Related Strategy & Insights
Portfolio Strategy Report (Q4 2025)
There is a deep contradiction between perception and reality that is currently playing out in the U.S. economic landscape. In many ways, it reminds us of the setting to the famous 1999 movie, The Matrix (a friendly spoiler alert for those that haven’t seen it – skip ahead to the next paragraph). In the movie, the world in which the protagonist wakes up is a simulated reality powered by an engine that most don’t see. This “invisible engine” dynamic helps us square the inconsistency between the prevailing narrative of U.S. economic fragility and incoming data that shows resilience.
Portfolio Strategy Report (Q3 2025)
Despite the recovery in broad risk over the past few months, the underlying issue remains the same. The decades-long integration of global trade — with the United States at the hub — has been permanently disrupted. And unless we see a complete reversal from the Trump administration, the current regime of higher trade barriers is likely here to stay.
What’s more, we also appear to be in the early stages of something more nefarious — a capital war. As congressional members pass the “One, Big, Beautifull Bill Act”, a provision like Section 899, even if excluded, should send a reminder to non-U.S. investors that foreign investment is becoming less welcome than it has been in the past.
Related Trade Ideas & Podcasts
Podcast: What ETF Flows Are Telling Us-September 10, 2025
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Will it be another record-breaking year for Canadian ETF inflows? In this episode, Bipan Rai, Matt Montemurro, and your host, Erika Toth, delve into the latest industry data, exploring the seasonality of flows, currency hedging, fixed income positioning, a slight sector rotation, and a whole lot more. Erika Toth is a Director of Institutional and Advisory for Eastern Canada at BMO Global Asset Management (BMO GAM). She is joined on the podcast by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds, BMO GAM and Matt Montemurro, Managing Director and Head of Fixed Income and Equity Index ETFs, Exchange Traded Funds, BMO GAM. The episode was recorded live on Wednesday, September 10, 2025.
Podcast: Trump, Tariffs, and Trade Agreements-August 6, 2025
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What’s next for U.S.-Canada trade? In this episode, ETF and Alternatives Strategist Bipan Rai, and your host, Erika Toth, break down the current and potential implications of reciprocal tariffs and explore key data points to watch. They also share their outlook for the months ahead and portfolio positioning for U.S. and Canadian assets. Erika Toth is Director, Institutional & Advisory, Eastern Canada at BMO Global Asset Management (BMO GAM). She is joined on the podcast by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM. The episode was recorded live on Wednesday, August 6, 2025.