Insight is Capital™ Podcast

Mike Newton, VP and Portfolio Manager, RBC Wealth Management, and Jason Mann, CIO at EdgeHill Partners and EHP Funds, join us for a rich conversation on running money at both the retail and institutional levels.Takeaways• How was business and what were the investing challenges of the pandemic from a business perspective?• Mike Newton shares some valuable nuggets on how he organizes and runs his retail wealth management practice.• How to use model portfolios productively in your practice.• What are the processes you use to organize your business around?• Jason Mann talks about his and his firm's approach to running liquid alternatives, and how he approaches the challenges of portfolio construction and outcome.• Outlook and opportunities - Mike and Jason talk about how they make decisions invest, and what kinds of investments.• How do you manage investment risk?• How are you communicating with clients?• What are big challenges forward, and what lessons have you learned from this period?• What sets you apart? What kind of investor are you?• How do you help your clients overcome their behavioural risks, like selling at the wrong time.Full Transcript

Ted Seides, founder of Capital Allocators LLC, host of the Capital Allocators Podcast, and author of his second book, Capital Allocators: How the World's Elite Money Managers Lead and Invest, is our guest on Raise Your Average.Takeaways• Ted Seides reminisces about his old friend and mentor, David Swensen, Endowment Fund Manager and CIO, at the Yale Endowment and Yale University, who, sadly, passed away the week before we recorded this episode.• What he learned from David Swensen during his 5 years at the Yale Endowment Investment Office, and the impact that working with him had on the trajectory of his career and his life.• What impact David Swensen had on the investment industry and everyone who knew him.• David Swensen (and team) reportedly added $35-billion in alpha to the Yale Endowment (above and beyond peers and market returns) during 30 years, all the while forgoing insane amounts of compensation.• Ted shares Swensen's timeless framework and first principles, and stories from his time with Swensen.• Swensen created for his own use, what are now called 'factors' and 'factor-based' approach to diversify portfolios in a time when factors did not exist.• Where are the edges in the market today?• What are sophisticated institutions with spending needs/liabilities of 5-8% per yearf doing to get those returns?• Beyond Diversification and Asset Allocation, what are the 3 new 'buckets' institutions are using to construct portfolios?• Ted's infamous bet with Warren Buffett - Ted talks about this in some detail.• The lessons learned from decades interviewing elite money managers• What are the investment learnings?• What are the non-investment learnings?• What are the biggest challenges?• How are the people evolving?• What happens in the Investment Offices of elite money managers?• The 3 Ps and the 3 Cs• How do you make good allocation decisions? As an individual? As a team?• How do investment committees decide what to do?• What are some of the common threads across all allocators?Full Transcript: https://views.advisoranalyst.com/ted-seidesWatch on Youtube

