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Global Thinking: Daily Summaries Delivered
by Forstrong Global Asset Management
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.
Latest Episodes
The most recent episodes — sign up to get AI-powered summaries of each one.
- 3 days ago33 min
Markets, Multipolarity, and the Next Cycle
For more than a decade, investors have been rewarded for a simple strategy: buy U.S. stocks, own big technology companies, and trust that American exceptionalism would continue to drive markets higher. But what if that playbook is beginning to change? In this episode of the Global Thinking Podcast, Rob Duncan sits down with Sébastien Mc Mahon, Chief Economist at iA Financial Group, to discuss the forces reshaping the global investment landscape. From geopolitical tensions and energy markets to AI-driven productivity gains and the resurgence of international equities, they explore why the next phase of the market cycle may look very different from the last. Rob and Seb discuss: Why markets continue to climb despite geopolitical uncertainty Whether U.S. exceptionalism is beginning to fade The growing case for international diversification Canada's productivity challenge and economic outlook AI, capital spending, and the future of global growth The biggest mistakes investors are making today As investors grapple with shifting narratives, one thing is becoming increasingly clear: the world is becoming more multipolar, and portfolios may need to evolve alongside it. Episode Timestamps 00:00 Introduction and market backdrop 02:15 What's the biggest thing markets are misunderstanding? 05:10 Iran, geopolitics, and the real impact of oil shocks 08:45 Why this cycle looks different from the 1970s 11:20 Is U.S. exceptionalism starting to fade? 15:00 International markets and the global rotation trade 18:30 AI, productivity, and the next capex cycle 22:15 Canada's productivity challenge <p class="MsoNormal"
- May 6, 202650 min
Crisis Fatigue: Have Investors Tuned Out Risk?
Markets are rallying. Oil is rising. War is ongoing. And yet, investors seem to be moving on. In this episode of the Global Thinking Podcast, Rob Duncan sits down with Forstrong Lead Portfolio Manager David Kletz to unpack the biggest question facing markets today. Is this resilience — or complacency? While headlines focus on conflict in the Middle East, the real story is unfolding beneath the surface. Oil shocks are feeding into inflation, central banks are losing flexibility, and market leadership is beginning to shift in ways that could redefine this cycle. But history offers a warning. Most geopolitical crises feel like turning points. Very few actually are. Rob and David break down what matters and what doesn't: Why this isn't the 1970s How oil shocks really impact markets Why global growth may be stronger than it looks The risks hiding in valuations and market concentration And where investors should be looking for opportunity Because in markets, the biggest mistakes often come from focusing on what feels urgent — instead of what actually drives returns. Chapters 00:10 - Introduction to Global Thinking 01:07 - Market Overview: Iran Shock and Oil Prices 02:23 - Discussion with David Klutz: Market Resilience vs. Complacency 03:52 - Impact of Oil Prices on Global Growth 05:19 - Inflation and Interest Rates Outlook 07:43 - Global Market Trends and Canadian Economy 14:01 - Focus on Japan and China 33:56 - Four Strong's Global Investment Perspective <span style= "font-family: 'Calibri',sans-serif; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme
- Apr 8, 202655 min
Chasing Alpha: SPIVA 2025, Active vs Passive Investing, and Why Most Managers Underperform
In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Dr. Joe Nelesen from S&P Dow Jones Indices to break down the SPIVA Canada 2025 report and what it reveals about active vs passive investing. The data is clear. Most active managers underperform their benchmarks — not just in 2025, but over longer time horizons. This raises a critical question for investors and advisors alike. Is it still worth chasing alpha? Rob and Joe explore: Why active managers consistently struggle to beat the market The role of fees, market efficiency, and survivorship bias Where active investing may still have an edge The continued rise of ETFs and index investing How AI, tokenization, and evolving market structure could shape the future Whether you are a portfolio manager, financial advisor, or individual investor, this episode provides a data-driven look at one of the most important debates in investing today. If you are building portfolios in today's market, understanding the trade-offs between active and passive investing has never been more important. Chapters 00:00 Introduction to Global Thinking Podcast 02:31 Understanding the SPIVA Report Card 04:35 Performance of Active Managers in 2025 09:00 Factors Leading to Underperformance 13:11 The Role of Fees and Market Dynamics 17:40 Survivorship Bias in Active Management 19:44 The Future of Active Management 24:34 Active vs. Passive Investment Strategies 28:56 The Impact of Fund Selection 29:21 The Rise of Index Investing 30:43 Passive vs Active Investing Dynamics 32:23 Tokenization and Market Evolution 33:18 Future of Market Hours 35:07 The Future of Active vs Index Investing 37:58 AI's Role in Investment Strategies 41:54 Insights on Indices and Reading Recommendations Disclosures: https://forstrong.com/disclosures/ Global Thinking Podcast Series - <a href= "https://forstrong.com/podcast/" t
- Mar 23, 202637 min
