

Insight is Capital™ Podcast
AdvisorAnalyst.com
The official podcast of AdvisorAnalyst.com, publisher of actionable market and investment insight, commentary, analysis and practice management for investment professionals and investors.
Episodes
Mentioned books

May 6, 2025 • 1h 7min
EMQQ Global's Kevin Carter: A Serial Investech Pioneer Walks into Princeton University
🔥 You’ve heard of index funds… but what if the real revolution in investing started with fractional shares, a phone call to Dr. Burton Malkiel, and a vision for emerging markets that no one saw coming?
In Part 1 of this fireside chat on Insight is Capital host Pierre Daillie sits down with Kevin Carter, Founder and CIO of EMQQ Global, for a wide-ranging conversation that spans Carter’s unplanned journey into finance, his pivotal role in the birth of fractional investing, AND direct indexing, and the origin story of EMQQ, the Emerging Markets Internet Index ETF.
Carter recounts his early days reading A Random Walk Down Wall Street, cold-calling its author Dr. Burton Malkiel, and launching not one—but multiple investing platforms that have shaped how millions invest today. From building the “Build Your Own Fund” platform sold to ETRADE, to coining “Tax Alpha”, to launching ETFs that target the real growth in emerging markets (hint: it's not state-owned enterprises), this episode is a deep dive into innovation, conviction, and seeing around corners.
🎬 Chapters & Timestamps:
00:00 – Intro: Meet Kevin Carter, founder of EMQQ Global
01:30 – How a basketball chat led to a job on Wall Street
03:10 – Reading A Random Walk Down Wall Street—and calling its author
06:45 – Realizing the mutual fund industry is a 1.5% “wealth tax”
10:15 – Africa, a notebook, and the spark for fractional investing
13:00 – Creating eInvesting and pioneering Build Your Own Fund
16:20 – Cold-calling Dr. Burton Malkiel at Princeton
18:30 – Selling to ETRADE and the rise of direct indexing
22:00 – Custom indexing, ESG before ESG, and inventing “Tax Alpha”
28:00 – Avoiding over-diversification: Buffett vs. Bogle
33:00 – The Google connection and the call to invest in China
37:00 – The red flags inside traditional China ETFs
44:00 – Launching EMQQ to target the real consumer tech growth
49:00 – Smartphones, internet, and the leapfrog effect
55:00 – Why EMQQ and INQQ launched at the worst possible time
58:00 – The delisting drama, China tech crackdown, and investor fear
01:03:00 – EM growth vs. value traps—and why India is next
This conversation continues in Part Two, where we dive into the "India Stack" and what it means for India's economic growth and tech/internet sector.
Where to find Kevin Carter, EMQQ GlobalKevin Carter on Linkedin - https://www.linkedin.com/in/thekevintcarter/
EMQQ Global - https://emqqglobaletfs.com/
#EMQQ #Investing#EmergingMarkets#ETFs#FractionalShares#Indexing#KevinCarter#ChinaTech#IndiaGrowth#SmartphoneRevolution#BurtonMalkiel#TaxAlpha#DirectIndexing#Vanguard#Buffett#FutureOfFinance#FinancialInnovation

May 2, 2025 • 1h 9min
The Trump Put & How ETFs are Shaping Wild Markets with Eric Balchunas
Can one word from a U.S. president really move markets by 8% in two hours? Bloomberg’s Eric Balchunas calls it the "Trump Put"—and that's just for starters.Episode Summary:
In this episode, Raise Your Average hosts Pierre and Mike welcome back Bloomberg Senior ETF Analyst Eric Balchunas, and co-host of Trillions, for a dynamic conversation that peels back the curtain on ETF flows, investor psychology, and the growing crossover between crypto and traditional finance. Balchunas unpacks the hidden narratives driving today's markets—from the surge in passive flows and rebalancing tailwinds, to the rise of “Vanguardians” and the Degens chasing leveraged plays. He also explores how mutual fund share classes, private credit, and public-private crossovers are changing the ETF landscape. With his signature humor and razor-sharp insight, Balchunas offers a front-row seat to the evolution of asset management.Key Takeaways:Timestamps:00:00 – Intro and Eric Balchunas joins the show
03:00 – $333B ETF inflows and the "Vanguard clip"
05:45 – The divergence between retail flows and institutional positioning
07:00 – The "Trump Put" and the 8% rally on one word
08:30 – Degens, leveraged ETFs, and why people keep buying the dip
10:00 – Persistent love for U.S. stocks despite better international value
12:00 – Gold vs. Bitcoin: who's winning in 2025?
14:00 – Bitcoin's improving volatility profile and “better owners”
16:00 – Why Bitcoin ETFs are changing the game
18:30 – Cognitive dissonance: crypto purists vs. TradFi adoption
21:00 – Passive power, BlackRock conspiracies, and Bogle’s last stand
27:30 – ETF transparency vs. mutual fund mythology
30:00 – Mutual fund ETF share classes: game changer or Trojan horse?
34:00 – Private credit and public-private crossover ETFs
38:30 – Why XOVR’s SpaceX bet caught fire
40:00 – The veil lifts on private equity NAV “magic”
43:00 – Active ETFs: rebirth, reinvention, or just beta repackaged?
50:00 – The final frontier: alts, liquidity, and the ETF trust factor
#RaiseYourAverage #EricBalchunas #Bloomberg #ETFs #BitcoinETF #Vanguard #PrivateCredit #MutualFunds #TrumpPut #CryptoMarkets #GoldVsBitcoin #ETFFlows #InvestmentStrategy #MarketInsights
Copyright © AdvisorAnalyst.com

