Insight is Capital™ Podcast

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

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

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

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

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

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

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

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

In this episode, Pierre Daillie sit down with Eli Yufest, Executive Director of The Canadian ETF Association (CETFA), for a sharp and revealing conversation about the future of Canada’s ETF industry. Yufest gets right down to it: beyond the Canadian ETF industry's assets under management, more than $230 billion of Canadian investor capital has left the country—straight into U.S.-listed ETFs—and he’s sounding the alarm on what’s at stake if that trend continues. With ETFs now pushing close to $600 billion in assets under management at home, CETFA is stepping up with a full-court press—launching bold educational campaigns, ramping up advocacy efforts, and pushing for smart policy changes. From regulatory risks and investor misconceptions to a tidal wave of U.S. share-class products set to flood the market, this episode digs into the real pressures threatening Canada's investment ecosystem—and the plan to keep it thriving. What if the biggest threat to Canada’s financial future isn’t inflation or interest rates—but our own indifference to homegrown ETFs? 📌 Episode Snapshot: Newly appointed CETFA Executive Director Eli Yufest joins us to share his blueprint for growing and protecting Canada’s ETF industry. With a warning about the growing shift of Canadian dollars to U.S.-listed ETFs, Yufest outlines a two-pronged strategy: direct advocacy with regulators and an aggressive education push to reach everyday investors and financial advisors. The conversation covers looming CRM3 disclosure changes, why young Canadians are embracing ETFs, how innovation can unlock broader access, and what’s at risk if we fail to make the domestic market more competitive.Chapters:[00:01:00] – Meet Eli Yufest – from political campaigns to ETF advocacy [00:06:30] – What surprised Eli about the ETF industry [00:08:00] – Canada’s overlooked role as ETF innovator [00:09:30] – Why regulators and politicians are finally listening [00:11:00] – CETFA’s core mission: Grow the ETF industry [00:13:00] – The education gap: Jane & Joe Front Porch still don’t know what ETFs are [00:14:30] – Advisors: Still a huge ETF adoption lag [00:15:30] – ETF misconceptions: liquidity, costs, and innovation [00:17:30] – Gen Z, online brokerages, and the future of DIY investing [00:20:00] – The biggest threat: $230B in assets has left for the U.S. [00:22:00] – ETF share class tsunami: 1,200+ new U.S. products are coming [00:25:30] – Why Canada must act now—or lose its ETF market entirely [00:28:00] – Private equity ETFs and the democratization of access [00:33:00] – From hedge fund strategies to long-short: ETFs unlock it all [00:35:30] – CETFA’s behind-the-scenes policy influence and wins [00:39:00] – Expanding membership, strengthening industry alignment [00:41:30] – Drawing on a career in strategy and education to lead change #CanadianETFs #ETFInnovation #InvestorEducation #CapitalFlight #FinancialAdvocacy

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