For the latest Road to Exchange video, TMX VettaFi Investment Strategist Cinthia Murphy interviewed Lead-Lag Report publisher Michael Gayed. The two discussed market uncertainty, trusted filters, and the value of in-person events.
Gayed is an award winning writer, portfolio manager, and macro thinker. He shared with Murphy, “I’m looking forward to getting together with you and a whole bunch of people at Exchange.”
Market Noise
2025 has been a year of volatility and uncertainty as policy changes swirl. There are possible tariffs and broader global economic uncertainty permeating many conversations. Accordingly, Gayed said, “I get the real sense from advisors that I speak to that nobody really knows what’s coming. Nobody has high conviction in anything.” He offered that some folks see potential in mid- and small-cap funds due to deregulation. However, others see tariffs as potentially inflationary. Meanwhile, there are also those that just see this all as noise and believe that nothing is really going to change in any substantive way.
“One of the good things about Exchange is you get to do what the word ‘exchange’ implies and exchange ideas,” Gayed offered. He pointed to a broad diversity of opinion about what’s on the horizon, emphasizing that a conference like Exchange is an excellent opportunity to make sense of it all. “The more you get people together physically, the more likely you are to come to some likely conclusion.”
Dissecting Market Narratives
Murphy noted that much of Gayed’s work revolves around dissecting various market ideas and getting people out of echo chambers. Speaking to the value of being in person, Gayed quipped, “the best conversations/ideas tend to happen usually over some libations at a bar.” Speaking more seriously, he noted that brainstorming is best done in person. “There’s much more creativity, there are cues that come from body language and real connection.” He also noted that he is looking forward to seeing people he only knows from Zoom calls and getting that face to face connection in.
The Ocean of Choices
Given the preponderance of news, ideas, technology, and tools available, Murphy asked Gayed how he makes sense of it in his own life. “You have to have a trusted filter,” Gayed said, “VettaFi is one of them. I like to think some of the stuff I do is also one of them.” He offered that the right partner can be everything, and that people need to find the voices, outlets, and people that can help them navigate an increasingly complicated space.
You can join the financial services community in Vegas on March 23rd through 26th and connect to the trusted filters, partners, and thought leaders that will be instrumental in helping you grow your practice in these unusual times.
