Orion's The Weighing Machine: Recent Episodes
Orion Portfolio Solutions
Orion’s The Weighing Machine How does Orion help financial advisors guide investors toward their financial goals? We provide the services and solutions advisors need to help clients stay invested in balanced portfolios. On Orion’s “The Weighing Machine,” featuring Orion Chief Investment Officer Rusty Vanneman, CFA, CMT we cut through the market clamor and focus on time-tested principles that help financial advisors and investors reach their long-term financial goals. Each podcast reviews weekly commentary by Orion’s investment team and features a special guest to discuss market headlines.
Investors often find themselves at a crossroads when deciding how to allocate their resources for optimal returns. But one of the timeless strategies that has captivated investors seeking sustainable growth and long-term success in finance and investment is value investing, a philosophy made famous by Benjamin Graham and later championed by his protégé Warren Buffett. Value investors, armed with a keen eye for bargain opportunities, endeavor to uncover the hidden gems amidst the market's ups and downs. In this episode, Rusty and Robyn talk with Brian Ferguson, Senior Portfolio Manager at Newton Investment Management Group. Brian has been with BNY Mellon companies for over 26 years, specifically for the U.S. Dynamic Large Cap Value Fund (BNY Mellon Dynamic Value Fund). He joined Newton in September 2021, following the integration of Mellon Investments Corporation's equity and multi-asset capabilities into the Newton Investment Management Group. With a value-based investment philosophy, Brian talks to Rusty and Robyn about value investing. He shares insights into how investors should allocate between value and growth and the future of active management. Brian also discusses other important value sectors, including energy and healthcare.
Key Takeaways
[03:30] - Brian's career background and role at Newton Investment Management Group.
[04:26] - What distinguishes Newton Investment Management Group as a firm?
[07:11] - What is it like to work with John Neff?
[08:49] - How value investing has evolved over time.
[12:28] - Brian's rule of thumb for allocating between growth and value investing.
[14:00] - Brian's thoughts on active management.
[17:48] - How the energy sector has changed over the years.
[23:27] - How the financial sector plays offense and defense across the different sectors.
[28:22] - The opportunities in the healthcare industry.
[32:01] - Brian's thoughts on how AI impacts the financial industry.
[35:05] - Brian's favorite investment idea.
[41:15] - How Brian maintains his physical and mental energy to perform at a high level.
[42:28] - The people Brian is grateful for professionally.
[46:12] - Brian's recommendation for content.
Quotes [09:22] - "Being a student of the marketplace and the markets, if you look at a hundred years of history, values outperform, on average, two out of three years. And that speaks to the notion that it does matter what you're paying for something, and it's easier to outperform low expectations than high expectations." ~ Brian Ferguson [13:47] - "The better way to allocate between value and growth investing is to get a great manager and team with a proven process and philosophy, do both styles, blend it together, and then periodically rebalance it." ~ Brian Ferguson [16:41] - "The dispersions of results and outlooks on the things that drive intrinsic value, namely cash flow and earnings, have never been wider. And in my 30-year career as an equity investor, I've never seen it as wide as it is. And that is music to the ear of active managers." ~ Brian Ferguson
Links
Brian Ferguson on LinkedIn
Newton Investment Management Group
Doin' This by Luke Combs
Wellington Management
Vanguard
Keith Howell
J.P. Morgan
Berkshire Hathaway
The Lion Tracker's Guide to Life
The Money Masters
The New Money Masters
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Meet Rusty Vanneman, Orion's Chief Investment Officer
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2519-OPS-9/11/2023
Due to the many risks facing today's market, many investors wonder whether now is the time to invest or just sit on the sidelines. While diversification can minimize exposure to any single economic, political, or market event, it's important to know the market's top risks to enable investors to manage expectations and protect their portfolios. But what are today's top market risks, and how can investors move forward? In this episode, Rusty and Robyn talk with Daniel Villalon, Principal and Global Co-Head of the Portfolio Solutions Group at AQR Capital Management. In his role, Daniel oversees the team responsible for advising clients on portfolio challenges and creating investor-oriented thought leadership. Additionally, Daniel founded, co-wrote, and hosted AQR’s podcast, The Curious Investor. Daniel talks with Rusty and Robyn about the market's top risks, what investors should expect moving forward, and how they can stay invested and reach their financial goals.
Key Takeaways
[05:25] - How Daniel went from the vineyard to the financial industry.
[08:28] - The key role Daniel plays at AQR Capital Management.
[11:04] - AQR's market outlook for the remainder of the year.
[12:37] - The inflation perspective of AQR.
[14:10] - Daniel's thoughts on recession risk.
[17:01] - How Daniel rates the risk of fighting the Fed.
[18:54] - How AQR measures the impact of investor expectations.
[21:29] - Another potential risk Daniel is keeping an eye on.
[23:38] - What investors could expect in terms of market returns in the years ahead.
[26:58] - The return expectations for growth stocks versus value stocks.
[32:16] - Why firms should have CMAs.
[36:42] - What investors should do with their portfolios, given all the risks and challenges in the current market.
[41:48] - AQR's perspective on commodities and real estate.
[46:06] - How Daniel views long-short strategies.
[47:50] - AQR's thoughts on managed futures and merger arbitrage.
[52:48] - Daniel's personal investment strategy.
[54:50] - How Daniel maintains his physical and mental well-being to perform at his best.
Quotes [11:23] - "Coming up with an expected return for the future is easy to do, but very hard to do well." - Daniel Villalon [12:00] - "Diversification is the most reliable or least imperfect solution when positioning yourself for a world where you don't know with certainty what the next few months will bring." - Daniel Villalon [13:53] - "Inflation is a risk that neither of the two biggest traditional asset classes is particularly well suited to address." - Daniel Villalon [20:55] - "One of the challenges in terms of investor expectations is a lot of folks, implicitly or not, set their expectations based on what they've seen recently. That’s created a massive disconnect regarding what people expect from markets and what they're likely to get over the next five to 10 years." - Daniel Villalon
Links
Daniel Villalon on LinkedIn
AQR Capital Management
Help! by The Beatles
The Laws of Wealth: Psychology and the Secret to Investing
JP Morgan
The Mitchell Madison Group
Pine Ridge Vineyards
The Curious Investor Podcast
Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least
Buttonwood’s notebook | The Economist
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Meet Rusty Vanneman, Orion's Chief Investment Officer
Check Out All of Orion's Podcasts
Power Your Growth with Orion
1211-OPS-7/12/2022
Portfolio construction is a crucial aspect of investment management, directly influencing the trajectory of one's financial endeavors. As the global economy is constantly in flux, the challenge for financial advisors lies in constructing portfolios that cope with the changing dynamics of the economic landscape while achieving clients' long-term goals. In this episode, Rusty and Robyn talk with Adam Hetts, Portfolio Manager and Global Head of Multi-Asset at Janus Henderson Investors. Before joining the firm in 2017, Adam held various roles at Goldman Sachs, including Vice President and Senior Portfolio Strategist, where he led efforts in the U.S. and the Asia Pacific regions. At Janus Henderson, Adam and his team of strategists serve as a resource to their clients, assisting them in deconstructing, analyzing, and reconstructing their portfolios to identify risks and achieve results aligned with their investors' long-term objectives. Leading a team that constructs multi-asset solutions for clients' complex investment objectives, Adam talks to Rusty and Robyn about portfolio construction strategy and market outlooks. He shares insights on the current market environment, investor sentiment, and the questions financial advisors are receiving from clients. Adam also provides an in-depth analysis of the 60/40 balanced investment portfolio, discussing the equity side, fixed income concerns, and the importance of diversification.
Key Takeaways
[02:57] - Adam's professional background and role at Janus Henderson.
[05:24] - Key takeaways from portfolio construction and strategy team discussions.
[07:22] - Janus Henderson's insights on the equity side of the market.
[10:16] - Adam's outlook and recommendations on non-U.S. stocks.
[12:49] - The most common concerns about fixed income.
[15:53] - The philosophy Adam and his team apply when building model portfolios.
[19:05] - Adam's thoughts on the impact of artificial intelligence in the financial industry.
[20:15] - How Adam maintains his physical and mental energy to perform at a high level.
[21:46] - Adam's recommendations for content.
Quotes [05:58] - "What we've seen happening now is the environment and the sentiments have been improving. It's not so much the Fed pivot as the big obsession for our clients. It's the portfolio pivot from defense to offense and just how soon and how aggressive to be with that pivot." ~ Adam Hetts [06:49] - "The most common conversation for us on our equity consultations is digging into the nuance and balance between the historically overvalued large cap and the undervalued small and mid-cap pieces." ~ Adam Hetts [16:48] - "We know clients want low fees, so we're open architecture to bring in a bigger opportunity set, including blending in passive ETFs. We know clients want to stay in their comfort zone, so we're globally diversified in our models. The goal is to help clients stay invested in the long run." ~ Adam Hetts
Links
Adam Hetts on LinkedIn
Janus Henderson Investors
Janus Henderson Portfolio Construction and Strategy Team
Janus Henderson Global Multi-Asset Model Portfolios
Janus Henderson Market GPS Investment Outlook
Intro Article by Adam in Market GP
Janus Henderson Balanced Portfolio Recipe Webinar
Shake It Off by Taylor Swift
Goldman Sachs
Continental Drift by Russell Banks
The Wager by David Grann
The Psychology of Money by Morgan Housel
Just Keep Buying
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Meet Rusty Vanneman, Orion's Chief Investment Officer
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2307-OPS-8/18/2023
As the advice model continues to evolve, harnessing the power of technology is not just a competitive edge but a necessity. However, amidst this technological revolution, financial advisory firms have to maintain sight of innovations' true purpose. The most successful firms skillfully strike a balance between cutting-edge innovation and the human touch, ensuring that technology enhances, rather than replaces, the art of conversation. In this episode, Rusty and Robyn talk with Charles Goldman, Executive Chairman of the Board at Orion. Charles is also a member of the Board of Directors of Genstar portfolio companies ACA Group, AmeriLife, Cerity Partners, Mercer Advisors, and Orion. He is chairman of FinTech Evolution Acquisition and an American Mountain Guides Association board member. Charles talks with Rusty and Robyn about the importance of technology in the financial advisory space, how the advice model is changing, and how to build great relationships with clients.
Key Takeaways
[03:02] - Charles’ career highlights and his most rewarding experience.
[05:58] - Charles' early observations of Orion as Executive Chairman.
[08:41] - The challenges for financial advisors in the coming years.
[12:12] - How technology impacts the advisory model.
[15:51] - The gaps in the advisory space that need to be filled.
[17:32] - The most important factors when building and maintaining client relationships.
[21:45] - The benefits of private equity in the financial industry.
[24:50] - The best investment styles for investors.
[28:31] - What the future of a full-service advisory firm looks like.
[32:25] - Charles' advice to aspiring leaders in the financial services industry.
[35:51] - Charles' favorite investing idea.
[38:18] - How Charles maintains his physical and mental energy to perform at a high level.
[40:51] - The people Charles is thankful for professionally.
[43:22] - Charles’ recommendations for content.
