Podcasts about cibc world markets

There's a case to argue that peak tariff headlines negativity is behind for Canada and that can be associated with improved fortunes for the currency. In this episode of FX Moment, BI's Chief G10 FX Strategist Audrey Childe-Freeman talks to Jeremy Stretch, Chief International Strategist at CIBC World Markets, about Canada's economic and political dynamics, for a Canadian dollar focus episode. The Bank of Canada will probably end up being more dovish than expected in 2025, but it isn't alone and combined with more expansionary yet credible fiscal dynamics under Mark Carney's leadership, that should all help the growth narrative and the currency. Jeremy and Audrey also discuss the longer-term increased Canadian dollar appeal in a context of de-dollarization and global reserves diversification strategies.

In this episode in our Lessons with Legends series, on The Unlimited Podcast, we welcome David Kassie, Chairman of Outcome Asset Management and Chairman Emeritus of Canaccord Genuity. Brian and David discuss David's journey to becoming Chairman and CEO of CIBC World Markets, the founding of Genuity, some of his most significant deals, and more.David Kassie has held key leadership roles in the financial industry for decades. He served as Chairman or Executive Chairman of Canaccord Genuity Group Inc. since May 2010 and was Chairman and CEO from April to October 2015. Previously, he was Principal, Chairman, and CEO of Genuity Capital Markets from November 2004 to May 2010, leading the firm until its acquisition by Canaccord Financial. Before that, he served as Chairman and CEO of CIBC World Markets and Vice Chairman of CIBC from 1979 to 2004.With extensive experience as an advisor, underwriter, and principal, David has played a crucial role in major financial transactions and serves on multiple corporate boards. Beyond finance, he is deeply committed to community and charitable initiatives. He is a Director and former Chairman of Baycrest Health Sciences, where he also led its commercialization efforts. He has previously served on the boards of the Toronto International Film Festival Group, the Hospital for Sick Children, and Ivey Business School.David holds a B.Comm. (Honours) in Economics from McGill University (1977) and an MBA from the University of Western Ontario (1979).Timestamps0:00 Disclaimer and Intro3:43 Investment Banking & Merchant Banks10:28 Outcome's history & performance15:55 Banking in the 80s and 90s20:14 Leading bankers26:46 Building the team at Genuity34:13 Markers of success in interviews37:33 David's transformative deals41:01 David's angel investing44:04 Thoughts on Canadian leadership & trade49:11 David's best career advice51:36 If David could do anything, what would it be?53:48 Outro

It's been a whirlwind news cycle here in Canada, in the wake of President Donald Trump imposing 25 percent tariffs on Canadian goods. Prime Minister Justin Trudeau has now announced that these tariffs are on hold for 30 days, as Canada implements its 1.3-billion-dollar border strategy, aimed at stopping the flow of fentanyl. The American tariffs have come as a surprise for many in this country. But our guest on today's program says they have, in fact, been in the making for some time.Jeff Rubin is a Canadian economist, bestselling author, and a former chief economist and chief strategist for CIBC World Markets. His most recent book is A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever. Jeff Rubin returns to the program.You can find Tara Henley on Twitter at @TaraRHenley, and on Substack at tarahenley.substack.com

Episode 68. In this episode of The Lifetime at Work Podcast, host Greg Martin interviews Annie Bergevin, a fractional CFO and advisor for tech startups based in Montreal. As the founder of On Point Business Plans and a guest lecturer at Columbia Business School, Annie shares her career journey from investment banking at Credit Suisse and CIBC World Markets to entrepreneurship. The conversation dives into her role in helping startups raise capital from VCs, tips for creating the perfect pitch, and the importance of a solid financial foundation. Annie also discusses the evolving landscape of startup funding and educational changes for MBA students aspiring to enter the entrepreneurial world.00:00 Introduction to the Podcast00:16 Meet Annie Bergevin: Fractional CFO and Advisor01:11 Annie's Role in Helping Startups04:15 Annie's Career Journey06:26 Starting On Point Business Plans07:44 Navigating the VC Landscape09:24 Raising Capital: Tips and Challenges12:39 The Importance of Financial Organization19:11 The Role of Personality in Entrepreneurship21:17 The Current State of Venture Capital33:22 Advice for Aspiring Entrepreneurs37:26 Annie's Future Goals and Final Thoughts39:04 Conclusion and Farewell

Brian interviews Jeff Rubin. Jeff is a Canadian economist and bestselling author. A world-leading expert on trade and energy, and former chief economist and chief strategist at CIBC World Markets, he recently served as a senior fellow at the Centre for International Governance. His current book "A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever" is a wide-ranging deep dive that details how the COVID-19 lockdown (and financial handouts), the war in Ukraine and sanctions against Russia and China have contributed to higher interest rates, high inflation and more. Tonight Jeff Rubin talks about the Canadian Economy and what he believes is the new normal we now have to accept.

Oilfield Tailgate presents another episode of #fossilfuelfridays with guest Joe Hoepfl, co-founder of and Partner with PPHB LP. He previously had a leadership role in CIBC World Markets' Investment Banking Group providing financial advisory services to the oilfield service, midstream and exploration & production sectors of the energy industry. Prior to joining CIBC World Markets, Mr. Hoepfl was in the oilfield services investment banking group at Raymond James & Associates. He also spent several years in the energy industry performing various financial advisory services at Pool Energy Services Co. and Apache Corporation. Mr. Hoepfl has lead numerous mergers and acquisitions, equity and debt offerings, and other financial advisory assignments. He received his BBA in Accounting and Finance from Texas A&M University and MBA from Rice University. He is a licensed Certified Public Accountant. Sign up to attend events, sponsor, use the calendar, connect more at oilfieldtailgate.com #oilgas #oilandgas #oilfield #energy #podcast #education #humor #entertainment #news #technology #science #investing #money #leadership

In the podcast interview for CMT Association's Fill The Gap, Janine Guenther, CMT, CFA, a seasoned financial professional based in Vancouver, shared her extensive expertise at the intersection of technical analysis and fundamental research. With a background that includes roles at prominent financial institutions and a deep commitment to the CMT and CFA designations, Guenther provided a nuanced perspective on navigating today's complex market dynamics.Throughout the hour-long discussion, Guenther emphasized her holistic approach to investment analysis, integrating technical indicators with rigorous fundamental research. Drawing on her experience from roles at BMO Capital Markets and CIBC World Markets, she highlighted actionable strategies for identifying market trends and opportunities. Guenther also addressed the role of behavioral finance in shaping market movements, illustrating how understanding investor psychology can enhance trading strategies.Listeners gained insights into her methodology for evaluating stocks and sectors, leveraging both quantitative and qualitative factors to drive investment decisions. Guenther's commitment to risk management and portfolio protection resonated throughout the interview, underscoring the importance of disciplined approaches in volatile markets.Her expertise and dedication to advancing financial analysis, evident through her contributions to the CMT Association and CFA Institute, provided a rich backdrop to the podcast, offering professionals and enthusiasts alike valuable perspectives on effective investment strategies in today's ever-evolving financial landscape.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

High inflation, supply chain disruptions, war and a potential geopolitical reshuffling have thrown Western democracies out of order. In his new book, Jeff Rubin, former chief economist for CIBC World Markets, writes about what the world will look like under these pressures. It's called, "A Map of the New Normal: How Inflation, War, and Sanctions Will Change your World Forever."See omnystudio.com/listener for privacy information.

Grandfather who received donated stem cells flies to U.K. to meet the man who saved his life (1:28) Guest: Rod Neander, stem cell recipient Paying tribute to veteran sportscaster Darren Dutchyshen who passed away at the age of 57 (14:59)  Guest: James Duthie, Canadian sportscaster A breakthrough in ALS research could be cause for optimism (31:20) Guest: Dr. Michael Strong, Professor of Neurology and President of the Canadian Institutes of Health Research, Western University What are Canada's Best 100 Restaurants (46:46) Guest: Jacob Richler, editor-in-chief, Canada's 100 Best The economy we've taken for granted isn't coming back (1:02:18) Guest: Jeff Rubin, former chief economist, CIBC World Markets, author of A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever National housing market finds balance not seen since pre-pandemic (1:20:40) Guest: Shaun Cathcart, chief economist, CREA

Our latest FX Moment podcast focuses on changes in US dollar price action and what can be learned when it comes to finalizing 2024 US dollar prospects. Host Audrey Childe-Freeman, Bloomberg Intelligence chief G10 FX strategist, and Jeremy Stretch, Chief International Strategist at CIBC World Markets discuss the dollar-negative narrative that could unfold in 2024, and conclude it won't be an easy ride for dollar bears as long as the Fed holds onto a high-for-long rate language, with Jeremy suggesting that euro-dollar could see a pullback toward $1.02-$1.03 before contemplating a brighter outlook. Audrey and Jeremy also look at the outlook for the Canadian dollar, with the prospect for 2024 Bank of Canada dovishness likely to leave the currency exposed to not only the US dollar, but also vs. the euro and the Aussie dollar.

