Insight is Capital™ Podcast

Brooke Thackray, Research Analyst, Horizons ETFs Management, and Kim Inglis, Portfolio Manager at Raymond James Canada join us for a fascinating deep dive looking at 'seasonal rotation' investment strategy, the revealing and repetitive behavioural patterns that define key undercurrents in markets, and how he approaches the nuanced task of navigating annual seasonal uptrends and downtrends across a variety of equity markets, equity sectors, the bond market, and other asset categories.Brooke Thackray provides the research and analysis that guides the Horizons Seasonal Rotation ETF, ticker HAC. We quickly set aside the question of "How has the Seasonal Rotation strategy worked?" and get into the nuts and bolts of Thackray's research and implementation – "How do you do it?"It's noteworthy to mention here that HAC is Canada's longest tenured actively-managed, multi-asset strategy ETF.What you'll discover is that Thackray's approach to seasonal rotation, and the technical analysis work that supports the strategy's strict, but flexible, and systematic approach has for the better part of 12 years, been an underloved darling among actively managed ETFs.Enjoy the episode! Like, follow, and subscribe to our channel, and leave us a comment. Please help us get the word out and grow our following.Where to find Brooke Thackray:Brooke Thackray on LinkedInBrooke Thackray – alphaMountainHorizons Seasonal Rotation ETF (HAC)Where to find Kim Inglis:Kim Inglis on LinkedinKim Inglis – Inglis Private Investment CounselKim Inglis – Raymond James CanadaWhere to find the Raise Your Average crew:ReSolve Asset ManagementReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on LinkedinAdvisorAnalyst.com*****"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie MungerWelcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.

Ronald Landry, Head of Product & Canadian ETF Services at CIBC Mellon joined us for a look at the trends and developments that are shaping the growth of the Canadian ETF industry. Landry has been in the Canadian investment management industry for nearly 30 years, spending the past most recent 20 years in the once-nascent, and now flourishing ETF industry. Markets have gotten off to a rough in 2022, and we've just been through some pretty tumultuous, AND exciting times during the last two years, and what were until the end of 2021 pretty hot investment markets. From his unique position at the centre of the Canadian ETF industry, Landry shares his thoughts on what he is most excited about, what's changing, and what's new.We discuss some of the biggest trends driving the Canadian ETF space – What's been expanding, what's been receding, the fastest growing segments, and some insights on flows and investor behaviour.Our conversation turns as we get into how the change in regime that is taking place in the context of inflationary pressures and rising rates are re-directing flows and product formation, and the newest kinds of ETF solutions, as well as the progress that's happening vis-à-vis liquid alts ETF formations.Finally, Landry, who has been closely watching the ETF and markets' regulatory landscape reveals some big changes that are coming on the settlement (T+1, T+0) and improved taxation and efficiency (re: taxable distributions from funds).============================Where to find Ronald Landry:============================Ronald Landry on LinkedinCopyright © AdvisorAnalyst.com

Eric Balchunas, Bloomberg's Senior ETF Analyst joins us for a conversation about his journey and discoveries in the course of writing "The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions." Eric has a unique perspective as a senior ETF analyst at Bloomberg Intelligence, having researched and analyzed the Bogle Effect extensively. He is able to combine his data with interviews with Jack Bogle himself and over 50 people who knew him well, including Warren Buffett, Micheal Lewis, Cathie Wood, Cliff Asness, John Bogle Jr., Brad Katsuyama, Gus Sauter and Jason Zweig.One of Balchunas' big takeaways is the revelation that passive investing and index funds are not to blame for the rise of passive investing, as they would not have been a big deal without Vanguard's structure, in the first place.The Bogle Effect is a biography, analysis, and how-to guide with Balchunas as your tour guide. Through his experiences and insights, Balchunas helps investors and professionals understand the ways that Vanguard and Bogle have impacted the industry.“He commandeered trillions of dollars, and he only made a few million himself. In the history of Wall Street, the ratio of money touched to money taken was never so high.”- Michael Lewis==================================Where to find Eric Balchunas==================================Eric Balchunas on TwitterEric Balchunas on LinkedinTrillions Podcast (Bloomberg)Trillions Podcast (Apple)The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions==================================Where to find the Raise Your Average crew:==================================ReSolve Asset ManagementReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on LinkedinAdvisorAnalyst.com============================"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie MungerWelcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

