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