Insight is Capital™ Podcast

This is one of the trickiest times in investing history marked by heightened uncertainty, distorted valuations, regime change and increased volatility in both equity and bond markets. For good reason, advisors have increasingly turned to shifting parts of the portfolios they manage away from traditional equity and bond assets in return for exposure to structured note and investment strategies that provide structured investing outcomes from those same asset categories.In this conversation with Bill Bamber, CFA, Chief Executive Officer at BMO Global Asset Management, we are treated to a behind-the-scenes look at how and why BMO GAM developed and launched its innovative Strategic Equity Yield Fund (SEYF) solution (in June 2023). What was the thinking behind innovating this?Investors face unforeseen risks, eroded correlations, as well as unprecedented decision-making challenges due to the proliferation of choices of individual structured products in the marketplace. SEYF is an elegant, actively managed, one-ticket solution for investors, the likes of which were once only available to large institutional investors, via the capital markets desk. We discuss the rationale and strategic thinking behind BMO GAM launching this type of actively managed capital markets-based solution for accessing the best ideas and best strategies in the structured note market, in the form of a mutual fund. Now accessible to all investors, this is a milestone unto itself, to solve what have become some quintessential problems for investors desiring structured outcome solutions for their portfolio, in an always-on, always available format.Bill Bamber, CFA, brings 3 decades worth of expertise in the capital markets space to BMO GAM. As CEO, he is leading this drive to bring wide investor accessibility to structured capital markets investing strategies for everyday investors. This solution provides the enhanced yield plus capital appreciation potential and liquidity investors are seeking, along with the sophistication of stability, structured downside protection and price-seeking power, owing to the economies of scale of the firm’s substantial global trading operations. Thank you for listening!About Bill Bamber, CFAChief Executive OfficerBMO Global Asset ManagementBill Bamber joined BMO Wealth Management in April 2022 as Head of Synthetic Asset Management and is currently the CEO of BMO Global Asset Management. Bill has more than 30 years of experience in the Financial Services Industry, including extensive experience in International Capital Markets, most notably in exotic derivatives spanning all asset classes as well as global structuring and structured products.Prior to joining BMO, Bill oversaw Structured Products and Quantitative Investment Strategy businesses globally and led many ground-breaking initiatives and innovative indices. He has held senior positions at International and North American financial institutions including a focus on equity derivative structuring in the Americas.Bill is well-known as an innovator in the investment industry with an outstanding track record for product firsts around the world. This includes pioneering the world’s first Emerging Market ETF (STX40 SJ Equity) and creating the first MLP-linked security both inside (AMJ US Equity) and outside of the U.S. He was also the first to create a listed trading platform for zero-coupon South African gilts.Bill is a Chartered Financial Analyst (CFA) and holds both a Master of Management Analytics and a Master of Business Administration from Queen’s University.

This episode with guest Mario Cianfarani, Head of Distribution at Vanguard Canada kicks off delving into 2024's First Challenge: Bond yields and the importance of re-positioning cash for the long term given the likelihood of central banks shifting towards rate cuts in 2024.- It’s time to consider how to put money back to work, to shift from a defensive market stance to a more opportunistic investment approach, and its implications on advising with regard to 60/40 portfolios and bonds. We discuss the challenge posed by having funds on standby in short-term instruments and cash equivalents, and emphasize sticking to or revisiting long-term investment strategy despite today’s uncertainty and market fluctuations.- Challenge Two: We discuss the importance and challenge of investors being able to stick to their predetermined plans emphasizing the value of guidance provided by advisors. Do they have plans THEY can stick to? How can you properly get them to that state? The nature of markets has always required the necessity of portfolio diversification, and HOW you diversify is even more important, now, as is the ability to adhere to long-term investment strategies. Mario makes the point that advisors should communicate their value by widening the scope of their client discussions. That goes far beyond selecting stocks or managing portfolios, demonstrating their role, in financial planning, behavioural coaching, estate and tax planning. It’s very important to consider context when making investment decisions and utilizing viewpoints and data, for managing portfolios.Pierre highlights the considerable value-add of tapping in to (such as) Vanguard’s deep experience and resources to enhance portfolio construction and bolster investor trust in the quality of the source of guidance, in the context of the reintroduction of interest rates, i.e. the impact and gravity of that. Our discussion sheds light on how the zero interest rate environment has influenced now distorted valuation models and investment strategies, highlighting a return to investing principles in response to effects of higher interest rates.The conversation touches on the increasing professionalization and personalization in wealth management, Mario references Vanguard's seminal research into Advisors Alpha and the significance investors attach to services.Challenge Three: The conversation wraps up by discussing the impact of wealth transfer on succession planning for advisors suggesting it's high time to consider the notion of promoting a multi-generational approach, to managing family wealth, OR face the high risk being traded out, replaced, as their key advisor at succession. How can you strategically begin to approach this problem?Thank you for watching and listening!

