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Host Ryan Nauman welcomes Jay Hatfield of Infrastructure Capital Advisors to discuss how Federal Reserve policy, rising Treasury yields, oil prices, and tightening financial conditions are shaping markets. Hatfield argues the Fed is overly hawkish, criticizes inflation measurement (especially shelter and PCE), and says higher rates are driving a housing recession and tightening high-yield credit. He explains his view that the 10-year yield typically trades about 100 bps above terminal Fed funds and expects only one more hike with stabilization near 5%, with oil and Strait of Hormuz dynamics key to the outlook. Despite macro risks and potential “breakage” from aggressive tightening, he remains bullish on equities due to strong and rising earnings, using discounted cash flow and PEG discipline to avoid overpaying, highlighting opportunities in technology and financials and discussing his “dogs of the DAQ” valuation framework and covered-call approach.

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00:00 Welcome and Setup

01:26 Meet Jay Hatfield

01:49 Income ETF Strategy

02:49 Fed Policy Critique

03:39 Inflation Data Problems

09:24 Housing and Credit Stress

12:20 Fed Funds vs Ten Year

15:54 Oil Price Scenarios

21:53 Earnings Drive Resilience

22:52 Compounding Stay Invested

24:50 What Breaks Next

25:18 Fed Tightening Recessions

25:48 France Eurozone Breakage

28:00 Frexit Investor Impact

31:15 Housing Downturn Forecast

35:31 Recession Signals And Spending

38:17 S&P 8000 Bull Case

43:55 Dogs Of The DAQ

48:14 Wrap Up And Resources

Recording from the Steward Symposium, host Ryan Nauman welcomes wealth manager Alicia Fuller to discuss choosing a business structure in wealth management and why she moved from a full-service wirehouse after 40 years to a W-2 role at Steward Partners. Fuller explains she wanted more freedom to serve clients and build her brand without the operational burdens of full independence, and describes how Steward’s culture, collaboration, and support expanded what her team could do in marketing, events, reporting, and client communication. She shares how the transition was smooth for clients, improved team energy, increased referrals, and enabled relationship-building through client experiences. Fuller also discusses her experience as a woman in the industry, mentorship and succession planning, carving out team ownership, and her next chapter focused on growth, time back, and multi-generational legacy planning.

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Learn more about Coastal 360 Capital Advisors at Steward Partners here.

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00:00 Podcast Welcome

00:45 Why Structure Matters

01:21 Meet Alicia Fuller

01:46 Leaving the Wirehouse

02:48 Choosing the Middle Path

05:12 New Freedom and Branding

07:35 Client Experience Upgrade

13:26 Culture and Growth Tools

16:34 Women and Mentorship

19:21 Succession and Legacy Plan

20:40 What W2 Really Means

22:00 Unexpected Steward Support

23:00 Referrals and Relationships

25:51 Advice for Switching Firms

29:32 Next Chapter Ahead

32:10 Closing Thanks and Outro

Host Ryan Nauman welcomes Paisley Nardini, Head of Investment Strategy at Tema ETFs, to discuss how calm index-level markets are masking narrow leadership, rising dispersion, shifting rate expectations, and concentration risk in both equity and bond indexes. Nardini explains her multi-asset background and why today’s macro regime and stock-level volatility may create a more favorable backdrop for active management. They cover 2026’s “whiplash” move from expected rate cuts to hikes, subdued VIX versus spiking bond volatility, resilient earnings, and why investors often overemphasize midterms despite historically positive fourth-quarter seasonality. Nardini outlines where AI spending is expanding beyond semiconductors into infrastructure, power, data centers, networking, and healthcare, and emphasizes “prudent participation,” intentional diversification, and rethinking passive exposure that may no longer deliver true diversification.

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00:00 Welcome and Setup

01:56 Meet Paisley and Tema

04:46 Why Thematic Active

09:01 2026 Macro Whiplash

14:03 Consumer Resilience Puzzle

18:02 Midterms Market Impact

22:37 Credit Spreads and Bonds

30:06 Index Concentration Risk

34:44 Calm Index Hidden Dispersion

37:08 Next Wave AI Spending

42:15 Advisor Portfolio Playbook

46:12 Wrap Up and Resources

Recorded at the Steward Symposium, host Ryan Nauman interviews Tim Burklow, a 33-year wealth management veteran and wealth advisor in Steward Partners’ Legacy Channel, about succession planning. Burklow explains how his team began planning for the future by developing next-gen advisors—including his two sons and a third advisor—emphasizing the time investment required. He shares why internal succession can be difficult due to capital needs and family considerations, and describes a consultant-led search that found many firms focused on money rather than fit. Burklow chose Steward Partners for its leadership access, consistent culture, and careful vetting, while still providing competitive economics. He discusses client communication, burnout relief from offloaded management tasks, over 90% retention, improved teamwork over silos, better technology, and a clearer retirement path. He urges advisors to start early and seek guidance. More info: mainstaywealth.com.

