Insight is Capital™ Podcast

The Portfolio Nobody Told You to Build | Tony Dong

What if the investing rules that protected you for 40 years just stopped working — and the world already moved on without telling you? Host Pierre Daillie sits down with Tony Dong — founder of ETFPortfolioBlueprint.com, lead ETF analyst at ETF Central, and Columbia-trained risk manager — for a no-holds-barred breakdown of defense ETFs, tail risk hedging, the structural collapse of the 60/40 portfolio, and what a genuinely resilient Canadian portfolio looks like in a world defined by geopolitical fracture, regime change, and compounding uncertainty. Recorded April 2026 amid new all-time equity highs and an active Middle East conflict, this episode is essential listening for any advisor or investor still building for a world that no longer exists. CHAPTERS 00:00 — Introduction: Who Is Tony Dong? 02:11 — Q1 2026: Markets, Macro & the K-Shaped Economy 06:24 — Defense ETFs: True Exposure vs. Industrial Sector Imposters 09:30 — Canadian Defense ETF Options: XAD vs. SHLD 11:38 — Are We at the Start of a Defense Super Cycle — or the Middle? 13:48 — NATO Rearmament, Europe's €800B Commitment & Valuation Risk 17:13 — The Hidden Risk of Being Long Defense 19:04 — Strait of Hormuz, Ras Laffan & Underappreciated Choke Points 22:01 — Why Tony Isn't Buying the Emerging Markets Rally 23:22 — Tail Risk: CAOS vs. TAIL — Two Products, Two Payoff Profiles 28:58 — How Much to Allocate to Tail Risk? 31:57 — What Risk Actually Is: Permanent Capital Loss vs. Volatility 34:12 — The 60/40 Portfolio: 90% Equity Risk by Any Honest Measure 36:28 — TLT Myths Debunked: Why Long Bonds Are a Structural Trap 39:10 — Fixed Income Alternatives: First-Lien Loans & LCRNs 41:53 — How Conflict Transmits Risk Into a Canadian ETF Portfolio 46:05 — Liquidity Cascades: When the ETF Wrapper Breaks 53:16 — Volatility Laundering & the Private Credit Illusion 56:36 — Building a Resilient Canadian Portfolio for the Next 10 Years 01:00:41 — Biggest Surprises of the Next 12 Months: China, Taiwan & Eastern Europe #DefenseETF #TailRisk #ETFInvesting #CanadianInvestor #GeopoliticalRisk #CAOSETf #TAILETf #6040Portfolio #NATORearmament #InsightIsCapital #TonyDong #PierreDaillie #ETFAnalysis #PortfolioConstruction #WealthManagement #MacroInvesting #FixedIncome #BondAlternatives #ETFLiquidity #PrivateCredit #CanadianDollar #DefenseTech #MarketRegimeChange #AdvisorAnalyst #ETFCentral #PortfolioResilience #InvestingIn2026 #TailRiskHedging #GeopoliticalInvesting #SmartMoney

