posted 10 to 15 minutes podcasts from your hosts
Episode 14 – A dividend and value play in an out of favour sector (Rogers Communications – RCI.B)
2nd Instalment as far as our discussion with Sionna Investment Managers PM Gary Chow, who takes us through his thoughts and views on Rogers Communications.
Click HERE!
Thanks again, Gary, for joining our “I Hear ‘Ya” podcast, and sharing your insights.
In a nutshell – Gary sees value in Rogers after what has been a rather painful year for the industry overall. Gary in fact indicated that where we’re at probably reflects the worst sentiment in about 2 decades, with the industry facing levels of uncertainty that have left investors deciding that it might be one uncertainty too many.
On the + side, it takes seller to be able to buy at attractive price levels. With a longer time horizon of say 2,3 or perhaps 5 years even, Gary expects to have generated good returns from levels where he currently sees the company’s stock as compelling. Sees company as having multiple leverage to improve its balance sheet (incl. recent monetization of some assets, and value – which – may not even be reflected as far as RE and data centers for example).
Bottom line for us – yes, valuations do look rather … depressed … BUT – we’d note (and you can verify below …) in episode 4, we were chatting with Paul Beatty, who at the time had observed that he wouldn’t touch BCE … which was … well, rather prescient 🙂
Episode 13 – The “Dividend” factor – What does it take?
In this 13th episode, Yves and Grahame touch base with Gary Chow, Portfolio Manager, Sionna Investment Managers, and delves with us into the topic of “investing for dividends”, on an active, concentrated basis – one we’d label as “high conviction”.
As Gary points out, this requires a “contrarian” approach, one where positions can be initiated in the context of depressed values (driven by negative sentiment) to subsequently allow Gary to “harvest” gains once his thesis has played out.
In this segment, Gary takes us through a case study, and as you’ll hear, the other key differentiator overall, pertains to sector representation and current emphasis.
Enjoy => HERE!
Note – This segment is longer than we’d aimed for, and there remains a few more points to make, including letting Gary run through another “case study”.
We plan on wrapping up the discussion with Gary shortly in a second “instalment”. Stay tuned!
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Grahame and Yves recently caught up with National Bank Financial’s Daniel Straus 🙂 MD, ETF Research and Strategy. (12th episode)
Tune in to hear Daniel’s latest thoughts on the space in Canada, which – in 2024 – is poised to shatter the record inflows witnessed in (was in 2021 already 🙂 ).
As always, Daniel shares great insights and perspectives on the space 🙂 => Click HERE! to catch up 🙂
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Global Allocators recently had the opportunity to catch up with Eric Balchunas, Senior ETF Analyst, at Bloomberg Intelligence.
Eric, as those of you who know him know, is a fount of knowledge, insights, perspectives, and worthwhile takeaways, and so it was a treat to chat with him 🙂
Thanks Eric!
It being our podcast though … there is one element of the format that we unfortunately failed to abide by … the 15 minutes “limit”. Hopefully you’ll agree with us that it was worthwhile 🙂
BTW, what did we touch on? The Bogle Effect (Eric published a book on the topic a short while ago); marrying “Beta”; where things are at with the “hot sauce” side of the ETF space and innovation; Thematic; flows; investors/advisors “mistakes”; and finally ESG.
Enjoy! to make the discussion possibly more “digestible”, we provide you here with 2 ways of listening in: 1) the entire discussion (39mins 2) 3 segments of … you guessed it, about 13 minutes each:
Podcast replay (in its entirety)
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The 10th Episode of our “I hear Ya” Podcast, Grahame is joined by Marc Goffaux, CCO of Hawkeye Wealth an Exempt Market Dealer (EMD)
The discussion takes you into the world of private fund offerings (exempt from filing a prospectus), including what an EMD does and lessons learned working with higher net worth investors.
Marc – thank you for being part of the discussion, and sharing your detailed insights and experience with us.
Podcast replay
In this, our 9th Episode of our “I hear Ya” Podcast, Grahame is joined by Hubert Hwang, Principal at George Bell Consulting.
The discussion takes you into the world of Pension, Benefits, and Investment consulting, a space Hubert has called home for over 15 years.
People in our industry often look to the practices followed by what we often refer to as “the smart money”.
Find out with Grahame and Hubert’s help, what that looks like through the lens of an experienced consultant.
Enjoy!
Hubert – thank you for being part of the discussion, and sharing your insights and expertise with us.
“I Hear Ya! (Episode 8, Focus on Risk Parity w/Scott Smith, CFA. CIO @ Viewpoint Investment Partners.
Scott takes us into this deeply quantitative world of finance aiming to:
• hit the highlights of what a risk parity framework entails,
• identify key differentiating characteristics of such a strategy,
• understand what is required to pursue a risk parity strategy,
• how to incorporate it into portfolio construction.
