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

May 24, 2018 • 6min
Som Seif: How has Q1's Volatility Changed Your Market Outlook?
Som Seif, CEO, Purpose Investments discusses how his outlook has changed since the return of volatility to the markets in February of this year. We discuss areas of the market to avoid or reduce, and areas of the market that he favours.

Apr 18, 2018 • 28min
Dan Kelley: The Opportunity in Founder-Led Companies
In this podcast, Dan Kelley, portfolio manager, Fidelity Investments, discusses how the opportunity of investing in founder-led companies has historically translated in higher returns. As a high school student, one of Dan Kelley's first jobs was working in a supermarket. At a young age he was interested in how businesses worked, how they were run. In high school he was inspired by legendary investor, Peter Lynch, after reading "One Up On Wall Street." Dan went on to work for two Wall Street powerhouses, as an analyst, until the opportunity to work at Fidelity Investments came along, in 2007, which fulfilled his long-time desire to work on the buy-side for one of the great investment management firms. Prior to joining Fidelity, Dan never imagined that he would one day be mentored by, and earn a place alongside investing greats Will Danoff and Joel Tillinghast, nor that he would have regular conversations with Peter Lynch. Dan Kelley manages Fidelity Founders Class Fund for Canadian investors. He also manages the Fidelity Trend Fund and the Fidelity Advisor Diversified Stock Fund for U.S. investors. TRANSCRIPT

Mar 31, 2018 • 30min
Sandy Liang: The Credit Risk Thesis for Investors Seeking Yield in a Rising Rate Market
We recently chatted with Sandy Liang, President, Purpose Investments Partners, and high yield fixed income portfolio manager to discuss his thesis on credit risk vs. interest rate risk for investors seeking yield in a rising rates environment. "Interest rate risk, or the risk of bond investments going down in value from a change in rates, is more worrisome right now than credit risk, or the risk that a company won’t be able to pay you back," says Sandy Liang. "A great example of this is the Taper Tantrum of 2013. The beginning of the wind-down of QE in the U.S. at that time prompted an interest rate scare," says Liang. "In that calendar year, long-term Treasuries in the U.S. (maturities of 20+ years) lost investors 13%. Mid-term Treasuries (maturities of 7-10 years), meanwhile, lost investors 6%. The U.S. high yield corporate debt market, on the other hand, returned a positive 6% in the same period of time (source: Bloomberg, using ETFs TLT, IEF and HYG)." What follows in this podcast is an enlightening, and eloquent conversation with Sandy Liang, providing a clear-eyed view of how to benefit from investing in credit in the rising rate environment.

Mar 31, 2018 • 26min
Sandy Liang: A Leading High Yield Fund Manager's Front Row Seat at the Financial Crisis
We recently caught up with Sandy Liang, President, Purpose Investments Partners, and high-yield fixed income portfolio manager. Sandy's exemplary career on both the buy-side and sell-side in equities, and more notably in high yield, on Wall Street. have earned him a reputation as a shrewd, no-nonsense high yield and corporate bond portfolio manager. As a preamble to our discussion about where the opportunities are in high yield and corporate fixed income space, we talked about Sandy's background, notably, his front row seat at the financial crisis, when he was a Senior Managing Director at Bear Stearns. A former Wall Street analyst and 7-time member of Institutional Investor Magazine’s All-American Fixed Research Team is resolute about putting asset protection first. Sandy shares the tenets of his investment philosophy, and his methodology for uncovering undiscovered, high quality yield opportunities in the high yield and corporate debt market market. This two-part podcast with Sandy Liang is an enlightening, plain talking conversation that should leave you with a better understanding of how high yield works and where the opportunities are for investors looking for income.

Feb 23, 2018 • 10min
Tom O'Gorman: Where are the Fixed Income Opportunities?
In this final segment of our conversation with Tom O'Gorman, CFA, Portfolio Manager and Director of Franklin Bissett Fixed Income, we discuss the areas of opportunity in the bond market that he and Franklin Bissett Fixed Income are currently favouring. Where are the Fixed Income Opportunities in a rising interest rate environment? Thank you for listening. About Tom O'Gorman Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management in Calgary, Alberta, Canada. Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception). Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets. Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.

