The Evolution of Investing with Ira Gluskin on The Unlimited Podcast

On this episode of The Unlimited Podcast, Brian is joined by one of Canada’s “legendary” investors, his friend and mentor, Ira Gluskin.

Brian and Ira discuss the founding of Gluskin Sheff, investing and investment management, Ira’s career advice, and the advantages of a multi-family office over a large investment firm.

Ira Gluskin is the Chief Investment Officer of Irager + Associates Inc., a family office, overseeing Strategy and Investments. Mr. Gluskin was the Co-Founder of Gluskin Sheff + Associates Inc. He served as the firm’s President & Chief Investment Officer from its founding in 1984 until December 31, 2009 and as a Director and the firm’s Vice-Chairman through 2013.

Prior to co-founding Gluskin Sheff, Mr. Gluskin had worked in the investment industry for 20 years. He serves on the Board of Directors of both Tricon Capital Group and European Residential Real Estate Investment Trust and serves on the board of trustees for First Capital REIT. He is a member of the Advisory Board of Vision Capital Corporation, and The University of Toronto’s Real Estate Advisory Committee. He is also on the University of Toronto’s Boundless Campaign Executive Committee, Sinai Health’s Board of Directors and Investment Committee, Board of the Canadian Jewish News, The Walrus Magazine, Capitalize for Kids, and the National Theatre School of Canada. Mr. Gluskin is also the former Chair of the University of Toronto Asset Management Corporation and the former Chair of the Investment Advisory Committee for the Jewish Foundation of Greater Toronto and is currently a member of its Investment Committee.

Mr. Gluskin received a Bachelor of Commerce degree from the University of Toronto in 1964. He received an Honorary Doctorate of Laws degree from Wilfrid Laurier University 2019.

This episode can be found here or find us in your favourite podcasting app, including Apple Podcasts, Spotify, Google Podcasts and Amazon Music.

If you like what you hear, please don’t hesitate to rate us kindly. And if there are particular topics you’d like covered, please let us know.

Real Estate Investing with Jeffrey Olin on The Unlimited Podcast

There are many ways to get exposure to real estate. Our guest, Jeffrey Olin, President & CEO of Vision Capital – managing approximately $1 billion solely focused on real estate investments – tells us how.

In this episode, Brian and Jeff provide an introduction to the real estate asset class (Real Estate 101), different real estate investing options, the challenges of owning real estate directly, public vs. private real estate investing, and much more.

Jeffrey Olin is a co-founder, CEO and has been a portfolio manager at Vision Capital for over 14 years. Mr. Olin brings ten years of direct corporate real estate experience and fifteen years of senior level investment banking experience to Vision Capital. Between 2003 and 2007, Mr. Olin served as the Managing Partner, Ontario and Head of Investment Banking with Desjardins Securities, a $200 billion financial institution. Mr. Olin was previously a Managing Director with HSBC Securities and a Vice President with Canaccord Capital. As an investment banker, Mr. Olin was the Lead Manager and M&A advisor with direct responsibility for over 70 transactions representing over $5 billion in value. He has served as a key advisor to many of Canada’s leading corporate, institutional, and family-owned real estate enterprises on their global real estate investments. Prior to his investment banking career, Mr. Olin has ten years of direct real estate industry experience. Between 1985 and 1991, Mr. Olin was Vice President with Bramalea Limited in Dallas, Texas and Toronto, Canada. In addition, he worked with Olympia & York Developments Ltd., and the Parking Authority of Toronto. His experience in real estate includes acquisitions and dispositions, development, financing, leasing, operations, and planning and design. Mr. Olin has extensive corporate governance experience and expertise. He has served on the Board of Directors for numerous public companies as well as charitable and community boards. He has also acted as an expert witness on behalf of the Ontario Securities Commission and the Government of Canada Parliamentary Finance Committee. Mr. Olin is a graduate from the Kellogg Graduate School at Northwestern University in Chicago with an MBA. He received his Bachelor of Commerce degree from the University of Toronto.

This Podcast was recorded on February 17, 2023.

This episode can be found here or find us in your favourite podcasting app, including Apple Podcasts, Spotify, Google Podcasts and Amazon Music.

If you like what you hear, please don’t hesitate to rate us kindly. And if there are particular topics you’d like covered, please let us know.

Bonus Episode: Bonds 101 on The Unlimited Podcast

A few weeks ago we released an episode of The Unlimited Podcast focused on bonds and bond investing featuring Richard Usher-Jones from Canso Investment Counsel, a $35 billion+ fixed income manager. In just a few weeks, that podcast has become one of our most played episodes and we have received significant positive feedback on the first half dedicated specifically to a “Bonds 101” lesson. So we extracted that section and created this bonus episode: Bonds… Just Bonds.

