When commodities stop behaving like trades and start behaving like truth detectors, portfolios—and advisors—need to rethink everything.

In this wide-ranging deep-dive, host Pierre Daillie welcomes back Tony Dong, Founder of ETF Portfolio Blueprint, to pressure-test the most common misconceptions about commodities investing.

Rather than treating commodities as volatile, short-term trading instruments, Tony reframes them as strategic portfolio diversifiers—assets whose value lies in low correlation, structural supply constraints, and long-term geopolitical realities.

Together, Pierre and Tony walk through energy, copper, gold, and silver—unpacking how ETFs actually deliver exposure, where investors get tripped up by outdated narratives, and why narrow, intentional allocations make sense. The discussion ultimately widens into geopolitics, multipolar power dynamics, and why ignoring politics is no longer a luxury for investors.

1. Volatility isn’t the enemy—correlation is the real story Commodities can be volatile on their own, but when they move differently from stocks and bonds, they can reduce portfolio risk and create a rebalancing premium when sized and managed properly.

2. Not all commodities are created equal—structure matters Energy equities are increasingly driven by balance sheets and capital discipline, copper faces unavoidable supply bottlenecks tied to electrification, and gold remains uniquely supported by central-bank demand. Treating them as interchangeable “inflation hedges” misses the point.

3. Narrow beats broad for most investors Tony argues that focused commodity exposure—gold, copper, or energy you actually understand—is easier to hold through volatility than broad commodity ETFs with mixed drivers, roll-yield drag, and tax complications.

00:00 – Why commodities are misunderstood

02:20 – Volatility vs. correlation: the portfolio math advisors miss

03:45 – Futures, contango, and why old commodity ETFs disappointed

04:45 – Energy ETFs: geopolitics vs. fundamentals

08:30 – Capital discipline, buybacks, and M&A in Canadian energy

10:10 – Copper’s biggest misconception: demand vs. supply reality

13:00 – Copper exposure: physical metal vs. mining equities

16:00 – Is a copper supercycle real—or reflexive?

18:30 – Multipolar geopolitics and why resources matter more now

25:10 – Gold vs. silver: false equivalency explained

29:45 – Broad commodity ETFs vs. targeted allocations

31:00 – Final thoughts: why portfolios don’t exist in a vacuum

#Commodities#CommodityETFs#PortfolioDiversification#GoldInvesting#CopperInvesting#EnergyETFs#RealAssets#ETFInvesting#WealthManagement#CanadianInvestors#MacroInvesting#GeopoliticsAndMarkets#AdvisorEducation

In this wide-ranging and intellectually rich conversation, host Pierre Daillie sits down with veteran options trader, market maker, and probabilistic thinker Kris Abdelmessih for a deep exploration of how markets really work beneath the surface—and how investors can think more clearly in a world dominated by uncertainty, noise, and emotion. Drawing on more than two decades of experience spanning Susquehanna International Group, proprietary commodity trading, and portfolio management at Parallax, Abdelmessih explains why options markets reveal truths that stock prices alone cannot, how poker shaped his understanding of risk and decision-making, and why probabilistic thinking—not prediction—separates professionals from amateurs. The discussion moves seamlessly from trading pits and market structure to behavioral bias, prediction markets, volatility, and education, culminating in a thoughtful explanation of Moontower, Abdelmessih’s platform designed to help investors understand whether options are cheap, expensive, or inappropriate for a given thesis. This episode is less about “what to buy” and more about how to think—about risk, information, and the difference between being right and making money.

Stock prices are two-dimensional snapshots. Options markets, by contrast, embed the market’s full probability distribution—revealing not just where investors think prices may go, but how violently and under what conditions. This makes options markets a powerful lens for understanding hidden risks and asymmetric outcomes.

2️⃣ Good Decisions Can Still Lose—And That’s the Point

Drawing parallels between poker and trading, Abdelmessih emphasizes that outcomes are noisy, even when decisions are sound. Professionals focus on expected value, risk sizing, and repeatability, not short-term wins or losses. This mindset is critical for surviving low-signal environments like financial markets.

