Brian Belski told a room full of Canadian advisors to lighten up on gold in February. They weren't happy about it. Not the popular view at the time.

That's Brian Belski in a nutshell — 36 years in the markets, built his reputation going the other way when everyone else is piling in, and he's not about to stop now. In this episode, host Pierre Daillie sits down with Brian Belski, CEO & CIO of Humilis Investment Strategies, and Steve Hawkins, CEO of Longpoint ETFs.

Belski's case is simple: the 25-year secular bull market has a decade left, earnings are rising, and the stock picker is back. Gold is overextended. Canadian banks need scrutiny. U.S. financials are the most overlooked opportunity in the market. And if the consensus is calling for recession — he's going the other way.

Steve Hawkins built one of Canada's largest ETF platforms, walked away, and built it again on his own terms. Together, they just launched three new ETFs on the TSX — HBTA, HBDV, and HBOP — powered by Belski's fundamental, high-conviction approach. No gimmicks. No spaghetti on the wall. Just process.

If you manage money for clients, or you are the client, this one's worth your full hour.

🕒 CHAPTERS

00:00 — The Contrarian Gold Call

01:23 — Setting the Scene

02:09 — Meet Brian Belski & Steve Hawkins

03:12 — Why Longpoint and Why Now: Three New TSX ETFs

04:10 — Market Context 2026: Venezuela, Iran, Stagflation & the S&P Melt-Up

05:53 — Brian's Origin Story: Bill O'Neill, Warren Buffett & Iraq in 1990

10:02 — The 25-Year Secular Bull Market Thesis Explained

13:00 — Where We Are in the Cycle: Cyclical Bears Within a Secular Bull

15:30 — Why Fundamentals Win: Stocks Lead Earnings, Earnings Lead the Economy

16:23 — Private Wealth vs. Institutional Money: Who's the Smart Money Now?

19:12 — Steve Hawkins on Why Canadian Investors Were Missing Belski

20:34 — How the Humilis + Longpoint Partnership Came Together

22:23 — On Founding Humilis: "Equal Parts Excruciating and Exciting"

27:36 — The Biggest Investor Mistake Right Now: Behavioural, Not Analytical

28:11 — Gold at Four Standard Deviations: Why Belski Said Lighten Up

30:23 — Canadian Banks: The Math Behind Underperformance Risk

31:18 — AI Arms Race, Anthropic, OpenAI, and the Coke vs. Pepsi Analogy

34:44 — The Stock Picker's Market Is Back

35:35 — Most Compelling Opportunity Right Now: U.S. Financials

38:27 — Inside the Three Humilis ETFs: HBTA, HBDV, and HBOP

40:11 — Active vs. Index: The Return of the Stock Picker

42:37 — Belski's Canadian Convictions: Aritzia, Waste Connections, Shopify

45:20 — Great Company vs. Great Stock: The Distinction That Matters

46:17 — Google, Costco, and Contrarian Conviction in Practice

47:18 — What the Market Made Belski Revisit in 2026

48:44 — Longpoint's Vision: A Turnkey Platform for Global Asset Managers

51:14 — Wayne Gretzky, the Puck, and Canada's ETF Decade Gap

57:10 — $30M AUM in 25 Days Since Launch

57:38 — Brian's Biggest Surprise for Investors a Year from Now

59:15 — Closing: Keep It Simple, Stupid — and Stay Bullish

#BrianBelski #HumilisInvestments #LongpointETFs #SteveHawkins #CanadianETFs #InsightIsCapital #AdvisorAnalyst #SecularBullMarket #StockPicker #ActiveInvesting #ETFCanada #InvestmentStrategy #CanadianInvestors #EquityStrategy #MarketOutlook2026 #FundamentalInvesting #ContraryInvesting #HBTA #HBDV #HBOP #WealthManagement #FinancialAdvisors #TSX #NorthAmericanEquities #MarketVolatility

What if the investing rules that protected you for 40 years just stopped working — and the world already moved on without telling you?

Host Pierre Daillie sits down with Tony Dong — founder of ETFPortfolioBlueprint.com, lead ETF analyst at ETF Central, and Columbia-trained risk manager — for a no-holds-barred breakdown of defense ETFs, tail risk hedging, the structural collapse of the 60/40 portfolio, and what a genuinely resilient Canadian portfolio looks like in a world defined by geopolitical fracture, regime change, and compounding uncertainty. Recorded April 2026 amid new all-time equity highs and an active Middle East conflict, this episode is essential listening for any advisor or investor still building for a world that no longer exists.

