Insight is Capital™ Podcast

In this episode of 'Raise Your Average,' co-hosts Pierre and Mike welcome Shana Orczyk Sissel, CEO at Banrion Capital Management. We explore Shana's 20-year journey in wealth management, her experience and insights on alternative investments, and the evolving landscape of the industry. Shana shares her personal story of transitioning from a career in sports management to finance, discussing the challenges and triumphs along the way. Our conversation gets into key trends and opportunities in the alternative space, including private equity, venture capital, and interval funds. Shana emphasizes the importance of differentiating and engaging clients through unique and personalized investment opportunities, from sports rights to fine art and beyond. With practical advice for advisors on how to integrate alternatives into client portfolios and the added benefits of working with experts, this episode offers a comprehensive look at making alternative investments accessible and appealing.

00:00 Welcome and Introduction

00:24 Guest Introduction: Shana Orczyk Sissel

02:01 Shana's Career Journey

04:31 The Role of Alternatives in Portfolios

11:41 Trends in Alternative Investments

21:26 Challenges and Opportunities in Alternatives

33:16 Exploring Market Neutral Strategies

33:45 Discussing BTAL: A Market Neutral ETF

35:23 The Complexity of Managed Futures

37:18 Return Stacking and Portfolio Diversification

39:00 Building Alternative Investment Portfolios

40:46 Banrion's Alternative Models

43:50 Understanding Diversifying and Non-Diversifying Alts

46:12 The Importance of Liquidity in Alternative Investments

51:52 Engaging Clients with Passion Investments

01:01:31 The Opportunity in Alternative Investments

01:05:24 Advice for Advisors Exploring Alternatives

01:10:18 Final Thoughts and Encouragement

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Where to find Shana Sissel, Banrion Capital Management:

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Banrion Capital Management

Shana Sissel on Linkedin

Shana Sissel on X

Shana Sissel on Instagram

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Where to find us:

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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

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In this episode of Insight is Capital, Pierre welcomes Dr. Todd Finkle, esteemed Pigott Professor of Entrepreneurship at Gonzaga University and author of 'Warren Buffett: Investor and Entrepreneur.' Dr. Finkle draws on nearly two decades of research and personal experiences and notably, his connection to the Buffett family (he shares his memories of friendship and hanging around at school with Buffett’s son, Pete, and his friendship with both he and Susie), of taking students to meet Warren Buffett in Omaha, to explore Buffett's investment philosophy, entrepreneurial spirit, and the lasting impact of Buffett's childhood during the Great Depression. The discussion highlights the influence of key figures like Charlie Munger and Phil Fisher in Buffett's life, the importance of critical thinking, and the value of surrounding oneself with supportive individuals. Dr. Finkle shares the challenges of writing his book and the invaluable lessons learned from Buffett's mistakes while providing unique insights about the importance to Buffett and Munger of avoiding toxic people and embracing continual, lifelong learning.

