Global Thinking
44 episodes - English - Latest episode: 21 days ago -Welcome to Global Thinking, the podcast where we explore the intersection of global macro investing, geo-political tensions, and financial advice. Join our host Rob Duncan, as they guide you through the complex world of personal finance and help you navigate the ever-changing landscape of global markets. Every month we bring on top experts to share their insights and perspectives on the latest trends and events shaping the global economy. Whether you're an experienced investor or just starting out, this podcast is your go-to resource for understanding how to manage your wealth in a rapidly changing world. So sit back, relax, and join us for an engaging and thought-provoking conversation on Global Thinking.
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Episodes
Is US equity still the easiest asset allocation decision?
April 09, 2024 13:12 - 29 minutes - 18.6 MBUS equities have taken center stage over the last few years and are touching all-time highs as consumers continue to show strength with healthy balance sheets and less sensitivity to higher interest rates. But is all this good news already priced in? What may be surprising is that returns are no longer being powered primarily by the “Magnificent 7”. Instead, forgotten and unloved sectors are now witnessing a steady bid. In this episode Rob sits with BMO’s Chief Investment Officer...
Interest Rate Obsession
March 29, 2024 19:14 - 30 minutes - 32.9 MBInterest Rate Obsession: Are Markets Missing the Bigger Picture? Markets have found a new obsession to dote upon: timing central bank rate cutes. Everywhere you look, interest rate expectations continue to dominate headlines and market narratives. Imminent recession fears have been replaced with questions on the timing and magnitude of interest rate cuts, but interest rates are only part of the story. The larger trend is the impressive resilience not only of the US economy but also in ...
Global Thinking Market Update with Franklin Templeton
March 20, 2024 21:36 - 41 minutes - 32.2 MBIn this episode Rob sits down with Michael Greenberg, Senior Vice President and Portfolio Manager at Franklin Templeton Investment Solutions, to ask questions about their market outlook and where they see opportunity in the year ahead. Throughout the podcast Mike shares his perspectives on inflation, expectations for interest rate cuts, concentration in US equity’s “AI enablers” and Bitcoin’s impact on portfolio returns. While Mike remains positive on the US avoiding a recession and continu...
Running with Bulls - Is the Market Rally Broadening?
March 04, 2024 13:49 - 35 minutes - 27.6 MBOne year ago, market forecasters were in absolute agreement. A Bloomberg consensus survey showed that 100% of the respondents predicted a global recession in 2023. Rising interest rates would surely create an inevitable “hard landing”. When such agreement exists in the investment world one must ask the obvious question, “What don’t we already know?”. Since then, fears over hard landings have vanished as the powerful surge in US-led growth has thinned out the recession camp. But less...
Macro Musings from A Latam Perspective
February 13, 2024 16:27 - 37 minutes - 38.9 MBOn this episode Rob sits down with our good friend Rodrigo Gordillo from Resolve Asset Management. Rodrigo has a fascinating background and shares how hyperinflation in 1980s Peru shaped his life and investment philosophy. He also discusses why emerging markets have been more proactive in combating inflation over the last few years, and why inflation volatility will be higher this decade than the last. For more information on our podcasts please visit: https://forstrong.com/podcast/ Bi...
Bonds, Bitcoin and The Biggest Year Ever For Democracy
January 23, 2024 18:00 - 39 minutes - 40.8 MBWelcome back to all our listeners. This is now Season 4 of the Forstrong Global Thinking podcast and there is no shortage of topics to dive into. In this episode Rob sits down with Tyler Mordy, CEO and CIO, to discuss which macro trends are shaping the investment landscape. Looking back, last year was one of heightened risk aversion: some $1.3 trillion dollars ran into global money market funds. Meanwhile, our investment team has a thesis that may stretch minds: we are entering a new risk...
Shifting Market Narratives - Higher for Longer Hits Home
October 20, 2023 12:59 - 17 minutes - 15.7 MBThe US bond selloff over the last few years is on par with the largest ever in history. In this podcast Rob sits down with Forstrong Lead PM, David Kletz, to discuss market performance and what “higher for longer” interest rates means for investors. While this new environment has dampened confidence and has everyone running into the perceived safety of cash, the reality is that cash rarely outperforms risk assets for extended periods. Meanwhile, several investment opportunities have now beco...
