In this wide-ranging and intellectually rich conversation, host Pierre Daillie sits down with veteran options trader, market maker, and probabilistic thinker Kris Abdelmessih for a deep exploration of how markets really work beneath the surface—and how investors can think more clearly in a world dominated by uncertainty, noise, and emotion.

Stock prices are two-dimensional snapshots. Options markets, by contrast, embed the market’s full probability distribution—revealing not just where investors think prices may go, but how violently and under what conditions. This makes options markets a powerful lens for understanding hidden risks and asymmetric outcomes.

2️⃣ Good Decisions Can Still Lose—And That’s the Point

Drawing parallels between poker and trading, Abdelmessih emphasizes that outcomes are noisy, even when decisions are sound. Professionals focus on expected value, risk sizing, and repeatability, not short-term wins or losses. This mindset is critical for surviving low-signal environments like financial markets.

Markets aggregate information better than opinions. From CEO resignations to geopolitical outcomes, prices often reveal consensus faster—and more accurately—than pundits. Understanding volatility, probability, and conditional outcomes will become increasingly important as prediction markets and derivatives continue to evolve.

01:15 – Kris Abdelmessih’s career path: SIG, commodities, Parallax

05:10 – From Cornell to trading floors: curiosity as a career catalyst

24:30 – Poker, probability, and Bayesian thinking at Susquehanna

29:20 – Why being “right” doesn’t matter in markets

37:00 – Market making vs. portfolio management: different risk shapes

43:00 – Trading oil, gas, and the chaos of pit trading

48:00 – Why specialization is both powerful and dangerous

58:30 – What Moontower is—and why most investors misuse options

1:02:00 – How options reveal hidden distributions in stock prices

1:08:00 – Prediction markets, truth, and market-based consensus

More on Kris Abdelmessih

Kris Abdelmessih on Linkedin - https://www.linkedin.com/in/kristopher-abdelmessih-63b1b1/

Moontower.ai - https://www.moontower.ai/

Moontower Substack - https://moontower.substack.com/

 #OptionsTrading#MarketStructure#ProbabilisticThinking#Volatility#RiskManagement#BehavioralFinance#PredictionMarkets#InvestingMindset#FinancialEducation#InsightIsCapital

In this episode of Insight Is Capital, host Pierre Daillie sits down with David Stonehouse, Interim CIO and Head of North American Specialty Investments at AGF Investments, for a wide-ranging but grounded discussion on what lies ahead for investors as the cycle matures.

Stonehouse frames 2026 as a constructive but narrower environment—one supported by global monetary easing, rising fiscal stimulus, and resilient earnings growth, yet constrained by elevated valuations, softer labor markets, and geopolitical uncertainty. The conversation carefully unpacks how tariffs have shifted from an economic “earthquake” to a lingering aftershock, why inflation fears may be overstated near-term, and how investors can think about regional diversification beyond a heavily concentrated U.S. market.

Rather than offering bold predictions, the discussion emphasizes flexibility, balance, and readiness—highlighting why equal-weight equity exposure, selective credit, emerging markets, and a strategic cash buffer may matter more than ever as uncertainty rises but opportunity persists.

🔑 3 Key Takeaways

• 2026 looks constructive—but with less room for error. Global easing cycles, fiscal stimulus, deregulation, and healthy earnings support risk assets, but elevated valuations and optimistic sentiment increase vulnerability to shocks.

• Tariffs are no longer a shock, but still a drag. The biggest tariff surprise is behind us; clarity—not resolution—matters most now, allowing businesses and consumers to adapt even as trade frictions persist.

• Diversification and optionality matter more than conviction. With U.S. equities richly valued after a long run, Stonehouse sees relative opportunity in emerging markets, Japan, and potentially Canada—while cash provides flexibility if volatility returns.