### Takeaways from Ep. 10 with Corey Hoffstein, CIO, Newfound Research:• Thinking of diversification in portfolios in terms of three axes: What, How, and When?• The unintended consequences of 'timing luck' (re: 'when?' diversificatio)• How to reduce 'timing luck' from portfolios• How rebalancing premium trumps "timing luck"• Market distortions caused by the shift from actively managed funds to passive funds• What are 'Liquidity Cascades," and how to 'smoothe' against unforeseen destructive convergences of trading activity in markets.'Luck' is a double-edged sword which, if you're an allocator of capital, can, more often than not, disadvantage you in investing and asset management.In our conversation with Corey Hoffstein, CIO, at Boston-based Newfound Research we discuss three axes of diversification:What, How, and When?The 'What?' aspect involves deciding what you're going to invest in. 'How?' is where you decide what process you'll use, e.g. stylistic tilts, value, momentum, active, passive, systematic or rules based investing, and factors, etc. The 'When?,' aspect is the consideration of timing, or rather, 'when' you choose to invest, or rebalance.While luck plays a role in all three aspects of diversification, of the three aspects, timing is the one that gets the least amount of consideration, and luck seems to have a disproportionately low amount of consideration.As we discuss timing luck, you realize how the luck of timing, with all else being equal, i.e. multiple managers using, for the sake of argument, the exact same investment strategy, and even the same holdings can wind up experiencing a wide range of investment returns due to the variability of 'when' the invested, or rebalanced into given investment holdings.Corey Hoffstein eloquently describes how advisors, allocators, and other investment professionals can reduce or eliminate timing luck from portfolios, which we know, can more frequently go against us, and instead harvest the 'rebalancing' premium. If you're at all wondering about the ways in which you could establish greater advisor alpha, rebalancing and the rebalancing premium are among the most valuable and manageable ways to do so, and in turn, reduce the occurrence of when 'timing luck' can turn against you as an allocator. Our conversation then turns to Liquidity Cascades, coined by Corey Hoffstein. This is his well researched findings of what have culminated in more recent times as unforeseen destructive convergences of trading activity in markets, how they occur, and what to do to navigate through them. We talk about how to construct tactical portfolios that 'smoothe' out the heavy drawdowns across financial markets, as experienced in Q1 2020.Full transcript: Coming soon*****Where to find Corey Hoffstein:Corey Hoffstein on LinkedinCorey Hoffstein on TwitterNewfound ResearchNewfound Research on LinkedinWhere to find the Raise Your Average crew:ReSolve Asset ManagementReSolve Asset Management BlogMike PhilbrickRodrigo GordilloAdam ButlerPierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/

Our conversation with Arthur Salzer, CEO, CIO, of Northland Wealth Management, one of Canada's leading wealth management family offices. Arthur Salzer shares his personal history, his early career experiences, and the process and steps he and his firm took under his stewardship which have culminated in Northland Wealth Management's success as a private, independent wealth manager.For those of you in the private wealth management business, our conversation is a valuable walk-through on best practices, the fiduciary mindset, due diligence, and his independent research on real estate, real assets, private equity, equities, technology, and cryptocurrencies bitcoin and ether.Salzer reminds us of the simple truth that if you always put your clients above your firm's interests, and your own, you can't go wrong.We hope you enjoy this conversation.Full TranscriptContact:Arthur Salzer on LinkedinNorthland Wealth Management*****Find the Raise Your Average crew:ReSolve Asset Management - ReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinAdvisorAnalyst.com

Our conversation with three of Desjardins' thought leaders on responsible investing, Deborah Debas, Senior Responsible Investing Specialist at Desjardins, Pasquale Posteraro, Portfolio Manager, Equities, at Desjardins Global Asset Management, and Nicola Fritz, Portfolio Specialist, IMPAX Asset Management.We discuss three fundamental investment dimensions of responsible investing through the ESG lens: Risk, Reward, and Impact. Pasquale Posteraro and Nicola Fritz provide deep dive insight into how the overlay of active portfolio manager and shareholder engagement is having a collaborative impact on identifying environmental, social and governance risks, how interaction between investee companies and investors is leading to progressive corporate responsibility, and how that mitigates risk substantially for investors.Deborah Debas provides valuable insight on how advisors can be more proactive vis-à-vis responsible investing with their clients. Current research shows that two-thirds of retail investors are wanting to make sure their investments have more meaningful impact, but that only a small minority of 16% of advisors are being proactive with their clients about ESG and responsible investing. We delve into some interesting perspectives on how advisors can fulfill some, if not all, of their clients' expectations – the bottom line here is that being proactive could have a meaningful impact on advisors' relationships with their clients' successors.Links / Resources:Desjardins Responsible Investing*Desjardins Responsible Investing Certification Program and TrainingDesjardins Webcasts - Continuing Education – 5.5 IIROC Credits available or 6.25 CE Credits (The Institute)Contacts:Deborah Debas, Desjardins on LinkedinPasquale Posteraro, Desjardins Global Asset Management on LinkedinNicola Fritz, IMPAX Asset Management on LinkedinFull Transcript: https://advisoranalyst.com/2021/06/17/ep-67-deborah-debas-pasquale-posteraro-nicola-fritz-dgam.html/