Quotes [04:37] - "When you're trying to get a leadership point across and build culture, it starts with the firm's mission. It needs to be something you can grab hold of, something you can understand." ~ Charles Goldman [05:45] - "The thing that grabs employees and excites clients is when you live by a mission where you put the client first." ~ Charles Goldman [20:47] - "When you ask questions about building trust and creating conversation, it really is the quality of the conversation and the quality of listening. It's asking the question that stems from your expertise and knowledge of the client and their situation. Those are the best and most trusting relationships." ~ Charles Goldman
Links
Charles Goldman on LinkedIn
Charles Goldman on Twitter
Back in Black by AC/DC
Cerity Partners
AssetMark
Charles Schwab
Fidelity Investments
Mercer
AmeriLife Marketing Group
Boston Consulting Group
Genstar Capital
Connect with Us
Meet Rusty Vanneman, Orion's Chief Investment Officer
Check Out All of Orion's Podcasts
Power Your Growth with Orion
2233-OPS-8/14/2023
Renowned for its expertise and commitment to client satisfaction, BlackRock has made significant strides in revolutionizing the financial industry through its Separately Managed Accounts (SMAs) offering. BlackRock places an emphasis on meeting the needs of its end clients, regardless of whether they are institutional giants or retail investors. In this episode, Rusty and Robyn talk with Chris Ryan, BlackRock's Senior Fixed Income Portfolio Manager. In his role, Chris primarily covers the southeast part of the U.S., delivering model-based and custom solutions in both the taxable and tax-exempt space for high-net-worth individuals, institutions, foundations, pensions, charitable organizations, and religious organizations, among others. He works closely with their New York-based corporate team to help filter out the most appropriate credits for their SMA clients while providing consistent updates to help drive decisions to buy, sell and hold positions. With nearly 13 years of experience at BlackRock and previous experience at Merrill Lynch, Chris talks with Rusty and Robyn about fixed income separately managed accounts (SMAs) and how they differ from bonds and ETFs. He also discusses the benefits of fixed income separately managed accounts, the current challenges of the bond market, and the opportunities of municipal bonds.
Key Takeaways
[02:32] - Chris's background and career in the financial industry.
[03:37] - What a fixed income separately managed account (SMA) is and its benefits.
[05:36] - What it's like to work as a fixed income SMA portfolio manager.
[08:17] - What sets BlackRock apart and its secret sauce for success.
[12:02] - BlackRock's views on the bond markets.
[15:34] - What BlackRock's state-specific personalization in municipal bonds is all about.
[17:33] - BlackRock's offerings on Orion, including strategies, minimums, and fees.
[19:39] - How Chris maintains his physical and mental energy to perform well.
[20:16] - The mentors and colleagues Chris is grateful for.
[21:06] - Chris' recommendations for content.
Quotes [05:08] - "Separately Managed Accounts (SMAs) give the client the ability to personalize their holdings not only to their tax situation but also to their values preferences." ~ Chris Ryan [09:03] - "One factor that has set BlackRock apart is that it focuses on end clients' needs first and foremost, whether that be institutional or retail clients. BlackRock provides the client a better overall understanding of the risks within their investible universe." ~ Chris Ryan [11:03] - "Interactions that are built on trust and solid client service lead to a longer-lasting relationship." ~ Chris Ryan
Links
Chris Ryan on LinkedIn
BlackRock
Back in Black by AC/DC
Merrill Lynch
Aladdin by BlackRock
Ryan Nielsen
The Bid
Fixed Income in 15
Macro Musings with David Beckworth
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Meet Rusty Vanneman, Orion's Chief Investment Officer
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2146-OPS-8/4/2023
Time and again, investors are reminded of the turbulent nature of financial markets. Attempting to predict short-term market movements can lead to a myriad of pitfalls and missed opportunities. Wise investors recognize that true wealth creation lies in the ability to weather market downturns and emerge stronger on the other side. In this episode, Rusty Vanneman and Robyn Murray talk with Jim Cullen, Chairman and CEO at Schafer Cullen Capital Management. Jim founded the firm in 1983 and is responsible for overseeing Schafer Cullen Capital Management and has served as the CEO and Co-Portfolio Manager on all of the firm's strategies. Jim has also been responsible for overseeing the affiliated firm, Cullen Capital Management LLC, since its formation in 2000. His experience in the investment business spans over 60 years. A leading value manager for decades, Jim talks about how the markets have changed over the last 60 years. He also discusses long-term value investing and how it makes sense for investors, the importance of dividends and dividend growth, and why market timing is the root of all evil for most investors.
Key Takeaways
[03:06] - What the market looked like 60 years ago.
[06:15] - How the 1970 bear market impacted Jim's investment philosophy.
[11:20] - The inspiration behind Jim's book, “The Case for Long-Term Value Investing.”
[15:06] - A look back at Schafer Cullen Capital Management's origins.
[16:23] - Why Schafer Cullen Capital Management includes dividend growth in its value investing.
[17:17] - How Jim tackles market timing with investors.
[19:02] - Jim's approach to stock selection.
[20:51] - What happens when the market is concentrated?
[22:14] - What Jim has to say about financials.
[23:59] - What Jim has to say to young people looking to invest in today's market.
[25:23] - Jim's thoughts on how AI might affect the investment industry.
[27:24] - Jim's favorite investment idea.
[29:25] - The people Jim is thankful for professionally.
[31:24] - Content recommendations from Jim.
Quotes [10:00] - "Every five-year period has some tough periods, recessions, bear markets, and all the negative stuff. But the five-year time horizon bailed you out on all of them." ~ Jim Cullen [17:40] - "Market timing is the root of all evil for most investors. It's the killer of long-term performance." ~ Jim Cullen [18:04] - "Don't try to time the market because you make all your money when you come out of that recession. That's the biggest part of all the gains in the market over time." ~ Jim Cullen
Links
Jim Cullen on LinkedIn
Cullen Funds
Good Vibrations by The Beach Boys
Merrill Lynch
Mid-Year Note the Danger Zone A Time for Value
The Case for Long-Term Value Investing
J.P. Morgan
Jamie Dimon
Jason Zweig
Goodbye Mickey Mouse
Connect with Us
Meet Rusty Vanneman, Orion’s Chief Investment Officer
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Power Your Growth with Orion
Disclosure Advertisement supplied by Schaeffer Cullen Capital Management. Schaeffer Cullen Capital Management and OPS are not affiliated companies and the advertisement is not a recommendation or endorsement by Orion Portfolio Solutions, LLC for any of the services referenced or provided.
2044-OPS-7/28/2023
The marketplace is no stranger to speculation and unpredictability, with investors often left to navigate the highs and lows of the financial rollercoaster. As more investors seek to balance risk and reward, defined outcome ETFs present an enticing solution that marries the quest for growth with the imperative for protection. In this episode, Rusty and Robyn talk with Bruce Bond, Co-Founder and CEO of Innovator ETFs. He also co-founded PowerShares Capital Management in 2003. In addition to being recognized for best-in-class products, Bruce has been named the ETF industry's most influential person on multiple occasions and has been quoted in financial publications around the world. Bruce talks to Rusty and Robyn about the growth and changes in the ETF industry, as well as the key drivers of growth and trends to watch. He also shares how Innovator ETFs differentiates itself from other investment management firms and what advice he gives to investors when selecting and evaluating ETFs for their portfolio.
Key Takeaways
[04:01] - How Bruce got started in the EFT industry.
[05:24] - How the ETF industry has evolved over time.
[07:11] - Innovator ETFs’ mission and approach to innovation
[10:48] - How advisors use the Defined Outcome ETFs.
[15:01] - A look at Innovator ETFs’ Premium Income Barrier ETFs.
[18:23] - The anticipated launch of Defined Protected ETFs.
[21:02] - Growth and obstacles in the ETF industry.
[23:09] - How Innovator ETFs adapted to future ETF trends.
[24:24] - What investors should consider when selecting ETFs for their portfolios.
[26:02] - Bruce's thoughts on the impact of AI on the markets and industry.
[28:22] - Bruce's favorite investment idea.
[29:30] - How Bruce maintains his physical and mental energy to perform at his peak.
[30:51] - The people Bruce is thankful for professionally.
Quotes [11:39] - "A lot of guessing goes on in the marketplace, but no one has a good handle on it. So having a product that provides a buffer against those losses on the equity side and simultaneously gives you access to a significant portion of the upside has huge value." ~ Bruce Bond [20:12] - "The beauty of protected ETFs is they're so efficient. They will give you the maximum you can get from the options market on the upside over two years. It removes all the middlemen, all the banks, all the annuities, all the funds, and all these people that get their hands in the pot." ~ Bruce Bond [23:38] - "The defined outcome category is gaining a lot of traction. This controlled exposure to the marketplace is where we will see a lot of growth in the future." ~ Bruce Bond
Links
Bruce Bond
Innovator ETFs
One Thing At A Time by Morgan Wallen
The Blessing by Elevation Worship
First Trust
Nuveen
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1856-OPS-7/11/2023
In finance, understanding the intricate workings of the human mind can be just as important as comprehending the numbers and market trends. Furthermore, behavioral finance acknowledges the undeniable truth that humans are not always perfectly rational when managing their finances. Our minds are prone to biases, emotions, and irrational behaviors that can derail even the most intelligent and successful individuals. In this episode, Rusty and Robyn talk with Doug Lennick, CEO and Co-Founder of think2perform. Doug leverages his 40+ years of experience as a Fortune 100 executive, a seasoned small business owner, and an entrepreneur to help clients achieve optimal results. At think2perform, Doug leads a team that serves the needs of executives and their organizations. He helps clients improve their bottom-line results by enhancing revenue growth. Doug talks to Rusty and Robyn about behavioral finance and why people need to understand it for themselves and their businesses, how behavioral advice helps advisors and investors build and maintain strong relationships, and how to get started writing a book.
Key Takeaways
[04:52] - Why Doug built a career around behavioral finance.
[07:07] - What think2perform is all about.
[09:42] - How behavioral finance can help investors and advisors.
[14:35] - What think2perform's Behavioral Finance Advice Program is about.
[17:14] - What it takes to be a behavioral financial advisor.
[21:10] - A list of Doug's published works.
[24:51] - Doug's advice for improving interpersonal connections and creating meaningful relationships.
[30:21] - How people can cultivate healthy relationships with money.
[38:52] - Doug's advice to financial advisors who want to become authors.
[41:44] - Doug's take on how artificial intelligence impacts financial advisors.
[44:51] - One of Doug's favorite investment ideas.
[46:01] - How Doug maintains his mental and physical health to perform at his best.
[50:29] - The people Doug is grateful for professionally.
[55:03] - Doug's recommendations for content.
Quotes [09:18] - "We help people to understand that their mind has the authority to override the brain's desire to repeat behavior. We help smart people who are starting to do dumb things with their money go ahead and assess how smart they are, even in the presence of competing and difficult to deal with emotions." ~ Doug Lennick [10:07] - "Behavioral finance helps people make rational, smart, responsible, and values-based decisions with their money and their life in the presence of competing and difficult-to-deal-with emotions." ~ Doug Lennick [24:14] - "The common pursuit all humans have is that we all want to be happy with ourselves. We want to live a happy life. And by leveraging our financial intelligence, we create an intersection where our money, health, and happiness come together." ~ Doug Lennick
Links
Doug Lennick on LinkedIn
Doug Lennick on Twitter
think2perform
I Can See Clearly Now by Johnny Nash
Start Me Up
American Express
Ameriprise Financial
Richard Leider
The Power of Purpose
The Simple Genius (You)
Financial Intelligence
Moral Intelligence
Moral Intelligence 2.0
How to Get What You Want and Remain True to Yourself
Leveraging Your Financial Intelligence
Don't Wait for Someone Else to Fix It
One Thing from City Slickers
Dr. Daniel Crosby
Standard Deviation Podcast by Dr. Daniel Crosby
The Obstacle Is The Way
The Book On Stoicism That's Taking the NFL by Storm
The Power of Full Engagement
Chanhassen Dinner Theatres
Built To Move
Big Feelings: How to Be Okay When Things Are Not Okay
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1757-OPS-6/28/2023
Investing has become a delicate balance between opportunity and risk. The potential for substantial gains is undoubtedly enticing, but the inherent volatility and unpredictability can be unnerving. Furthermore, the emotional rollercoaster that accompanies market volatility is another challenge. In this episode, Rusty and Robyn talk with DeFred "Fritz" Folts. Fritz has over 40 years of experience in the investment management industry. He was one of the co-founders of 3EDGE Asset Management, serving as the Chief Investment Strategist and member of the Investment Committee. Before 3EDGE, Fritz was one of the first team members at Windward Investment Management, a pioneer in constructing globally diversified portfolios utilizing index Exchange Traded Funds (ETFs). As an ETF strategist, Fritz talks to Rusty and Robyn about multi-asset investing and how to do it well. He also speaks about managing investment risk and his market outlook for multiple asset classes.
