Afleveringen
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Bitcoin is down 50% from its highs — but Bitwise CIO Matt Hougan says the price is the least important thing happening in crypto right now.
In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Matt Hougan, Chief Investment Officer at Bitwise Asset Management, to make sense of the 2026 crypto winter. Hougan argues this is "the best winter ever" for crypto: prices are down, but the fundamentals, regulatory clarity, and institutional infrastructure are stronger than in any prior cycle. The conversation moves from Bitcoin's role as scarce, digital hard money to the quieter, faster-moving story underneath it: stablecoins and tokenization rebuilding the plumbing of global finance.
Hougan walks through why the "neutral" Bitcoin allocation isn't zero, why advisors and institutions get stuck at the finish line even after months of due diligence, and how blockchain rails already move money and assets faster and cheaper than traditional banking. The episode closes with a deep dive into agentic AI, exploring how autonomous AI agents transacting 24/7 could become the largest driver of blockchain activity yet, and what that means for Bitcoin, Ethereum, Solana, Chainlink, and Bittensor. A must-listen for advisors trying to figure out how to talk to clients about crypto without the noise.
Timestamped Chapters00:00 – Cold open: crypto winter and Bitcoin at $62K06:30 – Welcome, Matt Hougan (Bitwise CIO)09:00 – SpaceX's IPO vs. Bitcoin's entire market cap10:40 – Why this is "the best crypto winter ever"16:40 – Institutions take 8 meetings to allocate — then freeze17:16 – The sticky-note trick for disciplined buying19:14 – Crawl, walk, run: a systematic approach to allocation20:32 – Why the neutral Bitcoin position is 1-2%, not zero22:29 – Bitcoin vs. gold: scarcity, cash flow, and correlation26:08 – Blockchain 101: Bitcoin vs. Ethereum vs. Solana27:23 – Stablecoins and tokenization, explained simply29:31 – Investing in tokens vs. the companies building on them32:26 – What's really holding back adoption (the AI "black hole")34:50 – SEC Chair Paul Atkins on tokenizing all stocks and bonds41:42 – Instant settlement and the velocity of money (casino example)46:12 – Inverting the objections: why the old system is the strange one49:07 – Do you actually own your stocks? Distributed ownership explained58:27 – Agentic AI meets tokenization: Bitcoin, Ethereum, Solana, Chainlink, Tao1:05:05 – Digital natives and the next generation of finance1:07:08 – Advisor takeaways: how to talk to clients about crypto1:09:02 – The final case for a portfolio allocation1:11:06 – Free Bitwise resources for advisors1:14:23 – Bitwise's product lineup, including its flagship index fund1:16:36 – Where to find Matt Hougan
Matt Hougan on Linkedin
Bitwise Asset Management
#Bitcoin #Crypto #MattHougan #BitwiseAssetManagement #CryptoWinter #Tokenization #Stablecoins #AgenticAI #Ethereum #Solana #Chainlink #DigitalAssets #FinancialAdvisors #WealthManagement #CryptoInvesting #BitcoinAllocation #RaiseYourAverage #InsightIsCapital #CryptoNews #Blockchain #AIandCrypto #PortfolioManagement #InvestmentStrategy #DigitalGold
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The options income ETF industry just crossed $1 trillion in assets — and almost nobody is talking about the structural flaw buried inside every one of those products.
David Dziekanski, co-founder, CEO, and CIO of Quantify Funds, spent nearly two decades building ETFs — more than 75 of them — before he saw a gap so fundamental he had to build something entirely new. In this episode of Raise Your Average, Pierre Daillie and Mike Philbrick sit down with David to examine what covered call and derivative income ETFs get wrong, why most investors don't realize it, and how Quantify's Stacked Income fund family — powered by Return Stacked ETFs and Convexitas as options sub-advisor — attempts to deliver income, full upside exposure, and genuine diversification without asking investors to choose between them.
⏱ Chapters00:00 — Introduction: The $1 trillion problem hiding in options income ETFs03:00 — David Dziekanski: Career background, Tidal Financial Group, and the founding thesis of Quantify Funds05:00 — The three design flaws of derivative income ETFs: income targeting, formulaic strategies, and lack of benchmarking10:00 — Why covered call ETFs became popular — and why advisors accepted the trade-off for so long13:00 — Delta drift explained: how a 0.74 delta on day one becomes 0.54 by month-end without any manager decision17:00 — Negative alpha in plain sight: why most covered call products underperform even a T-bill + equity blend20:00 — Convexitas's three-step options framework: implied vs. realized vol, skew profiling, and tenor selection24:00 — The core thesis: income without sacrificing total return — ending the trade-off27:00 — Return stacking as capital efficiency: A + B in a single dollar, and imposed diversification30:00 — Distribution policy: why Quantify lowers payouts in drawdowns and tops up on rebounds53:00 — Fee structure: 114 bps on 200% exposure = 57 bps unlevered, and why that beats the competition55:00 — Daily trade transparency: how Quantify posts options rationale on X every trading day59:00 — Building behavioral stickiness: transparency, distributions, and investor intuition01:01:00 — The advisor conversation: aha moments and the covered call education gap01:05:00 — Simplicity vs. complexity: blind spots are the cost of simple option strategies01:09:00 — Quantify as "version 3.0" of options income — crawl, walk, run adoption framework01:11:00 — BTGD, ISBG, ISSB: the Bitcoin + gold stacking thesis and currency debasement01:15:00 — Gold, Bitcoin, and scarcity assets: what comes after the bazooka01:22:00 — Closing: why the derivative income category exists, and where it needs to go
Links & Resources
Quantify Funds: quantifyfunds.comDaily trade rationale: Quantify Funds on X (Twitter)Return Stacked ETFs: returnstackedetfs.comConvexitas: convexitas.com
#OptionsIncome #CoveredCallETF #ReturnStacking #ETFinvesting #QuantifyFunds #Convexitas #VolatilityHarvesting #BitcoinETF #GoldETF #IncomeInvesting #DividendETF #OptionsStrategy #WealthManagement #AlternativeInvesting #FinancialAdvisor #RaiseYourAverage #ETFEducation #ImpliedVolatility #OptionsAlpha #CurrencyDebasement #PortfolioConstruction #CapitalEfficiency #RetailInvestor #PassiveIncome #SmartBeta
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Zijn er afleveringen die ontbreken?
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Most portfolios already own the AI trade — but almost none own the energy underneath it, and that's exactly where the next big opportunity lives.
In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Justin Huhn, Founder, Lead Analyst and Editor of Uranium Insider, to unpack why uranium is the missing layer beneath the AI trade — and why the structural supply-demand imbalance in the nuclear fuel cycle may be one of the most consequential and overlooked investment opportunities of the decade.
Justin traces uranium's journey from a forgotten commodity trading near $18/lb in 2017 to today's spot price of $85 — and explains why the bull case is more durable now than ever. The convergence of AI data center power demand, Western electricity grid strain, reactor life extensions, hyperscaler nuclear power agreements, and a deeply undersupplied fuel cycle has created a structural setup that, in Justin's view, doesn't require the AI tailwind to deliver significantly higher uranium prices. That tailwind is, as he puts it, "a bonus."
The conversation covers the full uranium fuel cycle — from mine to reactor — including why supply simply cannot respond as quickly as demand, why utilities are systematically late to contract, how hyperscalers like Microsoft, Google and Amazon entering the nuclear fuel market is a landmark signal, and how advisors can think about positioning uranium as an infrastructure-adjacent hedge on the AI power squeeze.