⏱️ Timestamped Chapters

• 00:00 – Markets heading into 2026: momentum with less margin for error

• 02:00 – David Stonehouse’s career path and investment philosophy

• 03:00 – The six macro tailwinds shaping 2026

• 08:00 – Tariffs: from economic earthquake to manageable aftershocks

• 12:00 – Labor markets, immigration, AI, and the “no-hire, no-fire” economy

• 17:00 – Fiscal stimulus, affordability pressures, and the K-shaped economy

• 22:00 – Central banks, bond markets, and the myth of ‘new QE’

• 31:00 – Inflation, disinflation, and long-term yield risks

• 38:00 – Why equities can still rise—but valuations matter

• 43:00 – Regional opportunities: U.S., Canada, emerging markets, Japan

• 52:00 – Portfolio positioning: equities, fixed income, credit, and cash

• 55:00 – Final thoughts on risk, resilience, and flexibility

#InsightIsCapital #MarketOutlook2026 #MacroInvesting #PortfolioStrategy #AGFInvestments #DavidStonehouse #CentralBanks #TariffsAndTrade #EquityMarkets #FixedIncome #EmergingMarkets #AdvisorInsights

Copyright © AdvisorAnalyst

Explore the evolving world of portfolio construction with Leslie Alba, CFA, CIBC Asset Management's $90-billion Head of Portfolio Solutions. Discover how to move beyond traditional diversification and embrace a total portfolio approach, balancing risk exposures for uncertain markets. Learn actionable insights for managing expectations and navigating market volatility.

00:00 Introduction to Leslie Alba

Rethink Diversification: Understand that traditional 60/40 portfolios may not offer sufficient defensive positioning due to overlapping risk factors.

Adopt a Total Portfolio Approach: Manage portfolios holistically, focusing on achieving client objectives and balancing risk exposures rather than isolated asset classes.

Embrace Alternatives: Consider diversifying into alternatives to reduce correlation and economic risk, as they react differently in various market conditions.

Prioritize Purpose: Anchor portfolio design around client objectives and the unique purpose each asset class or strategy serves to achieve those goals.

Manage Behavioral Biases: Equip clients with insights and plans to stay invested and calm during market volatility, mitigating emotional decision-making.

Connect With Leslie Alba:

#investmentstrategy #portfoliomanagementservices #assetallocation #financialplanning #portfoliomanagement

In this wide-ranging and human conversation, host Pierre Daillie sits down with Tim Nash, Founder & CEO of Good Investing, to explore what it really means to invest with intention in an era of political polarization, ESG backlash, and growing client skepticism toward traditional finance.

#SustainableInvesting #ImpactInvesting #ESG #ValuesBasedInvesting #FinancialAdvisors #WealthWithPurpose #EthicalInvesting #AdvisorInsights #GoodInvesting #MoneyAndMeaning

Featuring Heather & Douglas Boneparth, authors of Money Together

Heather and Doug reveal how unspoken expectations, shifting power dynamics, and invisible workloads slowly erode trust when couples aren’t talking honestly about what’s changing in their lives.

True fairness means “making room” for each other—emotionally, professionally, and financially—as needs, seasons, and capacities evolve.

Quarterly money dates, honesty about risk tolerance, and a willingness to stretch outside comfort zones create the compounding effect that strengthens relationships over decades.

This episode is a must-watch for couples, advisors, and anyone seeking a healthier, more intentional relationship with money—and with each other.

• Money & relationships
• Power dynamics inside couples
• Communication breakdowns
• Shared ambition & fairness
• Emotional dimensions of financial planning
• Why advisors must go beyond numbers
• Building a resilient financial partnership
• Trust, teamwork & long-term growth

In this illuminating episode of Insight is Capital, host Pierre Daillie sits down with Brent Smith, CIO of Kinsted Wealth, for a deep dive into how private investors can now build truly institutional-style portfolios. Smith—who spent decades leading Franklin Templeton’s Multi-Asset Strategies group before co-founding Kinsted—shares a masterclass on the evolution from the 60/40 portfolio to a comprehensively diversified portfolio structure that mirrors the strategies of pension funds and endowments.

