Insight is Capital™ Podcast

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

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 #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?

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.

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.

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.

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.

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.

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.

When commodities stop behaving like trades and start behaving like truth detectors, portfolios—and advisors—need to rethink everything.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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...

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.

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.

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

In this episode, Pierre Daillie sit down with Eli Yufest, Executive Director of The Canadian ETF Association (CETFA), for a sharp and revealing conversation about the future of Canada's ETF industry. Yufest gets right down to it: beyond the Canadian ETF industry's assets under management, more than $230 billion of Canadian investor capital has left the country—straight into U.S.-listed ETFs—and he's sounding the alarm on what's at stake if that trend continues. With ETFs now pushing close to $600 billion in assets under management at home, CETFA is stepping up with a full-court press—launching bold educational campaigns, ramping up advocacy efforts, and pushing for smart policy changes. From regulatory risks and investor misconceptions to a tidal wave of U.S. share-class products set to flood the market, this episode digs into the real pressures threatening Canada's investment ecosystem—and the plan to keep it thriving. What if the biggest threat to Canada's financial future isn't inflation or interest rates—but our own indifference to homegrown ETFs?

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

Pierre Daillie and Mike Philbrick welcome Tony Dong—Lead ETF Analyst at ETF Central and founder of ETF Portfolio Blueprint— to the show to explore why investors may need to rethink their reliance on traditional portfolio diversifiers like long-term bonds. Dong pulls no punches, calling out the pitfalls of covered call ETFs, explaining how to think critically about buy-write strategies, and championing capital-efficient alternatives like return stacking, trend-following CTAs, and risk-managed overlays. The trio also dig into the strategic case for overlooked assets like Swiss equities and the Swiss franc, while sharing practical insights into investor behavior, rebalancing discipline, and building resilient portfolios in a stagflation-prone world.

Canadian ETFs are booming—and behind the scenes, a quiet revolution is reshaping how advisors and investors build smarter, more efficient portfolios. In this episode, ETF industry leader Ronald Landry, Vice President, Head of Segment Solutions and Canadian ETF Services at CIBC Mellon joins us to explore what's driving record ETF flows, the rise of covered calls and liquid alts, the accelerating evolution of Canada's ETF landscape, and the policy shifts that could transform the advisory business in 2025 and beyond. Landry shares over 30 years of industry insight, covering everything from: The two-year boom in covered call ETFs—and why yield remains kingHow alternative strategies are finally gaining traction after years of slow adoptionNew ETF-wrapped solutions making it easier than ever for advisors to close portfolio gapsThe regulatory innovations (like total cost reporting and ticker rule proposals) that could reshape the advisor-client conversationWhy Canada continues to lead global ETF innovation—and what the US is learning from our marketChapters 00:00 – The ETF Boom: Why 2025 Is Already One for the Record Books 02:00 – 30 Years of Insight: Ron Landry's Unlikely Path to ETF Leadership 04:00 – Markets in Transition: What Record Q1 Flows Are Really Telling Us 08:00 – Central Banks in a Bind: Rates, Tariffs, and the Inflation Puzzle 09:30 – Single Stock ETFs, CDRs, and the Quest for Yield in Canada 12:00 – Built for Canadians: Why Homegrown ETFs Are Winning 14:00 – Crypto, Covered Calls, and the Real Drivers of Demand 16:00 – Alternatives Accelerating: The 53% Growth Story You Missed 19:00 – Advisors' Dilemma: Explaining Line Item Risk in a 60/40 World 21:00 – Regulation as Catalyst: CSA Reviews, Cost Transparency, and Ticker Labels 24:00 – From 6% to 20%: Canada's ETF Market Is on a Tear 26:00 – The Rise of Dual-Structure Funds: ETF and Mutual Fund Hybrids 27:00 – Canada: The Quiet Giant of ETF Innovation 29:00 – One Rulebook to Rule Them All: The Secret to Canada's ETF Advantage #ETFs #CanadianETFs #InvestingCanada #FinancialAdvisors #CoveredCalls #LiquidAlts #ETFInnovation #CIBCMellon #RonLandry #WealthManagement #PortfolioConstruction #FinancePodcast #InvestmentStrategies #YieldHunting

The most important tech story of the decade isn't in Silicon Valley—it's unfolding in Mumbai, Delhi, and Bangalore. In Part 2 of our in-depth conversation, Kevin Carter, founder of EMQQ Global, reveals why India's digital transformation, powered by the India Stack, is not only revolutionary—it's investable. We dive deep into the megatrends fueling India's internet economy, explore explosive business models like 10-minute delivery, and uncover why investors are missing one of the greatest untold tech stories of our time. As Kevin puts it: "There's no developed or emerging country with anything like this... and the world has no idea it exists."

