In this episode of the Global Thinking Podcast, host Rob Duncan welcomes Keith Dicker, Founder and Chief Investment Officer at IceCap Asset Management, for an in-depth exploration of the global financial landscape. Keith shares captivating insights from his unique career path, the art of global investing, the power of networking, and why risk management remains the cornerstone of successful strategies.

Rob and Keith unpack the implications of climbing long-term interest rates, the mounting pressures of government debt and why this could lead to greater opportunities in the future. Keith dives into the intricate dance of inflation and energy markets, offering a sharp perspective on how central bank policies are shaping investment challenges and why you need to keep an eye on currency markets.

Chapters

00:00 Introduction to Global Investing Philosophy

01:34 Keith Dicker's Journey in Investment Management

05:42 Market Outlook: Opportunities and Risks

06:10 US Market Dynamics and Economic Indicators

10:04 Long-Term Interest Rates and Economic Growth

12:31 Government Debt and Fiscal Challenges

15:52 Global Savings and Investment Strategies

18:46 Currency Markets and Risk Management

22:31 US Economic Resilience and Investment Opportunities

31:41 Inflation Trends and Market Implications

32:09 Inflation Trends and Predictions

35:31 Energy Market Dynamics

37:23 Investment Strategies for Canadians

40:50 Market Opportunities and Concerns

44:04 Central Bank Policies and Currency Dynamics

50:50 Final Thoughts and Recommendations

2024 is proving to be another year full of surprises. Investors have been bracing for recession as a waterfall of misleading signals have dominated headlines. While many braced for a looming recession, markets defied expectations with strong returns—leaving many sidelined in cash or GICs, missing out on the upside.

In this episode of the Global Thinking Podcast, Rob sits down with Forstrong’s CEO and CIO, Tyler Mordy, to unpack the themes from Tyler's latest article, 5 Questions Keeping Investors Up at Night. Together, they tackle the big questions shaping today’s investment landscape: Where are we in the economic cycle? Are geopolitical shocks here to stay? What impact could the U.S. election bring? Is China’s economic stimulus a real game-changer? And, finally, what does the future hold for the powerhouse MAG-7 tech stocks? Join us for a deep dive into these pressing topics and find out why keeping perspective—and staying invested—matters now more than ever.

Chapters

00:00 Introduction

01:07 The Five Questions

02:36 Where are we in the Economic Cycle?

10:40 Are Geopolitical Shocks Becoming More Frequent?

17:06 What are the Implications of US Elections?

24:54 Are China's Economic Stimulus a Game Changer?

30:14 What is the Future of the MAG-7 Tech Stocks?

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Financial technology, or Fintech, in Canada has traditionally trailed behind the U.S. by nearly a decade. Until recently, even basic processes like virtual onboarding were rare in Canada, where advisors and clients often dealt with stacks of paper for signatures and mailed-off documents. But a global pandemic has accelerated change, bringing digital solutions and smartphone-driven client experiences to the forefront.

In this episode of Global Thinking, Rob sits down with Oliver Yoon, Head of Harness Investment Management, to explore the rapidly evolving Canadian Fintech landscape. Together, they discuss Oliver's extensive experience in finance, Harness’s mission to empower advisors with independent investment solutions, and how technology is transforming client interactions. They also dive into the role of AI in financial services and the exciting future for advisors embracing innovation.

Chapters

00:00 Introduction

01:07 Oliver Career in Finance

06:24 Understanding Harness and Its Role

09:56 The Importance of Independence in Canada

13:02 A Fintech Solution for Advisors

18:29 AI's Role in Financial Services

20:29 Future Opportunities for Harness

22:24 Competition and Unique Offerings

24:33 Personal Insights and Closing Remarks

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast Series - https://forstrong.com/podcast/

Global Thinking Insights - https://forstrong.com/insights/

Who is Forstrong Global - https://forstrong.com/who-we-are/

Ask Forstrong - https://forstrong.com/category/ask-forstrong/

Invest With Us - https://forstrong.com/invest-with-us/

Over the past year, China has grappled with escalating challenges—from a real estate meltdown to tech crackdowns and slowing growth—leading many investors to deem the country "un-investable." However, recent policy moves from Beijing, including significant interest rate cuts and liquidity injections, may point to a major inflection point ahead.

In this episode, Rob Duncan speaks with Forstrong’s Research Analyst, Shibo Gu, on the ground in Northern China. Together, they unpack the latest stimulus measures and their potential impact on investors eyeing opportunities in the world’s second-largest economy. Is this renewed optimism justified, or should caution still prevail?

Chapters

00:00 Introduction to China's Economic Landscape
03:28 Stimulus Measures and Their Implications
08:42 Investment Opportunities in the Wake of Stimulus
12:04 Market Outlook and Investor Sentiment
18:09 On-the-Ground Insights from China

www.forstrong.com

Forstrong Insights

Previous posts on visiting China.

Ask Forstrong: Postcard from China

Global Thinking: Postcard from China, Part 2

Investors have been pouring into Canadian ETFs at an unprecedented rate in 2024. While cash and US equity ETFs have dominated flows this year, recent trends suggest a shift is underway. Weaker economic data and volatility in Japan have investors worried, while international markets present compelling opportunities.