⏱ Chapters00:00 — Introduction: AI, energy crisis, and the nuclear renaissance04:04 — Why nuclear is the only power source AI infrastructure actually needs09:07 — Justin Huhn: from $18/lb uranium to the global nuclear renaissance13:50 — Safety, carbon, and why the anti-nuclear narrative finally broke16:16 — Western electricity demand awakens: AI and electrification converge21:32 — U.S. grid stress: data centers testing the limits of existing infrastructure23:40 — Every U.S. reactor getting life extended; hyperscalers entering the fuel cycle26:39 — What Microsoft, Google and Amazon signing nuclear deals actually signals28:49 — Supply vs. demand: why uranium can't be turned on like an oil well34:44 — Why uranium price is almost irrelevant to reactor restart decisions39:17 — How utilities contract uranium: long-term deals, herd behaviour and missed timing44:57 — Why utilities have been "utterly wrong" about price trajectory — and why that matters50:35 — How Uranium Insider models supply and demand out to 204052:40 — The dynamic trading model: doubling money while outperforming ETFs by 50–60%53:10 — Reading the physical market, sentiment signals, and RSI for trade timing57:54 — Uranium as an advisor portfolio play: the AI-adjacent energy infrastructure trade59:07 — SMR demand, OPG Darlington, and what the next leg of the cycle looks like
#Uranium #NuclearEnergy #AIInfrastructure #EnergyInvesting #UraniumInsider #NuclearRenaissance #DataCenterPower #SmallModularReactors #UraniumBullMarket #RaiseYourAverage #CriticalMinerals #EnergyTransition #NuclearStocks #UraniumMining #PowerGrid #AIDataCenters #AlternativeEnergy #PortfolioConstruction #InvestmentStrategy #FinancePodcast
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Larry Swedroe has spent 30 years proving the market will almost always beat you — and in this episode, he explains why that's about to become even more true.
In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with legendary evidence-based investing author and outsourced CIO Larry Swedroe for a wide-ranging masterclass on where markets are heading and what investors must do to survive them. Swedroe breaks down how AI is accelerating market efficiency rather than unlocking alpha, why the 60/40 portfolio carries far more equity risk than most investors realize, and why true hyper-diversification — across private credit, reinsurance, return stacking, and long-short factor strategies — is the only credible response to a world where correlation assumptions break at exactly the wrong moment. He confronts the behavioral mistakes social media is making worse, challenges advisors to stress-test risk tolerance with real dollar numbers, and argues the future of wealth management belongs to those who master alternatives.
⏱ Chapters00:00 — Cold Open: AI and the Adaptive Markets Hypothesis02:00 — Welcome to Larry Swedroe03:00 — Post-Retirement Life: Consulting, Writing, and Giving Back09:00 — AI and Market Efficiency: Does Technology Create or Destroy Alpha?11:00 — Factor Model History: CAPM, Fama-French, and Shrinking Active Alpha14:00 — Warren Buffett's Disappearing Alpha21:00 — The Danger of AI Data Mining and False Correlations23:00 — What Makes a Factor Worth Owning: Persistent, Pervasive, Robust28:00 — Leverage Aversion: When a Little Is Good and a Lot Is Dangerous30:00 — Private Credit and the Case for Senior Secured Loans31:00 — Return Stacking and Portable Alpha34:00 — Hyper-Diversification: Why Your 60/40 Is Really 90/10 in Risk Terms39:00 — The 40-Year Period Growth Stocks Underperformed Long Treasuries40:00 — Reinsurance and AQR Style Premium: Self-Healing Assets and Impatience45:00 — The Real Definition of Diversification: Something Is Always Hurting47:00 — Good Advisors Are People Managers, Not Money Managers54:00 — Stress-Testing Risk Tolerance with Real Dollar Numbers56:00 — Monte Carlo and the True Cost of Avoiding Alternatives59:00 — Trend Following: Clustered Returns and Why You Buy Insurance at a Cost01:05:00 — Behavioral Mistakes in the Age of Social Media01:07:00 — Information vs. Value-Relevant Information: Why Reddit Won't Make You Rich01:11:00 — The Future of Advisory Practice: Wealth Management and the Next Decade
#EvidenceBasedInvesting #FactorInvesting #MarketEfficiency #AIInvesting #ReturnStacking #BehavioralFinance #WealthManagement #AlternativeInvestments #PortfolioConstruction #FinancialAdvisor #RaiseYourAverage #LarrySwedroe #RetirementPlanning #ManagedFutures #TrendFollowing #PrivateCredit #Reinsurance #HyperDiversification #InvestmentStrategy #FinancePodcast #IndexInvesting #FactorPremium #ActiveVsPassive #AdvisorAnalyst #MikePhilbrick #PierreDaillie #LongShortStrategy #MonteCarloSimulation #SequenceOfReturnsRisk #PortfolioRisk
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Most investors think they understand what they own — Devin Anderson and Zed Francis of Convexitas are here to prove they don't, and to show what the next generation of derivative investing actually looks like.
Pierre Daillie and Mike Philbrick welcome Devin Anderson and Zed Francis, Co-Founders of Convexitas, for a masterclass in derivative investing that challenges everything advisors and investors think they know about covered calls, buffered ETFs, and options-based income strategies. Drawing on deep institutional backgrounds — Devin from two decades at Deutsche Bank's equity derivatives structuring desk, and Zed from UBS credit trading, distressed hedge funds, and Legal & General — the two founders lay bare the hidden complexity lurking inside "simple" yield products that dominate today's wealth management landscape.
The conversation pulls no punches: the hockey-stick diagrams used to explain covered call ETFs at point-of-sale actively mask real-time risk exposures that can shift dramatically intraday. A product sold as "half the risk of equities" can quietly become nearly full equity exposure within hours of a 1% market move — and most advisors and clients have no idea. Devin and Zed argue this isn't a reason to abandon these products, but a powerful case for active, continuous derivative management that delivers what the product actually promised.
The founders introduce Convexitas's philosophy: that the options market is structurally mispriced, and that most yield-seeking investors are sitting on the wrong side of that mispricing. They walk through the SMA-based approach — designed to generate accessible liquidity precisely when markets crash, enabling advisors to rebalance into distressed assets rather than being frozen by tax friction, behavioral paralysis, or trapped capital in fund wrappers. From the mechanics of short volatility to the case for unfunded overlays, return stacking, and Warren Buffett's alpha decoded through Fama-French factors, this episode is essential listening for any advisor navigating the derivative income revolution.
Chapters00:00 — Introduction: The income wave reshaping wealth management
04:52 — Meet Devin Anderson & Zed Francis: Career arcs and the founding of Convexitas
12:16 — What investors actually own: The hidden complexity inside covered call ETFs
16:18 — Real-time risk exposure: How moneyness shifts dramatically intraday
19:17 — The silent danger: Stacking short volatility across multiple products
28:00 — Structural mispricing in the options market: Why sellers face a systemic disadvantage
38:00 — Investment products vs. trading instruments: A critical distinction for advisors
43:08 — The income stack: Gaining Gold and Bitcoin exposure with capital efficiency
50:43 — First-gen vs. next-gen: From buffered ETFs to actively managed derivative overlays
57:08 — Tax efficiency, rebalancing, and the SMA advantage
01:18:06 — Why accessible capital is the biggest benefit of risk mitigation — not mark-to-market
01:23:53 — Buying when there's blood in the streets: Liquidity, structure, and Warren Buffett's alpha
01:26:37 — Final outlook: Inflation, financialization, and the binary tail risks ahead
#CoveredCallETF #BufferedETF #DerivativeInvesting #OptionsTrading #WealthManagement #VolatilityHarvesting #ReturnStacking #TailRiskHedge #FinancialAdvisors #IncomeInvesting #PortfolioConstruction #AlternativeInvestments #RiskManagement #TaxEfficientInvesting #SMAInvesting #RaiseYourAverage #Convexitas #InvestmentStrategy #OptionsEducation #AdvisorAlphaCopyright © AdvisorAnalyst
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The ETF industry has never been more powerful — or more crowded. Dave Nadig, President & Director of Research at ETF.com, joins Pierre Daillie and Mike Philbrick for a no-holds-barred conversation on the structural risks building beneath the surface of the world's most successful financial innovation. From a potential flood of mutual fund conversions to single-stock leverage ETFs, prediction market shenanigans, private credit illiquidity traps, tokenization timelines, AI's impact on the investment industry, and the quiet erosion of the ETF's greatest strength — simplicity — this is the ETF conversation the industry isn't having.