What Happens When AI Gets Real, Part 2
June 16, 2023 13:37 - 21 minutes - 15.1 MBIn part 1, Rob Duncan sat down with Reza Samahin, Portfolio Manager at KJ Harrison, to discuss the big ideas behind Artificial Intelligence and what impact it may have on the future In part 2, Rob and Reza discuss the implications of AI from an investment perspective. Is this Dot Com 2.0? Will investors benefit from an unfolding capex cycle driven by AI? Are valuations on AI-related stocks justifiable? Tune in as they discuss the next phase of AI and where investors should direct the...
What Happens When AI Gets Real?
May 17, 2023 20:18 - 12 minutes - 9.56 MBLast month 2,600 tech industry professionals signed a petition led by Elon Musk and Apple co-founder, Steve Wozniak, to halt AI development until there was a clear understanding of its full implications. Although he did not sign the letter, Geoffrey Hinton, the so-called “Godfather of AI”, resigned from Google to warn the world stating, "AI could be a greater threat to humankind than climate change". In this part 1 of this 2-part series, Rob sits down with Reza Samahin, Portfolio Manager ...
Postcard from China, Part 2
May 11, 2023 20:28 - 14 minutes - 13.2 MBIt has been four long years since Forstrong last visited mainland China. In that time, the country faced a real estate collapse, technology crackdowns and more than 1100 days of brutal lockdowns. Given the size and scale of China’s influence on the global economy, their reopening is something that smart investors need to monitor. After a month on the mainland Shibo Gu, Forstrong’s Research Analyst, sits down with Rob to talk about his firsthand experiences and Forstrong outlook on the ...
Is The Developed World Slowing Down?
April 14, 2023 18:28 - 23 minutes - 17.4 MBComing off a surprisingly resilient Q1, Global Equities staged a rally for a second quarter despite the collapse of Silicon Valley Bank and renewed fears of another 2008 financial crisis. While US markets staged a late rally to pull ahead of Canada, International markets continue to be global leaders. In this episode of Global Thinking, Rob sits down with Forstrong’s Lead PM, David Kletz, to hear about structural changes impacting global markets and why International and Emerging Market equ...
Global Thinking Invité spécial - Clément Gignac
March 23, 2023 18:04 - 13 minutes - 11.2 MBCette semaine, nous avons un invité très spécial pour notre podcast "Global Thinking". Omar Rayes de Forstrong s'assoit une deuxième fois avec l'Honorable Clément Gignac. Clément a eu une longue et brillante carrière dans les secteurs public et privé. Sur la scène internationale, il a présidé en 2012 le Conseil de l'agenda mondial sur la compétitivité (division du Forum économique mondial). Il est également membre associé de la Conference of Business Economists, un groupe d'éminents éc...
Global Thinking Special Guest - Clement Gignac
March 23, 2023 18:00 - 13 minutes - 10.1 MBThis week we have a very special guest for our “Global Thinking” Podcast. Forstrong’s Omar Rayes sits down for a second time with the honorable Clément Gignac. Clément has had a long and distinguished career in both the public and private sectors. On the international scene, he chaired in 2012 the Global agenda council on competitiveness (a division of the World Economic Forum). He is also an associate member of the Conference of Business Economists, a group of distinguished global eco...
SVB Failure: Moving Fast and Breaking Things
March 14, 2023 01:17 - 16 minutes - 11 MBSilicon Valley’s scrappy attitude of “move fast and break things” not only became standard start-up advice over the last decade, but quickly evolved into a global movement for the technology sector. Yet, a rich irony has emerged. It turns out that customers can also move fast and break things. Last Thursday, depositors at Silicon Valley Bank (SVB) pulled $42 billion and, in a matter of hours on Friday, became the second largest bank failure in US history. Tune into Forstrong’s latest...
A Surprisingly Resilient Economy
February 17, 2023 19:56 - 19 minutes - 22.3 MBIt has been a long string of surprises over the last year. The Fed was surprised inflation wasn’t transitory. Investors were surprised to see the fastest rate hikes since the 1980s. Economists are now surprised we aren’t in a recession. Yet, in our view, the biggest surprise continues to be the resilience of the global economy – despite higher interest rates, economic growth has continued to chug along. Where to from here? Our investment team continues to believe that this is a v...
Forstrong Super Trends 2023: Metamorphosis
February 06, 2023 17:05 - 29 minutes - 34.2 MBAs it was in 2022, financial markets had their own Kafkaesque backdrop. Investors did not need to stretch their imaginations: reality did it for them. Supposedly rare events appeared more frequently than ever. All of this has forged an easy fraternity for those predicting more macro doom. Global pessimism is now higher than ever. Understandably, the pull of this narrative is powerful. Because the most recent threats to civilization were a pandemic and then an unforeseen war, we expect the ...
