectiveness of professional financial advice.The conversation makes a compelling case that literacy—reading, digital, and financial—is not a “soft” social issue, but core economic infrastructure, and argues for a coordinated national strategy that brings together government, educators, industry, and financial advisors themselves.3 Key Takeaways• Literacy Is Economic Infrastructure Improving literacy by just 1% could add $60–$90 billion to Canada’s GDP, while simultaneously reducing pressure on social services and the justice system.• Financial Literacy Gaps Lock People Out of Advice Fewer than two-thirds of Canadians can answer basic questions about interest, inflation, or diversification—leaving millions unable to engage confidently with advisors, savings tools, or retirement planning.•  Local, Human-Centered Solutions Work Literacy programs succeed when they meet people where they are—community centers, workplaces, food banks—and when advisors and professionals use clear language instead of jargon.Chapters00:00 – Why Literacy Is Canada’s Hidden Economic Crisis Pierre sets the stage: literacy as a foundation for financial and social participation.02:20 – Meet the Guests: Literacy and Financial Advice Collide Introductions to Mélanie Valcin and Matthew Latimer.05:20 – One in Five Canadians Can’t Read at a Functional Level The scale of the problem—and why it’s getting worse.12:40 – How Community-Based Literacy Programs Change Lives Real-world examples from food banks and workplaces.15:10 – A Mining Town Story: Literacy as Career Mobility How six weeks of digital literacy unlocked advancement.21:00 – Literacy, Incarceration, and Systemic Inequality Why access—not effort—is often the missing link.29:50 – Financial Literacy: The Cost of Not Understanding Money RRSPs, TFSAs, and the silent damage of confusion.33:30 – Scams, AI, and the Rising Risk to Retirement Security Why low literacy magnifies modern financial threats.40:30 – Clear Language and the Role of Advisors How advisors can bridge the gap through education and outreach.45:15 – A Call to Action: National Strategy & Community Involvement Why Canada needs a coordinated literacy push—now.#FinancialLiteracy #LiteracyMatters #AccessToAdvice #CanadianEconomy #InvestorEducation #FinancialInclusion #RetirementPlanning #ClearLanguage #EconomicOpportunity #InsightIsCapital

In this wide-ranging and intellectually rich conversation, host Pierre Daillie sits down with veteran options trader, market maker, and probabilistic thinker Kris Abdelmessih for a deep exploration of how markets really work beneath the surface—and how investors can think more clearly in a world dominated by uncertainty, noise, and emotion. Drawing on more than two decades of experience spanning Susquehanna International Group, proprietary commodity trading, and portfolio management at Parallax, Abdelmessih explains why options markets reveal truths that stock prices alone cannot, how poker shaped his understanding of risk and decision-making, and why probabilistic thinking—not prediction—separates professionals from amateurs. The discussion moves seamlessly from trading pits and market structure to behavioral bias, prediction markets, volatility, and education, culminating in a thoughtful explanation of Moontower, Abdelmessih’s platform designed to help investors understand whether options are cheap, expensive, or inappropriate for a given thesis. This episode is less about “what to buy” and more about how to think—about risk, information, and the difference between being right and making money. 🔑 Three Key Takeaways1️⃣ Options Markets Are the True Information MarketStock prices are two-dimensional snapshots. Options markets, by contrast, embed the market’s full probability distribution—revealing not just where investors think prices may go, but how violently and under what conditions. This makes options markets a powerful lens for understanding hidden risks and asymmetric outcomes. 2️⃣ Good Decisions Can Still Lose—And That’s the PointDrawing parallels between poker and trading, Abdelmessih emphasizes that outcomes are noisy, even when decisions are sound. Professionals focus on expected value, risk sizing, and repeatability, not short-term wins or losses. This mindset is critical for surviving low-signal environments like financial markets. 3️⃣ Prediction Markets and Volatility Thinking Will Matter MoreMarkets aggregate information better than opinions. From CEO resignations to geopolitical outcomes, prices often reveal consensus faster—and more accurately—than pundits. Understanding volatility, probability, and conditional outcomes will become increasingly important as prediction markets and derivatives continue to evolve. ⏱️ Timestamped Chapters01:15 – Kris Abdelmessih’s career path: SIG, commodities, Parallax05:10 – From Cornell to trading floors: curiosity as a career catalyst24:30 – Poker, probability, and Bayesian thinking at Susquehanna29:20 – Why being “right” doesn’t matter in markets37:00 – Market making vs. portfolio management: different risk shapes43:00 – Trading oil, gas, and the chaos of pit trading48:00 – Why specialization is both powerful and dangerous58:30 – What Moontower is—and why most investors misuse options1:02:00 – How options reveal hidden distributions in stock prices1:08:00 – Prediction markets, truth, and market-based consensusMore on Kris AbdelmessihKris Abdelmessih on Linkedin - https://www.linkedin.com/in/kristopher-abdelmessih-63b1b1/Moontower.ai - https://www.moontower.ai/Moontower Substack - https://moontower.substack.com/ #OptionsTrading#MarketStructure#ProbabilisticThinking#Volatility#RiskManagement#BehavioralFinance#PredictionMarkets#InvestingMindset#FinancialEducation#InsightIsCapital

In this episode of Insight Is Capital, host Pierre Daillie sits down with David Stonehouse, Interim CIO and Head of North American Specialty Investments at AGF Investments, for a wide-ranging but grounded discussion on what lies ahead for investors as the cycle matures.Stonehouse frames 2026 as a constructive but narrower environment—one supported by global monetary easing, rising fiscal stimulus, and resilient earnings growth, yet constrained by elevated valuations, softer labor markets, and geopolitical uncertainty. The conversation carefully unpacks how tariffs have shifted from an economic “earthquake” to a lingering aftershock, why inflation fears may be overstated near-term, and how investors can think about regional diversification beyond a heavily concentrated U.S. market.Rather than offering bold predictions, the discussion emphasizes flexibility, balance, and readiness—highlighting why equal-weight equity exposure, selective credit, emerging markets, and a strategic cash buffer may matter more than ever as uncertainty rises but opportunity persists.🔑 3 Key Takeaways2026 looks constructive—but with less room for error. Global easing cycles, fiscal stimulus, deregulation, and healthy earnings support risk assets, but elevated valuations and optimistic sentiment increase vulnerability to shocks.Tariffs are no longer a shock, but still a drag. The biggest tariff surprise is behind us; clarity—not resolution—matters most now, allowing businesses and consumers to adapt even as trade frictions persist.Diversification and optionality matter more than conviction. With U.S. equities richly valued after a long run, Stonehouse sees relative opportunity in emerging markets, Japan, and potentially Canada—while cash provides flexibility if volatility returns.⏱️ Timestamped Chapters• 00:00 – Markets heading into 2026: momentum with less margin for error• 02:00 – David Stonehouse’s career path and investment philosophy• 03:00 – The six macro tailwinds shaping 2026• 08:00 – Tariffs: from economic earthquake to manageable aftershocks• 12:00 – Labor markets, immigration, AI, and the “no-hire, no-fire” economy• 17:00 – Fiscal stimulus, affordability pressures, and the K-shaped economy• 22:00 – Central banks, bond markets, and the myth of ‘new QE’• 31:00 – Inflation, disinflation, and long-term yield risks• 38:00 – Why equities can still rise—but valuations matter• 43:00 – Regional opportunities: U.S., Canada, emerging markets, Japan• 52:00 – Portfolio positioning: equities, fixed income, credit, and cash• 55:00 – Final thoughts on risk, resilience, and flexibility #InsightIsCapital #MarketOutlook2026 #MacroInvesting #PortfolioStrategy #AGFInvestments #DavidStonehouse #CentralBanks #TariffsAndTrade #EquityMarkets #FixedIncome #EmergingMarkets #AdvisorInsightsCopyright © AdvisorAnalyst