Ilan Kolet, Institutional Portfolio manager in Fidelity's Global Asset Allocation Team, joins us to discuss the most important questions he and his team mates, David Wolf and David Tulk have been fielding at the start of 2024. We delve into the unexpected shifts in monetary policy led by the Federal Reserve and mull over the repercussions of potential rate cuts on inflation volatility, weaving through the intricacies of the Fed's data-driven stance and 'pivot' toward a less restrictive monetary environment.In the context of historical reflections and economic projections, Kolet elaborates on the team’s optimism regarding the US market, supported by a belief in a productivity boom that dallies with the possibility of economic prosperity, low inflation, and equity strength. We get into Canadian fiscal policy, where Kolet voices concerns about Canada's macroeconomy potentially trailing in equities and fixed income, and how the team is allocating to Canada. Kolet sheds light on the team’s investment strategy, from high-conviction underweights and overweights to the complexities and nuances of handling asset allocation.Throughout the episode, it's clear that the core of the discussion isn't merely the transactional aspects of investment but relates to the broader challenges advisors face when reconciling market complexities with client needs. The episode provides Fidelity's highest conviction global asset allocation guidance through the labyrinth of 2024's financial mixed and uncertain landscape.

John De Goey, Portfolio Manager and Investment Advisor at Designed Wealth Management joins us to discuss and explore the current investment landscape and the choices available to investors. He highlights the importance of managing risk and staying on the short end of the yield curve, for time being where fixed income is concerned. We also delve into the topics of optimism and pessimism, with a focus on the potential challenges and uncertainties in the market. We talk about the shifts in real estate markets, particularly the shift happening that's favouring the US Sun Belt, and the potential impact of climate change on investments. De Goey urges investors to be prepared and take proactive measures to balance risk in their portfolios. He also cautions against unrealistic expectations for future returns. Is your portfolio equipped to handle unknown variables and tail risks?Our chat wraps up with a nudge to uphold a diverse and balanced portfolio, mindful of the effects of surging interest rates. Remember, Balanced Asset Allocation and Balanced Funds are not the same - risk management is key. Unlike a traditional 60/40 'balanced fund', a balanced asset allocation approach ensures apt risk distribution.We explore the perils of unchecked optimism in the finance sector and how to construct a resilient, well-equipped portfolio. We ponder the withdrawal effects of quantitative easing and the necessity to confront market realities. We also investigate the financial industry's positivity bias and the knock-on effects of negativity.De Goey's "dumbest thing he's heard" takes a jab at data manipulation to bolster a narrative. We delve into the need to anticipate potential pitfalls and the importance of diversification as a safety net. Our dialogue concludes with a conversation about managing expectations, loss aversion, and the task of keeping clients invested for the long haul. Certainly, plenty to contemplate.TakeawaysStay on the short end of the yield curve for now, and manage risk in the current market.Be cautious of excessive optimism and be prepared for potential challenges and uncertainties.Consider investments in real estate, traditional inflation hedges, and diversified portfolios.Recognize the changing investment landscape and adjust expectations for future returns. Blind optimism in the financial industry can be dangerous, as it can lead to a lack of preparedness for potential risks.Quantitative easing has created withdrawal symptoms in the market, and it is important to face the reality of the current situation.The financial services industry has a commercial imperative to be optimistic, but it is crucial to consider both the positive and negative aspects of investing.Cherry-picking data to support a narrative is not a reliable approach, and it is important to consider the full picture.Proper diversification is like insurance for a portfolio, and it is essential