In this Episode, James Parkyn & François Doyon La Rochelle review the Market Statistics as of June 30,2023 and update their listeners on Inflation. Market Statistics – June 2023 : Market Statistics - Statistiques de marché (pwlcapital.com) Read The Script: 1) Introduction: François Doyon La Rochelle: You're listening to Capital Topics, episode #55! This is a monthly podcast about passive asset management and financial and tax planning ideas for the long-term investor. Your hosts for this podcast are James Parkyn and me François Doyon La Rochelle, both portfolio managers with PWL Capital.   In this episode, we will discuss the following points: - For our first topic, we will review and comment the market statistics for the first half of the year. - And for our next topic, we will give you an update on inflation. - Please note before we move on to our topics that we will take a summer break. We will be back for our next episode on September 28th. Enjoy!   2) Mid-Year Review of Markets: François Doyon La Rochelle: I will start today with a review of the market statistics as of June 30, 2023. So, after a very difficult year in 2022 when pretty much all asset classes posted big losses, I'm sure our listeners will be relieved and happy to hear that in the first half of 2023 stocks and bonds are generating positive returns. These positive returns are across the board as all the asset classes we follow, except for one, are in positive territory. As a reminder, you can find our Market Statistics report on our Capital Topics website in the resources section or on the PWL Capital website in our team section. We will provide the link for the market stats on the podcast page. James Parkyn: Indeed François, after the historical devastation where both stocks and bonds were hammered with double-digit negative returns, investors should be quite pleased with the returns so far this year. François Doyon La Rochelle: Totally James, particularly given the fact that most market pundits were skeptical about the outlook for markets entering the year. Many of them were forecasting a recession that has not yet materialized. James Parkyn: Correct it has not materialized yet, GDP growth continues to be positive, personal consumption remains stubbornly strong and jobs are still being created at a strong pace both here in Canada and the U.S. Market Pundits are however expecting GDP growth to slow and even contract in the coming months on the back of the historic interest rate tightening cycle imposed by the central banks. As a reminder to our listeners, to tame inflation that had risen to multi decades highs last year - 8.1% here in Canada and 9.1% in the U.S., the Bank of Canada increased its overnight rate from 0.25% in March 2022 to 5% in July 2023. In the U.S., the Federal Reserve increased the Fed fund rates from 0.25% to 5.25% over the same period. François Doyon La Rochelle: I must say that this tightening cycle had the desired effect on inflation since it has come down here in Canada and the U.S. to 2.8% and 3% respectively which is close to the long-term target of 2% set by both central banks. This said, the tightening cycle caused collateral damages particularly in the U.S. regional banks as the sharp interest rate increases left some banks in delicate positions prompting the intervention of the Federal Reserve. James Parkyn: Regional banks were not the only worry for the markets in the first half of the year, there was, yet another debt ceiling political crisis in the U.S. that dominated the headlines for several weeks until an agreement to raise the debt limit was reached in June. François Doyon La Rochelle: Despite all this noise, the stock markets have had a strong first half, particularly in the U.S. and the internationally developed markets. Those equities are now in the bull market territory and have risen more than 20% from the lows reached in October 2022. We will look at the details a bit later, but the S&P500 Index in the U.S. is up, in U.S. dollars, by 27.5% since the lows, and the index for internationally developed equities, the MSCI EAFE (Which is the acronym of Europe, Asia and the Far East) is up roughly 32.8% since the lows. Here in Canada, we are not yet in a bull market since the S&P/TSX Composite is up only 12.8% from October's 2022 lows. James Parkyn: This may be surprising for some investors who are still emotionally caught up in the recency bias of last year. Capital market history teaches us that strong bull markets most often follow painful bear markets. François Doyon La Rochelle: Absolutely James and there is a good chart from Dimensional in their mid-year review that shows, based on data from the Fama/French Total US Market Index extending from July 1926 to December 2022, that historically, after a market decline of 20% or more, the average return one year later is 22.2%, the cumulative average return after 3 years is 41.1% and the cumulative average return after 5 years is 71.8%. James Parkyn: Yes, this data is very powerful as it is a stark reminder that you need to stay disciplined in bear markets by staying invested and sticking to your long-term plan. You can't afford to be out of the market when it turns positive. François Doyon La Rochelle: Despite this nice rally from last year's bottom, it must be mentioned that the main indexes have not fully recovered to where they were at their all-time highs. James Parkyn: Effectively, the S&P500, the MSCI EAFE, and the S&P/TSX Composite are still between 5% to 7% off their previous peaks as of June 30th. François Doyon La Rochelle: With this being said let's now look at the market statistics as of June 30th. Let's start with the Canadian fixed income. 2022 was a historically difficult year for bonds as it was the worst year in many decades. Canadian short-term bonds in 2022 were down 4.04% and the total bond market, which holds longer-dated maturities was down by a whopping 11.7%. Year-to-date as of June 30th, despite an increase in the interest rate of 1% by the Bank of Canada, the Canadian short-term bonds are up 1.01% and the Canadian total bond market is up 2.51%. James Parkyn: It's nice to see positive numbers in the bond market again, however, the performance you are quoting Francois is total return numbers, which includes interest income. If we look at bond prices, remember bond yields and bond prices move in opposite directions, short-term bonds on a price basis were down slightly. Longer-duration bond prices were up a bit. François Doyon La Rochelle: You are right James, bond prices are down but especially in the short end because of the impact of the latest interest rate increases from the BOC. As an indication the yield on the benchmark Government of Canada 2-year bond was 3.82% at the beginning of the year and it now sits at 4.21%, so the price went down. The yield on the Government of Canada 10-year bond was 3.30% at the start of the year and it was 3.26% on June 30th, so the price went up. James Parkyn: For those looking for the safety of GICs, there are some juicy rates available now. For example, you can get over 5.5% for a 1-year GIC and about 5.2% for a 5-year. François Doyon La Rochelle: Now let's look at equities, stock markets around the globe were up everywhere year-to-date. Canadian equities were up by 5.70% led mainly by growth stocks since the large and mid-cap growth stocks had a performance of 8.1% versus 4.0% for large and mid-cap value stocks. Small-cap stocks also delivered a positive return with a performance of 3.0% year-to-date as of June 30th. In the U.S., the total stock market is up 16.2% in USD but because the Canadian dollar gained relative to the US dollar the performance in Canadian dollars was 13.5%. Year-to-date, large and mid-cap growth stocks vastly outperformed value stocks with a performance in Canadian dollars of 26% versus only 2.7% for value stocks. Small cap returned 5.6% in Canadian dollars with small growth again outperforming value with a performance of 10.9% versus 0.1% for small value. James Parkyn: This is a complete reversal of what happened last year when large and mid-cap growth stocks were down significantly more than large and mid-cap value stocks. What is significant this year, is that a handful of mega-cap stocks are dominating the returns in the U.S. stock market. According to Morningstar, as of May 31st, 97% of the return on the Morningstar U.S. Large and Mid-Cap Index, which performs closely with the S&P500 Index, came from the 10 largest stocks in the index. This means that only 3% of the return came from all the over 700 stocks. François Doyon La Rochelle: Yes, year-to-date performance in the U.S. market is very concentrated in a few stocks and a few sectors. Just looking at the top 5 holdings of the S&P500, which includes Apple, Microsoft, Amazon, NVIDIA, and Alphabet (Google) they have a performance year-to-date as of June 30th ranging from positive 36% for Alphabet to a whopping 189% for NVIDIA. In terms of sectors, 4 out of 7 sectors are experiencing negative returns in the first half. The sectors that are performing well are the technology, communication services, and consumer discretionary sectors. According to an RBC Global Asset Management report, since January 1st, 2020, only seven stocks in the S&P500 Index have produced more than half its cumulative return and these stocks are Meta, Apple, Alphabet, Microsoft, Amazon, NVIDIA and Tesla. James Parkyn: Wow, this is impressive, but it means that if you are a stock picker and you did not hold any of these stocks in your portfolio you probably did poorly compared to the index. Remember there are thousands of stocks in the U.S. market and even more globally and research shows that most stocks, over very long periods, underperform one-month U.S. Treasury bills. This capital market history fact comes as a major surprise to most investors. François Doyon La Rochelle: That's correct and that's one of the reasons why stock pickers have trouble beating indexes and why we use broadly diversified portfolios to make sure we have the winners in our clients' accounts. Finally, looking at internationally developed equities, large and mid-cap stocks were also up year-to-date, they were up by 12.1% in local currency. In Canadian dollars, international developed equities were up 9.1% since the Canadian Dollar appreciated against the basket of currencies included in the MSCI EAFE Index. Here again, large and mid-cap growth stocks have outperformed value stocks with a performance of 11.5% in Canadian dollars compared to 6.7% for large and mid-cap value stocks. Similarly, in the U.S. and Canada, the small-cap stocks trailed large and mid-caps with a performance of 3.1%, that's also in Canadian dollars. To conclude, emerging markets lagged compared to developed markets with a year-to-date performance of 2.6%, and contrary to developed markets' value and small-cap stocks fared better than growth and large-cap stocks. So this wraps up the review of what happened in the Markets during the first half of the year.   3) Update on Inflation: Francois Doyon La Rochelle: Our Main Topic today is an Update on Inflation. We have covered Inflation a lot since the spring of 2022. James, maybe we can start with a summary of where are we at now with Inflation Rates? James Parkyn: Francois, Inflation cooled last month to its lowest pace in two years. As indicated earlier in the podcast, in the U.S., the consumer-price index or CPI climbed 3% in June from a year earlier, sharply below the recent peak of 9.1% in June 2022. The index for core inflation, which excludes volatile food and energy prices, in June also posted its smallest monthly increase in more than two years. The annual rate of inflation is now at the lowest it has been in just over two years. While the rate of inflation in the June CPI report remains above where the Fed wants it to be, the data suggests clear progress in getting price pressures down toward more acceptable levels. François Doyon La Rochelle: In Canada, the news was even better. The latest Inflation number came in at 2.8% in June. What about Europe and the UK James? James Parkyn: In Europe, inflation has eased to 5.5% in the 20 countries using the euro and to 7.9% in the U.K., but that's still far above the Central Banks' 2% target. François Doyon La Rochelle: Does there appear to be a consensus among economists? Can Central Banks declare victory over Inflation? James Parkyn: Nick Timaros in the WSJ reported in a recent article that: “Some Fed policymakers and economists are concerned that the easing in inflation will be temporary. They see inflation's slowdown as long overdue after the fading of pandemic-related shocks that pushed up rents and the prices of transportation and cars. And they worry underlying price pressures could persist, requiring the Fed to lift rates higher and hold them there for longer.” So their biggest fear François is about whether wages and price growth can slow enough without an economic downturn. François Doyon La Rochelle: Karen Dynan, an economist at Harvard University is quoted in that article. She states, “While things seem to be heading in the right direction with inflation, we are only at the start of a long process”. So, James, what are economists on the other side of the debate saying? James Parkyn: Nick Timaros goes on to state: “Other economists say that thinking ignores signs of current economic slowing that will gradually subdue price pressures. They also argue inflation will slow enough to push “real” or inflation-adjusted interest rates higher in the coming months. That would provide additional monetary restraint even if this week's rate increase is the last of the current tightening cycle”. François Doyon La Rochelle: So, the debate is really around wage inflation. The first camp of economists is nervous that there is too little slack and too much demand in the economy. They are not confident that inflation will return to the Fed's 2% inflation target in the coming years. James Parkyn: Exactly. Many of these economists worry that wage growth is too strong. Without a recession, they see a tight labor market pushing up core inflation next year. Since an overheated labor market is likely to show up first in wages, many see pay gains as a good proxy of underlying inflation pressure. The thinking is that 3.5% annual wage growth would be consistent with inflation between 2% and 2.5%, assuming productivity grows around 1% to 1.5% a year. François Doyon La Rochelle: According to the U.S Labor Department's employment-cost index, wages and salaries rose 5% in the January-to-March period from a year earlier. The Fed watches this index closely because it is the most comprehensive measure of wage growth. James Parkyn: The second camp of economists believes there is ample evidence that the labor market is cooling, in turn reducing inflationary pressures. They point out that the amount of time it takes unemployed workers to find new work has been growing. Increases in hours worked by private-sector employees have slowed along with the number of unfilled jobs. Benjamin Tal, the deputy chief economist at CIBC World Markets, is quoted in the Global Mail that: “He expects the economy to be bleeding vacancies as opposed to jobs. Namely, companies will not be hiring but not be firing.” François Doyon La Rochelle: The encouraging news about inflation falling is that it has created space for the Central banks to be more patient and take their time about any further rate hikes. James Parkyn: To support that point François, the Fed in the U.S. last month held its benchmark federal funds rate steady in a range between 5% and 5.25%. This was the first pause after 10 consecutive increases since March 2022, when officials raised it from near zero. As a reminder for our audience, the conventional thinking is that Interest-rate increases slow the economy through financial markets by lowering asset prices and raising the cost of borrowing. As we can see by what has happened in the financial markets and the economy, this has yet to transpire. François Doyon La Rochelle: On July 27th, the Fed increased the Fed Funds rate by 25 Basis points to a target range between 5.25% and 5.50%. This was widely expected by the markets. This matches the prior peak reached over 2006-07. You'd have to go back to 2001 to find a period when rates were higher than today. The speed and size of the hikes (over 500 basis points in 16 months) are unmatched by any Fed tightening campaign since 1980. That said, CPI inflation is getting close to the Fed's 2% target. What are Central Bankers saying about the latest inflation numbers James? James Parkyn: They are all staying on message insisting the pain will only get worse if inflation slips out of control. The governor of the Bank of England Andrew Bailey was quoted in the Financial Times: “Our job is to return inflation to target, and we will do what is necessary. I understand the concerns that go with that, but I'm afraid I always have to say – that it is a worse outcome if we don't get inflation back to target.” Despite the risk of recession François, I feel the central bankers are emphasizing that they expect to keep rates at their peaks for some time – likely longer than stock and bond markets expect. They also appear to me to be very synchronized. François Doyon La Rochelle: I agree James. The Bank for International Settlements (or BIS), the Switzerland-based global organization of central banks appears to agree as well. In a recent report, the BIS highlighted that since early 2021, almost 95% of the world's central banks have raised rates. Even more than during the inflationary oil price shocks of the 1970s. The BIS called it “the most synchronized and intense monetary policy tightening in decades.” James Parkyn: I think there is increasing acknowledgment that Policy mistakes were made during the Pandemic. That in turn requires that interest rates be normalized at much higher levels than the ultra-low rates in effect during the pandemic. François Doyon La Rochelle: James, what are economists saying about the impact of fiscal policy or government spending on Inflation? James Parkyn: David Parkinson writing in the Globe & Mail recently, asked the following question: “How much of Canada's nagging inflation problem can we blame on government spending?” In his article in the wake of the Bank of Canada's latest interest-rate increase, he highlights the fact Governor Tiff Macklem noted in the bank's latest economic projections, government spending growth is running at about two percent. This is on par with the estimated rate that the economy's potential output is growing. This implies that the government's contribution to the economy's supply-demand balance is neutral. In other words, it's not helping the excess demand problem that continues to fuel inflation pressures, but it's not compounding the problem, either. But he also goes on to make the case that if you compare government spending to pre-pandemic levels, fiscal policy is stimulative. François Doyon La Rochelle: Intuitively, governments could also help fight inflation by reducing deficit-funded spending to cut demand. This would lower the pressure on Central Banks to raise interest rates further. James Parkyn: To that point Francois, Gita Gopinath deputy executive director of the International Monetary Fund, in a speech at the European Central Bank's (ECB) annual conference in Sintra, Portugal, last month argued “Some side effects of fighting inflation with monetary policy could be reduced by giving fiscal policy a bigger role. Indeed, economic conditions call for fiscal tightening,” She went on to say: “Given the economic conditions we have, both because of high inflation and record high debt levels, the two would call for a tightening of fiscal policy. If you look at projected fiscal deficits for many G7 countries, they look too high for far too long.” François Doyon La Rochelle: She also warned and I quote her: “Central banks must accept the “uncomfortable truth” that they may have to tolerate a longer period of inflation above their 2 percent target to avert a financial crisis.” James, is there good news for Investors with lower Inflation? James Parkyn: Yes, I believe there is good news for Investors in rates staying higher for longer. I also think that the real news is that we are now starting to get positive Real Interest rates. Finally, many Economists are forecasting lower Central Bank rates as early as 2024 and as far out as 2025. Morningstar chief economist Preston Caldwell stated in a recent report that “Inflation is now showing broad-based signs of deceleration,” says “The Fed is still likely to hike in its July meeting, but today's CPI Inflation report supports our view that the Fed will pivot to aggressive cutting in 2024 after inflation falls.” François, we now know that the Fed effectively increased their Fed funds rate after July's meeting. François Doyon La Rochelle: For investors who have been avoiding fixed income because they're afraid of rising rates, now is the time to revisit their fixed income portfolio. Investors are getting compensated on a real basis, meaning after inflation, from their bond investments, and that hasn't been the case for quite some time. James Parkyn: The perfect example is we are now getting much better rates on GICs. Recently, the GIC rates were 5.5% for 1 year, and about 5.2% for 5 years. These rates are significantly higher than our Estimate for Expected Return on Bonds of 4.26%. Our listeners can find our latest PWL Financial Planning Assumptions paper published on our PWL Website. Despite rising bond prices generally, yields are now higher than they have been for most of the past decade. François Doyon La Rochelle: Right now, you're getting a good income out of a fixed income. Rates look attractive. On a “real” basis, rates also look attractive when compared to inflation expectations for the coming years. For example, the PWL estimate for inflation is 2.2% a year, meanwhile, an investor buying a 5-year GIC, like you mentioned James, would get 5.2% or a real yield of 3%. James Parkyn: In Conclusion Francois, the key for Investors is that even if the Fed raises rates a bit further, the end of the current cycle of increases is on the horizon unless there is a dramatic resurgence in inflation. As we have said many times, we do not preach market timing about stocks AND bonds. Specifically for bonds, don't try to time the peak in interest rates. I want to share with our listeners an interesting quote from Dimensional in their Mid-year Review report: “What investors do know is that markets will continue to quickly process information as it becomes available. A long-term plan, one focused on individual goals and built on confidence in market prices, can put investors in the best place for a good experience, whatever may be in store”. François Doyon La Rochelle: In other words, James, don't try to guess the end of the hiking cycle. As a reminder to our Listeners, our discipline is to invest with “The Investor Mindset, focused on the long term”. We don't want to be led astray by short-term noise in the financial media and recent financial market volatility. This challenge is daunting and applies to all Investors including us Professionals. We have said it often on our Podcast: “It is simple to say but not easy to do: We must always be cognizant that we can fall into a trap of trying to “Forecast the Future”.   4) Conclusion: François Doyon La Rochelle: Thank you, James Parkyn for sharing your expertise and your knowledge. James Parkyn: You are welcome, Francois. François Doyon La Rochelle: That's it for episode #55 of Capital Topics! Do not forget, if you would like to submit questions or suggestions for the show, please email us at: capitaltopics@pwlcapital.com  Also, if you like our podcast, please share it when with family and friends and if you have not subscribed to it, please do. Again, thank you for tuning in and please join us for our next episode on September 28 exceptionally as we are taking a break for the summer. Enjoy your summer and see you soon!