⏱ Chapters
00:00 — Introduction: Dave Nadig, President & Director of Research, ETF.com00:46 — The Mutual Fund-to-ETF Conversion Flood: 5,000 Funds in the Pipeline03:12 — The Plumbing Stress Test: Market Makers, Lead Market Makers & Capacity Limits05:40 — Too Many Tickers: When Choice Becomes Paralysis07:51 — The Case FOR Mutual Funds: Where the Structure Still Wins10:34 — Private Credit ETFs: Retail Bag-Holding at the End of the Cycle?13:06 — Private Equity ETFs, SpaceX Shenanigans & Liquidity Illusions18:02 — ETF Proliferation: More Tickers Than Stocks19:50 — The K-Shaped ETF Innovation Curve: Institutional Genius vs. Levered Junk22:26 — Prediction Markets, Kalshi & Single-Counterparty Risk25:04 — AI in Investment Management: Hype vs. Genuine Edge27:18 — Tokenization: When Does It Actually Matter for Retail?29:38 — Atomic Settlement, Blockchain, and the DTCC's Big Project33:27 — Crypto, Prediction Markets & Where the Money Is Really Going36:11 — 24/7 Equity Markets: Opportunity or Chaos?45:25 — The Kitchen Drawer Metaphor: Good Tools vs. Junk Drawer ETFs48:00 — Covered Call ETFs & the Yield Illusion: Total Return Is the Litmus Test50:40 — How to Spot Extractive Products vs. Genuine Innovation54:52 — Why Dave Came Back to ETF.com — and Why He Won't Stay in a Box01:00:02 — ETF.com 3.0: Content, Pop-Up Events & the ETF Beach House01:03:02 — The ETF Industry's Obligation: Keeping It From Going Extractive01:07:13 — Where to Find Dave Nadig: ETF Zoo Podcast, Excess Returns & More
#ETF #ETFinvesting #DaveNadig #ETFcom #RaiseYourAverage #PassiveInvesting #MutualFunds #PrivateCredit #Tokenization #MarketStructure #LeveredETF #CoveredCallETF #PredictionMarkets #InvestingEducation #WealthManagement #FinancialAdvisors #ETFbubble #PortfolioConstruction #AIinvesting #IndexFunds
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When cash is outranking U.S. equities and gold sells off when it's supposed to rally, the advisors holding up aren't reacting faster — they're working from a better framework.
In this episode of Raise Your Average, host Pierre Daillie sits down with Paul Kornfeld, Portfolio Manager and Director of Technology Services at SIA Wealth Management, for a wide-ranging conversation on what the firm's rules-based relative strength system is signalling right now — and why those signals have been readable for over a year. Paul walks through SIA's point-and-figure methodology, explaining how millions of pairwise asset comparisons cut through geopolitical noise and behavioural bias to reveal where money is actually flowing.
From the Canada-vs.-U.S. rotation that started in April 2024, to the semiconductor-vs.-software divergence that flagged the SaaS repricing before most advisors saw it coming, to a candid story about a Calgary advisor group with zero energy exposure in an oil boom — this episode is a masterclass in process-driven investing. Paul and Pierre also look ahead to the durable themes likely to define the next 12–18 months: real assets over financial assets, international over U.S. broad indices, AI infrastructure over AI software, and the looming wildcard of North American trade renegotiation in Q3.
⏱ Chapters00:00 — Introduction: Markets whipsawing, cash beating U.S. equities
01:00 — Welcome Paul Kornfeld: Real rotation or relief rally?
01:40 — What advisors are asking right now
04:36 — SIA's methodology: Relative strength, point-and-figure, opportunity cost
07:12 — The goal is alignment, not prediction
12:32 — Risk management: The equity action call and the traffic-light model
14:01 — Asset class rankings: Cash above U.S. equity, commodities pulling back
15:39 — The rotation that started April 2024: International overtakes U.S.
17:51 — One takeaway: Reevaluate your U.S. equity weight vs. international
21:48 — Gold's anatomy: The longest gold rally Paul has seen
29:14 — Tactical sleeves: How advisors can outsource the hard calls
31:51 — Canada vs. U.S. sector breakdown: Energy, financials, IT divergence
33:44 — Software vs. semiconductors: The SaaS reckoning since ChatGPT
40:02 — Data infrastructure: The durable AI theme the market keeps pricing in
40:38 — Point-and-figure in action: Salesforce sell signal, CSCO buy signal
44:47 — S&P 100 positioning: Semis dominate the top five right now
50:06 — Keep politics out of your investing
50:56 — TSX60: Energy, mining, chemicals — and the Kinross success story
54:13 — The Calgary story: Zero energy exposure in an oil boom
56:57 — Buying insurance vs. making a call: Aligning without predicting
59:49 — U.S. equities at 65% of global market cap: Is the world overweight?
01:03:39 — Durable signals for the next 12–18 months
01:05:59 — Real assets, domestic production, AI infrastructure as core theme
01:07:16 — Q3 trade negotiations: The biggest wildcard for positioning
01:08:47 — Biggest surprise in 12 months: AI disruption, faster than anyone expects
01:14:28 — Where to find SIA Wealth and SICharts
#RelativeStrength #SIAWealth #SectorRotation #PortfolioManagement #InvestingStrategy #CanadianInvesting #WealthManagement #TacticalAllocation #MomentumInvesting #AIInvesting #GoldBullMarket #EnergyStocks #Semiconductors #SaaSStocks #FinancialAdvisor #InvestmentAdvisor #RaiseYourAverage #MarketRotation #PointAndFigure #BehavioralFinance #EtfInvesting #TSX #SP500 #MacroInvesting #ActiveManagement
Find SIA Wealth Management:siawealth.com | siacharts.com
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The party always ends — and Meb Faber, one of the most data-driven voices in global investing, says the evidence is now undeniable that the decade-long US equity dominance is giving way to something very different.
SUMMARY
On this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Meb Faber — co-founder and CIO of Cambria Investment Management, prolific researcher, and host of The Meb Faber Show — for a wide-ranging conversation about what investors and financial advisors must rethink as the rules of the game quietly change beneath their feet.
With US equity concentration at historic extremes, inflation proving stickier than expected, and geopolitical disorder accelerating structural shifts already underway, Meb makes the case that the era of a US-heavy 60/40 portfolio solving everything is in the rearview mirror. He challenges the deeply ingrained recency bias that has left most North American investors dangerously underweight in international equities and real assets — and explains what the data actually says about where opportunity is emerging.
The conversation moves from big-picture regime change into highly practical territory: how to build a portfolio that survives behaviorally, not just mathematically; how to think about concentrated, low-basis positions and the tax traps hiding inside the gains of the last 15 years; and why "tax alpha" may be the most overlooked and underutilized edge in wealth management today. Meb also shares how he's deploying AI in his own practice — including a custom-trained GPT built on his entire body of work — and what advisors should be borrowing from that playbook right now.