to mitigate potential harm.Expectations management, loss aversion, and maintaining perspective are key in keeping clients invested for the long term.Timestamped Highlights:[00:00] Introduction[01:01] Investment Choices in the Current Market[03:31] Optimism and Pessimism[06:07] Shifts in Real Estate Markets[06:56] The Sun Belt and Financial Centers[08:20] Concerns and Pessimism[10:32] Preparing for Uncertain Times[16:06] Lowering Expectations for the Future[21:12] Balancing Climate Obligations and Economic Growth[26:04] Preparing for a Lower Standard of Living[31:05] The Danger of Optimism Bias[35:47] The Importance of Being Prepared[41:49] Diversification and Balance in Portfolios[46:16] The Impact of Rising Rates[48:40] The Danger of Blind Optimism[49:14] The Withdrawal Symptoms of Quantitative Easing[50:20] The Commercial Imperative of Optimism in the Financial Services Industry[51:18] The Cascading Effect of Pessimism in the Market[52:16] The Dumbest Thing Heard: Cherry-Picking Data to Support a Narrative[55:43] Listening for Quips and Side Comments in Financial Media[58:32] The Afterglow of Reaction to Bad Economic News[01:00:36] The Importance of Considering What Could Go Wrong[01:02:31] Optimism with Insurance: Proper Diversification[01:05:55] Expectations Management and Loss Aversion[01:07:29] The Challenge of Minimizing Losses and Maintaining Perspective[01:09:29] The Difficulty of Keeping Clients Invested for the Long Term[01:11:36] The Struggle of Getting Clients to Embrace Diversification[01:14:33] Differentiating Between Great Companies and Great Stocks[01:15:16] The Historical Perspective of Overvalued Markets[01:17:41] The Redistribution of Wealth During Flat Markets[01:20:55] The Need for Realism and Mitigating Potential Harm

Join us for this enlightening conversation with Ilan Kolet, Institutional Portfolio Manager, Global Asset Allocation Team, at Fidelity Investments, as we delve into the economic outlook for 2024. Kolet provides invaluable insight into the Canadian and US economies, the housing market, investment strategies, and inflation protection. We explore the impact of interest rates, consumer spending, and central bank policies on investments. Kolet's expertise sheds light on asset allocation, portfolio diversification, and the potential implications of elevated inflation rates, making this episode an absolute must-listen.Timestamped Highlights:[00:00] Introduction - career - Bank of Canada, under Dodge and Carney, to Bloomberg, then Fidelity in Boston.[05:24] Thoughts on Market optimism.[12:10] Potential US economic growth boosted by technology.[17:36] Labor market shows resilience and interest concerns.[23:19] Reduced consumer spending leads to economic impact.[29:47] Asset allocation process involves feedback from managers.[33:03] Elevated rates causing financial stress in Canada.[38:11] Diversifying and explaining investments to numerous clients.[43:33] Services drive inflation, labor market drives expenses.[48:45] US government faces challenges in refunding debt.[57:25] Researchers on Wellington acknowledge economic sensitivities, rates outlook.[01:02:28] Leverage negative sentiment, be cautious in exuberance.[01:06:15] Questioning fixed income view, cash overweight strategic.[01:10:13] Investors have many short and long-term options.[01:17:30] Working with talented teams on global research.Where to find Ilan Kolet, Fidelity Investments:Fidelity Investments Canada - Asset Allocation QuarterlyBioIlan Kolet on LinkedinGlobal Asset Allocation Team - Fidelity Investments

In this insightful discussion, Dino Bourdos, Portfolio Manager & Head of Investment Solutions at Guardian Capital LP delves into the intricacies of investment strategies, particularly focusing on the use of derivatives, covered call strategies, and the impact of market dynamics on investment decisions. With his extensive experience in the field, Bourdos offers valuable insights into the challenges and opportunities in the current economic landscape, making this a must-watch for investors and financial professionals alike.Timestamped Highlights:[00:02:19] - Impact of 2008 Financial Crisis on Individual Investors: Discussion on how the 2008 crisis led to a need for risk management strategies for individual investors, leading to the development of innovative options strategies.