Thank you Scott for sharing your practitioner’s expertise and insights into a category still to be more broadly accessed beyond the Institutional space.
“I Hear Ya! (Episode 7, Focus on Behavioral Finance w/Coreen Sol, CFA and author “Unbiased Investor: reduce Financial Stress and Keep More of Your Money”
In an age when Artificial Intelligence (AI) is driving markets, and capturing everyone’s imagination, let’s not forget that behavioral finance is an important consideration for our money and investments.
Global Allocators GL and YR discuss the topic with Coreen Sol, CFA, Senior Portfolio Manager (CIBC Wood Gundy) and author.
Thank you for sharing your knowledge, insights and perspectives on the topic, Coreen!
YR to add copy
“I Hear Ya! (Episode 6, Focus on Understanding the SFO (Single Family Office) w/Shael Soberano, CFA. Sharno Group Inc.)
Join us for this podcast where we discuss the Single Family Office with Shael, who takes us behind the scenes of why a Single Family Office, the challenges running a family office may present, respectively the opportunities Shael highlights as being key for him and his family.
Thank you for taking the time to speak with us, Shael, much appreciated!
“I Hear Ya! (Episode 5, Focus on Merger Arbitrage w/Travis Dowle, CFA, President & Fund Manager. Maxam Capital Management)
Science? Art? What can a practitioner in the space tell us about what it takes to participate in the category, why the strategy is unique, and what it can produce, in terms of both potential returns, as well as – what I think both Grahame and I quite like and appreciate: a potentially uncorrelated source of differentiated returns.
Have a listen, you’ll get a sense as well of the framework you’d be well advised to develop to determine fit, risks, position sizing, and gauge length of “engagement”. Enjoy!
Thanks for sharing your thoughts and expertise, Travis!
“I Hear Ya!” (Episode 4, with Paul Beattie; Hedge Fund Manager, BT Global)
In this episode of “I Hear Ya!”, Yves and Grahame talk to Hedge Fund Manager Paul Beattie (BT Global Growth ) and hear his views about the regime change in markets that is currently underway, favoring “hard assets” incl. Gold; copper (which Paul loves); Uranium, and Energy.
Other “nuggets”:
- Paul doesn’t see markets as being efficient – allowing him to buy equities on attractive values, while shorting others that on similar metrics are significantly overpriced.
- Sees a 5-10 year cycle unfolding where US leadership is a thing of the past.
- Sees Gold breaking out even in USD terms (noting Gold equities should start to see improving performance
On Canadian Telcos … Does he think BCE might very well end up cutting its dividend? well … you’ll find analysts defending the company after its massive share price decline, and expressing the view that the dividend (even at 9% …) isn’t potentially under threat. Want to know what Paul thinks? Give this a listen, then … 🙂
Overall sees risk as being misunderstood – buys attractive companies based on cash flow multiples, which proves out overtime, with companies at low CF multiple growing cash flows overtime will make you money.
Look for companies and industries where fundamentals provides opportunities to buy at attractive multiples based on CF multiples.
and finally – stick with your winners 🙂
Click HERE!
“I Hear Ya!” (Episode 3, with Joseph Bakish, Wealth Advisor, Portfolio Manager, Richardson Wealth )
Joseph discusses the biggest mistake investors / clients make, delves into why HNW doesn’t equate to knowledge, skill, or ability, and why in a well put together portfolio, there will always be a position that “you’re unhappy with”.
Thoughtful discussions with clients regarding the pitfalls of behaviour, as well as proper understanding and communication of “nature of the risks embedded in the portfolio” are critical.
to access the podcast:
Click HERE!
Thank you Joseph – Looking forward to future discussions with you on Global Allocators.
“I Hear Ya!” (Episode 2, with Scott Starratt; PM; Advisor, Canaccord Genuity).
Scott joined us to share his thoughts / experience as an Advisor and PM (cum Psychologist); sharing with us as well what he described as “dangerous clients”. (Note – they aren’t who you think they are, but you’ll certainly do well to not be on their hit list 🙂
Thank you Scott, for joining the discussion at the Global Allocators.
to access the podcast:
click HERE!
“I Hear Ya!” (Episode 1, GL and YR kicking off our podcast series)
Inaugural “I Head Ya!” episode. (recorded March 4th, 2024.
15 min conversation kicking off our podcast series by:
a) looking back at the onset of the ETF movement in the US,
and
b) speaking to some key recent developments (Active ETFs; Buffer ETFs; Covered Call ETFs; and of course … Bitcoin ETFs).
US ETF Market Comments with Grahame and Yves
Other “Global Allocators” content
“Take 5”
(posted five minutes videos from your hosts)
Monthly Newsletter to subscribers