Key Takeaways
[03:06] - The experience Fritz has in managing investments.
[04:43] - 3EDGE Asset Management's investment approach and philosophy.
[07:14] - How 3EDGE incorporates investor psychology into their model.
[09:03] - How advisors use the 3EDGE strategies on behalf of their clients.
[11:41] - What 3EDGE's tactical multi-asset approach looks like.
[14:40] - Why 3EDGE focuses so much on managing investment risk.
[17:01] - Differences between total return and ESG strategies.
[19:55] - 3EDGE's market outlook for all asset classes, including crypto.
[28:01] - Fritz's take on how artificial intelligence could impact investment management.
[30:10] - Fritz's favorite investment idea.
[31:44] - How Fritz remains physically and mentally healthy to perform well.
[35:13] - The people for whom Fritz is professionally grateful.
[36:52] - Fritz's recommendations for content.
Quotes [05:54] - "Markets are not completely random. They're driven by the cause-and-effect relationships that impact equities, bonds, commodities, and currencies across the globe. And these relationships are interrelated." ~ DeFred "Fritz" Folts [06:37] - "There's more risk out there than people understand. So, our approach to managing that risk is to be tactical, meaning we make changes to the portfolio when our investment outlook changes and are always globally diversified." ~ DeFred "Fritz" Folts [15:40] - "It's really difficult to hang in there as an investor when you're watching your portfolio and your net worth decline. Having to live through that is hard." ~ DeFred "Fritz" Folts
Links
DeFred "Fritz" Folts on LinkedIn
Fritz Folts on Twitter
3EDGE Asset Management
3EDGE Asset Management on YouTube
3EDGE Orion Spotlight Paper
Fritz Folts’ Recommended Reads
Your Saving Grace by Steve Miller Band
Stephen Cucchiaro
Windhaven Investment Management
Charles Schwab
The Origin of Wealth by Eric Beinhocker
The Fed Unbound by Lev Menand
The Price of Time: The Real Story of Interest
Meditations by Marcus Aurelius
The Obstacle Is the Way by Ryan Holiday
The Artist Behind Fritz’s Cow Painting
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Robyn Murray
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1640-OPS-6/15/2023
Value investing has long been a pillar of success for many savvy investors. However, as the markets evolve and new dynamics emerge, this conventional approach may no longer provide optimal results. Recognizing the need for a fresh perspective, investors are now turning their attention to a different lens through which to view value investing—one that takes into account a company's free cash flow yield. In this episode, Rusty and Robyn talk with Sean O'Hara, President at Pacer ETFs and Director at Pacer Financial. Sean began his career at PLANCO/Hartford in 1985, where he spent 22 years as a wholesaler, divisional manager, and managing director of the national wholesaler team. In 2007, Sean joined Joe Thomson at Pacer Financial to serve as a national wholesaling company for various products, including exchange-traded funds, exchange-traded notes, annuities, and SMAs. In 2015, Pacer ETFs was launched. A leader of an award-winning ETF provider, Sean talks about cash cows, ETFs, SMAs, and artificial intelligence. More importantly, Sean speaks about the potential problems with traditional value investing and how value investing can be improved.
Key Takeaways
[02:52] - Sean's career history and why he created Pacer ETFs.
[04:19] - What makes Pacer ETFs unique?
[05:42] - What cash cow means to Pacer ETFs.
[06:22] - The pitfalls of traditional value and how Pacer thinks about value differently.
[08:44] - How Sean defines book value and intangible value.
[09:29] - The difference between enterprise value and free cash flow.
[10:23] - The impact of higher interest rates on free cash flow and dividends.
[11:10] - Tax efficiency comparison between ETFs and SMAs.
[13:16] - Sean's outlook on the market.
[15:24] - How Pacer ETF's cash cow philosophy works.
[17:31] - Sean's take on how artificial intelligence impacts market investing.
[19:20] - Sean's favorite investing idea.
[20:19] - How Sean maintains his physical and mental well-being to perform at his best.
[21:04] - The people Sean is professionally thankful for.
[22:43] - Sean's recommendations for content.
Quotes [08:14] - "If you're going to find cheap stocks today, you can't be constrained by looking at traditional low price-to-book. You have to look at it in a different way. And free cash flow yield does that." ~ Sean O'Hara [10:30] - "Free cash flow is the mother's milk of dividend payments. If you don't have excess free cash flow, you can't pay dividends unless you borrow money to pay them. So, if you like and want to own dividends and grow your dividends over time, companies have to have excess free cash flow." ~ Sean O'Hara [16:49] - "The interesting offshoot to using free cash flow yield is you get a high-quality portfolio, and the names tend to have better earnings growth, which ultimately, in the end, drives stock prices." ~ Sean O'Hara
Links
Sean O'Hara on LinkedIn
Sean O'Hara Email
Pacer ETFs
Pacer Financial
Should've Been A Cowboy by Toby Keith
Joe Thomson
Vanguard
iShares
State Street Global Advisors
The Maze
The Predators' Ball
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1474-OPS-5/30/2023
Activist investing embodies a powerful call to action, urging investors to engage actively and purposefully in shaping the corporate world. This approach presents a unique opportunity to tackle pressing societal challenges, celebrate transformative opportunities, and drive a more sustainable and prosperous future for both investors and society as a whole. By embracing the total value framework and wielding the power of shareholder votes, investors can foster positive change that transcends mere financial gains. In this episode, Rusty and Robyn talk with Jennifer Grancio, CEO of Engine No. 1. In her role, Jennifer guides the firm’s strategy and vision. Before Engine No. 1, Jennifer founded an advisory firm where she worked closely with CEOs to accelerate growth. She also served as a founding member of BlackRock's iShares business, where she led European, U.S., and global distribution and drove the growth of the global ETF industry and iShares’ leadership role. During her tenure at BlackRock, she led teams across wealth, personal, technology, and venture investing. With over 25 years of experience scaling businesses across financial services, Jennifer talks about activist investing and why it is good for investors and society. She also shares the power of shareholder votes and the reindustrialization of North America.
Key Takeaways
[02:56] - Jennifer's career background and how she got to Engine No. 1.
[05:53] - How Engine No. 1 won a proxy battle with Exxon.
[08:28] - How Engine No. 1's total value framework works.
[10:12] - Why investors need both good index funds and active thematics.
[11:47] - How VOTE uses shareholder votes to drive long-term value.
[13:33] - Engine No. 1's proxy voting committee and its custom voting framework.
[16:00] - The reindustrialization of North America.
[19:37] - Jennifer's favorite investment idea.
[20:24] - How Jennifer maintains her physical and mental well-being.
[20:55] - The people Jennifer is thankful for on a professional level.
[22:19] - Jennifer's content recommendations.
[23:19] - A look at Jennifer's team at Engine No. 1.
Quotes [05:23] - "We saw an opportunity to build a firm that was looking forward in time to ensure that the average investor and wealth portfolios could take advantage of some of these megatrends. So, Engine No. 1 was built to let people access wealth creation and economic opportunity and some of these huge themes that will unfold over the next 20 years." ~ Jennifer Grancio [09:59] - "The total value framework is an approach that goes deep and is very specific with these big public companies on their material risks because that's an important consideration as an investor." ~ Jennifer Grancio [20:02] - "We could be very sad about our world and some of the challenges ahead, or we can celebrate and take advantage of some of the opportunities. So there's a huge opportunity for jobs, economic wealth creation, and reassuring of jobs and manufacturing back to the U.S. and North America." ~ Jennifer Grancio
Links
Jennifer Grancio on LinkedIn
Engine No. 1
It's The End of The World As We Know It by R.E.M.
BlackRock
ExxonMobil
The End of the World Is Just The Beginning
Eli Horton
Molly Landes
Yasmin Dahya Bilger
Jason LaMacchia
Yusuf George
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Robyn Murray
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1361-OPS-5/17/2023
Comprehending the interplay between the macro-economy and market movements can be challenging for investors. Yet, it is a pursuit that holds immense significance in today's complex financial landscape. With its multifaceted indicators and trends, the macro-economy is a powerful compass, guiding investors toward informed decision-making. By grasping the fundamental forces at play, investors can better gauge their investments' potential risks and rewards. In this episode, Rusty and Robyn talk with Mike Singleton, Senior Analyst and Principal at Invictus Research. Mike had the opportunity to work for several years with Broad Run Investment Management, where he spent most of his time conducting deep, fundamental diligence on the highest-quality companies he could find. Since then, most of his time has been spent researching the economy at-large and its relationship with the liquid asset markets. Providing institutional-grade macroeconomic research to a wide range of clients, Mike talks about his outlook for the macro-economy, what that means for the market, and his technical analysis of the market price movement. He also speaks about how investors should consider asset allocation, stock bonds, real assets, and cash when building their portfolios.
Key Takeaways
[02:56] - What inspired Mike to enter the wealth management industry?
[05:37] - What Invictus means by its tagline, “Macro Made Simple.”
[06:42] - Mike's investment philosophy.
[07:42] - Mike's technical analysis of the market price movement.
[10:52] - How Mike assesses real economic growth.
[11:50] - Mike's outlook on inflation.
[12:52] - How artificial intelligence impacts economic growth and inflation.
[14:53] - Mike’s fiscal and monetary policy outlook.
[16:56] - How the presidential election affects the economy markets policy.
[20:48] - Mike's outlook for the near-term stock and bond markets.
[24:46] - Mike's forecast for real assets.
[26:02] - How investors should think about asset allocation, stock bonds, real assets, and cash when building their portfolios.
[27:35] - Alternative investments that suit the current market environment.
[28:42] - Mike's favorite investment idea.
[29:22] - How Mike stays mentally and physically healthy to perform at his best.
[30:52] - The people Mike is grateful to on a professional level.
[32:15] - Mike's recommendations for content.
Quotes [05:47] - "One of the things that deter retail or professional investors from integrating a top-down or macro perspective into their investment process is that it has a reputation for being extremely complicated, esoteric, and difficult to understand. And there are certainly a lot of macro analysts and public figures that make it seem that way." ~ Mike Singleton [09:06] - "Many people think that markets move randomly, that they're disconnected from the fundamentals, or that the Fed has destroyed rational price discovery. But the truth is, real trending moves in markets almost always reflect real fundamental trends. And that's not just a theory." ~ Mike Singleton [26:18] - "It's generally a good idea to play defense rather than offense when growth is slowing. That means having a net at the low end of whatever you are comfortable with." ~ Mike Singleton
Links
Mike Singleton on LinkedIn
Mike Singleton on Twitter
Invictus Research
In The Air Tonight by Phil Collins
Warren Buffett
American Association of Individual Investors
David Lundgren
Broad Run Investment Management
Blackstone
Fill The Gap Podcast
Stanley Druckenmiller
Market Wizards
The Daily Edge
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Robyn Murray
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Building successful investment models is a multifaceted endeavor, where allocation, security selection, selecting the right model provider, rebalance, and trading best practices can make all the difference. By understanding the key concepts behind building investment models, investment firms can navigate the complexities of the financial markets with confidence. Ultimately, this will provide their clients with optimal investment outcomes and create lasting value for all stakeholders involved. In this episode, Rusty and Robyn talk with Konstantin "Kostya" Etus, Chief Investment Officer at Dynamic Advisor Solutions. In his role, Kostya is responsible for leading Dynamic's Investment Management team and overseeing all investment operations, including investment people, philosophy, process, portfolios, and performance. Kostya's experience includes managing mutual funds, ETF strategies, and 529 plans and evaluating investment strategies through a robust due diligence framework, including SMAs, model portfolios, and individual funds. With specialized experience in asset allocation and security selection of various ETF and mutual fund portfolios, Kostya talks about what goes into building successful investment models, how to choose the best model provider, and what sets investment firms apart. A self-proclaimed movie buff, Kostya also shares a list of recommended summer movies worth watching.
