Insight is Capital™ Podcast

Preet Banerjee, Founder and CEO of MoneyGaps (https://moneygaps.com) joins us for a deep dive into the topic of the value of financial advice, and he has been researching the answer to the question, "How do you quantify the value of financial advice?". This is a quintessential question, and the answer is not simple. We get into an eloquent and well explained conversation about the different qualitative and quantitative components that make up that value. As pretext, Preet Banerjee is in the process of completing a Ph.D. on this very subject of how to quantify the value of financial advice (across all advice channels).In addition, Preet recently founded MoneyGaps.com (2019), a software service for financial advisors to help them deliver a lighter, but more holistic planning experience for Canadians who may not have millions of dollars. He explains how his company's Hybrid Advice Software-as-a-Service platform can be used by Canadian Advisors to bridge their ability to do business across the generational and/or under-accumulated wealth divides.Preet is the bestselling author of the personal finance books, Stop Over-Thinking Your Money!: The Five Simple Rules Of Financial Success (2014).Where to find Preet BanerjeePreet Banerjee on LinkedinMoneyGaps (for Advisors)PreetBanerjee.comWhere 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)

David Blanchett, Head of Retirement Research at $1.5-trillion AUM, PGIM (Prudential) and Dr. Michael Finke, Ph.D., Professor of Wealth Management, The American College, join us for a deep dive discussion into the challenges facing retirees, new ways of thinking about retirement and longevity, and new solutions advisors can use to help their clients optimize funding retirement income liabilities in this low rate, low yielding, & historically sky-high equity valuation environment. They answer the question, What are some of the newer ways retirees can approach this conundrum?The concurrence of demographic waves, economic and market conditions, equity valuations and bond yields, have culminated in a situation that leaves many investors nearing or at retirement, cornered by a limited number of effective, and not-so-effective, investment income generating options, ranging from moderately risky, to highly risky. There's a great deal to consider, and we get into a profound look at all of the considerations, and some options may be considerably more useful and less risky than others from all angles given the current investment climate.Where to find David Blanchett and Michael Finke:David Blanchett on LinkedinMicheal Finke, Ph.D. on LinkedinWealth, Managed PodcastGuaranteed Income: A Licence to Spend 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)

Mary Hagerman, accomplished, award-winning Investment Advisor, Portfolio Manager, and best-selling author of 'The Black Belt Investor', at Raymond James, based in Montreal, joins us for a fireside chat. Our conversation spans from Mary's early career, her longstanding desire to implement true fiduciary financial planning in what was a traditional, transactional stockbroker/advisor driven business, to evolving her practice into a fee-based, discretionary portfolio management business model that allowed her to fulfill her career aspirations. The takeaway: It wasn't easy. There were numerous people, industry biases, and conflicting interests and challenges that could have just as well succeeded in dashing those hopes. But, there were also great mentors, and along her journey, her love and learning of martial arts (which inspired her to write her aptly titled book), which helped to embolden her resolve to become the wealth manager she is today.In the midst of the mass financial trauma of the GFC in 2008-2009, Mary came to the wholehearted realization she wanted to transform the way she advises and invests with and for her clients, to include and substitute legacy investment products with low cost, index-based ETFs, and that if she was going to go higher and farther in the industry, her practice would have to make the leap into the fee-based realm. Unwittingly, Mary became one of the earliest women at her firm, and in Canada, to make the jump to not only using ETFs, but becoming fee-based, and jumping through the educational and regulatory hoops to earn the privelege of being a discretionary portfolio manager.Mary discusses the challenges she faced as a woman coming up in the financial advisory business. In that regard, things have changed since, and she also reveals what she sees as all the silver linings – that this is a great opportunity and business for women to be in. Women, she remarks, are very well suited empathetically, and EQ wise, perhaps naturally more so, than men, better equipped at asking the hard, more sensitive and emotional questions, that men often shy away from, that get to the heart of peoples' relationship with money.Finally, we talk about her highly regarded book, her newly formed charitable foundation (and how she did it), and her key advice for women wanting to be wealth advisors.Where to find Mary HagermanMary Hagerman on LinkedinThe Mary Hagerman Group at Raymond James Ltd.Mary Hagerman's bestsellerThe Black Belt Investor: A Martial Arts Guide to Wealthness; How to Kick Butt and Feel Rich!

