David Burrows, President & Chief Investment Strategist, at Barometer Capital Management joins us for an in depth discussion on the markets, inflation, monetary policy, outlook, his base case, and exchanges his contrarian case for what possibly lies in the future vis-à-vis domestic and global economics, as well as sharing a few of his surprising ideas regarding what he's doing in the alternative investing space.

David provides the Barometer team with macro driven quantitative analysis. Covering mobile markets and asset classes, Barometer tactically manages investment portfolios, targeting structural revaluations.

David co-founded Barometer Capital Management, in 1991 after beginning his career in 1986 with the Private Client Group at Scotia McLeod. With Greg Guichon, David sits on the firm’s investment policy committee and is responsible for the overall construction and daily review of all client portfolios.

David is a frequent guest as a market commentator on CTV, CBC and BNN Bloomberg.

Barometer manages discretionary investment portfolios for private investors, foundations and endowment funds. Their stated purpose is to earn consistent, absolute returns while preserving capital. In an industry that measures success by relative performance to the market, Barometer is unique for its commitment to, and history of, producing consistent absolute returns.

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Where to find David Burrows

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David Burrows on Linkedin

David Burrows, Barometer Capital Management

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Where to find the Raise Your Average crew:

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ReSolve Asset Management

ReSolve Asset Management Blog

Mike Philbrick on Linkedin

Rodrigo Gordillo on Linkedin

Adam Butler on Linkedin

Pierre Daillie on Linkedin

Joseph Lamanna on Linkedin

AdvisorAnalyst.com

*****

"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger

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. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.

Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

Joining us to talk about how liquid alternatives and real assets are integral to diversifying portfolios against today's inflation and rising rates are Jeff Evans and Travis Wetsch from TD Asset Management.

2022 has been a challenging year so far for most investors. Falling stock and bond prices are taking a toll on investors, marking perhaps the abrupt end to a 40-year period of gains in the bond market like no other, and rates of inflation and inflation growth not seen since 1983.

With correlations in stocks and bonds climbing to 100% this year, it's been challenging, at the very least to find much of a diversification punch among traditional assets. BUT, liquid alternatives are reminding us that diversification is out there if you are willing to look into some of the more-complex, and often actively managed, parts of the ETF ecosystem.

Rising inflation, tightening of monetary policy in the form of rising interest rates, ongoing post-pandemic supply shocks which are the result of disruption of global supply chains, and War in Ukraine have highlighted the fact that investors need to begin to seek alternative investment return streams that do not correlate or have structurally low correlations to the equity/bond portfolios made popular during the last 4 decades.

Since 2019, Liquid alternative investments as well as real assets have become readily available to retail investors in the form of ETFs and Funds that trade on a daily basis. So, we've now had in and around three years plus of experience and two major market downturns, the Spring of 2020 and the first three quarters of 2022, for investors to draw from, to understand and see how newly available liquid alternative investments are delivering on their intended value proposition, and, how they can playing an effective role in diversifying portfolios for better outcomes against market volatility, economic and interest rate risk.

Please enjoy our conversation!

Highlights

• What are you seeing in the markets today and how have things evolved over the course of 2022?

• What has been TD Asset Management's experience with Alts and Real Assets through numerous market cycles?

• How can portfolios benefit from Liquid Alts? What are the greatest weaknesses of today's popular investment portfolios?

• In the context of portfolio construction – how can advisors or investors integrate alts and real assets into model portfolios to hedge against volatility and inflation?

• Lots of similarities between Infrastructure and Real Estate. What are the key differences?

• Please explain the significant divergence between public and private asset classes which makes the public ETF quite attractive today.

• How do you manage these unique strategies? Fundamental? Quantitative?

• How do liquid alternatives like like infrastructure and real estate fit into existing model portfolios?

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About our guests

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Jeff Evans, CFA is Vice President and Director of Quantitative Research and Risk Management. He focuses on factor analysis and quantitative risk assessment for the TD Active Global Infrastructure Equity ETF, TD Active Global Real Estate Equity ETF and Greystone funds. He is Co-Lead Portfolio Manager for the TD Global Active Real Estate Equity Strategy and the TD Active Global Infrastructure Equity Strategy. Jeff designed the first equity exchange traded fund offerings for one of the major Canadian banks.