Key Takeaways
[04:07] - An interesting story about Kostya's personal and professional life.
[07:54] - What Dynamic Advisor Solutions does.
[10:02] - A walkthrough of Dynamic's Berkshire Hathaway weekend blog.
[16:06] - The five key concepts to building investment models.
[22:07] - How advisors can choose the best investment model.
[26:24] - What sets investment firms apart?
[29:57] - The role culture plays in choosing the right partnership.
[32:04] - The must-see summer movies of the year.
[48:01] - Kostya's favorite investment idea.
[49:55] - How Kostya maintains a high energy level to perform at his best.
[51:51] - The people Kostya is thankful for on a professional level.
[55:03] - Kostya's recommendations for content.
Quotes [26:06] - "When choosing the right manager, you need to partner with somebody you believe will be best for your clients and who you believe your personal philosophy as an advisor aligns best with that investment manager." ~ Kostya Etus [26:48] - "Everyone has their unique philosophy and investment process — people, philosophy, process. The first P has consistently been the driving differentiator amongst investment firms." ~ Kostya Etus [31:36] - "Culture has to be absorbed in this idea of compliance and doing the right thing. Everybody needs to take care of the clients and do everything in the best interest of the clients. That leads to taking care of your employees, taking care of your partners, and your relationships." ~ Kostya Etus
Links
Konstantin "Kostya" Etus on LinkedIn
Konstantin "Kostya" Etus on Twitter
Dynamic Advisor Solutions
Why Can't We Be Friends
You've Got a Friend in Me
Jim Cannon
Salesforce
Berkshire Hathaway
Warren Buffett
Q2 2023 Investing Insights: Top 3 Lessons from Warren Buffett In 2023
Oriental Trading
Todd Clark
Everything Everywhere All at Once
Sisu
The Fast and The Furious
The Little Mermaid
Spider-Man: Across the Spider-Verse
The Flash
Transformers: Rise of the Beasts
Asteroid City
Mission: Impossible - Dead Reckoning
Barbie
Oppenheimer
How Do You Live?
Killers of the Flower Moon
Last Voyage of the Demeter
Strays
The Eight Mountains
Guardians of the Galaxy Vol.3
Josh Jenkins
Lutz
Grant Engelbart
Michael Hadden
Jeovany Zelaya
Ludacka Wealth Partners
Nick Codola
Joe Smith
Parti Pris Investment Partners
Intelligent Investor
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1455-OPS-5/26/2023
Inflation has been rising steadily since the beginning of the year and is now at a level considered concerning by many economists. And while the Fed has been raising interest rates to keep inflation in check, it is becoming increasingly difficult. With inflation remaining stubbornly high, many believe a recession is becoming increasingly likely. What does this mean for the fixed-income market and the bond market? In this episode, Rusty and Robyn talk with Colleen Ambrose, Director of Fixed Income Markets at Capital Group. Colleen has 35 years of industry experience and has been with Capital Group for two years. Before joining Capital Group, Colleen was a portfolio manager at Bank of America. Before that, she was a fixed-income client portfolio manager at American Century Investments. Colleen holds the Chartered Financial Analyst® designation and is a member of the CFA Institute, the CFA Society of Chicago, and Women Investment Professionals. Colleen talks with Rusty and Robyn about her outlook for fixed income, the bond market, and the headwinds in the economy, including inflation, Federal Reserve policy, and a potential recession.
Key Takeaways
[02:34] - Colleen's professional background and what she does at Capital Group.
[04:29] - What Women Investment Professionals is all about.
[05:27] - Colleen's advice to investors in light of global financial market events.
[07:54] - Capital Group's outlook on inflation.
[09:32] - Colleen's thoughts on the Federal Reserve's inflation policy.
[10:24] - What Capital Group has to say about recession risk.
[11:46] - The impact of geopolitical risks on the fixed-income market.
[13:17] - How the fixed income bear market will end.
[14:59] - Colleen's view on long-term interest rates.
[15:46] - What Capital Group thinks about investment grade bonds, high yield bonds, emerging markets, and debt.
[17:21] - Why investors should consider fixed-income assets during market volatility.
[19:30] - Colleen's personal investment strategy.
[20:28] - How Colleen maintains her physical and mental health to perform at her best.
[21:29] - The lessons Colleen learned from her mentors.
[22:35] - Colleen's recommendation for content.
Quotes [04:05] - "I love being that point person between our investment team and the end user clients to help them optimize what they're doing with their fixed income. Fixed income can be archaic and complex to understand. I like putting it in user-friendly terms to help people understand the messaging and move forward the right way." ~ Colleen Ambrose [10:39] - "We're not there yet. But 2023 is likely to see a recession, potentially a global recession. The U.S. will be slowing from the impact of Federal Reserve hikes and higher inflation. In terms of the employment landscape, we start to see layoffs in the economy that could impact things." ~ Colleen Ambrose [22:01] - "In the real world, you learn so much by doing. I equate learning about the bond market or financial markets to being plopped down in the middle of a foreign country, not knowing the language. And every day, you have to get up and learn the language." ~ Colleen Ambrose
Links
Colleen Ambrose
Capital Group
Walking On Sunshine
Women Investment Professionals
Bloomberg
The Wall Street Journal
The Economist
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2145-OPS-11/8/2022
In this episode, Rusty and Robyn talk with Kenneth Sleeper, Ocean Park Asset Management's Co-Founder, Co-Managing Director, and Portfolio Manager. Also joining them is James St. Aubin, Chief Investment Officer for Sierra Mutual Funds and Ocean Park Asset Management. Kenneth oversees all aspects of the organization's activities, including asset management, research, and client relationships. Before co-founding Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management, Kenneth applied his extensive background in statistical and computer applications to develop and refine computerized techniques for reducing downside risk. James, on the other hand, is an accomplished investment management executive. His experience in over 20 years in the industry includes asset allocation, manager research, and portfolio construction leadership roles. Kenneth and James talk with Rusty and Robyn about how they manage portfolios in today's market environment, what strategies they're implementing in their investments, and how they help investors stay calm, carry on, and stay on course during market downturns.
Key Takeaways
[03:41] - Why Ocean Park Asset Management was founded.
[06:51] - An overview of James St. Aubin's career in wealth management.
[08:30] - The factors influencing the market's movement.
[12:32] - How Ocean Park Asset Management manages portfolios in the current market environment.
[14:09] - How Ocean Park Asset Management helps investors stay calm and carry on in the face of market negativity.
[17:18] - How James and Ken manage client expectations.
[21:19] - What James and Ken say about geopolitical turbulence.
[23:39] - How Ocean Park Asset Management uses tactical analysis in its investment process.
[26:05] - How James keeps his mental and physical health to perform at his best.
[29:05] - The people Ken and James are grateful for professionally.
[32:13] - James and Ken's recommendations for content.
Quotes [10:02] - "2022 has been about dealing with the consequences of the policy mistake, a double whammy of rate hikes and QT (Quantitative Tightening) at a pace and up to a level not easily digested by financial markets. Think about it as a shock and awe in the opposite direction, but this time it's intended to beat inflation." ~ James St. Aubin [13:41] - "We can't predict what the future holds, but we have a lot of history showing that this will eventually work itself out. It's just patience that's required right now. And that goes to the heart of investor education for all professionals that manage money." ~ Kenneth Sleeper [20:05] - "The number one value add for advisors is keeping them from capitulation in times of stress. This, too, shall pass is a perfect phrase for both up and down markets, honestly not to get people too greedy or fearful that we have to stay the course. The key ingredient to success is ensuring that this environment does not knock them off their path." ~ James St. Aubin Links
Kenneth Sleeper
James St. Aubin
Ocean Park Asset Management
I Won't Back Down by Tom Petty
Stranglehold by Ted Nugent
Skip Schweiss
Ryan Harder
Investment Advisory | HighMark Capital Management
Why We Sleep: Unlocking the Power of Sleep and Dreams by Matthew Walker
Victor Zhang
Wilshire
American Century Investments
Michael Covel's Trend Following
Jim Bianco
Barron's
The Wall Street Journal
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2142-OPS-11/8/2022
Throughout history, there have been different schools of thought regarding investing. Some investors believe in taking on more risk to achieve higher returns, while others prefer preserving capital and generating stability. In this current economic climate, however, many investors are worried about the stock and bond markets and how they will affect their investments. In this episode, Rusty and Robyn talk with Samuel Lau. Samuel is a Portfolio Manager on DoubleLine's strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show and the Monday Morning Minutes podcasts. A fixed-income asset allocation strategist, Samuel talks with Rusty and Robyn about the fixed-income market, the headwinds facing the bond market, and the inflation and Federal Reserve policy.
Key Takeaways
[03:43] - Among the many roles Samuel plays at DoubleLine.
[07:48] - What Samuel has learned from podcasting.
[09:03] - One of Samuel's favorite episodes.
[11:00] - What Samuel thinks about the stock market and bonds.
[12:59] - DoubleLine's view on inflation.
[16:21] - What DoubleLine thinks about the Federal Reserve policy.
[19:28] - A possibility of an economic recession.
[23:55] - How Samuel considers geopolitical risk when building portfolios.
[27:29] - Samuel's outlook for interest rates.
[31:05] - An overview of investment-grade corporate bonds.
[35:56] - Samuel's perspective on emerging market debt.
[37:12] - Diversifying portfolios with real assets and low volatility assets.
[40:23] - Samuel's forecast for the stock market.
[42:47] - Why investors should consider fixed-income investments.
[44:47] - Samuel's personal investment strategy.
[45:48] - How Samuel maintains his mental and physical health to perform at his peak.
[48:02] - The people Samuel is grateful for on a professional level.
[49:48] - Samuel's recommendations for content.
Quotes [12:06] - "On the bond side of things, it's very painful. It's the worst year-to-day performance in the U.S. bond market on record going back to the index's inception. But investors have their heads wrapped around the rationale behind it." ~ Samuel Lau [17:48] - "We all fear the risk of the Fed and the FOMC over-tightening through their rate hikes and sending the economy into a hard landing, which people would refer to as a policy mistake." ~ Samuel Lau [38:32] - "When you look at the positive performers, commodities are one of the two asset classes that have that plus sign in front of it on a year-to-date basis. The other asset class is the U.S. dollar." ~ Samuel Lau Links
DoubleLine
Rock and Roll by Led Zeppelin
Jeffrey Gundlach
The Sherman Show
Jeffrey Sherman
Monday Morning Minutes
Robert Shiller
Mary Daly
Federal Reserve of San Francisco
Nick Timaraos
The Wall Street Journal
National Bureau of Economic Research
Grant's Interest Rate Observer
DoubleLine Capital on YouTube
Channel 11
PS Perspective
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2077-OPS-11/1/2022
The last few years have been a rollercoaster for investors. The market has been volatile, asset values have declined, and there is general uncertainty about the future. In times like these, it's important to have a diversified portfolio that can weather the storm. Hedge funds offer a unique opportunity for investors to hedge against risk and protect their portfolios. In this episode, Rusty and Robyn talk with Andrew Beer, Managing Member at Dynamic Beta investments. Andrew started in the hedge fund industry in 1994 when he joined the Baupost Group as one of six generalist portfolio managers. Over the past decade, Andrew's singular focus has been to identify strategies to match or outperform portfolios of leading hedge funds with low fees, daily liquidity, and less downside risk. A pioneer in hedge fund replication, Andrew talks with Rusty and Robyn about hedge funds, hedge fund strategies that investors find helpful, and how hedge funds are becoming a new fixed-income substitute.
Key Takeaways
[03:06] - What motivated Andrew to specialize in hedge funds.
[07:24] - The role of Dynamic Beta investments in the hedge fund industry.
[08:53] - Andrew's thoughts on what's currently driving the markets.
