Libsyn Directory

Markets in Motion - Resilience and Rivalries

Release Date: 01/10/2025

Signal or Noise? Staying Cool in a Hot Money World

Global Thinking

A young hedge fund manager built his entire investment thesis around one idea: artificial intelligence would reshape the world. His conviction was so strong he named his fund Situational Awareness. For a while, it looked brilliant. Then reality intervened. What does that teach investors today? In this episode of the Global Thinking Podcast, Rob Duncan sits down with Forstrong CEO and CIO Tyler Mordy to discuss his latest paper, Situational Unawareness: Staying Cool in a Hot Money World, and why today's biggest investment challenge isn't a lack of information. It's knowing which signals deserve...

The Great Rebuilding: Why the World Is Changing Faster Than Markets Realize

Global Thinking

In this episode of the Global Thinking Podcast, Rob Duncan sits down with Forstrong CEO and CIO, Tyler Mordy, to unpack one of the biggest investment themes of 2026: The Great Rebuilding. While investors have spent the year reacting to wars, tariffs, inflation scares, and shifting central bank expectations, Tyler argues these aren't isolated events. They're all part of a much larger transformation taking place beneath the surface of the global economy. From rebuilding supply chains and defence capabilities to massive investments in AI infrastructure and energy security,...

Markets, Multipolarity, and the Next Cycle

Global Thinking

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...

Crisis Fatigue: Have Investors Tuned Out Risk?

Global Thinking

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....

Chasing Alpha: SPIVA 2025, Active vs Passive Investing, and Why Most Managers Underperform

Global Thinking

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...

Sell First, Ask Questions Later: A Crash Course in Oil Shocks

Global Thinking

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...

Liquidity Illusion: The Wake-Up Call in Canadian Private Markets

Global Thinking

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...

From Chaos to Conviction: Positioning Portfolios for Stability in 2026

Global Thinking

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...

Double Vision: Investing in a Split-Screen World

Global Thinking

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...

Canada in the Crosshairs: Hard Markets, High Rates, and Hidden Opportunities

Global Thinking

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...

More Episodes

In this episode Rob joins Forstrong CEO and Chief Investment Officer, Tyler Mordy, to unpack the defining moments of 2024 and the forces shaping 2025. The past year was further evidence we are not in a traditional economic cycle. In the face of elevated volatility, geopolitical tensions, and a charged political landscape markets powered higher. Yet, amidst the chaos, two themes stood tall: the commanding influence of tech giants and the unexpected resilience of global economic growth.

Fast forward to 2025, and the drama continues—think Netflix-worthy twists. Trump 2.0 is shaking up the global order, reviving tariffs and hinting at economic annexation with Canada in the crosshairs. Meanwhile, Canada faces a leadership vacuum, a declared “productivity emergency”, and interest rate cuts that seem to be losing their punch. South of the border, U.S. equity valuations are flirting with new records as rate cuts may be postponed and government spending finally tightens. Globally, the stakes are just as high. China’s deflationary concerns are sending shockwaves through markets, while Europe grapples with pivotal elections that could redefine its economic trajectory.

This episode delivers sharp insights into these unfolding narratives, offering investors a lens to navigate a year where resilience and rivalry go hand in hand.

Chapters

00:00 2024 Review: A Year of Volatility

15:05 2025 Outlook: Key Themes and Trends

17:26 Political Landscape: Elections and Economic Policies

22:07 Trump 2.0: Implications for Canada and Global Trade

28:06 Global Economic Dynamics and the Role of the U.S.

30:28 Canada's Economic Challenges and Opportunities

32:15 The Impact of Interest Rates on Economic Growth

36:00 China's Economic Policy and Global Implications

42:04 Reflections: Documentaries and Personal Insights

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

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