Phillip Toews, founder of Toews Asset Management, delivers a master class in portfolio construction that challenges everything you thought you knew about investing. Drawing from historical market catastrophes often ignored by conventional wisdom, Toews reveals how a traditional 60/40 portfolio would have been devastated during the Great Depression – losing up to 72% of its value and remaining down over 60% after thirteen years.

This eye-opening conversation explores the concept of "adaptive fixed income" as Toews walks us through the little-discussed bond bear market from 1945 to 1981 that eroded investor wealth by 21% in real terms. With high sovereign debt levels globally and unprecedented monetary policy responses, Toews suggests we may be vulnerable to currency debasement rather than traditional market dynamics.

The heart of Toews' philosophy lies in his revolutionary approach to behavioral finance. Rather than starting with conventional portfolios and coaching investors through volatility, he advocates designing "all-weather" portfolios from the ground up that address both economic and psychological needs. His hedged equity approach aims to capture most market upside while dramatically limiting participation in downturns, potentially allowing investors to maintain positions during crashes and capitalize on eventual recoveries.

Toews introduces the concept of "corona bias" – just as society was unprepared for a pandemic despite historical precedent, investors ignore financial catastrophes outside their professional lifetimes. This collective amnesia leaves portfolios vulnerable to recurrences of historical calamities.

Whether you're an investment professional seeking to differentiate your practice or an individual investor concerned about today's complex market environment, this conversation provides a roadmap for building portfolios designed to withstand various economic scenarios while managing the crucial behavioral aspects of investing. Discover why Toews' recently published book "The Behavioral Portfolio" is changing how advisors approach client relationships and portfolio construction.

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Warren Buffett himself called our economy "asset light" – and for good reason. Today's most valuable companies derive their worth not from factories or equipment, but from intellectual property, brand equity, human capital, and network effects. Yet traditional value investing metrics, developed in the industrial era of railroads and utilities, completely miss these crucial drivers of modern business value.

Kai Wu, founder and CIO of Sparkline Capital, takes us on a fascinating journey through the evolution of value investing and explains why it's due for a radical update. With 50-80% of US company balance sheet value now coming from intangible assets, investors relying solely on price-to-book ratios find themselves increasingly unable to identify true value in today's markets.

The problem extends beyond mere definition. Our accounting standards systematically distort company valuations by expensing rather than capitalizing R&D and other intangible investments. This creates the paradoxical situation where companies investing heavily in their future appear less profitable in the present – a disconnect that creates tremendous opportunity for investors willing to look deeper.

Sparkline's innovative approach leverages artificial intelligence and big data to analyze unstructured information sources, from patent filings to social media, quantifying what traditional financial statements miss. This methodology bridges the growing divide between growth and value investors, applying timeless valuation principles to the digital economy.

Wu shares a compelling case study of NVIDIA, which Sparkline owned when it traded at a seemingly astronomical P/E ratio of 100. After adjusting for NVIDIA's extraordinary intellectual property and innovative culture, their models showed the stock was actually undervalued – a perspective completely missed by traditional metrics.

For investors looking to apply these insights, Sparkline offers two ETFs: ITAN for US markets and DTAN for international developed markets. Both funds seek companies rich in intangible assets but trading at reasonable valuations – essentially value investing adapted for the digital age.

Want to dive deeper into Kai's research? Visit sparklinecapital.com to explore his published papers and learn more about investing in the intangible economy.

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Foodies unite…with HowUdish!

It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!

Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!

HowUdish makes it simple to connect through food anywhere in the world.

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The global investment landscape is shifting beneath our feet, yet most investors remain fixated on US markets. Rohit Goel, Partner and Head of Global Macro at Breakout Capital, reveals why this myopia could prove costly in the years ahead.

Rohit drives home an alarming point: US fiscal deficits running at 6.5-7% of GDP during economic expansion represent an understated risk that markets have largely ignored. "If it is any other country on this planet, you would see a reaction, whether in bond yields or currency," he explains. This fiscal vulnerability could eventually force global investors to demand higher risk premiums on US assets, catalyzing capital flows toward international alternatives.

Where might this capital flow? Rohit points to markets starved of investment for fifteen years – Europe, Japan, and particularly emerging markets. Latin America stands at an inflection point with elections potentially delivering reform-minded leadership across major economies. Poland's investment-focused policies create another bright spot, while frontier markets from Nigeria to Sri Lanka implement meaningful reforms after pandemic-era financing constraints forced hard choices.