[00:03:39] - Guardian Capital's Approach to Asset Management: Insights into Guardian Capital's strategies, including the use of machine learning and AI in stock selection and the launch of innovative solutions like the Tontine.[00:09:47] - Creating Awareness in Investment Strategies: Emphasis on the importance of understanding the mechanics of investment strategies and setting realistic expectations to avoid misconceptions.[00:10:46] - Role of Advisors in Setting Expectations: The significance of advisors setting correct expectations and working towards delivering on them, particularly in relation to mutual funds and systematic withdrawal plans.[00:21:02] - Fundamentals Over Yield in Investment Choices: The discussion focuses on the importance of the underlying asset in investments, rather than just the yield, and the necessity of a portfolio's ability to grow and sustain payments.[00:24:31] - Cover Call Strategies for Long-Term Growth: How cover call strategies can be integrated into long-term investment plans, providing tax-efficient income while maintaining portfolio value.[00:29:04] - Personal Investment Strategy Using Home Equity: A personal anecdote about using home equity to invest in a cover call strategy, highlighting a creative approach to wealth creation.[00:32:35] - Opportunities in Single Stock Options: Discussion on the transition from index options to single stock options and the different opportunities they present in the market.[00:36:02] - Navigating Market Volatility with Covered Call Strategies: Insights into the use of covered call strategies during market downturns and the importance of being pragmatic and prudent in investment decisions.[00:37:16] - Adapting Investment Strategies Amidst Global Transitions: Commentary on adapting investment strategies in response to global shifts such as from globalism to protectionism and low to high interest rates.Where to find Dino BourdosDino Bourdos on LinkedinGuardian Capital LPResearch: Is the yield on your Covered Call Fund too high?Copyright © AdvisorAnalyst.com

Join us in conversation with Joaquin Kritz Lara, Chief Economist at Numera Analytics, as we explore the intricate world of global economics and financial markets. Hosted by Pierre Daillie and Richard Laterman, the discussion delves into the nuances of macroeconometrics, the dynamics of inflation, and the complexities of investment strategies in today's volatile market.Joaquin brings his extensive experience in macroeconomic analysis and model building, offering unique insights into the causal relationships between economic variables and their impact on financial markets. The conversation also touches on the rigidity of Europe's job markets, the influence of geopolitical events, and the critical role of domain knowledge in leveraging AI tools like ChatGPT for economic analysis.===========================Timestamped Highlights===========================[00:01:16] Introduction of Joaquin Kritz Lara, emphasizing his role and expertise in the financial sector.[00:07:23] Discussion on macroeconomic dynamics and Fed policy impacts on financial markets, identifying a late-cycle stage in G10 countries.[00:22:59] Analysis of the lag between real interest rate changes and consumption growth in developed markets, indicating a late-cycle economic stage.[00:25:30] Examination of the slow-moving banking crisis and its effects on the international demand for U.S. Treasuries and term premiums.[00:34:00] Conversation about the final stage of an economic expansion phase and the determination of optimal asset allocation weights for different investors.[00:50:10] Discussion on complementing stock-bond portfolios in light of paradigm shifts, focusing on asset class correlations and regime shifts.[01:29:49] Discussion on the limitations of AI tools like ChatGPT in financial analysis, highlighting the importance of domain knowledge.[01:31:51] Conclusion of the discussion, expressing appreciation for Joaquin Kritz Lara's insights and mentioning the sharing of research for further queries.===========================Where to find Joaquin Kritz Lara===========================Joaquin Kritz Lara on LinkedinNumera Analytics===========================Quoted Research===========================Numera Analytics - US Asset Allocation - October 2023Numera Analytics - Global Asset Allocation - October 2023Numera Analytics - Top Conviction Calls - Week 42 - October 2023Copyright © AdvisorAnalyst.com

