This week, Rusty Vanneman and Nick Codola talk with Chris Davis, Chairman and Portfolio Manager at Davis Funds. In this episode, we will discuss how to deal with overall market volatility. In addition, we take a closer look at what financial advisors and investors should be thinking and doing in these volatile economic times.

This week, Rusty Vanneman and Nick Codola talk with Grant Engelbart, Vice President, Investment Strategist at Carson Group. In this episode, we will discuss what “the bro bubble” is and whether or not there is more pain to come for these stocks. We take a look at whether this is like Wallstreet Bets 2.0 or the proverbial canary in the coal mine.

This week, Rusty Vanneman and Nick Codola talk with Dan Davidowitz, lead Portfolio Manager of Polen Capital's Focus Growth strategy. In this episode, we will discuss the stumbling of the growth factor and potential impacts on the Mag 7. What happens if earnings for growth companies slow down in this market characterized by high valuations? In addition, we take a look at what impact this could have on the broader global economy, as well as markets.

This week, Rusty Vanneman and Nick Codola talk with Sam Rines, Macro Strategist at WisdomTree. In this episode, we will discuss cybersecurity, the implications should cybersecurity spending decrease or if vigilance wanes. In addition, we take a look at the implications of cybersecurity, and its potential shortcomings, for the global economy and markets.

This week, Rusty Vanneman and Nick Codola talk with Corey Hoffstein, Chief Executive Officer and Chief Investment Officer at Newfound Research. In this episode, we will discuss whether ETFs are the new preferred vehicle for retail asset management, just as Mutual Funds replaced individual stocks for the average retail account, or is this record-breaking growth a symptom of financial market exuberance? In addition, we take a closer look at what these implications might mean for equity markets, fixed incomes, as well as alternatives.

This week, Rusty Vanneman and Nick Codola talk with Jan van Eck, Chief Executive Officer at VanEck. In this episode, we will discuss tariffs and their potential impacts on the US market, consumers and global markets. In particular, we take a closer look at how tariff policies will affect not only equity markets, but also Fixed Income as well as commodities.

This week, Rusty Vanneman and Nick Codola talk with Matt Osowiecki, Co-Chief Investment Officer at Water Island Capital. In this episode, we discuss Event Driven Strategies. In particular, we look at their diversification benefits in a portfolio, especially in the context of an election year and during higher volatility equity and fixed income markets.

This week, Rusty Vanneman and Nick Codola talk with Fritz Folts, Chief Investment Strategist at 3EDGE Asset Management. In this episode, we discuss politics, the potential for an October surprise and what an October surprise could mean for the global economy. In addition, we take a closer look at what these risks might mean for stocks and bonds as well.

This week, Rusty Vanneman and Nick Codola talk with Raj Udeshi, Founder of FarmClub and previously the founder of Hidden Levers, which is now Orion Risk Intelligence. In this episode, we discuss the possibility of a civil war and what various iterations of a potential American Civil War could mean for the economy and the markets. In particular, we take a closer look at what various levels of civil unrest would usher in an economic “winter” and what it would take for the US to lose its status as the reserve currency.

This week, Rusty Vanneman and Nick Codola talk with David Lundgren, Founder and Chief Market Strategist at MOTR Capital Management and Research and Portfolio Manager at Little Harbor. In this episode, we discuss the moment factor, whether or not we are in a momentum bubble and what an eventual momentum crash could mean for the global markets. In particular, we take a closer look at what these risks might mean not only for stocks, but also for bonds and the global economy.

This week, Rusty Vanneman and Nick Codola talk with Kevin Baum, Chief Investment Officer at United States Commodity Funds (USCF). In this episode, we discuss commodities and inflation and what that might mean for the global economy. In particular, we take a closer look at what these risks might mean for not only stocks, but for bonds as well as the global economy.

This week, Rusty Vanneman and Nick Codola talk with John O’Connor and Allen Parker, the CEO and President of J.H. Whitney respectively. In this episode, we discuss Trade Wars and their potential implications for the Global Economy. In particular, we take a closer look at whether or not US Industry is protected, and in great shape, or does it look like there is trouble ahead? Learn more at orion.com.

This week, Rusty Vanneman and Nick Codola talk with George Milling Stanley, Chief Gold Strategist at State Street Global Advisors. George is a Vice President and Chief Gold Strategist at State Street Global Advisors’ SPDR ETFs business. Prior to joining State Street, George was a Managing Director at the World Gold Council, where he was a key member of the team responsible for working with State Street Global Advisors to pioneer and launch the world’s first gold-backed ETF. He was integral in crafting the structures and processes required to make gold-backed ETFs functional. Before joining the WGC, George worked at Lehman Brothers where he developed customer business for the precious metals trading desk while being responsible for the firm’s research and analysis of the metals markets. Prior to joining Lehman Brothers, George’s career included five years as Chief Precious Metals Analyst at Consolidated Gold Fields, and 10 years as a reporter and columnist with the Financial Times.