Jeff Bradacs, CFA, Portfolio Manager, Picton Mahoney Asset Management joins Pierre Daillie to discuss how a market neutral strategy can help keep Mr. Market quiet, especially in today’s economy and market that is transitioning from a high-growth, early-cycle recovery stage to a slower-growth, mid-cycle environment. Jeff breaks down how a market neutral strategy generates returns through stock selection, where he and his team are finding opportunities and what they see in the macro environment.Where to find Picton Mahoney Asset Management:Picton MahoneyPicton Mahoney Insights

Michael Green, Michael Green, Chief Strategist at Simplify Asset Management joins Pierre Daillie and Adam Butler for a revealing conversation about his thesis that stock markets are less efficient and more 'inelastic' because of the proliferation of passive index investing over the last few decades, and what that means. His thesis and research, now corroborated and examined by academic studies, labelling it as the 'Inelastic Market Hypothesis,' by Xavier Gabaix and Ralph Koijen, Jean-Philippe Bouchaud, and Valentin Haddad, shine a bright new light on how and why markets are displaying increasingly violent and rapid bouts of volatility, that may intensify over the coming years and decades.Research mentioned in the conversation:In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis (Gabaix and Koijen)The Inelastic Market Hypothesis: A Microstructural Interpretation (JP Bouchaud)How Competitive is the Stock Market? (Valentin Haddad)Robin Wigglesworth's Book - Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance ForeverWhere to find Michael Green, Chief Strategist, Simplify Asset Management:Michael Green on LinkedinMichael Green on Twitter - @profplum99Simplify Asset Management******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 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.

Michael Green, Chief Strategist at Simplify Asset Management joins Pierre Daillie and Adam Butler for a blockbuster of a conversation about his macro view of the economy, inflation, markets and the dynamics of today's equity and fixed income markets, as well as his in depth view that stock markets are less efficient and more 'inelastic' due to the proliferation of passive index investing, and what that means.Our conversation begins with Michael setting the stage for the entire conversation by describing how and why the 70s inflation occurred. [5:00] Instead, with the power of historical hindsight and investigation of all data from that period, Michael eloquently describes in non-jargony fashion what actually happened and provides a deeply profound view of how the economy works and how it worked then, and asks the thought -provoking rhetoric to shift our perspective on what we should be looking at if we want have a true look at what is happening.Then [19:35] Michael explains his view on peak productivity, i.e. that productivity peaks at age 45 specifically in the context of today's demographics, and how that dynamic is contributing to his view on whether or not we are entering an inflationary spiral. [21:30] Adam asks Michael to describe what he thinks are the underlying mechanics and the subtext of what is driving the inflation impulse, i.e. bottlenecks and underinvestment, as well as inflation the 'Meme' or 'Political Football' or 'Inflation, the Performance Art.'[23:45] Michael explains what is, and what is NOT inflation. [28:40] Michael shares his views on what's happening with surge seen in commodities, shelter costs, labour/wages, followed by a striking explanation of what's happening in shipping/trucking/transportation.[43:26][59:05] "As you know 'I celebrate anytime I'm called the dumbest man alive," says Green. "I think that possibly the best thing that can happen to me, for a very simple reason." Green says we are in a regime where commodity prices are nearing all time highs, there's already demand destruction in places like oil and gas, and everyone's convinced the only path is higher - "That feels so wrong to me." [1:00:21] At [1:13:30] we wrap up the macro discussion around inflation and segue to Michael's "Inelastic Market Hypothesis" the antithesis of the "Efficient Market Hypothesis." [1:20:21] Mike explains his thesis that as a result of the many trillions of dollars in flow to passive funds and ETFs, stock markets have become increasingly 'inelastic' or susceptible to secular reversals in sentiment - that the way markets work today means that reversals could be catastrophic to equity prices when and if the trend reverses as investors age.Stock Markets Are Becoming Less Efficient, and More 'Inelastic.' What does that mean?Research mentioned in the podcast:In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis (Gabaix and Koijen)The Inelastic Market Hypothesis: A Microstructural Interpretation (JP Bouchaud)How Competitive is the Stock Market? (Valentin Haddad)Where to find Michael Green:Michael Green on Linkedin - https://www.linkedin.com/in/michael-green-9a15142/Michael Green on Twitter - @profplum99 - https://www.twitter.com/profplum99Simplify Asset Management - https://www.simplify.us/******Where to find the Raise Your Average crew:ReSolve Asset Management - https://investresolve.com/ReSolve Asset Management Blog - https://investresolve.com/blog/Mike Philbrick - https://www.linkedin.com/in/michaelphilbrick/Rodrigo Gordillo - https://www.linkedin.com/in/rodrigogordillo/Adam Butler - https://www.linkedin.com/in/adamdbutler/Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/Joseph Lamanna - https://www.linkedin.com/in/josephlamanna/AdvisorAnalyst.com - https://advisoranalyst.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.