Join us for this insight-rich conversation with Michael Robbins, a distinguished figure in quantitative asset management. He is an author, thought leader, Professor of Graduate Studies in Quantitative Investing at Columbia University, and a sitting CIO. Our conversation focuses on quantitative trading, asset management, and financial modeling. Michael's recently published book, "Quantitative Asset Management," offers insights into the complexities and nuances of quantitative strategies. We delve deep into the intricacies of Global Tactical Asset Allocation (GTA) and explore the nuances of quantitative investment strategies.HIGHLIGHTSUnderstanding GTAA: We start by defining Global Tactical Asset Allocation and discussing effective approaches and potential pitfalls in employing this strategy.[04:18] - Adam Butler discusses the unique challenges and advantages small investors face compared to large investors, emphasizing the benefit of portfolio agility for smaller investors.Investment Strategy Insights: Michael Robbins shares his expertise on various aspects of investment strategies, including the importance of a fund's management team, the significance of qualitative factors, and the role of an advisor in making informed investment decisions.Quantitative Strategies: We explore the realm of quantitative strategies, discussing hyperparameters, the impact of biases, and the importance of defining investment goals.The Role of Machine Learning: Delve into the use of machine learning in finance, understanding overfitting, and the challenges of translating complex financial data into actionable strategies.[24:20] - Pierre Daillie and Michael Robbins explore the concept of overfitting in algorithmic strategies and the skepticism surrounding backtesting, highlighting the importance of a solid theoretical foundation behind investment strategies.[34:47] - The conversation shifts to the importance of qualitative factors in investment, such as the management team's experience and the terms of investment, which are crucial alongside performance metrics.[26:58] - Michael Robbins emphasizes the need to eliminate luck and human bias from systematic investment programs, advocating for a more quantitative and systematic approach to investing.[42:08] - Michael Robbins and Pierre Daillie discuss the often overlooked aspect of the personality and charisma of analytical experts in investment management, and how it affects investment decisions.Practical Advice for Investors: Gain insights on what investors should look for in funds, the importance of diversification, and how to avoid common mistakes in quantitative investing.[1:01:56] - The article concludes with a discussion on expanding investment horizons and differentiating oneself as an advisor by exploring unique investment strategies, as suggested by Michael Robbins.*****📚 About Michael Robbins: Michael Robbins is an acclaimed author and expert in finance, Professor of Graduate Studies in Quantitative Investing at Columbia University in New York, and a sitting CIO. He is known for his deep understanding of quantitative strategies and asset allocation. His insights provide valuable guidance for both new and seasoned investors.***Where to find Michael Robbins, CFAMichael Robbins on LinkedinMichael Robbins' book - Quantitative Asset Management***👍 Like and Share: If you find this discussion informative, please like, share, and comment below with your thoughts or questions.#InvestmentStrategies #GlobalTacticalAssetAllocation #QuantitativeInvesting #MichaelRobbins

We're excited to share our conversation with two distinguished guests from WisdomTree, Jeremy Schwartz and Jeff Weniger. Jeremy Schwartz, CFA, Global Chief Investment Officer at WisdomTree, shares his views on the market and economy from his vantage point of overseeing all of WisdomTree's investment activity. Jeff Weniger, CFA, Head of Equity Strategy at WisdomTree, shares current insights from his team's analysis of stock market trends and macroeconomic developments. Where to find our guests:Jeremy Schwartz Jeff WenigerTimestamped Highlights[00:00] Fed Rate Hikes and Economic Impact - We begin with Jeremy Schwartz and Jeff Weniger's analysis of Powell's speeches, highlighting inconsistencies and effects on housing.[04:55] Inflation and Monetary Policy Concerns over housing data, skewed rental data, and Powell's neutral stance.[08:33] Central Bank Policies and Banking Industry Challenges - Powell's inflation goals, bravery of central banks, and future risks in banking.