Our very special guest Andrew Beer, has a fascinating background and career in finance. He is a managing member at Dynamic Beta Investments, one of the oldest firms doing liquid alternatives. Their mission is to sponsor and roll out ETFs that look like managed futures (CTAs) and hedge funds, except with full transparency, liquidity, and none of the high fees.Dynamic Beta Investments' approach is both unique and fascinating, which brings Jack Bogle's philosophy to the managed futures (CTAs) and hedge fund space.If you’re looking to liquid alts or manage futures and want to learn more about how these things work, stay tuned, you’ll find this to be an enlightening and insightful conversation.========================Where to find Andrew Beer:Andrew Beer on LinkedinAndrew Beer on TwitterDynamic Beta InvestmentsRelevant publications:It’s Time to Clean Up Managed Futures Mutual FundsLiquid Alternatives - 2.0How Hedge Funds Became the New Fixed Income Substitute=========================================Where to find the Raise Your Average crew:=========================================ReSolve Asset ManagementReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on LinkedinAdvisorAnalyst.com========================================="You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie MungerWelcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

Technology stocks have had a rough start to date in 2022, and currently remain in and around correction territory after temporarily slipping into bear market territory just a few short weeks ago, as measured by the Nasdaq 100 index. Vitali Mossounov, Portfolio Manager and Global Technology Analyst, and Jonathan Needham, Vice President of ETF Distribution, at TD Asset Management joined Pierre Daillie to talk about how the external financial conditions of rising rates have led to this pullback year-to-date, despite blockbuster corporate earnings reports for the end of 2021.We discuss the fundamental underpinnings for the strong mega-cap bellwether technology stocks, such as Apple, Microsoft, Google, and Facebook, found in the TD Global Technology Leaders Index ETF (TEC), and higher-growth technology innovators such as AMD, Broadcom, Crowdstrike, and Shopify, found in the Global Technology Innovators Index ETF (TECI). Vitali Mossounov and Jonathan Needham provide their thesis and thoughts on the way forward for tech stocks.===================Where to find our guests:===================Vitali Mossounov on LInkedinJonathan Needham on Linkedin

Hugh Hendry, The Acid Capitalist, Macro-Advisor, and Founder of Eclectica Asset Management, joins us for a creative and critical, hot-take filled conversation.=========================================HIGHLIGHTS=========================================- Blunderer Putin's absurd personal ego-fueled tragic war on Ukraine- Europe caught on the backfoot- Inflation, what it is and is this it, yet?- Natural gas, Pipelines- Gold- the unbalanced symbiosis that is U.S.-China trade, currency and policy malaise- the realities facing the bond market - bifurcation and dislocation in markets- the crisis and opportunity in equity market 'glitches'- the Carbon Credit system, how it works, how it can work, and it's inevitable future value, - the meaning and significance of 'The Metaverse' and NFTs and why and who it matters to.=========================================Where to find Hugh Hendry:=========================================Hugh Hendry Official on Youtube [Download] Hugh Hendry's 'Dawn of Chaos' ReportHughHendry.comHugh Hendry on InstagramHugh Hendry on TwitterHugh Hendry on LinkedinBlancBleu Saint BartsBlancBleu Saint Barts - Press=========================================Where to find the Raise Your Average crew:=========================================ReSolve Asset Management ReSolve Asset Management Blog Mike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on LinkedinAdvisorAnalyst.com========================================="You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie MungerWelcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

Kim Shannon, Founder & Co-CIO, Sionna Investment Managers, joins us on Raise Your Average for a very enjoyable and insightful deep dive conversation about value investing, that value is an inflation/reflation trade, and has some advice for stock investors heading into 2022. The Canadian market is undervalued right now and there's a lot of opportunity for investors to take advantage of in the new year.Today is International Women's Day and in honour of that, we are excited to serendipitously feature our conversation of February 14, 2022 with Kim Shannon, one of Canada's brilliant value investors.Our conversation begins with Kim Shannon sharing some of her early experiences as a value investor, and notably as one of the very few 'first' women in Canadian capital markets to have the courage and the conviction to follow her dream as a value equity portfolio manager. She so humbly describes the journey, and the hard work that led to her meteoric rise into the pantheon of Canadian equity fund managers.She points out that the last twelve years have been the longest period in market history of high quality fundamental value-investing underperformance relative to growth investing, also noting that 80% of the time, value has outshone growth investing. Shannon believes that we've possibly passed the inflection point, the change to a reflationary regime, that favours value investing. And, as investors turn their sights back to quality, growth, competitiveness, and risk, she points out that Canada is not only undervalued, read 'cheap', but that today's inflationary/reflationary triggers are a great setup for Canadian Equities.=================================================================================Where to find Kim Shannon, Founder & Co-CIO, Sionna Investment Managers:Sionna Investment ManagersKim Shannon on Linkedin=================================================================================Where to find the Raise Your Average crew:ReSolve Asset ManagementReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on LinkedinAdvisorAnalyst.com================================================================================"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie MungerWelcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars. We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

