Insight is Capital™ Podcast

Lyn Alden of Lyn Alden Investment Strategy is our guest on Raise Your Average. Lyn is one of today's foremost and profound macro-economic strategists and thinkers. She provides tens of thousands of investors per month with her proprietary investment research. Lyn's investing framework primarily involves fundamental equity investing with a global macro overlay, and while her research is meticulous, multi-layered, and inter-connected in it's findings, one of Lyn Alden's gifts is her ability to appeal to a wide range of investors, from beginners all the way up to market intellectuals. Our discussion is wide ranging. Lyn describes how she ended up in the investment research arena (she's an engineer), what her interests are, how she's constructed her research framework, what she's looking for in her research, how she identifies bottlenecks and roadblocks, and how she's investing.We get into the subject of the economy, interest rates, yields, and inflation expectations, Lyn leads the discussion on how the base effects of April-May 2020, when the economy and consumption troughed, is temporarily distorting investors' view on economic growth. In addition to her equity and macroeconomic research, Lyn has also conducted in-depth research into Bitcoin and cryptocurrencies, and we get into that in some detail too here. There's so much here. Full transcript:Lyn Alden Investment Strategy - https://www.lynalden.com/Lyn Alden on Linkedin - https://www.linkedin.com/in/lynalden/Lyn Alden's Newsletter - https://www.lynalden.com/investing-newsletter/How Market Capitalization Works: A Look at Rolling Bubbles - https://www.lynalden.com/market-capitalization/Ulimate Guide to Inflation - https://www.lynalden.com/inflation/Economic Japanification: Not What You Think - https://www.lynalden.com/economic-japanification/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/AdvisorAnalyst.com - https://advisoranalyst.com

Our guests are Alex Shahidi, and Damien Bisserier, both Managing Partners and Co-Chief Investment Officers at Evoke Advisors. Evoke is a $20 billion Registered Investment Advisor based in L.A. They are also well-known as the portfolio managers of the Risk Parity ETF (RPAR:NYSE).This is ordinarily a fairly complicated topic to discuss, however, Alex and Damien have clearly found a very layperson-friendly way to explain how to construct robust and resilient 'all-weather' portfolios that can profit and preserve capital in all economic and market climates.In our conversation, Shahidi and Bisserier outline how they construct their portfolios, what are the basic components of their portfolios, and why. They explain the why each asset type behaves and interplays with the other three in the context of four main asset categories, and how they perform through extreme market events.What you can expect to take away from this, assuming you make the time to listen to the whole conversation, is how you can construct a portfolio that can keep you and your clients invested, and can keep you from potentially losing your heads, behaviourally, during events like the March 2020 Pandemic 40% drawdown.If the key to long term investment success is to get investment selection and risk budgeting correct, so you, as an investor, and your clients, as investors can stay fully invested through market crashes, economic events, and 'black swans', then "Balanced Asset Allocation" by definition, is seriously worth your consideration. By a country-mile, the 2020 drawdown in the value of almost all risk assets, served as an inflection point which will define how successful investors will be from that moment in time forward.Please feel free to share your thoughts about this. Please comment below, AND if you enjoyed this episode and others we have recently shared with you, please subscribe, and by all means leave us a review on Youtube, Apple Podcasts or iTunes, or wherever you listen to your favourite podcasts.Alex Shahidi, Co-CIO, Managing Director, Evoke AdvisorsDamien Bisserier, Co-CIO, Managing Director, Evoke AdvisorsEvoke AdvisorsRisk Parity ETF (RPAR:NYSE)Mike Philbrick, CEO, ReSolve Asset Management SEZCRodrigo Gordillo, President, ReSolve Asset Management SEZCReSolve Asset ManagementReSolve Asset Management BlogInsight is Capital™ PodcastPierre Daillie, AdvisorAnalyst.com

