Podcast

Vibecession with Keith Dicker

December 2, 2024

In this episode of the Global Thinking Podcast, host Rob Duncan welcomes Keith Dicker, Founder and Chief Investment Officer at IceCap Asset Management, for an in-depth exploration of the global financial landscape. Keith shares captivating insights from his unique career path, the art of global investing, the power of networking, and why risk management remains the cornerstone of successful strategies. Rob and Keith unpack the implications of climbing long-term interest rates, the mounting pressures of government debt and why this could lead to greater opportunities in the future. Keith dives into the intricate dance of inflation and energy markets, offering a sharp perspective on how central bank policies are shaping investment challenges and why you need to keep an eye on currency markets.

Disclosures

From Paper to Pixels: Canada’s Fintech Transformation

November 21, 2024

Financial technology, or Fintech, in Canada has traditionally trailed behind the U.S. by nearly a decade. Until recently, even basic processes like virtual onboarding were rare in Canada, where advisors and clients often dealt with stacks of paper for signatures and mailed-off documents. But a global pandemic has accelerated change, bringing digital solutions and smartphone-driven client experiences to the forefront.

In this episode of Global Thinking, Rob sits down with Oliver Yoon, Head of Harness, to explore the rapidly evolving Canadian Fintech landscape. Together, they discuss Oliver’s extensive experience in finance, Harness’s mission to empower advisors with independent investment solutions, and how technology is transforming client interactions. They also dive into the role of AI in financial services and the exciting future for advisors embracing innovation.

Disclosures

5 Questions Keeping Investors Up at Night

November 6, 2024

2024 is proving to be another year full of surprises. Investors have been bracing for recession as a waterfall of misleading signals have dominated headlines. While many braced for a looming recession, markets defied expectations with strong returns—leaving many sidelined in cash or GICs, missing out on the upside.

In this episode of the Global Thinking Podcast, Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer, sits down with Forstrong’s CEO and CIO, Tyler Mordy, to unpack the themes from Tyler’s latest article, 5 Questions Keeping Investors Up at Night. Together, they tackle the big questions shaping today’s investment landscape: Where are we in the economic cycle? Are geopolitical shocks here to stay? What impact could the U.S. election bring? Is China’s economic stimulus a real game-changer? And, finally, what does the future hold for the powerhouse MAG-7 tech stocks? Join us for a deep dive into these pressing topics and find out why keeping perspective—and staying invested—matters now more than ever.

Disclosures

Podcast from China: Beijing’s Policy Shockwaves

October 10, 2024

Over the past year, China has grappled with escalating challenges—from a real estate meltdown to tech crackdowns and slowing growth—leading many investors to deem the country “un-investable.” However, recent policy moves from Beijing, including significant interest rate cuts and liquidity injections, may point to a major inflection point ahead.

In this episode, Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer, speaks with Forstrong’s Research Analyst, Shibo Gu, on the ground in Northern China. Together, they unpack the latest stimulus measures and their potential impact on investors eyeing opportunities in the world’s second-largest economy. Is this renewed optimism justified, or should caution still prevail?

Disclosures

Keep Calm and “Carry” On – Seizing Global Opportunities in a Shifting ETF Market

August 27, 2024

Investors have been pouring into Canadian ETFs at an unprecedented rate in 2024. While cash and US equity ETFs have dominated flows this year, recent trends suggest a shift is underway. Weaker economic data and volatility in Japan have investors worried, while international markets present compelling opportunities.

In the latest Global Thinking episode, Rob sits down with Daniel Straus, Director of ETF Research at National Bank, to discuss recent ETF trends and investment flows. Together, they explore why investors should focus on global opportunities and how to navigate the period ahead.

Disclosures

The Great Market Rotation: Is It For Real?

August 1, 2024

When asked about the prognosis for markets, American financier J. P. Morgan once famously quipped, “they will fluctuate”.

