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 chaos 08:00 — Meb joins; framing the moment: Venezuela to tariffs to Iran 13:00 — A regime change? Dissecting the end of the 40-year bull run 15:00 — The bull market in diversification: foreign markets doing 30%+ while the S&P stalls 17:00 — What advisors are underweight: ex-US equities and real assets 20:00 — How to explain a generational shift to clients without jargon 24:00 — Global diversification: the evidence from 15 famous portfolios 27:00 — The 20% annual spread problem and why tracking error breaks investors 30:00 — Portfolio vulnerabilities in the cap-weighted US-dominant model 31:00 — Opportunities: global value, small cap, fixed income niches, real assets 35:00 — The "fat" portfolio: three ingredients every investor needs 40:00 — Utilities, dividends, and the tortoise-vs-hare reversal 44:00 — Behavioral investing: why systematic strategies exist 48:00 — The concentrated position trap: identity, emotion, and the sell decision 51:00 — Systematic rebalancing: lessons from Cambria's early days 53:00 — "The easy money's been made" — market phrases Meb despises 55:00 — Deep value and what it takes to be a missionary, not a mercenary 58:00 — The best active managers and why they always close the door at the top 1:00:00 — When the penthouse becomes the outhouse 1:04:00 — The Groucho Marx rule: would you buy what you already own? 1:10:00 — Drawdown, pain tolerance, and the real test of a portfolio 1:17:00 — Concentrated low-basis positions: the tax trap hiding in plain sight 1:19:00 — 100 years of stock data: what the best-performing stocks actually returned 1:22:00 — Tax strategies: 351 exchanges, direct indexing, QSBS, and box spreads 1:27:00 — AI in practice: Meb's custom ChatGPT and how advisors should use AI now 1:30:00 — Behavioral AI: what happens when the bot knows you better than you do 1:32:00 — Closing thoughts: raising your average in a noisier, more complex world

#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

What if CRM3 turns out to be the most powerful growth tool you've ever been handed?

In this episode of Insight Is Capital, host Pierre Daillie sits down with Mario Cianfarani, Head of Distribution at Vanguard Canada, to explore the sweeping implications of CRM3 — Canada's incoming total cost reporting regulation — and why the advisors who embrace it now stand to gain the most.

Mario unpacks how Vanguard's landmark Advisors Alpha framework, now celebrating its 25th anniversary, aligns with this new era of transparency, and why the real value of advice has never lived in product selection.

Together, Pierre and Mario examine the critical mindset shifts advisors must make, the power of fee budgeting, and how top practices are already having the conversations that will define the next generation of client relationships — before they're required to.

0:00 — Introduction: Canada's wealth management inflection point & CRM3 overview

1:23 — Mario's passion for Vanguard's investor-first mission and 15 years disrupting Canada

3:03 — The biggest mindset shifts advisors need to embrace with CRM3

4:31 — From product-centric to advice-centric: building a repeatable value narrative

6:44 — Advisors Alpha at 25: quantifying the real value of advice beyond the portfolio

8:00 — Behavioral coaching, market volatility, and keeping clients fully invested

9:52 — Transparency, trust, and ending the "black box" era of investing

11:34 — How transparency correlates with higher client satisfaction and deeper relationships

13:00 — Fee budgeting: the strategic framework for cost-conscious portfolio construction

14:40 — Vanguard's portfolio construction philosophy: core, satellite, active & passive

19:10 — CRM3 as a competitive differentiator — and why staying flat-footed isn't an option

21:11 — The bottom line: the win-win case for advisors and clients

23:53 — What top advisors are doing right now to get ahead of the change

27:05 — Tax alpha, rebalancing alpha, behavioral alpha — quantifying every dimension of value

27:55 — Mario's top three action items for advisors navigating this transition

30:17 — Parting thoughts: reframing CRM3 as a practice growth opportunity

31:07 — Resources available through Vanguard Canada for advisors and dealerships

#CRM3 #TotalCostReporting #AdvisorsAlpha #VanguardCanada #WealthManagement #FinancialAdvisor #FeeTransparency #CanadianInvesting #BehavioralFinance #FinancialPlanning #InvestmentAdvice #ETFCanada #ClientExperience #FeeBudgeting #InsightIsCapital #FinTechCanada #AdvisorGrowth #PassiveInvesting #FinancialRegulation #WealthManagementCanada

What if you could collect covered call option premium hundreds of times a year instead of once a month — without giving up the upside on your core equity holdings? 📋 EPISODE SUMMARY In this enlightening episode of Insight Is Capital, host Pierre Daillie sits down with Nicolas Piquard, Chief Options Strategist at Hamilton ETFs — a 30-year derivatives veteran who has traded from both sides of the options desk, sell-side and buy-side. Together they unpack the seismic shift in options markets driven by zero days-to-expiry (0DTE) options, which now dominate daily S&P 500 options volume. Piquard demystifies why these instruments are not the speculative instruments many preconceive them to be, and explains how Hamilton's DayMAX™ suite of ETFs harnesses daily covered calls — written only against a modest, leveraged 25% VOO sleeve — to generate frequent, tax-efficient income while leaving the core equity holdings fully intact and participating in the upside. With nearly $750 million in DayMAX™ AUM and growing, the conversation explores how advisors can deploy these strategies as precision income tools in a traditional 60/40 portfolio without sacrificing long-term growth. ✅ 3 KEY TAKEAWAYS

1. 0DTE options are a structural shift, not a fad. Exchanges gradually introduced weekly, then daily expirations over 20 years — today the market demands them for granular hedging and income generation, and volume keeps growing across asset classes. 2. The DMAX structure is engineered to preserve upside. By writing daily covered calls only against a 25% leveraged VOO sleeve — and leaving the 100% core champion dividend ETF completely uncovered — DMAX maximizes time-decay premium collection while keeping the bulk of equity appreciation intact. 3. Tax efficiency amplifies the yield advantage. Option premiums are taxed as capital gains, and intraday losses can offset gains — resulting in a distribution blend of dividends, capital gains, and return of capital that is materially more tax-efficient than ordinary income for most investors.

🕐 TIMESTAMPED CHAPTERS 00:00 — Introduction: How options markets have evolved

01:45 — Nicolas Piquard's 30-year career arc: sell-side to buy-side

05:22 — Hamilton ETFs growth: $7B in yield maximizers, $750M in DayMAX™

07:18 — The origin story of 0DTE options — from monthly to daily expirations

12:51 — How daily options differ from monthly covered calls

17:51 — The DayMAX™ structure explained: 100% champions ETF + 25% VOO + 0DTE overlay

46:05 — Partial vs. full call coverage: how DMAX preserves equity upside

52:07 — Portfolio construction: how advisors can use DMAX to close a yield gap

57:19 — Tax efficiency of covered call premiums: capital gains, ROC, and dividends

59:01 — Closing thoughts

#CoveredCalls #0DTE #OptionsIncome #HamiltonETFs #DMAX #ETFInvesting #OptionsStrategy #InvestmentIncome #PortfolioConstruction #DividendInvesting #FinancialAdvisors #WealthManagement #OptionsTrading #YieldMaximizer #PassiveIncome #CanadianInvesting #IncomeInvesting #VolatilityHarvesting #FinanceCanada #InsideIsCapital Copyright © AdvisorAnalyst