Feb 23, 2018 • 5min
Tom O'Gorman: Are China's Large Forex Bond Purchases the Fed's Unwinding White Knight?
In this segment of our conversation with Tom O'Gorman, CFA, SVP, Director of Fixed Income as Franklin Bissett Investment Management, we discuss the possibility that China's Forex reserve bond buying, which has resumed very strongly in the second half of 2017, may be the White Knight of the Fed's unwinding of QE as it turns down the volume on it's bond purchase program. About Tom O'Gorman Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management. Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception). Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets. Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.

Feb 23, 2018 • 10min
Tom O'Gorman: Are central banks caught between a pillar and a post?
In this segment of in depth discussion about the bond market, Tom O'Gorman points out that while there is definitely inflation within financial market prices, its not clear whether there is clear pricing and consumer inflation. Are central banks caught between a pillar and post of conflicting views on inflation? What lies ahead? Our conversation continues. About Tom O'Gorman Tom O'Gorman, CFA, Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management in Calgary, Alberta, Canada. Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception). Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets. Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.

Feb 23, 2018 • 8min
Tom O'Gorman: Is the bond market right about the economy?
We recently chatted with Tom O'Gorman, Senior Vice President, Director of Franklin Bissett Fixed Income, at Franklin Bissett Investment Management. Via the flattening of the yield curve the bond market has been expressing doubts about the economy, so we asked Tom O'Gorman to share his outlook, his perspectives on the market, and his thoughts on perception versus reality. Is the bond market right about the economy? About Tom O'Gorman TOM O'GORMAN, CFA, is Senior Vice President, Director of Franklin Bissett Fixed Income, Franklin Bissett Investment Management. Tom O'Gorman is a senior vice president, director of fixed income at Franklin Bissett Investment Management and has been with the organization since 2010. Mr. O'Gorman shares co-lead responsibilities of Franklin Bissett Income Strategy Development and Implementation, including Franklin Bissett Core Plus Bond Fund (2010), Franklin Bissett Institutional Fixed Income Program (2010), Franklin Bissett Canadian Balanced Fund (2011), Bissett Canadian Core Bond Trust (2012), Franklin Bissett Strategic Income Fund (since inception), Franklin Bissett Canadian All Cap Balanced Fund (2013) and Franklin Bissett Monthly Income and Growth Fund (since inception). Prior to joining Franklin Bissett, Mr. O'Gorman spent 20 years managing U.S. and Canadian fixed income. He spent 10 years with Prudential Financial as an analyst and was the head of portfolio management for Munich Re in NYC for 10 years, overseeing a $30 billion portfolio of Canadian and U.S. fixed income assets. Mr. O'Gorman studied at Berklee College of Music, holds a bachelor's in business administration from William Paterson University and an MBA from Rutgers University. He is a Chartered Financial Analyst (CFA) charterholder.

Jan 31, 2018 • 48min
Stephen Lingard: Multi-Asset Outlook for 2018 (Full Interview)
In this podcast, we chatted at length with Stephen Lingard, SVP, and Portfolio Manager, Franklin Templeton Managed Solutions, about his Multi-Asset outlook for 2018. Steven Lingard shares his candid views about what this year and forward holds in store for investors, and how to prepare in advance for the change in regime that is underway, as central banks continue in their efforts to turn down the volume on quantitative easing Stephen Lingard is senior multi-asset portfolio manager directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.

Jan 29, 2018 • 9min
Stephen Lingard: Where are the opportunities?
In conclusion, we asked Stephen Lingard where the opportunities are, where he is positioning portfolios for this year and beyond. Stephen Lingard is senior multi-asset fund professional directly responsible for managing over C$10 billion in AUM across multiple strategies in Canada and offshore for Franklin Templeton Multi-Asset Solutions. He has a diverse skill set in research, strategy, asset allocation, portfolio construction and risk management as well as extensive experience with retail and institutional clients globally. He is also a regular contributor to financial media in Canada and Asia.