That statement is not meant to be dismissive of recent market volatility: the first half of 2024 has faced a long list of new realities from an AI fervour to contentious global elections. But, today more than ever, wealth accumulation demands a focus on fundamentals and looking beyond recent hype. Currently, there are historic opportunities to pivot into new investment themes as markets find a new footing and fresh macroeconomic trends emerge.

In this discussion, Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer, sits down with Forstrong Portfolio Manager, Terry Shaunessy, to explore where investors might be succumbing to market exuberance and identifying strategies to navigate volatility while achieving their financial objectives.

Disclosures

Navigating Nvidia’s Volatility:  Keeping Your Head When Others May Have Lost Theirs

July 4, 2024

Everyone is talking about Nvidia. Just 2 years ago the stock was worth a mere $400 billion. Now, depending on the time of day, it is worth somewhere around $3 trillion and was briefly the most valuable company in the world. Investors should not overcomplicate things here: Nvidia and the broader AI theme are in the midst of a speculative mania.

Of course, we have been here before. Investment stories, much like the current one, can be intoxicating and lure every last investor into the trade. During such times, diversification seems unnecessary. Who wants it when “one and done” portfolio decisions look so easy? Yet, investors invariably paying heavily for having taken on concentrated risk exposures. The late 1990s are a prime example.

At times like this, it is always useful to revisit the role of the portfolio manager: why do clients pay us to manage their wealth? It is not for flawless clairvoyance. Rather, we are paid to anticipate probable risks, prepare for opportunities and, importantly, not lose our proverbial minds when everyone else has lost theirs.

In the latest podcast, Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer, sits down with Tyler Mordy, CEO & CIO of Forstrong, to discuss the recent volatility in Nvidia and implications for the broader market.  

Disclosures

Canadian ETFs – A Bull Market in the Making

June 6, 2024

Canadian ETF inflows continued at a brisk pace in May, bringing the year-to-date number to more than $24 billion (handily beating their mutual fund counterparts). Total assets now stand at more than $432 billion with 1407 ETFs to choose from. With all this selection, how do investors know which ETF to buy? 

 In this episode, Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer at Forstrong, sits down with Patrick McEntyre, Managing Director and Co-Head of Institutional Sales of ETFs at National Bank Financial Group to discuss.

2024’s Rotation Trade Continues

May 9, 2024

Looking back on the month of April, it was a tough time for many investors. Broadly, many stock market sectors broke their winning streak. Bonds didn’t fare any better as continued strong global economic data pressured long-term yields higher.

As the macro regime continues to unfold, Forstrong’s investment team continues to believe the world is transitioning toward an inflationary boom. Increased volatility is a key tenet of this shifting economic landscape. But the theme of broadening performance (away from the handful of US mega-cap stocks which carried markets last year) is alive and well. In April, commodity-sensitive exposures and emerging markets equities staged impressive rallies.

 In this episode, Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer, sits down with Forstrong’s Lead Portfolio Manager, David Kletz, to unpack these latest developments. They also dive into why an improving outlook in emerging markets could lead to outsized returns this year.

Is US equity still the easiest asset allocation decision?

April 10, 2024

US equities have taken center stage over the last few years and are touching all-time highs as consumers continue to show strength with healthy balance sheets and less sensitivity to higher interest rates. But is all this good news already priced in?

What may be surprising is that returns are no longer being powered primarily by the “Magnificent 7”. Instead, forgotten, and unloved sectors are now witnessing a steady bid.

In this episode Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer, sits with BMO’s Chief Investment Officer, Sadiq Adatia, to talk about their recent market outlook and why they believe a broadening market rally is in the cards for 2024. While high quality and financials in the US are in focus, gold and commodity-oriented equities could see a continuation of strength.

Interest Rate Obsession: Are Markets Missing the Bigger Picture?

April 2, 2024

Markets have found a new obsession to dote upon: timing central bank rate cutes. Everywhere you look, interest rate expectations continue to dominate headlines and market narratives. Imminent recession fears have been replaced with questions on the timing and magnitude of interest rate cuts, but interest rates are only part of the story. The larger trend is the impressive resilience not only of the US economy but also in other parts of the world.