Paisley Nardini Most Investors Have No Idea Their Portfolio is Missing This

Most advisors have zero alternatives in their portfolios — and their clients are already paying the price. In this episode of Insight Is Capital, host Pierre Daillie sits down with Paisley Nardini, Managing Director and Head of Multi-Asset Solutions at Simplify Asset Management, for a frank and data-driven conversation about why the traditional 60/40 portfolio is showing dangerous cracks — and what advisors can do about it right now. Paisley brings rare clarity to one of the most misunderstood corners of modern portfolio construction: liquid alternatives. Drawing on her career spanning PIMCO, Invesco, and Simplify, she walks through the persistent behavioral and educational barriers keeping advisors away from managed futures, the case for dynamic commodity exposure in an era of geopolitical volatility, and why the stock-bond correlation regime has fundamentally shifted. She shares a stat she rechecked ten times — managed futures at the benchmark index level has outperformed bonds across every trailing period from 5 to 25 years — and makes the case that this isn't a niche strategy for institutions anymore. It's a daily-liquid, low-fee, Morningstar five-star tool sitting right on the advisor's shelf. If your portfolio isn't built for this environment, Paisley has a pointed question: what is it actually built for? CHAPTERS 00:00 — The stat Paisley rechecked 10 times: managed futures vs. bonds across every trailing period 02:11 — Major asset managers launching managed futures ETFs and adding them to model portfolios 02:51 — Introduction: Pierre Daillie welcomes Paisley Nardini, Simplify Asset Management 04:23 — Why diversification is more urgent now than it was a year ago 05:01 — Deja vu: the eerie parallels between early 2025 and early 2026 06:39 — Markets are spring-loaded: the bull case for staying invested through volatility 09:00 — Why you can't build portfolios around week-to-week geopolitical headlines 10:31 — The range-bound 10-year yield and what could finally break it 13:56 — The inflation threshold that breaks stock-bond correlation 17:38 — The biggest risk advisors are still ignoring: under-allocation to diversifiers 19:32 — Why commodity allocations have underdelivered — and how to fix that 20:28 — Gold's strange behavior in 2025: momentum trade, not safe haven 22:33 — The cocoa example: truly uncorrelated risk and return 25:08 — Why managed futures adoption is a behavioral problem, not an investment problem 37:48 — The illusion of diversification: how a basic 60/40 leaves investors exposed 38:29 — Liquid alts demystified: daily liquidity, no K-1s, fees as low as 30 basis points 41:06 — Five years ago this wasn't possible: the democratization of institutional strategies 42:18 — The two-legged stool: why portfolios need a third leg 43:25 — How much to allocate: why less than 10% probably won't move the needle 44:27 — Why Simplify's CTA ETF deliberately excludes equities and FX 47:55 — The mirror-image chart: CTA's zig-zag pattern against the 60/40 49:13 — The hedge that pays you: outperforming 60/40 while providing ballast 49:39 — Positioning multi-asset portfolios for the commodity super cycle 51:57 — How advisors can explore Simplify's model portfolios as a starting point 55:57 — Paisley's 12-month prediction: rates will surprise everyone #ManagedFutures #LiquidAlternatives #PortfolioDiversification #CTAStrategy #SimplifyAssetManagement #TrendFollowing #CrisisAlpha #6040Portfolio #AlternativeInvestments #WealthManagement #FinancialAdvisor #ETFinvesting #CommoditySuperCycle #InsightIsCapital #AdvisorAnalyst #PortfolioConstruction #BondReplacement #MacroInvesting #RiskManagement #InvestmentStrategy

Due Diligence Isn't Optional in Alternatives Investing—The Performance Gap Makes That Clear

Sponsored by BMO Global Asset Management Half of Canadian financial advisors now offer alternative investments to clients. But access and genuine diversification are not the same thing — and that distinction is the heart of this conversation. We sit down with Alexander Singh, Managing Director and Head of Alternatives Partnerships at BMO Global Asset Management, to unpack what it actually takes to build an institutional-quality alternatives platform for private wealth investors. Singh brings a rare vantage point: former lawyer, hedge fund general counsel, merchant banker, and now the architect of one of Canada's most deliberately designed alternatives platforms in wealth management. Our conversation covers the three defining risks in private markets — manager dispersion, vintage concentration, and illiquidity — and why the performance gap between top and bottom quartile managers can exceed 30 percentage points. Singh explains how BMO GAM's platform was built around four non-negotiables: scalability, fair fees, diversification, and reduced risk — and why perpetual, evergreen structures change the calculus for private wealth investors entirely. From the case for modern infrastructure (data centers, logistics, renewables) as the new portfolio ballast, to why multi-strategy funds are the most in-demand institutional asset class today—this episode is a masterclass in how to think about alternatives investing. CHAPTERS 00:00 — The uncomfortable question behind the alternatives boom 01:48 — Alex Singh: from lawyer to hedge fund to BMO GAM 03:46 — How the BMO alternatives platform is structured 09:39 — Why advisor education in alternatives is far from over 12:31 — The 80% of the investable economy that lives in private markets 15:23 — Why the IPO market is no longer the opportunity it once was 18:20 — Manager dispersion: the defining risk of private equity 21:14 — Diversification across managers, sectors, geographies, and vintages 23:40 — The three big risks in private markets and how BMO mitigates them 26:40 — Vintage risk explained: why timing your entry matters more than you think 29:44 — Evergreen structures: investing from $25,000 to $25 million 32:43 — The simplest "why alternatives, why now" message for advisors 35:09 — What replaces bonds in a modern alternatives-inclusive portfolio 37:05 — The smooth ride strategy: absolute return multi-strat hedge funds 42:06 — The origin story and non-negotiables behind the platform design 46:21 — Each fund's job: return enhancement, income, ballast, smooth ride 49:57 — Myth busting: illiquidity, opacity, and the private markets misconceptions 54:39 — Grandparents' infrastructure vs. grandchildren's infrastructure KEY TAKEAWAYS 1. Access is not diversification. Adding alternatives to a portfolio doesn't automatically reduce risk — manager selection, vintage diversification, and structural design determine whether alternatives actually do the job they're supposed to do. 2. The performance gap is not a footnote. The spread between top and bottom quartile private markets managers can exceed 30 percentage points — making manager selection the single greatest risk in any alternatives allocation. 3. 80% of the investable economy is private. Advisors and clients who limit themselves to public markets are working with a fraction of the available opportunity set — and missing the fastest-growing parts of the economy entirely. 4. Evergreen structures change the calculus. Perpetual, open-ended alternatives vehicles allow private wealth investors to scale in regularly, rebalance, and maintain liquidity management — removing the all-or-nothing vintage timing problem that has historically kept private markets out of reach. 5. Every fund has a job. The most effective alternatives allocations are built with purpose — return enhancement, income generation, inflation protection, or volatility reduction — and confusing those roles is how portfolios end up with alternatives exposure that doesn't perform the function it was added to serve. #Sponsored #AlternativeInvestments #PrivateMarkets #PrivateEquity #WealthManagement #FinancialAdvisors #PortfolioConstruction #HedgeFunds #PrivateCredit #Infrastructure #InvestmentStrategy #BMOGlobalAssetManagement #InsightIsCapital #ManagerSelection #AlternativesEducation #6040Portfolio #EverythingAlts #PrivateWealth #InvestmentDiversification #CanadianInvestors #AssetManagement