CHAPTERS

00:00 — Introduction: Who Is Tony Dong?

02:11 — Q1 2026: Markets, Macro & the K-Shaped Economy

06:24 — Defense ETFs: True Exposure vs. Industrial Sector Imposters

09:30 — Canadian Defense ETF Options: XAD vs. SHLD

11:38 — Are We at the Start of a Defense Super Cycle — or the Middle?

13:48 — NATO Rearmament, Europe's €800B Commitment & Valuation Risk

17:13 — The Hidden Risk of Being Long Defense

19:04 — Strait of Hormuz, Ras Laffan & Underappreciated Choke Points

22:01 — Why Tony Isn't Buying the Emerging Markets Rally

23:22 — Tail Risk: CAOS vs. TAIL — Two Products, Two Payoff Profiles

28:58 — How Much to Allocate to Tail Risk?

31:57 — What Risk Actually Is: Permanent Capital Loss vs. Volatility

34:12 — The 60/40 Portfolio: 90% Equity Risk by Any Honest Measure

36:28 — TLT Myths Debunked: Why Long Bonds Are a Structural Trap

39:10 — Fixed Income Alternatives: First-Lien Loans & LCRNs

41:53 — How Conflict Transmits Risk Into a Canadian ETF Portfolio

46:05 — Liquidity Cascades: When the ETF Wrapper Breaks

53:16 — Volatility Laundering & the Private Credit Illusion

56:36 — Building a Resilient Canadian Portfolio for the Next 10 Years

01:00:41 — Biggest Surprises of the Next 12 Months: China, Taiwan & Eastern Europe

#DefenseETF #TailRisk #ETFInvesting #CanadianInvestor #GeopoliticalRisk #CAOSETf #TAILETf #6040Portfolio #NATORearmament #InsightIsCapital #TonyDong #PierreDaillie #ETFAnalysis #PortfolioConstruction #WealthManagement #MacroInvesting #FixedIncome #BondAlternatives #ETFLiquidity #PrivateCredit #CanadianDollar #DefenseTech #MarketRegimeChange #AdvisorAnalyst #ETFCentral #PortfolioResilience #InvestingIn2026 #TailRiskHedging #GeopoliticalInvesting #SmartMoney

Most advisors have zero alternatives in their portfolios — and their clients are already paying the price.

In this episode of Insight Is Capital, host Pierre Daillie sits down with Paisley Nardini, Managing Director and Head of Multi-Asset Solutions at Simplify Asset Management, for a frank and data-driven conversation about why the traditional 60/40 portfolio is showing dangerous cracks — and what advisors can do about it right now.

00:00 — The stat Paisley rechecked 10 times: managed futures vs. bonds across every trailing period

55:57 — Paisley's 12-month prediction: rates will surprise everyone

#ManagedFutures #LiquidAlternatives #PortfolioDiversification #CTAStrategy #SimplifyAssetManagement #TrendFollowing #CrisisAlpha #6040Portfolio #AlternativeInvestments #WealthManagement #FinancialAdvisor #ETFinvesting #CommoditySuperCycle #InsightIsCapital #AdvisorAnalyst #PortfolioConstruction #BondReplacement #MacroInvesting #RiskManagement #InvestmentStrategy

Sponsored by BMO Global Asset Management

2. The performance gap is not a footnote. The spread between top and bottom quartile private markets managers can exceed 30 percentage points — making manager selection the single greatest risk in any alternatives allocation.

3. 80% of the investable economy is private. Advisors and clients who limit themselves to public markets are working with a fraction of the available opportunity set — and missing the fastest-growing parts of the economy entirely.

4. Evergreen structures change the calculus. Perpetual, open-ended alternatives vehicles allow private wealth investors to scale in regularly, rebalance, and maintain liquidity management — removing the all-or-nothing vintage timing problem that has historically kept private markets out of reach.

5. Every fund has a job. The most effective alternatives allocations are built with purpose — return enhancement, income generation, inflation protection, or volatility reduction — and confusing those roles is how portfolios end up with alternatives exposure that doesn't perform the function it was added to serve.