Explore the evolving world of portfolio construction with Leslie Alba, CFA, CIBC Asset Management's $90-billion Head of Portfolio Solutions. Discover how to move beyond traditional diversification and embrace a total portfolio approach, balancing risk exposures for uncertain markets. Learn actionable insights for managing expectations and navigating market volatility. In This Episode:00:00 Introduction to Leslie Alba 02:16 Leslie’s Career Journey and Philosophy 06:00 Promising and Challenging Market Dynamics 08:16 Bonds: Diversification and 60/40 Limitations 11:48 Total Portfolio Approach and Regime Shifts 16:42 Evolving Capital Market Assumptions 23:29 Purpose-Driven Portfolio Construction 30:18 Overcoming Dogmatism and Risk Tolerance 35:02 Private Markets and Investment Selection 39:30 Total Investment Solutions for Advisors 44:22 Behavioral Finance and Staying Invested 50:21 CIBC’s Client-Centric Value Proposition Key Takeaways:Rethink Diversification: Understand that traditional 60/40 portfolios may not offer sufficient defensive positioning due to overlapping risk factors.Adopt a Total Portfolio Approach: Manage portfolios holistically, focusing on achieving client objectives and balancing risk exposures rather than isolated asset classes.Embrace Alternatives: Consider diversifying into alternatives to reduce correlation and economic risk, as they react differently in various market conditions.Prioritize Purpose: Anchor portfolio design around client objectives and the unique purpose each asset class or strategy serves to achieve those goals.Manage Behavioral Biases: Equip clients with insights and plans to stay invested and calm during market volatility, mitigating emotional decision-making.Resources Mentioned:Connect With Leslie Alba: LinkedIn Subscribe to Insight is Capital: Hit the Subscribe button Apple Podcasts: https://podcasts.apple.com/ca/podcast/insight-is-capital-podcast/id1270978994 Spotify: https://open.spotify.com/show/3EXEqj0Vv12rp8bLPPTk6X #investmentstrategy #portfoliomanagementservices #assetallocation #financialplanning #portfoliomanagement

In this wide-ranging and human conversation, host Pierre Daillie sits down with Tim Nash, Founder & CEO of Good Investing, to explore what it really means to invest with intention in an era of political polarization, ESG backlash, and growing client skepticism toward traditional finance. Drawing on more than 15 years of experience in sustainable investing, Tim reframes the debate around ESG, impact investing, and responsible capital allocation. Rather than positioning sustainability as a trade-off against returns, he argues that money is best understood as a means—a tool to support security, freedom, stability, and well-being—rather than an end in itself. The discussion moves well beyond product labels. Tim clearly maps the spectrum of sustainable investing approaches, from divestment and ESG integration to shareholder stewardship, thematic investing, and deep impact investments such as community bonds. Along the way, Pierre and Tim unpack why many advisors struggle with these conversations, how values alignment drives trust and client retention, and why listening—not judgment—is the most critical advisory skill in today’s environment. This episode is essential listening for advisors navigating generational wealth transfer, evolving client values, and the widening gap between what investors want and what the industry often delivers. 🔑 Key Takeaways 1️⃣ ESG Isn’t Dead—The “Tourists” Are Tim explains that the recent backlash against ESG has actually strengthened sustainable investing by flushing out greenwashing. What remains is a more serious, informed, and values-driven core of investors and practitioners committed for the right reasons. 2️⃣ Money Is a Tool, Not an Identity A central theme of the conversation is the idea that net worth is not self-worth. Tim reframes investing as a means to support life goals like freedom, security, leisure, and purpose—an insight that reshapes how advisors should approach planning conversations. 3️⃣ Advisors Win by Listening, Not Convincing From hydrogen stocks to community bonds, clients don’t need advisors to agree with them—they need to feel heard. Dismissing values-based ideas is one of the fastest ways to lose trust, especially with younger investors and inheritors. ⏱️ Timestamped Chapters 00:00 – Introduction: Tim Nash’s journey and the philosophy behind Good Investing 02:30 – ESG backlash, politics, and why “ESG tourists” have left the building 06:15 – The real debate: growth at all costs vs. money as a means to well-being 10:00 – Breaking down sustainable investing: divestment, ESG, stewardship, impact 15:30 – Impact investing explained: community bonds, blended returns, and “recyclable philanthropy” 22:30 – Why purpose matters more than performance for impact allocations 27:00 – The advisor’s challenge: trust, compliance, and values-driven clients 33:00 – The massive gap between client demand and advisor action 38:30 – Wearing different hats: empathy, diversification, and client-led decisions 46:20 – Greenwashing, proxy voting, and what “real” ESG looks like 52:20 – The industry skills gap: EQ vs. IQ in modern advising 57:00 – The most powerful onboarding question: “What’s important about money to you?” 01:03:00 – The future of responsible and impact investing 01:06:40 – Where to find Tim Nash and Good Investing #SustainableInvesting #ImpactInvesting #ESG #ValuesBasedInvesting #FinancialAdvisors #WealthWithPurpose #EthicalInvesting #AdvisorInsights #GoodInvesting #MoneyAndMeaning

Featuring Heather & Douglas Boneparth, authors of Money Together What really happens when love, money, ambition—and sometimes resentment—share the same address? In this deeply honest and refreshingly candid episode of Insight Is Capital, host Pierre Daillie sits down with Heather and Douglas Boneparth, the powerhouse couple behind Bone Fide Wealth and co-authors of the bestselling book Money Together. Heather’s journey from corporate attorney to financial storyteller and Doug’s rise as one of today’s most recognizable financial planners form the backdrop for a conversation that goes far beyond spreadsheets. They open up about the real dynamics inside modern relationships: shifting power, unseen labor, income imbalances, ambition, fairness, and the emotional landmines that determine whether couples thrive—or quietly fracture. Key TakeawaysHeather and Doug reveal how unspoken expectations, shifting power dynamics, and invisible workloads slowly erode trust when couples aren’t talking honestly about what’s changing in their lives.True fairness means “making room” for each other—emotionally, professionally, and financially—as needs, seasons, and capacities evolve.Quarterly money dates, honesty about risk tolerance, and a willingness to stretch outside comfort zones create the compounding effect that strengthens relationships over decades.This episode is a must-watch for couples, advisors, and anyone seeking a healthier, more intentional relationship with money—and with each other. 👉 Order the book:https://domoneytogether.com 👉 Subscribe to their newsletter, The Joint Account:https://readthejointaccount.com⏱️ CHAPTERS 00:00 – Welcome 00:56 – Meet Heather & Doug 02:20 – From law to financial storytelling 03:09 – Doug on building Bone Fide Wealth 04:29 – Balancing work, family & online presence 05:48 – Chaos, organization & compromise 07:00 – Discomfort as a sign of growth 08:21 – Risk tolerance inside a marriage 09:12 – The pandemic inflection point 11:48 – Identity, resentment & invisible labor 12:43 – The ultimatum that changed everything 14:30 – How the book Money Together was born 16:26 – What couples aren’t saying about money 18:16 – Vulnerability & honesty in relationships 21:52 – Why clients don’t reveal everything at first 23:09 – How advisors can foster honest conversations 25:45 – Slow, gentle financial dialogue 29:18 – Fairness vs. equality 33:49 – Workloads, seasons & avoiding scorekeeping 36:51 – How resentment communicates without words 38:25 – Collective ambition & shared power 39:55 – Trust, money dates & compounding 44:24 – What couples should remember—20 years later 46:37 – Where to find the book & newsletter 47:10 – Closing reflections ⭐ KEY THEMESMoney & relationshipsPower dynamics inside couplesCommunication breakdownsShared ambition & fairnessEmotional dimensions of financial planningWhy advisors must go beyond numbersBuilding a resilient financial partnershipTrust, teamwork & long-term growth📣 FOLLOW & SUBSCRIBE If you enjoyed this conversation, hit LIKE, SUBSCRIBE, and turn on notifications for more deep, human, and practical conversations with leaders in wealth, finance, psychology, and behavioral insights. #MoneyTogether #DougBoneparth #HeatherBoneparth #FinancialCouples #RelationshipFinance #MoneyAndMarriage #JointFinances #MillennialMoney #FinancialWellness #PersonalFinanceTips

