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

As Iran targets oil infrastructure with missiles, Wall Street is still buying the dip — but DoubleLine's Jeffrey Sherman says this time, the trade that's worked every time may finally be broken.

EPISODE SUMMARY

With oil prices surging, rate-cut expectations evaporating, and a conflict now entering its fourth week, host Pierre Daillie sits down with Jeffrey Sherman, Deputy CIO of DoubleLine Capital, to interrogate the assumptions underlying today's risk portfolios. Sherman maps the transmission channels from Middle East conflict to Main Street purchasing power, dissects what the bond market is — and isn't — signalling about fiscal sustainability, and raises uncomfortable questions about the liquidity architecture of private credit vehicles that investors may not have asked themselves yet. The conversation spans the K-shaped labour market, the rotation into international and emerging market assets, and where Sherman sees the most defensible risk-adjusted opportunities in fixed income right now — without pretending the answers are simple.

3 KEY TAKEAWAYS

• The Iran conflict is structurally different from a tariff shock — war policy does not reverse on equity market pressure, making the "buy-every-dip" playbook potentially dangerous for the first time in years. • Semi-liquid private credit vehicles carry a hidden contagion risk: when investors can't redeem, they sell public assets instead — a dynamic Sherman calls "the margin vortex" — and that forced selling can spiral back to reprice the illiquid positions that started the problem. • In this environment, Sherman favours short-duration high-quality credit, agency and non-agency mortgages, and emerging market local currency bonds as the preferred expression of the de-dollarisation and commodity tailwind trade.

TIMESTAMPED CHAPTERS

00:00 - Opening — overweight US risk and what to do about it 01:30 - Introduction: recording amid active conflict, March 20, 2026 03:15 - War as an inflationary event — oil, distillates, and the infrastructure damage timeline 06:00 - Higher oil for longer: the "transitory" shock that stays at the new price level 08:00 - Growth curtailment, the deficit, and what the bond market is actually pricing 11:25 - Why this is not a TACO trade — the limits of policy reversal in wartime 13:50 - K-shaped economy: labour market confusion, the no-fire/no-hire dynamic, and wage data 19:35 - Three regressive shocks hitting lower-income households: inflation, tariffs, oil 20:10 - Credit spreads: IG, high yield, and the triple-C divergence 23:30 - International equities, the commodity rotation, gold, and EM local currency bonds 30:15 - DoubleLine's portfolio positioning and the case for diversification right now 34:20 - Private credit: the slow motion train wreck, gating mechanisms, and the margin vortex 45:40 - The liquidity mismatch problem — why "semi-liquid" is a contradiction in terms 49:05 - Specific fixed income opportunities: mortgages, CLOs, IG, and leveraged loan avoidance 52:45 - Practical playbook for advisors: portfolio tilts, hedges, and what to explicitly avoid

#FixedIncome #BondMarket #DoubleLine #MacroInvesting #PrivateCredit #OilPrices #PortfolioStrategy #EmergingMarkets #GoldInvesting #InterestRates #CreditMarkets #InvestingIn2026 #WealthManagement #FinancePodcast #InsightIsCapital #GeopoliticalRisk #JeffreySherman #TACOTrade #HighYield #Deflation

The bond market — not equities — is the most fragile and most misunderstood foundation of your entire portfolio, and most investors have no idea what's coming.

Pierre Daillie and Mike Philbrick sit down with Alfonso Peccatiello — former ING bond portfolio manager of $20 billion and founder of macro hedge fund Palinuro Capital — for a masterclass in navigating a world where the old rules no longer apply.

With decades of disinflation now behind us, Alfonso makes the case that the classic 60/40 portfolio is structurally ill-equipped for today's macro regime. Drawing from his own eight-quadrant savings portfolio model, he walks through how investors should think about building resilient, all-weather portfolios using risk parity principles, leverage as a diversification tool, and a mix of equities, bonds, gold, CTAs, and the U.S. dollar.

The conversation shifts to the current geopolitical shock — a potential disruption in global oil supply through the Strait of Hormuz — and why taking directional risk in a nonlinear, unpredictable event is closer to gambling than investing. Alfonso closes with a bold macro outlook: the most underappreciated story of the next year may not be the U.S. at all, but the rest of the world.

00:00 Intro: Why the macro regime has shifted

00:56 Decades of debt, fiscal dominance & bond market fragility

15:15 Welcome Alfonso Peccatiello / Palinuro Capital

17:00 The eight-quadrant portfolio model explained

22:21 Are Treasuries actually fragile?

33:50 Using leverage defensively to unlock diversification

36:40 Building blocks: equities, bonds, and positive drift

38:29 Protecting against inflation: gold, commodities & CTAs

40:28 Protecting against deleveraging: the U.S. dollar's hidden role

43:28 Correlation math: why uncorrelated assets reduce total risk

45:24 How to size gold, bonds, and carry in a real portfolio

50:53 Tracking error: the behavioral trap that kills diversification

56:12 The savings portfolio: risk parity in practice

58:00 The 4% rule, path dependency & why drawdown size matters

1:00:06 Current positioning: geopolitical oil shock & the Strait of Hormuz

1:08:16 The most crowded trade in the world right now

1:10:20 What will surprise markets most in the next 12 months?

1:12:24 Closing thoughts & farewell

#MacroInvesting #PortfolioConstruction #BondMarket #RiskParity #AlphonsoPeccatiello #GlobalMacro #Inflation #60_40Portfolio #GoldInvesting #CTAStrategy #FiscalDominance #GeopoliticalRisk #InvestingStrategy #WealthManagement #RaiseYourAverage #FinancialAdvisor #AssetAllocation #RetirementPlanning #MacroHedgeFund #InvestingIn2025

Is U.S. market dominance about to break? In this episode of Insight is Capital, Pierre Daillie sits down with Cole Smead (CEO & Portfolio Manager, Smead Capital Management) to unpack why today’s market may be less about valuations—and more about a powerful capital cycle that could reshape global investing.