#Sponsored #AlternativeInvestments #PrivateMarkets #PrivateEquity #WealthManagement #FinancialAdvisors #PortfolioConstruction #HedgeFunds #PrivateCredit #Infrastructure #InvestmentStrategy #BMOGlobalAssetManagement #InsightIsCapital #ManagerSelection #AlternativesEducation #6040Portfolio #EverythingAlts #PrivateWealth #InvestmentDiversification #CanadianInvestors #AssetManagement

Income investing has never offered more tools — covered call ETFs, buffer strategies, active fixed income, multi-asset funds — and yet most advisors are still building portfolios the way they did five years ago. So what's actually happening on the ground? In this episode of Insight Is Capital, host Pierre Daillie sits down with Jillian DelSignore, VP and Head of Investor Distribution & Insights at Nasdaq Indexes, who brings something rare to the table: real behavioral data.

Her team surveys hundreds of financial advisors every year, runs Nasdaq's global Advisor Council, and sits at the intersection of index innovation, ETF distribution, and the voice of the investor. What the data is showing right now is striking — a fundamental shift from total return thinking toward paycheque replacement investing, accelerating ETF adoption, and a quiet revolution in how options-based income strategies are reshaping portfolio construction. Whether you're an advisor benchmarking your own approach or an investor curious about how your portfolio is being built, this conversation delivers a clear, data-driven picture of where income investing is heading.

00:00 — Introduction: Why income investing is being rebuilt from the ground up

02:02 — Jillian's 26-year career arc: Federated, Goldman Sachs, J.P. Morgan ETF, and Nasdaq

03:11 — How Nasdaq's global distribution team works with advisors and ETF issuers

06:44 — Nasdaq Dorsey Wright: Momentum investing, point & figure charting, and the advisor research portal

09:55 — The Advisor Survey: What the data from 2023 to 2025 actually shows

10:49 — The big shift: 60% of advisors now allocating 20–40% of portfolios to income — up 52% since 2023

12:05 — Active and passive fixed income ETF adoption is accelerating — and why active is winning in bonds

13:27 — 600 new derivative ETF launches: Covered calls, buffers, and the rise of auto callables

14:43 — Defined outcome strategies: The tip of the spear in income innovation

15:25 — What drove the shift from total return to paycheck replacement investing

18:39 — "I can't eat total return": The behavioral finance case for monthly income

20:09 — The hidden benefit of paycheck investing: keeping clients invested through volatility

21:59 — Sequence of returns risk and how income strategies reduce the pressure to sell

22:48 — Why advisors still under-use these tools — and the education gap holding them back

25:34 — The hockey stick: How covered call ETFs are finally going mainstream

27:15 — The covered call ETF on-ramp in Canada and the long road to advisor adoption

28:55 — Auto callables: The next frontier and why compliance is the last hurdle

29:41 — From income-only buckets to core portfolio allocations — the model is changing

31:53 — Why compliance departments and advisors both have to get on board — and how it's happening

32:35 — What advisors actually want: fewer products, more partners, and turnkey support

35:05 — The model portfolio revolution: Advisors want to be relationship managers, not portfolio managers

37:50 — How the specialist wholesaling model has fundamentally changed ETF distribution

38:37 — The rise of CFAs and CFPs in the field: Fiduciary support is now table stakes

40:25 — Closing reflections: Why there has never been a better time to be a financial advisor

#IncomeInvesting #CoveredCallETF #BufferETF #ETFInvesting #FinancialAdvisor #PortfolioConstruction #ActiveETF #NasdaqIndex #DefinedOutcome #PaycheckReplacement #RetirementIncome #BehavioralFinance #ETFStrategy #WealthManagement #FixedIncome #DorseyWright #MomentumInvesting #SequenceOfReturns #AdvisorETF #InsightIsCapital #InvestmentPodcast #FinancialPlanning #ETFEducation #RetirementPlanning #IncomePodcast

What if the reason your portfolio sometimes fails you isn't the assets you picked — but the engine you never built?

In this episode of Insight Is Capital, host Pierre Daillie sits down with Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management, for a masterclass in what truly diversified, all-weather portfolio construction actually looks like — and why it's fundamentally different from anything most advisors and investors have ever been offered.

Rodrigo's story begins in Lima, Peru — where a government printing money into hyperinflation wiped out his family's savings overnight — and runs through the dot-com crash, the 2008 financial crisis, and the brutal 2022 simultaneous collapse of stocks and bonds. Those lived experiences didn't just shape his worldview; they became the architecture of a completely different way to build portfolios.