In this illuminating episode of Insight is Capital, host Pierre Daillie sits down with Brent Smith, CIO of Kinsted Wealth, for a deep dive into how private investors can now build truly institutional-style portfolios. Smith—who spent decades leading Franklin Templeton’s Multi-Asset Strategies group before co-founding Kinsted—shares a masterclass on the evolution from the 60/40 portfolio to a comprehensively diversified portfolio structure that mirrors the strategies of pension funds and endowments.This is a conversation about rethinking diversification, embracing patient capital, and building the kind of portfolio resilience engendered by institutional and private wealth management. Smith unpacks how Kinsted’s approach to portfolio design, liquidity, and alpha generation is quietly transforming how advisors and their clients think about wealth, access, and opportunity.💡 3 Key TakeawaysFrom 60/40 to Institutional Thinking “If you really want a true institutional-style diversified portfolio, you have to embrace the private markets.” Smith explains how Kinsted rebuilt its platform around public, private, and alternative assets to reflect how pensions like CPP and endowments like Yale invest.The Power of Patient Capital Smith calls it “the patience dividend.” Investing in drawdown funds like Brookfield’s Global Transition Fund requires long-term commitment—but it’s how institutions extract real value. “You require a lot of patience when you’re investing in private assets,” he says. “Ultimately, it’s going to come.”Portable Alpha for Private Wealth Through a bespoke partnership with Morgan Stanley, Kinsted built a multi-strategy hedge fund platform inside its global equity pool—targeting MSCI World +4–6% returns with near-zero beta. “Everyone’s doing this in the institutional space,” Smith notes, “just not in the high-net-worth space.”📍 Timestamped Chapters00:00 – Introduction: From democratization to institutionalization of investing 02:30 – Brent Smith’s career journey: From Franklin Templeton to Kinsted Wealth 05:00 – The behavior gap in diversification and the problem with FOMO 08:00 – Re-engineering 60/40: The 50/30/20 evolution 11:00 – Why private markets are the next frontier 15:00 – How Kinsted built access to institutional-grade assets 20:00 – The patience of private investing: Brookfield and beyond 25:00 – Private market myths and education gaps 33:00 – Data centers, energy transition, and thematic private investing 40:00 – The liquidity illusion: Long-term capital vs short-term fear 47:00 – The relationship premium: Access through trust and time 55:00 – Portable alpha and structural alpha explained 1:07:00 – Partnering with advisors: Building the next-gen private platform 1:11:00 – The future of advice: Proactive vs reactive 1:13:00 – Inflation, valuations, and the end of the Fed Put 1:17:00 – Closing thoughts: Patient capital and the pension mindset #InsightIsCapital#BrentSmith#KinstedWealth#PrivateMarkets#InstitutionalInvesting#PortfolioDiversification#Alternatives#PortableAlpha#PatientCapital#InvestmentStrategy#WealthManagement#AdvisorEducation#PensionStyleInvesting#PierreDaillie#FinancialAdvisors#GlobalMarkets#EndowmentModel#PrivateEquity#PrivateCredit#HNWInvesting

In this episode of Insight is Capital, host Pierre Daillie welcomes Deborah Fuhr, one of the world’s foremost authorities on ETFs and the Founder and Managing Partner of ETFGI. Together, they explore the explosive growth of the global ETF industry—now surpassing $18.8 trillion in assets—and what this means for advisors, investors, and the evolving landscape of financial innovation.Deborah shares her unique perspective ahead of the 7th Annual ETFGI Global ETF Insights Summit in Toronto, offering deep insight into the democratization of investing, the rise of active and structured ETFs, the role of women and wealth transfer, and the next wave of transformation—from tokenization to digital assets.🗝️ 3 Key Takeaways• ETFs as the Great Equalizer: ETFs have become the most democratic investment vehicle ever created—used by sovereign funds, hedge funds, institutions, advisors, and retail investors alike—all accessing identical exposures and costs.• The New Growth Drivers: The next leg of ETF expansion will be fueled by retail investors, women, and retirees. As trillions in wealth transfer to women, education and accessibility will define the future of advisory relationships.• Innovation and the Future of Wrappers: The ETF universe is expanding into active, structured, and tokenized forms. Expect continued growth from mutual fund conversions, crypto integration, and AI-driven portfolio design—with global ETF assets potentially reaching $52 trillion by 2030. ⏱️ Chapters00:00 – Introduction: Meet Deborah Fuhr and the ETFGI story.01:40 – Global ETF Landscape: $18.8T milestone and what it means.03:00 – Democratization of Investing: From sovereign funds to retail.06:00 – The Canadian ETF Advantage: Why local listings matter.08:30 – Women, Wealth Transfer & Retirement: The coming tidal shift.11:30 – The ETFGI Summit Preview: Key themes and regulatory updates.14:30 – The Rise of Active & Systematic ETFs: Myths and opportunities.18:00 – Women in ETFs: How mentorship and diversity drive performance.21:00 – Record ETF Inflows & Market Dynamics: What’s fueling the boom.25:00 – The Next Frontier: Tokenization, AI, and global ETF expansion.33:00 – Rethinking Diversification: How ETFs reshape portfolio design.36:00 – How to Attend the Toronto Summit: Free registration & CE credits.Join us for this insightful conversation ahead of the ETFGI Global ETF Insights Summit Toronto 2025—where advisors, regulators, and innovators will redefine what’s next in the ETF ecosystem. Don’t miss your chance to learn, network, and earn CE credits.Register now to attend our 7th annual ETFGI Global ETFs Insights summit – Canada</strong> on December 9th at Borden Ladner Gervais LLP (BLG)’s office!#ETFGI #DeborahFuhr #ETFInsights #ETFSummitToronto #GlobalETFGrowth #AdvisorAnalyst #InsightIsCapital #ETFs #ActiveETFs #Tokenization #WomenInFinance #WealthTransfer #FinancialAdvisors #ETFInnovation #PortfolioConstruction