This week, Rusty Vanneman and Nick Codola talk with Jason Duko, a Portfolio Manager at PIMCO. Mr. Duko is an executive vice president and portfolio manager in the Newport Beach office focusing on U.S. leveraged finance, including bank loans and collateralized loan obligations (CLOs), high yield and multi-sector credit strategies. Prior to rejoining PIMCO in 2023, he was at Ares Management, where he was a partner and portfolio manager responsible for managing U.S. bank loan credit strategies. He was at PIMCO from 2011–2018, managing bank loan portfolios and responsible for secondary loan trading across all sectors. Previously, he held roles at Lord Abbett, Nomura Corporate Research and Asset Management (NCRAM) and ING Pilgrim Research. He has 25 years of investment experience and holds an undergraduate degree in finance from Arizona State University.

This week, Rusty Vanneman and Nick Codola talk with Brendan Ahern, CIO at KraneShares. Brendan joined KraneShares in 2013. Brendan leads the firm’s research and education efforts and actively works with investors on a variety of subjects ranging from asset allocation to trading to articulating the growing influence that index providers hold in the asset management industry. Prior experience includes over ten years with Barclays Global Investors (subsequently BlackRock’s iShares), which he joined in 2001 during the rollout of their ETF business. His career has spanned a period of tremendous growth for ETFs, which has contributed to his profound knowledge of the ETF landscape. Brendan is considered a preeminent expert in global financial markets with a particular focus on China. He is a frequent visitor to China and actively maintains daily contact with a deep local research network comprised of investment banks, brokers and regional and boutique research firms. He produces a daily update called China Last Night (www.chinalastnight.com), which also appears as a column on Forbes.com. He is often sought after by leading business and financial outlets and regularly appears on CNBC and Bloomberg to discuss China’s capital markets. He is a frequent guest of Bloomberg Radio’s Daybreak Asia, and he is quoted in The Wall Street Journal and Investor’s Business Daily. Brendan graduated from the College of the Holy Cross and has a Master of Science in Financial Analysis from the University of San Francisco.

This week, Rusty Vanneman and Nick Codola talk with Matt Hougan and Hunter Horsley, the CIO and CEO of Bitwise Asset Management respectively. They discuss the long awaited Bitcoin ETFs and what that might mean for Bitcoin itself, the ETF industry and the market more broadly.

The healthcare industry is in a renaissance of innovation, marked by groundbreaking treatments, drug development, and advances in medical technology revolutionizing patient care. While challenges like cost, political headwinds, and workforce constraints persist, the overall trajectory remains positive and presents many opportunities for investors. In this episode, Rusty and co-host Nick Codola, Senior Portfolio Manager at Brinker Capital Investments, are joined by Michael Taylor, Portfolio Manager at Simplify Health Care ETF (PINK). For the past two decades, Michael managed hedged and factor-neutral portfolios with a gross amount of over $ 1 billion at funds. He is regarded to have built and run one of the best-performing healthcare funds on Wall Street. Previous to portfolio management, Michael worked as a scientist during the 1990s, developing predominantly viral-vector-based gene therapeutic drugs for the bio/pharma industry.  Michael talks with Rusty and Nick about the current landscape of the healthcare industry, highlighting the advancements in drug development and medical technology. He emphasizes these innovations' positive impact on patient outcomes and quality of life. Michael also addresses the risks and challenges facing the healthcare sector, such as the potential impact of weight loss drugs on the economy and government spending. Key Takeaways [01:44] - Michael's background and work at Simplify Health Care ETF (PINK). [02:52] - How Michael defines risks. [08:04] - Michael's overall assessment of the healthcare landscape. [10:58] - Probability of COVID to reemerge. [17:20] - Michael's take on weight loss drugs. [24:01] - The government's impact on healthcare. [31:32] - The demand for healthcare workers. [35:51] - Underinvestment in healthcare sector. [39:19] - Michael's thoughts on the market's base case scenario. [42:03] - Good case scenario for healthcare. [49:04] - Bad case scenario for the healthcare market. Quotes [10:04] - "What's happening in the world of healthcare is that there are so many novel, potent, sophisticated drugs being developed that are really changing the quality of life of humans in a gigantic way. So, the healthcare landscape is having a renaissance, and it's not going to stop. If anything, it accelerates." ~ Michael Taylor [27:16] - "Having a single-payer government healthcare system would very much be the absolute worst thing that could possibly happen to patients." ~ Michael Taylor [47:22] - "There's no such thing as right or wrong in investing. It's just 'how can I generate the best returns for our investors?' That's the most important thing." ~ Michael Taylor Links  Michael Taylor on Twitter Simplify Health Care ETF (PINK) Simplify Asset Management Funkytown by Lipps Novo Nordisk Eli Lilly Pfizer Medicare Medicaid Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion Disclosure Access to the services presented is provided solely as a service to financial advisors. Orion Risk Intelligence does not make recommendations or determine the suitability of any security or strategy. Past performance of a security or strategy does not guarantee future results. Orion Risk Intelligence research and tools are provided for informational purposes only. While the information is deemed reliable, Orion Risk Intelligence does not guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with respect to the results to be obtained from its use. 3365-OAT-12/27/2023