After pricing in up to 6 rate cuts to start the year investor expectations have quickly scaled back to 3. One could even wonder, are we actually in the “no landing” economy?

 In this episode Rob sits down with Forstrong Lead PM, David Kletz, to talk about expectations on rate cuts and the possibility of a “Bull Steepening” on the yield curve. Additionally, they walk through Forstrong’s recent strategy changes and why they see greater opportunity in US mid-caps, Emerging Markets debt and Swedish equities.

Global Thinking Market Update with Franklin Templeton

March 22, 2024

In this episode Rob sits down with Michael Greenberg, Senior Vice President and Portfolio Manager at Franklin Templeton Investment Solutions, to ask questions about their market outlook and where they see opportunity in the year ahead. Throughout the podcast Mike shares his perspectives on inflation, expectations for interest rate cuts, concentration in US equity’s “AI enablers” and Bitcoin’s impact on portfolio returns. While Mike remains positive on the US avoiding a recession and continued equity performance, he makes an interesting case for opportunities within Emerging Markets. Tune in to hear more.

Running with Bulls: Is the Market Rally Broadening?

March 6, 2024

One year ago, market forecasters were in absolute agreement. A Bloomberg consensus survey showed that 100% of the respondents predicted a global recession in 2023.  Rising interest rates would surely create an inevitable “hard landing”. When such agreement exists in the investment world one must ask the obvious question, “What don’t we already know?”.  

Since then, fears over hard landings have vanished as the powerful surge in US-led growth has thinned out the recession camp. But less discussed is that economic activity outside America has also firmed, led by a liftoff in global trade. 

Does this mean that the bull market in US stocks will also start broadening out? We think so. In fact, investor optimism has created bull markets from New York to Tokyo.  Japan, France, Canada, Switzerland, Germany, Taiwan, Netherlands, Denmark, Italy, Brazil, and India are in or near bull market territory touching highs last seen in the Post Covid rally.

 So, what don’t we already know?

 As the Magnificent 7 continue to grab headlines and push prices and valuations to historical highs, opportunities for a follow through trade are all around us. In this episode Rob and Tyler discuss why a broadening rally is so important and how best to position portfolios to profit from this emerging macro trend.

Macro Musings from A Latam Perspective

February 15, 2024

On this episode Rob sits down with our good friend Rodrigo Gordillo from Resolve Asset Management. Rodrigo has a fascinating background and he shares how hyperinflation in 1980s Peru shaped his life and investment philosophy. He also discusses why emerging markets have been more proactive in combating inflation over the last few years, and why inflation volatility will be higher this decade than the last.

Bonds, Bitcoin and The Biggest Year Ever for Democracy

January 24, 2024

Welcome back to all our listeners. This is now Season 4 of the Forstrong Global Thinking podcast and there is no shortage of topics to dive into. In this episode Rob sits down with Tyler Mordy, CEO and CIO, to discuss which macro trends are shaping the investment landscape.

Looking back, last year was one of heightened risk aversion: some $1.3 trillion dollars ran into global money market funds. Meanwhile, our investment team has a thesis that may stretch minds: we are entering a new risk-taking cycle based on an entirely different set of macroeconomic conditions and investment leadership. As 2024 progresses, Forstrong forecasts recession fears will again recede, and aggressive rate cut expectations will be unwound.

Tune-in to hear why shifts away from cash will lead to a big rotation into the cheap, cyclically sensitive and inflation hedging assets.

Global Thinking Podcast Video Edition – Clement Gignac

Oct 18, 2022

This week we have a very special guest for our “Global Thinking” Podcast. Forstrong’s Omar Rayes sits down with the honorable Clément Gignac.

 Clément has had a long and distinguished career in both the public and private sectors. On the international scene, he chaired in 2012 the Global agenda council on competitiveness (a division of the World Economic Forum). He is also a associate member of the Conference of Business Economists, a group of distinguished global economists based in Washington, D.C.. He now serves as a member of the Senate of Canada.