In this episode of Insight is Capital, Mark Jarosz, Head of Credit Alternatives at BMO Global Asset Management, joins us to demystify the world of Collateralized Loan Obligations (CLOs) — a sophisticated yet increasingly accessible asset class, now reshaping how investors think about income, risk, and portfolio diversification.Jarosz explains how CLOs are structured, how they differ from the infamous CDOs of 2008, and why they’ve quietly become a go-to for institutional investors seeking floating-rate income with resilience across market cycles. With the launch of BMO’s CLO ETFs (tickers: ZAAA and ZBBZ), everyday investors now have access to institutional-quality fixed income exposure for the first time in Canada.From the mechanics of tranche hierarchies and over-collateralization to the yield opportunities in BBB-rated tranches, we cut through the jargon to reveal why CLOs are becoming an essential building block for diversified income portfolios.3 Key TakeawaysCLOs Are Not CDOs: Jarosz clarifies that CLOs are built on pools of investment grade corporate loans, and are actively managed, transparent, and rigorously rated — with zero defaults at the AAA level over 30 years of history.Floating-Rate Advantage: In a “higher-for-longer” rate environment, CLOs’ floating-rate structure protects investors from duration risk while providing yield enhancement and resilience during both rising and falling rate cycles.Democratization of Access: Through BMO’s ZAAA (AAA CLO ETF) and ZBBZ (BBB CLO ETF), Canadian investors can now access institutional-grade credit in a liquid, transparent ETF format — a first in the Canadian market.Timestamps & Chapters[00:00] Introduction to Fixed Income Challenges[01:01] Guest Introduction: Mark Jarosz[02:30] Mark Jarosz's Career Journey[04:19] The Impact of the Financial Crisis on Career Development[05:21] Defining CLOs: Structure and Function[07:32] The Role of Rating Agencies in CLOs[08:43] CLOs vs. CDOs: Key Differences[10:54] Current Market Conditions for CLOs[11:55] Evaluating CLO Managers[13:22] Yield Opportunities in CLO Investments[16:02] Over-Collateralization Explained[17:50] Exploring BBB Rated CLOs[19:56] The Role of AAA CLOs in Investment Strategies[22:50] Institutional Investor Behavior in Volatile Markets[24:52] Benefits of CLOs in Portfolio Diversification[26:32] Floating Rate Structure of CLOs[30:44] Understanding Risks Associated with CLOs[35:12] Introduction of CLO ETFs for Retail Investors[38:25] Investor Preferences for Investment Grade Products[39:58] Monthly Distribution and Yield Pickup[41:05] Utilizing ETFs for Access to Asset Managers[42:01] ConclusionCopyright © AdvisorAnalyst#CLOInvesting #FixedIncome #AlternativeInvestments #BMOGAM #CreditMarkets #YieldStrategy #FloatingRate #StructuredCredit #InvestmentGrade #ZAAA #ZBBZ #AdvisorEducation #PortfolioDiversification #IncomeInvesting #InsightIsCapital #PierreDaillie #MarkJarosz #CanadianInvestors #CLOETF #WealthManagement

What if the biggest obstacle between you and financial freedom isn’t your income — but your mindset?In this powerful and eye-opening episode of Insight is Capital, host Pierre Daillie sits down with Dr. Brad Klontz, financial psychologist, bestselling author, and professor, to explore the hidden forces shaping our relationship with money. From childhood money scripts to the myths we inherit about wealth, Klontz reveals how emotional conditioning, fear, and tribal thinking keep so many of us stuck — and how to break free.Drawing from his latest book, Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Financial Freedom, Dr. Klontz delivers a no-nonsense roadmap for replacing self-sabotage with empowerment. He explains why being broke is temporary, but being poor is a mindset — and why cultivating an internal locus of control can change everything.Through deeply personal stories, sharp insights, and behavioral research, Klontz challenges conventional beliefs about capitalism, wealth, and happiness. He unpacks why people self-sabotage after windfalls (like lottery winners), how tribal instincts influence spending (“Sprinter Van Syndrome”), and why automation is the most powerful tool for lasting wealth.💡 What You’ll Learn:• How your money mindset determines your financial destiny.• Why tough love is more transformative than positive affirmations.• The three most common paths to becoming a millionaire — and why most of them don’t require luck.• How visualization and automation can hack your psychology and make saving effortless.• Why surrounding yourself with the right people is the most underrated wealth strategy of all.⏱️ Chapters:00:00.16 Introduction to Financial Mindset01:17.35 Defining Moments in Money Mindset04:49.73 The Psychology of Wealth07:01.41 Broke vs. Poor: Understanding Mindsets09:44.13 The Impact of Social Circles on Wealth13:36.98 Navigating Systemic Barriers to Success18:18.73 The Impact of Money Scripts20:07.73 Understanding Family Financial History23:39.79 The Role of Tough Love in Financial Growth29:12.63 Paths to Wealth: Employee vs. Entrepreneur33:40.69 Understanding Financial Success35:05.62 The Psychology of Spending36:28.99 Wealth vs. Income Skills37:34.37 The Influence of Social Comparison42:30.72 The Role of Relationships in Financial Decisions44:04.14 Transforming Money into Freedom46:30.83 Visualizing Financial Goals47:56.49 The Power of Automation in Saving49:46.40 The Psychology of Automatic Saving51:18.82 Closing Thoughts and Acknowledgments🎯 Key Quote: “If they can do it, I can do it. That mindset changes everything.” — Dr. Brad Klontz📚 About the Guest: Dr. Brad Klontz is a financial psychologist, Certified Financial Planner®, and author of multiple bestselling books on the psychology of money. His work has been featured in The Wall Street Journal, The New York Times, and Forbes. His mission: to help people understand their deep-seated money beliefs and build sustainable wealth through mindset transformation.🔥 Don’t Miss This Episode If You Want To:• Understand the emotional side of money and wealth• Break through limiting beliefs and generational money trauma• Learn practical, science-backed habits to grow wealth over time #BradKlontz #MoneyMindset #FinancialPsychology #StartThinkingRich #WealthBuilding #BehavioralFinance #FinancialFreedom #AdvisorAnalyst #InsightIsCapital #MindsetMatters #MoneyScripts #InvestInYourself #PersonalFinance #FinancialWisdom</p>