Can one word from a U.S. president really move markets by 8% in two hours? Bloomberg's Eric Balchunas calls it the "Trump Put"—and that's just for starters.Episode Summary: In this episode, Raise Your Average hosts Pierre and Mike welcome back Bloomberg Senior ETF Analyst Eric Balchunas, and co-host of Trillions, for a dynamic conversation that peels back the curtain on ETF flows, investor psychology, and the growing crossover between crypto and traditional finance. Balchunas unpacks the hidden narratives driving today's markets—from the surge in passive flows and rebalancing tailwinds, to the rise of “Vanguardians” and the Degens chasing leveraged plays. He also explores how mutual fund share classes, private credit, and public-private crossovers are changing the ETF landscape. With his signature humor and razor-sharp insight, Balchunas offers a front-row seat to the evolution of asset management.Key Takeaways:Timestamps:00:00 – Intro and Eric Balchunas joins the show 03:00 – $333B ETF inflows and the "Vanguard clip" 05:45 – The divergence between retail flows and institutional positioning 07:00 – The "Trump Put" and the 8% rally on one word 08:30 – Degens, leveraged ETFs, and why people keep buying the dip 10:00 – Persistent love for U.S. stocks despite better international value 12:00 – Gold vs. Bitcoin: who's winning in 2025? 14:00 – Bitcoin's improving volatility profile and “better owners” 16:00 – Why Bitcoin ETFs are changing the game 18:30 – Cognitive dissonance: crypto purists vs. TradFi adoption 21:00 – Passive power, BlackRock conspiracies, and Bogle's last stand 27:30 – ETF transparency vs. mutual fund mythology 30:00 – Mutual fund ETF share classes: game changer or Trojan horse? 34:00 – Private credit and public-private crossover ETFs 38:30 – Why XOVR's SpaceX bet caught fire 40:00 – The veil lifts on private equity NAV “magic” 43:00 – Active ETFs: rebirth, reinvention, or just beta repackaged? 50:00 – The final frontier: alts, liquidity, and the ETF trust factor #RaiseYourAverage #EricBalchunas #Bloomberg #ETFs #BitcoinETF #Vanguard #PrivateCredit #MutualFunds #TrumpPut #CryptoMarkets #GoldVsBitcoin #ETFFlows #InvestmentStrategy #MarketInsights Copyright © AdvisorAnalyst.com

What happens when political ambition trumps economic reality? Doomberg lays it bare. In this episode, Doomberg returns to unpack the dangerous disconnect between Washington's four-year campaign cycle and the multi-decade timelines required for industrial and energy investments. From Trump's tariff threats to the fragility of global auto supply chains, we explore why the U.S. economy may be hurtling toward a recession of its own making. Doomberg dives deep into America's squandered energy advantage, China's calculated rise, and how short-term politics is colliding with long-term capital planning. If you care about markets, manufacturing, or the future of Western economic resilience — you don't want to miss this one. Chapters: 00:00 – Introduction: Supply Chains, Tariffs, and Recession Risk 04:00 – Trump's Strategy: Diagnosis vs. Execution 08:00 – Six Reasons Auto Tariffs Will Backfire 13:30 – EVs, China, and the Renewable Illusion 17:00 – Energy Politics: North America, Europe, and Asia Compared 22:00 – Reserves, Regulation, and the Bankability Crisis 27:30 – Capital Cycle vs. Political Cycle: The Core Mismatch 32:00 – Resource Riches and the Western Hemisphere Opportunity 39:00 – Natural Gas: Oversupplied, Undervalued, Unstoppable 44:30 – Energy Market Behavior: Spikes, Gluts, and Investor Strategy 49:00 – Why Projects Get Built Under Republicans, Profits Under Democrats 53:00 – Tariffs or Chaos? The Trump–Carney–Canada Connection 58:00 – Europe's Military Fantasy Meets Energy Reality 1:03:00 – War Fatigue, NATO, and the Illusion of Global Reach 1:09:00 – Final Thoughts: Diplomacy, Decline, and the Danger of Delusion #RecessionWatch, #EVRevolution, #TradeWar, #EnergyPolicy, #BYDvsTesla, #SupplyChainDisruption, #MadeInAmerica, #IndustrialPolicy, #GeopoliticalRisk, #CapitalMarkets

Summary In this timely episode of Insight is Capital, Pierre sits down with Ilan Kolet, Institutional Portfolio Manager at Fidelity Investments, to unpack Fidelity's latest macro outlook and strategic asset allocation decisions—just as the world braces for another wave of geopolitical and trade disruption. Drawing from Fidelity's latest research piece titled "Elbows Up", Kolet shares why his team is dialing back US equity exposure and tactically reallocating toward Europe. The conversation delves into the erosion of US institutional strength, rising stagflation risk, and the immense threat posed by potential tariffs on Canadian exports. Investors and advisors alike will find invaluable insights into positioning portfolios for resilience in a world increasingly defined by fragmentation and volatility.Kolet's clarity and candor shine through as he outlines how Fidelity is protecting investors from mounting uncertainty—without overreacting to short-term noise. 3 Key Takeaways:Chapters 00:00 – Intro: Why One Fire Tanked Industrial Production 01:05 – Today's Geopolitical Crossroads 02:44 – From US Exceptionalism to Strategic Repositioning 06:15 – Signs of Stagflation & Why Fidelity Bought Gold 09:04 – The Undermining of Institutional Strength in the US 12:41 – Valuations vs. Catalysts: Europe's Turn to Shine 18:25 – Caution on Canada: Debt, Rates, and Tariff Fallout 22:29 – How Tariffs Could Hammer the Canadian Economy 30:03 – Who Really Pays for Tariffs? A Case Study in Washing Machines 36:57 – Manufacturing, Inflation, and Hollowed-Out Labor 39:37 – Supply Chain Disruptions & Auto Sector Insights 44:40 – Tactical Shifts: Gold, TIPS, and Currency Hedging 48:32 – Wrapping Up: Managing Through Uncertainty #FidelityInvestments #GlobalAssetAllocation #IlanKolet #MarketOutlook2025 #InvestingInStagflation #USExceptionalism #GoldAsAhedge #TIPSInvesting #TradeTariffs #CanadianEconomy #AdvisorPodcast #FinancialMarkets #InvestmentStrategy #RecessionRisk