Coming off a surprisingly resilient Q1, Global Equities staged a rally for their second quarter in a row despite the collapse of Silicon Valley Bank and renewed fears of another 2008 financial crisis. While US markets staged a late rally to pull ahead of Canada, International markets continue to be global leaders. In this episode of Global Thinking, Rob sits down with Forstrong’s Lead PM, David Kletz, to hear about structural changes impact global markets and why International and Emerging Market equities might have a leg up over their American counterparts. &nbsp;

Is The Developed World Slowing Down?

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. For more information on our podcasts please visit:&nbsp;&nbsp;   &nbsp; Bio: Michael Greenberg is a senior vice president and portfolio manager for Franklin Templeton Investment Solutions and is a member of the Investment Strategy &amp; Research Committee. Mike specializes in fixed income strategy and has co-portfolio management responsibilities for all Canada-based managed programs, including Franklin Quotential, Franklin LifeSmart Sustainable and Franklin ETF Portfolios. He also manages institutional mandates in North America. Mike holds a bachelor of commerce with honors in marketing and international management from the University of Ottawa. He also holds the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations.  &nbsp;

Global Thinking Market Update with Franklin Templeton

Interest Rate Obsession: Are Markets Missing the Bigger Picture? &nbsp; 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. &nbsp; 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? &nbsp; 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. &nbsp;  For more information on our podcasts please visit:&nbsp;          &nbsp;  &nbsp;

Interest Rate Obsession

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? &nbsp; 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. &nbsp; In this episode Rob 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. &nbsp;

Is US equity still the easiest asset allocation decision?

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.  &nbsp;  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.  &nbsp;  In this episode, Rob sits down with Forstrong Lead PM, David Kletz, to unpack these latest development. They also dive into why an improving outlook in emerging markets could lead to outsized returns this year. &nbsp;

2024’s Rotation Trade Continues

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&nbsp;with 1407 ETFs to choose from. With all this selection, how do investors know which ETF to buy? &nbsp;  To help answer these questions Rob Duncan, Senior Vice President, Portfolio Manager &amp; Lead ESG Officer&nbsp;at Forstrong,&nbsp;sits down with Patrick McEntyre, Managing Director and Co-Head of Institutional Sales of ETFs at National Bank Financial Group, to discuss:    Key trends within the ETF industry   Where investors are allocating funds   How changes in ETF flows align with Forstrong’s investment outlook and positioning    In addition, Patrick walks through how National Bank provides liquidity on large trades, when ETFs can be more efficient than stocks and bonds, and why the rush to International and Emerging Market equities might be at a tipping point.  &nbsp;

Canadian ETFs - A Bull Market in the Making

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:&nbsp;Nvidia and the broader AI theme are in the midst of a speculative mania. &nbsp; 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. &nbsp; 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 &amp; Lead ESG Officer, sits down with Tyler Mordy, CEO &amp; CIO of Forstrong, to discuss the recent volatility in Nvidia and implications for the broader market. &nbsp;

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

When asked about the prognosis for markets, American financier J. P. Morgan once famously quipped, “they will fluctuate”. &nbsp; 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. &nbsp; In this discussion, Rob Duncan, Senior Vice President, Portfolio Manager &amp; 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. &nbsp; Disclosures:   &nbsp;

The Great Market Rotation: Is It For Real?

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. &nbsp; 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.  &nbsp;  Show Notes:  00:00 - Exploring ETF Flows and Market Trends  05:08 - The Growth of the ETF Market  08:25 - Fixed Income Flows and the Demand for Cash  12:41 - The Appeal of International and Emerging Market ETFs  15:47 - The Unwinding of the Carry Trade in Japan  19:59 - Interest Rate Policy and Rate Movements  22:55 - Canadian Equity ETF Inflows and Home Bias  23:25 - Investing in Canada's Energy Markets  25:16 - Canadian Banks: A Demand Spot  28:06 - The Growth of Active ETFs in Canada  30:25 - Covered Call ETFs: Present Income vs. Future Upside  37:46 - Exploring Consciousness and Free Will &nbsp; &nbsp;

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

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.  &nbsp;  In this episode, Rob Duncan 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? &nbsp; Chapters 00:00 Introduction to China's Economic Landscape 03:28 Stimulus Measures and Their Implications 08:42 Investment Opportunities in the Wake of Stimulus 12:04 Market Outlook and Investor Sentiment 18:09 On-the-Ground Insights from China &nbsp;  &nbsp;   &nbsp; Previous posts on visiting China.

Podcast From China: Beijing's Policy Shockwaves

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 sits down with Forstrong’s CEO and CIO, Tyler Mordy, to unpack the themes from Tyler's latest article, . 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. &nbsp; Chapters 00:00 Introduction 01:07 The Five Questions 02:36 Where are we in the Economic Cycle? 10:40 Are Geopolitical Shocks Becoming More Frequent? 17:06 What are the Implications of US Elections? 24:54 Are China's Economic Stimulus a Game Changer? 30:14 What is the Future of the MAG-7 Tech Stocks? &nbsp; Disclosures:&nbsp; Global Thinking Podcast Series -&nbsp; Global Thinking Insights -&nbsp;&nbsp; Who is Forstrong Global -&nbsp; Ask Forstrong -&nbsp; Invest With Us -&nbsp; &nbsp;

Forstrong Global

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