[10:44] - The outlook for traditional stock and bond markets.
[11:58] - How investors can improve the risk-adjusted return potential of a traditional balanced portfolio.
[14:12] - An in-depth look at hedge funds.
[15:36] - What replication means at Dynamic Beta investments.
[17:29] - Hedge fund strategies that investors find helpful.
[20:01] - What investors should look for when investing in managed futures.
[22:11] - How hedge funds are becoming a new fixed-income substitute.
[25:09] - Typical allocations to hedge fund strategies and managed futures.
[29:43] - How Andrew invests personally.
[31:34] - How Andrew keeps his physical and mental well-being to perform at his best.
[32:49] - People Andrew is thankful for on a professional level.
[35:41] - Andrew's recommendations for content.
Quotes [12:19] - "What's the best diversifier on planet earth, where we want to put our money if we can? The answer for us is managed futures." ~ Andrew Beer [13:20] - "Stocks and bonds are incredible investments over time. But stocks, bonds, and managed futures are the right diversified portfolio." ~ Andrew Beer [27:43] - "The vast majority of products created in the ETF world are single-manager products, and single-manager products on a standalone basis don't have a role in the asset allocation model." ~ Andrew Beer
Links
Andrew Beer on LinkedIn
Andrew Beer on Twitter
Dynamic Beta investments
Tomorrow
Kristof Gleich
Harbor Capital
The Baupost Group
Kathryn Kaminski
AlphaSimplex Group
Abbey Capital
Stanley Druckenmiller
Corey Stein
Flirting with Models
Brian Portnoy
The Rational Optimist
iMGP Funds
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Rusty Vanneman
Robyn Murray
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2004-OPS-10/25/2022
Uncertainty and volatility are increasingly the new normal in today's investment markets. This has led many investors to seek out new asset classes that are not only stable and generate attractive returns but are also backed by structural growth trends. One asset class that meets these criteria is infrastructure. In this episode, Rusty and Robyn talk with Ken Baumgartner, Investment Director at Wellington Management. In his role, Ken provides business management and strategic oversight for asset allocation, inflation hedging solutions, and strategic solutions for multi-manager platforms. He works closely with portfolio managers to evaluate and communicate portfolio characteristics, performance, and market outlook to external constituents. Known for his expertise in inflation hedging, Ken talks with Rusty and Robyn about infrastructure as an asset class, the biggest themes in the infrastructure market today, and how infrastructure can help hedge inflation.
Key Takeaways
[02:45] - How Ken got into financial services.
[04:49] - What makes Wellington Management unique.
[06:47] - How infrastructure can help hedge inflation.
[08:46] - Infrastructure as an asset class.
[11:34] - What makes public infrastructure different from private infrastructure.
[13:38] - The biggest themes in the infrastructure space today.
[15:41] - Why electric utilities may be key to the energy transition.
[17:34] - Risks associated with lower volatility asset classes.
[19:13] - What impact has the boom in commodities had on Wellington's outlook on energy?
[23:21] - The impact of midterm elections on infrastructure.
[24:27] - How Ken maintains his mental and physical well-being to perform at a high level.
[25:54] - Ken's content recommendation.
Quotes [07:55] - "Compared to potentially other higher beta volatile asset classes, such as natural resource equities or commodities, the performance of the infrastructure profile will be much more stable." ~ Ken Baumgartner [13:47] - "One of the biggest themes across global markets is the idea of decarbonization. Here you have a multi-decade secular growth in both the transmission and the renewable space. And the best way to invest is through the regulated utilities that own the wires and the transmission and are also investing in renewables to bring their power production footprint." ~ Ken Baumgartner [16:45] - "Carbon should not necessarily be thought of as dirty. People are too quick to cast aside some of these companies that today might still have some carbon in their power production stack but are doing more for the world to decarbonize than any of the cleanest and greenest." ~ Ken Baumgartner
Links
Ken Baumgartner on LinkedIn
Wellington Management
Mr. Brightside by The Killers
Everlong by Foo Fighters
T.N.T. by AC/DC
Goldman Sachs
New York Islanders
Harvard Business School
John Hancock Investment Management
Podcasts - Freakonomics
WellSaid - The Wellington Management Podcast
The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
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2003-OPS-10/25/2022
There is nothing more frustrating for an advisor than losing a client. It's even more difficult when high-net-worth clients leave. High-net-worth clients are an important segment for any financial advisor. Not only do they bring in more revenue, but they also refer other high-net-worth individuals to the firm. What can advisors do to ensure they don't lose their best clients? In this episode, Rusty and Robyn talk with Brett Van Bortel, Director of Consulting Services at Invesco Consulting. Brett has developed and delivered numerous consulting programs to increase financial professionals' profitability, effectiveness, and productivity. At Invesco Consulting, Brett develops and delivers business development models to assist advisors in distributing investment management products. As a consultant, Brett talks with Rusty and Robyn about some tips and tricks for maintaining client relationships, why high-net-worth clients leave their advisors, and what advisors can do to prevent losing top clients.
Key Takeaways
[02:42] - What led Brett to a career in consulting services.
[03:48] - The key role Brett plays at Invesco.
[04:58] - How The Golden Hour program got its name.
[06:37] - How The Golden Hour applies to business and practice.
[07:33] - Why Invesco conducts its own research.
[10:55] - Why high-net-worth clients leave their advisors.
[14:22] - How Brett solves the problem of clients leaving their advisors.
[16:51] - What advisors can do to avoid losing top clients.
[19:05] - How much communication is needed to protect client relationships.
[22:12] - The findings of a dial session study on advisor-client communication.
[24:14] - A proactive communication strategy to build stronger client relationships.
[28:16] - How advisors can implement relationship equity conversations.
[33:29] - Brett's personal investment strategy.
[34:27] - How Brett keeps his mental and physical health to perform at his best.
[36:03] - The book Brett recommends reading.
Quotes [05:31] - "What we saw in our research was a ticking time bomb inside the majority of advisors' practices. A significant number of top clients began to look for the exit sign from an advisor's practice." ~ Brett Van Bortel [06:45] - "Getting high-net-worth clients, typically the top clients for any advisor, is one of the greatest challenges. And there are a lot of programs out there on new client acquisition, but no one was looking at the other side of the coin of new client acquisition, which is top client retention. They're on a treadmill running fast but not getting anywhere." ~ Brett Van Bortel [11:21] - "The vast majority of top clients weren't leaving because of performance. They were leaving because of something to do with a breakdown in the relationship and communication with their advisor." ~ Brett Van Bortel
Links
Brett Van Bortel on LinkedIn
Invesco
Enter Sandman by Metallica
Michael Maslansky
Priceless Program Overview | Invesco US
Giftology: The Art and Science of Using Gift to Cut Through the Noise, Increase Referrals, and Strengthen Retention
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1930-OPS-10/13/2022
Recent months have been nothing short of a rollercoaster ride for the markets. We have seen a lot of ups and downs, and it doesn't seem like the volatility will subside anytime soon. As an advisor, it's important to have a game plan for when the market is going through a rough patch. In this episode, Rusty and Robyn talk with Glenn Dorsey, Senior Vice President and Head of Client Portfolio Management at Clark Capital Management Group. In this role, Glenn directs Clark Capital's Client Portfolio Team and leads the firm's efforts to deliver a highly personalized, collaborative portfolio construction process to advisors. He is responsible for portfolio construction and the clear communication of investment strategy to advisors and their clients. Back by popular demand, Glenn talks with Rusty and Robyn about what's happening with the bond market, growth stocks, and inflation. Glenn shares Clark Capital's tactical strategies for navigating a seasonally sloppy market, the impact of a strong dollar on international stocks, and how the firm manages portfolios based on market activity.
Key Takeaways
[03:38] - Glenn's career history and role at Clark Capital Management Group.
[05:21] - Are bonds still worth owning despite the downturn in the bond market?
[07:30] - How to protect ourselves from inflation.
[09:05] - Will there be a recession?
[11:42] - Clark Capital's strategies for navigating a seasonally sloppy market.
[14:32] - Glenn's outlook for growth stocks.
[16:08] - The impact of a strong dollar on international stocks.
[18:46] - How Clark Capital manages portfolios based on market activity.
[21:03] - Glenn's personal investment strategy.
[23:30] - How Glenn stays in top physical and mental shape to perform well.
Quotes [08:15] - "We always say the best cure for high prices is high prices because that leads to two things. You're going to have an increase in supply, the manufacturers of those goods that sell things higher are going to find a way to produce more, and you're going to have demand destruction. People start to use less of those things. And the result of that is prices come down." ~ Glenn Dorsey [17:53] - "We're in a transition where different parts of the world react differently to this inflationary spiral. Keep in mind that a strong dollar is inflationary for most other countries. If the dollar is getting more expensive, that's creating inflation elsewhere." ~ Glenn Dorsey [21:50] - "If you don't need distributions from your account, don't take them right now. This is a good time to put it in the market if you have extra money." ~ Glenn Dorsey
Links
Glenn Dorsey on LinkedIn
Clark Capital Management Group
You've Got a Friend by James Taylor
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Disclosure The views expressed are those of the speaker and do not necessarily reflect the views of Clark Capital. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. Before investing, an investor should consider their investment goals and risk comfort levels and consult with their investment advisor and tax professional. 1918-OPS-10/12/2022
Tuition inflation is not a new issue for college. Tuition fees and other related expenses tend to increase every year. As a result, many parents are looking for ways to start saving for their children's education early on. There are several alternatives for saving and paying for education. In this episode, Rusty and Robyn talk with Paul Curley, Director of Savings Research at ISS Market Intelligence. In his role, Paul oversees 529 and ABLE market data, research, events, and digital products and services for institutional clients, including the 529 Conference. Also, an Editor-in-Chief of the 529 Dash e-newsletter and the 529 Insiders website for financial advisers, institutions, and the media, Paul presents educational seminars and conferences to financial industry experts on 529 plans and ABLE accounts. Paul talks to Rusty and Robyn about investing in children's education through 529 plans. Paul speaks about why financial advisors should discuss 529s with their clients, the pros and cons of 529 plans, and the advisor's role in helping clients invest in 529 plans.
Key Takeaways
[03:54] - An overview of Paul's responsibilities at ISS Market Intelligence.
[06:07] - How ISS Market Intelligence serves its clients.
[07:06] - Trends in student loan debt.
[12:22] - Why financial advisors should discuss 529s with their clients.
[13:40] - What investors and advisors should look for in a 529 plan.
[15:01] - The pros and cons of 529 plans.
[16:43] - What the whole 529 landscape looks like.
[18:19] - The growth rate of the 529 savings plan.
[20:05] - Demographics of 529's primary consumers.
[21:20] - Some of the biggest concerns about saving money for college.
[23:14] - How to encourage more investors to contribute to 529 plans.
[24:54] - Paul's personal investment strategy.
[26:21] - How Paul maintains his mental and physical health to perform at his best.
[27:25] - Paul's book and content recommendations.
Quotes [11:29] - "A 529 plan is a nice tax advantage vehicle to help families save efficiently for education." ~ Paul Curley [16:22] - "There are several alternatives for saving and paying for an education. But 529 provides the most flexibility and provides a market return, which does benefit compared to a bank account." ~ Paul Curley [23:28] - "Although parents or grandparents want their kids or grandkids to go to college to get a full education, whether an apprenticeship, grad school, or whatever it may be, no one has a fully created game plan from a saving and paying perspective." ~ Paul Curley
Links
Paul Curley on LinkedIn
ISS Market Intelligence
The Chain by Fleetwood Mac
The Automatic Millionaire by David Bach
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Rusty Vanneman
Robyn Murray
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1626-OPS-9/7/2022
Income generation is one of the primary concerns of investors today. This is especially true in light of recent market volatility. With investors always looking for new opportunities, how can dividend-focused portfolios and high-quality securities be among the best investing options, especially in today's low-yield environment? In this episode, Rusty and Robyn talk with John H. Crawford, Managing Director of Equity Investments, and David Gilmore, Senior Equity Analyst at Crawford Investment Counsel. Having been with the firm since 1990, John works closely with equity research analysts on stock selection and portfolio policy for all equity strategies. David is responsible for equity research in the consumer and utilities sectors and serves as a voting member of the Equity Investment Team. John and David talk about how dividends, yields, and income play into Crawford's investment philosophy, the relationship between stocks with higher dividends and risk, and what makes Crawford unique among dividend-focused asset managers.