Timestamped Highlights

00:00 Introduction to Dr. Todd Finkle and His Unique Insights on Warren Buffett

01:31 Dr. Finkle's Personal Connection to Warren Buffett and family

02:49 Warren Buffett's Philosophy and Influence

07:08 Buffett's Humble and Positive Character

10:20 Family Ties and Early Life in Omaha

28:04 The Entrepreneurial Spirit of Young Warren Buffett

35:27 Dr. Finkle's Journey to Writing the Book

38:05 Meeting Warren Buffett: A Professor's Experience

41:33 Meeting Warren Buffett: A Life-Changing Experience

42:39 Exploring Omaha: The Heart of Buffett's Investments

44:27 Buffett's Investment Philosophy and Local Business Support

46:02 The Humble Life of Warren Buffett

56:40 Buffett's Mistakes and Lessons Learned

01:10:09 The Entrepreneurial Spirit of Warren Buffett

01:17:31 The Future of Berkshire Hathaway

01:24:10 The Importance of Critical Thinking and Entrepreneurship

01:25:59 Final Thoughts and Best Advice

Bob Elliott, CEO, and CIO at NYC-based Unlimited Funds joined us on the show. We discuss his 13 years experience at Bridgewater Associates (10 years as head of Ray Dalio's investment research team), and the lessons he learned from the Global Financial Crisis. We get into the more recent period of ecomomic upheaval, and today's macroeconomic landscape. Bob shares his unique take on diversification, dissecting inflation, interest rates, as well as, for example, the impact deglobalization and reshoring may have on the U.S. economy. We explore Unlimited Funds' innovative strategies of hedge fund-like replication that everyday investors can now access, at far lower cost than 2&20 strategies. Bob stresses the significance of balancing risk in portfolios. He also shares insights on managing portfolio volatility, behavioral economics, and disciplined trading practices, offering invaluable advice on market assumptions and investment management.

Timestamped Highlights

00:00 Introduction and Host Greetings

01:36 Guest Introduction: Bob Elliott

02:41 Bob's Experience at Bridgewater

03:47 Lessons from the Global Financial Crisis

11:38 Current Macroeconomic Conditions

26:57 Impact of Interest Rates and Inflation

37:22 Gold as an Investment

41:16 Gold vs Bonds: A Comparative Analysis

42:14 Generational Perspectives on Gold

42:36 Understanding Economic Regimes

44:17 Strategic Portfolio Management

44:46 Challenges of Beating the Market

46:30 Accessing Top-Tier Asset Managers

47:33 The Role of Diversification

48:37 Replication and Manager Risk

51:19 Behavioral Aspects of Investing

01:03:09 Wealth Accumulation vs Wealth Management

01:04:59 Building a Robust Savings Portfolio

01:15:48 Final Thoughts and Best Advice

Uranium expert Justin Huhn, Founder & Publisher of Uranium Insider, joins Pierre Daillie and Mike Philbrick on the show to discuss the unfolding generational bull case for uranium and the entire uranium and nuclear power generation sector. We explore the cyclical nature of the uranium market, current supply and demand dynamics, and the impact of geopolitical tensions. Justin provides valuable insights on the increasing interest in nuclear energy as a clean power source, driven by rising global electricity demand and technological advancements. He sheds light on the potential for significant market developments by 2029-2030, the importance of long-term contracts, and the investment opportunities emerging from the ongoing and increasingly robust supply-demand imbalance.

Timestamped Highlights

00:00 Introduction and Greetings

00:16 Hurricane Experience and Weather Patterns

01:08 Introducing Guest: Justin Huhn

02:50 Justin Huhn's Background and Entry into Uranium Market

04:57 Understanding the Uranium Market Dynamics

07:24 Impact of Fukushima and Market Recovery

20:16 Technological Advancements in Nuclear Energy

26:29 Growing Demand for Electricity and Nuclear Energy's Role

35:18 Uranium Processing and Conversion

35:50 Enrichment and Fabrication

36:59 Global Market Dynamics

37:58 US Nuclear Industry Challenges

38:46 Geopolitical Impacts on Uranium Supply

48:32 Investment Opportunities in Uranium

54:51 Market Volatility and Investment Strategies

01:01:05 Future Outlook and Conclusion

In this episode of Insight is Capital, Pierre Daillie chats with Jason Buck, Chief Investment Officer at Mutiny Fund, to discuss defensive and offensive strategies in portfolio management - with equity valuations of the "Magnificent 7" it's now particularly essential for advisors and investors alike to consider defense ahead of any potential reversals. Buck points out that from a business perspective, advisors are leveraged to the equity market by 3-4x, when their business AUM is exposed to drawdown risks. Jason shares his journey from a real estate developer affected by the 2008 financial crisis to a consultant on risk management and bespoke long volatility strategies. He highlights the 'cockroach investment strategy' and the necessity of combining offensive assets like stocks and bonds with defensive assets like long volatility and commodity trend advisors. The importance of rebalancing, the concept of convexity, and the practical application of strategies like the Harry Brown portfolio model are discussed in detail. Using the memorable Herschel Walker analogy, Jason underscores the importance of a well-diversified portfolio. This episode is essential for investors and advisors looking to understand the implementation and benefits of a balanced approach to portfolio construction.

