In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Nimar Bangesh of Obsiido to unpack one of the most infuriating developments in Canadian investing this year: fund gating.

After years of rapid growth, private markets have become mainstream in Canadian portfolios. But recent gating events have forced investors to confront a hard truth — liquidity in alternatives isn't guaranteed. Is this simply how private markets are designed to function, or is it a warning sign that investor expectations have drifted too far from reality?

Rob and Nimar break down the evolution of alternatives in Canada, the role they play in portfolio construction, and where the risks may be hiding. They explore whether the industry oversold accessibility, how advisors should think about sizing and liquidity management, and whether this moment marks a structural shift in how private investments are packaged and sold.

From private credit crowding to valuation pressures and de-globalization, this conversation goes beyond headlines to tackle the deeper issues shaping alternatives today and why a thorough due diligence process is more important than ever.

If you think alternatives are a free lunch — this episode may change your mind.

Speakers

Nimar Bangesh, Co-Founder and CEO, Obsiido

https://www.obsiido.com/

Chapters

01:23 Guest Background and the Genesis of Obsiido

04:03 The Evolution of Private Markets and Accessibility

06:52 Understanding Alternatives: Definitions and Structures

09:48 Liquidity and Governance in Alternatives

11:35 Changes in the Canadian Alternative Landscape

15:46 Why Alternatives Exist: Capital Market Construction

20:01 Benefits of Alternatives: Diversification and Return Enhancement

21:27 Common Misunderstandings About Alternatives

23:02 Resources to Learn More About Alternatives

26:29 Impact of Capital Abundance on Private Companies

27:08 Market Gating and Liquidity Challenges

30:25 The Role of Gating in Private Markets

38:14 Building a Portfolio: Strategies and Best Practices

41:52 Diversification and Manager Selection in Alternatives

43:52 The Future of Private Capital and Market Trends

45:26 Private Companies Staying Private Longer

46:13 Red Flags in Private Market Dealings

48:09 Final Remarks and Future Outlook

50:46 Book Recommendations and Closing Thoughts

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]

2025 looked like the kind of year that should have broken markets — geopolitical shocks, political dysfunction, and nonstop macro stress. Instead, risk assets powered ahead. That disconnect is exactly why investors should be paying attention.

In this episode of the Global Thinking Podcast Rob Duncan sits down with Forstrong's Lead Portfolio Manager, David Kletz, to explain why markets ignored the noise, why Canada quietly led global equity returns, and how fiscal spending has become the real backstop for risk. They dig into the uncomfortable reality of a K-shaped economy, where a handful of winners dominate while much of the economy struggles beneath the surface — a setup that is distorting valuations, concentrating risk, and leaving many portfolios exposed to a far narrower opportunity set than investors realize.

More importantly, the conversation looks forward. With 2026 underway, the risks are shifting — not disappearing. U.S. markets face tougher valuations, narrowing leadership, and growing dependency on policy support, while international markets are setting up for leadership investors may not be positioned for. Lastly, with gold catching all the headlines, commodities like copper are emerging as critical pressure points in a world rebuilding infrastructure and electrifying everything.

This episode is a warning shot for complacent portfolios and a roadmap for investors willing to adapt before stability becomes scarce.

Chapters

00:00 Introduction and Year-End Reflections

04:11 2025 Market Overview and Performance

11:05 Investment Strategies and Market Positioning

16:52 Regional Insights: Canada, US, and International Markets

21:55 Canada's Economic Outlook and Challenges

26:07 US Economic Dynamics and Central Bank Policies

30:46 K-Shaped Economy Outcomes: Divergence and Convergence

35:03 Commodities: Focus on Copper and Precious Metals

41:52 Currency Projections and Global Economic Trends

43:51 Closing Thoughts and Recommendations

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]

In this episode of the Global Thinking Podcast, Rob Duncan is joined by Forstrong CEO and CIO, Tyler Mordy, to unpack a market that refuses to send a single, clear signal. Equity markets are strong, yet risks are building — a Split-Screen World where optimism and fragility coexist.

Tyler provides some insight into the annual Forstrong Super Trends report, Double Vision. From recession risk and cracks in credit to AI's gap between investment and earnings. The conversation then shifts to the bigger forces shaping 2026: the rise of fiscal dominance, the return of the real economy, and the broadening of market leadership beyond the United States.

They explore why international and emerging markets are gaining relevance, how AI's next phase is about productivity rather than hype, and why traditional safe havens no longer behave the way investors expect. The result is a clear-eyed discussion focused on where risk is being mispriced — and where opportunity may be quietly building for 2026.

A must-listen for investors navigating markets that look healthy on the surface, but far more complex underneath. Listen hear or access the full report below.