[15:58] Banking Industry Changes and Consumer Behavior - Funding challenges for banks, high net worth individuals holding cash, and consumer spending patterns.[20:14] Housing Market Dynamics and Potential Correction - Correction trends in housing market, millennial supply issues, and recession implications.[26:31] Housing Market Trends: Homeowners and Renters - Low home sales volume impact, focus on home prices vs. activity, and new construction's effect on home improvement.[33:13] Housing Market Trends and Employment Resilience - Demand for new homes and companies’ resilience to rate hikes.[36:49] Economic Trends, Monetary Policy, Investment Opportunities - Impact of interest rates on tech companies, Dallas Fed report, and investment insights.[41:48] Labor Market Changes and Economic Uncertainty - Frustration with employment dynamics, real estate professionals’ struggles, and COVID-19's impact.[47:05] Economic Impact of Demographic Shifts and Monetary Policy - Low interest rates influencing retirement, generational conflict, and political impacts.[53:12] Economic Stimulus, Budget Deficits, Stock Valuations - Discussion on potential stimulus, budget deficits, and high-valuation companies like Nvidia.[58:35] Nvidia's Potential as a Prime AI Stock - Cisco's market position contrasted with Nvidia, and the parallel potential of a Japanese stock market resurgence.[1:01:31] Investing in Japanese Equities] Warren Buffett's Japanese investments, hedging currency risk, and equity investment psychology.[1:07:28] Japanese Economy: Labor Costs and Profit Margins - Cultural shifts in Japan, labor arbitrage, and wage gap comparisons.[1:11:50] India's Role in Global Politics and Economy - India's demographic advantages, investment valuation importance, and geopolitical role.[1:17:58] Cultural Exports and Media Representation - Global cultural exports' impact, Hollywood and Bollywood influence, and increased American interest in foreign cultures.Copyright © AdvisorAnalyst.com

Discover how covered call strategies can help investors profit from rising volatility in today's markets. Nicolas Piquard, Chief Options Strategist at Hamilton ETFs, shares his insights on using covered call options strategies to generate income from popular bank and utilities stock holdings (HMAX and UMAX). Piquard also discusses in depth, the case for the new and timely opportunity of using a covered call strategy to enhance returns from bonds, and how Hamilton ETFs' HBND works.Learn why this innovative approach allows for more nuanced portfolio adjustments, without taking on additional risk.Nicolas Piquard: Monetizing Volatility in Bonds (a First) & EquitiesTimestamped Summary:[00:00:00] Monetizing volatility with Hamilton ETFs Chief Options Strategist Nicolas Piquard- Nick Piquard shares insights on monetizing volatility in equity and bond markets.[00:01:16] Bank earnings, volatility, and covered calls with a focus on Canadian banks.- discusses his career in the options space, from sell side to buy side, and his current work at Hamilton ETFs.- Daillie asks about the outlook for bank earnings in light of recent results and expectations.- provides a mixed view, citing both positive and negative factors, including rising interest rates and a weaker economy.- notes that Canadian banks have historically been less volatile than US banks, but current market conditions create potential buy opportunities (0:05:25).[00:07:06] The attractiveness of covered calls in the current market environment, with strong dividends and potential for extra yield .[00:08:06] Covered call options in a volatile market.Daillie notes the prevalence of Canadian bank ownership in US banks and stadium naming rights, suggesting it's a source of national pride.- believes there are good deals to be had in regional banks due to their low valuation, but they need access to capital to overcome challenges.- highlights the potential opportunities for covered call option writers in a volatile market, as the price of call options increases in such environments.- advises focusing on selling call options at the higher end of a price range to maximize performance, rather than selling too much upside at a single point.- advises navigating short-term market volatility by using covered call strategies, avoiding short-term lows, and taking advantage of market whipsaws.