00:00 Introduction - Guest - Jason Buck, Mutiny Fund

00:14 Jason Buck's Background and Investment Philosophy

00:49 The Cockroach Investment Strategy

01:20 Podcast Disclaimer and Welcome Back

01:49 Discussing the Cockroach Strategy

03:08 Importance of Diversification and Defense Strategy

04:44 Launching the Defense Strategy

06:47 The Great Financial Crisis and Its Lessons

07:40 Combining Offensive and Defensive Assets

08:53 Harry Brown's Four Quadrant Model

09:33 Modern Portfolio Techniques and Convexity

12:33 Commodity Trend Advisors (CTAs) Explained

14:12 The Role of CTAs in Inflationary Environments

15:01 Ensemble of CTAs for Robust Returns

24:04 Challenges in Explaining Trend Following

30:43 Understanding the Buy Button Mentality

31:05 The Case for Commodity Trend Following

31:38 Challenges in Portfolio Allocation

32:42 Financial Advisors and Client Resistance

34:37 The Importance of Defensive Assets

36:37 Cash and Capital Efficiency

39:19 Long Volatility and Tail Risk Explained

41:02 Convexity and Portfolio Insurance

48:51 Rebalancing for Effective Compounding

55:45 The Herschel Walker Trade Analogy

58:57 Conclusion and Final Thoughts

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In this conversation, Pierre Daillie interviews Elisabeth Kashner, Director of Global Funds Research, FactSet, about the trends and challenges in the ETF market. They discuss the slow pace of ETF flows in 2024, the impact of the Fed's rate cuts, and the attractiveness of cash investments. They also explore the rise of actively managed equity ETFs and the competition among asset managers to offer low-cost products. The conversation highlights the importance of providing exceptional value and solving the profitability challenge in the ETF industry. The asset management industry is experiencing a shift towards lower fees and increased efficiency, driven by the rise of ETFs. While some ETF issuers have raised their management expense ratios (MERs), it is often due to operational concerns rather than a desire to make more money. The industry is becoming more commoditized, allowing investors to focus on making the right asset allocation decisions. The ETF industry continues to grow, with inflows increasing every year. However, with over 3,500 ETFs available, investors need to do their homework and understand the products they are investing in.

• ETF flows in 2024 have been slow compared to previous years, with investors gravitating towards cash investments due to their attractive yields.

• The rise of actively managed equity ETFs has led to increased competition among asset managers, with a few firms attracting the majority of flows.

• Asset managers face the challenge of offering exceptional value and solving the profitability issue in a highly competitive market.

• The barriers to entry in the ETF industry are low, but the barriers to success are high, requiring efficiency, scale, and effective capital markets management.

• The asset management industry is shifting towards lower fees and increased efficiency

• ETF issuers have raised MERs due to operational concerns, not to make more money

• Investors have a wide range of ETF options, but need to do their homework and understand the products

• The industry is becoming more commoditized, allowing investors to focus on asset allocation decisions

• Investors should seek the advice of a knowledgeable advisor to navigate the market

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Join us as we catch up with Som Seif, Founder and CEO of Purpose Investments. In this episode of Insight is Capital, Som shares his perspectives on the current volatile market environment, discussing trends in stocks, bonds, and interest rates. With a focus on sustainable investment solutions and economic productivity driven by AI, Som shares his views of market expectations, the role of the Fed, and the importance of preparing for multiple economic scenarios, considering the range of possibilities of 'higher for longer' monetary policy. Som shares his thoughts on the need to establish a mental model for advisors to consider while navigating today's uncertainty and to consider ways of building resilient portfolios for today’s more challenging and changing financial landscape.

Timestamped Highlights

00:00 Introduction

01:15 Market Overview and Current Trends

02:56 Bond Market Overview

06:03 Economic Assumptions and the futility of predictions

11:47 Comparing Consumer Resilience and Housing Market

29:43 A Mental Model for Investment Strategies and Portfolio Management

34:38 Advisors' Role and Resources

41:19 Closing Thoughts and Best Advice Ever Received

Copyright © AdvisorAnalyst

Join us on the Insight is Capital Podcast as we interview Joel Litman, Chief Investment Strategist at Valens Research, discussing insights into the current equity, bond markets, and the challenges in commercial real estate. Discover the strong investment potential of the U.S. amidst global shifts, encouraging a disciplined, long-term investment strategy. We then get into a discussion of the limitations of GAAP accounting and the benefits of Uniform Adjusted Financial Reporting Standards (UAFRS). It’s earnings season, after all. Explore how understanding true business earnings and improved transparency can lead to better investment decisions, and outcomes. Dive into the nuances of corporate management claims, financial forensics, and market analysis, including Jerome Powell's statements on inflation, the pitfalls of EBITDA, and the past example of IBM’s flawed compensation strategy.