For those who aren’t very familiar with bonds or may want a refresher, for children, for teachers,…this is the episode for you!

This episode covers:

  • The bond market versus the equity market
  • What is a bond?
  • Coupon payments and “clipping coupons”
  • Who issues bonds?
  • What determines a bond’s interest rate, or yield?
  • The relationship between bond prices and interest rates
  • What are bond ratings?
  • Who has the highest bond ratings?
  • Investing in “junk” bonds
  • Which is safer: bonds or equities?
  • What is the yield curve?
  • And more…

This episode and the full original episode can be found here or find us in your favourite podcasting app, including Apple Podcasts, Spotify, Google Podcasts and Amazon Music.

If you like what you hear, please don’t hesitate to rate us kindly. And if there are particular topics you’d like covered, please let us know.

Artificial Intelligence goes Radical with Jordan Jacobs on The Unlimited Podcast

The excitement around artificial intelligence has gone “radical”. Our guest believes that in time, AI will “eat all software”. And PWC says AI will contribute over USD $15 trillion to the global economy by 2030.* On this episode of The Unlimited Podcast — with the assistance of ChatGPT — Brian is joined by Jordan Jacobs, Co-Founder & Managing Partner of Radical Ventures, a leading venture capital firm focused on investing in transformational AI.

Jordan is also a founder of the Vector Institute for Artificial Intelligence, a director of the Canadian Institute for Advanced Research, member of the University of Waterloo President’s International Advisory Board, a Director of Tennis Canada, former Chief AI Officer of TD Bank Group, and was a Co-Founder & CEO of Layer 6 AI and Milq Inc. Jordan was also the Founder & CEO of SpyBox Media and spent over a decade as a lawyer specializing in entertainment, media, technology, and sports.

Brian and Jordan discuss Jordan’s path to AI venture capital, what AI actually is, how AI is being used today, how it may be used in the future, and much more…including a ChatGPT demo.

Brian also asks Jordan about his time working with Elton John and Elvis Costello, and his experience meeting Roger Federer. If you’re a music fan or a tennis player, then this episode is (also) for you!

This episode can be found here or find us in your favourite podcasting app, including Apple Podcasts, Spotify, Google Podcasts and Amazon Music.

If you like what you hear, please don’t hesitate to rate us kindly. And if there are particular topics you’d like covered, please let us know.

 

Picture credit: https://radical.vc/jordan-jacobs/ & https://labs.openai.com/

*https://www.pwc.com/gx/en/issues/data-and-analytics/publications/artificial-intelligence-study.html

For Your Ears Only…Bonds with Richard Usher-Jones on The Unlimited Podcast

After a difficult 2022 for bonds, higher interest rates have created increased opportunities for fixed income investors. So to kick off 2023, this episode of The Unlimited Podcast will cover “Bonds 101” and opportunities in fixed income investing with Richard Usher-Jones, Portfolio Manager at Canso Investment Counsel.

Richard has 30+ years of industry experience, achieving his Canadian Investment Manager (CIM) designation, and is a Fellow of the Canadian Securities Institute (FCSI). Since 2009, Richard has been a Portfolio Manager with Canso, as well as the President of Lysander Funds. Canso manages over $35 billion in assets, specializing in fixed income.

In this episode, Brian and Richard go back to basics to explain bonds and how they work, who issues bonds, bond ratings, and much more. They also review Canso’s approach to fixed income investing and opportunities Richard is seeing in the current environment.

This episode can be found here or find us in your favourite podcasting app, including Apple Podcasts, Spotify, Google Podcasts and Amazon Music.

If you like what you hear, please don’t hesitate to rate us kindly. And if there are particular topics you’d like covered, please let us know.

 

Picture credit: https://www.lysanderfunds.com/our-team/

My First Job: Ginsler Wealth CEO Featured in HBS Alumni Magazine

Hot Dog Employee on the Phone

Ginsler Wealth’s Founder & CEO, Brian Ginsler, was recently featured in Harvard Business School’s December 2020 Alumni Bulletin Magazine, in an article showcasing stories of HBS alumni first jobs and key lessons learned.

The piece, called “Dog Days” recounts Brian’s first job as a hot dog vendor and some of the trouble he got into!

To read about the origins of Brian’s passion for customer service (and barbecued hot dogs) check out the full article.

 

Illustration by: Ross MacDonald

Farmland Investing with Joelle Faulkner on The Unlimited Podcast

In this episode of The Unlimited Podcast, Ginsler Wealth CEO, Brian Ginsler, speaks with Joelle Faulkner, Founder and CEO of Area One Farms.