Markets aggregate information better than opinions. From CEO resignations to geopolitical outcomes, prices often reveal consensus faster—and more accurately—than pundits. Understanding volatility, probability, and conditional outcomes will become increasingly important as prediction markets and derivatives continue to evolve. ⏱️ Timestamped Chapters

01:15 – Kris Abdelmessih’s career path: SIG, commodities, Parallax

05:10 – From Cornell to trading floors: curiosity as a career catalyst

24:30 – Poker, probability, and Bayesian thinking at Susquehanna

29:20 – Why being “right” doesn’t matter in markets

37:00 – Market making vs. portfolio management: different risk shapes

43:00 – Trading oil, gas, and the chaos of pit trading

48:00 – Why specialization is both powerful and dangerous

58:30 – What Moontower is—and why most investors misuse options

1:02:00 – How options reveal hidden distributions in stock prices

1:08:00 – Prediction markets, truth, and market-based consensus

More on Kris Abdelmessih

Kris Abdelmessih on Linkedin - https://www.linkedin.com/in/kristopher-abdelmessih-63b1b1/

Moontower.ai - https://www.moontower.ai/

Moontower Substack - https://moontower.substack.com/

#OptionsTrading#MarketStructure#ProbabilisticThinking#Volatility#RiskManagement#BehavioralFinance#PredictionMarkets#InvestingMindset#FinancialEducation#InsightIsCapital

In this episode of Insight Is Capital, host Pierre Daillie sits down with David Stonehouse, Interim CIO and Head of North American Specialty Investments at AGF Investments, for a wide-ranging but grounded discussion on what lies ahead for investors as the cycle matures.

Stonehouse frames 2026 as a constructive but narrower environment—one supported by global monetary easing, rising fiscal stimulus, and resilient earnings growth, yet constrained by elevated valuations, softer labor markets, and geopolitical uncertainty. The conversation carefully unpacks how tariffs have shifted from an economic “earthquake” to a lingering aftershock, why inflation fears may be overstated near-term, and how investors can think about regional diversification beyond a heavily concentrated U.S. market.

Rather than offering bold predictions, the discussion emphasizes flexibility, balance, and readiness—highlighting why equal-weight equity exposure, selective credit, emerging markets, and a strategic cash buffer may matter more than ever as uncertainty rises but opportunity persists.

🔑 3 Key Takeaways

• 2026 looks constructive—but with less room for error. Global easing cycles, fiscal stimulus, deregulation, and healthy earnings support risk assets, but elevated valuations and optimistic sentiment increase vulnerability to shocks.

• Tariffs are no longer a shock, but still a drag. The biggest tariff surprise is behind us; clarity—not resolution—matters most now, allowing businesses and consumers to adapt even as trade frictions persist.

• Diversification and optionality matter more than conviction. With U.S. equities richly valued after a long run, Stonehouse sees relative opportunity in emerging markets, Japan, and potentially Canada—while cash provides flexibility if volatility returns.

⏱️ Timestamped Chapters

• 00:00 – Markets heading into 2026: momentum with less margin for error

• 02:00 – David Stonehouse’s career path and investment philosophy

• 03:00 – The six macro tailwinds shaping 2026

• 08:00 – Tariffs: from economic earthquake to manageable aftershocks

• 12:00 – Labor markets, immigration, AI, and the “no-hire, no-fire” economy

• 17:00 – Fiscal stimulus, affordability pressures, and the K-shaped economy

• 22:00 – Central banks, bond markets, and the myth of ‘new QE’