You can't eat total return—the income investing playbook is being rewritten | Jillian Delsignore

Income investing has never offered more tools — covered call ETFs, buffer strategies, active fixed income, multi-asset funds — and yet most advisors are still building portfolios the way they did five years ago. So what's actually happening on the ground? In this episode of Insight Is Capital, host Pierre Daillie sits down with Jillian DelSignore, VP and Head of Investor Distribution & Insights at Nasdaq Indexes, who brings something rare to the table: real behavioral data. Her team surveys hundreds of financial advisors every year, runs Nasdaq's global Advisor Council, and sits at the intersection of index innovation, ETF distribution, and the voice of the investor. What the data is showing right now is striking — a fundamental shift from total return thinking toward paycheque replacement investing, accelerating ETF adoption, and a quiet revolution in how options-based income strategies are reshaping portfolio construction. Whether you're an advisor benchmarking your own approach or an investor curious about how your portfolio is being built, this conversation delivers a clear, data-driven picture of where income investing is heading. CHAPTERS 00:00 — Introduction: Why income investing is being rebuilt from the ground up 02:02 — Jillian's 26-year career arc: Federated, Goldman Sachs, J.P. Morgan ETF, and Nasdaq 03:11 — How Nasdaq's global distribution team works with advisors and ETF issuers 06:44 — Nasdaq Dorsey Wright: Momentum investing, point & figure charting, and the advisor research portal 09:55 — The Advisor Survey: What the data from 2023 to 2025 actually shows 10:49 — The big shift: 60% of advisors now allocating 20–40% of portfolios to income — up 52% since 2023 12:05 — Active and passive fixed income ETF adoption is accelerating — and why active is winning in bonds 13:27 — 600 new derivative ETF launches: Covered calls, buffers, and the rise of auto callables 14:43 — Defined outcome strategies: The tip of the spear in income innovation 15:25 — What drove the shift from total return to paycheck replacement investing 18:39 — "I can't eat total return": The behavioral finance case for monthly income 20:09 — The hidden benefit of paycheck investing: keeping clients invested through volatility 21:59 — Sequence of returns risk and how income strategies reduce the pressure to sell 22:48 — Why advisors still under-use these tools — and the education gap holding them back 25:34 — The hockey stick: How covered call ETFs are finally going mainstream 27:15 — The covered call ETF on-ramp in Canada and the long road to advisor adoption 28:55 — Auto callables: The next frontier and why compliance is the last hurdle 29:41 — From income-only buckets to core portfolio allocations — the model is changing 31:53 — Why compliance departments and advisors both have to get on board — and how it's happening 32:35 — What advisors actually want: fewer products, more partners, and turnkey support 35:05 — The model portfolio revolution: Advisors want to be relationship managers, not portfolio managers 37:50 — How the specialist wholesaling model has fundamentally changed ETF distribution 38:37 — The rise of CFAs and CFPs in the field: Fiduciary support is now table stakes 40:25 — Closing reflections: Why there has never been a better time to be a financial advisor #IncomeInvesting #CoveredCallETF #BufferETF #ETFInvesting #FinancialAdvisor #PortfolioConstruction #ActiveETF #NasdaqIndex #DefinedOutcome #PaycheckReplacement #RetirementIncome #BehavioralFinance #ETFStrategy #WealthManagement #FixedIncome #DorseyWright #MomentumInvesting #SequenceOfReturns #AdvisorETF #InsightIsCapital #InvestmentPodcast #FinancialPlanning #ETFEducation #RetirementPlanning #IncomePodcast

Paul Kornfeld: Don't Fight the Market—Align With It

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. ⏱ CHAPTERS 00:00 — 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 [https://siawealth.com] | siacharts.com [https://sicharts.com]