Dans cet épisode, James Parkyn et François Doyon La Rochelle commencent le balado aujourd'hui par la revue des statistiques de marché en date du 30 juin 2023 puis update leurs auditeurs sur l'inflation. -Statistiques de marché – Juin 2023: https://www.pwlcapital.com/wp-content/uploads/2023/07/2023-06_PDL-Capital_Market-StatsFRE-2.pdf    1) Introduction: François Doyon La Rochelle : Bienvenue à Sujet Capital, un Balado mensuel à propos de la gestion passive de portefeuille et de la planification financière et fiscale pour les investisseurs à long terme. Vos hôtes pour ce Balado sont James Parkyn et moi-même François Doyon La Rochelle, tous deux gestionnaires de portefeuilles avec PWL Capital.   Au programme aujourd'hui pour l'épisode #55 : - Pour notre premier sujet, nous ferons la revue et commenterons les statistiques de marché pour l'année en date du 30 juin. - Et ensuite, pour notre second sujet, nous ferons une mise à jour sur l'inflation. - Veuillez aussi noter, avant que nous passions à nos sujets, que nous prendrons une pause estivale. Nous serons de retour pour notre prochain épisode le 28 septembre. Bonne écoute !   2) Revue semestrielle des marchés : François Doyon La Rochelle : Je vais commencer notre Balado aujourd'hui par la revue des statistiques de marché en date du 30 juin 2023. Après une année 2022 très difficile, une année au cours de laquelle presque toutes les classes d'actifs ont enregistré des pertes importantes, je suis sûr que nos auditeurs vont être soulagés et heureux d'apprendre qu'au cours du premier semestre 2023, les actions et les obligations ont généré des rendements positifs. Ces rendements positifs sont généralisés puisque toutes les classes d'actifs qu'on suit, à l'exception d'une, sont en territoire positif. A titre de rappel, vous pouvez trouver notre page de statistiques de marché sur notre site Internet Sujet Capital dans la section ressources ou sur le site Internet de PWL Capital dans la section dédié à notre équipe. On va partager le lien pour les statistiques de marché avec le podcast. James Parkyn : Effectivement, François, après l'année 2022 où les actions et les obligations ont été fortement malmené en même temps, les investisseurs devraient être satisfaits des rendements enregistrés depuis le début de l'année. François Doyon La Rochelle : Tout à fait James, surtout que la plupart des experts des marchés étaient sceptiques quant aux perspectives des marchés en début d'année. Plusieurs d'entre eux prévoyaient une récession qui ne s'est pas encore matérialisée. James Parkyn : En effet François, elle ne s'est pas encore matérialisée. La croissance du PIB reste positive, la consommation des ménages reste obstinément forte et la création d'emploi se poursuit à un rythme soutenu, tant ici au Canada qu'aux États-Unis. Les experts s'attendent cependant que la croissance du PIB ralentisse, qu'elle se contracte même, au cours des prochains mois, en raison du cycle de resserrement des taux d'intérêt imposé par les banques centrales. À titre de rappel, afin de ralentir l'inflation qui a atteint l'an dernier un sommet de 8,1 % au Canada et de 9,1 % aux États-Unis. La Banque du Canada a augmenté son taux directeur qui se situait à 0,25 % en mars 2022 à 5 % en juillet 2023. Aux États-Unis, on a vu des hausses semblables. La Réserve fédérale a augmenté le taux des fonds fédéraux de 0,25 % à une fourchette de 5.25% à 5,50%. François Doyon La Rochelle : Le cycle de resserrement de taux a quand même eu l'effet espéré sur l'inflation puisqu'elle a baissé ici au Canada et aux États-Unis à 2,8% et 3% respectivement, ce qui se rapproche de la cible à long terme de 2 % fixée par les deux banques centrales. Ceci dit, le cycle de resserrement a aussi fait des dommages collatéraux, en particulier dans les banques régionales américaines, car les fortes hausses des taux d'intérêt ont placé certaines banques dans des positions délicates, ce qui a entraîné l'intervention de la Réserve fédérale. James Parkyn : Les banques régionales n'ont pas été la seule source d'inquiétude pour les marchés au cours du premier semestre, il y a eu une nouvelle crise politique liée au plafond de la dette aux États-Unis qui a fait la une des journaux pendant plusieurs semaines jusqu'à ce qu'un accord sur le relèvement de la limite de la dette soit conclu en juin. François Doyon La Rochelle : Malgré tout ce bruit, les marchés boursiers ont connu un bon premier semestre, en particulier aux États-Unis et dans les marchés développés internationaux. Ces marchés sont maintenant dans un bull market (marché haussier) parce qu'ils ont augmenté de plus de 20% par rapport aux bas atteints en octobre 2022. On va examiner les détails un peu plus tard, mais l'indice S&P500 aux États-Unis a augmenté, en dollars américains, de 27,5 % depuis le bas et l'indice des actions développées internationales, le MSCI EAFE (acronyme pour les actions d'Europe, Asie et Extrême-Orient) a augmenté d'environ 32,8 % depuis le bas. Ici, au Canada, on n'est pas encore dans un marché haussier puisque l'indice S&P/TSX Composé n'a augmenté que de 12,8 % depuis le creux d'octobre 2022. James Parkyn : Ça peut surprendre certains investisseurs qui sont encore sous l'emprise émotionnelle du biais de récence de l'année dernière, mais l'histoire des marchés financiers nous enseigne que des fortes hausses de marchés arrivent très souvent à la suite de marché baissiers ou en anglais ‘Bear Market'. François Doyon La Rochelle : Absolument James et il y a un bon graphique de Dimensional dans leur revue semestrielle qui montre, sur la base des données de l'indice Fama/French du marché total américains qui couvre la période de juillet 1926 à décembre 2022, qu'historiquement, après une baisse du marché de 20%, le rendement moyen après un an est de 22,2%, que le rendement moyen cumulé après 3 ans est de 41,1% et que le rendement moyen cumulé après 5 ans est de 71,8%. James Parkyn : Oui, ces données sont très intéressantes et elles nous rappellent qu'il faut rester discipliné dans les marchés baissiers, qu'il faut rester investie et qu'on doit suivre son plan à long terme. La majorité des investisseurs ne peuvent pas se permettre de rater les hausses de marché qui suivent les ‘Bear Market'. François Doyon La Rochelle : Malgré la belle remontée depuis le creux de l'année dernière, je pense qu'il est important de mentionner que les principaux indices ne sont pas de retour à leurs niveau maximal historique. James Parkyn : Effectivement, en date du 30 juin, le S&P500, le MSCI EAFE et le S&P/TSX Composite sont encore entre 5% et 7 % en bas de leurs sommets. François Doyon La Rochelle : Ceci dit, on va maintenant regarder en détail les statistiques du marché au 30 juin en commençant par les titres à revenu fixe canadiens. Comme vous le savez, 2022 a été une année historiquement difficile pour les obligations, la pire année depuis plusieurs décennies. A titre de rappel, en 2022, les obligations canadiennes à court terme ont baissé de 4,04 % et l'ensemble du marché obligataire Canadien, qui détient des échéances plus longues, a enregistré une baisse considérable de 11,7 %. Depuis le début de l'année, au 30 juin, malgré une augmentation des taux d'intérêt de 1 % par la Banque du Canada, les obligations canadiennes à court terme ont augmenté de 1,01 % et le marché obligataire total canadien a augmenté de 2,51%. James Parkyn : Ça fait du bien d'enfin de voir des chiffres positifs dans le marché obligataire François, mais les performances que tu cites sont des chiffres de rendement total, donc ça inclut les revenus d'intérêts. Si on regarde seulement le prix des obligations, les obligations à court terme ont effectivement légèrement baissé tandis que ceux des obligations à plus long terme ont légèrement augmenté. François Doyon La Rochelle : Tu as raison James, le prix des obligations sont en baisse, surtout du côté des obligations à court terme, ceci à cause de l'impact des dernières hausses de taux d'intérêt de la Banque du Canada. À titre indicatif, le rendement des obligations du gouvernement du Canada à échéance dans deux ans était de 3,82 % au début de l'année et il est maintenant à 4,21 %, le prix de ces obligations a donc baissé. Il faut se souvenir que les rendements et les prix des obligations évoluent dans des directions opposées. Du coté des obligations à échéances plus longues, le rendement des obligations du gouvernement du Canada venant à échéance dans 10 ans était de 3,30 % au début de l'année et il se situait à 3,26 % au 30 juin, donc le prix a quelques peu augmenté. James Parkyn : Pour ceux qui recherchent la sécurité des certificats de placements garantie (CPG), on peut avoir des rendements intéressants en ce moment, allant de 5,5 % pour un CPG d'un an à 5,2 % pour un CPG de cinq ans. François Doyon La Rochelle : On va regarder maintenant du côté des actions, les marchés boursiers du monde entier ont progressé partout depuis le début de l'année. Les actions canadiennes ont augmenté de 5,70 %, principalement grâce aux titres de croissance, puisque l'indice de croissance des grandes et moyennes capitalisations a eu un rendement de 8,1 %, contre 4,0 % pour les titres de valeur des grandes et moyennes capitalisations. Les actions  petite capitalisation ont également eu un rendement positif avec une performance de 3,0 % depuis le début de l'année. Aux États-Unis, le marché boursier total américain a eu une performance de 16,2 % en dollars américains, mais puisque le dollar canadien s'est apprécié par rapport au dollar américain, la performance en dollars canadiens était moindre à 13,5 %. Depuis le début de l'année, les actions de croissance de grande et moyenne capitalisation ont largement surpassé les actions de valeur, avec une performance en dollars canadiens de 26 % contre seulement 2,7 % pour les actions de valeur. Les actions de petites capitalisations ont enregistré une performance de 5,6 % en dollars canadiens, les titres de petite capitalisation croissance ont à nouveau mieux faites que les titres de valeurs avec une performance de 10,9 % contre un maigre 0,1 % pour les titres de petite capitalisation valeur. James Parkyn : Pour les titres de croissance, c'est un revirement complet par rapport à ce qui s'est passé l'année dernière, Il faut se rappeler qu'en 2022 les actions de croissance de grande et moyenne capitalisation ont fortement chuté alors que les titres de valeur de grande et moyenne capitalisation n'avaient pratiquement pas baissé. Cette année, une poignée d'actions à grande capitalisation (en anglais on dit Mega-Cap) dominent les rendements du marché boursier américain. Selon Morningstar, au 31 mai 2023, 97 % de la performance de l'indice Morningstar U.S. Large and Mid-Cap, qui suit de près l'indice S&P500, provenait des 10 plus grands titres de l'indice. Ça signifie que seulement 3 % du rendement de l'indice provient des quelque 700 autres titres de l'indice Morningstar. François Doyon La Rochelle : Oui, les performances du marché américain depuis le début de l'année sont très concentrées sur quelques actions et quelques secteurs. Si on regarde les cinq principaux titres du S&P500, à savoir Apple, Microsoft, Amazon, NVIDIA et Alphabet (Google), leur performance depuis le début de l'année, au 30 juin, varie de 36 % pour Alphabet à 189 % pour NVIDIA. En termes de secteurs, 4 secteurs sur 7 affichent des performances négatives au premier semestre. Les secteurs les plus performants sont ceux de la technologie, des services de communication et de la consommation discrétionnaire. Selon un rapport de RBC Global Asset Management, depuis le 1er janvier 2020, seulement sept titres de l'indice S&P500 ont produit plus de la moitié de son rendement cumulé. Ces titres sont Meta, Apple, Alphabet, Microsoft, Amazon, NVIDIA et Tesla. James Parkyn : C'est très frappant, mais ça veut aussi dire que pour les gestionnaires actifs qui font de la sélection de titre pour bâtir votre portefeuille (ou stock picking en anglais) et que s'ils ne détiennent aucun de ces titres, ils ont probablement sous performer de beaucoup le S&P500. N'oubliez pas qu'il y a des milliers d'actions sur le marché américain et encore plus si on inclut le marché mondial. La recherche académique démontre que la plupart des actions, sont moins performantes que les bons du Trésor américain sur de très longues périodes. François Doyon La Rochelle : C'est exact et c'est l'une des raisons pour lesquelles les stock pickers ont du mal à battre les indices. C'est pourquoi nous utilisons des fonds ou FNBs qui sont largement diversifiés pour bâtir nos portefeuilles. On veut s'assurer d'avoir les tous les titres les plus performants dans les comptes de nos clients. Enfin, pour ce qui est des actions internationales de pays développées, les actions à grande et moyenne capitalisation ont également bien faites depuis le début de l'année. Elles ont eu une performance de 12,1 % en monnaie locale. En dollars canadiens, les actions des pays développés ont augmenté un peu moins, soit de 9,1 %. C'est parce que le dollar canadien s'est apprécié par rapport au panier de devises inclus dans l'indice MSCI EAFE. Là encore, les actions de croissance à grande et moyenne capitalisation ont surpassé les actions de valeur. Elles ont eu une performance de 11,5 % en dollars canadiens, contre 6,7 % pour les actions de valeur à grande et moyenne capitalisation. Comme aux États-Unis et au Canada, les actions de petite capitalisation ont été à la traîne des actions à grande et moyenne capitalisation, avec une performance de 3,1 %, performance également en dollars canadiens. En conclusion, les marchés émergents ont bien fait avec une performance de 2,6 % depuis le début de l'année. Contrairement aux marchés développés, les actions de valeur et les actions de petites capitalisations se sont mieux comportées que les actions de croissance et les grandes capitalisations. Donc, je pense que ça fait le tour.   3) Mise à jour sur l'inflation : Francois Doyon La Rochelle : Comme deuxième sujet aujourd'hui on fait une mise à jour sur l'inflation, on en a beaucoup parlé dans notre podcast depuis le printemps 2022. Donc, James, peux-tu commencer par nous donner un résumé de la situation actuelle des taux d'inflation? James Parkyn : François, l'inflation s'est ralentie le mois dernier pour atteindre son rythme le plus faible en deux ans. Aux États-Unis, l'indice des prix à la consommation a augmenté de 3 % en juin par rapport à l'année précédente, ce qui est nettement inférieur au récent pic de 9,1 % atteint en juin 2022. L'indice de l'inflation de base, qui exclut les prix volatils de l'alimentation et de l'énergie, a également enregistré en juin sa plus faible hausse mensuelle depuis plus de deux ans. Bien que le taux d'inflation dans le rapport de juin sur l'IPC reste supérieur au niveau souhaité par la Fed, les données suggèrent des progrès évidents dans la réduction des pressions sur les prix vers des niveaux plus