Forstrong Super Trends 2022: World in Transition
January 27, 2023 15:52 - 34 minutes - 39.9 MBIt is now abundantly clear that last year was a hinge moment in history. The world of tomorrow will resemble nothing of what we see today. “All life is a process of breaking down, but the blows that do the dramatic side of the work…don’t show their effect all at once.” Great American author F. Scott Fitzgerald once wrote in an essay for Esquire. The writer was referring to his personal challenges during the mid-1930s. But the observation could have applied to the global economy moving into...
Forstrong Unscripted Summer Thoughts
August 18, 2022 13:51 - 20 minutes - 15.1 MBIn this summer edition of the Global Thinking Podcast, Rob Duncan sits down with Forstrong's CEO and CIO, Tyler Mordy, to discuss the most topical macro issues moving markets today. -Is the global economy in a recession or headed for one -Has inflation peaked or will it be more persistent -Why every bear market leads to a change in leadership -What are the investment implications To read more or subscribe to Forstrong's Global Insights, please visit Forstrong Global Thinking Insig...
Fighting Volatility with Asset Allocation
June 17, 2022 12:10 - 29 minutes - 34.1 MBFor those who have been hiding under a rock the last 6 months, global markets are in uncharted territory. In the face of slowing economic growth and surging inflation, central banks are increasing interest rates at levels not seen in over 30 years. How have markets responded? Global equity and bond markets have plunged deep into negative double-digit territory, an outcome not seen in over 70 years of recorded history. So where to from here? As the sugar high from a surging tech boom fades an...
Can Markets Digest Higher Rates and Higher Inflation?
February 17, 2022 22:04 - 23 minutes - 27 MBIt is no surprise the last few months have been jarring for financial markets. The Fed, initially believing price spikes were short-term, were caught in an almost cartoon-like backpedal as inflation instead accelerated to a 40-year high. Now markets are on edge the Fed will tighten too much and short-circuit the economy. Forstrong's Tyler Mordy explains why he expects inflation to moderate and how global risk appetite will continue.
Weclome to the Shortage Economy
November 11, 2021 16:38 - 20 minutes - 23.8 MBThe world has been transfixed by a strange spectacle: a scarcity of nearly everything. It has been a cinematic experience complete with congested shipping lanes, gas shortages and rationed microchips. This kind of drama is entirely unfamiliar a decade after the global financial crisis's chronic oversupply. Now, the gluts of the 2010s are giving way to a far different world. Welcome to the new shortage economy. Rob sits down with Forstrong's CIO, Tyler Mordy, to talk investment implicatio...
Ever-a-Grande Portfolio Rebalance
October 15, 2021 13:27 - 16 minutes - 19.4 MBGlobal stock markets maintain double digit gains year-to-date, but as the recent selloff deepens market pundits continue to point fingers and provide reasons why this is the end. In this podcast we sit down with Forstrong PM, David Kletz, to discuss Evergrande's impact on markets and our recent portfolio rebalance. Not surprisingly, we see the macro environment remaining supportive into year-end.
Forstrong Global Thinking - A Phased Pandexit
July 22, 2021 18:39 - 18 minutes - 20.8 MBViewing the globe, we note a very unusual situation — most likely attributable to the post-Covid rebound. For the first time on record, developed nations have been growing faster than global GDP growth. And global growth is currently faster than that of emerging countries. This must resolve itself in one way or another. What will be the likely outcome? Rob Duncan speaks with Forstrong Portfolio Manager, David Kletz, to discuss their recent rebalance and whether or not the reflationary trade ...
Global Inflation: Has the Force Awakened
June 10, 2021 00:49 - 27 minutes - 31.4 MBWhat happens when the world is cooped up — in some cases against its will — for more than a year? We are now getting answers to this global experiment. To no one’s surprise, it turns out many are increasingly unwilling to delay gratification which has sent inflation soaring all around the world. Rob Duncan sits down with Forstrong's CIO, Tyler Mordy, to discuss how the pandemic is creating an inflationary regime shift with lasting impacts few can predict.
Cryptocurrencies: Currency Replacement or Financial Utility?