Joelle is a multi-generation Canadian farmer. She is a Rhodes Scholar and Fulbright Scholar and obtained degrees in Engineering, Business, and Law from Western University, Oxford University and Stanford University. She was named one of Canada’s Top 40 Under 40, Canadian Private Equity Summit Emerging Leader, EY Entrepreneurial Winning Women, and Canada’s Top 100 Most Powerful Women: Future Leaders.

In 2011, Joelle combined her finance expertise with her farming knowledge and founded Area One Farms – which now has $450 million of committed and invested capital, and owns 140,000 acres of farmland in partnership with 28 farm partners in 4 provinces.

Brian and Joelle discuss what life is like for farmers today, the current global climate for farming, why farmers need partners like Area One Farms, and why investors should think about farmland as an asset class for their portfolios.

This episode can be found here or find us in your favourite podcasting app, including Apple Podcasts, Spotify, Google Podcasts and Amazon Music.

If you like what you hear, please don’t hesitate to rate us kindly. And if there are particular topics you’d like covered, please let us know.

 

Picture credit: https://areaonefarms.ca/

Cybersecurity Best Practices with Daniel Zborovski on The Unlimited Podcast

We are releasing this podcast on Halloween because nothing is more scary than getting hacked!

In the latest episode of The Unlimited Podcast by Ginsler Wealth, Brian Ginsler speaks with Daniel Zborovski, Founder and Principal Consultant of RestWell Technology. Daniel has over 25 years of experience leading and mentoring security, technical and programming teams. Daniel has managed complex security and IT projects for thousands of clients in legal, healthcare, manufacturing, and professional services. A tech evangelist to anyone that will listen, Daniel regularly speaks on panel discussions and keynote addresses to countless IT professionals, business owners and executives. Daniel is also the architect of multiple award-winning products and services.

Brian and Daniel discuss how hackers work in the modern era, best practices for passwords and PINs, as well as “dos and don’ts” for protecting the data of yourself, your family, and your business.

Be afraid. Be very afraid. But listen anyway…

This episode can be found here or find us in your favourite podcasting app, including Apple Podcasts, Spotify, Google Podcasts and Amazon Music.

If you like what you hear, please don’t hesitate to rate us kindly. And if there are particular topics you’d like covered, please let us know.

 

Picture credit: https://www.expressvpn.com/blog/cybersecurity-horror-stories-to-haunt-your-dreams/

Ginsler Wealth Goes to the Movies

With Toronto welcoming the Toronto International Film Festival (TIFF) back to town, we started thinking about our own favourite movies. We know that films and storytelling help us learn, grow, and understand the world, so we thought we’d use a few cherished lines from our favourite movies to help you better understand our business. Over the coming days, we will be highlighting these films and using the opportunity to shed some light on what we think makes us different.

Please follow Ginsler Wealth on your favourite social channel(s) to see these as the curtain is raised.

Key Ginsler Wealth highlights we will focus on:

  1. We’re a different wealth management experience
  2. We look beyond traditional stocks and bonds
  3. We do the work so you don’t have to
  4. We provide holistic wealth, tax and estate planning services
  5. We have an extreme focus on client service

Stay tuned, the show is about to begin!


THURSDAY, SEPTEMBER 8, 2022:

The first feature in our series of favourite movie quotes…

Like Dorothy arriving in the Land of Oz, when you experience Ginsler Wealth, you immediately sense something is different. We are fully independent, unique, and committed to offering a unique wealth management experience for high-net-worth families.


SATURDAY, SEPTEMBER 10, 2022:

The second feature in our series of favourite movie quotes…

One of our key services is managing your investment portfolio. We are proud to be fully independent and unconstrained, meaning that we can invest in a wide variety of asset classes and strategies. Just like cooking shrimp, there’s many different ways to invest your money. We’d like to tell you about some of our favourites.


MONDAY, SEPTEMBER 12, 2022:

The third feature in our series of favourite movie quotes…

We work hard taking care of your wealth, so that you can relax. Whether it’s a trip to the museum, watching a parade, or even a joyride, you deserve to live the life of your dreams. Get ready to twist and shout.


WEDNESDAY, SEPTEMBER 14, 2022:

The fourth feature in our series of favourite movie quotes…

Making financial plans for the whole family can be difficult, but we’re here to make the whole process easier. We are currently accepting new clients, and we think joining us is your density. I mean…your destiny.