As nations grapple with shifting power dynamics, territorial disputes, and evolving international relations, geopolitical risks loom over the global economy and financial markets. From the threat of trade wars disrupting international commerce to the intricacies of diplomatic tensions altering investment landscapes, each scenario poses unique challenges and opportunities.  In this episode, Rusty talks with Lauren Goodwin, Economist and Portfolio Strategist at New York Life Investments, focused on cross-asset and international analysis. In her role, she and her team are responsible for research, macro and asset class views, asset allocation, and thought leadership. Throughout her career, Lauren has linked the macroeconomic environment to investment decisions, whether in banking, corporate strategy, policymaking, or asset management. Lauren has extensive quantitative and forecasting experience and prides herself on translating that experience into actionable insight. Lauren talks with Rusty about the current geopolitical concerns, with a special emphasis on the Middle East and how they might impact the economy and markets. Lauren also provides insights on various scenarios, including the Israel-Hamas conflict, the war in Ukraine, US-China relations, and their potential impact on stock, bond, and commodity markets. The conversation highlights the importance of focusing on real policy changes and diversification in the face of geopolitical risks. Key Takeaways [01:34] - Lauren's professional background. [03:56] - Lauren's thoughts on the geopolitical situation in the Middle East. [05:34] - The impact of the Middle East conflict on the stock and commodity markets. [07:57] - The war in Ukraine and its implications. [10:00] - US-China relations and the risk of China invading Taiwan. [12:55] - Lauren's advice to advisors about the upcoming presidential election. [16:12] - What advisors should consider when it comes to geopolitical risks. [19:04] - Lauren's response to Rusty's base case scenario. [21:18] - Lauren's thoughts on Rusty's good case scenario. [23:31] - Lauren's take on Rusty's bad-case scenario. [24:55] - How portfolios are impacted by globalization. Quotes [04:27] - "Be patient as geopolitical events are developing. Short-term moves are likely. But it's the underlying trend that can be obscure at first and really tends to drive an optimal asset allocation." ~ Lauren Goodwin [16:45] - "When it comes to setting forward our scenarios for 2024, a lot of what we're thinking about are plain old economic risks that impact the market day in and day out. These disruptors can be very tempting to think a lot about. But really, what it comes down to for investors is focusing on action, not distraction." ~ Lauren Goodwin [26:26] - "When you think about the most complex global supply chains like technology, energy, and even global finance, no one country is going to be self-sufficient in these major opportunity sets. We'll always have to work together or rely on one another in some form or fashion." ~ Lauren Goodwin Links  Lauren Goodwin on LinkedIn Lauren Goodwin on Twitter New York Life Investments Fool for Love by Lord Huron Market Matters Podcast Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion Disclosure Access to the services presented is provided solely as a service to financial advisors. Orion Risk Intelligence does not make recommendations or determine the suitability of any security or strategy. Past performance of a security or strategy does not guarantee future results. Orion Risk Intelligence research and tools are provided for informational purposes only. While the information is deemed reliable, Orion Risk Intelligence does not guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with respect to the results to be obtained from its use. 3133-OAT-11/17/2023