⏱️ CHAPTERS
00:00 — Welcome & banter: tacos, spicy food, and market chaos08:00 — Meb joins; framing the moment: Venezuela to tariffs to Iran13:00 — A regime change? Dissecting the end of the 40-year bull run15:00 — The bull market in diversification: foreign markets doing 30%+ while the S&P stalls17:00 — What advisors are underweight: ex-US equities and real assets20:00 — How to explain a generational shift to clients without jargon24:00 — Global diversification: the evidence from 15 famous portfolios27:00 — The 20% annual spread problem and why tracking error breaks investors30:00 — Portfolio vulnerabilities in the cap-weighted US-dominant model31:00 — Opportunities: global value, small cap, fixed income niches, real assets35:00 — The "fat" portfolio: three ingredients every investor needs40:00 — Utilities, dividends, and the tortoise-vs-hare reversal44:00 — Behavioral investing: why systematic strategies exist48:00 — The concentrated position trap: identity, emotion, and the sell decision51:00 — Systematic rebalancing: lessons from Cambria's early days53:00 — "The easy money's been made" — market phrases Meb despises55:00 — Deep value and what it takes to be a missionary, not a mercenary58:00 — The best active managers and why they always close the door at the top1:00:00 — When the penthouse becomes the outhouse1:04:00 — The Groucho Marx rule: would you buy what you already own?1:10:00 — Drawdown, pain tolerance, and the real test of a portfolio1:17:00 — Concentrated low-basis positions: the tax trap hiding in plain sight1:19:00 — 100 years of stock data: what the best-performing stocks actually returned1:22:00 — Tax strategies: 351 exchanges, direct indexing, QSBS, and box spreads1:27:00 — AI in practice: Meb's custom ChatGPT and how advisors should use AI now1:30:00 — Behavioral AI: what happens when the bot knows you better than you do1:32:00 — Closing thoughts: raising your average in a noisier, more complex world</p>
#MebFaber #CambriaInvestments #GlobalDiversification #PortfolioConstruction #ValueInvesting #TrendFollowing #6040Portfolio #TaxAlpha #ConcentratedPositions #DirectIndexing #RealAssets #InternationalStocks #RegimeChange #FinancialAdvisor #WealthManagement #InvestingStrategy #RaiseYourAverage #AIInvesting #BehavioralFinance #LongTermInvesting #ETFinvesting #SmartBeta #FactorInvesting #MarketOutlook2026 #AdvisorAnalyst
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The bond market — not equities — is the most fragile and most misunderstood foundation of your entire portfolio, and most investors have no idea what's coming.
Episode SummaryPierre Daillie and Mike Philbrick sit down with Alfonso Peccatiello — former ING bond portfolio manager of $20 billion and founder of macro hedge fund Palinuro Capital — for a masterclass in navigating a world where the old rules no longer apply.
With decades of disinflation now behind us, Alfonso makes the case that the classic 60/40 portfolio is structurally ill-equipped for today's macro regime. Drawing from his own eight-quadrant savings portfolio model, he walks through how investors should think about building resilient, all-weather portfolios using risk parity principles, leverage as a diversification tool, and a mix of equities, bonds, gold, CTAs, and the U.S. dollar.
The conversation shifts to the current geopolitical shock — a potential disruption in global oil supply through the Strait of Hormuz — and why taking directional risk in a nonlinear, unpredictable event is closer to gambling than investing. Alfonso closes with a bold macro outlook: the most underappreciated story of the next year may not be the U.S. at all, but the rest of the world.
3 Key Takeaways1. The 60/40 Is Structurally Broken.
The 40-year disinflationary tailwind that made bonds a reliable hedge for equities is over. In today's high-debt, inflation-prone environment, stocks and bonds can fall together — as 2022 proved — making traditional portfolio construction dangerously inadequate.
2. Leverage Is a Defense, Not a Weapon.
Alfonso's eight-quadrant framework uses leverage not to chase returns, but to free up capital for genuine diversifiers: gold, CTAs, macro hedge funds, and long USD exposure — each sized to contribute equal units of risk across inflation, deleveraging, and growth scenarios.
3. When You Can't Predict the Variable, Don't Take the Risk.
In a geopolitical supply shock like a Strait of Hormuz closure, no amount of macro skill gives you an edge. The honest answer is to reduce risk, not gamble on a nonlinear binary outcome — a lesson most active managers ignore.
⏱️ Timestamped Chapters
00:00 Intro: Why the macro regime has shifted
00:56 Decades of debt, fiscal dominance & bond market fragility
15:15 Welcome Alfonso Peccatiello / Palinuro Capital
17:00 The eight-quadrant portfolio model explained
22:21 Are Treasuries actually fragile?
33:50 Using leverage defensively to unlock diversification
36:40 Building blocks: equities, bonds, and positive drift
38:29 Protecting against inflation: gold, commodities & CTAs
40:28 Protecting against deleveraging: the U.S. dollar's hidden role
43:28 Correlation math: why uncorrelated assets reduce total risk
45:24 How to size gold, bonds, and carry in a real portfolio
50:53 Tracking error: the behavioral trap that kills diversification
56:12 The savings portfolio: risk parity in practice
58:00 The 4% rule, path dependency & why drawdown size matters
1:00:06 Current positioning: geopolitical oil shock & the Strait of Hormuz
1:08:16 The most crowded trade in the world right now
1:10:20 What will surprise markets most in the next 12 months?
1:12:24 Closing thoughts & farewell
#MacroInvesting #PortfolioConstruction #BondMarket #RiskParity #AlphonsoPeccatiello #GlobalMacro #Inflation #60_40Portfolio #GoldInvesting #CTAStrategy #FiscalDominance #GeopoliticalRisk #InvestingStrategy #WealthManagement #RaiseYourAverage #FinancialAdvisor #AssetAllocation #RetirementPlanning #MacroHedgeFund #InvestingIn2025
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While everyone is arguing about AI disrupting software stocks, WisdomTree's Jeremy Schwartz and Jeff Weniger quietly explain why the most important market story of 2026 has nothing to do with the SaaS selloff — and everything to do with where capital is actually moving.
WisdomTree Global CIO Jeremy Schwartz and Head of Equity Strategy Jeff Weniger join Pierre Daillie and Mike Philbrick on Raise Your Average to cut through the noise of the AI disruption panic and make the case for a broader, more structural story unfolding in global markets. From the defense tech supercycle reshaping international equity allocations, to the gold gap most North American portfolios haven't fixed, to a contrarian call on the US dollar at a moment of record-extreme bearish positioning — this conversation covers the ideas that matter most for advisors and investors navigating 2026. Japan, small caps, monetary policy lag, and the behavioral biases keeping investors anchored to a 15-year-old playbook all come into the discussion. If you manage money for clients — or your own — this episode is essential listening.
CHAPTERS
00:00 — Introduction & what's happening in markets right now
08:16 — Guests join: Jeremy Schwartz & Jeff Weniger on the SaaSpocalypse
10:27 — Is the AI disruption panic overblown? The BlackBerry parallel
16:09 — Rotation: structural shift or head fake?
19:35 — AI, jobs, and the history of innovation
28:09 — Who actually benefits from the AI buildout?