What emerges from this conversation is a framework that challenges nearly every assumption embedded in the standard 60/40 model — and explains why most "diversified" portfolios are actually running 85–90% equity risk under the hood. Rodrigo and Pierre explore how thoughtful, purposeful leverage can transform a low-octane diversified portfolio into something that competes with equities — without simply concentrating more risk in equities.

From regime-aware asset allocation across equities, bonds, gold, and systematic macro strategies, to the mechanics of return stacking and portable alpha, to the emerging institutional concept of "total portfolio" risk budgeting — this episode covers the intellectual terrain that separates sophisticated portfolio construction from the conventional wisdom most advisors were trained on.

Whether you're a seasoned allocator or just beginning to question the limits of traditional asset allocation, this is a conversation about what it truly means to prepare for an unknowable future — not predict it.

⏱ CHAPTERS

00:00 — Introduction: All-Terrain Investing & What It Takes to Build for Any Market Weather

🔗 RESOURCES & LINKS

ReSolve Asset Management — All Terrain Strategy: investresolve.com/strategies

#AllTerrainInvesting #ReturnStacking #RiskParity #PortfolioConstruction #ManagedFutures #SystematicMacro #AdaptiveAssetAllocation #LiquidAlternatives #PortableAlpha #WealthManagement #FinancialAdvisors #AdvisorEducation #AllWeatherPortfolio #ReSolveAssetManagement #InsightIsCapital #InvestmentStrategy #CapitalEfficiency #TrendFollowing #CrisisAlpha #MacroInvesting #Diversification #RiskBudgeting #GlobalMacro #ETFInvesting #AlternativeInvestments

What if CRM3 turns out to be the most powerful growth tool you've ever been handed?

In this episode of Insight Is Capital, host Pierre Daillie sits down with Mario Cianfarani, Head of Distribution at Vanguard Canada, to explore the sweeping implications of CRM3 — Canada's incoming total cost reporting regulation — and why the advisors who embrace it now stand to gain the most.

Mario unpacks how Vanguard's landmark Advisors Alpha framework, now celebrating its 25th anniversary, aligns with this new era of transparency, and why the real value of advice has never lived in product selection.

Together, Pierre and Mario examine the critical mindset shifts advisors must make, the power of fee budgeting, and how top practices are already having the conversations that will define the next generation of client relationships — before they're required to.

0:00 — Introduction: Canada's wealth management inflection point & CRM3 overview

1:23 — Mario's passion for Vanguard's investor-first mission and 15 years disrupting Canada

3:03 — The biggest mindset shifts advisors need to embrace with CRM3

4:31 — From product-centric to advice-centric: building a repeatable value narrative

6:44 — Advisors Alpha at 25: quantifying the real value of advice beyond the portfolio

8:00 — Behavioral coaching, market volatility, and keeping clients fully invested

9:52 — Transparency, trust, and ending the "black box" era of investing

11:34 — How transparency correlates with higher client satisfaction and deeper relationships

13:00 — Fee budgeting: the strategic framework for cost-conscious portfolio construction

14:40 — Vanguard's portfolio construction philosophy: core, satellite, active & passive

19:10 — CRM3 as a competitive differentiator — and why staying flat-footed isn't an option

21:11 — The bottom line: the win-win case for advisors and clients

23:53 — What top advisors are doing right now to get ahead of the change

27:05 — Tax alpha, rebalancing alpha, behavioral alpha — quantifying every dimension of value

27:55 — Mario's top three action items for advisors navigating this transition

30:17 — Parting thoughts: reframing CRM3 as a practice growth opportunity

31:07 — Resources available through Vanguard Canada for advisors and dealerships

#CRM3 #TotalCostReporting #AdvisorsAlpha #VanguardCanada #WealthManagement #FinancialAdvisor #FeeTransparency #CanadianInvesting #BehavioralFinance #FinancialPlanning #InvestmentAdvice #ETFCanada #ClientExperience #FeeBudgeting #InsightIsCapital #FinTechCanada #AdvisorGrowth #PassiveInvesting #FinancialRegulation #WealthManagementCanada

What if you could collect covered call option premium hundreds of times a year instead of once a month — without giving up the upside on your core equity holdings?

1. 0DTE options are a structural shift, not a fad.