In a world where ego often overshadows insight, First Avenue’s Kash Pashootan and Michael Newton reveal why humility, curiosity, and true team depth are redefining the future of wealth management. In this Insight is Capital episode, host Pierre Daillie sits down with Kash Pashootan, CEO, and Michael Newton, Head of Wealth Management at First Avenue Investment Counsel, for a powerful, introspective discussion about the evolution of wealth management, the essence of humility in leadership, and the future of multi-generational wealth stewardship. Kash and Michael share their personal philosophies and the firm’s mission to bring pension-style investing and true family office depth to Canadian families. They emphasize the importance of curiosity, humility, and hands-on investing, while contrasting the depth of their integrated model with the “by-appointment” approach common in traditional advisory structures. Together, they explore how advisors can evolve from solo operators to multi-disciplinary teams that can truly serve the complex needs of high- and ultra-high-net-worth families. Pierre draws out reflections on how ego, conviction, and the hunger for relevance must evolve toward humility, curiosity, and collaboration. The result is a deeply human, highly practical conversation that challenges advisors and investors alike to rethink what stewardship means in today’s markets. ⏱️ Timestamps & Chapters03:00 – Passion for the Wealth Business Kash and Michael share how curiosity and lifelong learning keep them inspired in an ever-changing industry.08:00 – A Day in the Life Michael reveals his structured approach to time management and delegation, while Kash discusses balancing hands-on investing with family office oversight.13:00 – Evolution and Humility in Wealth Management The duo reflects on transitioning from individual expertise to team leadership—embracing humility, curiosity, and diverse perspectives as cornerstones of progress.24:00 – The Pension-Style Approach Explained Kash details how First Avenue’s investment philosophy mirrors Canada’s leading pension funds, with intelligent exposure beyond stocks and bonds—into private equity, real estate, and strategic income.32:00 – Building True Family Office Infrastructure Michael contrasts “by-appointment” advisory models with First Avenue’s integrated, permanent team of experts, emphasizing genuine collaboration across tax, legal, and estate disciplines.43:00 – Planning for Generational Wealth Kash explains why high-net-worth clients value multifaceted planning and proactive, structured processes that anticipate family complexities before they arise.49:00 – Advisor Evolution and Scaling Pierre and Kash discuss how advisors must adapt, deepen their infrastructure, and build true teams to attract larger clients and deliver holistic value.50:00 – Client Concerns in Today’s Market Michael and Kash share insights on clients’ current worries—geopolitics, concentration risk, and interest rates—and how preparation creates calm amid uncertainty.55:00 – The Future of Investing and Advisor Mindset They stress separating emotion from investing, focusing on deep understanding of assets, and maintaining disciplined diversification to reduce volatility.1:02:00 – Final Thoughts A reflection on humility, discipline, and teamwork as the defining traits of modern wealth stewardship.💡 Key TakeawaysHumility Drives Progress: True leadership in wealth management means trading ego for humility—creating space for curiosity, learning, and collaboration. “Curiosity combined with humility is really the ingredient for continued progress,” says Kash.The Pension-Style Approach Works: First Avenue’s model of blending public equities, private equity, real estate, and strategic income mirrors Canada’s top pension funds, aiming to deliver consistent returns with lower volatility.The Future Belongs to Integrated Teams: As Michael explains, “Advisors need to ask—who stands behind you?” A cohesive, multidisciplinary team—not a “by-appointment” model—is what truly differentiates a firm serving multi-generational families.Copyright © AdvisorAnalyst#WealthManagement #FamilyOffice #InvestmentPodcast #AlternativeInvesting #PensionStyleInvesting #FinancialAdvisors #PrivateWealth #CanadianInvesting #PortfolioManagement #CuriosityAndHumility #AdvisorInsights #FirstAvenueInvestmentCounsel #InsightIsCapital #PierreDaillie #KashPashootan #MichaelNewton

In this powerful episode of Insight is Capital, host Pierre Daillie sits down with Shana Sissel, CEO and Founder of Banríon Capital Management, widely known as the “Queen of Alternatives.” From breaking barriers in the world of alternative investments to surviving and thriving through profound personal adversity, Shana’s story is one of resilience, purpose, and innovation. She reveals how Banríon was built by advisors, for advisors — an open-architecture platform designed to help wealth managers make sense of alternatives and scale their use effectively. Shana and Pierre dig deep into what makes advisors successful, why emotional intelligence (EQ) matters more than ever, and how Banríon is redefining the bridge between asset managers and advisors. The conversation takes a personal and moving turn as Shana recounts launching her firm while battling stage-four cancer and the unexpected loss of her fiancé. Her perspective on perseverance, purpose, and leadership transforms this episode into an unforgettable masterclass in both business and humanity. 3 Key TakeawaysRedefining “Alternative” Investing: Alternatives aren’t a niche — they’re a mindset. Shana explains how advisors can unlock new opportunities by thinking beyond the 60/40 portfolio and embracing a structure-agnostic, relationship-driven approach to investment solutions. Resilience and Purpose in Leadership: From personal loss to life-threatening illness, Shana’s story exemplifies how grit, purpose, and optimism can fuel innovation and success. Her journey underscores that true leadership is built in the face of adversity. The Advisor’s EQ Advantage: Success in wealth management isn’t about IQ — it’s about empathy. Advisors who master emotional intelligence and authentic relationship-building are the ones who stand apart in an increasingly automated industry.Timestamped Chapters00:00 Pierre’s intro: Meet Shana Sissel — The Queen of Alternatives02:00 How Shana accidentally discovered finance (from sports to Morgan Stanley)06:00 Why EQ matters more than IQ in financial advising09:30 What makes Banríon Capital’s platform different — built by advisors, for advisors13:00 The truth about product design, relationships, and client trust17:00 Why most alt platforms miss the mark — and how Banríon bridges the gap21:00 Helping smaller managers and advisors connect efficiently33:00 Shortening the sales cycle: How Banríon streamlines due diligence36:00 The origin story — how Banríon evolved from concept to platform44:00 Facing tragedy: Shana’s journey through grief and cancer diagnosis49:00 How resilience and attitude became her greatest business assets56:00 The new investing era — why alternatives are essential today1:06:00 Building resilient portfolios: Private credit, sports, and managed futures1:13:00 The rise of return stacking and the future of portfolio construction1:18:00 Closing reflections — living with purpose and building legacyWhere to find Banrion Capital ManagementBanrion Capital Management - https://www.banrioncapital.com/Shana Sissel on Linkedin - https://www.linkedin.com/in/shsissel/

What if the U.S. economy is already sprinting off a cliff—and just hasn’t looked down yet? In this riveting conversation, BCA Research’s Peter Berezin joins Pierre Daillie to unpack whether markets are living through their Wile E. Coyote moment: running on optimism while gravity—the reality of stagflation, slowing growth, and political interference—waits below. 🎙️ Episode Summary In this episode of Insight Is Capital, BCA Research’s Chief Global Strategist Peter Berezin offers a sobering yet strategic take on today’s markets. From stagflation and tariffs to AI hype and fiscal fragility, Berezin breaks down why the next 12–18 months could reshape everything investors think they know about “soft landings.” He discusses: Why stagflation risk is rising as inflation edges higher and employment weakens.How political meddling and trillion-dollar deficits could push the Fed into impossible choices.Why the housing market, not GDP, is the clearest gauge of monetary pain.Where investors can still find safety—in gold, yen, defense, and healthcare—and why “waiting to see the whites of the recession’s eyes” might be the smartest move right now.Plus: the AI paradox—huge promise, uncertain profits, and eerie echoes of the 2000 tech crash.⏱️ Timestamped Chapters 00:00 – Introduction: Meet Peter Berezin, Chief Global Strategist at BCA Research 01:40 – Recession or stagflation? Reading the early signals 04:00 – The Fed’s bind: inflation vs. employment 06:00 – Housing market pain and weak consumption growth 08:30 – Rate cuts, long yields, and the risk of a policy trap 11:00 – Stagflation now, inflation later: Berezin’s 2-phase macro outlook 13:00 – Tariffs, reshoring, and corporate paralysis amid policy fog 16:00 – Trade disruption and the tariff mess 17:30 – Markets mispricing rate cuts: déjà vu from 2001 & 2008 19:00 – Global allocation: dollar weakness, gold strength, and fiscal cliffs 22:00 – Defensive positioning: “wait for the whites of the recession’s eyes” 25:00 – Currency debasement and why inflation is a political problem 28:00 – Strategic diversifiers: defense, healthcare, and copper 31:00 – Fixed-income strategy: “cash is king,” for now 36:00 – AI and productivity: hype, lag, and parallels to the dot-com era 44:00 – Free cash flow as the real warning sign for tech investors 47:00 – Final thoughts: the Wile E. Coyote moment for markets #InsightIsCapital #BCAResearch #PeterBerezin #MarketOutlook #Stagflation #Recession #FedPolicy #MacroStrategy #Gold #AI #InvestmentInsights #GlobalMarkets #PierreDaillie #WealthManagement #Economy2025