acceptables. François Doyon La Rochelle : Au Canada, les nouvelles sont encore meilleures. Le dernier rapport nous donne une inflation qui s'est établi à 2,8 % en juin donc c'est très encourageant mais, James qu'en est-il en l'Europe et au Royaume-Uni ? James Parkyn : L'inflation a baissé à 5,5 % dans les 20 pays utilisant l'euro et à 7,9 % au Royaume-Uni, mais ça reste bien supérieur à l'objectif de 2 % des banques. François Doyon La Rochelle : James, est-ce qu'il y a un consensus parmi les économistes ? Est-ce que les banques centrales peuvent crier victoire sur l'inflation ? James Parkyn : Nick Timaros dans le WSJ rapporte que : "Certains décideurs politiques et économistes de la Fed craignent que le ralentissement de l'inflation soit temporaire. Ils considèrent que le ralentissement de l'inflation était attendu depuis longtemps après la disparition des chocs liés à la pandémie qui ont fait grimper les loyers et les prix des transports et des voitures. Ils craignent que les pressions sous-jacentes sur les prix ne persistent, ce qui obligerait la Fed à relever ses taux et à les maintenir plus longtemps. Leur plus grande crainte est de savoir si la croissance des salaires et des prix peut ralentir suffisamment sans qu'il y ait une récession. François Doyon La Rochelle : Oui, Karen Dynan, une économiste à l'université de Harvard, est citée dans cet article. Elle déclare : "Bien que les choses semblent aller dans la bonne direction en ce qui concerne l'inflation, nous ne sommes qu'au début d'un long processus". James, qu'est-ce que les économistes de l'autre côté du débat disent ? James Parkyn : Nick Timaros poursuit et déclare que : "D'autres économistes affirment que ce raisonnement ne tient pas compte des signes de ralentissement économique actuel qui atténueront progressivement les pressions sur les prix. Ils affirment également que l'inflation ralentira suffisamment pour que les taux d'intérêt "réels" ou corrigés de l'inflation augmentent dans les mois à venir. Ça permettrait de renforcer l'impact des augmentation des taux d'intérêt, même si la hausse des taux du 27 juillet est la dernière du cycle de resserrement actuel”. François Doyon La Rochelle : Donc le débat est beaucoup plus autour de l'inflation des salaires. Le premier camp d'économistes est nerveux car il n'y a pas de marge de manœuvre et trop de demande dans l'économie pour être raisonnablement confiant que l'inflation va revenir à l'objectif de 2 % de la Fed dans les années à venir. James Parkyn : Exactement François. Plusieurs de ces économistes craignent que la croissance des salaires soit trop forte. En l'absence de récession, ils estiment qu'un marché du travail surchauffe poussera l'inflation de base à la hausse en 2024. Étant donné qu'un marché du travail en surchauffe est susceptible de se manifester d'abord au niveau des salaires, beaucoup d'économistes considèrent les augmentations de salaire comme un bon indicateur de la pression inflationniste sous-jacente. La notion derrière cette pensée, est qu'une croissance annuelle des salaires de 3,5 % serait compatible avec une inflation entre 2 % et 2,5 %, à condition que la productivité augmente d'environ 1 % à 1,5 % par an. François Doyon La Rochelle : Selon l'indice du coût de l'emploi du ministère américain du travail, les salaires ont augmenté de 5 % dans la période de janvier à mars par rapport à l'année précédente. La Fed surveille de près cet indice car c'est la mesure la plus complète de la croissance des salaires. James Parkyn : Le second camp d'économistes François estime qu'il existe de nombreuses preuves que le marché du travail se refroidit, ce qui réduit les pressions inflationnistes. Ils soulignent que le temps nécessaire aux chômeurs pour trouver un nouvel emploi s'est allongé. L'augmentation du nombre d'heures travaillées par les employés du secteur privé a ralentie en même temps que le nombre d'emplois non comblés. Benjamin Tal, économiste en chef adjoint chez CIBC World Markets, a dit dans le Global Mail qu': "Il s'attend à ce que l'économie saigne des postes vacants plutôt que des emplois. À savoir, les entreprises n'embaucheront pas mais ne licencieront pas. » François Doyon La Rochelle : La nouvelle encourageante dans tout ça c'est que la baisse de l'inflation va permettre aux banques centrales d'être plus patientes et de prendre leur temps avant de procéder à de nouvelles hausses de taux. James Parkyn : Absolument François. Aux États-Unis, le mois dernier la Fed a maintenu son taux directeur de référence pour les fonds fédéraux dans une fourchette comprise entre 5 % et 5,25 %. C'est la première fois qu'elle fait une pause après dix augmentations consécutives depuis mars 2022. À titre de rappel, les hausses de taux d'intérêt ralentissent l'économie par le biais des marchés financiers en réduisant le prix des actifs et en augmentant le coût de l'emprunt. François Doyon La Rochelle : Le 27 juillet, la Fed a augmenté le taux des fonds fédéraux de 25 points de base pour atteindre une fourchette cible entre 5,25 % et 5,50 %. Cette augmentation était attendu par les marchés. Ça correspond au sommet précédent atteint en 2006-07. Il faudrait remonter à 2001 pour trouver une période où les taux étaient plus élevés qu'aujourd'hui. La vitesse et l'ampleur de la hausse (plus de 500 points de base en 16 mois) est inégalée depuis le resserrement de la Fed en 1980. Ceci dit, l'inflation, selon l'indice des prix à la consommation, se rapproche de l'objectif de 2 % de la Fed, mais James qu'est-ce que les banques centrales disent des derniers chiffres d'inflation ? James Parkyn : Elles ont toutes le même message en insistant sur le fait que les conséquences économiques vont continuer à s'aggraver si l'inflation échappe à tout contrôle. Le gouverneur de la Banque d'Angleterre, Andrew Bailey, a été cité dans le Financial Times : "Notre tâche consiste à ramener l'inflation à son niveau cible et nous ferons ce qui est nécessaire. Je comprends les préoccupations qui en découlent, mais je crains de devoir toujours dire - que le résultat est pire si nous ne ramenons pas l'inflation à son niveau cible". Donc François, malgré le risque d'entrainer une récession, les banques centrales insistent sur le fait qu'ils prévoient de maintenir les taux à leur niveau élevé pendant un certain temps – en effet, probablement plus longtemps que ne le prévoient les marchés boursiers et obligataires. En résumé, Ils me semblent Francois qu'elles sont très synchronisées. François Doyon La Rochelle : Je suis d'accord James. En fait, la Banque des règlements internationaux (ou la BRI), l'organisation mondiale des banques centrales basée en Suisse, semble également d'accord. Dans un récent rapport, la BRI a souligné que depuis le début de l'année 2021, près de 95 % des banques centrales du monde ont relevé leurs taux. Cette synchronisation parmi les banques centrales est plus élevée lors du choc pétrolier inflationniste des années 1970. La BRI a qualifié cette situation de "resserrement de la politique monétaire le plus synchronisé et le plus intense depuis des décennies". James Parkyn : Je pense que l'on reconnaît de plus en plus que des erreurs de politiques monétaires ont été commises pendant la pandémie. Selon moi, ça m'indique que les taux d'intérêt doivent être normalisés à des niveaux beaucoup plus élevés que les taux très bas en vigueur pendant la pandémie. François Doyon La Rochelle : James qu'est-ce que les économistes disent de l'impact de la politique fiscale, autrement dit, au niveau des dépenses publiques sur l'inflation ? James Parkyn : Le journaliste David Parkinson a récemment posé la question suivante dans le Globe & Mail : "Dans quelle mesure le problème persistant de l'inflation au Canada peut-il être imputé aux dépenses du gouvernement ?" Dans son article, qui fait suite à la dernière hausse des taux d'intérêt de la Banque du Canada, il souligne que le gouverneur, Tiff Macklem, a noté dans les dernières projections économiques de la Banque, que la croissance des dépenses publiques est d'environ 2 %, ce qui correspond au taux estimé de croissance de la production potentielle de l'économie. Selon lui, cela signifie que la contribution du gouvernement à l'équilibre entre l'offre et la demande de l'économie est neutre. Il avance que ça n'aide pas à résoudre le problème de l'excès de demande qui continue d'alimenter les pressions inflationnistes. Mais d'un autre côté, il n'aggrave pas non plus le problème. Mais il affirme également que si l'on compare les dépenses publiques aux niveaux antérieurs à la pandémie, la politique fiscale en matière des dépenses est stimulatrice. François Doyon La Rochelle : Intuitivement, les gouvernements pourraient également contribuer à la lutte contre l'inflation. Ils pourraient réduire les dépenses qui sont essentiellement financées par des déficits afin de diminuer la demande. Je pense que ça aiderait les banques centrales parce qu'elles auraient moins besoin d'augmenter les taux d'intérêt. James Parkyn : À ce sujet, François, Gita Gopinath, directrice exécutive adjointe du Fonds monétaire international, dans un discours prononcé lors de la conférence annuelle de la Banque centrale européenne (BCE) à Sintra, au Portugal, le mois dernier, a affirmé que "certains effets secondaires de la lutte contre l'inflation par la politique monétaire pourraient être réduits en donnant à la politique fiscale des dépenses un rôle plus important. » Mme Gopinath a ajouté : "Compte tenu des conditions économiques dans lesquelles nous nous trouvons, à la fois en raison d'une inflation élevée et de niveaux d'endettement record, ces deux éléments plaident en faveur d'un resserrement de la politique fiscale. Si l'on examine les déficits budgétaires prévus pour de nombreux pays du G7, on s'aperçoit qu'ils sont trop élevés pour trop longtemps. " François Doyon La Rochelle : Elle a également lancé un avertissement et je la cite : "Les banques centrales doivent accepter la "vérité inconfortable" qu'elles devront peut-être tolérer une période plus longue d'inflation supérieure à leur objectif de 2 % pour éviter une crise financière ». James, la baisse de l'inflation est-elle une bonne nouvelle pour les investisseurs ? James Parkyn : Oui, je pense que le fait que les taux plus élevés pour plus longtemps seraient une bonne nouvelle pour les investisseurs. Je pense également que la vraie nouvelle est que nous commençons maintenant à obtenir des taux d'intérêt réels positifs. Enfin, de nombreux économistes prévoient une baisse des taux de la Banque centrale de 2024 et pour certain, ça sera en 2025. Preston Caldwell, économiste en chef chez Morningstar, a déclaré dans un rapport récent que "l'inflation montre maintenant des signes généralisés de décélération" et que "la Fed est toujours susceptible d'augmenter ses taux lors de sa réunion de juillet, mais le rapport d'aujourd'hui sur l'inflation selon l'IPC soutient notre opinion selon laquelle la Fed passera à une réduction agressive en 2024 après la chute de l'inflation". Francois, on le sait la Fed a effectivement augmenter ses taux à la réunion de juillet. François Doyon La Rochelle : Pour les investisseurs qui ont évité les titres à revenu fixe par crainte des hausses de taux, c'est peut-être maintenant le temps de réexaminer vos portefeuilles de titres à revenu fixe. Les investisseurs reçoivent maintenant un rendement réel positif, c'est-à-dire après l'inflation, avec leurs investissements obligataires. Ce qui n'a pas été le cas depuis belles lurettes. James Parkyn : L'exemple parfait est que nous obtenons maintenant de bien meilleurs taux sur les CPG. Récemment, les taux des CPG étaient autour de 5.5% pour 1 an, et autour de 5,2 % pour 5 ans. Ces taux sont nettement plus élevés que notre estimation du rendement attendu des obligations de 4,26 %. Nos auditeurs peuvent consulter le plus récent rapport de PWL que l'on vient de publier sur les hypothèses de planification financière. Malgré la hausse générale des prix des obligations, les rendements aujourd'hui plus élevés qu'ils ne l'ont été pendant la majeure partie de la dernière décennie. François Doyon La Rochelle : À l'heure actuelle, les titres à revenu fixe vous procurent un bon revenu. Sur une base "réelle", les taux semblent très attrayants si on les compare aux prévisions d'inflation pour les années à venir. Par exemple, l'estimation de PWL pour l'inflation est à 2,2 % par an. Un investisseur qui achète un CPG à échéance dans 5 ans, comme tu l'as mentionné James, obtiendrait 5,2 %, soit un rendement réel de 3 %. James Parkyn : En conclusion, François, la clé pour les investisseurs est que même si les banques centrales augmentent encore un peu leurs taux, la fin du cycle haussier actuel se profile à l'horizon, à moins d'une résurgence de l'inflation. Comme nous l'avons dit à maintes reprises, nous ne faisons pas de Market Timing, autant du côté des actions que des obligations. Spécifiquement pour les obligations, n'essayez pas de prévoir le sommet des taux d'intérêt. Je veux également François partager avec nos auditeurs une citation intéressante de Dimensional qui provient de son rapport semestriel et je cite : " Ce que les investisseurs savent, c'est que les marchés continueront à traiter rapidement les informations au fur et à mesure qu'elles seront disponibles. Un plan à long terme, axé sur les objectifs individuels et fondé sur la confiance dans les prix du marché, peut placer les investisseurs dans les meilleures conditions pour vivre une bonne expérience, quoi qu'il arrive. » François Doyon La Rochelle : En d'autres termes, James, il ne faut pas essayer de deviner la fin du cycle de hausse des taux. Je rappelle à nos auditeurs que notre discipline consiste à investir avec "l'état d'esprit de l'investisseur, axé sur le long terme". On ne veut pas se laisser influencer par le bruit à court terme des médias financiers et par la volatilité des marchés. C'est un défi de taille qui s'applique à tous les investisseurs, même aux professionnels. On l'a souvent répété dans notre podcast : "C'est simple à dire mais pas facile à faire : Il faut toujours être conscients qu'on peut tomber dans le piège d'essayer de "prévoir l'avenir".   4) Conclusion : François Doyon La Rochelle : Merci James Parkyn d'avoir partagé ton expertise et ton savoir. James Parkyn : il m'a fait plaisir Francois. François Doyon La Rochelle : Hé bien c'est tout pour ce 55ième épisode de Sujet Capital ! Nous espérons que vous avez aimé. N'hésitez pas à nous envoyer vos questions et suggestions. Vous pouvez nous joindre par courriel à: sujetcapital@pwlcapital.com  De plus, si vous aimez notre podcast, partagez-le avec votre famille et vos amis et si vous n'y êtes pas abonné, faites-le SVP. Encore une fois, merci d'être à l'écoute et joignez-vous à nous pour notre prochain épisode à paraitre le 28 septembre exceptionnellement car nous prenons une pause pour l'été. Profitez de votre été et à bientôt!