This is a conversation about rethinking diversification, embracing patient capital, and building the kind of portfolio resilience engendered by institutional and private wealth management. Smith unpacks how Kinsted’s approach to portfolio design, liquidity, and alpha generation is quietly transforming how advisors and their clients think about wealth, access, and opportunity.

1. From 60/40 to Institutional Thinking

00:00 – Introduction: From democratization to institutionalization of investing

#InsightIsCapital#BrentSmith#KinstedWealth#PrivateMarkets#InstitutionalInvesting#PortfolioDiversification#Alternatives#PortableAlpha#PatientCapital#InvestmentStrategy#WealthManagement#AdvisorEducation#PensionStyleInvesting#PierreDaillie#FinancialAdvisors#GlobalMarkets#EndowmentModel#PrivateEquity#PrivateCredit#HNWInvesting

In this episode of Insight is Capital, host Pierre Daillie welcomes Deborah Fuhr, one of the world’s foremost authorities on ETFs and the Founder and Managing Partner of ETFGI. Together, they explore the explosive growth of the global ETF industry—now surpassing $18.8 trillion in assets—and what this means for advisors, investors, and the evolving landscape of financial innovation.

Deborah shares her unique perspective ahead of the 7th Annual ETFGI Global ETF Insights Summit in Toronto, offering deep insight into the democratization of investing, the rise of active and structured ETFs, the role of women and wealth transfer, and the next wave of transformation—from tokenization to digital assets.

🗝️ 3 Key Takeaways

• ETFs as the Great Equalizer: ETFs have become the most democratic investment vehicle ever created—used by sovereign funds, hedge funds, institutions, advisors, and retail investors alike—all accessing identical exposures and costs.

• The New Growth Drivers: The next leg of ETF expansion will be fueled by retail investors, women, and retirees. As trillions in wealth transfer to women, education and accessibility will define the future of advisory relationships.

• Innovation and the Future of Wrappers: The ETF universe is expanding into active, structured, and tokenized forms. Expect continued growth from mutual fund conversions, crypto integration, and AI-driven portfolio design—with global ETF assets potentially reaching $52 trillion by 2030.

⏱️ Chapters

00:00 – Introduction: Meet Deborah Fuhr and the ETFGI story.

01:40 – Global ETF Landscape: $18.8T milestone and what it means.

03:00 – Democratization of Investing: From sovereign funds to retail.

06:00 – The Canadian ETF Advantage: Why local listings matter.

08:30 – Women, Wealth Transfer & Retirement: The coming tidal shift.

11:30 – The ETFGI Summit Preview: Key themes and regulatory updates.

14:30 – The Rise of Active & Systematic ETFs: Myths and opportunities.

18:00 – Women in ETFs: How mentorship and diversity drive performance.

21:00 – Record ETF Inflows & Market Dynamics: What’s fueling the boom.

25:00 – The Next Frontier: Tokenization, AI, and global ETF expansion.

33:00 – Rethinking Diversification: How ETFs reshape portfolio design.

36:00 – How to Attend the Toronto Summit: Free registration & CE credits.

Join us for this insightful conversation ahead of the ETFGI Global ETF Insights Summit Toronto 2025—where advisors, regulators, and innovators will redefine what’s next in the ETF ecosystem. Don’t miss your chance to learn, network, and earn CE credits.

Register now to attend our 7th annual ETFGI Global ETFs Insights summit – Canada on December 9th at Borden Ladner Gervais LLP (BLG)’s office!