• 31:00 – Inflation, disinflation, and long-term yield risks

• 38:00 – Why equities can still rise—but valuations matter

• 43:00 – Regional opportunities: U.S., Canada, emerging markets, Japan

• 52:00 – Portfolio positioning: equities, fixed income, credit, and cash

• 55:00 – Final thoughts on risk, resilience, and flexibility

#InsightIsCapital #MarketOutlook2026 #MacroInvesting #PortfolioStrategy #AGFInvestments #DavidStonehouse #CentralBanks #TariffsAndTrade #EquityMarkets #FixedIncome #EmergingMarkets #AdvisorInsights

Copyright © AdvisorAnalyst

Explore the evolving world of portfolio construction with Leslie Alba, CFA, CIBC Asset Management's $90-billion Head of Portfolio Solutions. Discover how to move beyond traditional diversification and embrace a total portfolio approach, balancing risk exposures for uncertain markets. Learn actionable insights for managing expectations and navigating market volatility. In This Episode:

00:00 Introduction to Leslie Alba 02:16 Leslie’s Career Journey and Philosophy 06:00 Promising and Challenging Market Dynamics 08:16 Bonds: Diversification and 60/40 Limitations 11:48 Total Portfolio Approach and Regime Shifts 16:42 Evolving Capital Market Assumptions 23:29 Purpose-Driven Portfolio Construction 30:18 Overcoming Dogmatism and Risk Tolerance 35:02 Private Markets and Investment Selection 39:30 Total Investment Solutions for Advisors 44:22 Behavioral Finance and Staying Invested 50:21 CIBC’s Client-Centric Value Proposition Key Takeaways:

Rethink Diversification: Understand that traditional 60/40 portfolios may not offer sufficient defensive positioning due to overlapping risk factors.

Adopt a Total Portfolio Approach: Manage portfolios holistically, focusing on achieving client objectives and balancing risk exposures rather than isolated asset classes.

Embrace Alternatives: Consider diversifying into alternatives to reduce correlation and economic risk, as they react differently in various market conditions.

Prioritize Purpose: Anchor portfolio design around client objectives and the unique purpose each asset class or strategy serves to achieve those goals.

Manage Behavioral Biases: Equip clients with insights and plans to stay invested and calm during market volatility, mitigating emotional decision-making.

Resources Mentioned:

Connect With Leslie Alba: LinkedIn Subscribe to Insight is Capital: Hit the Subscribe button Apple Podcasts: https://podcasts.apple.com/ca/podcast/insight-is-capital-podcast/id1270978994 Spotify: https://open.spotify.com/show/3EXEqj0Vv12rp8bLPPTk6X

#investmentstrategy #portfoliomanagementservices #assetallocation #financialplanning #portfoliomanagement