Our conversation with three thought leaders on responsible investing, Deborah Debas, Senior Responsible Investing Specialist at Desjardins, Pasquale Posteraro, Portfolio Manager, Equities, at Desjardins Global Asset Management, and Nicola Fritz, Portfolio Specialist, IMPAX Asset Management.We discuss three fundamental investment dimensions of responsible investing through the ESG lens: Risk, Reward, and Impact. Pasquale Posteraro and Nicola Fritz provide deep dive insight into how the overlay of active portfolio manager and shareholder engagement is having a collaborative impact on identifying environmental, social and governance risks, how interaction between investee companies and investors is leading to progressive corporate responsibility, and how that mitigates risk substantially for investors.Deborah Debas provides valuable insight on how advisors can be more proactive vis-à-vis responsible investing with their clients. Current research shows that two-thirds of retail investors are wanting to make sure their investments have more meaningful impact, but that only a small minority of 16% of advisors are being proactive with their clients about ESG and responsible investing. We delve into some interesting perspectives on how advisors can fulfill some, if not all, of their clients' expectations – the bottom line here is that being proactive could have a meaningful impact on advisors' relationships with their clients' successors.Links / Resources:Desjardins Responsible Investing*Desjardins Responsible Investing Certification Program and TrainingDesjardins Webcasts - Continuing Education – 5.5 IIROC Credits available or 6.25 CE Credits (The Institute)Contacts:Deborah Debas, Desjardins on LinkedinPasquale Posteraro, Desjardins Global Asset Management on LinkedinNicola Fritz, IMPAX Asset Management on LinkedinFull Transcript: https://advisoranalyst.com/2021/06/17/ep-67-deborah-debas-pasquale-posteraro-nicola-fritz-dgam.html/

Our conversation with Mark Noble, Executive Vice President at Horizons ETFs. We get deep into a discussion around the big investment themes, the pros and cons, and the ups and downs of adoption of actively managed thematic ETFs. We talk about the conflicting views on valuations ascribed to technology related themes, both broad and narrow, from the widely held thematics, like innovation to the not-so widely held, like Uranium.We also dive into the conundrum of investors reaching for yield at what is shaping up to be an inopportune time to be doing so. Mark Noble shares some valuable insight about fixed income in our chat.This all made for some remarkable takeaways. Tune in. Mark Noble is definitely one of the brightest lights in the investing profession today, with a profound treasure trove of strategic thought leadership to offer us all.Toward the end of the discussion Mark reveals some new and interesting observations on the Marijuana sector.Full Transcript: Coming soonMore:Mark Noble on LinkedinHorizons ETFsGeneration ETFs (Horizons ETFs PodcastThe CrewReSolve Asset Management ReSolve Asset Management Blog Mike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinAdvisorAnalyst.com

Richard Heft, Co-Founder and President, of EXT. Marketing, and Andrew Broadhead, Head of Content at EXT. Marketing, co-authors of the new bestseller, The Ascendant Advisor, a comprehensive content-focused marketing roadmap for advisors, join us a for our an in-depth conversation about how advisors can set themselves apart competitively.In our conversation, we discuss the 6 major challenges facing advisors today. These challenges, as Richard Heft points out, were on the rise well before the COVID pandemic landed on our shores. What The unfolding of the pandemic did, however, was to accelerate the pace of change, and force advisors to revisit the road forward.Owing to KYC, advisors are required to invest a great deal of time getting to know everything they can about their clients. But what about Know Your Advisor? Very little time is spent helping their clients, and their potential public, get to know who they are. Perhaps this is because time is at a premium. We talk about how advisors can make themselves discoverable, knowledgeable, and relatable, without feeling like all they're doing is tooting their own horn and coming off the wrong way.Finally, we get into the topic of inter-spousal and/or inter-generational wealth transfer. We talk about some obvious and not so obvious ways advisors can bridge any of the gaps that exist in their client-family relationships, to have a better chance of retaining their clients, post-succession.You'll find this conversation full of valuable takeaways. As for what we didn't get to in this conversation, and there is so much, you'll have to get yourself a copy of Richard Heft and Andrew Broadhead's excellent new playbook, The Ascendant Advisor.Full transcript: Available soonMoreThe Ascendant Advisor is available on Amazon: The Ascendant AdvisorThe Ascendant Advisor siteRichard Heft on LinkedinAndrew Broadhead on LinkedinThe Ascendant Advisor on Linkedin

