Insight is Capital™ Podcast

AdvisorAnalyst.com

The official podcast of AdvisorAnalyst.com, publisher of actionable market and investment insight, commentary, analysis and practice management for investment professionals and investors.

  1. 23h ago

    Wesley Gray: The Invisible Risks Inside Every Portfolio

    What if the portfolio your clients think they own is actually just an expensive S&P 500 clone in disguise? In this episode of Raise Your Average, hosts Pierre Daillie (Managing Director, AdvisorAnalyst.com) and Mike Philbrick (CEO, ReSolve Asset Management) sit down with Wesley Gray, PhD (CEO and CIO, Alpha Architect) for a wide-ranging, no-nonsense conversation on factor investing, portfolio construction, and why the biggest threat to advisor value is hiding in plain sight. Wes brings his trademark Marine-meets-PhD directness to topics every advisor needs to hear: from the resurgence of value, to the behavioral and tax traps that quietly vaporize investor returns, to why transparency and process discipline are the only edges that compound over time. Chapters0:00 The wirehouse portfolio problem: what a look-through analysis reveals 1:00 Introducing Wesley Gray, PhD, former Marine intelligence officer and founder of Alpha Architect 4:00 Value investing is back: what the resurgence of QVAL tells us about patience and premiums 7:00 Crawl, walk, run: sizing factor strategies so clients actually stay invested 13:00 The real return killers: taxes, frictional costs, and the liquidity trap 19:00 Capital efficiency: why concentrated factor exposure beats closet indexing 26:00 Line item vs. portfolio allocation: the tracking error conversation advisors must have 33:00 Portfolio X-ray: using look-through analysis to win clients and expose hidden costs 39:00 QVAL deep dive: how academic factor research translates into a real portfolio 46:00 Quantitative vs. discretionary management: why process beats gut instinct 53:00 Luck, skill, and the evidence-based process that makes you look lucky over time 58:00 How to hire, trust, and fire a quant manager 1:05:00 Human nature, behavioral finance, and why factor investing will always be boutique 1:08:00 What advisors get wrong when introducing a factor strategy to clients #FactorInvesting #ValueInvesting #AlphaArchitect #WesleyGray #RaiseYourAverage #ETFinvesting #PortfolioConstruction #QuantInvesting #BehavioralFinance #WealthManagement #AdvisorAnalyst #FinancialAdvisor #TaxEfficientInvesting #ReturnStacking #QVAL #EvidenceBasedInvesting #IndexFunds #ActiveManagement #FiduciaryAdvisor #InvestmentStrategy ```

    Wesley Gray: The Invisible Risks Inside Every Portfolio
  2. 1d ago

    Nearly Half of Canadian Advisors Have No Succession Plan

    Nearly half of Canadian financial advisors have no succession plan — and their clients have no idea. In this episode of Insight Is Capital, host Pierre Daillie sits down with Brent Allen, EVP and Head of Sales and Distribution at IG Wealth Management, to examine the findings of IG's third Advisor Perception Study. With roughly one-third of Canadian advisors planning to retire within the next decade, the succession challenge is no longer a distant concern — it is arriving now, and the industry is not ready. Brent brings a rare perspective: he has been an advisor, a regional vice president, and now leads a network of nearly 1,800 advisors serving over one million clients. Together, Pierre and Brent unpack why so many advisors — the very professionals who build retirement and estate plans for clients — have failed to plan their own exits, what the human cost of that gap looks like, and what a truly thoughtful succession model would require. CHAPTERS 00:00 The succession wave: what the data reveals 02:00 Brent Allen's path from advisor to EVP 05:30 IG's Advisor Perception Study: the numbers that surprised 09:30 Why advisors keep putting off their own succession plans 12:00 Dealer support gaps: structural or a matter of prioritization? 15:00 Building the next generation: teams, employee channels, internships 20:30 Canada's wealth drivers: tax, estates, and small business succession 22:30 Why client care ranks above price in advisor succession priorities 28:30 Informal handshake plans versus real business continuity 30:00 Why IG made business continuity planning mandatory for all advisors 35:30 Designing the ideal succession model: self-assessment and emotional readiness 39:00 The five stages of transition and the case for an Amazon-style process 42:30 Brent's own transition story: what he saw looking back after 10 years 46:00 The one question every client needs answered: "Am I going to be okay?" #SuccessionPlanning #FinancialAdvisor #WealthManagement #IGWealthManagement #CanadianFinance #AdvisorLife #FinancialPlanning #RetirementPlanning #BusinessContinuity #InsightIsCapital #WealthTransfer #AdvisorPodcast #FinancePodcast #CanadianAdvisors #FeeBasedAdvice #ClientFirst #AdvisorNetwork #FinancialServices #WealthAdvisor #MoneyPodcast