In the latest episode of the No Limitations podcast For the Butcher, the Baker, the Candlestick Maker, Blenheim Partners' Gregory Robinson speaks to Joseph Healy, Co-Founder and Chief Executive Officer of Judo Bank, Australia's only challenger bank purpose-built for small and medium businesses. Driven by an unwavering resolve to challenge long-established norms, Joseph takes us across Judo Bank's fascinating journey, from the 87 meetings around the world four times over to an eleventh-hour surprise that threatened to get the bank up and running. He shares with us Judo Bank's unique approach to banking for small and medium-sized enterprises, the backbone of the Australian economy, and the importance of culture in building and scaling a challenger bank. Joseph is a career international banker, having held executive positions at NAB, ANZ, CIBC World Markets, Citibank and Lloyds Bank prior to co-founding Judo Bank in 2016. He was previously Group Executive, Business Banking at NAB and before that was Managing Director, Global Client Relationships at ANZ. Joseph is a Director of the Australian Finance Industry Association and previously served on the Board of Football Federation Australia. He has authored four books, including a recent publication ‘Black Belt – A masterclass for start-ups and entrepreneurs.' Please note: this episode was recorded on 27 March 2023.  See omnystudio.com/listener for privacy information.

Synopsis: Tariq Kassum, M.D. is the CEO of Celsius Therapeutics, a company pioneering new precision medicines in inflammatory disease by harnessing the power of single-cell RNA sequencing and human biology at scale. Tariq shares his unique journey from med school, to working in Wall Street as a biotech investment banker and stock analyst, to the corporate side working at Millennium Pharmaceuticals and Takeda, and finally the innovative biotech world. He discusses the importance of learning to adapt to each environment in order to remain productive and successful, and building meaningful relationships with coworkers and mentors. He also talks about what it will take for the biopharma executive of the future to be successful. Biography: Tariq Kassum brings 20 years of experience in corporate development, strategy and business leadership to Celsius. He joined the company in 2019 from Obsidian Therapeutics, where he was a co-founder and served as chief operating officer and head of corporate development. During this time, Tariq helped build Obsidian into a leading platform technology company and played a central role in the company's strategic partnership with Celgene. Prior to Obsidian, Tariq spent seven years with Millennium Pharmaceuticals and Takeda, most recently as vice president, business development and strategy for Takeda Oncology, responsible for transactions, collaborations, alliance management and strategic planning. Before that, he led Takeda's global corporate development efforts, where he managed multiple acquisitions and divestitures in the U.S. and internationally. He was also part of the business development team at Millennium Pharmaceuticals. Prior to Takeda, Tariq was an analyst covering healthcare equities for institutional investment firms, where he led scientific due diligence and investment decisions on numerous companies and pharmaceutical compounds across multiple therapeutic areas. He began his career as an investment banker with CIBC World Markets, serving clients in the biotechnology and specialty pharmaceuticals industries.

On the first episode of Passive Income Pilots, Tait and Ryan interview Guy Adami.Adami is the longest, original member of CNBC's show “Fast Money”, and also currently serves as the Director of Advisor Advocacy at Private Advisor Group in New Jersey. He is a professional investor, with a background in hedge fund management, and has built a network of advisors with over $17 billion in assets. Adami has held numerous key leadership roles in the financial services industry from Vice President and Head Gold Trader at Drexel Burnham Lambert, to Head Gold Trader and Director of the Industrial/Basic Material group for Goldman Sachs, to an Executive Director at CIBC World Markets. He is well known for providing insight and analysis on stocks and the market, as well as serving others through fundraising efforts, and often giving speeches to colleges and universities.In this episode, Guy Adami teaches you about finance, interest rates, inflation and how to prepare and position yourself for success in 2023.  He shares his belief of how misguided the Federal Reserve's policies have been over the past decade and how they are attempting to normalize the economy.  He also shares detailed advice and strategies to help navigate the stock market and create passive income.Enjoy the show!Show notes:[00:21] Intro[00:42] Tait and Ryan introduce Guy Adami[02:19] Tait and Ryan provide clarity on ESG and REITs prior to the interview[06:13] What are Guy's thoughts on a market crash?[08:20] Fed's interest rate policy and its impact on the market[09:41] Inflation and the impact on the markets[13:34] Cash on the sidelines[16:21] How can pilots position themselves for success in 2023?[19:46] Examining the impact of ESG on the Energy Industry[23:07] Inflation and interest rates[26:12] Examining the impact of fed policy on wealth inequality[32:09] How do we win in a low-interest rate environment?[42:14] What was the biggest surprise Adami had in 2022?[49:37] Adami's outlook on publicly-traded REITs[53:47] What's in his personal portfolio?[55:34] Any Ironman events planned for 2023? [57:10] OutroConnect with Guy Adami:Twitter: https://twitter.com/guyadamihttps://www.cnbc.com/guy-adami/Facebook: Legal DisclaimerThe content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group.The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.The hosts, Tait Duryea and Ryan Gibson, do not necessarily endorse the views of the guests featured on the podcast, nor have the guests been comprehensively vetted by the hosts.Under no circumstances should any material presented in this podcast be used or considered as an offer to sell, or a solicitation of any offer to buy, an interest in any investment. Any potential offer or solicitation will be made exclusively through a Confidential Private Offering Memorandum related to the specific investment. Access to detailed information about the investments discussed is restricted to individuals who qualify as accredited investors under the Securities Act of 1933, as amended.Listeners are responsible for their own investment decisions and are encouraged to seek professional advice before investing....

The ERC tax credit is a limited-time opportunity where business owners can receive a free payout from the government. This free money from uncle sam is based on a number of variables such as your payroll, number of employees, PPP funds, and any hardships experienced during the pandemic. Although not all businesses will qualify most will and speaking with Brian will allow you to determine if this free government handout is worth pursuing. Brian K. Fern, CPA, has over thirty years of experience in the financial services industry. Brian is a fractional CFO working with PE firms, and privately-owned firms in several industries, and helps companies identify expense-savings opportunities. He turns CFO into profit centers.Prior to that, he spent 10 years as CFO at an RIA with $5 billion in assets under management, where he gained expertise working with hedge funds, private equity funds, institutional managed accounts, and High Net Worth clientele. Brian also worked at CIBC World Markets in various roles including Senior Product Controller for the Real Estate, Credit Capital Markets, and Investment Banking departments. Earlier, he spent six years at The First Boston Corporation in various capacities including Internal Audit, Chief of Staff for Public Finance and Mortgage Finance, and expense czar for Investment Banking.Brian started his career at Deloitte (Touche Ross & Co) where he earned his CPA certification. He graduated from Boston University with a BSBA from the Questrom Business School. Brian is also the past Treasurer and current Vice President of his Temple in New Jersey where he resides with his wife and children. He enjoys golf, and cooking, and recently retired from ice hockey after playing for 35 years in a men's pick-up game.--https://www.peoplescapitalgroup.com/https://www.instagram.com/real_estate_investments_nj/?hl=enhttps://www.facebook.com/peoplescapitalgroupnjhttps://twitter.com/PCGrealestatehttps://www.linkedin.com/company/peoples-capital-grouphttps://www.youtube.com/channel/UCCeJh5UgrdBDOabr2YLbAHg#NJRealEstateInvesting#AaronFragnito#PassiveCashFlow#PCG#aaronfragnito#njrealestateinvesting#passivecashflow#realestate#realestateinvesting#accreditedinvestors#investing#sophisticated--00:00 Intro00:49 The ERC Tax Credit Explained by Tax Expert Brian Fern04:16 Qualifying08:56 How much money do you get13:00 Challenges16:37 What is a PEO19:32 Solar Panels23:15 Learn more at peoplescapitalgroup.com--This is not a solicitation for funds, tax advice, or legal advice. This is not intended to be, and must not be construed to be in any form or manner a solicitation of investment funds or a securities offering. Peoples Capital Group LLC is NOT a United States Securities Dealer or Broker nor U. S. Investment Adviser is a Consultant/service provider and makes no warranties or representations as to the listener or viewer. All due diligence is the responsibilitySupport the show

With hosts Wolfgang Klein and Jack Hardill.  Guests: Javed Mirza joined Canaccord Genuity's Canadian research team as a technical analyst in 2017 with over 10 years of technical analysis experience. Previously, he worked in finance at a Canadian bank and on the derivatives pricing desk at State Street Canada. Javed has a Bachelor of Commerce from the University of Toronto and received his MBA from the Queen's School of Business. He holds the CMT and CFA designations and is a member of both the Canadian Society of Technical Analysts and the Toronto CFA society. Dan Daviau was appointed President and Chief Executive Officer and a director of the Company and Chief Executive Officer of Canaccord Genuity Group Corp. effective on October 1, 2015. Previously, Dan served as President of Canaccord Genuity's North American Capital Markets business from February 2015. From 2012 to 2015, he was President of the firm's US Capital Markets business, where he helped to structure the firm's investment banking, research, sales, and trading operations in the region and improve cross-border capabilities. From 2010 to 2012, he was Head of Investment Banking for Canaccord Genuity. Before the Canaccord/Genuity merger that was announced in 2010, Dan was a Principal and Founder of Genuity Capital Markets, where he held a variety of senior roles since 2005. Before 2005, Dan was Co-Head of Investment Banking at CIBC World Markets, a firm he joined in 1991. While at CIBC World Markets, he also served as the Head of the Media and Telecommunications Group since 2000 and Head of the Technology Investment Banking Group in Canada since 1997. Having started his career as a securities lawyer with Goodman & Co., Dan has extensive experience in a broad range of financing transactions and M&A assignments. Dan is based in Toronto, Canada. He holds an MBA from York University, an LL.B. from Osgoode Hall/York University, and a B.A. (Math and Statistics) from the University of Western Ontario. Mr. Daviau is not currently a director of any other public companies.

Carmen and Jordan Campagnaro meet with Deputy Chief Economist of CIBC World Markets, Benjamin Tal. This is the second time Benjamin has joined us on the show to talk about very valuable updates in the Canadian market. In this episode, Benjamin answers our burning questions about rising interest rates, inflation, oil prices, a potential recession on the horizon, and the best real estate asset classes investors should look towards in this climate. As always, Benjamin is full of great insight and you'll want to watch this full episode in order to understand current and projected market impacts of the Canadian economy. For more information on real estate investing & 30 Minutes to Wealth: Website: www.30minutestowealth.com Instagram: @30MinutestoWealth Facebook: www.facebook.com/30MinutesToWealth Disclaimer: The views and opinions expressed on the show are those of the individual guests and do not necessarily reflect the official policy or position of 30 Minutes to Wealth. Some episodes are for mature audiences and include language not suitable for young listeners.