May 17, 2021 18:12 - 41 minutes - 47.6 MBHas crypto-mania gone too far? Naysayers have an almost unlimited arsenal of reasons why this bubble will pop and leave investors in a wake of devastation. Citing everything from security issues to regulation, environmental impact to the explosion of offerings, these things should come with a warning label. In a recent Ask Forstrong, The Cryptocurrency Bug: Catch Me if You Can, our CIO, Tyler Mordy, hammers home these warnings with cold hard facts. Cryptocurrencies are highly volatile. In...
Ask Forstrong: Reddit's Rage
February 09, 2021 15:44 - 15 minutes - 17.6 MBSocial media platforms take center stage as rWallStreetBets channels it's Reddit commentary to prop up stocks impacted by the pandemic and targeted by hedge fund short-sellers. In this podcast Rob Duncan sits down with Forstrong's CEO & CIO, Tyler Mordy, to discuss this incredible phenomenon and how situations like this have played out in the past. While it received incredible headlines, investors should focus on what is really driving portfolio returns.
Is it Time to Learn the Charleston?
January 19, 2021 19:53 - 23 minutes - 26.9 MBRob Duncan sits down with Forstrong's CEO/CIO, Tyler Mordy, to talk about the year that was 2020, our outlook for 2021, and why we need to learn the Charleston in what could be seen as our generations roaring 20's.
Ask Forstrong: You, Me and MMT (Modern Monetary Theory)
December 10, 2020 15:48 - 30 minutes - 35 MBIs it possible to have unlimited money? If so, is that a good thing or a bad thing? Rob Duncan sits down with Forstrong's CEO/CIO, Tyler Mordy, to talk about Modern Monetary Theory and why this new way of thinking could create new economic realities to increase growth globally. We break this theory down into its basic building blocks and challenge traditional thinking to see opportunities where others do not.
Forstrong Portfolio Update: Rock, Paper or Scissors
September 30, 2020 15:31 - 36 minutes - 41.5 MBYour Global Thinking host, Rob Duncan, sits down with Forstrong's CIO, Tyler Mordy, to discuss Covid's impact on markets, policy and their investment outlook. While a second wave forms and concerns over another shutdown looms, Tyler explains why these outcomes would be less impactful and how a paradigm shift in policy will power growth going forward. If you would like to access the slides, please reach out to your Forstrong contact.
Forstrong Global Thinking - Q3 Portfolio Update
July 03, 2020 14:55 - 17 minutes - 19.4 MBHere we are again, as if nothing much has changed since mid-February. Never mind that the very existence and survival of the entire human race had been threatened in the interim. Most global equity markets have recovered the vast majority of their year-to-date losses, and in fact, the risk-on rally now appears to be broadening into additional sectors and asset classes. In this update Rob sits down with Forstrong’s portfolio manager David Kletz to discuss the current state of financial market...
Forstrong Global Thinking
July 03, 2020 14:55 - 17 minutes - 19.4 MBHere we are again, as if nothing much has changed since mid-February. Never mind that the very existence and survival of the entire human race had been threatened in the interim. Most global equity markets have recovered the vast majority of their year-to-date losses, and in fact, the risk-on rally now appears to be broadening into additional sectors and asset classes. In this update Rob sits down with Forstrong’s portfolio manager David Kletz to discuss the current state of financial market...
Forstrong Macro Update with Franklin Templeton
June 19, 2020 03:37 - 31 minutes - 36.1 MBRob Duncan sits down with Michael Greenberg, Vice President & Portfolio Manager for Franklin Templeton Multi-Asset Solutions. Over the course of 30 minutes they discuss their portfolio positioning throughout the pandemic, the shape of the recovery and whether investor FOMO has dislocated markets from reality. While market challenges remain, Michael highlights opportunities within global credit, European equities and how investors are eagerly awaiting a dip.
Setting the Record Straight on Bond ETFs with Mark Noble and Horizons ETFs
March 26, 2020 19:57 - 25 minutes - 28.9 MBRob Duncan sits down with Horizons Executive Vice President of ETF Strategy, Mark Noble, to discuss why the recent spike in volatility has resurfaced old myths and misconceptions about fixed income ETFs. We get back to basics on their structure and mechanics to explain how they provide price discovery and liquidity, even in times of stress.