Paul Kornfeld, CFA, President of SIACharts joins Pierre, Mike and Rodrigo for a deep dive into the capabilities of his firms powerful proprietary Investment Advisor platform, SIACharts encompasses a suite of tools advisors can use to efficiently make comparative decisions across all individual North American Stocks, ETFs and Canadian Mutual Funds. We get into the nuts and bolts of what makes the SIACharts platform tick. For starters, SIACharts carries out 10-billion calculations each trading day to provide cross securities analysis across roughly 10,000 securities. The tool enables advisors to make rapid calls between securities based on SIACharts proprietary Relative Strength Analysis (not to be confused with Technical Analysis' Relative Strength Indicator)Advisors can easily make pair-trading distinctions between stocks, Canadian and US ETFs and all Canadian Mutual Funds on a adhoc basis, compare entire stock, ETF and mutual categories and sector and factor strategies, or across each ETF or Fund provider, as well as receive up-to-the-day scores and relative strength calls such as the SIACharts Equity Action Call, which provides day-to-day guidance on whether there is cause to increase or decrease equity exposure based on relative strength analysis. Advisors can also plot charts in either of Line, Candlestick, or Point and Figure formats. Point and Figure charting figures large on the SIACharts platform because of its ability to provide trend analysis in an asymmetric format that ignores time as a factor, and focuses on price movement and trend. Point and Figure charting is a proven charting tool effective at identifying trends across securities either on a one-off individual security chart, or when comparing competing pair trades (e.g. stock vs. stock, stock vs. index, stock vs. Sector, ETF vs. Sector, or Fund, etc.) to identify the relative outperformance of one security versus others, and/or other measures.Throughout the conversation, Paul demonstrates how advisors can use this unique and powerful investment management tool to make significant improvements to their investment selection and management process, as well as streamline their trading and communications processes with their clients. One of the most underrated factors in considering the use of SIACharts is how it not only provides valuable insight in the determination of timing and relative strength across securities and markets, tracks model and individual client portfolios, but how it is transforming the practices of advisors who have adopted the platform. It is a massive timesaver in the context of securities selection and analysis. As a meeting preparation tool for instance when getting ready to meet, or intra- or post-meeting with prospective clients, for example, advisors have been able to add enormous value to their initial interactions by being able to provide portfolio x-rays against pre-existing portfolios to point out the strengths and weaknesses in portfolios on very short notice. Clients trend toward highly impressed by the advisor's ability to make quick systematized calls on portfolios on short-notice and on an ongoing basis, in and around the portfolio review process, and also thus, freeing up substantial time for advisors to be able to spend more time on high value relationship building. Paul points out that among his favourite tools in the SIACharts war chest is the ability to set up alerts on individual securities and model portfolios to notify of changes in relative strength across all dimensions. When you can empower your practice to be in a position to deliver on investment commitments such as market entry and exit calls, on an immediate basis, from wherever you may be at any given moment, for example, it greatly enhances the value and competitive dynamic of your advisory practice.Finally, from a behavioural finance perspective, Paul demonstrates via SIACharts' case studies how SIACharts tools provided asset preservation guidance during tumultuous periods, such as last years' panic selloff signals, or by how advisors on the platform were signalled appropriately to both enter Valeant during its massive upward growth spike and, conversely to exit same during its fall from grace. Think Nortel Networks and Bre-X débâcles.Thank you for tuning in, and if you found the conversation to be valuable in any way, please hit that subscribe button in Youtube, Apple Podcasts, or Google Podcasts, the Notifications button, as well as 'liking' and commenting as you see fit. Get a All-Access Free Three Week Trial to SIACharts Here (Advisors only):Where to find Paul Kornfeld and SIACharts:Paul Kornfeld on LinkedinSIAChartsWhere to find the Raise Your Average crew:ReSolve Asset Management - https://investresolve.com/ReSolve Asset Management Blog - https://investresolve.com/blog/Mike Philbrick - https://www.linkedin.com/in/michaelphilbrick/Rodrigo Gordillo - https://www.linkedin.com/in/rodrigogordillo/Adam Butler - https://www.linkedin.com/in/adamdbutler/Pierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/Joseph Lamanna - https://www.linkedin.com/in/josephlamanna/AdvisorAnalyst.com - https://advisoranalyst.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)