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00:00 Podcast Welcome

00:47 Succession Planning Focus

01:11 Meet Tim Berklow

02:17 Building Next Gen Team

04:32 Why Steward Partners

06:34 Due Diligence Surprises

09:11 Culture Over Money

10:08 Life After Transition

11:38 Client Transition Strategy

14:34 Practice Today Improvements

16:28 Advice For Older Advisors

17:46 Legacy Model Myths

18:47 Not Getting Squeezed Out

19:48 Looking Ahead And Balance

20:57 Where To Learn More

21:19 Closing Thanks

The episode explores two major secular investment themes: aging demographics in America and the continued build-out of artificial intelligence. Ryan welcomes Brock Campbell, Head of Research and Portfolio Manager at BNY Investments Newton, to discuss why senior housing—primarily through healthcare REITs—may benefit from a supply-demand mismatch as baby boomers approach age 80, potentially supporting utilization, cash flow growth, and 5–7% dividend yields, while also offering diversification and less economic sensitivity. They cover key risks such as rent payer credit quality and recency bias from COVID-era challenges, emphasizing the need for deep fundamental research. The conversation then shifts to AI investing beyond chipmakers, outlining three waves (chips, power/grid infrastructure, and implementation/ROI), highlighting U.S. electrical build-out and potential opportunities in European electrical infrastructure driven by data sovereignty, while noting ROI as the key thesis risk amid market volatility.

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00:00 Hidden Opportunities Intro

01:01 Meet Brock Campbell

03:08 Senior Housing Demand Surge

05:53 How To Invest Via REITs

07:08 Yields Benefits And Risks

11:10 Portfolio Role And Allocation

16:13 Misconceptions And Credit Work

18:34 AI Beyond Chipmakers

21:23 Three Waves Chips Power Apps

23:17 ROI Risks And Market Volatility

28:10 Wrap Up And Where To Learn More

Ryan Nauman interviews Shang Chou, co-founder and managing partner at Dishmi Capital, about how portfolio construction is evolving beyond traditional 60/40 and mean-variance optimization toward maximizing after-tax wealth. Shang shares his Wall Street background (PIMCO, J.P. Morgan, Goldman Sachs), work at Simplify Asset Management, and the personal liquidity-event experience that motivated Dishmi’s focus on helping taxable investors with concentrated stock and major life events. He argues advisors leave “structural alpha” untapped by optimizing for pre-tax returns and outlines a three-dimensional framework—time, the full balance sheet (including proactive, tax-aware borrowing), and an expanded solution set—highlighting tools like tax-aware long-short, exchange funds, variable prepaid forwards, collars, SPX box spreads, and Section 351 exchanges. He predicts tax-aware portfolio construction will become table stakes and expects continued growth in the independent advisory channel.

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00:00 Why Tax Alpha Matters

01:10 Meet Shang Chou

02:44 Founding Dishmi Capital

05:17 Planning Before Liquidity

06:28 PIMCO Structural Alpha

08:55 After Tax Mindset Shift

12:27 Three Dimensional Framework

15:33 Borrowing Smarter for Homes

17:41 Institutional Tools for Advisors

20:32 Biggest Untapped Tax Wins

23:13 Which Strategies Go Mainstream

25:56 Life Events Drive Planning

28:28 Future of Tax Aware Advice

31:38 Where to Find Sheng

32:12 Closing and Subscribe

Host Ryan Nauman interviews Rob Battista, EVP of Advisory Solutions at Vestmark, about the evolution from traditional one-size-fits-all model portfolios to more personalized custom model investment solutions. Battista explains how models grew from manager-traded SMAs to scalable, lower-cost model delivery, fueled by greater accessibility through marketplaces and asset managers selling total portfolio solutions. He highlights key limitations of traditional models—especially inadequate customization and the tax impact of rebalancing in taxable accounts—and argues tax transition and ongoing tax overlay are now table stakes. The discussion covers how custom models can reflect advisor preferences, support multi-manager open architecture, and incorporate multiple vehicles (ETFs, mutual funds, SMAs, direct indexing, bonds, alternatives) within a UMA. Battista outlines benefits for advisors (scale, time savings, outsourcing, recurring revenue) and asset managers (stickier relationships, greater wallet share), and emphasizes implementation partners can reduce operational burden, often subsidized by asset managers.