31:50 — The 15-year mega-cap tech bull market is ending — here's what's next
32:39 — Jeremy Schwartz introduces the defense tech supercycle
35:36 — The dollar: why Weniger is a contrarian bull right now
40:30 — Gold: the 10–12% neutral allocation most portfolios are missing
44:29 — Why the gold-dollar relationship has changed
46:34 — Bitcoin liquidation and the case for gold & silver in 2026
48:06 — The gold gap: US investors vs. European investors
51:14 — International flows: the 80/20 problem and how to fix it
55:53 — Japan: the most underowned trade of the decade
57:07 — Currency hedging, volatility, and the case for DXJ
01:01:45 — Is US mega-cap dominance cracking or just pausing?
01:04:16 — The biggest mistake advisors make translating macro into allocation
01:05:26 — The Fed lag effect: why 2026 may surprise to the upside
01:14:02 — Japan deep dive: debt-to-GDP, Buffett's trade, and OPPJ
01:20:41 — Jeremy's top idea: the Japan Opportunities Fund (OPPJ)
01:26:28 — Jeff's top idea: the contrarian dollar trade and small caps
01:30:37 — Market internals: why most portfolios are actually in the black
01:35:14 — What surprises advisors most in the next 12 months?
01:39:22 — Uncertainty vs. actual losses — the disconnect in 2026
01:40:27 — Closing thoughts & thank you
5 Key Takeaways
1. Market is healthier than the headlines suggest.Ten of eleven S&P sectors were positive over the prior three months. Mid and small caps were outperforming large by 500–700 basis points. Most diversified portfolios were in the black — the pain is concentrated in software and AI-disruption names, not the market as a whole.
2. The defense tech supercycle is the structural story most advisors are missing.Rising defense budgets across NATO, Japan, Korea, and India are the seed capital for the next generation of global technology — just as DARPA spending gave us the internet and the cell phone. Europe and Japan are becoming technology investment destinations in their own right.
3. Gold belongs at 10–12% in a neutral portfolio — and almost no one is there.US investors allocate less than 2% of ETF assets to commodities versus four to five times that in Europe. Falling yields, Bitcoin liquidation flows, and persistent central bank buying from Asia make 2026 one of the strongest setups for gold in years.
4. Dollar bearishness has reached historically extreme levels — a classic contrarian signal.BofA's Fund Manager Survey showed record negative dollar positioning. Every major economy is now running large deficits, weakening the relative case for selling dollars. Weniger's best idea for the next 12 months: the greenback surprises to the upside.
5. Japan remains the most underowned and underappreciated equity market in the world.Currency-hedged Japanese equities have compounded at 14–15% annually since 2012, driven by real earnings and dividend growth — not multiple expansion. Japanese equities trade at 15–16x earnings with competitive earnings growth. The biggest mistake: betting on the yen rather than hedging it.
#WisdomTree #RaiseYourAverage #GlobalMacro #InternationalStocks #JapanEquities #GoldInvesting #DefenseTech #MarketRotation #PortfolioStrategy #AssetAllocation #AIInvesting #SmallCaps #CurrencyHedging #InvestingIn2026 #FinancialAdvisors
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If energy is destiny and stockpiles signal intent, then this episode may completely change how you see oil, gold, China, Canada—and your portfoliIn this high-conviction macro deep dive, hosts Pierre Daillie and Mike Philbrick sit down with returning guest Doomberg to dismantle the comfortable narratives investors use to understand energy, geopolitics, and portfolio construction.Doomberg reframes the global order through a resource-first lens: energy is destiny, stockpiles signal intent, and technology is rewriting the rules of commodities. From Venezuela and Guyana to China’s war rations, from shale’s molecular revolution to Saskatchewan’s overlooked strategic wealth, this episode challenges the assumptions underpinning the traditional 60/40 portfolio.If the last 50 years were defined by efficiency, globalization, and financialization, the next regime may be defined by resilience, reshoring, and resource leverage.This is not just a discussion about oil. It’s about power.
🔑 3 Key Takeaways1. Energy Is No Longer “Just Oil”Shale has fundamentally changed hydrocarbon markets. Crude oil, natural gas, and natural gas liquids are co-produced — meaning price signals can no longer be analyzed in isolation.• What CNBC calls “oil” is no longer just crude. Natural gas arbitrage, LNG flows, and AI-driven electricity demand are quietly reshaping global pricing dynamics.
2. The World Is Quietly Re-IndustrializingDoomberg argues we are witnessing a regime shift:
• Deflationary outsourcing → inflationary reshoring• Strong dollar orthodoxy → weaker dollar tolerance• Efficiency → resilience
Trump’s trade posture, sovereign capital repositioning, gold’s breakout, and private infrastructure flows all point toward one theme: industrial renaissance is attempting to replace financial engineering.Implication: The classic 60/40 portfolio may be structurally underexposed to energy, infrastructure, and real assets.
3. China Is Acting Like a Wartime EconomyChina is stockpiling oil, metals, grains, and gold at unprecedented levels. That behavior can be interpreted two ways:
• Defensive hardening• Pre-offensive preparation
Either way, the signal is clear: global trade assumptions are shifting toward fragmentation and strategic leverage.Implication: Resource-rich jurisdictions (e.g., Saskatchewan) become strategically relevant in a “might-is-right” world.
🕒 Timestamped Chapters00:00 – Introduction: Energy Is Destiny01:56 – Venezuela, Guyana & Resource-First Thinking05:08 – Why Markets Misprice Geopolitical Risk08:07 – Europe’s Deindustrialization Problem12:06 – Weak Dollar, Gold & the Industrial Pivot14:30 – Political Constraints & Capital Cycles20:24 – How to Separate Signal from Propaganda26:10 – The Molecular Shift in Oil Markets33:18 – Natural Gas vs Crude: The Arbitrage Story37:52 – Propane, Engine Switching & Energy Substitution40:17 – Energy Exposure & the 60/40 Portfolio46:01 – Why Producers Are Price Takers48:25 – China’s “War Rations” Strategy53:29 – Entering a “Might Is Right” Regime56:03 – Inverting the 50-Year Investment Playbook01:05:00 – Saskatchewan: Strategic Resource Wealth01:13:21 – Canada, Culture & Capital Formation
Where to find Doomberg -
AI isn’t just about Nvidia anymore — it’s quietly rewiring the entire industrial economy, and most investors don’t even realize where the real money will be made.
In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Ivana Delevska, Founder and CIO of Spear Advisors, to unpack how AI is splitting the market — creating massive dispersion between winners and losers — and why passive index exposure may no longer be enough.
While most investors believe they’re diversified through Nasdaq or S&P 500 index funds, Delevska explains that passive exposure is heavily concentrated in mega-cap hyperscalers. The real opportunity, she argues, lies deeper in the AI value chain — in networking, optical components, semiconductor capital equipment, electrification, cybersecurity infrastructure, and even space.
This conversation goes beyond the hype cycle. Delevska outlines why AI CapEx — projected to reach $600B this year — is fundamentally different from past tech cycles. The sheer dollar magnitude is forcing multi-year infrastructure buildouts, creating 10-year visibility rather than the traditional 3–5 year tech cycle. Yet while hardware beneficiaries remain durable, SaaS and application-layer companies face real disruption risk as AI-native competitors rapidly reshape the software landscape.
For investors, this isn’t about abandoning mega-cap tech — it’s about understanding dispersion. In an AI-driven world, alpha will increasingly come from identifying where capital is flowing, how physical constraints shape adoption, and which companies sit at the most critical points in the industrial tech stack.
🔑 3 Key Takeaways1️⃣ Passive Exposure Isn’t True AI DiversificationOwning the Nasdaq or S&P 500 mostly means owning hyperscalers. The broader AI opportunity extends into semiconductor equipment, optical networking, power infrastructure, cybersecurity, and industrial tech — areas largely underrepresented in passive indices.