Private markets aren’t just the playground of institutions and the ultra-wealthy anymore. In this episode, we dig into how access to private credit, equity, and real assets is opening up—and why that shift is changing the way Canadian advisors build portfolios.Raphaëlle Gauthier-Grenier, Senior Director, Investment Solutions – Private Investments at National Bank Investments, and Ross Neilson, Principal at Apollo Global Management, join us for a candid look at the surge of private investing in Canada. Together, we unpack what’s driving the momentum, how new fund structures are breaking down barriers, and where private markets really belong in a modern portfolio. From the rise of evergreen fund structures to the behavioral edge of illiquidity, we unpack: Why private markets are gaining momentum with advisors and investors. How fund design and distribution partnerships are breaking down barriers. The role of private credit, equity, and real assets in building resilient, diversified portfolios. Canadian-specific trends in advisor adoption and product scrutiny.If you’re an advisor or investor wondering how to balance opportunity with liquidity in a modern portfolio, this episode delivers the insights you need.⏱️ Timestamps & Chapters00:00 – Introduction & guest bios03:00 – The surge in private markets: why now?06:30 – Post-GFC shifts and new demand for capital08:00 – Entrepreneurs and natural fit with private investing10:00 – Democratization of private markets explained13:00 – Technology, fund platforms, and scalable access14:00 – Evergreen vs. closed-end funds: structural innovations18:00 – Liquidity sleeves and investor expectations22:00 – The rise of the secondary market & manager dispersion25:00 – Portfolio construction: private credit, equity & real assets28:00 – The case for minimum allocations & proportional exposure30:00 – Inflation protection, diversification & role clarity33:00 – 90% of $100M+ revenue companies are private—what that means36:00 – Illiquidity premium, behavioral advantages & patience capital37:30 – Canadian market nuances: real estate, private credit, and compliance42:00 – Why private credit is Canada’s first step into alternatives46:00 – National Bank Investments’ open architecture & Apollo partnership49:00 – Closing thoughts & opportunities ahead#PrivateMarkets #AlternativeInvestments #WealthManagement #PrivateCredit #PrivateEquity #EvergreenFunds #InvestmentAdvisors #PortfolioConstruction #FinancialAdvisors #NationalBankInvestments #ApolloGlobalManagement #InsightIsCapital

“Things are priced for perfection—but the world isn’t perfect.” — Ilan KoletWhat does it take to navigate a world where the U.S. is no longer the default safe haven? In this powerful episode, Pierre Daillie is joined by Ilan Kolet, Institutional Portfolio Manager on Fidelity Investments Canada’s Global Asset Allocation Team, to break down Fidelity’s latest asset allocation moves—and the four-pillar process guiding them.From trimming U.S. equities to boosting exposure to Europe and gold, to reassessing the Canadian market after a decade-long underweight, Kolet reveals how Fidelity is tactically rebalancing amid macro volatility, political headwinds, and shifting global capital flows.📉 We unpack weakening U.S. labor data, 🇨🇦 Canada’s slow productivity renaissance, the potential loss of USD tailwind status, and why gold has emerged as a strategic diversifier in a fractured geopolitical landscape.Whether you're an advisor, institutional allocator, or just looking to sharpen your portfolio perspective, this conversation is packed with insights you won’t want to miss.⏱️ CHAPTERS00:00 – Welcome + The big shift: From U.S. exceptionalism to global pragmatism02:30 – One year later: What’s changed in Fidelity’s outlook05:45 – AI tailwinds vs. valuation headwinds08:25 – What “neutral” really means for U.S. and Canadian equities10:10 – Canada’s lost decade… and signs of turnaround14:10 – The slow return of Canadian capital investment17:00 – Productivity as the key to prosperity19:40 – Asset allocation as audio mastering: “The equalizer analogy”22:00 – Gold, Europe, and the art of being selectively offensive25:45 – The weakening U.S. labor market and the Fed’s dilemma29:00 – Canada’s rising unemployment: Recession or reset?32:00 – Political interference and the erosion of central bank independence36:00 – The U.S. Dollar: Still a hedge, or just a habit?40:00 – Why Fidelity slashed its CAD underweight and closed its USD long44:00 – Europe’s defense renaissance and the rise of Rheinmetall46:30 – Gold as a geopolitical hedge: Inflation, war, and volatility48:00 – The power of active management: +40% outperformance over passive50:30 – Wrapping up: From big dials to basis points📌 KEY INSIGHTS 📉 Underweight U.S.: Valuations are too high, concentration is risky, and macro instability is rising. 🇨🇦 Neutral Canada: After 10+ years underweight, Canadian equities are finally earning back their spot. 🌍 Overweight Europe: A geopolitical awakening in defense spending may unlock long-suppressed value. 🪙 Gold Allocation: A 2.5% out-of-benchmark position to hedge inflation volatility and geopolitical tail risk. 💱 Currency Realignment: From a 20% CAD underweight to just -3%, now diversified beyond USD.🔗 CONNECT WITH US🌐 Visit us at: https://www.advisoranalyst.com🎙️ Listen on Apple Podcasts, Spotify & everywhere podcasts are available📩 Subscribe to our newsletter for more advisor-focused insights#FidelityInvestments #GlobalAssetAllocation #IlanKolet #PierreDaillie #InvestmentStrategy #AssetAllocation #CanadianEquities #USEquities #GoldInvesting #MacroOutlook2025 #PortfolioConstruction #Inflation #InterestRates #USDollar #FinancialAdvisors #ActiveManagement #AdvisorAnalyst #InsightIsCapital