In the latest Global Thinking episode, Rob sits down with Daniel Straus, Director of ETF Research at National Bank, to discuss recent ETF trends and investment flows. Together, they explore why investors should focus on global opportunities and how to navigate the period ahead.

Show Notes:

00:00 - Exploring ETF Flows and Market Trends

05:08 - The Growth of the ETF Market

08:25 - Fixed Income Flows and the Demand for Cash

12:41 - The Appeal of International and Emerging Market ETFs

15:47 - The Unwinding of the Carry Trade in Japan

19:59 - Interest Rate Policy and Rate Movements

22:55 - Canadian Equity ETF Inflows and Home Bias

23:25 - Investing in Canada's Energy Markets

25:16 - Canadian Banks: A Demand Spot

28:06 - The Growth of Active ETFs in Canada

30:25 - Covered Call ETFs: Present Income vs. Future Upside

37:46 - Exploring Consciousness and Free Will

When asked about the prognosis for markets, American financier J. P. Morgan once famously quipped, “they will fluctuate”.

That statement is not meant to be dismissive of recent market volatility: the first half of 2024 has faced a long list of new realities from an AI fervour to contentious global elections. But, today more than ever, wealth accumulation demands a focus on fundamentals and looking beyond recent hype. Currently, there are historic opportunities to pivot into new investment themes as markets find a new footing and fresh macroeconomic trends emerge.

In this discussion, Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer, sits down with Forstrong Portfolio Manager, Terry Shaunessy, to explore where investors might be succumbing to market exuberance and identifying strategies to navigate volatility while achieving their financial objectives.

Disclosures: https://forstrong.com/disclosures/

Global Thinking Podcast

Forstrong Insights

Forstrong Dashboard: Gone Till November

5 Minute Macro: Is the Trump Trade On?

Ask Forstrong: AI Reality Check

Forstrong Quarterly Rebalance Q3 2024

Ask Forstrong: A Postcard from Mexico

5 Minute Macro: Election Waves and Market Moves

Forstrong Dashboard: Metals Rockin’ Out

Ask Forstrong: Emerging Markets, The Bull is Back

Forstrong Dashboard: Feeling EM Boldened

Ask Forstrong: A Broadening Bull Market?

Forstrong Dashboard: Breaking Breadth

Forstrong 5 Minute Macro: A Broadening Bull Market?

Forstrong Rebalance Summary: Q2 2024

Invest in Forstrong ETFs

Everyone is talking about Nvidia. Just 2 years ago the stock was worth a mere $400 billion. Now, depending on the time of day, it is worth somewhere around $3 trillion and was briefly the most valuable company in the world. Investors should not overcomplicate things here: Nvidia and the broader AI theme are in the midst of a speculative mania.

Of course, we have been here before. Investment stories, much like the current one, can be intoxicating and lure every last investor into the trade. During such times, diversification seems unnecessary. Who wants it when “one and done” portfolio decisions look so easy? Yet, investors invariably paying heavily for having taken on concentrated risk exposures. The late 1990s are a prime example.

At times like this, it is always useful to revisit the role of the portfolio manager: why do clients pay us to manage their wealth? It is not for flawless clairvoyance. Rather, we are paid to anticipate probable risks, prepare for opportunities and, importantly, not lose our proverbial minds when everyone else has lost theirs.

In the latest podcast, Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer, sits down with Tyler Mordy, CEO & CIO of Forstrong, to discuss the recent volatility in Nvidia and implications for the broader market.

Global Thinking Podcast

Forstrong Insights

Forstrong Quarterly Rebalance Q3 2024

Ask Forstrong: A Postcard from Mexico

5 Minute Macro: Election Waves and Market Moves

Forstrong Dashboard: Metals Rockin’ Out

Ask Forstrong: Emerging Markets, The Bull is Back

Forstrong Dashboard: Feeling EM Boldened

Ask Forstrong: A Broadening Bull Market?

Forstrong Dashboard: Breaking Breadth

Forstrong 5 Minute Macro: A Broadening Bull Market?

Forstrong Rebalance Summary: Q2 2024

Invest in Forstrong ETFs

Canadian ETF inflows continued at a brisk pace in May, bringing the year-to-date number to more than $24 billion (handily beating their mutual fund counterparts). Total assets now stand at more than $432 billion with 1407 ETFs to choose from. With all this selection, how do investors know which ETF to buy?

To help answer these questions Rob Duncan, Senior Vice President, Portfolio Manager & Lead ESG Officer at Forstrong, sits down with Patrick McEntyre, Managing Director and Co-Head of Institutional Sales of ETFs at National Bank Financial Group, to discuss:

• Key trends within the ETF industry
• Where investors are allocating funds
• How changes in ETF flows align with Forstrong’s investment outlook and positioning

In addition, Patrick walks through how National Bank provides liquidity on large trades, when ETFs can be more efficient than stocks and bonds, and why the rush to International and Emerging Market equities might be at a tipping point.

Global Thinking Podcast

Forstrong Insights

Forstrong Dashboard: Metals Rockin’ Out

Ask Forstrong: Emerging Markets, The Bull is Back

Forstrong Dashboard: Feeling EM Boldened

Ask Forstrong: A Broadening Bull Market?

Forstrong Dashboard: Breaking Breadth

Forstrong 5 Minute Macro: A Broadening Bull Market?

Forstrong Rebalance Summary: Q2 2024

Invest in Forstrong ETFs