Travis Wetsch, CFA is Lead Portfolio Manager for the TD Active Global Real Estate Equity ETF and is the Global Real Estate Sector Analyst responsible for U.S. and International Equity strategies. His career began in 1997, and he joined TDAM in 2003. Travis holds a B. Admin. from the University of Regina. He has organized fundraising campaigns for Camp Circle O’ Friends and the Chris Knox Foundation.

Darius Dale, Founder and CEO, 42 Macro LLC, and Jason Del Vicario, CFA, Portfolio Manager, Hillside Wealth Management at IA Private Wealth join us to talk about the inflation outlook and debate the "weather" and whether the threat of inflation, inflationary volatility, and recession are overblown in this climate of extremely negative sentiment around both bond and stock markets.

Darius Dale and his firm, 42 Macro, now based in upstate New York, are a 'macro-quantamental' research shop which have had incredible success in disrupting the world of market and economic research with his unequalled economic research and forecasting model, which now provides top down views and signalling to literally trillions of dollars across institutional investment assets, as well as a full spectrum of asset management firms, advisors, family offices and investors of all categories.

Jason Del Vicario, Hillside Wealth Management was our guest advisor and portfolio manager panelist for this episode and he contributed his bottom up fundamental views to the debate.

As a result of our guests' philosophically opposite views on the economy, markets and investing, the debate managed to reach an interesting conclusion, where top-down meets bottom-up.

We hope you enjoy our conversation.

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Where to find our guests:

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Darius Dale on Linkedin

42 Macro LLC

Jason Del Vicario on Linkedin

Hillside Wealth Management

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Where to find the Raise Your Average crew:

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ReSolve Asset Management

ReSolve Asset Management Blog

Mike Philbrick on Linkedin

Rodrigo Gordillo on Linkedin

Adam Butler on Linkedin

Pierre Daillie on Linkedin

Joseph Lamanna on Linkedin

AdvisorAnalyst.com

"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger

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. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.

Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

Barry Gordon, Head of Canadian Retail Asset Management, at Guardian Capital LP, and Dr. Moshe A. Milevsky, Ph.D., Professor at Schulich School of Business at York University join us to discuss how they went about solving what Nobel Laureate, William F. Sharpe, has described at the "nastiest, hardest problem in finance."

Guardian Capital made quite a splash recently, announcing their partnership with Dr. Moshe Milevsky to develop a suite of retirement decumulation solutions, that are now available as securities for investment advisors to utilize, to address the quintessential "Retirement Dilemma," which combine compelling income and growth strategies of targeted-yield and return asset decumulation, in what is definitively described as a 'Modern Tontine.'

We are in the midst of what appears to be an historical regime change, following 40 years of declining government bond yields, into new regime that won't be as friendly to investors as the last, with historically very low, though rising rates and inflationary volatility. Investors are facing what may be a very trying period for retirees, or those in pre-retirement, from a sequence of returns risk and market volatility perspective.

Highlights:

• What was the genesis of GuardPath Longevity Solutions – when did you first realize this project needed to be brought to life?
• How does the GuardPath Suite address these problems?
• What is a Tontine? What is the origin of the Tontine?
• The science of mortality credits or survivorship credits (monetizing mortality)
• Why should the insurance industry have a monopoly on mortality credits?
• How does the decumulation strategy work? What can investors expect from the Managed Decumulation strategy?
• Can the two main components of the Guardpath suite be used separately, or are they only intended to be implemented together?
• how do you operationalize the complete modern tontine strategy?
• What can the estates of investors/retirees expect from GuardPath in the event of death?
• What happens if you live past the 20 year term?

Thank you for watching and listening.

For more on GuardPath™ Longevity Solutions, visit guardpath.ca

Martin Lefebvre, Chief Investment Officer & Strategist at National Bank Investments joined us for a chat to discuss the tug of war that is going on between the bulls and bears.