Our deep dive conversation into hedging interest rate volatility and inflation, with Nancy Davis, Founder and Managing Director of Greenwich, Connecticut-based Quadratic Capital Management LLC. We discuss markets, interest rates and interest rate volatility, and the risk of inflation making a comeback, from the perspective of IVOL being a strategic portfolio diversifier as well as being opportunistically priced. Davis discusses the asymmetry of being long 'convexity,' a way of investing in interest rate volatility where the potential for return is disproportionately greater than the investment because the risk is mis-priced.We discuss how the Quadratic Interest Rate Volatility and Inflation Hedge ETF (IVOL:NYSE), her firm's ETF, is a solution for investors looking for investment options that have little or no correlation(do not behave the same way at the same time) to equities and bonds, and in the context of today's investment climate, represents an asymmetrical opportunity/addition that may be opportunistic and complementary to today's traditional portfolios.The price of interest rate volatility also happens to be at an all time low, lower than even before the GFC. By the time we're done talking about what seems an otherwise complicated strategy, you'll be able to understand what it is. The rates market is the largest segment of financial markets and until now was for all intents and purposes, inaccessible by individual investors.Nancy Davis - https://www.linkedin.com/in/nancyquadraticIVOL ETF - https://www.ivoletf.comQuadratic Capital Management LLC - https://quadraticllc.comIVOL White Paper - https://kfafunds.com/reports/ivol-white-paperIVOL Presentation - https://www.ivoletf.com/wp-content/uploads/2021/01/IVOL-Presentation.pdfIVOL Fact Sheet - https://www.ivoletf.com/wp-content/uploads/2021/01/2020_12_31_ivol_factsheet.pdf*****Mike Philbrick, CEO, Resolve Asset Management SEZC - https://www.linkedin.com/in/michaelphilbrickRodrigo Gordillo, President, Resolve Asset Management SEZC - https://www.linkedin.com/in/rodrigogordilloResolve Asset Management - https://investresolve.comResolve AM's Featured Research - https://investresolve.com/researchResolve AM's Blog - https://investresolve.com/blog*****Pierre Daillie, AdvisorAnalyst.com - https://www.linkedin.com/in/pierre-daillie-advisoranalystAdvisorAnalyst.com - https://advisoranalyst.com*****Welcome 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. Jump in with us and raise your average, as we raise ours.

Dave Nadig, CIO, ETF Trends and ETF Database, and Tim Nash, Founder of Good Investing, join co-hosts Pierre Daillie and Mike Philbrick for a deep dive conversation into all things ESG investing. We discuss the landscape of the ESG investing, the hype, the reality, the drivers, the debates, and at the end of this discussion, you will have some answers to the question "What is the point of ESG?"Notes:00:00:40 Welcome/Introductions00:05:22 How can advisors talk about and pass on the knowledge of ESG to their clients?00:09:32 What is the difference between Values-based vs. ESG vs. Impact investing?00:18:19 What do investors need to understand about what to expect from ESG?00:21:13 How are retail investors leading the ESG discussion?00:25:54 What are the hot points?00:29:11 How are large asset managers using their voting power to effect ESG change?00:31:15 What insights can you share about how ESG is shaping ethics and governance in markets?00:33:17 How do the advisor and investor empower themselves to get the most from ESG?00:39:08 What's in it for clients and advisors? How much of ESG is being driven by investors?00:47:10 How do you balance between ESG and other thematic trends without being in conflict?00:49:42 How does ESG benefit investors in terms of risk management?00:52:13 How much of it is doing good vs. sounding good? Greenwashing?00:58:43 The meaning of 'sustainable'01:03:33 Busting the myth that ESG is fluffTim Nash on Linkedin - https://www.linkedin.com/in/timothyjacknash/GoodInvesting.com on Youtube - https://www.youtube.com/c/GoodInvestingGoodInvesting.com - https://www.goodinvesting.com/Dave Nadig on Linkedin - https://www.linkedin.com/in/dave-nadig-9461/ETF Database - https://etfdb.com/ETF Trends - https://www.etftrends.com/Mike Philbrick, CEO, Resolve Asset Management SEZC - https://www.linkedin.com/in/michaelphilbrick/ReSolve Asset Management - https://investresolve.comPierre Daillie, AdvisorAnalyst.com - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/