Join Rob Gerrie on More Than Money as he talks to Dr. Sylvain Charlebois, Senior Director at Agri-Food Analytics Lab at Dalhousie University about how inflation and supply chain issues are affecting the cost of food. Is another recession in our future? Benjamin Tal, Deputy Chief Economist of CIBC World Markets shares his thoughts on the probability of a recession and the potential effect on Canadians.

Chadd Garcia hosted the The Business Brew for this conversation. Chadd runs the Ave Maria Focused Fund, which is a non-diversified mutual fund (ticker: AVEAX). His portfolio holding are eclectic. Some themes you will see in there are quality and compounders. However, several of the companies are undergoing business transformations or have advantaged business models. Chadd has an interesting background. He grew up on a family farm in Arizona. He worked in management at a multi-national agribusiness, where he helped turnaround of a business. He caught the investing bug and headed to Harvard Business School to get into finance. He spent time in investment banking and private equity before moving over to public markets. I think these experiences give him an interesting perspective and thought process that he brings to investing. He's a natural teacher and I am excited for this episode. Chadd is lead portfolio of the Ave Maria Focused Fund and co-portfolio manager of the Ave Maria Growth Fund. He is also responsible for equity research functions for the firm. Previously, Chadd analyzed public equities as a Managing Director at SQ Advisors. Prior thereto Chadd worked in private equity as a Managing Director at Gulf Coast Capital Partners and as Vice President at Comvest Partners. Before his work in private equity, Chadd was an Associate in the mergers and acquisitions group at CIBC World Markets. Chadd has a Bachelor of Science degree in Agricultural Resource and Economics from The University of Arizona and a Master of Business Administration degree from Harvard University. He is a board member and CFO of The Rising Farmworker Dream Fund and is a Knight in the Sovereign Military Order of Malta. He is a CFA® charterholder. Contact Chadd at CMG@schwartzinvest.com Ave Maria Funds Page: https://www.avemariafunds.com/fund-family/aveax.html Fund Commentary Found Here: https://www.avemariafunds.com/financial-insight/fund-commentaries.html Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: 2:40 - What Chadd learned from studying HEICO 12:10 - An accounting lesson worth listening to 19:45 - Chadd's thesis on eDreams 29:40 - What Chadd looks for to premortum businesses 33:00 - A discussion about Green Plains and business transformation 39:10 - A discussion about GFL (a waste management company) 42:40 - How Chadd thinks about position sizing 44:50 - The moral component of what Chadd does 53:55 - How Chadd analyzed the short report behind GFL

Arrivée au Québec en 1975 à l'âge de trois ans, Bicha Ngo fait partie des premiers réfugiés vietnamiens au Québec. Malgré des débuts difficiles, elle a su bâtir une carrière d'exception dans le monde de la finance transactionnelle. Détenant le titre de CFA, elle est depuis 2019 première vice-présidente exécutive, Placements privés à Investissement Québec et joue un rôle clé dans le développement économique du Québec. Bicha a auparavant occupé le poste de vice-présidente en développement corporatif chez Domtar, et ce, pendant 9 ans. Elle y a piloté des acquisitions et des ventes d'actifs qui ont contribué à transformer l'organisation. Elle a commencé sa carrière dans le secteur de la banque d'investissement de CIBC World Markets et de Merrill Lynch. Suivez tout au long de cette douce entrevue l'évolution inspirante de cette petite fille méfiante devenue, au fil des ans et des expériences, une femme confiante et rayonnante.

Larry has over 35 years of experience in the industry, working his way up in the early stages of his Career to Chief Technical Strategist of CIBC World Markets. From there, Larry went on to Co-found ETF Capital Management, and has continued that practice to date where EFT Capital Management is a partner of QWealth. Larry also has a popular weekly segment on BNN, Berman's call. Larry replies to some key questions on option strategies, volatility, inflation, interest rates, and what can we expect.

Recording at the Land & Development Conference, Aaron and Adam are welcoming Benjamin Tal in this episode. He is the is the Deputy Chief Economist of CIBC World Markets Inc., and a staple at the forums. Fresh off of his market outlook session at the conference, Benjamin talks to us about all things inflation. We... The post Inflation vs Real Estate with Benjamin Tal of CIBC World Markets appeared first on Commercial Real Estate Podcast.

Sheenal is the Co-founder of Arbor Lodging and Chief Executive Officer of Arbor Lodging Management.  I find the stories of senior leaders in hospitality who don't come up through the industry interesting, mostly because it's fairly rare and there's usually a shared camaraderie with others who know deep down what it's like to work on the front lines of a busy hotel or restaurant. That's often the precursor to earning respect in the industry. Well, Sheenal's story is different and that's why I wanted to have him on the show. As a CEO, you have many stakeholders to manage and complicated problems to solve, all while motivating your team to achieve. If the past couple of years has taught us anything, it's that the soft skills of leadership are the difference maker. And as discussions about culture dominate the industry right now, Sheenal is leading his team with a humble, ‘seek first to understand' style, which comes in part from not coming up through the ranks of a hotel company. We touch on the current climate, what we've learned over the past couple of years, and what is yet to come. If you'd like to know what keeps a hotel CEO up at night, this episode might help. About SheenalSheenal Patel is a co-founder of Arbor Lodging and Chief Executive Officer of Arbor Lodging Management, the management arm of Arbor Lodging. In this role, Sheenal leads general corporate strategy and all efforts related to property management. Prior to co-founding Arbor Lodging, Sheenal was a Vice President with Related Capital Company, a New York based investment firm, where he was responsible for the origination of approximately $800 million of tax-exempt bond transactions for LIHTC multifamily projects located throughout the United States. Sheenal started his career in the Leveraged Finance Group within the Investment Banking division of CIBC World Markets. Sheenal earned his BA in Economics from the University of Michigan and at the London School of Economics completed a year-long General Course program in mathematics. He is a member of the IHG Owners Association Industry Advocacy Committee, a member of the Franchise Advisory Committee for Curio by Hilton, a Senior Executive Board member of Street Samaritans, a Chicago based non-profit organization, and is active in alumni affairs for Phillips Exeter Academy.  LinksWebsite: https://arborlodging.com (https://arborlodging.com) --- For past episodes, show notes or if you've got a story that might make a great episode, head over to https://www.theprovenprinciplespodcast.com/ (theprovenprinciplespodcast.com). We'd love to hear from you. You can subscribe to the show wherever you get your podcasts, even on YouTube... and if you haven't already, don't forget to leave us a rating and a review.  Thanks for listening to The Proven Principles Hospitality Podcast.

Robin Kovitz is the President & CEO of Baskits Inc., one of Canada's fastest growing companies. Baskits designs, manufactures and delivers unique and luxurious gifts across Canada and the US. With over 50,000 customers from around the world, Baskits makes the art of gifting quick and easy through its online stores, catalog/call center, warehouse, and retail locations. In 2020, and again in 2021, Baskits was recognized as one of the Top Growing Companies in Canada by the Globe and Mail's Report on Business Magazine. Prior to acquiring Baskits in 2014, Robin worked in private equity on the buyouts of mid-sized companies and as a Summer Consultant at the Boston Consulting Group where she led a part of a large-scale cost reduction project at a Canadian bank. She also played an active role in the sale of her family's western Canadian food manufacturing and distribution businesses. She began her career in Mergers and Acquisitions investment banking at CIBC World Markets and was recognized with the Chairman's Award in 2005. As a sought-after speaker and commentator on "Entrepreneurship through Acquisition", digital retail and the topic of "Mompreneurship" Robin frequently serves as a guest lecturer at both the Yale School of Management and the Harvard Business School. She and/or Baskits have been featured in a number of leading publications, including: Forbes, House & Home, Elle Canada, Canadian Business, Huffington Post, Style at Home and on Global News, Your Morning Show. Robin currently serves as a consultant to the Admissions Marketing team at the Harvard Business School and as a member of Young Presidents' Organization. She holds an MBA from the Harvard Business School and a Bachelor of Commerce from Queen's University where she was a Rutherford Scholar. In 2017, and again in 2021, she was recognized as a Canada's Most Powerful Women: Top 100 award winner. In 2021, Robin received the Women of Inspiration Award from the Universal Womens Network. She lives in Toronto with her husband and two children. Entrepreneurs are the backbone of Canada's economy. To support Canada's businesses, subscribe to our YouTube channel and follow us on Facebook, Instagram, LinkedIn and Twitter. Want to stay up-to-date on the latest #entrepreneur podcasts and news? Subscribe to our bi-weekly newsletter

The trucker convoy protest in the capital has dominated the news for the past few weeks, with many Canadian commentators expressing shock and disbelief that the country is experiencing such a forceful wave of populism. But at least one person is not surprised at all. Jeff Rubin is an award-winning Canadian author. He's the former chief economist at CIBC World Markets, and a former Senior Fellow at the Centre for International Governance Innovation. His latest book is called The Expendables: How The Middle Class Got Screwed By Globalization - and it has turned out to be quite prescient. On today's episode, Jeff Rubin joins Tara for a deep dive into the economic conditions driving the current unrest. 

In this episode of Make the Shift, Adam Greenberg connects with President & CEO of Baskits Inc., Robin Kovitz to learn how people-first leaders successfully lead their organizations through change. Is the pace of change we're currently witnessing sustainable? What did we learn in the last two years? How can we be better at work, at home, and in our community? Robin and Adam dive deep to discover how a mindful approach to managing change is necessary to keep employees happy and business thriving. About Robin Kovitz: Robin Kovitz is the President & CEO of Baskits Inc., one of Canada's fastest-growing companies. Baskits, designs, manufactures and delivers unique and luxurious gifts across Canada and the US. With over 50,000 customers from around the world, Baskits makes the art of gifting quick and easy through its online stores, catalog/call centre, warehouse and retail locations. In 2020, and again in 2021, Baskits was recognized as one of the Top Growing Companies in Canada by the Globe and Mail's Report on Business Magazine. Prior to acquiring Baskits in 2014, Robin worked in private equity on the buyouts of mid-sized companies and as a Summer Consultant at the Boston Consulting Group where she led a part of a large-scale cost reduction project at a Canadian bank. She also played an active role in the sale of her family's western Canadian food manufacturing and distribution businesses. She began her career in Mergers and Acquisitions investment banking at CIBC World Markets and was recognized with the Chairman's Award in 2005.  As a sought-after speaker and commentator on “Entrepreneurship through Acquisition”, digital retail and the topic of “Mompreneurship” Robin frequently serves as a guest lecturer at both the Yale School of Management and the Harvard Business School. She and/or Baskits have been featured in a number of leading publications, including: Forbes, House & Home, Elle Canada, Canadian Business, Huffington Post, Style at Home and on Global News, Your Morning Show. Robin currently serves as a consultant to the Admissions Marketing team at the Harvard Business School and as a member of the Young Presidents' Organization. She holds an MBA from the Harvard Business School and a Bachelor of Commerce from Queen's University where she was a Rutherford Scholar. In 2017, and again in 2021, she was recognized as a Canada's Most Powerful Women: Top 100 award winner. In 2021, Robin received the Women Of Inspiration Award from the Universal Women's Network. She lives in Toronto with her husband and two children. Connect: You can connect with Robin on https://www.linkedin.com/in/robin-kovitz-0a825b3/ (LinkedIn) or follow her on Twitter https://twitter.com/Kovitzr (@Kovitzr) To learn more about Baskits Inc., or order a gift, visit https://baskits.com/ (baskits.com) Follow Baskits Inc., on Twitter and Instagram @Baskitsinc and on https://www.facebook.com/Baskits-296018249484 (Facebook) and https://www.linkedin.com/company/baskits-inc (LinkedIn). Look for https://twitter.com/makeshiftapp (@makeshiftapp) and follow us on Li, Twitter, Facebook, and Instagram. Have feedback to share or want to be a guest? Reach out to Adam Greenberg at agreenberg@makeshift.ca.

Patrick Brennan, founder and portfolio manager of Brennan Asset Management, LLC Patrick Brennan is the founder and portfolio manager of Brennan Asset Management, LLC (BAM), a Registered Investment Advisory firm based in Napa, CA, which utilizes a concentrated value investing strategy. BAM manages separate accounts and is the sub-adviser for the Oceancross Capital Partners Fund. Patrick has given presentations at multiple value investing conferences, including presentations to The New York Society of Security Analysts (NYSSA), The Nebraska Society of Securities Analysts and presentations on various names at the VALUEx Vail Conferences. Patrick coauthored an article on tracking stocks with Lawrence Cunningham for The Financial History Magazine and Patrick was featured in a write-up of Liberty Latin America in The Private Investment Brief. Prior to founding Brennan Asset Management, Patrick managed portfolios and led research efforts at two value investing firms in California: Hutchinson Capital Management and RBO & Co. Previously, Patrick worked at Mark Boyar & Company, where he led the firm's research team and helped manage $800 million of assets across individual portfolios, institutional accounts and a mutual fund. Patrick also worked for six years in investment banking and equity research with Deutsche Bank, CIBC World Markets and William Blair & Company. Patrick graduated summa cum laude from the University of Notre Dame with a degree in economics and was inducted into Phi Beta Kappa. Patrick received the Chartered Financial Analyst (CFA) designation in 2002 and is a member of the CFA Institute (formerly AIMR). Patrick is originally from Omaha, Nebraska. More information on Patrick and Brennan Asset Management: https://www.brennanvalue.com/ Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here: https://www.gurufocus.com/membership/new/index.html#/?utm_campaign=podcast Watch the full live stream: https://youtu.be/Q90_NP1hPxI

It's been almost two decades since inflation reached the levels recorded last month. People are feeling it at the gas pump, the grocery store, and in big ticket items. What's causing it and can it be brought under control? We ask: Rebekah Young, director, Fiscal & Provincial Economics for Scotiabank; and Benjamin Tal, deputy dhief economist of CIBC World Markets. See omnystudio.com/listener for privacy information.