Hugh Hendry, a.k.a. The Acid Capitalist, and Founder of the award winning hedge fund management firm, Eclectica Asset Management, joins Pierre Daillie and Joseph Lamanna for over 90 minutes, in a hot-take filled and hilarious-at-times conversation deep in critical and paradoxical thinking about the past and current geo-politics of Russia and China, the QE and disinflation-fueled equity and bond bull markets, the dynamics of oil and natural gas in the context of both pre-inflation concerns and the ultimate exogenous energy threat to Europe, his unique perspective on the impact and opportunity presented by the carbon permit/credit market, as well as his take on the now flaring Russia/Ukraine conflict we are witnessing.Our conversation is an exploratory journey around the geo-political world. Hendry identifies the chasms that are opening up the fault lines between Russia and the Western World, China and the U.S., the shift from Quantitative Easing to Quantitative Tightening, and what that all means.Where to find and reach out to Hugh Hendry:Hugh Hendry Official on Youtube[Download] Hugh Hendry's 'Dawn of Chaos' ReportHughHendry.comHugh Hendry on InstagramHugh Hendry on TwitterHugh Hendry on LinkedinBlancBleu Saint BartsBlancBleu Saint Barts - PressCopyright © AdvisorAnalyst.com

Daniel Straus, M.Fin, Ph.D., Director and Head of ETF Research and Strategy, at National Bank Financial joins us for a full bodied conversation about the North American ETF ecosystem and macro landscape.HighlightsDaniel's background in engineering, technology & financeHow the ETF landscape has changed in 12 yearsObservation that ETFs have become a game changer, the dominant solution - but already people are talking about what the 'next thing' will be. Direct indexing, DeFi, etc.Canadian ETFs are $350-billion, about 1/20th of the $7-trillion U.S. ETF market. Canadian adoption is accelerating as we catch up with the U.S. adoption, but Canadian tax efficiency is not as favourable as in U.S. and that may be part of the reason adoption trailed.How ETFs are being used by advisors, how factors are sometimes substituted for sector bets in diversification, how ETFs have democratized access to liquid altsMutual fund companies are entered the ETF business and strongly behind actively managed ETFs (e.g. Dynamic, Desjardins, Manulife, Mackenzie). Insurance companies have entered the ETF business.How many ETFs are there in Canada nowThematic ETFsLiquid Alts ETFs - what were once complex strategies reserved for institutions and UHNW, are being wrapped in ETFs for all investors to accessIt helps to have  a 1-year or 3-year sample of actual performance in order to see an uptick in adoption. Some of the more sophisticated users of ETFs like to see actual numbers vs. back tests before they'll commit to some of the more complex strategies.How did the ETF landscape change over the last 2 years?How did ETF flows change since last year's inflationary uptick and into January 2022?What did investors do? How did they behave in January's rout? Where did the ETF dollars shift to?Daniel shares his knowledge of market structure at length – How can thoughtful PMs best approach ETF trading to get the best outcomes for their investors/holders.How advisors/PMs' can optimize their outcomes on large trades?What are Carbon Nanotubes?Daniel shares some of his Sci-Fi favouritesWhere to find Daniel Straus, National Bank Financial:Daniel Straus on LinkedinWhere to find the Raise Your Average crew:ReSolve Asset ManagementReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on Linkedin*****"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie MungerWelcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

Jon Aikman, Portfolio Manager, at ReSolution Investments and Dr. Sean Cleary, Chair of the Institute for Sustainable Finance, at Smith School of Business at Queen's University join us for a deep dive concerning ESG, the intended and controversial unintended consequences of ESG, ways of thinking about the definition and implementation of ESG investing, impact or sustainable investing, from the angles of both risk management and investment opportunity, and the key differences between top-down (passive) and bottom-up (active) ESG investing. We also get into their unique perspectives and examples of how investors, and the advisors who serve them, can meaningfully approach ESG, SRI, or impact investing, for those wanting to know how they can align their investment strategy with their personal, or institutional views, values, and desires.Where to find our guests:Jon Aikman on LinkedinReSolution Investments / ReSolve Asset ManagementDr. Sean Cleary, Chair, Institute for Sustainable Finance, Smith School of Business, Queen's UniversityInstitute for Sustainable Finance, Smith School of Business, Queen's UniversityWhere to find the Raise Your Average crew:ReSolve Asset ManagementReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on LinkedinAdvisorAnalyst.com