2️⃣ AI CapEx Is Structurally Different This TimeWith hyperscalers spending ~$600B annually, the infrastructure buildout has 10-year visibility due to land, power, and supply constraints. This isn’t a short tech cycle — it’s a physical industrial transformation.
3️⃣ Massive Dispersion = Massive Alpha PotentialAI will create both winners and losers. Hardware suppliers and infrastructure players may benefit from durable demand, while legacy SaaS and application companies risk disruption. Stock selection and disciplined process matter more than ever.
⏱️ Timestamped Chapters00:00 – Introduction & Why This Conversation Matters
02:00 – $600B in AI CapEx: Where Is the Money Going?
04:00 – Why Industrial Tech Was Underinvested for 15 Years
07:00 – The Myth of Diversification in Passive AI Exposure
12:00 – Networking, Optical, Semi Cap Equipment: Hidden Winners
16:00 – SaaS Under Pressure: AI Disruption in Software
19:00 – Spear’s Mental Model for Navigating the AI Stack
22:00 – Space, Electrification & Defense as AI Enablers
31:00 – The Physical World Bottleneck: S-Curves vs J-Curves
33:00 – Dispersion, Alpha & Why Active Management Matters
48:00 – Behavioral Mistakes Investors Make in Tech Cycles
51:00 – What Could Break the AI Thesis?
54:00 – Closing Thoughts & SPEAR ETF (SPRX)
#AIInvesting#ArtificialIntelligence#StockMarket#TechStocks#Semiconductors#IndustrialTech#Cybersecurity#DataCenters#ActiveManagement#ETFInvesting#GrowthStocks#SPRX#LongTermInvesting#InvestmentStrategy#RaiseYourAverage
Copyright © AdvisorAnalyst.com
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What if everything you thought you knew about the Fed, fiscal policy, and recession playbooks is already obsolete? In this episode, Darius Dale reveals why the U.S. economy has entered “Paradigm C” — a regime of fiscal dominance, deregulation, and coordinated support — and what it means for portfolios, the Fed, and your financial future.📖 Episode SummaryIn this powerhouse conversation, hosts Pierre Daillie, Mike Philbrick, and Adam Butler welcome back Darius Dale, Founder of 42 Macro LLC, to dissect the seismic shifts reshaping markets in 2025.Dale explains why April’s bond market shock was the most important event since Lehman, forcing the U.S. into Paradigm C: a policy mix of fiscal dominance, deregulation, and an implicit partnership between the Treasury and the Fed. He argues that recession is no longer bullish for Treasuries, that the Fed’s outdated 2% inflation target is crushing those at the bottom of the “K-shaped” economy, and that retail investors have a once-in-a-generation edge over institutions if they stop chasing factor bets.From the decline of U.S. exceptionalism risk to the emergence of financial repression, Dale outlines why the simple KISS portfolio — may be the smartest way to retire on time and comfortably.This is a must-listen for advisors, investors, and anyone trying to navigate the most uncertain macro environment in decades.🔑 4 Key Takeaways1. Paradigm C Defined – The U.S. has shifted to a regime of fiscal dominance and deregulation, aiming to “outgrow” its debt problem rather than cut or print immediately.2. The End of Old Playbooks – Recession is now bearish for Treasuries, Fed independence is eroding, and the 2% inflation target is increasingly destructive.3. The Retail Investor Advantage – Unlike institutions, individuals can flexibly shift exposure, avoid factor risks, and stick to a simplified but powerful asset mix.4. The KISS Portfolio – Darius champions a three-part framework as the most effective way to capture upside while hedging against fiscal repression and monetary debasement.📺 Timestamped Chapters00:00 – Introduction & Darius Dale’s mission at 42 Macro05:00 – Paradigm A → B → C: How policy shifted after April’s bond shock13:00 – Fiscal dominance explained: deficits, tariffs, and untouchable spending20:00 – Why the Fed has lost independence and why inflation targeting is broken30:00 – K-shaped economy: winners at the top, losers at the bottom40:00 – The dollar’s future, sector plays, and EM opportunities46:00 – The KISS portfolio: why retail investors should stop chasing factors55:00 – Reactions, testimonials, and the simplicity that worksMore...42 Macro LLCDarius Dale on Linkedin
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What if the riskiest move in your portfolio isn’t owning crypto—but ignoring it?In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with legendary advisor, founder of the largest US RIA firm, author, and futurist Ric Edelman, Founder of DACFP (Digital Assets Council of Financial Professionals). Edelman, long known as a trusted voice in personal finance, now makes his most provocative case yet: advisors and investors may need to rethink the role of crypto—moving beyond token allocations toward a meaningful presence in portfolios.Ric explains why today’s environment—marked by regulatory clarity, institutional adoption, and longer human lifespans—has shifted the crypto conversation from speculation to necessity. He argues that traditional 60/40 models are broken in a world of longevity risk, rising rates, and monetary debasement, and calls for a bold reallocation: 80/20 with up to half of the equity/growth sleeve in crypto-related equities and including somewhere between 10% and 40% allocated of that directly to bitcoin and other digital assets e.g. Ethereum, Solana, etc.The conversation spans regulatory breakthroughs, the psychology of allocation, fiduciary responsibility, and the mindset shifts advisors must embrace. As Edelman puts it, “Not owning crypto today is effectively shorting it.” This episode is a must-watch for financial professionals navigating the future of portfolio construction.
🔑 Key Takeaways1. From Fringe to Foundational – With regulatory clarity under the Trump administration and institutional adoption accelerating, crypto is no longer a speculative bet but an investable, regulated asset class.
2. Longevity Changes Everything – Advances in healthcare and aging science mean people will live far longer, forcing portfolios to outlast retirements that could stretch 40+ years; Edelman argues this demands higher equity and crypto allocations.
3. The New 80/20 – The classic 60/40 portfolio has reached its limits; Edelman calls for 80% equities—with bitcoin and crypto-related equities making up as much as half of that equity sleeve with between a low of 10% to high of 40% directly allocated to bitcoin—for true long-term resilience.
4. Advisor Imperative – Compliance officers are shifting from resistance to acceptance as rules clarify, but Edelman warns that advisors who stay at zero risk reputational damage as clients begin to demand crypto exposure.
⏱️ Timestamped Chapters00:00 – Ric Edelman on diversification myths and hidden biases02:00 – Why crypto deserves a 3%+ passive allocation04:00 – Ric’s bold new thesis: 10–40% crypto allocation07:00 – Regulatory clarity and the Trump administration’s policy shift12:00 – Why low single-digit crypto allocations underserve investors18:00 – Compliance barriers and regulatory breakthroughs22:00 – The best time in Bitcoin’s history to invest27:00 – Longevity risk: why retirement planning must change31:00 – The end of 60/40: why 80/20 with crypto is the future40:00 – Demographics, pensions, and the failing glide path model50:00 – Crypto allocation frameworks: Bitcoin, Ethereum, picks & shovels56:00 – Why crypto is safer now than ever before1:03:00 – Volatility as a feature, not a bug1:08:00 – Behavioral hurdles and myths keeping investors sidelined1:13:00 – Advisors’ fiduciary duty in the new landscape1:17:00 – Final thoughts: longevity, technology, and the advisor imperativeMore...