Our conversation begins with Martin Lefebvre's background as an economist, a portfolio manager and his rise to the CIO position at National Bank Investments. From there, we quickly segué into what's been going on in markets, sentiment, and his office's perspective on how investors should think about positioning their asset allocations for the period ahead. We also discuss in detail his team's process and the factors and data they track and use on an ongoing basis to inform their asset allocation models, as well as the inclusion of alternative investments.

2022 has been a rocky and volatile year, so far, marked by what appears to be a change in economic and market regime, triggered by inflation volatility (supply chain disruptions and a tight labour market) and rising rates (central bank tightening), war in Ukraine, and energy crisis and economic upheaval in Europe. Broadly speaking, both stock and bond prices have seen sharp declines and while investors have suffered, they nonetheless have also bifurcated into two camps. Those who feel the Fed may begin to turn dovish sooner rather than later (hope), as a result of softening economic conditions, and those who believe we are in for a longer stretch where monetary tightening is concerned (fear).

Which camp is more likely correct? Join us for this conversation – please enjoy.

Our guests on this episode are our co-hosts , Mike Philbrick and Rodrigo Gordillo. They are principals at ReSolve Asset Management Global. They happen to also be the sub-advisors to the Horizons ReSolve Adaptive Asset Allocation ETF ( HRAA:TSX ).

We talk about the chronic problem that the majority of us investors are UNDER-DIVERSIFIED. Profoundly under-diversified.

Why? Diversifiers are either 'killing it' or 'killing you.'

The problem is that effective uncorrelated diversifiers underperform during benign market periods, and therefore wind up being under-invested during volatile down market periods. This time has been no exception, as most investors have discovered.

The past two years' conversations on this show with some of the industry's most interesting and successful thought leaders has been so highly instructive on this topic.It's become obvious in all these conversations is that our fellow hosts Mike, Adam, and Rodrigo from ReSolve Asset Management not only love to talk about what they do, i.e. what they're their cooking – they eat their own cooking.

So it's fitting that today we're going to be talking thoughtfully about how ReSolve 'eats the free lunch' of global diversification.

Having been in your shoes, as investors, as former advisors, and then as portfolio managers, Mike, Adam and Rodrigo and their firm, have been through multiple major market cycles. They each brought their personal experience and learnings of the last 20-30 years to the table and devoted the last 10-12 years to developing versions of what they do now at ReSolve Asset Management, in the strategies they manage and sub-advise.

They co-founded ReSolve Asset Management in order to break out on their own in September 2015 and began the process of offering their investment strategies to investors via separately managed accounts, mutual funds, hedge funds, and ETFs (HRAA is sponsored by Horizons ETFs) in both the U.S. and Canada.

The last three years, which have seen some the most volatile and unprecedented bouts of uncertainty and market fluctuations beginning with the Pandemic, and culminating in this years violent reaction to inflation volatility and rising policy rates, have been a rock-solid proving ground for ReSolve's strategies.

YTD to September 21, 2022, HRAA has a positive return – during the same period that has seen the traditional assets of 60:40 portfolios get trounced, as inflation volatility, market volatility, and rising rates have moved sharply against both stock and bond values, broadly and at the same time.

We hope you enjoy our conversation – we get to the bottom of these questions:

– Where are we in the life-span of the last cycle's winning 60:40 portfolio model?

– What are some diversifiers investors have been reaching for?

– What is different about ReSolve Asset Management's investment approach?

– What is HRAA?

– How is HRAA possible?

– What is ReSolve's Adaptive Asset Allocation framework?

– How does it work?

– What can you learn from it?

– How does ReSolve manage risk?

– How does the strategy provide tail risk protection?

– How can you begin to think about risk-balanced adaptive asset allocation and portfolio diversification?

– Where and how does it fit in a portfolio?