Perhaps most valuable is Rohit's framework for emerging market investing: "In emerging markets, 65% of returns are attributable to country selection." Unlike developed markets where sector selection drives performance, getting the country right is paramount in emerging spaces. And while liquidity remains challenging, patient investors with two-to-five-year horizons stand to benefit as capital eventually follows performance.

Rohit also dispels a common misconception about dollar cycles. The currency's likely depreciation over the next several years represents a normal economic cycle unrelated to reserve currency status. Since 1975, the dollar has experienced multiple significant bear markets without losing its position in the global financial architecture.

For investors willing to look beyond US borders, the coming years may offer extraordinary opportunities in markets long overlooked by global capital. The question is whether you'll position yourself ahead of this potential sea change or chase it after it's already underway.

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Remember when trading meant calling your broker and waiting an hour just to find out if your order was filled? That world is gone.

JJ Kinahan, CEO of IG North America (parent company of Tasty Trade), shares how the playing field has fundamentally changed for retail traders. With 21 years of experience trading on the Chicago Board Options Exchange and leadership roles at major brokerages, JJ offers rare insight into this transformation.

Today's retail traders wield professional-grade tools, instant executions, and information flows that rival institutional capabilities. The most dramatic shift? Options trading is no longer exclusive to professionals. As JJ explains, "Options are giant probabilities" that can be used strategically when traders understand the risks involved.

The conversation explores a fascinating retail trading psychology: during market uncertainty (like the recent "tariff tantrum"), traders initially flock to broad ETFs like SPDR and QQQ, gradually returning to individual stocks as confidence rebuilds—starting predictably with Microsoft and Meta. This behavioral pattern offers valuable signals about market sentiment that even professionals watch closely.

For new traders, JJ's advice is refreshingly straightforward: start with one contract, know your personal risk tolerance, and understand why you're entering each trade. "The easiest thing in the world is to risk more money. The hardest thing is to risk a lot, lose it, and then get into a bad cycle where you feel you have to make it back."

Looking ahead, the trading landscape continues evolving toward 24/7 access, with Tasty Trade launching 24-5 equity trading by June. This shift reflects growing global interest in US markets and the expectation that investors should be able to react to news in real-time, regardless of time zone.

Ready to level up your trading knowledge? Explore how defining your risk parameters might be the most important skill you can develop as a trader.

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Foodies unite…with HowUdish!

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Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!

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Ever wonder why everyone seems to chase the same handful of mega-cap tech stocks? Seth Cogswell of Running Oak challenges this herd mentality with a refreshingly contrarian perspective: the real opportunity lies in investing where others aren't.

This candid conversation explores how market complacency has driven investors to overlook compelling opportunities hiding in plain sight. Seth makes a powerful case for mid-cap stocks, which have actually outperformed large-caps by 60 basis points annually over 33 years—delivering 20% more total return—yet remain undervalued while the S&P 500's largest components trade at extreme premiums.

The discussion delves into today's unprecedented corporate debt landscape, where companies have borrowed heavily just to finance buybacks rather than productive investments. As interest rates rise, we may witness a complete reversal of this trend: companies selling equity to pay down debt, creating significant headwinds for overleveraged firms and their shareholders. Meanwhile, "zombie companies" that survived only through cheap refinancing face an existential threat.

Seth shares the philosophy behind Running Oak's RUNN ETF, explaining why quality factors like lower debt and earnings consistency matter more than ever, and why equal-weighting positions offers both protection and opportunity in today's market environment. You'll gain insights into why historical patterns suggest today's market concentration is anomalous rather than the new normal.

Whether you're concerned about portfolio concentration, seeking undervalued opportunities, or simply want a fresh perspective on navigating today's complex markets, this conversation offers practical wisdom that cuts through the noise. Ready to discover where smart money is quietly positioning for the next market phase? Listen now and reconsider what might be missing from your investment approach.

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Foodies unite…with HowUdish!

It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!

Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!

HowUdish makes it simple to connect through food anywhere in the world.

So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show

Ever notice how the biggest market disruptions are rarely the ones everyone sees coming? Brad Barrie challenges conventional wisdom about diversification with his compelling "bus you don't see" analogy, explaining why most investors remain vulnerable despite thinking they're adequately protected.

"Diversification is not more stuff," Brad emphasizes, dismantling the common misconception that simply owning numerous investments creates safety. His multidimensional asset allocation approach transcends traditional thinking by focusing on diversifying return drivers rather than just asset classes. This subtle but crucial distinction makes all the difference when markets experience unexpected shocks.