John Ruffolo, Founder and Managing Partner at Maverix Private Equity, joins us for an full hour conversation. Our conversation begins with Ruffolo recounting his near-catastrophic brush with death last Fall, when he was struck from behind by a jack-knifing Mack truck hit him while cycling, and his subsequent and arduous 30-hours per week recovery regimen.Our conversation then turns to the long standing issue of the trend of the historical Canadian brain and IP drain. Ruffolo shares his profound views and passion about Canadian innovation, and the mission he, his partners, and their advisors are on to discover, invest and capitalize Canadian companies in the disruptive innovation space, so that ultimately, their intellectual property remains ours, remains Canadian. Ruffolo is famously credited with the funding, expansion and growth of Shopify into a home-grown Canadian e-Commerce powerhouse, as well as Hootsuite, among others. Ruffolo also shares his ideas and outlook on what are the most groundbreaking and promising areas of Canadian innovation going forward.Where to find John Ruffolo:John Ruffolo on LinkedinMaverix Private Equity

Ben Gossack, VP & Director, Portfolio Manager, and Trevor Cummings, VP, ETF Distribution, both from TD Asset Management (TDAM), join Pierre Daillie for a deep dive discussion about the innovative ways the asset management team at TDAM are enhancing investment income without sacrificing total return in their enhanced dividend income strategies.In the conversation, Ben Gossack, lead portfolio manager on TDAM's enhanced dividend strategies, details how he and his team actively manage their core 'dividend-growers' stock selection strategy, which comprises at least 70% of holdings in their ETFs, while integrating a less constrained, 'unlocked' investment process that also involves layering in notional and direct holdings in non-dividend paying secular growth names, e.g. Amazon and Square, for up to a maximum of 30%.Ben and Trevor further detail the mechanics of the unique feature of TDAM's enhanced dividend income strategy which is the addition of the important second and third layer of investment income generation, which involves two actively managed, proprietary option-yield generating overlays:1) Writing covered calls against a percentage of the portfolio, effectively putting those shares up for short term 'rent', i.e. the option premium income, and 2) Cash-covered put-writing, the equivalent of 'selling insurance,' thus collecting option premium income, to get paid to buy stocks at lower prices.Finally, Ben and Trevor disspell commonly held biases, heuristics and myths surrounding the use of actively managed enhanced option-writing strategies. Among those commonly regarded heuristics is the belief that covered option writing yield strategies only effective in markets that are moving sideways or declining. Also diving into the differences between a systematic approach to option-writing vs. the advantages of being active.To the point, about last year's sharp bullish upturn following the March 23, 2020 low, "from an option premium perspective, it was Christmas every day," said Gossack. In addition, he also points out that since they are active, they have the freedom to choose to write, or not write options, depending on market conditions.TDAM's active enhanced dividend ETF offerings are available in two market exposures: Global (ticker: TGED), U.S. (ticker: TUED). For more on these, visit td.com/ETFs.You can also get more intelligence on TDAM's enhanced dividend strategies here.Trevor Cummings on LinkedinBen Gossack on LinkedinBen Gossack's TDAM Bio

There is clearly a lot of scepticism about the validity of ESG? So why is ESG happening, and exactly who cares about it?In this episode, we invited three thought leaders in the field of ESG and responsible investing to demystify the meaning and the significance of ESG.For example, does it really matter if you agree with it or not? It doesn't. Your clients however may feel differently, and if you're not talking to them about it, chances are they are going to talk to someone else about it. The whole idea of responsible investing has gotten distorted by virtue of it's own success. We have a straightforward discussion here around the three dimensions of ESG that DO matter, rather than entertain a debate about aspects that don't actually matter.Pat Posteraro, Portfolio Manager, at Desjardins Global Asset Management, Nicola Fritz, Portfolio Specialist, at London-based IMPAX Asset Management, and Deborah Debas, Specialist, Responsible Investment, Desjardins join us for a clear-eyed conversation about distinction and differences of an actively managed ESG strategy vs. the controversial index-based ESG strategies in the market.