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Where to find the Raise Your Average crew:

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HRAA - Horizons ReSolve Adaptive Asset Allocation ETF

ReSolve Asset Management

ReSolve Asset Management Blog

Mike Philbrick on Linkedin

Rodrigo Gordillo on Linkedin

Adam Butler on Linkedin

Pierre Daillie on Linkedin

Joseph Lamanna on Linkedin

AdvisorAnalyst.com

Jason Buck, Co-Founder & CIO, Mutiny Funds joins us for a chat that may have the power to change your perspective on diversification and risk management, return and long term investing outcomes.

When unexpected major events occur, such as this year's stock and bond market rout in H122, where most or all of your supposedly diversified investments became correlated, and headed sharply to the downside, you may have been left feeling with the need to consider using a portfolio designed to protect against exogenous (COVID-related supply chain disruptions, Ukraine War), economic (inflation, rates), and or Black Swan events. We're all too accustomed with using 'offensive' assets like stocks and bonds. There is no doubt, however, that we are definitely NOT accustomed to making use of 'defensive' assets and defensive strategies that are structurally uncorrelated or negatively correlated, that can provide ballast protection and real 'balance'. What are defensive assets and defensive strategies?

Jason Buck and his partner at Mutiny Fund have been thinking about this question for a long time and have created one such portfolio.

We discuss:

• Diversification, both offensive and defensive

• Tail Hedging

• Behavioural issues around tail risk and hedging

• Ego doubt and destruction

• Capital Efficiency

• The 'Cockroach' Portfolio

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Where to find Jason Buck, Mutiny Funds

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Jason Buck on Twitter - https://twitter.com/jasonmutiny

Jason Buck on Linkedin - https://www.linkedin.com/in/jason-buck-a2540b1b7/

Mutiny Funds - https://mutinyfund.com/

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Where to find the Raise Your Average crew:

==================================

ReSolve Asset Management

ReSolve Asset Management Blog

Mike Philbrick on Linkedin

Rodrigo Gordillo on Linkedin

Adam Butler on Linkedin

Pierre Daillie on Linkedin

Joseph Lamanna on Linkedin

AdvisorAnalyst.com

******

"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger

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. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.

Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

We had the pleasure of interviewing Sri Iyer, Managing Director and Head of i3 Investments™ recently about what is, in our humble opinion, a seminal conversation on Dividend Investing.

2022 has been a challenging year so far for most investors. Both stock prices and bond prices have taken a beating, marking perhaps the abrupt end to a 40-year period of gains like no other, and a rate of inflation not seen since 1983.

It's time for advisors and investors to take steps to immunize their portfolios against the challenges of the current environment of inflation volatility and rising interest rates.

Investing in companies with consistent and growing dividends can provide core building blocks to grow your capital while managing risk in the current environment and over the long term, regardless of changing market conditions, including during periods of high inflation and rising rates.

Sri Iyer is among a minority of leading portfolio managers who have successfully devoted their lives to a profound study and implementation of quantitative approaches to the sphere of dividend investing that for the better part of the last two decades, has gotten less notice by most investors.

This is most likely because since the GFC (c. 2008-9), growth stocks, or rather, 'high duration' stocks stole the show. During that time Iyer and his team at Guardian Capital sharpened their dividend investing skates to more accurately identify which companies had dividend paying strength and sustainability, and those which had a high probability of growing their dividends; and, on the credit risk management side, they also handily determined a methodology they could implement to identify dividend cutters.

Beginning in 2017, Iyer and his team began their dive into big 'alternative sources' data with the assistance of artificial intelligence (AI) to sift through tens of millions of points of abstract and empirical statistics, the objective being to bring them to the end zone (think football) of the dividend stock selection and risk management process.

Listen in as we wend our way through what is a truly seminal deep-dive into what is the impetus of seeking success at dividend investing in the first place. Even if you believe you understand what are the sound premises of dividend investing, this is truly time well spent on a subject you may be under-appreciating right about now.

Where to find Sri Iyer, Guardian Capital:

Srikanth Iyer on Linkedin

Guardian Capital LP

Copyright © AdvisorAnalyst.com

Given the year 2022 has shaped up to be so far, we thought this would be a great time to catch up with one of the true luminaries of modern investing to talk about he wraps his head around successful long-term investing.