Key Takeaways
[04:07] - An overview of John Crawford's professional career.
[06:33] - David's career background and role at Crawford Investment Counsel.
[08:14] - How dividends, yields, and income play into Crawford's investment philosophy.
[10:31] - How Crawford's strategy performed both in the short and long run.
[12:41] - What Crawford Investment Counsel's self-discipline looks like.
[14:19] - The relationship between stocks with higher dividends and risk.
[18:39] - What makes Crawford unique among dividend-focused asset managers.
[20:03] - John's personal investment strategy.
[21:17] - How John and David maintain their well-being to perform at their best.
[23:16] - John and David's recommendations for content.
Quotes [16:27] - "When you focus on companies with dividend integrity, the income helps in periods of market stress. The higher quality businesses, the strong balance sheets, the high returns, and the predictable and consistent earnings all serve as a flight-to-quality when there are periods of market stress." ~ John Crawford [16:50] - "Dividend integrity manifests in what we call the dividend effect, which is a less volatile, higher income, and very attractive total investment return." ~ John Crawford [19:08] - "Dividends and quality are joined at the hip. But most people don't think about it that way. That's one of the things that makes us unique." ~ John Crawford
Links
John Crawford
David Gilmore on LinkedIn
Crawford Investment Counsel
Fooled by Randomness by Nassim Nicholas Taleb
The Black Swan by Nassim Nicholas Taleb
Investment Policy by Charles Ellis
Intelligent Investor by Benjamin Graham
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Rusty Vanneman
Robyn Murray
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1623-OPS-9/7/2022
In recent years, new technologies, economic changes, and shifting consumer behavior have fundamentally changed how financial services are delivered. That has led to financial services firms rethinking their business models and strategies. In this episode, Rusty and Robyn talk with Billy Oliverio, Executive Vice President and Chief Marketing Officer at United Planners Financial Services. Having been in the industry for 30 years, Billy has worked in various executive capacities in small, medium, and large-sized firms to tackle complex projects and initiatives. He has also served time in the regulatory environment as the Chief Investigator of Enforcement for the AZ Securities Division and has orchestrated all aspects of white-collar crime investigations. At United Planners, his responsibilities include but are not limited to the firm's vision, strategy & business planning. Billy talks with Rusty and Robyn about his outlook on the industry's current and future trends, what United Planners Financial Services has to offer clients, and how the financial services industry can improve in the future.
Key Takeaways
[04:27] - An overview of Billy's professional career.
[05:53] - Billy's investigative experience.
[09:48] - What United Planners Financial Services has to offer.
[12:25] - Billy's role at United Planners Financial Services.
[15:33] - What the future holds for United Planners.
[18:20] - Billy's outlook on the industry's current and future trends.
[21:47] - How the financial services industry can improve in the future.
[24:49] - The qualities of a good financial advisor and wealth manager.
[25:59] - Billy's personal investment strategy.
[31:15] - The lessons Billy learned from his mentors.
[32:53] - What Billy wants to do next.
[34:48] - How Billy keeps his physical and mental well-being to perform at his best.
Quotes [15:08] - "Advisors are tired of being bought and sold like a commodity or a widget, which is extremely disruptive to their practices as independent business owners. And it's certainly not fair to the investors, who may get impacted by proprietary platforms, changes, fees, and costs." ~ Billy Oliverio [20:15] - "Advisors need to spend more time on client components, such as prospecting and onboarding, engagement, and overall client experience, which is directly tied to revenue-generating activities rather than the operational components that are more non-revenue generating." ~ Billy Oliverio [22:32] - "We, as an industry, should do better with our regulatory landscape. My position is to centralize and unify regulations regardless if you earn a commission or a fee. Reg BI (Regulation Best Interest) is a step to drive best practices of doing what's in the investor's best interest as a common theme, regardless if you are a broker or an advisor." ~ Billy Oliverio
Links
Billy Oliverio on LinkedIn
United Planners Financial Services
Lovely Day by Bill Withers
Arizona State University
Advisor Group
Charles Schwab
Dan Rather
National White Collar Crime Center
Sheila Cuffari-Agasi
Jim Cannon
Dynamic Advisor Solutions
Bridget Gaughan
cleverDome
Michael Baker
Excellent Adventures
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Rusty Vanneman
Robyn Murray
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1620-OPS-9/7/2022
In recent years, the wealth management industry has undergone many changes. The industry is ripe for disruption, and many companies are already beginning to offer new and innovative solutions. In this episode, Rusty and Robyn talk with the “swiss army knife” of financial services leadership, Lori Hardwick. Lori is the CEO of Wealth Tech at Red Rock Strategic Partners. She brings over 25 years of experience working in the financial industry as a prominent voice and is known for her passion for continuous improvement in the financial advisory industry. In her role, Lori works directly with C-suite executives at some of the largest financial services companies. She helps them create and execute winning growth strategies and improve the overall experiences for advisors and their clients. Lori talks with Rusty and Robyn about trending topics in the financial services industry. Among these are how wealth management has evolved over the years, the challenges financial advisory services face today, and how to increase women's participation in the financial services industry.
Key Takeaways
[03:37] - How Lori became involved in many financial services companies.
[07:02] - Lori's most remarkable achievements.
[08:53] - What excites Lori about the financial services industry?
[13:50] - How wealth management has evolved over the years.
[16:45] - Identifying and addressing challenges in financial advisory.
[18:21] - What broker-dealers look for in wealthtech providers.
[21:38] - How to increase women's participation in the financial services industry.
[27:51] - The qualities that make a good financial advisor or wealth manager.
[30:14] - Lori's personal investment strategy.
[32:28] - How Lori motivates people to do their best.
[33:36] - Lori's recommendations for content.
[35:27] - What Lori does for fun.
Quotes [14:18] - "The historic bold lines that used to be drawn between wirehouses, banks, independent broker-dealers, and RIAs are starting to blend. And watching these firms morph into new services and solutions makes it easier for advisors and their clients to have a better experience." ~ Lori Hardwick [15:41] - "If you can build efficiencies and the power to help advisors to empower their end clients with more information, that will win the day. That is, having that transparent view across the board and having at least one place where you can see everything in one area and track where you are against your financial plan every day." ~ Lori Hardwick [27:34] - "If the advisors can relate to their clients about their relationship with money, that is the core to having that great trusting relationship. Advisors don't have to change their client's views on money. They need to understand it." ~ Lori Hardwick
Links
Lori Hardwick on LinkedIn
Red Rock Strategic Partners
Orion Advisor Solutions
Thunder by Imagine Dragons
Riskalyze
Nuveen Investments
Envestnet
Pershing
Genstar Capital
Cetera Financial Group
Vestwell
Brinker Capital
BasisCode
Hidden Levers
Redtail Technology
TownSquare Capital
Snappy Kraken
Daniel Crosby
Korn Ferry
Gavin Spitzner
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1539-OPS-8/24/2022
Diversification is vital to any investment portfolio. Exchange-Traded Funds (ETFs) have become one of the most popular vehicles for implementing a multi-asset strategy, as they offer broad diversification, low costs, and flexibility. As the industry trends continue to evolve, how can investors position themselves to capture potential upside in different market environments? In this episode, Rusty and Robyn talk with Michael Gates, Managing Director and Head of Model Portfolio Solutions in the Americas at BlackRock. In his role, Michael leads BlackRock's suite of Target Allocation and Target Income models and mutual funds. Morningstar has awarded the Target Allocation ETF and Long Horizon ETF models that Michael manages a gold medal. Michael talks with Rusty and Robyn about the ETF industry and model portfolios. Michael also shares his outlook for the overall ETF industry, why investors prefer ETFs to direct index solutions, and what Blackrock's multi-asset investment strategy entails.
Key Takeaways
[02:48] - How Michael got into financial services.
[05:00] - How BlackRock has evolved over the years.
[07:18] - Michael's outlook for the overall ETF industry.
[09:30] - Why investors prefer ETFs to direct index solutions.
[10:17] - The driving force behind the flow of mutual funds into ETFs.
[11:26] - Michael's multi-asset strategy.
[16:49] - Michael's rule of thumb when investing in alternatives and real assets.
[18:34] - The tools BlackRock provides to advisors.
[21:17] - Michael's thoughts on the possibility of a recession and how it might impact BlackRock's model portfolios.
[25:44] - Michael's personal investment strategy.
[27:44] - How Michael keeps his physical and mental health to perform well.
[30:05] - Book and content recommendations from Michael.
Quotes [08:11] - "ETFs are a big part of what financial advisors want to use because ETFs are reliable in terms of what they deliver, and they're low fees relative to legacy mutual funds." ~ Michael Gates [10:09] - "The ability to take and deliver in kind is something that you can only do with an ETF structure. It's not something you can do with the direct index." ~ Michael Gates [10:31] - "The trend that flows from mutual funds into ETFs is partly driven by the transition that we've observed of the brokers becoming advisors." ~ Michael Gates
Links
Michael Gates on LinkedIn
BlackRock
Taking Me Back by Jack White
SteeleGates
Rain, Steam and Speed by William Turner
Larry Fink
iShares
Aperio Group
BlackRock Aladdin
Andrew Huberman
Steve Jobs by Walter Isaacson
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1516-OPS-8/22/2022
The stock market is often seen as a place for high-risk, high-reward investments. But for those willing to do their research and take a more patient approach, there can be great rewards in investing in small-cap value stocks. Small-cap investing focuses on companies that have smaller market caps than most stocks. They tend to be more volatile but offer greater potential rewards. In this episode, Rusty talks with Michael Petro, Portfolio Manager at Putnam Investments. Michael has been in the investment industry since 1999 and joined Putnam Investments in 2002. In his role, Michael is responsible for the overall strategy and positioning of Putnam's small-cap value products. Michael talks with Rusty about investing in small-cap value stocks, how these stocks perform in different market environments, and how inflation impacts this fund.
Key Takeaways
[01:49] - How Michael entered the world of investing.
[08:20] - Michael's investment philosophy and strategy mandate at Putnam.
[10:59] - How small-cap value stocks perform in different market environments.
[12:48] - What Michael thinks about the economy and the market.
[16:02] - How inflation impacts small-cap value stocks.
[19:22] - How Michael invests his own money.
[21:14] - How Michael maintains his physical and mental health to perform at his best.
Quotes [03:10] - "I learned a lot about business at a young age, and I'd like to bring some of that knowledge and experience with me to my investing." - Michael Petro [11:50] - "Small-cap value stocks do well in the broad middle of the cycle in normal times when the economy is growing because there's a lot of opportunity in small-cap value stocks." - Michael Petro [13:11] - "The strength of the consumer balance sheet keeps us out of recession." - Michael Petro
Links
Michael Petro on LinkedIn
Putnam Investments
Life's Been Good by Joe Walsh
Massachusetts Institute of Technology
University of Michigan
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1496-OPS-8/18/2022
There are many different schools of thought when it comes to investment strategies. Some people invest based on stocks, others on cryptocurrency. And then some invest in gold. Gold has been used as a form of currency and investment for centuries, and it’s still a popular choice today. How can investors own gold and include it in their portfolios? In this episode, Rusty and Robyn talk with Maxwell Gold, Head of Gold Strategy at State Street Global Advisors. Before joining SSGA in July 2019, Maxwell served as the Director of Investment Strategy at Aberdeen Standard Investments, heading macroeconomic and commodity thought leadership for its $3B U.S. ETF business. Today, Maxwell talks about the gold-based investment strategy, how gold can be used in an investment portfolio, and the risks and rewards associated with such an investment.