Apr 17, 2025 • 1h 29min
Doomberg: Policy Uncertainty is The New Systemic Risk
What happens when political ambition trumps economic reality? Doomberg lays it bare.
In this episode, Doomberg returns to unpack the dangerous disconnect between Washington’s four-year campaign cycle and the multi-decade timelines required for industrial and energy investments. From Trump’s tariff threats to the fragility of global auto supply chains, we explore why the U.S. economy may be hurtling toward a recession of its own making. Doomberg dives deep into America's squandered energy advantage, China's calculated rise, and how short-term politics is colliding with long-term capital planning. If you care about markets, manufacturing, or the future of Western economic resilience — you don’t want to miss this one.
Chapters:
00:00 – Introduction: Supply Chains, Tariffs, and Recession Risk
04:00 – Trump’s Strategy: Diagnosis vs. Execution
08:00 – Six Reasons Auto Tariffs Will Backfire
13:30 – EVs, China, and the Renewable Illusion
17:00 – Energy Politics: North America, Europe, and Asia Compared
22:00 – Reserves, Regulation, and the Bankability Crisis
27:30 – Capital Cycle vs. Political Cycle: The Core Mismatch
32:00 – Resource Riches and the Western Hemisphere Opportunity
39:00 – Natural Gas: Oversupplied, Undervalued, Unstoppable
44:30 – Energy Market Behavior: Spikes, Gluts, and Investor Strategy
49:00 – Why Projects Get Built Under Republicans, Profits Under Democrats
53:00 – Tariffs or Chaos? The Trump–Carney–Canada Connection
58:00 – Europe's Military Fantasy Meets Energy Reality
1:03:00 – War Fatigue, NATO, and the Illusion of Global Reach
1:09:00 – Final Thoughts: Diplomacy, Decline, and the Danger of Delusion
#RecessionWatch, #EVRevolution, #TradeWar, #EnergyPolicy, #BYDvsTesla, #SupplyChainDisruption, #MadeInAmerica, #IndustrialPolicy, #GeopoliticalRisk, #CapitalMarkets

Apr 9, 2025 • 54min
Elbows Up: Fidelity's Strategic Pivot Amid US Policy Uncertainty | Ilan Kolet
Summary
In this timely episode of Insight is Capital, Pierre sits down with Ilan Kolet, Institutional Portfolio Manager at Fidelity Investments, to unpack Fidelity’s latest macro outlook and strategic asset allocation decisions—just as the world braces for another wave of geopolitical and trade disruption.
Drawing from Fidelity’s latest research piece titled "Elbows Up", Kolet shares why his team is dialing back US equity exposure and tactically reallocating toward Europe. The conversation delves into the erosion of US institutional strength, rising stagflation risk, and the immense threat posed by potential tariffs on Canadian exports. Investors and advisors alike will find invaluable insights into positioning portfolios for resilience in a world increasingly defined by fragmentation and volatility.Kolet’s clarity and candor shine through as he outlines how Fidelity is protecting investors from mounting uncertainty—without overreacting to short-term noise.
3 Key Takeaways:Chapters
00:00 – Intro: Why One Fire Tanked Industrial Production
01:05 – Today's Geopolitical Crossroads
02:44 – From US Exceptionalism to Strategic Repositioning
06:15 – Signs of Stagflation & Why Fidelity Bought Gold
09:04 – The Undermining of Institutional Strength in the US
12:41 – Valuations vs. Catalysts: Europe’s Turn to Shine
18:25 – Caution on Canada: Debt, Rates, and Tariff Fallout
22:29 – How Tariffs Could Hammer the Canadian Economy
30:03 – Who Really Pays for Tariffs? A Case Study in Washing Machines
36:57 – Manufacturing, Inflation, and Hollowed-Out Labor
39:37 – Supply Chain Disruptions & Auto Sector Insights
44:40 – Tactical Shifts: Gold, TIPS, and Currency Hedging
48:32 – Wrapping Up: Managing Through Uncertainty
#FidelityInvestments #GlobalAssetAllocation #IlanKolet #MarketOutlook2025 #InvestingInStagflation #USExceptionalism #GoldAsAhedge #TIPSInvesting #TradeTariffs #CanadianEconomy #AdvisorPodcast #FinancialMarkets #InvestmentStrategy #RecessionRisk