    Nearly Half of Canadian Advisors Have No Succession Plan
  3. 2d ago

    Marcos Milla: The Financial Literacy Revolution Advisors Can't Ignore

    Your clients are probably already getting a lot of their investment intel from financial influencers like Marcos Milla — and that is one of the best things that's ever happened to your practice and to the investment advice profession. On this episode of Insight Is Capital, host Pierre Daillie sits down with Marcos Milla, the 25-year-old founder of ETF Academy Media, who built a 57,000-subscriber YouTube channel and a thriving B2B media business by doing something deceptively simple: asking ETF portfolio managers the questions retail investors don't know to ask. What began as late-night YouTube sessions after twelve-hour days at the Federal Reserve has become one of the most-watched independent voices in the ETF space, generating over 20 million monthly views across platforms. Pierre and Marcos explore the blurring line between financial education and financial influence, the ethics of sponsored content in a world where a single video can move fund flows overnight, and why the advisor who dismisses a YouTube-informed client may be making a far costlier mistake than the client ever could. And frankly, what does it really say about how the financial advice profession needs to evolve? Episode Chapters00:00 — Introduction: How retail investors are discovering ETFs before their advisors do 02:00 — Marcos's origin story: from Domino's cashier to Federal Reserve examiner to YouTube 09:00 — The wholesaler analogy: how creator media is replacing traditional ETF distribution 10:30 — Navigating conflicts of interest: how ETF Academy decides who to work with (and who to turn away) 20:00 — Distributed due diligence: why Marcos's interviews are, for many viewers, the closest thing to professional research they'll ever access 25:30 — Framework vs. buy signal: how Marcos thinks about retail influence and investor responsibility 29:30 — Why ETF issuers and retail investors are skeptical of advisors — and what advisors can do about it 35:30 — Who's actually watching: the 25-to-40 demographic reshaping the advice conversation 36:30 — The most sophisticated (and surprising) questions Marcos gets from viewers 49:00 — What advisors should do when a client walks in with a YouTube-formed opinion 55:30 — Embrace or be left behind: the financial literacy floor is rising, and so is the ceiling for advisors who get it #ETF #ETFInvesting #FinancialLiteracy #RetailInvestor #InvestingForBeginners #ETFAcademy #MarcosMilla #FinancialEducation #WealthManagement #InvestmentAdvisor #PersonalFinance #ETFNews #FinTok #PassiveInvesting #DividendInvesting #CoveredCallETF #IncomeInvesting #InsightIsCapital #AdvisorAnalyst #FinanceYouTube

    Marcos Milla: The Financial Literacy Revolution Advisors Can't Ignore
  4. Sep 17

    Kevin Carter: The World's AI Supply Chain is in Emerging Markets

    What if the biggest winners of the global AI arms race aren't in Silicon Valley — and passive investors are already exposed to them without knowing it? Host Pierre Daillie sits down with Kevin Carter, CIO of EMX ETF, for a conversation that fundamentally reframes what emerging markets means in the age of AI. Kevin reveals how three semiconductor giants — TSMC, Samsung, and SK Hynix — have quietly come to represent a third of the MSCI Emerging Markets Index and nearly all of its recent returns, why the hyperscaler CapEx debate misses the real story, how China's open-weight AI models have already surpassed US models in total token usage, and why India may become the world's most important AI implementation market. From DeepSeek's origin story and China's Six AI Tigers to a stunning ETF performance gap that blindsided Vanguard investors, this conversation challenges everything advisors think they know about international allocations. Chapters0:00 — The old EM story vs. the new one: three chip names now own 31% of the benchmark 1:00 — Welcome: Kevin Carter returns to Insight Is Capital 3:30 — Is the MSCI EM Index still doing its job? The concentration question 6:30 — The Mag Three: how TSMC, Samsung, and SK Hynix drove EM past the S&P 9:00 — Where all that hyperscaler CapEx is actually going 11:30 — $965 billion in two years: the Mag Three's staggering profit outlook 13:00 — iShares vs. Vanguard: how Korea exclusion cost investors 30 percentage points 15:00 — EM as a direct beneficiary of US AI infrastructure spending 21:00 — The five-layer AI stack: who really controls the supply chain 24:00 — Power constraints: China has three times the US electricity capacity 25:30 — The model layer: OpenAI, Anthropic, and the race at the top 31:30 — China's Six AI Tigers and Tsinghua University's startup machine 34:00 — DeepSeek's origin story: from quant hedge fund to AI disruptor 35:30 — The DeepSeek moment: $6.5M model, Nvidia drops 30% 38:00 — Chinese models now lead globally in total token usage 39:00 — From token maxi to token mining: the bill arrived 43:00 — Unintended consequences: how chip sanctions accelerated China's innovation 46:30 — Hong Kong's AI IPO pipeline: 300 listings in the queue 55:30 — India's AI thesis: implementation over frontier model development 59:30 — Final word: what advisors should tell clients about EM today 1:02:00 — Wrap-up: EMX ETF, EMQQ, FMQQ, and the TGRZ Tigers LLM ETF #EmergingMarkets #AIInvesting #TSMC #DeepSeek #ChineseAI #EMXetf #EMQQ #MagThree #AISupplyChain #OpenWeightAI #IndiaAI #HongKongIPO #KimiK3 #TGRZetf #InsightIsCapital #AIStocks #Semiconductors #GlobalInvesting #WealthManagement #FinancePodcast #MacroInvesting #PierreDaily #KevinCarter #ETF #AIRace ```