🕐 TIMESTAMPED CHAPTERS

01:45 — Nicolas Piquard's 30-year career arc: sell-side to buy-side

05:22 — Hamilton ETFs growth: $7B in yield maximizers, $750M in DayMAX™

07:18 — The origin story of 0DTE options — from monthly to daily expirations

12:51 — How daily options differ from monthly covered calls

17:51 — The DayMAX™ structure explained: 100% champions ETF + 25% VOO + 0DTE overlay

46:05 — Partial vs. full call coverage: how DMAX preserves equity upside

52:07 — Portfolio construction: how advisors can use DMAX to close a yield gap

57:19 — Tax efficiency of covered call premiums: capital gains, ROC, and dividends

59:01 — Closing thoughts

#CoveredCalls #0DTE #OptionsIncome #HamiltonETFs #DMAX #ETFInvesting #OptionsStrategy #InvestmentIncome #PortfolioConstruction #DividendInvesting #FinancialAdvisors #WealthManagement #OptionsTrading #YieldMaximizer #PassiveIncome #CanadianInvesting #IncomeInvesting #VolatilityHarvesting #FinanceCanada #InsideIsCapital

As Iran targets oil infrastructure with missiles, Wall Street is still buying the dip — but DoubleLine's Jeffrey Sherman says this time, the trade that's worked every time may finally be broken.

With oil prices surging, rate-cut expectations evaporating, and a conflict now entering its fourth week, host Pierre Daillie sits down with Jeffrey Sherman, Deputy CIO of DoubleLine Capital, to interrogate the assumptions underlying today's risk portfolios. Sherman maps the transmission channels from Middle East conflict to Main Street purchasing power, dissects what the bond market is — and isn't — signalling about fiscal sustainability, and raises uncomfortable questions about the liquidity architecture of private credit vehicles that investors may not have asked themselves yet. The conversation spans the K-shaped labour market, the rotation into international and emerging market assets, and where Sherman sees the most defensible risk-adjusted opportunities in fixed income right now — without pretending the answers are simple.

00:00 - Opening — overweight US risk and what to do about it

 #FixedIncome #BondMarket #DoubleLine #MacroInvesting #PrivateCredit #OilPrices #PortfolioStrategy #EmergingMarkets #GoldInvesting #InterestRates #CreditMarkets #InvestingIn2026 #WealthManagement #FinancePodcast #InsightIsCapital #GeopoliticalRisk #JeffreySherman #TACOTrade #HighYield #Deflation

Is U.S. market dominance about to break? In this episode of Insight is Capital, Pierre Daillie sits down with Cole Smead (CEO & Portfolio Manager, Smead Capital Management) to unpack why today’s market may be less about valuations—and more about a powerful capital cycle that could reshape global investing.

From AI-driven CapEx booms to the hidden risks of passive investing, Smead draws on historical parallels—from railroads to telecom to fracking—to explain why investors often miss the biggest regime shifts… and why the next decade of returns may look very different from the last.

This conversation explores the case for international equities, the structural setup for commodities, and why Canadian oil could play a critical role in portfolios as capital flows begin to rebalance globally.

If you think diversification still means owning the S&P 500… this episode may change your perspective.

🔑 What You’ll Learn:

⏱️ Chapters:

00:00 – The problem with U.S. market concentration

01:00 – Capital cycles vs valuation cycles

03:00 – Lessons from past market manias

05:00 – Why investors often lose in innovation booms

07:00 – Passive investing under pressure

10:00 – Oil markets and historical analogies

13:00 – Behavioral investing mistakes

18:00 – The SaaS reset and return on capital

24:00 – Investment discipline and opportunity

28:00 – Great companies vs great stocks

30:00 – AI CapEx and unintended consequences

34:00 – Who really benefits from innovation cycles

37:00 – Telecom bust lessons for today

40:00 – Falling tech costs and the Jevons Paradox

44:00 – Global capital rotation begins?

48:00 – Index risks and market dispersion

51:00 – Commodities and the U.S. dollar outlook

56:00 – From “mythos” to “logos” in investing

🎯 About the Guest:

Cole Smead is CEO and Portfolio Manager at Smead Capital Management, known for his long-term, contrarian approach to value investing and deep research into market cycles and investor behavior.

📈 About the Show:

Insight is Capital™ explores the ideas, strategies, and perspectives shaping the future of investing—helping advisors and investors think better before capital compounds.

👍 Like, Subscribe & Share

#Investing #StockMarket #ValueInvesting #Macro #Commodities #OilAndGas #AI #GlobalMarkets #PassiveInvesting #ActiveInvesting