Som Seif, CEO, Purpose Investments joins AdvisorAnalyst's Joseph Lamanna, to discuss the Purpose Bitcoin ETF (BTCC: TSX), the world's first bitcoin ETF, and the Purpose Ether ETF (ETHH: TSX), also another world's first. We discuss the challenge of launching these two new exchange-traded cryptocurrency funds, in the context of the inabliilty by a multitude of U.S.-based ETF firms to do so.We get into the differences between investing in cryptocurrencies directly versus via ETF, and Som also shares is thoughts on the tracking of the ETFs against the underlying, as well as institutional versus retail transaction costs of trading bitcoin, ether, cold wallets vs. hot wallets, and how to approach position sizing in portfolios.Finally, we ask Som Seif which of the two of bitcoin and ether, he favours.Full Transcript

Jason Buck, Chief Investment Officer of Mutiny Fund joins us. Based in California, Mutiny was born out of Jason Buck's quest to find a way to hedge entrepreneurial risk {he was in commercial real estate in 2006-2008). After the GFC, he figured there had to be a way. Around 2010-2012 family began to ask him if there was tail protection available to protect against Taleb's 'Black Swans.' At that time, Buck's response was that unless you had at least $100-million, you were out of luck if you were looking for this kind of solution.This set him on a journey of a thousand steps to solve the problem of bringing tail protection strategies and solutions, initiailly to his immediate circle and ultimately, retail level investors. Buck had already been trading options for over ten years, and had more recently begun trading vol, so he understood well how to hedge his own portfolio. But the problem was how do solve for the problem of being able to easily do this for others, namely his family and friends. The Mutiny Fund is Jason Buck and Taylor Pearson's tail protection fund, launched last year in April 2020, to provide investors with access to a tail protection solution that would provide asymmetric payoffs in periods of market drawdowns of at least 20%.You are the average of the five people you spend the most time with. Come hang out with us for a while. You just might find out about something you didn't know you didn't know about. Like how portfolio tail risk protection works.Transcript: Coming soonYou can get to know more about Jason Buck, Mutiny Fund, and their worthwhile research, podcast, and blogs here:Jason Buck on Linkedin Taylor Pearson on LinkedinJason Buck on Twitter Taylor Pearson on Twitter Mutiny Fund - https://mutinyfund.com/about/Mutiny Podcast - https://mutinyfund.com/podcast/THE DRAGON PORTFOLIO: How To Preserve And Grow Your Wealth For The Next Centuryhttps://mutinyfund.com/thedragon/THE COCKROACH PORTFOLIO - https://mutinyfund.com/cockroach/*****Mike Philbrick, CEO, ReSolve Asset Management SEZC on LinkedinRodrigo Gordillo, President, ReSolve Asset Management SEZC on LinkedinReSolve Asset ManagementReSolve Asset Management Blog Pierre Daillie, AdvisorAnalyst.com on LinkedinAdvisorAnalyst.comPlease SUBSCRIBE and leave us a REVIEWWelcome 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.#insight, #outlook, #markets, #RaiseYourAverage, #InsightisCapital, @advisoranalyst, #stocks, #investing, #wealth #antifragile #blackswan #mutiny