    Kevin Carter: The World's AI Supply Chain is in Emerging Markets
  5. Sep 8

    Meb Faber: The Quiet 50% Return Nobody at the Beach Is Talking About.

    While everyone else was at the beach celebrating another S&P up year, global value stocks quietly returned 50% — and Meb Faber is done being polite about it. Cambria Investment Management Founder and CIO Meb Faber joins Pierre Daillie on Insight Is Capital for a conversation that starts where most investment discussions are too comfortable to go. US equities are expensive, concentrated, and priced at CAPE ratios within striking distance of their all-time peak. Yet the complacency is total: the S&P is up mid-teens again, the beach crowd is happy, and almost no one is paying attention to the fact that global value stocks returned 50% last year and are up 25% again this year. Meb and Pierre dig into why that gap exists, what it reveals about herd behavior and passive indexing dogma, and what a genuinely diversified portfolio — one that includes shareholder yield, trend following, real assets, and ex-US exposure — actually looks like in practice. Along the way, Meb dismantles some of the most persistent myths in finance: that dividends are a free bonus, that T-bills are safe, that passive indexing means owning the S&P 500, and that buybacks are a modern invention. His new book, Investing in America: The Rise of a 250-Year Bull Market, surfaces as the historical backdrop to all of it — a reminder of what patient capital actually earns across generations, and a quiet indictment of everything designed to distract investors from that truth. Timestamped Chapters00:00 — Introduction: 250 years, one chart, $1 into $200 million 03:00 — COVID, meme stocks, and a generation let in through the casino door 06:30 — Creative destruction: why the top companies of every decade eventually vanish 09:00 — Railroads, dark fiber, AI: how every bust seeds the next expansion 12:30 — The valuation problem: writing a US bull market book when US stocks are historically expensive 15:30 — CAPE at 42, dividend yield at 1%: the global opportunity hiding in plain sight 18:00 — The 50% return nobody at the beach is talking about 21:00 — Time Billionaires: human capital, ownership mentality, and the delayed gratification problem 26:30 — Young investors have always been gamblers — the narrative of desperation is wrong 27:30 — Nominal vs. real: why T-bills have had a 50% drawdown and almost no one knows it 30:00 — The dividend myth: 80% of retail investors think a dividend is a free check 35:30 — Shareholder yield: why ignoring buybacks gives you an incomplete and often negative picture 44:00 — SYLD's 10-year track record: top decile across three geographies 46:00 — Energy: from a third of the S&P to under 5%, and what that asymmetry means now 50:00 — Trend following and managed futures: the AI optimizers say 15 to 30%, zero investors do it 55:00 — The investing pyramid: the 80% that matters before any of the sexy 20% 01:01:00 — Passive investing's Achilles heel: market cap weighting loads you into the most expensive things at the worst time 01:08:00 — The passive dogma problem: nobody who calls themselves an indexer actually indexes globally 01:13:00 — One habit young investors must build; one habit seasoned investors must unlearn #MebFaber #CambriaInvestments #GlobalDiversification #ShareholderYield #InternationalEquities #ValueInvesting #TrendFollowing #ManagedFutures #PassiveInvesting #ETFinvesting #FactorInvesting #BehavioralFinance #WealthManagement #InvestmentStrategy #FinancialAdvisor #PortfolioConstruction #InsightIsCapital #AdvisorAnalyst #StockMarket #GlobalValueStocks

    Meb Faber: The Quiet 50% Return Nobody at the Beach Is Talking About.
  6. Sep 4

    Corgi Invest's Jeff Weniger: Big Wall of Worry, Fears, No Bubble. Not Yet.