00:00 Understanding Earnings Comparisons

00:11 The Impact of Inventory Methods on Profit Reporting

00:53 Challenges with GAAP Accounting

01:31 Historical Perspectives on Accounting Standards

03:39 Introduction to Uniform Accounting Principles

03:44 The Role of Shelby Davis in Accounting

04:29 The Importance of Consistent Accounting Standards

06:42 Market Insights and Economic Trends

07:54 The State of the Bond Market

31:19 Private Equity and Credit Markets

47:18 Understanding Sustainable Earnings

48:16 The Flaws of Wall Street Ratings

50:37 Uniform Accounting and Fraud Detection

53:00 Case Studies and Real-World Applications

55:04 Challenges in Financial Analysis

01:01:22 The Role of Audio Analysis in Detecting Deception

01:07:20 Teaching Uniform Accounting

01:14:08 The IBM Case Study

01:18:30 Advice for Financial Analysts and Investors

01:20:40 Global Economic Outlook and U.S. Dominance

In this episode of Insight is Capital, Pierre Daillie, Managing Editor at AdvisorAnalyst.com catches up with Steve Hawkins, CEO of Longpoint ETFs. After a notable career leading Horizons ETFs (now Global X ETFs Canada) and a brief retirement travelling the world, Hawkins discusses his market outlook, his return to the investment industry with his new venture focused on building innovative ETF products. We dive into his experiences, strategic vision, as well as his take on the evolving landscape of the ETF market, touching on the importance of listening to investor needs and the distinct opportunities he plans to bring to both retail advisors and self-directed investors. The conversation wraps up with Hawkins' insights into the future of ETFs and his excitement for upcoming launches at Longpoint.

Timestamped Highlights

00:00 Introduction and Welcome

00:41 Steve Hawkins' Retirement Adventures

01:44 Return to the Industry

03:33 Building Longpoint ETFs

06:46 Innovations and Future Plans

11:00 Market Review, Challenges and Opportunities

13:32 Global ETF Market Insights

18:51 Partnerships and Strategies

36:09 Personal Reflections and Travel Highlights

41:20 Wrap up and Future Outlook

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In this episode of 'Insight is Capital', host Pierre Daillie sits down with Daniel Straus, Director and Head of National Bank Financials' ETF Research and Strategy Group, to discuss trends in the ETF market both in Canada and the U.S. They explore recent market conditions, the dynamics between U.S. and international equities, the role of AI and technology stocks, and the state of the bond market. Daniel also delves into investor behavior, the emergence of alternative investment strategies, and the implications of recent regulatory changes on ETFs. This comprehensive discussion provides extraordinary and valuable insights into the opportunities and challenges that shape today's ETF landscape.

00:00 Introduction and Guest Welcome

01:31 Market Overview and Recent Trends

04:32 Economic Indicators and Household Spending

07:15 Investor Sentiment and ETF Flows

11:50 Bond Market Dynamics and Strategies

18:11 Trends in the ETF Market

24:22 Investor Behavior and Tactical Decisions

33:51 Exploring ETF Strategies for Recovery

34:18 Tax Implications and Strategies

34:35 Diversification in ETFs

36:02 Market Cap Weighting and Passive Investing

38:03 Tax Alpha and Risk Management

39:50 Investor Behavior and Cognitive Biases

41:26 Trends in International Markets

42:46 The Rise of Thematic ETFs

43:54 Crypto ETFs and Market Dynamics

49:07 Alternative Assets and Leveraged ETFs

58:54 Commodities and Inflation Protection

01:02:13 Conclusion and Future Insights

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