Canada invented ETFs — but how did they grow into a trillion-dollar force, and where are they headed next? Pierre Daillie sits down with BMO ETF leaders Alain Desbiens and Tammy Cash to reveal the untold stories, the lessons learned, and what the future holds for advisors and investors.Episode SummaryIn this in-depth conversation, Pierre Daillie is joined by Alain Desbiens, Vice Chair at BMO ETFs, and Tammy Cash, Director of Distribution Strategy at BMO ETFs and Global Co-President of Women in ETFs. Together, they trace the remarkable journey of exchange-traded funds in Canada—from their early days as a disruptive upstart, to their current role as an essential building block in portfolio construction.Alain shares candid reflections on being one of BMO’s first ETF wholesalers and the skepticism he faced when ETFs were dismissed as a “trend.” Tammy recalls her path into the industry, her passion for democratization of investing, and her leadership in Women in ETFs, a global movement empowering women across financial services.The discussion covers the resilience it took to build the industry, the role of education and advisor partnerships, and how tools and technology are reshaping the advisor-client experience. Both leaders also look ahead to 2030, envisioning an ETF marketplace that is larger, more competitive, and increasingly shaped by innovation in active strategies, alternatives, and digital distribution.This is more than a story about the ETF industry — it’s about people, purpose, and the power of advice.🔑 Key Takeaways• ETFs as Disruption Turned Foundation – Alain reflects: “At the beginning I saw that the ETF could be disruptive and it could create waves and I loved it. I knew we were into something.”• Advisor Education Remains Central – Tammy emphasizes: “It really is about that education and the intersection of education and partnership today… making sure that we provide clarity, congruency and real education to advisors and investors.”• Competitive Landscape & DIY Risks – Alain warns: “There’s a lot of people [DIY investors] that buy products and they don’t really understand what they’re buying. That’s probably the worst money you’re buying.”• Women in ETFs & the Future of Advice – Tammy highlights the opportunity: “Today, sadly, we still sit at 17% representation of women as financial advisors in Canada… and the opportunity that that presents is significant.”📌 Timestamped Chapters00:00 - Introduction to Insight is Capital01:32 - Exploring Early Days in the ETF Industry03:03 - Building an Industry: Lessons from the Early Days05:37 - The Evolution of ETFs and Market Dynamics09:43 - Adapting to Change: Insights on Resilience16:39 - Women in ETFs: Empowering Female Leaders21:52 - Celebrating Women's Careers in Finance23:06 - Legacy and Product Impact on Investing24:32 - Challenges in the Advisory Business27:13 - The Evolution of Client Experience in Finance28:56 - The Return of Key Industry Figures30:47 - Investor Education and Transparency31:59 - Opportunities in ETF Specialization34:37 - The Challenge of Meeting Investor Expectations37:19 - The State of Canadian Investable Assets38:23 - Diversification Strategies for Advisors39:43 - Innovations in ETF Solutions41:08 - Navigating Complexity and Competition in ETFs42:30 - The Demand for Financial Advice43:58 - Personal Reflections on Industry Impact45:31 - The Human Element in Finance47:07 - Legacy and Leadership in Finance#BMOETFs #ETFInvesting #CanadianETFs #WomenInETFs #AdvisorEducation #InvestingInsights #PortfolioConstruction #WealthManagement #FinancialAdvisors #FutureOfInvesting

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

CRM3 (Total Cost Reporting) isn’t just another compliance box to check—it’s the biggest shift in cost transparency Canadian advisors have ever faced, and how you handle it could define your client relationships for years to come.In this episode of Insight is Capital, host Pierre Daillie sits down with three leading voices to unpack the realities—and the opportunities—of Total Cost Reporting (TCR/CRM3).Joining the conversation are:Arnie Hochman, Senior Vice President & General Counsel at SIMADr. David Lewis, Behavioural Scientist, Consultant & Independent DirectorSteve Braugiroux, Associate Vice President, Dealer Relations at National BankTogether, they break down why TCR matters, what advisors need to prepare for, and how transparency—far from being a threat—can actually deepen trust and strengthen the advisor-client relationship.From the mechanics of cost disclosure to the psychology of investor perception, this discussion explores how advisors can transform a regulatory requirement into a defining moment of value delivery.🔑 Four Key TakeawaysTransparency Builds Trust - Research shows clients often overestimate hidden fees. When full costs are revealed, trust in advisors actually increases, making them more willing to pay for advice.TCR Is a System Overhaul - Unlike CRM2, TCR requires advisors and dealers to report on costs they don’t directly control—demanding a new ecosystem of data sharing between managers, dealers, and service providers. Advisors Must Get Ahead of the Conversation - Waiting until January 2027 to explain statements will create confusion and mistrust. Proactive education now will turn compliance into confidence.An Opportunity for Better Advice - TCR creates a level playing field for comparing costs, paving the way for deeper portfolio conversations, fee budgeting, and demonstrating the true value of advice—especially in areas like asset allocation and behavioral coaching.🕒 Timestamped Chapters00:00 – Why transparency matters: client psychology and hidden fees02:00 – What CRM3 (TCR) really changes for advisors and clients06:00 – The operational challenge: new pipelines, new ecosystems10:00 – Research insights: transparency increases trust, not fear14:00 – What’s included, what’s not—and how advisors can bridge gaps18:00 – Foreign-listed ETFs and global disclosure challenges21:00 – A level playing field: portfolio-wide cost conversations24:00 – Fee budgeting, portfolio construction, and advice value27:00 – Preparing clients early: avoiding confusion in 202730:00 – OEO vs. advice channels and the complexity of FER31:00 – The role of industry associations in guiding implementation33:00 – Closing thoughts: collaboration, consistency, and opportunityMore...• The Securities and Investment Management Association (SIMA)• Read SIMA's FAQ on Total Cost Reporting. #CRM3 #TotalCostReporting #WealthManagementCanada #FinancialAdvisors #InvestmentTransparency #AdvisorClientTrust #BehaviouralFinance #CanadianInvesting #PortfolioConstruction #AdvisorValue

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 market climbing a wall of worry, Alfred Lee, Deputy CIO at Q Wealth Partners, breaks down what’s really driving resilience in equities, the pitfalls of the 60/40 portfolio, and why private markets may hold the key to asymmetric opportunities.SummaryAlfred Lee, Deputy Chief Investment Officer at Q Wealth Partners, joins us for a deep dive into the future of portfolio construction, the limitations of legacy models, and the overlooked opportunities in private markets.With over two decades of experience—from building BMO’s ETF platform from the ground up to shaping Q Wealth’s investment platform—Alfred brings a candid, data-driven perspective on how advisors can navigate today’s uncertain environment.Our conversation ranges from the rise of independence in Canada’s wealth management industry, his role as Deputy CIO at Q Wealth Partners, one of Canada's leading independent advisor platforms where he has been for almost one year, to his views on navigating markets in the context of the push-pull dynamics between fiscal expansion and monetary caution. Alfred also shares his conviction that investors need to evolve beyond the traditional 60/40 and embrace a more diversified, resilient approach—one that integrates private equity, private debt, and liquid alternatives alongside public markets.This is a must-listen for advisors and investors looking to position portfolios for an era where fundamentals matter again, resilience is paramount, and opportunity often lies beyond the obvious.4 Key TakeawaysThe rise of independence in wealth management – Q Wealth is at the forefront of Canada’s RIA-style movement, offering turnkey infrastructure for advisors seeking freedom from traditional institutions.Markets priced for perfection – Equity markets may look overvalued, but earnings surprises suggest valuations could be less frothy than they appear. Still, risks such as tariffs, inflation, and geopolitical uncertainty loom large.Beyond the 60/40 portfolio – Traditional models fail in inflationary regimes; resilient portfolios now require privates and alternatives alongside equities and bonds.Asymmetric opportunities – The most compelling upside lies in private markets and alternative strategies, where strong due diligence can unlock alpha inaccessible in public markets.Timestamped Chapters00:00 – Introduction to Alfred Lee and his career journey02:00 – Q Wealth’s model and the rise of advisor independence in Canada08:30 – Freedom in strategy: private pools, ETFs, and broader exposures14:00 – Defining success at an independent platform15:30 – Market outlook: resilience, risks, and equity momentum24:00 – Fiscal expansion vs monetary caution: Powell vs Trump33:00 – Valuations, earnings, and the search for asymmetric returns39:00 – Private equity, private debt, and the power of secondaries45:00 – Why the 60/40 model is outdated50:00 – The case for alternatives and diversification52:00 – Closing reflections and key lessons#InvestmentStrategy #WealthManagement #QWealth #AlfredLee #InsightIsCapital #MarketOutlook #PortfolioConstruction #PrivateMarkets #Alternatives #ETFInvesting #6040Portfolio #FinancialAdvisors