We have two special guests for our podcast today:  Anita Ng, MD for Private Investments @ Cambridge Associates and Tanya Kemp, MD and Head of Private Markets at San Francisco Employees' Retirement System.  Anita has more than 25 years of investment experience, 15 of those managing client portfolios at Cambridge Associates (a global advisory investment firm responsible for advising on over $500B in aum).  She is a trusted advisor to a broad group of institutional clients, including endowments and foundations, public pension plans, and private clients. In 2020, Anita was named in Chief Investment Officer's annual list of Knowledge Brokers, a list of the most influential investment consultants and advisers.  Prior to joining Cambridge Associates in 2006, Anita was a technology investment banker at CIBC World Markets, Credit Suisse First Boston and Banc of America Securities and earlier in her career, worked in Hong Kong at Merrill Lynch.    Our co-guest is Tanya Kemp, Head of Private Markets.SFERS is a public plan with over $34B assets.  Tanya rose up through the ranks from inv analyst in VC then PE and head of Pvt mkts overseeing a $14 billion portfolio comprising private investments across leveraged buyouts, venture capital, growth equity, real estate and natural resources strategies.  Prior to joining SFERS, Ms. Kemp was Risk and Performance Analyst with Missouri State Employees Retirement System. She holds an MA, MBA, CFA and CAIA designations. She has received numerous awards including Private Equity Buyouts “Trailblazers: Ten women pioneering new paths in private equity” in 2016; Trusted Insights Top Public Pension Investment Directors 2021, Rising Star 2021 Venture Capital Journal.   Anita and Tanya are two highly talented, engaging women in our industry passionate about investing and their roles. What a pleasure it was for me to speak with them together during this podcast.     Without further delay, here is my conversation with Anita and Tanya.  

On today's show, we take a look at the new federal cabinet, and how the prairies will fare with Lisa Young, a political scientist from the University of Calgary. Dr. Timothy Caulfield, a professor at the University of Alberta in health law and policy and Canada Research Chair in Health Law & Policy discusses junk science. Plus, home prices are high, but a lot of people are getting financial help from their parents, we chat with Benjamin Tal, the deputy chief economist at CIBC World Markets for more details.  See omnystudio.com/listener for privacy information.

In this extremely important episode, Carmen and Jordan meet with the Deputy Chief Economist of CIBC World Markets, Benjamin Tal. Well known for his groundbreaking published research on topics such as labour market dynamics, real estate, credit markets, international trade, and business economic conditions, today Benjamin shares with listeners the current economic outlook of Canada in these highly unprecedented times. He also shares his valued take on the real estate market in 2021 and beyond, and sheds light on where some real estate investment opportunities may present themselves in the current climate. Benjamin Tal is truly an expert in his field with a wealth of information and advice to share – this is one episode you cannot afford to miss. Episode Highlights: ·   Benjamin's perspective on the economy in 2021 ·   The impact of the crisis on the real estate market ·   His thoughts on the short and long term for the economy and real estate ·   The 2 different real estate markets ·   The impact on builders and developers ·   Bringing the equilibrium back to normal ·   The most advantageous real estate investments now ·   The office building market ·   His thoughts on inflation in the future ·   His advice for listeners   Quotes:    “We are going through the ‘mother of all recessions'.”   “This was the most real estate friendly recession ever.”   “All the jobs that were lost during this crisis were lost among low wage occupations – most of them are renters.”   “There is 1/3 of the economy still stuck in this ‘L-shape' recovery.”   “You will see the Bank of Canada not touching interest rates until 2023.”   “There is more activity in the more expensive, larger segment of the market.”   “Every crisis is a trend accelerator.”   “This means that the condo space will start softening very, very soon…I'm seeing clearly a market that is going to adjust.”   “I think that we will see a very strong recovery in the economy in the second half of 2021 into 2022.”   “We tend to exaggerate things when we are in a situation, and we are in a situation now.”   “The rental market has been on fire until the crisis started, so it's going down to normal levels.”   “The concept of rush hour seems so primitive now.”   “I'm not losing sleep over inflation any time soon.”   “Let's view the situation from a long term perspective and see what makes sense and what doesn't.”   Links:   30 Minutes to Wealth homepage:  https://www.30minutestowealth.com/

1) Financial literacy for 14 - 18yrs old. 2) Approaches to take when introducing financial literacy. 3) Some important financial management principles. 4) What is compound interest? 5) What is dollar cost averaging? 6) Explanation of a Family Office. 7) The benefit to an advisor. Guest: Alphil Guilaran, Co-Founder at Financial Literacy Counsel (FLC). Alphil was born and raised in Vancouver by immigrant parents from the Philippines. Alphil graduated from University of British Columbia with a degree in Political Science in 2000. He has worked for both CIBC World Markets and RBC Capital Markets. Alphil has a passion to "build financially literate generations" through teaching and financial coaching. He teaches financial literacy with a unique emphasis on helping Canadians get their financial houses in order, become retirement ready, and train heirs and beneficiaries to be financially responsible. Alphil is a lifetime member of the Million Dollar Roundtable. Contact: alphil@flci.ca www.flci.ca

1) Why it's important to start the education of financial literacy early in life. 2) 3 steps to good money management habits. 3) How an independent advisor can add value in this process. Guest: Alphil Guilaran, Co-Founder at Financial Literacy Counsel (FLC). Alphil was born and raised in Vancouver by immigrant parents from the Philippines. Alphil graduated from University of British Columbia with a degree in Political Science in 2000. He has worked for both CIBC World Markets and RBC Capital Markets. Alphil has a passion to "build financially literate generations" through teaching and financial coaching. He teaches financial literacy with a unique emphasis on helping Canadians get their financial houses in order, become retirement ready, and train heirs and beneficiaries to be financially responsible. Alphil is a lifetime member of the Million Dollar Roundtable. Contact: alphil@flci.ca www.flci.ca

Bruce tells us what it was like getting the Astra Zeneca shot.  And then we're joined by Benjamin Tal, the Deputy Chief Economist of CIBC World Markets for a real down to earth, easy to understand conversation about the economy and what you should know to protect your pocketbook.

1) How FLC began and why they discovered the importance of teaching financial literacy. 2) Who FLC serves. 3) What is a family office. 4) Why teaching multi generations about financial literacy is important in preserving and building wealth. 5) The different financial literacy programs in elementary schools, high schools, and Universities. 6) Final thoughts and suggestions. Guest: Alphil Guilaran, Co-Founder at Financial Literacy Counsel (FLC). Alphil was born and raised in Vancouver by immigrant parents from the Philippines. He graduated from University of British Columbia with a degree in Political Science in 2000. He has worked for both CIBC World Markets and RBC Capital Markets. Alphil has a passion to "build financially literate generations" through teaching and financial coaching. He teaches financial literacy with a unique emphasis on helping Canadians get their financial houses in order, become retirement ready, and train heirs and beneficiaries to be financially responsible. Aside from setting up financial literacy programs in and around Vancouver, Alphil is a lifetime member of the Million Dollar Roundtable. Contact: Website: flci.ca Email: education@flci.ca Phone: 604-620-6630

Why would you want to be an investment banker? What are the NEGATIVES of being an investment banker?   David Jaffee worked at Morgan Stanley, CIBC World Markets and Petsky Prunier.   In this video, he will share his thoughts on the NEGATIVES of investment banking and corporate finance.   --------- ✔️ Receive $400+ of Free Training by visiting https://BestStockStrategy.com   ✔️ Enroll as a Student (Options Trading Education & Live Options Trade Alerts): https://beststockstrategy.com/members...   ✔️ 7 Day Trial of Real-Time Trade Alerts for only $19: https://beststockstrategy.thrivecart....   ✔️ Book a 30-Minute Call: https://beststockstrategy.thrivecart....   ✔️ **NEW** Podcast: Apple Podcasts: https://podcasts.apple.com/us/podcast...   Spotify: https://open.spotify.com/show/6J7zlcl...   Questions? E-mail me: David@BestStockStrategy.com   ✅ Please like, subscribe, share & comment on this video - it helps a lot! ---------   Become a student of BestStockStrategy and maximize your options trading profits while avoiding mistakes and minimizing risk.   Not a member of BestStockStrategy.com? Then you are definitely costing yourself money.   We provide the absolute best strategy and education so that you can optimize your options trading profits while reducing risk.   BestStockStrategy provides the best options trading education available.   You'll learn the best options trading strategy (much better than Tastytrade and Option Alpha).   You can become successful in stock trading and learn how to make money by trading stock options.   Learn how to invest in the stock market, option market and how to make consistent profits in the financial markets.   We teach our students how to become successful and profitable investors and traders.  

Why would you want to be an investment banker? What are the benefits of being an investment banker?   David Jaffee worked at Morgan Stanley, CIBC World Markets and Petsky Prunier.   In this video, he will share his thoughts on the benefits of investment banking and corporate finance.   --------- ✔️ Receive $400+ of Free Training by visiting https://BestStockStrategy.com   ✔️ Enroll as a Student (Options Trading Education & Live Options Trade Alerts): https://beststockstrategy.com/members...   ✔️ 7 Day Trial of Real-Time Trade Alerts for only $19: https://beststockstrategy.thrivecart....   ✔️ Book a 30-Minute Call: https://beststockstrategy.thrivecart....   ✔️ **NEW** Podcast: Apple Podcasts: https://podcasts.apple.com/us/podcast...   Spotify: https://open.spotify.com/show/6J7zlcl...   Questions? E-mail me: David@BestStockStrategy.com   ✅ Please like, subscribe, share & comment on this video - it helps a lot! ---------   Become a student of BestStockStrategy and maximize your options trading profits while avoiding mistakes and minimizing risk.   Not a member of BestStockStrategy.com? Then you are definitely costing yourself money.   We provide the absolute best strategy and education so that you can optimize your options trading profits while reducing risk.   BestStockStrategy provides the best options trading education available.   You'll learn the best options trading strategy (much better than Tastytrade and Option Alpha).   You can become successful in stock trading and learn how to make money by trading stock options.   Learn how to invest in the stock market, option market and how to make consistent profits in the financial markets.   We teach our students how to become successful and profitable investors and traders.  

Part 4 of 4 interviews from our end-of-year event, The Pain and Triumphs of 2020: The Biggest Lessons We Learned This Year, where we asked guest speakers (several of our favorite people who have been part of the Tech 2025 community for years!) what their most profound lesson of 2020 was and how it changed their outlook on the future. In this episode, longtime friend of the community and advisor, Ed Maguire (Research Principal, SMBC Nikko Securities America, Inc.) shares lessons we should take away from the experiences of people who struggled the worst last year. Ed Maguire brings more than 17 years of Wall Street experience in equity research and investment banking to his role as Insights Partner at Momenta Partners, with deep domain expertise in enterprise software.  He has proven success identifying strategic opportunities and articulating actionable insights based on rigorous analysis of technology, operations, competition and markets. Most recently he was Senior Analyst and Managing Director at CLSA Americas, LLC, covering the software industry, technology and innovation. Prior roles include CEO of strategic consultancy firm MAGNet Strategies, Director at Merrill Lynch’s technology investment banking group, Senior Director at Merrill Lynch’s equity research department, and Research Associate at CIBC World Markets. Prior to Wall Street, he was Senior Sales Manager for Twinbrook Music Distribution and worked extensively performing and recording as a professional musician. Mr. Maguire holds a B.A. in music from Columbia University and an MBA in finance and management information systems from Rutgers Business School.  He has appeared extensively in major media including CNBC, CNN, the Wall Street Journal, Bloomberg, BNN, NPR and other outlets.

Greetings, congenial Herle Burly-ites ... top of the podcast to you!Jeff Rubin is our guest for Part 1 of this episode. Jeff is the #1 best-selling author of “Why Your World is About to Get a Whole Lot Smaller” and the former Chief Economist for CIBC World Markets. We are going to talk about his new book “The Expendables”, and his argument that the middle class got nothing out of globalization ... except the bill. And how the blowback to all of that is changing the developed world.Part 2 of the pod, is the comms and campaign gurus you've grown to LOAVTH – which is a brand new word I just invented that combines LOATH and LOVE. It's a complicated feeling, I know ... our Political Panel with  Jenni Byrne and Scott Reid! We'll pick up on my discussion with Jeff. We'll continue to talk about government response to the 2nd wave of the pandemic and growing COVID comms confusion. We'll tell some stories of spouses and family members “contributing” – and I'm doing the air quotes fingers right now – to campaign strategy. And we'll debut a new segment near the end of the Panel we call, “HEY YOU!” ... Here's how “HEY YOU” works: each of us will throw a single question out into the social media ether ... for a politician or public figure. Will it be entertaining? Yeah, I'm pretty sure it will. Will somebody take the bait and give us an answer? We'll see. Will somebody else create a burner account, and masquerade as that public figure to try to fake us out? Seems like a lot of work, but sure. Go for it. Anyway, stick around for “HEY YOU!”Watch conversations from The Herle Burly on YouTube.The Herle Burly was created by Air Quotes Media with support from our presenting sponsor TELUS, as well as CN Rail and MDA Space.Thank you for joining us on The Herle Burly podcast. Please take a moment to give us a rating and review on iTunes, Spotify, Stitcher, Google Podcasts or your favourite podcast app.