The first episode of this new show. Meb Faber, founder of L.A.-based Cambria Asset Management and Marc Dalpé, Portfolio Manager at Richardson Wealth chat with Raise Your Average co-hosts Pierre Daillie, Managing Editor, AdvisorAnalyst.com, and Mike Philbrick, President, of ReSolve Asset Management SEZC (Cayman), about the 60/40 portfolio puzzle. With bond yields at 5,000 year lows and the S&P 500 at all time highs, Meb Faber and Marc Dalpé weigh in on where investors can consider re-allocating assets to raise their forward investment returns and investment income, while reducing their risk of loss and behavioural exposure.Meb Faber, Cambria Asset Management - https://www.cambriainvestments.com/​The Meb Faber Show - https://mebfaber.com/podcast/​Meb Faber Research - https://mebfaber.com/​Marc Dalpé, Richardson Wealth - https://web.richardsonwealth.com//dalpe.milette/marc-dalpe?lang=en_USMichael Philbrick, ReSolve Asset Management SEZC - https://www.investresolve.com​ReSolve Asset Management Podcast - https://investresolve.com/podcasts/​ReSolve Asset Management Blog - https://investresolve.com/blog/

Our wide ranging conversation with Som Seif, CEO, Purpose Investments and Greg Taylor, CIO, Purpose Investments. We begin by revisiting those intense moments in the days leading to the March 2020 bottom following this year's COVID-19 lockdown. Seif and Taylor open up about what they were thinking, and what their frame of mind was, in what was a critical time for all. Taylor shares his view that 'passive' investors running for the exits put outsized pressure on the entire market structure. We talk about some of the behaviours and events that shaped markets during the summer, what's concerning, and what's looking both bearish and bullish for the period ahead.Full Transcript  #ETFs, #Alts, #stocks, #bonds, #purpose, #outlook, #markets, #investing, #risk, #economy, #Canada, #policy

Our conversation with Srikanth Iyer, Managing Director, Head of I3 (i-Cubed) Investments, at Guardian Capital. From their head start in 2010 to today, Iyer explains why factor investing has not been working well, and boils down and shares 10 years of his group's discoveries, insights, and innovation that have come from their two main investment management projects - 1) asset preservation through dividend growth, and 2) asset growth through earnings growth.

Candice Bangsund, Vice-President, Portfolio Manager of Global Asset Allocation at Fiera Capital joins us for a wide ranging discussion about both fixed income and equity markets, the nature of global monetary policy and central bank stimulus. We talk about where the opportunity set is for investors. Valuations are high in both equity and fixed income markets, and investment income is at an historic low. We talk about where investors can rebalance their portfolios for both higher income, as well as equity growth for the period ahead. Full transcript

Our wide-ranging conversations with Brian Wesbury, Chief Market Economist, at First Trust Portfolios, where we discuss the state of the U.S. economy, the consequences of the COVID-19 lockdown, what empirical data says about the true state of affairs. Recently, Wesbury has been quoted as saying "The recession is over," and we discuss what he meant by that. Show notes: • What is your background? • What are some of your most remarkable findings during this pandemic period? • There's never been a full-on shutdown of the economy. • "The recession is over." What did you mean when you said it? • What weekly and monthly high frequency data are revealing • "The virus has a virus." • We have borrowed against our children and grandkids to do this - one day we'll look back on this and realize... • Quantitative Easing and the COVID rescue are happening concurrently (in case you haven't given it much thought since the lockdown) • The COVID related economic rescue is likely to be inflationary • How can the economy be so bad, and stocks so good? • This year's earnings won't be as bad as originally forecast at the beginning of the lockdown. • The true consequences of the lockdown are not yet known. • Continue to be bullish on broad equities and commodities - gold is expensive relative to historical norms versus other commodities, e.g. gold/oil ratio. 45x vs. 16x gold per barrel. • The worst thing that could happen this year? • We are resilient. We will get through this. • There's a lot of skepticism and confusion surrounding the need for the lockdown • Collection of Data about COVID-19 cases and deaths are not uniform and subject to a lot of error. • What have you been reading in your spare time?