In this wide-ranging and human conversation, host Pierre Daillie sits down with Tim Nash, Founder & CEO of Good Investing, to explore what it really means to invest with intention in an era of political polarization, ESG backlash, and growing client skepticism toward traditional finance. Drawing on more than 15 years of experience in sustainable investing, Tim reframes the debate around ESG, impact investing, and responsible capital allocation. Rather than positioning sustainability as a trade-off against returns, he argues that money is best understood as a means—a tool to support security, freedom, stability, and well-being—rather than an end in itself. The discussion moves well beyond product labels. Tim clearly maps the spectrum of sustainable investing approaches, from divestment and ESG integration to shareholder stewardship, thematic investing, and deep impact investments such as community bonds. Along the way, Pierre and Tim unpack why many advisors struggle with these conversations, how values alignment drives trust and client retention, and why listening—not judgment—is the most critical advisory skill in today’s environment. This episode is essential listening for advisors navigating generational wealth transfer, evolving client values, and the widening gap between what investors want and what the industry often delivers. 🔑 Key Takeaways 1️⃣ ESG Isn’t Dead—The “Tourists” Are Tim explains that the recent backlash against ESG has actually strengthened sustainable investing by flushing out greenwashing. What remains is a more serious, informed, and values-driven core of investors and practitioners committed for the right reasons. 2️⃣ Money Is a Tool, Not an Identity A central theme of the conversation is the idea that net worth is not self-worth. Tim reframes investing as a means to support life goals like freedom, security, leisure, and purpose—an insight that reshapes how advisors should approach planning conversations. 3️⃣ Advisors Win by Listening, Not Convincing From hydrogen stocks to community bonds, clients don’t need advisors to agree with them—they need to feel heard. Dismissing values-based ideas is one of the fastest ways to lose trust, especially with younger investors and inheritors. ⏱️ Timestamped Chapters 00:00 – Introduction: Tim Nash’s journey and the philosophy behind Good Investing 02:30 – ESG backlash, politics, and why “ESG tourists” have left the building 06:15 – The real debate: growth at all costs vs. money as a means to well-being 10:00 – Breaking down sustainable investing: divestment, ESG, stewardship, impact 15:30 – Impact investing explained: community bonds, blended returns, and “recyclable philanthropy” 22:30 – Why purpose matters more than performance for impact allocations 27:00 – The advisor’s challenge: trust, compliance, and values-driven clients 33:00 – The massive gap between client demand and advisor action 38:30 – Wearing different hats: empathy, diversification, and client-led decisions 46:20 – Greenwashing, proxy voting, and what “real” ESG looks like 52:20 – The industry skills gap: EQ vs. IQ in modern advising 57:00 – The most powerful onboarding question: “What’s important about money to you?” 01:03:00 – The future of responsible and impact investing 01:06:40 – Where to find Tim Nash and Good Investing

#SustainableInvesting #ImpactInvesting #ESG #ValuesBasedInvesting #FinancialAdvisors #WealthWithPurpose #EthicalInvesting #AdvisorInsights #GoodInvesting #MoneyAndMeaning

Featuring Heather & Douglas Boneparth, authors of Money Together What really happens when love, money, ambition—and sometimes resentment—share the same address? In this deeply honest and refreshingly candid episode of Insight Is Capital, host Pierre Daillie sits down with Heather and Douglas Boneparth, the powerhouse couple behind Bone Fide Wealth and co-authors of the bestselling book Money Together. Heather’s journey from corporate attorney to financial storyteller and Doug’s rise as one of today’s most recognizable financial planners form the backdrop for a conversation that goes far beyond spreadsheets. They open up about the real dynamics inside modern relationships: shifting power, unseen labor, income imbalances, ambition, fairness, and the emotional landmines that determine whether couples thrive—or quietly fracture. Key Takeaways

Heather and Doug reveal how unspoken expectations, shifting power dynamics, and invisible workloads slowly erode trust when couples aren’t talking honestly about what’s changing in their lives.

True fairness means “making room” for each other—emotionally, professionally, and financially—as needs, seasons, and capacities evolve.

Quarterly money dates, honesty about risk tolerance, and a willingness to stretch outside comfort zones create the compounding effect that strengthens relationships over decades.

This episode is a must-watch for couples, advisors, and anyone seeking a healthier, more intentional relationship with money—and with each other. 👉 Order the book:https://domoneytogether.com 👉 Subscribe to their newsletter, The Joint Account:https://readthejointaccount.com

00:00 – Welcome 00:56 – Meet Heather & Doug 02:20 – From law to financial storytelling 03:09 – Doug on building Bone Fide Wealth 04:29 – Balancing work, family & online presence 05:48 – Chaos, organization & compromise 07:00 – Discomfort as a sign of growth 08:21 – Risk tolerance inside a marriage 09:12 – The pandemic inflection point 11:48 – Identity, resentment & invisible labor 12:43 – The ultimatum that changed everything 14:30 – How the book Money Together was born 16:26 – What couples aren’t saying about money 18:16 – Vulnerability & honesty in relationships 21:52 – Why clients don’t reveal everything at first 23:09 – How advisors can foster honest conversations 25:45 – Slow, gentle financial dialogue 29:18 – Fairness vs. equality 33:49 – Workloads, seasons & avoiding scorekeeping 36:51 – How resentment communicates without words 38:25 – Collective ambition & shared power 39:55 – Trust, money dates & compounding 44:24 – What couples should remember—20 years later 46:37 – Where to find the book & newsletter 47:10 – Closing reflections