    What if the firm disrupting the ETF industry launched 197 funds in its first year — and priced them cheaper than Vanguard? Jeff Weniger, Chief Investment Strategist at Corgi Invest, joins hosts Pierre Daillie and Mike Philbrick on Raise Your Average for a wide-ranging conversation that moves from the macro landscape of mid-2026 — rising yields, a surprisingly hot economy, and the great AI infrastructure build-out — to the audacious product shelf of one of the ETF industry's boldest new entrants. Jeff brings his trademark macro clarity, market history, and plain-spoken honesty to a conversation that covers bubbles, bond vigilantes, copper, fiscal profligacy, and the case for precision over breadth in portfolio construction. Timestamped Chapters00:00 — Bubbles as a feature of capital formation: railroads, dark fiber, and the AI build-out 06:00 — Introducing Jeff Weniger and Corgi Invest: 197 ETFs, a war machine, and a price war 07:00 — Where are we in the cycle? The economy may be running hotter than you think 11:00 — Rising long-term yields: fiscal profligacy or economic strength? The gold and Bitcoin argument 18:00 — The new Fed under Kevin Warsh: protecting the plumbing, not the price 20:00 — Rising yields as opportunity: Jesse Livermore, the 10-year benchmark, and round number psychology 27:00 — De-equitization, the SpaceX IPO, and what a wall of worry actually looks like 31:00 — Are we in a bubble? Pets.com vs. GameStop vs. Nvidia: which was actually crazier? 38:00 — The Nifty 50, Toronto condos, and how long it takes markets to bubble again 42:00 — The Mag Seven is just chilling: why no giddy tape may mean no bubble 45:00 — Dr. Copper, energy's comeback, and the capacity inputs the market is ignoring 48:00 — Nominal GDP, CPI, and Scott Bessent's bet on growing out of the debt burden 52:00 — Apartment rents, the K-shaped economy, and what CPI is really telling you 57:00 — Jeff's eighth day at Corgi: the story of a tech unicorn that decided to launch ETFs 01:00:00 — The Corgi product shelf: thematics, leveraged funds, buffers, and beta at cost 01:01:00 — Buffer ETFs explained: who they're for and why 30 bps beats the field 01:06:00 — Competing on expense ratio against Vanguard and BlackRock: no false illusions 01:11:00 — The T-bill play: five basis points vs. nine — and why every basis point matters More...Corgi Invest Jeff Weniger on Linkedin #RaiseYourAverage #ETFinvesting #JeffWeniger #CorgiInvest #BufferETFs #MacroInvesting #InterestRates2026 #AIboom #ThematicETFs #BondMarket #WealthManagement #AdvisorInvesting #FinancialAdvisor #MarketOutlook2026 #AdvisorAnalyst #PierreDaillie #MikePhilbrick #ETFstrategy #PortfolioConstruction #CopperBull

    Corgi Invest's Jeff Weniger: Big Wall of Worry, Fears, No Bubble. Not Yet.
  7. Sep 1

    David Wong: Anything Can Happen—3 Decades of Market Crises Shaped this $400B CIO's Playbook

    What do electricity, a forgotten 1920s financier, and Bobby Orr have to do with building a portfolio that wins in 2026? More than you think. Pierre Daillie sits down with David Wong, Group Chief Investment Officer at CIBC Global Asset Management, who oversees investment teams across Canada and the US and runs more than $100 billion in managed solutions. With nearly three decades of experience, including a front-row seat to the 2008 crisis in New York, David brings a rare "anything can happen" perspective to a market that looks constructive yet crowded. The conversation ranges from the AI super cycle and why it may rhyme with the 1870 to 1970 productivity boom, to the uncomfortable lesson of Samuel Insull, who backed the right technology and still faced ruin. David lays out where conviction and caution sit in equities and fixed income, why Canada deserves a second look, and how quant, low volatility, alternatives and high-conviction active management each play a role on an all-star roster built for any kind of game. Along the way, he pulls back the curtain on how a $400 billion manager actually makes decisions, from a monthly investment committee to a daily 8 AM "Kaizen" meeting that brings a couple hundred people together across North America. The episode closes with the one thing David believes advisors are underestimating right now. Chapters 00:00 Introduction: offense, defense and discipline 02:00 David's path from Bay Street summer student to Group CIO 07:00 The AI super cycle and Robert Gordon's productivity thesis 14:00 Financing the boom: the Samuel Insull warning 17:30 Equities: earnings breadth, valuations and strategic allocation 20:30 Canada's second look: resources, power and the AI build-out 22:30 Tech concentration and the second-order effects nobody sees yet 27:00 Building the core: quant strategies and active conviction 30:00 Fixed income: rising yields and the 1977 to 1981 lesson 34:30 Where the fixed income opportunity sits today 38:30 The all-star team: offense, defense and two-way players 45:00 Heroes without capes: the real alpha advisors deliver 46:00 Running $100 billion: investment committee and the Daily Kaizen 54:30 Alternatives and real assets: the LeBron James role 58:30 Total portfolio thinking and the power of the IPS 61:00 What really matters after three decades 67:00 What advisors are underestimating right now 69:00 Closing thoughts #InsightIsCapital #DavidWong #CIBCAssetManagement #PortfolioConstruction #AssetAllocation #AISuperCycle #Investing #WealthManagement #FinancialAdvisors #FixedIncome #BondYields #CanadianEquities #TSX #Diversification #QuantInvesting #LowVolatility #ActiveManagement #Alternatives #HedgeFunds #PrivateCredit #MarketOutlook2026 #InvestmentStrategy #BehavioralFinance #AdvisorAnalyst #FinancePodcast