Mar 27, 2025 • 1h 2min
Return Stacking: Diversification Without Sacrifice
Is it possible to enhance diversification without sacrificing returns?
In this episode of Raise Your Average, Pierre Daillie sits down with Rodrigo Gordillo of ReSolve Asset Management and Corey Hoffstein of Newfound Research to discuss the game-changing concept of return stacking and the launch of the Return Stacked Global Balanced & Macro ETF (RGBM)—now listed on the Toronto Stock Exchange.
Discover how this capital-efficient and tax-efficient strategy allows investors and advisors to stack returns from systematic macro strategies on top of a traditional 60/40 portfolio—all without selling core assets.
Packed with institutional insights, behavioral solutions, and a dose of ETF innovation, this conversation reveals how ReturnStacked® ETFs is democratizing strategies once exclusive to pension funds and hedge funds.
⏱️ Chapters (Timestamps)
0:00 - Intro: Why diversification doesn’t need to mean sacrifice
2:52 - Genesis of Return Stacking: Portable alpha reborn
6:45 - Institutional proof: The Delta Pension Plan case study
11:50 - Solving line item risk & behavioral drag
14:35 - "A spoonful of sugar helps the diversification go down."
17:30 - Kitchen vs. Solarium: Pierre’s investing metaphor
20:00 - Defensive leverage vs. LICE (Leverage that's Illiquid, Concentrated, Excessive)
22:30 - Inside RGBM: Structure & allocation explained
26:00 - Three implementation strategies for RGBM
32:00 - Why use RGBM as a return enhancer
36:00 - "Why are we playing the game on hard mode?"
41:30 - Systematic macro: strategy, structure, and why now
47:50 - The power of long-term structural un-correlation
52:00 - Return stacking vs. alpha chasing in equity markets
58:00 - Triple Alpha: Strategy Alpha, Structural Alpha, Tax Alpha
1:00:00 - Closing thoughts & how to learn more
🔗 Resources & Links
📘 Learn more about RGBM ETF
📚 Explore the Systematic Macro Research library
📰 Read more from ReSolve Asset Management
🧠 Newfound Research insightsCopyright © AdvisorAnalyst #ReturnStacking #RGBM #ETFInvesting #CapitalEfficiency #SystematicMacro #AlternativeInvestments #PortfolioDiversification #FinancialAdvisors #BehavioralFinance #InvestingStrategies #RaiseYourAverage