Today's first time guest is Jeff Rubin, who was the Chief Economist at CIBC World Markets (where he worked for over 20 years).  He has just released a new book: The Expendables: How the Middle Class Got Screwed by Globalization, where he says that the decline in permanent, well paying full time jobs is a direct result of free trade agreements that transferred jobs to lower wage countries, leaving factories in Canada idle.  On today's show Jeff Rubin argues that globalization allows the rich to get richer, and that leads to increasing inequality, and that leads to high debt levels for the average Canadian.  Is there a solution?  We discuss that and a lot more on today's show. Helpful Links: Jeff Rubin on Twitter  https://twitter.com/jeffrubin The Expendables  How the Middle Class Got Screwed By Globalization  link to book on Amazon: https://amzn.to/2FLeORE Debt Free in 30 Podcast on Modern Monetary Theory: https://youtu.be/TMGDaTGx3V4   Topics Covered: 00:47 What is globalization, and who are the expendables who got screwed by it? 2:48 What's wrong with moving jobs to lower wage countries?  Consumers pay less, and corporate profits are higher; what's the problem? 5:55 Does outsourcing lead to lower wages, lower interest rates, and lower inflation? 7:40 How are low wages tied to consumer debt? 9:50 Interest rates are very low, so does it matter that governments have high deficits? 11:18  How does globalization lead to more middle class debt?          13:43 Does globalization lead to speculative bubbles (like the stock market and the housing bubble)? 15:51 Do you agree or disagree with David Ricardo's Theory of Comparative Advantage?  Are we not better off if we do what we are best at? 18:48 With globalization we have more exposure to other cultures; does that increase the chances for world peace?  Is that not an upside of globalization? 20:14 What are the solutions to the problems caused by globalization? 21:27 Donald Trump and Bernie Sanders both have the same trade policy 23:39  Not being able to get N95 masks was a big problem, because we didn't produce them in Canada.  Do you expect in the future to see more manufacturing returning to Canada? 27:15 Contrary to popular belief, why do you not think we have a progressive tax system? 29:10 But if we had a more progressive tax system, would that not lead to money and jobs and wealthy people leaving the country, making our economic situation even worse? 33:00 Closing comments: advice for the average Canadian hurt by globalization.

Jeff Rubin, former chief economist at CIBC World Markets, joins Michael to discuss his latest book ‘The Expendables: How the middle class got screwed by globalisation’. Mr Rubin argues that all this was foreseeable back when Canada, the United States and Mexico first started talking about free trade. Labour argued then that manufacturing jobs would move to Mexico. Free-trade advocates disagreed. Today, Canadian and American factories sit idle. More steel is used to make bottle caps than cars. Meanwhile, Mexico has become one of the world's biggest automotive exporters. And it's not just NAFTA.  Cheap oil, low interest rates, global deregulation and tax policies that benefit the rich all have the same effect: the erosion of the middle class. See omnystudio.com/policies/listener for privacy information.

Travis Tinning, from Nurse Next Door Home Care Services talks about costs and important information for those who want to "age in place" rather than move to a care centre.  Benjamin Tal, Deputy Chief Economist, CIBC World Markets also returns to the show to talk about the economy right now.  See omnystudio.com/listener for privacy information.

Deputy Chief Economist, CIBC World Markets; Benjamin Tal joins the guys to talk about negative interest rates, a general state of the economy/look back and look ahead.  Also, Dave and Faisal talk about adult kids and your money. See omnystudio.com/listener for privacy information.

Joseph Healy is the Co-Founder and Co-CEO of Judo Bank, an SME challenger bank in Australia. Fresh off a A$400m equity raise from Bain Capital and others, Judo is on track to lend A$1 billion by year end. Prior to starting Judo, Joseph held executive positions at NAB, ANZ, CIBC World Markets, Citibank and Lloyds. From 2008-2014, Joseph ran NAB’s Business Banking unit, the largest business banking division in Australia. Joseph and I discuss the state of business banking in Australia, why he needed to start a new bank rather than seeking to reform an incumbent bank from the inside and the learnings from decades as a traditional banking executive that Joseph is applying at Judo. In addition to the insights we deliver through our podcast and newsletter, Rebank offers advisory services to fintechs, banks and corporates. Drawing on our experience starting, running and advising fintech businesses and our vast network of the most impactful fintech entrepreneurs, investors and innovators around the world, we help companies make sense of fintech, work through specific questions and optimize proposition and strategy. For more information about our services, please visit www.bankingthefuture.com. Thank you very much for joining us today. Please welcome, Joseph Healy.

Benjamin Tal, Deputy Chief Economist, CIBC World Markets joins the show to discuss the Canadian economic situation right now and how trade uncertainty is impacting us.  See omnystudio.com/listener for privacy information.

Melissa Eisenstat is a Trustee and Board President, New York Youth Symphony.Melissa has been a Trustee of New York Youth Symphony since 2010 and Board President since 2012. She worked at several prominent Wall Street firms, most notably at CIBC World Markets, where she was Managing Director in Equity Research, leading the firm's software industry research team. She was ranked among the top three stock pickers from 1997 to 1999 in the Wall Street Journal’s All-Star Analyst Survey. Prior to joining CIBC, she spent four years at Pillar Corporation, a software company where she managed the company’s product testing program for its corporate financial planning product, and spent three years in direct sales. Before Pillar, she worked for Apple Computer, first in international marketing and later in US business development. At Penn, she earned her MBA/MA at Wharton’s Lauder Institute (WG'88), and her BA from the College of Arts and Sciences. A lifelong cellist and pianist, music served as a creative outlet during her career in tech and finance, and it inspires her current work in music education.Aired May 11, 2018 See acast.com/privacy for privacy and opt-out information.

February 17, 2018 - Benjamin Tal, Deputy Chief Economist at CIBC World Markets on the recent downturn – it's a blip and bull market will continue. Also, his thoughts on inflation, growth, earnings and interest rates in coming months. Saving money for your family on Family Day weekend! Justin Mastrangelo and Courtney Gilmet of BDO Canada on saving more of your money by avoiding tax via prescribed rate loans and family trusts and the potential changes to capital gains rates in the upcoming federal budget. Artificial intelligence for child protection. Lloyd Richardson, Canadian Centre of Child Protection on Arachnid, a web crawler developed to find child sexual abuse on line in an effort to find perpetrators and protect our kids.

Richard Nesbitt shows you how to immediately improve the results of your business by using gender intelligence to create massive growth. Richard Nesbitt is the President and CEO of Global Risk Institute and an Adjunct Professor at the Rotman School of Management of the University of Toronto. He was the former CEO of CIBC World Markets, TSX Group and HSBC Securities Canada. He is the author of the new book Results at the Top: Using Gender Intelligence to Create Breakthrough Growth.    Podcast Highlights Who is Richard Nesbitt? Richard was born and raised on a farm, and through his education and persistence has managed to get where he is today. There is no substitute for hard work is a very traditional approach but it’s true. Hard work is the great leveler. What is gender intelligence? Gender intelligence is essentially taking the talent of both genders and using that to improve your business. The combination of both talents is superior than just utilizing one or the other. Gender intelligence in leadership can improve dividends, earnings, cash flow, and stock prices. It can also improve employee satisfaction, innovation, and the company’s environmental record. Why is it less common to see women in leadership positions? The research in gender intelligence is only around 20 years old, so it’s taking time to filter down into the culture of business. Research has shown that as you get towards gender parity in leadership, you will see an improve across the board. How significant is the improvement? Getting closer to gender parity in leadership can significantly improve earnings. According to research, at 30% of the board being the opposite gender is where you will see significant gains but, just adding a single board member of the opposite gender can lead to immediate improvements. How did you come up with the idea for the book? The book was originally addressed to men and how they could improve their companies. The dynamics of men and women in leadership is an evolving trend. Richard’s book was an effort to organize the research and provide a resource for every business to leverage. How does this impact equal pay? Women are paid less than men on aggregate, due to not being represented in all areas in business. By focusing on bringing women into these leadership roles, we can help close the gap. What can entrepreneurs do to make sure they don’t end up in this situation? Entrepreneurs need to understand that gender balance is an important issue in the success of their business. It’s important to always hire the best person, but you have to get out of your comfort zone and consider the the benefits of a diverse set of candidates. Look outside of your traditional sources. Gender intelligence should be a priority item on your list. How can business owners begin implementing gender intelligence? CEO’s have to make this a goal they are going to achieve in their lifetime. Prepare for the expiration of a director’s term limit instead of being caught off guard and replacing them with someone just like you. Gender diversity is one of the lowest cost things you can do to improve your company’s results. Reference: Results at the Top: Using Gender Intelligence to Create Breakthrough Growth, Richard Nesbitt Richard’s Takeaway Think very carefully before you act about what you are trying to achieve and ensure you are trying to achieve it for the right reasons. Examine your own preconceptions about why you do what you do, become curious about the research and once you ar

November 4, 2017 - Benjamin Tal, Deputy Chief Economist with CIBC World Markets on the current state of the markets, what's hot and what's not. Richard Remillard of the Private Capital Marketing Association on crowdfunding; what it is and how you may do it to raise money for any endeavor you undertake. Camilo Lyon, Retail Analyst at Canaccord Genuity on fashion retailing and how it's all about product innovation to grab market share and what Amazon is doing to affect it.

September 16, 2017 - Benjamin Tal, Deputy Chief Economist at CIBC World Markets on the rise of the Loonie, interest rates and broad economic growth and Canada. Don Allan, Director, Producer and Founder of Revolver Films on TIFF, the Toronto International Film Festival, and its significance to the city as well as the business of TV and film production in Toronto. Ted Garrard, CEO of the Sick Kids Foundation on the impact of giving and the importance of the upcoming Canaccord Genuity Great Camp Adventure Walk to raise funds for the hospital. Matt Bottomley, Canaccord Genuity Analyst on the business of legalizing marijuana in Canada. Among topics discussed, distribution and taxation.

Tom Tucci, the head of U.S. Treasury trading at CIBC World Markets, offers his outlook on the bond market. Teva's naming of Kaare Shultz as CEO comes in for analysis by Koby Benmeleh, a Bloomberg reporter in Tel Aviv, and Liz Krutoholow, a specialty pharma and biotech analyst at Bloomberg Intelligence. Bloomberg's Jamie Butters discusses the impact of China's effort to go all electric on cars. Finally, Regina Mayor, KPMG's global sector leader for energy and natural resources, talks about how major weather events affect the energy markets.

Bill Smead, CEO of Smead Capital Management, discusses what would happen if oil was priced at $20 a barrel. Bloomberg's Chris Reiter discusses a study from consultant firm Roland Berger that says a U.S. border tax will make most automakers unprofitable and lead to job losses. Bill Sandbrook, CEO of U.S. Concrete Inc., discusses the process of submitting proposals to build Trump's border wall. Finally, Tom Tucci, the head of U.S. treasury trading at CIBC World Markets, says tax policy will drive the next leg of the market.

Benjamin Tal , Deputy Chief Economist with CIBC World Markets, and Glen Hodgson , Chief Economist with the Conference Board of Canada weigh in on a plan to implement a minimum income in Ontario.

Benjamin Tal is the Deputy Chief Economist with CIBC World Markets. On this episode we discuss the global economy including what’s happening in China and Europe, his positive outlook on the USA, Ben’s recent “Canada Jobs Report”, and listen to hear what Ben thinks about the recent trend of institutional investors getting into the Toronto High Rise Market. Click here for show notes.Andrew la Fleur / Sales Representative416-371-2333 / andrew@truecondos.comhttp://www.truecondos.comhttp://twitter.com/andrewlafleurhttp://facebook.com/truecondos

Join Accredited Investor Markets Radio host Chris Cahill and ACE Portal’s Carl Torrillo as they discuss democratizing access to capital for deserving companies and, in turn, democratizing access to deal flow for investors. Listeners will learn how this will help stimulate growth in the economy and the role ACE Portal is playing in the process. Learn more about Carl Torrillo and ACE Portal here. Or you ca find him here: LinkedIn: Ace Group Inc. LinkedIn: Carl Torrillo Twitter: @ACEportal Carl is a co-founder of ACE Portal, having joined the Company in 2012, after spending 11 years in investment banking with Citi, Bank of America and CIBC World Markets. Carl is responsible for the financial and administrative functions of the business. Carl joined the Company in 2012, after spending 11 years in -investment banking with Citi, Bank of America and CIBC World Markets. Over the course of his career in investment banking, Carl raised in excess of $50 billion in capital for diversified industrial companies. Carl has experience raising capital across the investment grade and high yield debt capital markets, as well as through equity issuance. These offerings were placed through a variety of private and public offering formats. In addition, he acted as an advisor on numerous M&A transactions with an aggregate value of over $15 billion. Carl was most recently a Director with Citi’s Global Industrials Group, where he focused on large cap diversified industrials. Carl has a B.S., Magna Cum Laude, from Cornell University.

Jeff Rubin, chief economist for CIBC World Markets, talks about the Canadian economy, the state of the dollar, and the chances for economic rebound. (Original air date: February 2002)

We are on a collision course with a global restructuring — do the countries of this world and those who lead them have the guts to actually do it? To find answers, we called Josh Rosner. Josh is Managing Director at independent research consultancy firm Graham Fisher & Company, where he advises regulators and investors on housing and mortgage financial issues. Previously he was the Managing Director of financial services research for Medley Global Advisors and was an Executive Vice President at CIBC World Markets.

He's been called a maverick -- Jeff Rubin, former chief economist at CIBC World Markets. And from his latest bestseller, it's easy to see why. In it, he predicts that record high oil prices will mean the end of globalization. The book is called Why Your World is About to Get a Whole Lot Smaller.