Can Markets Digest Higher Rates and Higher Inflation?

Feb 17, 2022

It is no surprise the last few months have been jarring for financial markets. The Fed, initially believing price spikes were short-term, were caught in an almost cartoon-like backpedal as inflation instead accelerated to a 40-year high. Now markets are on edge the Fed will tighten too much and short-circuit the economy. Forstrong’s Tyler Mordy explains why he expects inflation to moderate and how global risk appetite will continue.

Weclome to the Shortage Economy

Nov 12, 2021

The world has been transfixed by a strange spectacle: a scarcity of nearly everything. It has been a cinematic experience complete with congested shipping lanes, gas shortages and rationed microchips. This kind of drama is entirely unfamiliar a decade after the global financial crisis’s chronic oversupply. Now, the gluts of the 2010s are giving way to a far different world.

Welcome to the new shortage economy.

Rob sits down with Forstrong’s CIO, Tyler Mordy, to talk investment implications and why this could be a barn burner.

Ever-a-Grande Portfolio Rebalance

Oct 15, 2021

Global stock markets maintain double digit gains year-to-date, but as the recent selloff deepens market pundits continue to point fingers and provide reasons why this is the end. In this podcast we sit down with Forstrong PM, David Kletz, to discuss Evergrande’s impact on markets and our recent portfolio rebalance. Not surprisingly, we see the macro environment remaining supportive into year-end.

A Phased Pandexit

June 22, 2021

Viewing the globe, we note a very unusual situation — most likely attributable to the post-Covid rebound. For the first time on record, developed nations have been growing faster than global GDP growth. And global growth is currently faster than that of emerging countries. This must resolve itself in one way or another. What will be the likely outcome? Rob Duncan speaks with Forstrong Portfolio Manager, David Kletz, to discuss their recent rebalance and whether or not the reflationary trade still has room to run.

Global Inflation: Has the Force Awakened?

June 2, 2021

As the world steps out into life after lockdown (gingerly for some and brazenly for others), it is also no surprise that inflation is now soaring all around the world.

The Bureau of Labor Statistics’ latest inflation report, normally an exceptionally boring affair, could not resist the superlatives: consumer prices rose 4.2% in April from a year earlier, the most since 2008; used vehicles soared the most on record, dating all the way back to 1953; and core inflation, which excludes food and fuel, jumped in April from a month earlier by the most since 1982.

Clearly, the inflationary environment has changed. But the burning question is the stickiness of all of this. Rob Duncan sits down with Forstrong’s CIO, Tyler Mordy, to discuss how the pandemic is creating an inflationary regime shift that will cast a long shadow and impact asset prices of all types.

Cryptocurrencies: Currency Replacement or Financial Utility?

May 18, 2021

Has crypto-mania gone too far? Naysayers have an almost unlimited arsenal of reasons why this bubble will pop and leave investors in a wake of devastation. Citing everything from security issues to regulation, environmental impact to the explosion of offerings, these things should come with a warning label.

In a recent Ask Forstrong, The Cryptocurrency Bug: Catch Me if You Can, our CIO, Tyler Mordy, hammers home these warnings with cold hard facts. Cryptocurrencies are highly volatile. Investors have lost billions in fraud and theft. There are now 4000 currency offerings claiming to be the future. And, last but not least, government regulation is cracking down to thwart tax-evaders and black market participants. Warning label firmly attached.

Yet many investors still have burning questions. Will cryptos impact my life and should I care about them? This is a much harder question to answer.

To tackle this question Rob Duncan sits down with Reza Samahin, Portfolio Manager and Professional Engineer, to provide insights into blockchain protocol, currency mining, differences between Bitcoin and Ethereum, smart contracts and decentralized finance.

We made the pivot from cryptocurrencies as the future of fiat to providing a future benefit and financial utility. It wasn’t easy and it took 40 minutes, but if you want to impress your friends on your next Zoom call then click the link.