• DACFP (Digital Assets Council of Financial Professionals)
• Ric Edelman's Bitcoin Allocation Strategy
• Earn your CBDA (Certified in Blockchain and Digital AssetsSM) Designation#CryptoInvesting#BitcoinETF#DigitalAssets#FinancialAdvisors#WealthManagement#PortfolioStrategy#CryptoAdoption#RaiseYourAverage#FutureOfFinance#CryptoEducation
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In a world where inflation, currency debasement, and geopolitical shocks threaten portfolios, what if you could keep your core equity exposure and add the asymmetric upside of Bitcoin and the timeless stability of gold—without triggering investor panic or selling winners?In this episode, host Pierre Daillie sits down with Mike Philbrick, CEO at ReSolve Asset Management, co-founders, along with Newfound Research, of the Return Stacked ETFs Suite, to unpack a strategy that’s been in the institutional playbook for decades but is now accessible to everyday investors: return stacking. Against today’s backdrop of persistent inflation, volatile markets, and shifting perceptions of alternative assets, Philbrick explains why gold and Bitcoin are moving from “fringe” to “foundational” in modern portfolios—and how the RSSX ETF offers a disciplined, behaviorally resilient way to integrate them without sacrificing the stocks and bonds investors know and trust.From the behavioral traps that cause investors to abandon diversifiers at the worst moments, to the portfolio math that shows how modest allocations can improve returns and reduce risk, this conversation delivers both the “why” and the “how” of strategic diversification. Philbrick also addresses the shifting reputational risk for advisors—from owning Bitcoin to not owning it—and the growing regulatory clarity that’s opening the floodgates for institutional adoption.Whether you’re an advisor, allocator, or investor who wants to strengthen a core portfolio without selling winners, this episode offers a blueprint for adding crisis alpha before the next crisis hits.4 Key Takeaways:
• From Fringe to Foundational: Gold’s centuries-old role as a store of value and Bitcoin’s fixed-supply, asymmetric upside make them compelling diversifiers in today’s inflationary, volatile environment.
• Behavioral Risk Management: Return stacking helps avoid the tracking error and emotional selling that often plague diversifier allocations.
• RSSX Structure: The ETF delivers 100% S&P 500 exposure plus an 80/20 gold-Bitcoin overlay, equal risk-weighted to manage volatility and rebalanced for efficiency.
• Shifting Reputational Risk: Advisors now face greater professional risk in not understanding or allocating to Bitcoin and gold than in owning them—especially as regulatory clarity improves.
Timestamps:
00:00 – Why uncorrelated assets matter now
02:00 – Gold and Bitcoin as strategic, not just tactical, diversifiers
04:30 – Behavioral challenges of sticking with diversifiers
06:00 – Return stacking explained: adding without selling
08:00 – Volatility context: stocks, gold, Bitcoin
10:00 – Inside the RSSX ETF structure and allocation
12:00 – Implementation examples for advisors and investors
14:00 – Rebalancing mechanics and volatility adjustments
15:30 – Diversifying before the crisis, not after
17:00 – Small starts and building from a position of strength
19:00 – Institutional adoption trends and parallels
21:00 – Reducing tracking error and client friction
22:00 – The reputational risk shift for advisors
23:30 – Regulatory clarity and institutional green lights
24:30 – The mission: improve outcomes without sacrificing core equity engines
More...
🧠 Learn more at: https://returnstacked.com
📘 Read more at: https://investresolve.com
📊 ETFs: RSSX (Stocks + Gold & Bitcoin)
#PortfolioDiversification #ReturnStacking #GoldInvestment #BitcoinStrategy #InflationHedge #AsymmetricUpside #ETFInvesting #BehavioralFinance #WealthManagement #InvestmentStrategies #MikePhilbrick #ReSolveAssetManagement #RSSXETF
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Chances are, you're already using carry strategies in your portfolio—without even realizing it. Problem is, if you’re not doing it deliberately, it might be doing more harm than good.
🔍 Episode SummaryIn this special episode of Raise Your Average, Pierre is joined by Adam Butler, Chief Investment Officer at ReSolve Asset Management, co-creators along with Newfound Research of the Return Stacked ETF suite, to unpack the misunderstood world of carry strategies. They dig into what carry really is—beyond just currency trades—and why most investors unknowingly take on carry risk without any plan to manage it.Adam breaks down how carry strategies work across currencies, bonds, equities, and commodities, and why combining them in a diversified portfolio can offer powerful, uncorrelated returns. He also explains how return stacking solves a long-standing advisor dilemma: how to add diversification without cutting into your core stock or bond holdings. Now, thanks to ETFs like RSSY and RSBY, retail investors can finally tap into strategies that used to be locked behind hedge fund doors.If you're an advisor or investor looking to build smarter, more resilient portfolios—without giving up performance—this conversation is a must.
💡 Key Takeaways
What Carry Really Means: It’s the income you get from holding an asset—like dividends, bond interest, or yield differentials between currencies.You’re Already Exposed (Probably): Many portfolios contain carry trades by accident, especially when investing internationally.Diversification That Works: A global, long/short carry strategy across multiple asset classes offers true diversification without piling on risk.Now in ETF Form: Carry strategies were once only for institutions. Now anyone can access them through ETFs like RSSY and RSBY.No Need to Sell Your Core Assets: With return stacking, you don’t have to sell stocks or bonds—you just add carry on top.Built-In Behavior Benefit: Carry becomes part of your total return, so it’s less likely to get cut when it’s underperforming.Realistic Return Potential: Expect 3–5% excess return over time at 10% volatility—similar to equities but with a different risk profile.Why This Matters: The macro space is still relatively inefficient—meaning carry has room to outperform without competition.⏱️ Chapters00:00 – Intro: What Is Carry, Really?01:00 – The Currency Carry Trade 10104:00 – Beyond Currency: Carry Across Asset Classes07:00 – Why Carry Happens Everywhere in Your Portfolio10:00 – Absolute Return vs. Uncorrelated Return12:00 – Accidental Carry Exposure (And How to Fix It)14:00 – The Case for a More Deliberate Strategy17:30 – How Return Stacking Solves the Diversification Dilemma22:00 – Why RSSY and RSBY Are Built Differently26:00 – Behavioral Bonus: Less Line-Item Regret30:00 – What You Can Expect from Carry Over Time33:00 – The Limits of Stock Picking & the Power of Macro36:00 – Why Carry Could Be Retail’s Most Underused Advantage40:00 – Where to Learn More and Take Action
📌 More...🧠 Learn more at: https://returnstacked.com📘 Read more at: https://investresolve.com📊 ETFs: RSSY (Stocks + Carry) | RSBY (Bonds + Carry)👍 Like, comment, and subscribe if you want more tools to stack your returns without breaking your portfolio.
Copyright © AdvisorAnalyst
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🎯 What if you could protect your portfolio during market crashes, boost returns, and still keep your core investments intact? That’s not a fantasy—it’s the power of trend following / managed futures via return stacking, and it's finally accessible to everyday investors.
🎙️ In this episode of Raise Your Average, Pierre Daillie sits down with Rodrigo Gordillo, President of ReSolve Asset Management, co-creators of the Return Stacked ETFs suite, for a deep dive into one of investing’s best-kept secrets: managed futures. Long embraced by institutions for their ability to deliver uncorrelated, crisis-resistant returns, managed futures are finally breaking into mainstream portfolios—thanks to innovations in return stacking.
Rodrigo breaks it all down: why trend following works, how behavioral biases create opportunities, and how stacking strategies like RSST and RSBT let you keep your equities and bonds while adding diversifiers like managed futures on top. It’s a smarter way to use leverage, designed not to chase returns, but to smooth them out—even in the roughest markets. Whether you're trying to improve performance, reduce downside, or ease your clients’ diversification anxiety, this episode gives you the tools to rethink how portfolios are built in the modern era.