 

FRIDAY, SEPTEMBER 16, 2022:

The fifth and final feature in our series of great movie quotes…

We’re closing out this series with one of the favourites of our CEO, Brian Ginsler. Exceptional service is one of our top priorities, and we want all our clients to feel cherished and cared for. We won’t rest until you’ve fallen in true love with our service.

 

SUNDAY, SEPTEMBER 18:

We hope that you’ve enjoyed this series and re-visiting some of the greatest movies of all time. Hopefully you get the sense that Ginsler Wealth is not your “typical” wealth firm. We look forward to highlighting some of your favourite movies in next year’s sequel, so please reach out to us and let us know your favourite movie quotes!

 

 

Note that Ginsler Wealth and this campaign are in no way affiliated with nor endorsed by TIFF. This campaign will make use of popular culture references for marketing purposes, should not be taken literally, and is not investment advice.

The Key Lesson of Benjamin Graham’s “The Intelligent Investor”

The “intelligent investor” is one who knows what type of investor they are.

With world equity markets swooning once again, I thought it would be an apt time to review my key takeaway from one of the best investment books ever written.

I recently re-read The Intelligent Investor by Benjamin Graham, who is known as the father of value investing, as well as the teacher and mentor of Warren Buffett. The publishers of all recent editions (there are many) have added the following to the cover of each book: “The classic text on value investing.” I think a more apt addition to each cover would simply be: “The classic guide on choosing what type of investor you are.” While this may not sound as exciting as reading the formative guide on how to succeed at a particular style of investing, I do think my title better encapsulates Graham’s intention with this book. I am not convinced that Graham was trying to teach investors how to value companies. I think he was trying to teach investors how to value themselves.

First, a little history… the book was written in 1949 at a time when, according to Graham, common stock ownership was not actually common in portfolios of institutions nor individuals. In fact, it was written at a time when security analysis was just becoming something of a profession. Graham writes “the various societies of analysts […] have well over fifteen hundred members.” Today, 25,000+ firms employ more than 160,000 CFA charterholders. Graham had experienced The Crash of 1929 as an investor, managed through it arduously, and then effectively dedicated his life to managing his investment partnership and educating future security analysts through his perch at Columbia University.

The book is 250 pages long and it is important to note that before there is serious discussion of security analysis, there are 108 pages laying the groundwork for readers to make the following key decision: Are you going to manage your investments yourself and strive for high returns (Graham called this person “The Aggressive Investor”)? Or are you going to either let an advisor manage for you or strive for generally good results (Graham called this person “The Defensive Investor”)?

“The investor’s choice as between the defensive or the aggressive status is of major consequence to him, and he should not allow himself to be confused or compromised in this basic decision. The aggressive investor must have a considerable knowledge of security values—enough, in fact, to warrant viewing his security operations as equivalent to a business enterprise. The majority of security owners should elect the defensive classification. They do not have the time, or the determination, or the mental equipment to embark upon investing as a quasi business.”

I found it interesting that the phrase “margin of safety” – the rallying cry of value investors for decades –  is only mentioned for the first time on page 241 of 250:

“Confronted with a like challenge to distill the secret of sound investment into three words, we venture the motto, margin of safety.”

I also found it amazing that most of Graham’s comments on investing, markets, forecasters, and risk could have been written yesterday rather than over 70 years ago. I guess the more things change, the more they stay the same:

“Through all its vicissitudes and casualties, as earth-shaking as they were unforeseen, it remained true that sound investment principles produced generally sound results. We must act on the assumption that they will continue to do so.

In the old legend the wise men finally boiled down the history of mortal affairs into the single phrase, ‘This too will pass.’”

The final sentence of the book reads:

“To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”

I worry that this phrase may be misunderstood by some readers. Satisfactory seems to take on a derogatory meaning when in reality, for almost all investors, Graham was encouraging satisfactory investment results. He believed the pursuit of satisfactory investment results is the prudent, conservative way to grow one’s assets. For those to whom satisfactory returns are actually not the goal, Graham’s guide warns that one will have to put significant “study, effort, and businesslike resources to bear to achieve – with no guarantees – superior results.”

Ultimately, Graham’s “intelligent investor” is one who understands what she is striving for, and what she is equipped to achieve herself, or not.

That conclusion should not be surprising. It’s the title of the book.

 

Postscript:

Graham details very clearly in his book the role of the advisor:

“[To…] use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.

The leading investment counsel firms make no claim to being brilliant; they do pride themselves on being careful, conservative, and competent.”

Sounds like an apt summary of my firm, Ginsler Wealth. For the “intelligent investor” who appreciates that they need help managing their wealth, we are here.

 

Note: this article should not be considered investment advice.