Ask Forstrong: Reddit’s Rage

Feb 9, 2021

Social media platforms take center stage as r/WallStreetBets channels it’s Reddit commentary to prop up stocks impacted by the pandemic and targeted by hedge fund short-sellers. In this podcast Rob Duncan sits down with Forstrong’s CEO & CIO, Tyler Mordy, to discuss this incredible phenomenon and how situations like this have played out in the past. While it received incredible headlines, investors should focus on what is really driving portfolio returns.  

Is it Time to Learn the Charleston?

Jan 19, 2021

Rob Duncan sits down with Forstrong’s CEO/CIO, Tyler Mordy, to talk about the year that was 2020, our outlook for 2021, and why we need to learn the Charleston in what could be seen as our generations roaring 20’s.

Ask Forstrong: You, Me and MMT (Modern Monetary Theory)

December 10, 2020

Is it possible to have unlimited money? If so, is that a good thing or a bad thing? 

Rob Duncan sits down with Forstrong’s CEO/CIO, Tyler Mordy, to talk about Modern Monetary Theory and why this new way of thinking could create new economic realities to increase growth globally. We break this theory down into its basic building blocks and challenge traditional thinking to see opportunities where others do not. 

Portfolio Update: Rock, Paper or Scissors

September 30, 2020

Your Global Thinking host, Rob Duncan, sits down with Forstrong’s CIO, Tyler Mordy, to discuss Covid’s impact on markets, policy and their investment outlook. While a second wave forms and concerns over another shutdown looms, Tyler explains why these outcomes would be less impactful and how a paradigm shift in policy will power growth going forward.  If you would like to access the slides, please reach out to your Forstrong contact. 

Forstrong Global Thinking – Q3 Portfolio Update

July 3, 2020

Here we are again, as if nothing much has changed since mid-February. Never mind that the very existence and survival of the entire human race had been threatened in the interim. Most global equity markets have recovered the vast majority of their year-to-date losses, and in fact, the risk-on rally now appears to be broadening into additional sectors and asset classes. In this update Rob sits down with Forstrong’s portfolio manager David Kletz to discuss the current state of financial markets and the corresponding changes recently implemented in client portfolios.

Forstrong Macro Update with Franklin Templeton

Jun 19, 2020

Rob Duncan sits down with Michael Greenberg, Vice President & Portfolio Manager for Franklin Templeton Multi-Asset Solutions. Over the course of 30 minutes they discuss their portfolio positioning throughout the pandemic, the shape of the recovery and whether investor FOMO has dislocated markets from reality. While market challenges remain, Michael highlights opportunities within global credit, European equities and how investors are eagerly awaiting a dip.

Ask Forstrong: Setting the Record Straight on Bond ETFs with Mark Noble and Horizons ETFs

Mar 31, 2020

Rob Duncan sits down with Horizons Executive Vice President of ETF Strategy, Mark Noble, to discuss why the recent spike in volatility has resurfaced old myths and misconceptions about fixed income ETFs. We get back to basics on their structure and mechanics to explain how they provide price discovery and liquidity, even in times of stress.

Ask Forstrong: Investing in the Time of Coronavirus

Mar 26, 2020

Coronavirus and all its catchphrases – flattening the curve, social distancing and so on – has taken a wrecking ball to daily routines. Working from home has brought new challenges. Calendars have been emptied and commute times cut. But occupational hazards have emerged: cabin fever, the close proximity of the cookie jar and, for some of us, new colleagues of the Crayola-wielding kind. 

Rob Duncan sits down with Forstrong’s President and CIO, Tyler Mordy, to talk about their recent portfolio rebalance and how they are positioning in the face of an unprecedented and historical stimulus package. 

Ask Forstrong: Misinformation Going Viral

Feb 27, 2020

Corona virus fears finally pierced investor consciousness and markets have sold off dramatically this week. Rob Duncan sits down with Forstrong’s President and CIO, Tyler Mordy, to discuss the market reaction and potential impact to growth going forward. How will this impact global GDP? Does this change our view?