Sell First, Ask Questions Later: A Crash Course in Oil Shocks
In this episode of the Global Thinking Podcast Rob Duncan sits down with Forstrong CEO & CIO, Tyler Mordy, to unpack the market reaction to the escalating conflict involving Iran and why investors may be focusing on the wrong risk. When geopolitical shocks hit, markets tend to do what they always do: sell first and ask questions later. But history suggests most conflicts don't leave a lasting mark on markets. The real question isn't the headlines, it's whether this turns into something more consequential. The answer, as Tyler explains, comes down to one key transmission channel: oil. This episode is a crash course in how oil shocks impact the global economy, from inflation and central bank policy to growth and market stability. They also tackle the bigger question: are we facing a 1970s-style energy crisis, or is today's global economy more resilient than investors fear? From Trump-era "TACO" trade dynamics to the evolution of supply-driven inflation shocks, this conversation cuts through the noise and focuses on what really matters. Because in moments like this, it's not about reacting to headlines. It's about understanding which risks actually move markets. Episode Timestamps 00:00 – Opening monologue: Markets, uncertainty, and why this moment feels different 02:15 – Setting the stage: What's happening with Iran and global markets 05:00 – Initial market reaction: Sell first, ask questions later 07:30 – Do geopolitical events actually matter for markets? 10:15 – The real transmission mechanism: Why oil is everything 13:30 – Oil shocks explained: How they impact inflation and growth 17:00 – Are we heading back to a 1970s-style energy crisis? 20:30 – Why t
- Mar 5, 20261h 2m
Liquidity Illusion: The Wake-Up Call in Canadian Private Markets
In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Nimar Bangesh of Obsiido to unpack one of the most infuriating developments in Canadian investing this year: fund gating. After years of rapid growth, private markets have become mainstream in Canadian portfolios. But recent gating events have forced investors to confront a hard truth — liquidity in alternatives isn't guaranteed. Is this simply how private markets are designed to function, or is it a warning sign that investor expectations have drifted too far from reality? Rob and Nimar break down the evolution of alternatives in Canada, the role they play in portfolio construction, and where the risks may be hiding. They explore whether the industry oversold accessibility, how advisors should think about sizing and liquidity management, and whether this moment marks a structural shift in how private investments are packaged and sold. From private credit crowding to valuation pressures and de-globalization, this conversation goes beyond headlines to tackle the deeper issues shaping alternatives today and why a thorough due diligence process is more important than ever. If you think alternatives are a free lunch — this episode may change your mind. Speakers Nimar Bangesh, Co-Founder and CEO, Obsiido https://www.obsiido.com/ Chapters 01:23 Guest Background and the Genesis of Obsiido 04:03 The Evolution of Private Markets and Accessibility 06:52 Understanding Alternatives: Definitions and Structures 09:48 Liquidity and Governance in Alternatives 11:35 Changes in the Canadian Alternative Landscape 15:46 Why Alternatives Exist: Capital Market Construction 20:01 Benefits of Alternatives: Diversification and Return Enhancement 21:27 Common Misunderstandings About Alternatives 23:02 Resources to Learn More About Alternatives 26:29 Impact of Capital Abundance on Private Companies 27:08 Market Gating and Liquidity Challenges 30:25 The Role of Gating in Private Markets 38:14 Building a Portfolio: Strategies and Best Practices 41:52 Diversification and Manager Selection in Alternatives 43:52 The Future of Private Capital and Market Trends 45:26 Private Companies Staying Private Longer 46:13 Red Flags in Private Market Dealings 48:09 Final Remarks and Future Outlook 50:46 Book Recommendations and Closing Thoughts Disclosures: https://forstrong.com/disclosures/ Global Thinking Podcast Series - https://forstrong.com/podcast/ Global Thinking Insights - https://forstrong.com/insights/
- Jan 20, 202654 min
From Chaos to Conviction: Positioning Portfolios for Stability in 2026
2025 looked like the kind of year that should have broken markets — geopolitical shocks, political dysfunction, and nonstop macro stress. Instead, risk assets powered ahead. That disconnect is exactly why investors should be paying attention. In this episode of the Global Thinking Podcast Rob Duncan sits down with Forstrong's Lead Portfolio Manager, David Kletz, to explain why markets ignored the noise, why Canada quietly led global equity returns, and how fiscal spending has become the real backstop for risk. They dig into the uncomfortable reality of a K-shaped economy, where a handful of winners dominate while much of the economy struggles beneath the surface — a setup that is distorting valuations, concentrating risk, and leaving many portfolios exposed to a far narrower opportunity set than investors realize. More importantly, the conversation looks forward. With 2026 underway, the risks are shifting — not disappearing. U.S. markets face tougher valuations, narrowing leadership, and growing dependency on policy support, while international markets are setting up for leadership investors may not be positioned for. Lastly, with gold catching all the headlines, commodities like