#ETFGI #DeborahFuhr #ETFInsights #ETFSummitToronto #GlobalETFGrowth #AdvisorAnalyst #InsightIsCapital #ETFs #ActiveETFs #Tokenization #WomenInFinance #WealthTransfer #FinancialAdvisors #ETFInnovation #PortfolioConstruction

• CLOs Are Not CDOs: Jarosz clarifies that CLOs are built on pools of investment grade corporate loans, and are actively managed, transparent, and rigorously rated — with zero defaults at the AAA level over 30 years of history.
• Floating-Rate Advantage: In a “higher-for-longer” rate environment, CLOs’ floating-rate structure protects investors from duration risk while providing yield enhancement and resilience during both rising and falling rate cycles.
• Democratization of Access: Through BMO’s ZAAA (AAA CLO ETF) and ZBBZ (BBB CLO ETF), Canadian investors can now access institutional-grade credit in a liquid, transparent ETF format — a first in the Canadian market.

What if the biggest obstacle between you and financial freedom isn’t your income — but your mindset?

In this powerful and eye-opening episode of Insight is Capital, host Pierre Daillie sits down with Dr. Brad Klontz, financial psychologist, bestselling author, and professor, to explore the hidden forces shaping our relationship with money. From childhood money scripts to the myths we inherit about wealth, Klontz reveals how emotional conditioning, fear, and tribal thinking keep so many of us stuck — and how to break free.

Drawing from his latest book, Start Thinking Rich: 21 Harsh Truths to Take You from Broke to Financial Freedom, Dr. Klontz delivers a no-nonsense roadmap for replacing self-sabotage with empowerment. He explains why being broke is temporary, but being poor is a mindset — and why cultivating an internal locus of control can change everything.

Through deeply personal stories, sharp insights, and behavioral research, Klontz challenges conventional beliefs about capitalism, wealth, and happiness. He unpacks why people self-sabotage after windfalls (like lottery winners), how tribal instincts influence spending (“Sprinter Van Syndrome”), and why automation is the most powerful tool for lasting wealth.

💡 What You’ll Learn:

• How your money mindset determines your financial destiny.

• Why tough love is more transformative than positive affirmations.

• The three most common paths to becoming a millionaire — and why most of them don’t require luck.

• How visualization and automation can hack your psychology and make saving effortless.

• Why surrounding yourself with the right people is the most underrated wealth strategy of all.

⏱️ Chapters:

00:00.16 Introduction to Financial Mindset

01:17.35 Defining Moments in Money Mindset

04:49.73 The Psychology of Wealth

07:01.41 Broke vs. Poor: Understanding Mindsets

09:44.13 The Impact of Social Circles on Wealth

13:36.98 Navigating Systemic Barriers to Success

18:18.73 The Impact of Money Scripts

20:07.73 Understanding Family Financial History

23:39.79 The Role of Tough Love in Financial Growth

29:12.63 Paths to Wealth: Employee vs. Entrepreneur

33:40.69 Understanding Financial Success

35:05.62 The Psychology of Spending

36:28.99 Wealth vs. Income Skills

37:34.37 The Influence of Social Comparison

42:30.72 The Role of Relationships in Financial Decisions

44:04.14 Transforming Money into Freedom

46:30.83 Visualizing Financial Goals

47:56.49 The Power of Automation in Saving

49:46.40 The Psychology of Automatic Saving

51:18.82 Closing Thoughts and Acknowledgments

🎯 Key Quote:

“If they can do it, I can do it. That mindset changes everything.” — Dr. Brad Klontz

📚 About the Guest:

Dr. Brad Klontz is a financial psychologist, Certified Financial Planner®, and author of multiple bestselling books on the psychology of money. His work has been featured in The Wall Street Journal, The New York Times, and Forbes. His mission: to help people understand their deep-seated money beliefs and build sustainable wealth through mindset transformation.

🔥 Don’t Miss This Episode If You Want To:

• Understand the emotional side of money and wealth

• Break through limiting beliefs and generational money trauma

• Learn practical, science-backed habits to grow wealth over time

#BradKlontz #MoneyMindset #FinancialPsychology #StartThinkingRich #WealthBuilding #BehavioralFinance #FinancialFreedom #AdvisorAnalyst #InsightIsCapital #MindsetMatters #MoneyScripts #InvestInYourself #PersonalFinance #FinancialWisdom