People moving across international borders has long been a defining characteristic of human society, shaping cultures, economies, and societies in multifaceted ways. As economic growth is closely connected to immigration, highlighting the potential benefits of a dynamic workforce, discussions on immigration and its impact on the economy and financial markets provide valuable insights for investors and financial advisors. In this episode, Rusty talks with Donald Rissmiller, Chief Economist at Strategas. Don has directed the firm's economic research efforts since 2006. He oversees Strategas' thematic research as well as high-frequency econometric forecasting. Don is frequently quoted in the financial press, and his research has been consistently recognized by Institutional Investor magazine in its annual All-America Research Survey. Don joins Rusty to talk about the potential impact of immigration on the economy and financial markets. They explore the connection between immigration and economic growth, the current state of the labor market, and the implications for inflation and interest rates. In addition, Don shares his insights on potential scenarios and risks related to immigration. Key Takeaways [01:56] - Don's professional background. [02:41] - How Don defines risk. [06:22] - The connection between immigration and the economy. [08:49] - Don's assessment of the current labor market situation. [09:53] - Don's assessment of inflation, the federal reserve, and interest rates. [12:39] - Expectations for economic growth and corporate earnings growth. [15:00] - Other things advisors and investors should consider regarding the economy. [19:04] - Unique considerations that make the current business cycle different. [23:48] - Rusty's base case scenario and Don's opinion on it. [26:00] - Rusty's good case scenario and Don's response to it. [28:17] - Rusty's bad case scenario and what Don has to say about it. [30:10] - Other risks investors should be thinking about. Quotes [07:19] - "If we think about population or workforce growth coming domestically or through immigration, that, in the long run, will help support potential GDP growth." ~ Donald Rissmiller [07:34] - "Having a dynamic economy could create better productivity growth, exchange of ideas, greater innovation, and greater invention." ~ Donald Rissmiller [09:22] - "The domestic labor market is very strong, even leaning towards overheating at the moment. Because it's creating wage pressures, which are showing up in average hourly earnings, the employment cost index, and other wage measures." ~ Donald Rissmiller Links  Donald Rissmiller on LinkedIn Donald Rissmiller on Twitter Strategas The Planet Suite, Op.32: Jupiter Jason Trennert Nicholas Bohnsack Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion Disclosure Access to the services presented is provided solely as a service to financial advisors. Orion Risk Intelligence does not make recommendations or determine the suitability of any security or strategy. Past performance of a security or strategy does not guarantee future results. Orion Risk Intelligence research and tools are provided for informational purposes only. While the information is deemed reliable, Orion Risk Intelligence does not guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with respect to the results to be obtained from its use. 2858-OAT-10/17/2023

The real estate market assumes a pivotal role in the economic landscape, affecting not only the financial well-being of homeowners but also the stability and growth of the entire financial system. However, the industry has experienced significant shifts in recent years, revealing vulnerabilities that could have far-reaching effects on the broader economy. In this episode, Rusty talks with Marc Pfeffer, Director at the Imperial Fund and Co-Founder of M2M Capital. Marc has more than 35 years of experience in the investment management industry. Before co-founding M2M Capital, Marc was the managing director of S64, focusing on private markets capital raising by connecting alternative managers with asset managers, insurance companies, pensions, endowments, foundations, and wealth managers. Marc joins Rusty to discuss the potential scenarios and risks in the residential real estate market. With extensive experience in the real estate industry, Marc explores the current state of the housing market, its vulnerabilities, and its potential impact on the economy and financial markets.  Key Takeaways [02:51] - Marc's professional background. [04:12] - Marc's endeavor beyond the workplace. [05:05] - How Marc defines risk. [06:58] - The current state of the housing market. [08:58] - The vulnerability of the residential real estate market. [11:21] - Marc's take on the bond market, mortgages, and inflation. [16:17] - The most effective way to invest in real estate today. [17:28] - Marc's view on the future of the overall economy. [21:35] - How the government can address the housing crisis. [24:11] - Rusty's base case scenario and Marc's response. [26:37] - Marc's base case scenario for housing prices and market impacts. [35:32] - Marc's thoughts on Rusty's bad-case scenario. [39:28] - The other risks Marc sees in the current economy. Quotes [10:53] - "It's very difficult to say what a true housing market is because there's virtually no inventory." ~ Marc Pfeffer [22:03] - "If you want to get inventory up and get people to move on to housing, you treat your mortgage as an asset, almost taking it and making it portable." ~ Marc Pfeffer [31:03] - "Stocks can do well without housing, but the economy is very difficult to do well without housing." ~ Marc Pfeffer Links  Marc Pfeffer on LinkedIn Imperial Fund M2M Capital My Way by Frank Sinatra Goldman Sachs S64 Capital J.P. Morgan Portfolio Risk Analytics | Orion Risk Intelligence Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion Disclosure Access to the services presented is provided solely as a service to financial advisors. Orion Risk Intelligence does not make recommendations or determine the suitability of any security or strategy. Past performance of a security or strategy does not guarantee future results. Orion Risk Intelligence research and tools are provided for informational purposes only. While the information is deemed reliable, Orion Risk Intelligence does not guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with respect to the results to be obtained from its use. 2676-OAT-9/25/2023