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

Insight is Capital™ Podcast

Ep. 54 Som Seif and Greg Taylor, Purpose Investments

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.

Ep. 53 Sri Iyer, Guardian Capital

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

Ep. 52 Candice Bangsund, Fiera Capital

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?

Ep. 51 Brian Wesbury, Chief Economist, First Trust Portfolios

Our conversation with Hans Albrecht and Nicolas Piquard, portfolio managers at Horizons ETFs. In this wide ranging discussion, we discuss markets and market conditions, investor economics, (low) bond yields and (low and threatened) dividend yields. We go in-depth on the misunderstood opportunity of covered call writing as an overlay equity investing strategy, that is available via covered call ETFs, that produce a sustainable, tax efficient, high monthly income for every-day investors seeking yield, in addition to equity returns. Transcript

Ep. 50 The Perfect Storm for Covered Call ETFs

Our conversation with Steve Hawkins, President and CEO, Horizons ETFs, we discuss markets, trends, and why cash balances shouldn't be a drag on investing, which led his firm to launch two new cash management ETFs. HSAV, launched earlier this year, and HSUV.U, launched more recently, solve some of the perennial problems of cash balances, earning nearly zero-interest, which are a drag on returns and revenue, sitting in investment accounts. Transcript

Ep. 49 Steve Hawkins, President and CEO, Horizons ETFs

Adam and Pierre focus their discussion on diversification as a combination of "diversity" and "balance". Diversity is about holding investments that are designed to thrive in very different market environments, and for different reasons. Balance has the objective of ensuring that investments are all able to express their unique personalities. Risk parity is the ultimate expression of diversification. Sadly, many investors are misguided about the concept, and focus on the wrong things. We drill to the heart of the idea and illuminate why a risk parity portfolio should be the starting place for most investors.

Ep. 48 Risk Parity is the answer: What was the question?

Brooke Thackray is an expert on seasonal investing, a research analyst for Horizons ETFs, and sub-advisor of the Horizons Seasonal Rotation ETF (Ticker: HAC). He is also the author of 9 books and guides on the subject. Full transcript  

Ep. 47 Brooke Thackray: What is Seasonal Investing?

Our conversation with Resolve Asset Management's Mike Philbrick and Rodrigo Gordillo. We discuss how in little more than 10 weeks we have gone from "What's going on with the market? Is the world ending?" to "What's going on with the market? Why isn't the world ending?" Investors have a second chance now in the midst of the COVID-19 shutdown shock, the biggest single economic event of our lifetimes, to revisit their portfolio construction, and to reconstruct their portfolios so as to capture the highest realized risk adjusted returns, and all but eliminate their exposure to 4-standard deviation, black swan type market events. Full Transcript

The Market 'Mulligan': Don't Waste Yours

Michael Greenberg, Vice-President and Portfolio Manager, at Franklin Templeton Multi-Asset Solutions joins us to talk about his perspective on COVID-19 shocked markets, and his outlook on markets, behavioural finance, rebalancing, and opportunities.

Michael Greenberg: Rebalance? Yes, but where?

Our conversation with Hubert Marleau, Market Economist, Palos Management, about macro, micro, and mini-micro market and economic considerations in the present and his clear-eyed expectations of what the future holds, post-COVID-19.  

Hubert Marleau: Macro, Micro, and Mini-Micro – Now and Post-Pandemic

Our conversation with Judy Paradi and Paulette Filion, partners at StrategyMarketing.ca, and co-authors of the terrific new book, “Invest in HER, The Smart Financial Advisor’s Guide to Winning Female Clients.” According to numerous studies, women are on course to control about half of all accumulated wealth in Canada within the next decade. The financial industry, though, which remains dominated by males, has been slow to evolve in light of this extraordinary socio-economic trend. This isn’t the 60’s anymore. Women are getting elected to government, they are gaining an influential foothold on Boards of Directors. They start businesses, they are terrific consumers. Women are expected to live longer than men. – Today women account for 62% of University graduates – Women represent almost half of all practicing lawyers and accountants, more than 60% of all new physicians, and are the main breadwinners in 40% of all households. In their new book, Invest (in) HER, The Smart Financial Advisor’s Guide to Winning Female Clients, they say advisors are missing the obvious – they have failed to see that their future success depends on women – of every age and background.  

Paulette Filion and Judy Paradi: Financial Advisors' Future Success Depends on Women

Our conversation with Capital Markets Strategist, Guy Haselmann, on COVID-19's market, economic and social shock, and contemplating what the exit from the economic shutdown may look like, and how it may reshape things.

Guy Haselmann: Contemplating the Uncharted Post-COVID-19 Future

Sandy Liang, Portfolio Manager of the Purpose Credit Opportunities Fund, Purpose Investments shares his expert critique on the differences and similarities between the 2008 and 2020 Bond and Credit Market Crisis. In our conversation, Sandy Liang provides valuable insight on how the credit market works, his fund's defensive posture going into the drawdown, and the correction/opportunity set that has revealed itself.

Sandy Liang: The Correction/Opportunity Set of 2020's Bond and Credit Market Crisis

Mark Noble, EVP, Horizons ETFs, and Head of ETF Strategy joins us in Part 2 of this 2-part conversation. We explore some controversial long-time questions about ETFs, and equity and fixed income markets liquidity, in the context of the high-speed COVID-19 pandemic market panic in this honest discussion about whether or not ETFs have been a blessing or a curse to capital markets. Transcript (coming soon)

Mark Noble: Did ETFs Pass 2020's Lightning Bear Market Liquidity Test? (Part 2)

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Insight is Capital™ Podcast

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