Through practical examples like the recent tariff volatility, Brad demonstrates how investors often underestimate visible risks while remaining completely blind to others. His counterintuitive wisdom that "diversification means always having to say you're sorry" reveals an uncomfortable truth: if everything in your portfolio performs well simultaneously, you're probably not truly diversified.

Brad explains how his Dynamic Alpha Macro Fund (DYMIX) embodies this philosophy by combining equities with discretionary global macro futures strategies. Unlike trend-following approaches that struggle in choppy markets, DYMIX positions based on fundamental theses that remain valid regardless of broader market conditions. This creates genuine non-correlation not just to stocks and bonds, but to other alternative strategies as well.

The conversation delivers actionable insights for both investors and advisors seeking to build more resilient portfolios. By understanding the specific drivers behind different investments and combining multiple uncorrelated return sources, you can better prepare for the investment "buses" you never see coming. Visit dynamicwg.com to learn more about Brad's multidimensional approach to navigating today's complex market environment.

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Foodies unite…with HowUdish!

It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!

Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!

HowUdish makes it simple to connect through food anywhere in the world.

So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show

Are you struggling to find meaningful yield in today's unpredictable markets? You're not alone. The investment landscape is evolving rapidly, pushing savvy investors toward innovative solutions that combine income potential with strategic diversification.

In this enlightening conversation with Jonathan Shelon, Chief Operating Officer at KraneShares, we dive deep into the explosive growth of covered call strategies and why international markets offer a particularly compelling opportunity. Shelon reveals how KLIP, KraneShares' international covered call ETF focused on Chinese internet stocks, generates monthly income in the impressive 3-5% range – substantially higher than what most U.S.-based covered call products offer.

What makes this strategy especially powerful is its diversification benefit. With a correlation of just 0.4 between U.S. and Chinese markets, these assets move on completely different cycles, creating a portfolio cushion when you need it most. As Shelon explains, "When US markets experience stress or drawdowns, it happens at a completely different time than when China experiences market stress."

We explore the compelling valuation case for Chinese equities, with tech companies trading at PE ratios in the mid-teens while maintaining strong growth. This stands in stark contrast to U.S. markets trading near historic highs both in index levels and valuations. Most investors remain significantly underweight China at just 2-3% exposure, despite KraneShares recommending 5-10% allocation.

Whether you're seeking to enhance your income strategy, reduce portfolio volatility, or strategically position for a potential shift in global market leadership, this conversation offers practical insights you won't want to miss. Ready to transform your approach to income and international diversification?

Visit kraneshares.com to learn more about KLIP and other innovative investment solutions designed for today's challenging market environment.

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Foodies unite…with HowUdish!

It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!

Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!

HowUdish makes it simple to connect through food anywhere in the world.

So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show

The financial world stands at a critical juncture as Treasury yields approach 18-year highs and markets wrestle with conflicting economic signals. In this riveting conversation between macro strategists Jim Bianco and Jay Hatfield, hosted by Michael Gayed, we explore the counterintuitive relationship between Fed policy and market reactions that has left many investors scratching their heads.

When the Fed cut rates last September, yields went up. This paradox forms the backdrop for a fascinating debate about whether higher rates might actually be the cure for higher rates. Hatfield advances his "Hopfield Rule"—the observation that housing starts falling below 1.1 million units have preceded 11 of 12 post-WWII recessions—suggesting we may be closer to economic trouble than many realize. Meanwhile, a 20% drop in oil prices this year has created what Hatfield calls "stag-deflation" rather than the stagflation many fear.

The conversation takes a surprising turn when examining market influences. Bianco reveals that retail investors purchased $4.1 billion worth of stocks in just four hours following the Moody's downgrade, effectively stabilizing the market. This "do-it-yourself" investor revolution has fundamentally changed market dynamics, with retail traders wielding unprecedented influence despite focusing on just a handful of popular stocks and ETFs.

Both experts offer nuanced perspectives on tariffs, inflation expectations, and the global bond sell-off. While the immediate outlook suggests continued volatility, they highlight that today's fixed income market structure offers significantly more favorable characteristics than during the initial rate hiking cycle of 2022-2023.

Whether you're concerned about spiking Treasury yields, curious about the impact of retail traders, or trying to position your portfolio for what comes next, this discussion provides crucial insights from two of the sharpest minds in macro investing. Subscribe for more illuminating conversations that help you navigate these complex market conditions.

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Foodies unite…with HowUdish!

It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!

Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!

HowUdish makes it simple to connect through food anywhere in the world.

So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show