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00:00 Welcome and Agenda

01:20 Meet Rob Battista

01:51 Vestmark Overview

03:45 How Models Evolved

06:07 What Drove Model Growth

08:06 Limits of Traditional Models

09:42 Personalization and Tax Overlay

12:24 How Custom Models Work

15:18 Multi Manager and UMA Flexibility

18:10 Advisor Benefits and Scale

20:25 Asset Manager Incentives

21:57 Operational Challenges Solved

23:36 Implementing Custom Models

26:25 Wrap Up and Resources

Ryan Nauman interviews Bill Davis, managing director and founder of Stance Capital, about whether the cap-weighted S&P 500 has become overly concentrated in mega-cap, highly correlated tech names and how index flows can exacerbate that risk; they discuss equal-weight approaches and why today’s fundamentals differ from the dot-com era, along with potential unwind catalysts tied to AI capex and data-center buildouts. Davis explains “tax alpha” and how IRS Section 351 allows eligible investors with highly appreciated, concentrated positions to contribute diversified baskets in-kind to seed an ETF and receive ETF shares without triggering immediate capital gains, outlining key eligibility constraints and operational considerations. They also cover the evolution and politicization of ESG/sustainable investing, concerns about authenticity among large asset managers, and how sustainable strategies may shift toward thematic risks like water and nature while addressing AI’s energy and resource demands.

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Learn more about Stance Capital here.

00:00 Is S&P Really Diversified

01:10 Meet Bill Davis

01:44 Stance Capital Approach

06:22 Tax Alpha Matters

08:10 S&P Concentration Risk

13:34 Equal Weight Alternative

17:20 AI Cycle And Unwind

24:23 S&P Vs Real Economy

28:18 Section 351 Explained

36:23 351 Logistics And Options

41:29 Sustainable Investing Today

43:26 ESG Politics And Authenticity

52:51 AI Energy And Sustainability

56:11 Wrap Up And Resources

Host Ryan Nauman interviews Brad Kreidle, founder and president of MainLine West, about navigating the large, fragmented municipal bond market and why MainLine West was created to improve transparency and efficiency by operating at a wholesale level with its own broker-dealer. Kreidle explains how higher interest rates after the ZIRP era have made municipals attractive on a taxable-equivalent basis, and how a steep municipal yield curve creates opportunities, including his firm’s “80/50” positioning concept. They discuss ways to pursue higher tax-exempt income, including leveraging high-grade municipals rather than simply moving down in credit quality, plus sectors like housing finance (multifamily and single-family programs) and the growth of gas prepayment bonds, which can offer additional yield with good liquidity. They also cover muni ETFs’ growth, including using large ETFs to hedge muni rate exposure, and why MainLine West uses an SMA wrapper for flexibility and leverage constraints in 40 Act funds.

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Learn more about MainLine West: https://www.mainlinewest.net/

00:00 Welcome and Guest Intro

01:16 Brad and Mainline West

02:20 Why Mainline West Started

06:05 Today’s Muni Rate Backdrop

08:10 Curve Strategy and 80 50

10:35 High Yield via Leverage

12:50 Housing Bonds and Policy

14:52 Gas Prepay and Space Munis

18:17 Gas Prepay Benefits and Liquidity

23:38 Fragmented Market and Active Edge

26:57 AI and Human Judgment

27:45 Muni ETFs and Hedging

31:06 Why Use an SMA Wrapper

32:18 Where to Learn More Closing

Ryan Nauman discusses rapid ETF growth and key industry trends with Steve Foy, Senior Vice President of Trading at Tidal Financial Group. Foy explains Tidal’s full-stack ETF platform and ongoing support for clients, from product development and SEC filings to trading and operations. They highlight active ETFs as a major shift from traditional indexing, the surge in defined outcome/buffered and derivative income products, and increasingly concentrated thematic ETFs driven in part by AI-related market changes. The conversation addresses investor and advisor adoption of more complex derivative-based and leveraged products, emphasizing disclosures, education, and suitability. They also cover auto callables, private market access following SpaceX-related developments, the speed of IPO-linked ETF launches, and what may come next, including prediction markets and evolving regulatory and tax considerations.

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Learn more about Tidal Financial Group: https://tidalfinancialgroup.com/

00:00 ETF Boom Overview

01:02 Meet Steve Foy

01:59 Tidal Full Stack Platform

04:52 Active ETF Surge

07:21 Is There an ETF Bubble

08:53 Who Drives Innovation

11:29 Defined Outcome Demand

14:16 Thematic ETFs and AI

16:14 Derivatives and Exotic Risk

22:20 Auto Callables and Private Markets

24:46 IPOs and Single Stock ETFs

26:35 Whats Next Prediction Markets

28:17 Wrap Up and Where to Learn More