Ask Forstrong: Investing in the Time of Coronavirus
March 26, 2020 02:07 - 21 minutes - 25 MBCoronavirus and all its catchphrases - flattening the curve, social distancing and so on - has taken a wrecking ball to daily routines. Working from home has brought new challenges. Calendars have been emptied and commute times cut. But occupational hazards have emerged: cabin fever, the close proximity of the cookie jar and, for some of us, new colleagues of the Crayola-wielding kind. Rob Duncan sits down with Forstrong's President and CIO, Tyler Mordy, to talk about their recent portfol...
Ask Forstrong: Misinformation Going Viral
February 27, 2020 18:37 - 25 minutes - 28.9 MBCorona virus fears finally pierced investor consciousness and markets have sold off dramatically this week. Rob Duncan sits down with Forstrong's President and CIO, Tyler Mordy, to discuss the market reaction and potential impact to growth going forward. How will this impact global GDP? Does this change our view for 2020? Is this a buying opportunity? We tackle these questions and more.
2020 Outlook with Kevin McCreadie and AGF Management
December 20, 2019 20:57 - 34 minutes - 39.9 MBRob Duncan sits down with AGF's CEO and Chief Investment Officer, Kevin McCreadie, to review their 2020 Outlook and why he thinks this investment cycle could go into extra innings. From investment prospects in Canada, US election outcomes, increasing EM exposure and even space travel. Over the course of 30 minutes we cover everything you need to start the year off right.
Forstrong Monthly Dashboard - Are Stocks Earning Their Keep
December 16, 2019 22:48 - 11 minutes - 13.6 MBRob Duncan sits down with Forstrong's Vice President and Portfolio Manager, David Kletz, to review the recent market rally, phase 1 US/China trade deal and UK elections impact on Brexit. While we see markets getting ahead of themselves, most can be warranted with the removal of key risks heading into the new year. Still, several things to consider.
Macro Update with Clement Gignac and Industrial Alliance
November 19, 2019 15:06 - 27 minutes - 32 MBRob Duncan speaks with Clement Gignac, Senior Vice President and Chief Economist at IA Financial Group, to discuss his outlook on global markets, recent events and where he is investing. In this action packed podcast you will hear opinions on Brexit, optimism around the US/China trade war, synchronized global rate cuts, the ECB transition and why a minority Canadian government will be good for markets.
Ask Forstrong: A Postcard from China
October 28, 2019 22:16 - 29 minutes - 33.4 MBAfter arriving into Beijing's bustling international airport, the point was again driven home. Evidence of progress and modernization is everywhere as China has been the worlds fastest growing economy for three decades. I sit down with our President and CIO, Tyler Mordy, to discuss his investor trip to China, key observations and answer questions from our investors.
Macro Update with Kurt Reiman and BlackRock Canada
October 02, 2019 15:51 - 39 minutes - 45.5 MBI sit down with Kurt Reiman, Managing Director and Chief Investment Strategist at BlackRock Canada, to discuss their recent market outlook and three key investment themes. From the impact of protectionism to the implications of lower rates globally, we discuss how to invest in a world with heightened uncertainty.
Forstrong Monthly Dashboard September 2019
September 17, 2019 15:02 - 19 minutes - 22 MBVice President and Portfolio Manager, David Kletz, discusses his recent monthly portfolio dashboard titled "Peak Trade Wars". Trade wars continue to be a key market theme, but have their impacts been exhausted and how do we see Trump positioning for his pending campaign trail.
Macro Update with Mark Noble and Horizons ETFs
August 29, 2019 19:33 - 32 minutes - 36.8 MBWe sit down with Mark Noble, Senior Vice President of ETF Strategy at Horizons ETFs, to discuss how markets have performed, ETF trends, fixed income crowding, investing for economic growth and how to keep your kids busy in the summer. Mark also highlights some strategies worth paying attention to now; emerging technologies and US marijuana.
"Buy America" Now A Heavily Crowded Trade
July 30, 2019 18:27 - 15 minutes - 18.2 MBThe first half of 2019 has been all about America. US Large Caps have trounced their global counterparts, making portfolio diversification seem like a rather quaint idea. Now, positioning in US equities, treasuries and the dollar sit at highs in the face of stumbling economic growth. 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 prob...
What could go right?
July 05, 2019 18:56 - 15 minutes - 17.5 MBIn this podcast, I sit down with David Kletz, Vice President and Portfolio Manager at Forstrong, to review recent client concerns, what has been driving markets year-to-date and Forstrong's portfolio positioning heading into Q3. With heightened anxiety over what could go wrong, we talk about what could go right!