Meb Faber, illustrious co-founder and CIO at Cambria Asset Management joins Pierre and Adam to catch up on markets and investing and how he has hacked the long term investing problem.

Our conversation begins with a famous quote from another investing legend and goes from there. We get into an elemental discussion about what investors can begin to do now, where to invest, where to diversify, and how to think of setting themselves up for success going forward.

Highlights, we discuss:

• Lots of people say they are long term investors, but...

• how do you set yourself for long term investing success

• what's the biggest problem in long-term investing – why?

• how can you set yourself up (what investments?) so that you can remain a long-term investor no matter what happens (like this year)

• How do you transition from 60/40 to something elementally more durable?

• What are the current market's portfolio building blocks – why?

• How much time is required?

• What are the easy hurdles, the structural basic investments that should be added?

• What to invest to diverge from hope that the past bubble will recover

• Is 60:40 over?

• 'Trinity' portfolio construction

• Is technology providing better recipes?

• What are the ingredients of a portfolio that allows you to remain invested no matter what happens?

• Be contrarian – What is contrarian?

• What's the way around inflation and higher rates

• What is the most contrarian investment you can make today?

• falling in 'love' with your investments complicates everything

• what is all that matters in investing over the long term?

• "To be a good investor, you have to be a good loser."

• Question: Assuming no tax repercussions, if you could liquidate your entire portfolio and start over anew, what would you put in your new portfolio?

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Where to find Meb Faber:

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Meb Faber on Linkedin

Meb Faber on Twitter

Cambria Investment Management

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Where to find us:

==========================

ReSolve Asset Management

ReSolve Asset Management Blog

Mike Philbrick on Linkedin

Rodrigo Gordillo on Linkedin

Adam Butler on Linkedin

Pierre Daillie on Linkedin

Joseph Lamanna on Linkedin

AdvisorAnalyst.com

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"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger

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. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.

Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

ESG has gathered a lot of steam as an essential and strategic investment component for both returns, with long term positive fundamentals, and risk management.

Around roughly 1400 studies have found a positive relationship between ESG scores on the one hand and financial returns on the other, whether measured by equity returns or profitability or valuation multiples. Another factor is the cost of capital. Evidence suggests that a better ESG score translates to about a 10 percent lower cost of capital as the RISKS that affect your business, in terms of its ability to operate, are reduced if you have a strong ESG proposition.

For these reasons, publicly traded companies that are actively implementing ESG in their operations are expected to be granted a valuation and risk premium as a result 'ESG goodwill,' versus those companies doing less.

Samantha McDonald, Vice President, ESG Research and Engagement, and Jonathan Needham, Vice President & Director, Lead of ETF Distribution, at TD Asset Management Inc. (TDAM), join us to talk about the approach that TDAM is taking to ESG, as well as the suite of TD ESG ETFs. These ETFs invest in stocks and bonds that have strong ESG metrics and leverage exclusive Morningstar Indexes and research from Sustainalytics, a Morningstar® company and a globally recognized leader in ESG risk ratings and research.

Highlights include:

• How do you define your view on ESG?
• How TDAM defines a gradual approach vs. a binary approach to ESG – Engagement vs. divestment?
• How TDAM's shareholder engagement on behalf of investors' alignments works
• The Aha! moment for advisors
• TDAM's ESG ETFs screening methodology - sector-neutral Morningstar Sustainability Indexes
• market-like exposure with significantly lower ESG risk, relative to benchmarks
• Position sizing? Benchmark replacements.
• Silver linings? – Taking advantage of tax-loss harvesting to increase pure beta ESG exposure.
• How do Morningstar Sustainable Indexes navigate geo-political concerns?
• Investors can now also get beta exposure to ESG corporate bond indexes
• highest quality, high liquidity investment grade corporate credits for yield
• Building blocks, maximum diversification, low or no tracking error.
• How do the screening rules work?
• What is greenwashing?

Where to find our guests:

Samantha McDonald on Linkedin

Jonathan Needham on Linkedin

For more on TDAM ETFs, visit td.com/etfs