People were hasty in calling a recesssion within the year. Only part of the curve was inverted recently. We're in a slow-growth economy, an interesting time with no meaningful inflation despite lots of stimulus the past decade. We just have to keep rates low to keep the economy going--he isn't worried. Bonds are now paying 2% like inflation, so that means zero returns. To build wealth, you have to buy stocks. So much exposure in equity can you tolerate? Your risk level? Dividend players are not bond proxies to him, though. He believes in total return whether it's in a growth or defensive stock. Canada: He tries not to get too worried in a macro sense about trade (talks), though he's mindful of it.

Is it smart to buy two diversified ETFs then take a single position out? No, he doesn't recommend nor use single stock positions. If you want one single ETF, look at XWD. It spans the world (large-cap, blue-chip and diverse) and it has gotten off to a great start this year. He prefers ETFs that are cheaper than most, but not the cheapest, because he prefers ETFs that are factor-based which will cost 35 basis points. The 35 basis points are worth it than a no-frills, super-low MER ETF.

A dividend-paying ETF with a low MER It charges only around 35 basis points and is low-beta. Low-ish returns are offset by a good 4% dividend.

Is doubling up a way to avoid capital gains tax? He's unsure about the question, but most people use capital losses to offset gains. Or you don't sell the stocks (which will defer the tax). Or flow-through limited partnerships are another method, but they are riskier and not for everyone. A lot of junior minors and oils use this instrument.

What type of investments to set up for a new baby? Set up an RESP and put in $2,500 each year. The government pays a grant on top of that. The baby will need a SIN. Use one product like the XWD ETF to get diversification (or use separate ETFs to achieve that global spread). At age 10, invest some new money into income stocks. When the child reaches 14, add bonds which are safer investments. In a few years they will use that RESP money.

It might be fine, but it looks like a gimmicky product. This makes a big deal of being Quebec, but this isn't a thesis for investing. This is pandering to a demographic that feels this is good. Quebec is no better or worse than any other part of Canada. He's not being anti-Quebec when he says this. He needs more of a reason to invest in this.

Aren't 8-10 ETFs in a portfolio over-diversifying? He keeps no more than 12 in a larger, million-dollar portfolio: Canada US, emerging markets and Europe. He may add say an ESG ETF or a behavioural one (a top pick tonight). No, 8-10 builds a robust portfolio and isn't over-diversifying. Just don't double-up on ETFs.

Keep bonds in a portfolio? What's the best asset allocation? 70/30 stocks/bonds is the new 60/40 because bonds are yielding 2%, but inflation is 2%. You need to invest more in stocks, especially as you approach retirement (and people are living longer, to 80-90). You need stocks, though keep some bonds in there. If you're more aggressive then allocate 80/20. Have more money when you retire than you expect.