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

In this episode of 'Insight is Capital,' Mark Robinson, the 'sh*tty leadership guy', and founder of The Sh*tty Leadership Series, joins us for a terrific conversation. With over 30 years of experience in leadership, Mark discusses the pitfalls of ego-driven management and the importance of honest, reflective leadership. We dive into the impact of fake perfection, ego, and micromanagement on team dynamics and innovation. Mark also shares practical advice on how leaders can improve by asking the right questions and fostering a culture of safety and growth. Whether you're a seasoned leader or just starting your career, this episode provides valuable insights to help you lead like a real human, not just a manager. Chapters: 00:00 The Pitfalls of Pretending to Be Perfect 01:14 Introduction to Mark Robinson: The Shitty Leadership Guy 03:40 Mark Robinson's Leadership Journey 06:19 The Dunning-Kruger Effect in Leadership 16:38 The Chaos of Performative Leadership 26:23 Micromanagement: Fear Disguised as Excellence 36:33 Introduction to Leadership Questions 36:59 The Impact of Micromanagement 39:00 Clear Communication in Leadership 43:14 Adapting Leadership Questions for Clients 51:15 The Pitfalls of Being a 'Buddy' Leader 01:05:00 Self-Reflection and Improvement for Leaders 01:06:33 Conclusion and Final Thoughts More... Mark Robinson (website) Book: The Ego Continuum Book: The Ego Continuum II Copyright © AdvisorAnalyst

What do advisors do when markets feel like a giant game of Jenga—top-heavy, fragile, and unpredictable with every move? Ahmed Farooq, Senior VP and Head of ETF Distribution at Franklin Templeton Canada joins us to explore how smart ETF design, active fixed income, and global diversification are helping advisors rebuild sturdier portfolios for an increasingly uncertain world. 🎧 Summary: In this episode, host Pierre Daillie welcomes Ahmed Farooq, for a wide-ranging, insight-packed conversation on the evolution of ETF usage by Canadian advisors. From navigating tariff turmoil and Mag-7 concentration risk to building smarter income solutions and global diversification strategies, Ahmed shares a front-line perspective from the road across Canada. He explains how Franklin Templeton is responding to market demand with low-cost passive offerings, factor-based ETFs like their Low Volatility High Dividend suite, and precision-focused actively managed fixed income solutions that are reshaping how advisors approach portfolio construction. With advisors seeking both protection and income, Farooq explains why it's time to get comfortable with complexity—because simplicity in this market can be costly. 💡 Key Takeaways:Regional Divergence in US Exposure Sentiment: Advisor views on US equity exposure vary widely across Canada—Eastern advisors are trimming, while Western clients remain overweight USD assets.Market Fragility Requires Smarter Diversification: Amid tariff threats, macro noise, and election risk, advisors are embracing factor-based strategies (like Low Volatility + High Dividend) to hedge downside without abandoning return potential.Mid-Caps Offer Shelter from MAG7 Storm: Franklin’s new FMID ETF (US Mid Cap Multifactor) helps diversify away from S&P 500 concentration by tilting toward locally domiciled, less globally exposed companies.Fixed Income: “Don’t Try This at Home” Advisors are outsourcing bond sleeve construction due to rate volatility, inverted curves, and term premium unpredictability. Ultra-short mandates like FHIS are seeing big inflows.Pricing Power for Portfolio Flexibility: Franklin’s razor-thin passive ETF fees (as low as 5 bps) free up advisors’ fee budget to allocate to alpha-seeking active or alternative strategies.Smart Beta 2.0 is Actually Just... Smarter Rules: Legacy “smart beta” is giving way to multi-layered, rules-based ETFs that integrate dividend sustainability, earnings quality, and volatility screens.Active Management is Back—for Good Reason: As bond markets become harder to read, advisors want precision, not guesswork. And they want active managers who justify their fees through measurable performance and risk control.⏱️ Chapters: 00:00 – Intro: Market Noise, Rate Cuts, and Tariff Whiplash 01:30 – Cross-Canada Advisor Sentiment on US Exposure 05:45 – Emotional Investing & Climbing the Wall of Worry 10:30 – Why Low Volatility + High Dividend ETFs Are Resonating 13:00 – Avoiding Dividend Traps: Earnings & Guidance Matter 18:20 – FMID: Mid-Cap US Multifactor as a MAG7 Antidote 24:00 – Are Mid-Caps More “Domestic”? Surprising Names & Thesis 28:00 – The Fixed Income Puzzle: Why Advisors Aren’t Going Long 33:00 – Ultra Short Flows & Advisor Reinvestment Fatigue 36:45 – Why Active Fixed Income Is in Demand Again 42:00 – Fixed Income Doesn’t Excite Advisors—That’s Why They Outsource It 44:45 – From “Smart Beta” to Smarter Rules-Based Strategies 48:00 – The Evolution of Active Fixed Income ETF Design 51:00 – The Fee Budget Shift: Where Active and Passive Coexist 55:00 – Franklin's Pricing Strategy and Competitive Edge 58:00 – Fee Budgeting: Making Room for Alternatives 01:01:00 – What's Ahead: Tariffs, Geopolitics & Diversifying for Multiple Outcomes 01:04:30 – Helping Advisors Build Resilient Models and Platforms 01:08:00 – Why Pricing, Platform Fit, and Analyst Buy-In Matter #ETFs #FranklinTempleton #FixedIncome #SmartBeta #DividendInvesting #PortfolioConstruction #ETFInvesting #AdvisorInsights #ActiveManagement #Markets2025 Copyright © AdvisorAnalyst.com

🎯 "Investors Aren’t Just Asking ‘Will I Have Enough?’—They’re Asking ‘Will I Be Okay?’" In this episode of Insight is Capital, we're joined by Sam Febbraro, SVP of Wealth Solutions at Canada Life and President & CEO of Canada Life Investment Management Ltd.. With fresh insights from Canada Life’s 2025 Abacus Data survey in hand, Sam offers a compelling look at how Canadians are thinking about their investments, what’s driving client confidence (and where it breaks down), and why the role of the advisor has never been more important—or more human. 📝 Summary Sam Febbraro reveals how today’s investors are navigating a complex web of economic uncertainty, inflation pressures, and shifting priorities. It’s no longer just about performance—it’s about resilience, safety, and purpose. Drawing on the latest investor sentiment data, Sam explains why financial advisors must evolve from product-focused strategists to trusted navigators and educators. He outlines the power of segregated funds to deliver peace of mind and estate efficiency, underscores the importance of bridging the financial literacy gap, and calls on advisors to boldly articulate their value in a post-CRM3 world. 💡 Key Takeaways:📌 #ValueOfAdvice, #SegregatedFunds, #InvestorConfidence, #FinancialPlanning, #CanadaLife

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 📌 #ReturnStacking, #CarryStrategy, #ETFInvesting, #PortfolioDiversification, #AlternativeInvestments 🧠 Learn more at: https://returnstacked.com 📘 Read more at: https://investresolve.com 📊 ETFs: RSSY (Stocks + Carry) | RSBY (Bonds + Carry) 👍 Like, comment, and subscribe if you want more tools to stack your returns without breaking your portfolio.Copyright © AdvisorAnalyst

🎯 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 #ETFStrategiesCopyright © 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