Forstrong Super Trends 2026: Double Vision

Chapters

00:00 Introduction to Global Thinking Podcast

02:18 Understanding the Split Screen World

04:50 Risks in a K-Shaped Economy

08:15 The Shift from Monetary to Fiscal Policy

12:36 Global Rotation in Market Leadership

18:13 AI's Second Act: From Hype to Productivity

21:43 The Revenge of the Real Economy

25:41 Currency Cold War and Safe Haven Shakeup

30:17 Investment Strategies for 2026

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]

In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Matthew Barasch, Senior Portfolio Manager at RBC Dominion Securities, for a candid, wide-ranging look at the realities of investing in today's market environment. Barasch calls this one of the toughest years of his 25-year career — a market defined by narrow leadership, stubborn inflation, and a handful of tech and gold names carrying the load while everything else fights to keep up.

But beneath the volatility, Barasch sees a shift taking shape. He argues the worst may be behind Canada, pointing to improving job data, a more pro-growth federal budget, and the long-term lift from the country's massive immigration wave. With potential growth now outpacing the U.S., Canada may be better positioned than investors think.

The conversation digs into the Bank of Canada's rate-cut trajectory, the pressure cooker inside the U.S. Federal Reserve, and the implications for housing, consumers, and credit markets. Barasch spotlights high-quality Canadian names being overlooked, and offers a clear-eyed take on the gold market — a volatile but increasingly relevant refuge in a world drowning in debt.

Smart, direct, and refreshingly honest, this episode cuts through the noise to show where Canadian investors can still find solid footing — and where caution remains essential.

Chapters:

00:03:00 - Guest Introduction: Matthew Barasch

00:06:00 - Canadian Economic Outlook

00:09:00 - Role of Canadian Energy and Materials

00:12:00 - US Large Cap and Tech Concentration

00:15:00 - Market Challenges and Opportunities

00:18:00 - Impact of AI on Investments

00:21:00 - Global Financials and Economic Climate

00:24:00 - Future of Interest Rates

00:27:00 - International Equities and Market Potential

00:30:00 - Client Concerns and Market Sentiment

00:33:00 - Investment Strategies and Risk Management

00:36:00 - The Role of Technology in Finance

00:39:00 - Global Market Trends and Predictions

00:42:00 - Closing Thoughts and Recommendations

00:45:00 - Book Recommendations and Personal Insights

00:48:00 - Final Remarks and Episode Wrap-Up

00:51:00 - Outro and Call to Action

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]

In this episode of the Global Thinking Podcast Rob Duncan sits down with Lead Portfolio Manager, David Kletz, to explore the powerful shift in global market leadership that has defined the year. Since "Liberation Day," momentum has moved decisively toward International and Emerging Markets, with Europe and Asia driving much of the advance.

While U.S. equities have staged a recovery, they face mounting challenges — weakening dollar, government shutdowns, and a softening labor market. In contrast, International markets are showing renewed strength, supported by attractive valuations, capital inflows, and central banks that appear poised to maintain accommodative policies.

The discussion also highlights recent developments in Japan, where corporate reforms and currency dynamics are shaping investment opportunities, and the ASEAN summit, where U.S.–China engagement has helped ease trade tensions. Together, these global factors could lay the groundwork for a year-end "Santa Claus rally" and signal a more durable rotation toward global equities.

It's a timely, data-driven look at how government policy, geopolitics, and investor psychology are shifting the investment landscape — and where the next leg of leadership may emerge.

Chapters:

01:05 Introduction and Welcome

03:26 Investment Summary: A Tale of Two Years

05:20 Government Shut Down and Patchy Data

09:00 OpenAI Tour of Asia Powering Returns

10:01 ASEAN Summit Highlights

16:03 Interest Rate Cuts and Expectations

17:58 Why Japan is Setting New Record Highs

24:33 Investment Implications and Allocations

28:25 US Financials Outlook

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]

Emerging Market equities are the year's top performer, with Canadian and International equities close behind — leaving U.S. stocks lagging. Will America stage a comeback, or are we entering a new era where global equities take center stage?

In this episode of the Global Thinking Podcast host, Rob Duncan, sits down with Forstrong's CEO/CIO, Tyler Mordy, to explore whether the bull market is wired for further growth or primed to blow a fuse. Tariffs, delayed AI profits, and stubborn interest rates loom as short-circuit risks. On the flip side, government spending, easing monetary policy, and market momentum are keeping the rally alive.

From Canada's economic challenges to gold fever, and from shifting investor behavior to the future of market leadership, this conversation sparks insights into what's powering investments and what could trip the switch next.

Chapters

00:00 Introduction to Global Thinking Podcast

00:52 Market Overview and Recent Trends

04:27 Analyzing the Bull Market and Potential Risks

20:51 Factors Supporting Continued Market Growth

28:42 The Impact of International Markets and Japan's Recovery

32:31 Canada's Economic Landscape and Sector Performance

37:17 Gold and Precious Metals: Current Trends and Future Outlook

43:50 Balancing Optimism with Caution in Investment Strategies

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]

In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Jamie McBride of Stewart & Kett to unpack the evolution of wealth management and the rise of Wealth 3.0.

