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

Macro Musings from A Latam Perspective

One year ago, market forecasters were in absolute agreement. A Bloomberg consensus survey showed that 100% of the respondents predicted a global recession in 2023. &nbsp;Rising interest rates would surely create an inevitable “hard landing”. When such agreement exists in the investment world one must ask the obvious question, “What don’t we already know?”. &nbsp; &nbsp; Since then, fears over hard landings have vanished as the powerful surge in US-led growth has thinned out the recession camp. But less discussed is that economic activity outside America has also firmed, led by a liftoff in global trade. &nbsp; Does this mean that the bull market in US stocks will also start broadening out? We think so. In fact, investor optimism has created bull markets from New York to Tokyo. &nbsp;Japan, France, Canada, Switzerland, Germany, Taiwan, Netherlands, Denmark, Italy, Brazil, and India are in or near bull market territory touching highs last seen in the Post Covid rally. &nbsp; So, what don’t we already know? &nbsp; As the Magnificent 7 continue to grab headlines and push prices and valuations to historical highs, opportunities for a follow through trade are all around us. In this episode Rob and Tyler discuss why a broadening rally is so important and how best to position portfolios to profit from this emerging macro trend.

Running with Bulls - Is the Market Rally Broadening?

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;

Running with Bulls - Is the Market Rally Broadening?

Forstrong Global

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