Mar 25, 2025 • 36min
ETF Views: Factors, Alts, Derivative Onions & Bugs with Tony Dong
In this episode of Insight is Capital, Pierre Daillie sits down with Tony Dong, founder of ETF Portfolio Blueprint and lead ETF analyst at ETF Central, for a comprehensive dive into the fast-evolving world of exchange-traded funds. Tony brings sharp insights and a dose of healthy skepticism to today’s ETF landscape—from flashy private credit products and speculative options-based funds to underappreciated core portfolio strategies like the "cockroach portfolio."Tony pulls back the curtain on everything from buffer ETFs and zero-day options to smart beta, tax efficiency, and how to write an investment policy statement that keeps you grounded when FOMO strikes. You’ll learn:What to watch out for in private market ETFs like PRIV and XOVRThe performance gap between growth and value ETFs—and what to do about itWhy simplicity beats complexity in volatile marketsHow the “cockroach portfolio” can deliver long-term resilienceThe importance of resisting shiny object syndrome with new ETF launchesChapters & Timestamps:
00:00 – Risk in Private Credit ETFs: A Sanity Check
01:45 – Tony Dong’s Background: From Risk Manager to ETF Expert
03:50 – Market Outlook: Why Allocators Are Skittish in 2024
05:00 – Growth vs. Value ETFs: Are Investors Missing the Point?
08:00 – The Better Way to Access Factor Investing
10:30 – Risks and Red Flags in Private Market ETFs (PRIV, XOVR)
14:30 – Authority Bias and Fund Due Diligence
16:45 – Best New ETF Launches: Canada vs. US
18:50 – Derivative-Based and Zero-DTE ETFs: Caution Required
20:15 – Liquid Alternatives and Bridgewater’s All Weather ETF
22:25 – Return Stacking and Trend Following Strategies
23:45 – The Problem with “1+1” S&P 500 + Bitcoin ETFs
25:00 – Buffer ETFs Explained: Training Wheels for Risk-Averse Clients
27:00 – Why You Need an Investment Policy Statement
29:00 – Building the Cockroach Portfolio: Resilience First
32:00 – The Psychology of Staying Invested
34:00 – Where to Find Tony Dong and His Research Featured Guest:
Tony Dong – Founder, ETF Portfolio Blueprint
Lead ETF Analyst, ETF Central
Website: https://etfportfolioblueprint.com
LinkedIn: Tony Dong on LinkedIn

Mar 20, 2025 • 1h 30min
The ETF Industry's Hidden Risks with Dave Nadig
Is Wall Street turning investing into a casino? Dave Nadig reveals the hidden cracks in the ETF system, the explosive risks no one’s prepared for, and what financial advisors must understand before it’s too late.
The ETF market has never been more innovative—or more dangerous. In this controversial conversation, industry veteran Dave Nadig breaks down the evolution of financial markets, the rise of speculative ETF products, and why unchecked leverage in the options market could be the next major financial disaster.
Nadig also highlights Canada’s unique role in ETF innovation, the psychological battle between retail FOMO and institutional stability, and why financial advisors need to filter out the "black hats" from the "white hats" in today's investing world.
This is a must for investment professionals, advisors, and anyone trying to navigate an increasingly chaotic financial landscape.
Chapters
0:00 – The ETF Industry’s Hidden Risks
1:21 – Canada vs. U.S.: Who Leads in ETF Innovation?
3:32 – Financial Chaos: Why Markets Feel Like a Circus
4:34 – The Power Play Behind Market Volatility
9:51 – Black Hats vs. White Hats: The Real ETF Battle
14:29 – Retail Speculation: A Dangerous Game?
17:13 – Why Passive Investing Still Wins (For Now)
26:15 – How to Survive as an Advisor in a Speculative Market
39:55 – The ETF Market’s Next Big Blow-Up
48:58 – Are Financial Regulators Being Dismantled?
53:40 – The ‘Buy The Dip’ Mentality: Will It Ever Break?
1:05:04 – Final Takeaways for Investors & Advisors
#Investing #ETF #Finance #Markets #WallStreet #FinancialAdvisors #PassiveInvesting #StockMarket #OptionsTrading #RiskManagement #Trading #WealthManagement #InvestSmart

Mar 18, 2025 • 1h
Paisley Nardini: Outlook—Time for Tail Risk Protection?
🔹 Is your portfolio riding the edge of chaos? Discover why diversification is back—and how to future-proof your investments before it’s too late.
The investment world is shifting, and your portfolio needs to keep up. In this must-watch episode of The Insight is Capital Podcast, Pierre Daillie sits down with Paisley Nardini, portfolio manager and multi-asset strategist at Simplify Asset Management, to break down the rise of alternative investments, the return of diversification, and how to navigate today's unpredictable markets. They tackle the evolving role of derivatives, flow-driven investing, and the institutional strategies now accessible to advisors. Paisley shares her insights on market cycles, interest rates, geopolitical risks, and how to hedge against uncertainty without making high-conviction bets that could wreck your returns.
If you’re an advisor looking for smarter ways to manage risk and capture new opportunities, this episode is packed with insights you can’t afford to miss.
📌 Chapters & Timestamps:
0:00 - What is Flow-Driven Investing? Unlocking institutional alpha for advisors
1:37 - Introduction
2:16 - Meet Paisley Nardini—From equity analytics to multi-asset strategy
5:06 - Why Fixed Income Isn’t “Boring” The real driver behind macro trends
10:47 - The ETF Revolution How rule changes reshaped portfolio diversification
11:58 - The Noise Problem Separating innovative investing from speculation
15:49 - Hedging for Tail Risk Using derivatives for capital-efficient protection
20:13 - The FOMO Dilemma Why one group of investors is missing the big picture
26:21 - Where Are Rates Headed? The advisor divide on higher-for-longer vs. duration bets
30:38 - Riding the Edge of Chaos The thin ice we’re skating on in today's markets
33:53 - Market Outlook for 2025 Why the game has changed for growth & earnings
36:05 - Correction or Collapse? What’s really happening under the market’s surface
38:15 - Hard Assets & Inflation Commodities, gold, and the hidden drivers of price action
42:28 - True Diversification The difference between academic & structural returns
47:32 - Breaking the 60/40 Model How advisors should adapt their portfolios now
50:24 - Avoiding Costly Mistakes Why gradual changes beat high-conviction bets
55:26 - How to Implement Change The ETF solutions making diversification seamless
58:49 - Final Takeaways The key to building resilient, forward-looking portfolios
#Investing #FinancialAdvisors #PortfolioManagement #ETFs #AlternativeInvestments #Derivatives #MarketOutlook #InterestRates #StockMarket #InvestmentStrategy #TailRiskHedging #WealthManagement #Diversification #HedgeFunds #FinancialMarkets