Key Takeaways
[03:36] - What drew Maxwell to specialize in gold investments.
[04:51] - Maxwell's outlook for the gold market for the rest of the year.
[06:53] - Should gold be considered for a permanent strategic allocation and investment portfolio?
[09:54] - How gold diversifies market risks.
[14:00] - How investors can own gold.
[17:29] - Comparing silver and gold investments.
[21:44] - Maxwell's view on digital gold, such as Bitcoin and cryptocurrencies.
[25:55] - How Maxwell keeps his physical and mental health to perform at his best.
Quotes [07:22] - "Gold is a unique asset class. It has a low negative correlation to stocks, bonds, and other alternative assets over time." - Maxwell Gold [11:47] - "When you look at gold and evaluate it as an asset class, it's unique and very distinct. It's hard to replicate the exact factors or risk exposure it provides compared to any other asset class out there." - Maxwell Gold [12:55] - "The real power and benefit of gold ‘inflation hedge’ comes from monetary inflation and gold's ability to serve not as an inflation hedge per se but much more as a store value asset and ability to preserve spending power, particularly over the long run over several years, if not longer." - Maxwell Gold Links
Maxwell Gold on LinkedIn
State Street SPDR ETFs
Gold on the Ceiling by The Black Keys
Merrill Lynch
JP Morgan
Money For Nothing by Thomas Levenson
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1357-OPS-8/1/2022
To maintain a successful business, advisors need to have a system to manage client relationships. That is where a CRM or Customer Relationship Management system comes in. CRM provides a centralized place for advisors to store and track customer data, automate tasks, manage interaction, and cultivate relationships. In addition, CRM provides valuable insights that advisors can use to improve their business operations. In today's episode, Rusty and Robyn talk with Kate Guillen, Founder and Lead Trainer at Simplicity Operations Management. Kate has been working in the financial services industry since 2014 in a client service and operations capacity. In 2017, Kate joined an RIA as the Operations Manager. To streamline the firm's operational procedures, Kate utilized their Redtail CRM to standardize the team's systems for managing daily tasks, their calendar, the sales pipeline, and a proactive client service schedule. Kate talks with Rusty and Robyn about the world of CRMs (Customer Relationship Management) and how advisors can use these systems to get organized, stay on track, and build their businesses.
Key Takeaways
[02:48] - How Kate used Redtail CRM to manage her business.
[05:46] - Kate's thoughts on Orion Advisor Solutions' acquisition of Redtail.
[06:54] - What is CRM?
[09:12] - CRM's role in advisors' day-to-day operations.
[11:04] - The value of using CRM as a centralized hub.
[12:33] - How CRM can be used to manage sales pipelines.
[15:47] - How CRM can help advisors manage the inflow and stay organized.
[18:09] - The benefits of automating tasks for advisors.
[19:54] - How CRM automation feature helps advisors take time off.
[21:04] - What tech stacks are and how they relate to CRM.
[23:41] - How Kate maintains her mental and physical health to perform well.
Quotes [08:29] - "Your CRM should be the hub of your practice and a one-stop shop to see everything going on for your clients, tasks, activities, new revenue opportunities, and accounts." - Kate Guillen [17:52] - "Workflows are a fabulous way of not having to reinvent the wheel every single time you go to do whatever the repeatable process is." - Kate Guillen [18:35] - "As a business owner, you want to know that your clients are being served by your team as well as you would serve them. And so, creating workflows, processes, and procedures that standardize how you handle whatever the request ensures that. It's repeatable and nobody has to recreate a process." - Kate Guillen
Links
Kate Guillen on LinkedIn
Simplicity Operations Management
Don't Stop Me Now by Queen
Redtail Technology
Brian Towner
Ben McKenzie
Hayley Mandrup
Calendly
Zapier
Pulse360
Hubly
The Game with Alex Hormozi
Financial Advisor Success Podcast
The Advisor Lab Podcast
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1265-OPS-7/19/2022
As people live longer and market uncertainty increases, the need for informed retirement portfolio spending strategies is becoming more important than ever. In this episode, Rusty and Robyn talk with Colleen Jaconetti, a Senior Investment Analyst at Vanguard Investment Strategy Group. Colleen is responsible for establishing and overseeing the investment philosophy, methodology, and portfolio construction strategies used to support Vanguard's advisory services, products, and strategies. With over 25 years of experience in the financial services industry, her areas of expertise include portfolio construction and financial planning, specializing in retirement planning topics, retirement income solutions, and wealth management strategies. Colleen talks with Rusty and Robyn about Vanguard's research paper, From Assets to Income: A Goals-Based Approach to Retirement Spending. Colleen speaks about interesting topics around the goals-based retirement approach, the four factors that affect people's ability to spend funds from their portfolios, and how investors should consider taxes when planning to withdraw funds.
Key Takeaways
[02:41] - Colleen's role at Vanguard.
[04:21] - Why investors should read Vanguard's paper, From Assets to Income: A Goals-Based Approach to Retirement Spending.
[05:22] - How a goals-based retirement approach outperforms a traditional retirement spending strategy.
[06:22] - Four factors affecting people's ability to spend their portfolios.
[10:16] - Risks associated with income-focused investing.
[12:43] - How investors should consider taxes when planning to withdraw funds.
[15:41] - Colleen's personal investment strategy.
[17:00] - How Colleen maintains her mental and physical well-being to perform at her best.
[17:53] - A list of Colleen's favorite books.
Quotes [05:02] - "It's important for retirees now, especially with the dynamic spending that as there's market volatility, some retirees may be tempted to reach for yield. In addition, some retirees are asking, can I afford to retire? How much can I spend in light of some of the recent performances in the market?" - Colleen Jaconetti [06:46] - "When developing a prudent spending rule, the goal for many retirees is to bounce current spending with the potential for future spending, bequest, or other goals." - Colleen Jaconetti [12:01] - "We try to tell retirees that overweighing dividend-paying stocks are high-yield bonds. For the sole purpose of increasing cash on the portfolio, the income approach can put their principle at higher risk than just spending from it." - Colleen Jaconetti
Links
Colleen Jaconetti on LinkedIn
Vanguard
Chicken Fried by Zac Brown Band
From assets to income: A goals-based approach to retirement spending
Be Where Your Feet Are: Seven Principles to Keep You Present, Grounded, and Thriving
All Insights | Insights | Vanguard Advisor
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1268-OPS-7/19/2022
Investing is so much more than just numbers and trends. It's about psychology and temperament. While risk management and market volatility both play an important role in investor success, the investor's overall attitude towards investing is just as important. Though financial advisors are highly regarded for their investment recommendations, what are the best ways for investors to remain invested during uncertain economic times? In this episode, Rusty and Robyn are joined by Thomas Forsha, Co-Chief Investment Officer and Portfolio Manager for River Road Asset Management's Dividend All-Cap Value and Focused Absolute Value® Portfolios. Prior to joining River Road in 2005, Thomas served as Equity Analyst and Portfolio Manager for ABN AMRO Asset Management USA. At River Road, Thomas and his investment team aim to provide attractive total returns and capture the strong downside they typically expect with dividends. Thomas talks with Rusty and Robyn about value investing, market risks, and River Road Asset Management's strategies for creating portfolios that generate attractive total returns.
Key Takeaways
[04:56] - What drew Thomas to the investment industry.
[05:59] - Thomas’ role at River Road Asset Management.
[06:47] - River Road Asset Management's value investment philosophy.
[11:25] - What River Road Asset Management sees as the market's future.
[13:58] - Today's biggest market risk.
[16:48] - Thom's outlook on value investing.
[20:27] - How River Road Asset Management creates portfolios in today's market.
[22:41] - Thom's perspective on the financial and technology sectors.
[25:45] - Thom's personal investment strategy.
[26:36] - How Thomas maintains his physical and mental well-being to perform at his best.
[29:37] - River Road Asset Management's Reading Recommendations.
Quotes [07:08] - "Value is in the eye of the beholder. Two value managers can look at the same stock and have two very different opinions on how attractive it is." - Thomas Forsha [08:51] - "If you go too much in the deep value, you're going to sacrifice some of that downside protection as those types of companies typically don't do particularly well when credit markets tighten up and markets get quite volatile." - Thomas Forsha [11:33] - "We have a simple, consistent framework that we've been using to look at the market forward-looking over the years. And it's based upon five key factors: valuation, monetary policy/credit markets, fiscal policy, regulation sentiment, and then what we call a wild card." - Thomas Forsha
Links
Thomas Forsha on LinkedIn
River Road Asset Management
Daniel Crosby
Orion Advisor Solutions
I'm Still Standing by John Elton
The Ohio State University
University of Iowa Hospitals & Clinics
The University of Chicago
Andrew MacIntosh
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1208-OPS-7/11/2022
Due to the many risks facing today's market, many investors wonder whether now is the time to invest or just sit on the sidelines. While diversification can minimize exposure to any single economic, political, or market event, it's important to know the market's top risks to enable investors to manage expectations and protect their portfolios. But what are today's top market risks, and how can investors move forward? In this episode, Rusty and Robyn talk with Daniel Villalon, Principal and Global Co-Head of the Portfolio Solutions Group at AQR Capital Management. In his role, Daniel oversees the team responsible for advising clients on portfolio challenges and creating investor-oriented thought leadership. Additionally, Daniel founded, co-wrote, and hosted AQR’s podcast, The Curious Investor. Daniel talks with Rusty and Robyn about the market's top risks, what investors should expect moving forward, and how they can stay invested and reach their financial goals.
Key Takeaways
[05:25] - How Daniel went from the vineyard to the financial industry.
[08:28] - The key role Daniel plays at AQR Capital Management.
[11:04] - AQR's market outlook for the remainder of the year.
[12:37] - The inflation perspective of AQR.
[14:10] - Daniel's thoughts on recession risk.
[17:01] - How Daniel rates the risk of fighting the Fed.
[18:54] - How AQR measures the impact of investor expectations.
[21:29] - Another potential risk Daniel is keeping an eye on.
[23:38] - What investors could expect in terms of market returns in the years ahead.
[26:58] - The return expectations for growth stocks versus value stocks.
[32:16] - Why firms should have CMAs.
[36:42] - What investors should do with their portfolios, given all the risks and challenges in the current market.
[41:48] - AQR's perspective on commodities and real estate.
[46:06] - How Daniel views long-short strategies.
[47:50] - AQR's thoughts on managed futures and merger arbitrage.
[52:48] - Daniel's personal investment strategy.
[54:50] - How Daniel maintains his physical and mental well-being to perform at his best.
Quotes [11:23] - "Coming up with an expected return for the future is easy to do, but very hard to do well." - Daniel Villalon [12:00] - "Diversification is the most reliable or least imperfect solution when positioning yourself for a world where you don't know with certainty what the next few months will bring." - Daniel Villalon [13:53] - "Inflation is a risk that neither of the two biggest traditional asset classes is particularly well suited to address." - Daniel Villalon [20:55] - "One of the challenges in terms of investor expectations is a lot of folks, implicitly or not, set their expectations based on what they've seen recently. That’s created a massive disconnect regarding what people expect from markets and what they're likely to get over the next five to 10 years." - Daniel Villalon
Links
Daniel Villalon on LinkedIn
AQR Capital Management
Help! by The Beatles
The Laws of Wealth: Psychology and the Secret to Investing
JP Morgan
The Mitchell Madison Group
Pine Ridge Vineyards
The Curious Investor Podcast
Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least
Buttonwood’s notebook | The Economist
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1211-OPS-7/12/2022
Real estate investment trusts (REITs) are one of the most popular investments for income-seeking investors. They can be a valuable addition to any portfolio as they offer high dividend yields and the potential for capital appreciation. In this episode, Rusty and Robyn talk with Matt Werner, Managing Director and Portfolio Manager at Chilton Capital Management. In his role, Matt leads the Chilton REIT Team, performs analysis, conducts property tours, and meets with REIT management teams to assemble a portfolio that seeks to outperform the benchmark. His team is also responsible for managing accounts for institutions, high net-worth individuals, and a public 40 Act Fund. Matt talks with Rusty and Robyn about Real Estate Investment Trusts (REITs), how they work, why investors and advisors should consider investing in them, and the general rule of thumb for investing in REITs.