copper are emerging as critical pressure points in a world rebuilding infrastructure and electrifying everything. This episode is a warning shot for complacent portfolios and a roadmap for investors willing to adapt before stability becomes scarce. Chapters 00:00 Introduction and Year-End Reflections 04:11 2025 Market Overview and Performance 11:05 Investment Strategies and Market Positioning 16:52 Regional Insights: Canada, US, and International Markets 21:55 Canada's Economic Outlook and Challenges 26:07 US Economic Dynamics and Central Bank Policies 30:46 K-Shaped Economy Outcomes: Divergence and Convergence 35:03 Commodities: Focus on Copper and Precious Metals 41:52 Currency Projections and Global Economic Trends 43:51 Closing Thoughts and Recommendations 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/ Thank for you listening, please considering leaving a review and subscribing for future episodes. For any questions, comments or suggested topics please reach out to Rob Duncan, <a href= "mailto:rduncan@forstrong.com" tar
- Dec 19, 202547 min
Double Vision: Investing in a Split-Screen World
In this episode of the Global Thinking Podcast, Rob Duncan is joined by Forstrong CEO and CIO, Tyler Mordy, to unpack a market that refuses to send a single, clear signal. Equity markets are strong, yet risks are building — a Split-Screen World where optimism and fragility coexist. Tyler provides some insight into the annual Forstrong Super Trends report, Double Vision. From recession risk and cracks in credit to AI's gap between investment and earnings. The conversation then shifts to the bigger forces shaping 2026: the rise of fiscal dominance, the return of the real economy, and the broadening of market leadership beyond the United States. They explore why international and emerging markets are gaining relevance, how AI's next phase is about productivity rather than hype, and why traditional safe havens no longer behave the way investors expect. The result is a clear-eyed discussion focused on where risk is being mispriced — and where opportunity may be quietly building for 2026. A must-listen for investors navigating markets that look healthy on the surface, but far more complex underneath. Listen hear or access the full report below. Forstrong Super Trends 2026: Double Vision Chapters 00:00 Introduction to Global Thinking Podcast 02:18 Understanding the Split Screen World 04:50 Risks in a K-Shaped Economy 08:15 The Shift from Monetary to Fiscal Policy 12:36 Global Rotation in Market Leadership 18:13 AI's Second Act: From Hype to Productivity 21:43 The Revenge of the Real Economy 25:41 Currency Cold War and Safe Haven Shakeup 30:17 Investment Strategies for 2026 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/ Thank for you listening, please considering leaving a review and subscribing for future episodes. <span style= "font-size: 12.0pt; font-family: 'Calibri',sans-serif; mso-fareast-font-family: Aptos; mso-fareast-theme-font: minor-latin; m
- Dec 5, 202558 min
Canada in the Crosshairs: Hard Markets, High Rates, and Hidden Opportunities
In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Matthew Barasch, Senior Portfolio Manager at RBC Dominion Securities, for a candid, wide-ranging look at the realities of investing in today's market environment. Barasch calls this one of the toughest years of his 25-year career — a market defined by narrow leadership, stubborn inflation, and a handful of tech and gold names carrying the load while everything else fights to keep up. But beneath the volatility, Barasch sees a shift taking shape. He argues the worst may be behind Canada, pointing to improving job data, a more pro-growth federal budget, and the long-term lift from the country's massive immigration wave. With potential growth now outpacing the U.S., Canada may be better positioned than investors think. The conversation digs into the Bank of Canada's rate-cut trajectory, the pressure cooker inside the U.S. Federal Reserve, and the implications for housing, consumers, and credit markets. Barasch spotlights high-quality Canadian names being overlooked, and offers a clear-eyed take on the gold market — a volatile but increasingly relevant refuge in a world drowning in debt. Smart, direct, and refreshingly honest, this episode cuts through the noise to show where Canadian investors can still find solid footing — and where caution remains essential. Chapters: 00:03:00 - Guest Introduction: Matthew Barasch 00:06:00 - Canadian Economic Outlook 00:09:00 - Role of Canadian Energy and Materials 00:12:00 - US Large Cap and Tech Concentration 00:15:00 - Market Challenges and Opportunities 00:18:00 - Impact of AI on Investments 00:21:00 - Global Financials and Economic Climate 00:24:00 - Future of Interest Rates 00:27:00 - International Equities and Market Potential 00:30:00 - Client Concerns and Market Sentiment 00:33:00 - Investment Strategies and Risk Management 00:36:00 - The Role of Technology in Finance 00:39:00 - Global Market Trends and Predictions 00:42:00 - Closing Thoughts and Recommendations 00:45:00 - Book Recommendations and Personal Insights 00:48:00 - Final Remarks and Episode Wrap-Up 00:51:00 - Outro and Call to Action Disclosures: https://forstrong.com/disclosures/ Global Thinking Podcast Series - https://forstrong.com/podcast/ Global Thinking Insights - https://forstrong.com/insights/ Who is Forstrong Global - <a href= "https://forstrong.com/who-
About Global Thinking
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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