    David Wong: Anything Can Happen—3 Decades of Market Crises Shaped this $400B CIO's Playbook
  8. Aug 24

    Everything in Order, Nothing in Place: The Hidden Liquidity Crisis in Business Succession

    A business owner can spend a lifetime building something extraordinary, and still have it quietly dismantled at death by a tax bill no one planned for. In this episode of Cover Your Assets, hosts Pierre Daillie and Ayal Cohen are joined by Eric Orr, Advanced Case Director of Sales at IA Financial Group, for a deeply illuminating conversation about what it really takes to protect a business owner's wealth, legacy, and the continuity of everything they have built. Drawing on 25 years of experience as an advisor and advanced case specialist, Eric helps advisors see what most business owners cannot yet see for themselves: that even the most carefully structured estates, shareholder agreements, and holding companies can unravel at the moment of transition, not from poor intentions, but from the absence of liquidity when it matters most. Eric walks through how CRA's very legal form of double taxation silently erodes business estates, why a beautifully drafted buy-sell agreement offers no protection without funding behind it, and how Canada's wealthiest families use cascading and corporate-owned insurance to move generational wealth elegantly and tax-efficiently. He also shares how advisors can open these conversations in ways that feel natural and genuinely helpful, surfacing planning gaps that business owners and their families did not know existed, and guiding them toward strategies that preserve what they have spent a lifetime creating. Whether you work in insurance, wealth management, or both, this episode reframes advanced insurance planning not as a product conversation, but as one of the most powerful acts of stewardship an advisor can offer. Chapters00:00 The problem no one sees coming: four liabilities, one moment 02:00 Eric's path from advisor to advanced case specialist 05:00 Why estates fail: planning gaps, CRA exposure, and family conflict 08:00 Family meetings, equalization, and keeping wealth intact across generations 11:00 The true tax exposure at death for business owners 12:00 CRA's legal double taxation, explained 14:00 Post-mortem planning most accountants never see 18:00 Buy-sell agreements: the plan behind the plan 20:00 Funding the transition: why insurance solves what liquidation cannot 25:00 Case study: a second-generation business, leveraged and exposed 30:00 Reframing insurance: from product to wealth preservation mechanism 33:00 How affluent families cascade insurance across generations 36:00 Corporate dollars, lower tax rates, and greater capital efficiency 40:00 Bringing accountants into the conversation as allies 44:00 How advisors can open the door to planning conversations naturally 47:00 Illustrating the cost of inaction: pennies protecting dollars 51:00 Death, taxes, and choosing who inherits: CRA or your family 54:00 When clients say they are already covered: finding the gaps 59:00 Closing reflections More... Eric Orr on Linkedin #EstatePlanning #SuccessionPlanning #LifeInsurance #WealthTransfer #BusinessOwners #TaxPlanning #FinancialAdvisors #InsuranceAdvisors #BuySellAgreement #CorporateInsurance #CanadianTax #WealthManagement #FamilyBusiness #LegacyPlanning #CRA #BusinessContinuity #InsuranceStrategy #WealthPreservation #CoverYourAssets #IAFinancialGroup

    Everything in Order, Nothing in Place: The Hidden Liquidity Crisis in Business Succession

Ratings & Reviews

5
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The official podcast of AdvisorAnalyst.com, publisher of actionable market and investment insight, commentary, analysis and practice management for investment professionals and investors.

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