- explains how to navigate a volatile market by writing fewer call options and waiting for better entry points.- provides an example of how to manage a situation like this in the Canadian banking sector.[00:17:45] Options trading strategies and their implementation.Active call strategy can help diversify exposure and adapt to changing market conditions.- emphasizes importance of proper management of covered call strategies for long-term success.[00:21:51] Covered call strategies in volatile markets.- Investors seek tax-efficient income through covered call strategies on safe assets like Canadian banks and utilities, freeing up time for other investment decisions.- Investors may seek insurance against large cap tech names, generating premiums for investors.- discusses the benefits of using a covered call strategy in volatile markets, particularly in sectors like tech and energy where upside potential is high.- notes that while the strategy involves giving up some upside potential, the increased yield from selling call options can help offset this trade-off.[00:27:48] Using covered calls to diversify and generate income in a volatile market.- Investors may benefit from diversifying into covered calls to monetize volatility in a potentially uncertain financial environment.- Investors seeking income can use covered call strategies to monetize volatility while maintaining existing portfolio holdings.[00:32:10] Tax loss selling and bond market strategies.Daillie highlights the tax loss selling opportunity in the banking sector, where investors can capture tax efficient income and enhance overall yield.- Hamilton's new ETF exploits volatility and yield in the bond market, a strategy that has not been done before, with investors asking why it hasn't been explored earlier.- explains that TLT, a bond ETF, has become a popular proxy for long-term yields due to its liquidity and size, making it an attractive option for covered call strategies.- Daillie agrees, noting that TLT has become a shorthand for long-duration bonds and its options market has become liquid, making it an ideal choice for traders.- explains why there hasn't been any previous covered call BOND ETF formations. The concept didn't have any traction to become popular until recently, citing bond market trends and Fed actions.[00:38:52] Long-term bond yields and inflation.- identifies two key factors driving the market: investors' perception of inflation and the ability to lock in high yields with safety.- discusses factors contributing to sticky inflation, including demographic changes, globalization, and monetary policy.- Counterarguments include concerns about global debt levels and the potential for higher rates to cause economic issues.[00:44:25] Interest rate volatility and its impact on financial markets.- notes that traditional buyers of US Treasuries, such as China and Japan, are becoming less active due to high yields in their own bond markets, potentially impacting US interest rates.- highlights a chart showing the correlation between interest rate volatility and equity volatility, with both increasing in recent years despite the VIX decreasing.- believes that interest rate volatility will continue to rise due to the Fed's balance sheet reduction, leading to higher VIX levels.[00:50:01] A new ETF strategy for fixed income investors (HBND).- Investors can now access extra yield through a new ETF that combines fixed income exposure with covered call strategy, using TLT as the underlying bond.- discusses using a covered call strategy with US Treasuries to generate income with lower risk.[00:54:24] Bond market volatility and investment strategies.- Investors may benefit from exploiting long-term yield opportunities in the bond market, particularly through covered call strategies, given the current high volatility environment and potential for sustained government spending.- Investors can fine-tune portfolios with new opportunities for volatility monetization.- is excited about the opportunity in bond ETFs, seeing it as a timely and popular investment opportunity.- discuss the potential of adjusting portfolio trim without major attitude adjustment, using analogies like boat engine trim and volume control.ClosingWhere to find Nicolas PiquardNicolas Piquard on LinkedinHamilton ETFsStrategies discussed:HMAX - Hamilton Canadian Financials Yield Maximizer ETFHBND -Hamilton U.S. Bond Yield Maximizer ETF