✅ Key Takeaways: Trend following works because human behavior is predictable—anchoring, herding, and slow adjustments to new info create patterns to exploit. Managed futures offer rare benefits: real diversification, low correlation to stocks and bonds, and strong upside when markets tumble. Return stacking lets you “stack” strategies like managed futures on top of your core holdings, without having to sell your stocks or bonds. ETFs like RSST and RSBT make return stacking simple and accessible—bringing institutional tools to retail investors. You can use them to amplify returns or solve behavioral roadblocks—like line-item regret or clients abandoning good strategies at the wrong time. Leverage becomes your friend when applied to uncorrelated assets. Used correctly, it reduces drawdowns and improves compounding.
⏱️ Chapters:
00:00 – Welcome & What This Episode Is About
01:00 – What Are Trend Following and Managed Futures?
03:00 – Why Trend Works: Human Psychology & Risk Dynamics
04:30 – Managed Futures = Real Diversification
06:00 – Crisis Alpha in Action: 2008 and 2022
08:00 – Why Retail Investors Missed Out (Until Now)
10:00 – How Institutions Use Return Stacking
12:00 – How RSST and RSBT Work (Mechanics Explained)
15:00 – Portfolio Use Cases & Applications
17:00 – Why Return Stacking Beats Stock Picking
20:00 – What Is “Defensive Leverage”?
24:00 – Better Compounding Math with Low Correlation
25:00 – Solving for Behavior: Make Diversification Easy to Hold
27:00 – Hiding the Line Item: Reduce Regret Risk
28:00 – What This Means for the Future of Portfolio Construction🏷️ #ReturnStacking #ManagedFutures #PortfolioDiversification #InvestSmarter #ETFStrategies
Copyright © AdvisorAnalyst
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Forget what you thought about merger arbitrage — it’s no longer out of reach for individual investors and advisors.In this episode, Corey Hoffstein, CIO at Newfound Research and co-creator of Return Stacked ETFs, joins us for a deep dive into merger arbitrage — a long-used institutional strategy that’s now accessible to retail and advisor portfolios via the RSBA ETF (Return Stacked Bonds & Arbitrage ETF)Corey explains that merger arbitrage isn’t just about betting on deals; it’s about systematically capturing a risk premium tied to time and deal closure uncertainty. With low correlation to stocks, bonds, and credit spreads, merger arb serves as a powerful diversifier — especially in today’s tight credit environment. The discussion covers how RSBA overlays this risk premium on top of core U.S. Treasuries, allowing investors to enhance returns without sacrificing their bond sleeve. Corey unpacks the return stacking framework, behavioral benefits, and why this method reduces "line item risk" while expanding portfolio breadth. This isn’t just theory — it’s a practical way for advisors and investors to get exposure to uncorrelated return streams, preserve core holdings, and finally access what institutions have done for decades.Chapters
00:00 – Introduction: Why Merger Arb is Timely01:00 – What is Merger Arbitrage? Mechanics of the Strategy03:00 – Risk Premium vs Arbitrage: What You’re Really Capturing04:00 – How Merger Arb Correlates (or Doesn’t) with Stocks, Bonds, and Credit05:30 – Why Tight Credit Spreads Make Merger Arb a Strong Alternative07:00 – What RSBA Is and How It’s Constructed08:30 – Bonds + Merger Arb = Corporate Bond Alternative?10:00 – Return Stacking Explained: Keep Your Core Beta, Add a Layer12:00 – Why Merger Arb Is Historically Undervalued by Advisors13:30 – Behavioral Obstacles and Reducing Line Item Risk15:00 – Breadth vs Depth in Diversification: Expanding Risk Premiums16:30 – From T-Bills + Arb to Treasuries + Arb: A Better Structural Design17:00 – Building a “Hyper Diversified” Portfolio with Return Stacking18:30 – How Stacking Reduces Tracking Error and Behavioral Risk19:30 – Democratizing Portable Alpha for Every Investor20:00 – Closing Remarks: The Future of Diversification Is Here
💡 Key TakeawaysMerger arbitrage is a true, durable risk premium, not a speculative bet — it compensates investors for time and deal break risk post-announcement.RSBA combines Treasuries and merger arb into a single ETF, offering a compelling alternative to corporate credit without the same economic exposure.Return stacking allows investors to “add without subtracting”, enhancing portfolios with diversifiers while retaining core holdings.Behavioral issues like tracking error and client discomfort are reduced by maintaining traditional exposures while quietly layering on return streams.You no longer need to give up your bonds to get alpha. With ETFs like RSBA, you can have both — and do it with institutional-grade tools.More...Return Stacked ETFsRSBA#ReturnStacking #MergerArbitrage #CoreyHoffstein #InvestmentStrategies #alternativeinvestingCopyright © AdvisorAnalyst
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In this episode, Mike Philbrick, CEO, ReSolve Asset Management (which jointly innovated Return Stacked Portfolio Solutions with Newfound Research) breaks down how systematic macro strategies can offer powerful diversification benefits—and how Return Stacked™ portfolios make it possible for investors to keep their traditional equity and bond allocations intact while layering on a return stream designed to thrive in challenging market environments. Mike and Pierre unpack the behavioral pitfalls of traditional diversification, the institutional roots of portable alpha, and how the RGBM ETF (Return Stacked™ Global Balanced & Macro ETF) helps solve the portfolio funding dilemma for Canadian investors.
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Pierre Daillie and Mike Philbrick welcome Tony Dong—Lead ETF Analyst at ETF Central and founder of ETF Portfolio Blueprint— to the show to explore why investors may need to rethink their reliance on traditional portfolio diversifiers like long-term bonds. Dong pulls no punches, calling out the pitfalls of covered call ETFs, explaining how to think critically about buy-write strategies, and championing capital-efficient alternatives like return stacking, trend-following CTAs, and risk-managed overlays. The trio also dig into the strategic case for overlooked assets like Swiss equities and the Swiss franc, while sharing practical insights into investor behavior, rebalancing discipline, and building resilient portfolios in a stagflation-prone world.
Why blindly chasing high-yield covered call ETFs is a mistake The underrated power of trend-following as a crisis alpha tool How to use return stacking for smarter diversification Why Switzerland may be the ultimate geopolitical safe haven The behavioral traps investors fall into—and how to avoid them🕒 Chapters:
🔖 Key Takeaways:
00:00 – Tony Dong’s Risk-First Origin Story
03:45 – The Problem with Index-Based Covered Call ETFs
08:30 – Gold, Volatility, and Opportunistic Buy-Write Strategies
13:10 – QYLD: A Yield Trap in Disguise?
19:45 – When Bonds Fail: Gold and Trend as Alternatives
23:20 – Leveraging Diversification with Return Stacking
28:00 – Retail’s Dangerous Love Affair with Leveraged ETFs
31:40 – The Rise of Structured Protection: Put Spread Collars
36:20 – Why Low Vol and Min Vol May Be Broken Concepts
39:10 – Trend Following: The Case for Buying the Shop, Not the ETF
43:00 – Behavioral Risk and Staying the Course with Alternatives
47:30 – How to Rebalance for Real-World Portfolios
53:00 – Investor Psychology, Crisis Alpha, and Staying Invested
57:00 – The Case for Switzerland: Stability, Strength, and Sanity
Where to find Tony Dong
ETF Portfolio Blueprint - https://etfportfolioblueprint.com
Tony Dong, Lead ETF Analyst, ETF Central - https://www.etfcentral.com/author/tony-dong
#InvestingStrategy #ETFs #TrendFollowing #ReturnStacking #PortfolioDiversification #CoveredCalls #QYLD #Alternatives #CapitalEfficient #Gold #BehavioralFinance #TonyDong #RaiseYourAverage
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