Wealth 3.0 represents a shift beyond spreadsheets and tax strategies toward an approach that prioritizes family values, collaboration, and open conversations about legacy. Rob and Jamie explore why the "three generations myth" is often misunderstood, how advisors can move from dictating solutions to facilitating dialogue, and what it really takes to help families flourish across generations.

Listeners will come away with a fresh perspective on wealth: one where success is measured not just in financial returns, but in relationships, shared purpose, and resilience. With Jamie's real-world insights and practical steps, this episode shows how both families and advisors can embrace a more holistic, human-centered future for wealth advising.

Chapters

00:00 Introduction to Global Thinking Podcast

00:41 Wealth Management Evolution: From Traditional to Modern

03:21 Understanding Wealth 3.0: A Paradigm Shift

10:44 The Role of Advisors in Wealth 3.0

14:36 Challenges in Family Wealth Conversations

18:44 Measuring Success in Wealth Management

22:18 Practical Steps for Implementing Wealth 3.0

28:34 Final Thoughts and Book Recommendations

Book Recommendation:

Sapiens by Yuval Harari

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]

Steve Bannon once described Donald Trump's media strategy as "flooding the zone" — overwhelming the airwaves with noise to confuse and distract. Recent months have offered a masterclass, leaving investors to sift through tariffs, trade wars, and endless headlines.

In this mid-year edition of the Global Thinking Podcast, host Rob Duncan sits down with Forstrong CEO & CIO Tyler Mordy to cut through the noise. They unpack why tariffs haven't bitten markets harder, how a weakening US dollar is shifting capital flows, and what looming Fed rate cuts could mean for investors.

With international equities strongly outpacing the US in the first half of 2025, Tyler makes the case for diversification in a world where the global cycle is finally broadening out.

Chapters

00:00 Introduction to Global Thinking Podcast

02:39 Mid-Year Market Review and Investor Mindset

05:53 The Impact of Tariffs and Trade Wars

10:48 International Markets vs. US Markets

18:10 China's Economic Landscape and Deflationary Forces

23:59 Trade Relations and Future Prospects

27:42 The Federal Reserve and Economic Predictions

30:28 Final Thoughts on Global Diversification

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]

In this episode of Global Thinking, Forstrong Portfolio Manager Rob Duncan sits down with friend of the firm, Chris McHaney, Executive Vice President and Head of Investment Management and Strategy at Global X Investments Canada Inc., for a wide-ranging conversation on where global capital is moving, and why.

Many of the themes Chris is tracking - rising defense spending, a potential commodities supercycle, renewed interest in international markets like EAFE and India - align closely with Forstrong's own global investment roadmap. Both firms share a belief that in an increasingly fractured world, opportunity lies in regions and sectors that many investors are still underestimating.

They also unpack the role of covered call ETFs in generating yield, and explore how fixed income is re-emerging as a strategic allocation. From inflation trends to interest rate dynamics and the strength of the U.S. dollar, this episode is rich with insight for globally minded investors.

Topped off with a few summer reading picks and some contrarian takes, it's a fast-paced and practical conversation that reinforces Forstrong's commitment to thinking differently about where the world is headed next.

Chapters

00:00 Introduction to Global Thinking Podcast

01:21 Understanding GlobalX Investments and Chris's Role

06:31 Market Outlook and Investment Strategies

07:00 Navigating Market Volatility and Diversification

10:57 Global Investment Opportunities and Rebalancing

16:16 The Rise of Defense Spending as an Investment Theme

19:21 Interest Rates and Fixed Income Perspectives

23:32 Currency Trends and Hedging Strategies

26:38 Commodities and the Potential Supercycle

32:14 Trends in the ETF Industry and Flows

34:47 Exploring Covered Call ETF Strategies

51:01 Book Recommendations and Closing Thoughts

Book Recommendation:

Thinking in Bets, Annie Duke

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]

In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Forstrong Portfolio Manager, Terry Shaunessy, to unpack how investors are navigating a world where political theatrics, including Trump's tariff flip-flops, no longer move markets like they used to. They explore why the U.S. may need to consider a GST-style tax, why service-based economies could be the next big growth engine, and how market strategies need to adapt to volatility fatigue.

The conversation also dives into the Canadian economic puzzle: a stable banking sector weighed down by real estate drag and stagnant productivity. Meanwhile, global markets are showing signs of normalization, and gold continues its quiet rally as a store of value. It's a wide-ranging, timely discussion that blends macro insight with practical takeaways, ideal for investors trying to keep their footing through the policy-induced whiplash of today's markets.

Chapters

00:00 Introduction to Global Thinking Podcast

01:06 Insights from Terry on Global Markets

02:19 The Impact of Tariffs and Trump's Policies

08:43 Market Reactions and Economic Signals

12:51 The Future of U.S. Markets and Economic Growth

20:06 Analyzing the Canadian Economy and Investment Opportunities

24:04 Final Thoughts on Economic Outlook and Gold Investment

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Thank for you listening, please considering leaving a review and subscribing for future episodes.

For any questions, comments or suggested topics please reach out to Rob Duncan, [email protected]