From AI-driven CapEx booms to the hidden risks of passive investing, Smead draws on historical parallels—from railroads to telecom to fracking—to explain why investors often miss the biggest regime shifts… and why the next decade of returns may look very different from the last.

This conversation explores the case for international equities, the structural setup for commodities, and why Canadian oil could play a critical role in portfolios as capital flows begin to rebalance globally.

If you think diversification still means owning the S&P 500… this episode may change your perspective.

🔑 What You’ll Learn:

• Why U.S. equity dominance may be nearing an inflection point • How capital cycles—not narratives—drive long-term returns • The hidden risks inside passive indexing and concentrated markets • Why AI and massive CapEx may not benefit investors the way you expect • The emerging opportunity in international equities and Canadian energy

⏱️ Chapters:

00:00 – The problem with U.S. market concentration

01:00 – Capital cycles vs valuation cycles

03:00 – Lessons from past market manias

05:00 – Why investors often lose in innovation booms

07:00 – Passive investing under pressure

10:00 – Oil markets and historical analogies

13:00 – Behavioral investing mistakes

18:00 – The SaaS reset and return on capital

24:00 – Investment discipline and opportunity

28:00 – Great companies vs great stocks

30:00 – AI CapEx and unintended consequences

34:00 – Who really benefits from innovation cycles

37:00 – Telecom bust lessons for today

40:00 – Falling tech costs and the Jevons Paradox

44:00 – Global capital rotation begins?

48:00 – Index risks and market dispersion

51:00 – Commodities and the U.S. dollar outlook

56:00 – From “mythos” to “logos” in investing

About our guest:

Cole Smead is CEO and Portfolio Manager at Smead Capital Management, known for his long-term, contrarian approach to value investing and deep research into market cycles and investor behavior.

📈 About the Show:

Insight is Capital™ explores the ideas, strategies, and perspectives shaping the future of investing—helping advisors and investors think better before capital compounds.

👍 Like, Subscribe & Share If you found this valuable, support the channel by liking the video, subscribing, and sharing with other investors.

#Investing #StockMarket #ValueInvesting #Macro #Commodities #OilAndGas #AI #GlobalMarkets #PassiveInvesting #ActiveInvesting

What if the greatest risk in your portfolio right now isn't owning too much AI — it's catastrophically underestimating what's actually happening?

Most investors are asking the wrong question.

The debate dominating markets right now — AI bubble or generational opportunity? — sounds sophisticated. But Pierre Daillie's conversation with Dan White, Associate Portfolio Manager at ARK Invest, suggests the real question is far more unsettling: what if the investors playing defence are the ones taking on the most risk?

White works directly alongside Cathie Wood, sitting horizontally across ARK's research teams to translate disruptive innovation research into portfolio strategy. He's watched the current AI moment unfold from the inside — across public markets, private venture, and the day-to-day behaviour of a research team that is itself being transformed by the very technologies they cover.

In this episode, they go deep on the comparisons to 1999, the so-called SaaS Apocalypse, the $600 billion CapEx question, and the thesis ARK calls the Great Acceleration. What they uncover challenges just about every instinct the cautious investor has right now — about valuation, about risk, and about which side of this moment history will judge as the costly mistake.

The data White brings to the table is striking. The framework ARK uses to identify true investment platforms is specific and testable. And the thesis risks he's willing to name out loud — including the scenarios that would genuinely break the bull case — are more concrete than most bears expect.

If you've been sitting on the sidelines waiting for clarity, this conversation may reframe what clarity actually looks like.

1. The 1999 Comparison Has One Fatal Flaw

The surface-level similarities are real — but one critical data point separates this moment from the dot-com era entirely. White spells it out with precision.

2. AI Is Not the Theme — It's the Engine

ARK's Great Acceleration thesis rests on a specific, testable framework. The five platforms AI is simultaneously accelerating are not equally understood by the market — and that gap is where ARK sees its edge.

3. The Risk Most Portfolios Aren't Pricing

Over-exposure to innovation dominates the risk conversation. White flips it. His case for why the asymmetric danger may run in the opposite direction is one of the sharpest arguments in this episode.

00:00 — The Setup: Bubble or Structural Shift? 02:00 — Dan White's Role at ARK Invest 03:00 — The SaaS Apocalypse Explained 06:00 — Where the 1999 Comparison Holds 08:00 — Where It Completely Falls Apart 10:00 — The Revenue Numbers Behind the Headlines 15:00 — Is the CapEx Build Sustainable? 20:00 — Claude Code and the Coming Demand Wave 22:00 — The Great Acceleration: Five Platforms, One Catalyst 28:00 — $600B CapEx: Who Actually Benefits? 29:00 — What Would Break ARK's Thesis? 34:00 — Energy, Power & Elon's Space Compute Play 37:00 — The Underinvestment Risk Argument 41:00 — Core-and-Satellite: A Framework for Investors 43:00 — Real-World AI in Action 47:00 — Closing

#ARKInvest #AIInvesting #GreatAcceleration #DisruptiveInnovation #CathieWood #AIStocks2026 #ClaudeCode #Anthropic #Palantir #TeslaFSD #AIRevolution #TechInvesting #GrowthInvesting #InnovationEconomy #AIProductivity #SaaSDisruption #InvestmentStrategy #Robotics #EnergyStorage #SpaceX #TokenEconomy #WrightsLaw #AICapEx #GPUShortage #PortfolioManagement #FinancePodcast #InsightIsCapital #ActiveManagement #FutureOfAI #AIStocks

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