Mar 11, 2025 • 52min
Som Seif: Debunking Private Markets - Opportunities and Myths
In this episode Som Seif, CEO of Purpose Investments, joins us to challenge common misconceptions about private markets. First, we discuss the current state of markets. Seif explains why private assets—private equity, private credit, and private real estate—are becoming essential components of modern investment portfolios. He discusses how institutional-grade private investments have become accessible to retail investors, debunks myths about risk and illiquidity, and outlines how these assets can enhance diversification, generate uncorrelated returns, and offer a more stable investment experience. Finally, we delve into how private sub-advisor managers like Apollo, Pantheon, and BlueRock are taking a significant role in democratizing access to these private market opportunities.
01:22 – Introduction: Debunking Private Markets
01:39 – Opening Disclaimer
01:58 – The State of Markets in 2025: Uncertainty & Opportunity
04:50 – Emotions vs. Rational Investing: Avoiding Reactionary Mistakes
09:17 – Why Private Markets Matter Now More Than Ever
10:04 – The Rise of Private Investments for Retail Investors
14:56 – Breaking the Myth: Institutional vs. Retail Access
16:58 – How Private Market Investments Are Being Democratized
21:03 – The Role of Private Assets in Portfolio Construction
23:34 – Private Equity: The Strategic Edge Beyond Public Markets
29:26 – Private Credit: A Rising Opportunity Amid Bank Retrenchment
33:55 – The Convergence of Private Equity & Private Credit
37:41 – Addressing Liquidity Concerns in Private Market Investing
45:27 – Purpose Investments’ Approach to Private Market Accessibility
47:48 – What Advisors Need to Know About Private Markets
49:79 – Final Takeaways: A Call to Reevaluate Private Investments
#PrivateMarkets #AlternativeInvestments #PrivateEquity #PrivateCredit #RealEstate #PortfolioManagement #WealthManagement #InstitutionalInvesting #InvestmentStrategy #FinancialMarkets

Mar 6, 2025 • 51min
Private Markets: Opportunities and Risks in a Transitional Financial Landscape
Private markets are undergoing a seismic shift, with assets poised to surge from $13 trillion to $23 trillion in just five years. As interest rates fluctuate and the new U.S. administration reshapes the financial landscape, where should investors look for opportunities, and what risks lie ahead?In this episode, we are joined by Ash Lawrence, Head of AGF Capital Partners, to unpack the evolving world of private equity, private debt, and absolute return strategies. We discuss:The impact of rising and falling interest rates on alternative strategiesThe growth of private credit as banks tighten lendingThe role of continuation vehicles in private equityHow alternative investments can enhance returns and mitigate riskWhat the Trump administration’s policies mean for marketsThe increasing institutional and retail adoption of alternativesAs markets face volatility and uncertainty, alternative investments offer new ways to build resilient, high-performing portfolios. Don't miss this deep dive into the future of alternatives with insights from one of the industry's top experts.Subscribe for more exclusive insights on markets, investments, and strategies that shape the financial world.#PrivateEquity #PrivateDebt #HedgeFunds #Investing #AlternativeInvestments #Finance #WealthManagement #Markets #AGF #PrivateMarkets #EconomicTrends #FamilyOffices #FixedIncome #MultiStrategy #InvestmentTrends