• Money & relationships
• Power dynamics inside couples
• Communication breakdowns
• Shared ambition & fairness
• Emotional dimensions of financial planning
• Why advisors must go beyond numbers
• Building a resilient financial partnership
• Trust, teamwork & long-term growth

If you enjoyed this conversation, hit LIKE, SUBSCRIBE, and turn on notifications for more deep, human, and practical conversations with leaders in wealth, finance, psychology, and behavioral insights. #MoneyTogether #DougBoneparth #HeatherBoneparth #FinancialCouples #RelationshipFinance #MoneyAndMarriage #JointFinances #MillennialMoney #FinancialWellness #PersonalFinanceTips

In this illuminating episode of Insight is Capital, host Pierre Daillie sits down with Brent Smith, CIO of Kinsted Wealth, for a deep dive into how private investors can now build truly institutional-style portfolios. Smith—who spent decades leading Franklin Templeton’s Multi-Asset Strategies group before co-founding Kinsted—shares a masterclass on the evolution from the 60/40 portfolio to a comprehensively diversified portfolio structure that mirrors the strategies of pension funds and endowments.

This is a conversation about rethinking diversification, embracing patient capital, and building the kind of portfolio resilience engendered by institutional and private wealth management. Smith unpacks how Kinsted’s approach to portfolio design, liquidity, and alpha generation is quietly transforming how advisors and their clients think about wealth, access, and opportunity.

1. From 60/40 to Institutional Thinking “If you really want a true institutional-style diversified portfolio, you have to embrace the private markets.” Smith explains how Kinsted rebuilt its platform around public, private, and alternative assets to reflect how pensions like CPP and endowments like Yale invest.

2. The Power of Patient Capital Smith calls it “the patience dividend.” Investing in drawdown funds like Brookfield’s Global Transition Fund requires long-term commitment—but it’s how institutions extract real value. “You require a lot of patience when you’re investing in private assets,” he says. “Ultimately, it’s going to come.”

3. Portable Alpha for Private Wealth Through a bespoke partnership with Morgan Stanley, Kinsted built a multi-strategy hedge fund platform inside its global equity pool—targeting MSCI World +4–6% returns with near-zero beta. “Everyone’s doing this in the institutional space,” Smith notes, “just not in the high-net-worth space.”

00:00 – Introduction: From democratization to institutionalization of investing 02:30 – Brent Smith’s career journey: From Franklin Templeton to Kinsted Wealth 05:00 – The behavior gap in diversification and the problem with FOMO 08:00 – Re-engineering 60/40: The 50/30/20 evolution 11:00 – Why private markets are the next frontier 15:00 – How Kinsted built access to institutional-grade assets 20:00 – The patience of private investing: Brookfield and beyond 25:00 – Private market myths and education gaps 33:00 – Data centers, energy transition, and thematic private investing 40:00 – The liquidity illusion: Long-term capital vs short-term fear 47:00 – The relationship premium: Access through trust and time 55:00 – Portable alpha and structural alpha explained 1:07:00 – Partnering with advisors: Building the next-gen private platform 1:11:00 – The future of advice: Proactive vs reactive 1:13:00 – Inflation, valuations, and the end of the Fed Put 1:17:00 – Closing thoughts: Patient capital and the pension mindset

#InsightIsCapital#BrentSmith#KinstedWealth#PrivateMarkets#InstitutionalInvesting#PortfolioDiversification#Alternatives#PortableAlpha#PatientCapital#InvestmentStrategy#WealthManagement#AdvisorEducation#PensionStyleInvesting#PierreDaillie#FinancialAdvisors#GlobalMarkets#EndowmentModel#PrivateEquity#PrivateCredit#HNWInvesting