Key Takeaways
[03:41] - What attracted Matt to real estate investment trusts.
[06:30] - How Chilton Capital Management's REITs strategy differs from others.
[08:07] - REITs: What they are and how they work.
[10:24] - Why investors and advisors should consider investing in REITs.
[12:51] - A general rule of thumb for investing in REITs.
[14:33] - Matt's forecast for the macroeconomy in the coming months.
[17:13] - Matt's outlook for commercial properties.
[20:16] - What Matt thinks about multi-family, rentals, and mobile home parks.
[22:13] - Matt's personal investment strategy.
Quotes [05:11] - "In 2008, REITs were the first ones to be able to break through the capital barrier. And they were able to raise debt and equity, albeit at a very dilutive price, and it shows me that this is a cool way to apply some knowledge I learned in real estate." - Matt Werner [09:54] - "I think the public REITs will continue to show their superiority for individuals as we go along and grow their share of the pie, which has been growing rather slowly but still making headway." - Matt Werner [11:23] - "Residential real estate has done well in times of inflation. And thinking logically, you could apply that to something like multi-family or single-family rentals that inflation should help on that top-line growth for rent." - Matt Werner
Links
Matt Werner on LinkedIn
Chilton Capital Management
The Chilton Capital Management REIT Strategy
Tweezer
Strategas
Boston College
Salient Partners
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Robyn Murray
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1177-OPS-7/6/2022
Changes in technology, demographics, and the economy are having an impact on how people invest their money. New opportunities are emerging for those willing to take risks. In this episode, Rusty talks with Chip Roame, Founder & Managing Partner of Tiburon Strategic Advisors and the Tiburon CEO Summits. He is responsible for all of Tiburon's advisory, research, service, and marketing activities, keeping him on the leading edge of strategic initiatives in the industry's fastest-growing businesses. Chip shares with Rusty the five key things everyone in financial services should consider regarding the industry, gives advice to aspiring financial advisors, and provides insight into future-proofing financial service practices.
Key Takeaways
[03:49] - Chip Roame's professional background.
[05:39] - Tiburon Strategic Advisor's role in wealth and investment management.
[07:18] - The fun of Tiburon Strategic Advisors.
[10:38] - The current and future states of wealth and investment management.
[14:00] - Chip’s investment equation solution.
[16:38] - Chip's thoughts on direct indexing and ETFs.
[17:55] - Chip's perspective on the new tax alpha.
[19:46] - A piece of advice Chip has for aspiring financial advisors.
[21:12] - Two channels that are gaining traction with financial consumers.
[23:00] - The impact of COVID on financial services.
[25:05] - Chip's outlook on mergers and acquisitions.
[27:07] - How registered investment and financial advisors can future-proof their practices.
[29:57] - How Chip's investment strategy looks.
[31:01] - The qualities of a good financial advisor.
[31:55] - How Chip manages his time effectively.
Quotes [11:34] - "The Gen X generation is your big opportunity in the next decade. Gen X will save and invest more money than millennials and baby boomers added together in the next 10 years." - Chip Roame [13:38] - "Women trade less and buy more cost-competitive products. So, two reasons they do better are they buy cheaper stuff and don't turn it over and create taxes. So, if you compare women and men, that's why they beat men." - Chip Roame [20:59] - "If I were a young person wanting to join the wealth industry, I would certainly look to join an RIA registered investment advisor who's charging fees, acting as a fiduciary, and doing a lot of planning." - Chip Roame [35:17] - "The wealth management industry is a great profession. On both ends of the spectrum, I think you can build a huge business in wealth management right now, whether through organic growth or inorganic acquisitions." - Chip Roame Links
Chip Roame on LinkedIn
Tiburon Strategic Advisors
Live Like You Were Dying by Tim McGraw
Love Your Love The Most by Eric Church
University of Michigan
McKinsey
Charles Schwab
Skip Schweiss
Sierra Investment Management
Tiburon CEO Summits
Tiburon Impact Adventures
Morningstar
Fidelity Investments
Vanguard
Mariner Wealth Advisors
Mercer
Allworth Financial
Edelman Financial Engines
Envestnet
Investcloud
Vestmark
Addepar
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Rusty Vanneman
Robyn Murray
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1171-OPS-7/6/2022
Mid-cap growth stocks are the sweet spot for many investors. They offer the potential for significant capital appreciation while providing downside protection. Despite being overlooked and under-allocated, why are mid-cap growth stocks a good investment option, and why are they an excellent addition to portfolios? In this episode, Rusty talks with Cody Wheaton and Brian Demain, Co-Portfolio Managers at Janus Henderson Investors. With more than 20 years of experience in fundamental investment due diligence and securities analysis in the small and mid-cap space, Cody and Brian know mid-cap strategies. In addition to the portfolio responsibilities, Cody also serves as an equity research analyst focusing on small and mid-cap stocks within the financials and consumer sectors. Cody and Brian talk with Rusty about mid-cap growth stock investing, the impact of inflation, and potential paradigm shifts in the markets.
Key Takeaways
[03:53] - A quick look at Brian and Cody's backgrounds.
[05:18] - What are growth and mid-cap stocks?
[06:39] - The investment philosophy and strategies of Janus Henderson Investors.
[09:03] - How Janus Henderson Investors' strategies differ from other firms.
[11:55] - How Janus has changed over the years.
[14:21] - An example of how Janus puts their strategies into action.
[18:14] - How Janus’ growth stock strategy performed relative to the overall market.
[21:38] - A rule of thumb for how much exposure one should have in mid-cap growth.
[26:31] - What the article, “Investing Through A Paradigm Shift In Mid-Cap Growth”, is about.
[35:21]- Cody's takeaways on the financial and consumer sectors for small and mid-cap stocks.
[38:13] - Cody and Brian's personal investment strategy.
[41:38] - How Cody and Brian maintain their physical and mental well-being to perform at their best.
[45:59] - A list of Cody and Brian’s favorite books and podcasts.
Quotes [08:48] - "Trading is a hard thing to get right. But if you find the right stocks and let them compound value, that will deliver value for clients. And our goal is to outperform the peer group and the benchmark and do so with less absolute volatility than both over time." - Brian Demain [12:39] - "Being part of a larger organization means more scale. It means more diversity of assets, more stability to the organization, and better resources to ultimately try to do what we do. And as very long-term oriented investors, it's essential to be part of an organization that's stable and financially healthy." - Cody Wheaton [24:25] - "As investors in the mid-cap category, we're always looking to buy companies in that mid-cap range. We have the flexibility to hold them as they grow and become large-cap companies, as long as we continue to believe in the business and the investment thesis." - Cody Wheaton [38:40] - "One of the most important things for investors, before they contemplate getting involved in the markets, is having an honest assessment with themselves and with their financial advisors about their goals and risk tolerance." - Cody Wheaton Links
Brian Demain on LinkedIn
Cody Wheaton on LinkedIn
Janus Henderson Investors
More Than A Feeling by Boston
Kashmir by Led Zeppelin
Catherine Wood
ARK Funds
Liberty Media Corporation
Morningstar
David Dreman
Enterprise Fund - Janus Henderson Investors
Engines That Move Markets: Technology Investing from Railroads to the Internet and Beyond
The Origin of Wealth: The Radical Remaking of Economics and What it Means for Business and Society
Invest Like the Best with Patrick O'Shaughnessy
Connections: Investment Matters
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1172-OPS-7/6/2022
Investors are increasingly looking for ways to diversify their portfolios and generate alpha. One way to do this is by investing in liquid alternatives. But what exactly are liquid alternatives? How can investors use them to protect themselves from market volatility? In this episode, Rusty and Robyn talk with Joshua Emanuel, Chief Investment Officer at Wilshire. Prior to Wilshire, Joshua also served as CIO for The Elements Financial Group, where he developed and managed various multi-asset investment strategies, portfolio manager of two actively managed exchange-traded funds, and co-developed RiskPro®. In his current role, Joshua is responsible for the Wilshire business unit's investment platform and directly supervises the portfolio management, manager research, and investment research teams. Joshua talks with Rusty and Robyn about what liquid alternatives are, the pros and cons of investing in these assets, and how investors buy and use them.
Key Takeaways
[03:50] - An overview of Joshua's career and his role at Wilshire.
[05:02] - What Wilshire's Monday Market Flash is all about.
[05:59] - Joshua's market outlook for the rest of the year.
[08:06] - What liquid alternatives are and how they work.
[10:36] - The pros and cons of liquid alternatives.
[12:09] - How investors buy and use liquid alternatives.
[15:46] - How liquid alternatives fit into the current market environment.
[17:20] - What makes a good investment manager.
[20:50] - Joshua’s best practices for investment committees.
[22:55] - How Joshua manages money on a personal and professional level.
[24:27] - How Joshua maintains his physical and mental well-being to perform at his best.
[26:09] - Joshua’s book recommendations for advisors.
Quotes [10:16] - "Liquid alternatives are solutions that can be beneficial from a portfolio construction perspective. It allows investors to diversify their risk away from the traditional sources of return, which, as we have seen year to date, whether you're in bonds or equities, there's been nowhere for you to hide." - Joshua Emanuel [11:04] - "The biggest challenge for many financial advisors and even for investors is managing emotion." - Joshua Emanuel [16:47] - "Multi-strategy is a category commonly used by investors as a core anchor to substitute both equity and fixed income risk into one underlying fund." - Joshua Emanuel
Links
Joshua Emanuel on LinkedIn
Wilshire
Gimme Shelter by The Rolling Stone
Morningstar
The Drunkard's Walk: How Randomness Rules Our Lives by Leonard Mlodinow
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Robyn Murray
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1072-OPS-6/17/2022
As the financial landscape changes, so do the goals of investors. Rather than simply trying to achieve the highest return, investors are increasingly focused on achieving specific financial goals. As investors are shifting the way they view their portfolios, how can they construct a portfolio tailored to their unique circumstances and goals? In this episode, Rusty and Robyn talk with Scott Ladner, CEO and Chair of the Investment Committee at Horizon Investments. In these capacities, he oversees all aspects of the firm's Investment Management division. He also provides macro analysis and interpretation of global derivatives, credit, foreign exchange, equity, and funding markets. Scott talks with Rusty and Robyn about what goals-based investing is and how it differs from traditional investing, how to mitigate the risks associated with investing, and what his outlook is for the ETF industry. Key Takeaways
[03:09] - Scott Ladner's career and his role at Horizon Investments.
[06:44] - How goals-based investing differs from traditional investing.
[09:17] - The desired outcomes and planning horizons of goals-based investing.
[11:04] - The primary risks of investing and how to mitigate them.
[13:52] - What their blog, 5 Years, is all about.
[15:48] - Inflation and the battle against it.
[18:53] - The impact of inflation on interest rates.
[21:28] - What the expression 'don't fight the feds' means to Scott.
[23:05] - Scott's take on valuations and possible recessions.
[29:30] - Scott’s outlook on the ETF industry.
[31:40] - How Scott manages his wealth personally.
[32:29] - How Scott maintains his physical and mental health to perform at his best.
Quotes [11:32] - "When we're talking about our gain strategies where the primary thing we're trying to do is make money, the primary risk for us is volatility." - Scott Ladner [16:54] - "For the rest of this year, we're going to be fighting a battle between falling goods prices and rising food, energy, and services prices." - Scott Ladner [22:14] - "Don't fight the fed in 2022 means that the only thing the fed can do to fight this inflation problem they see now is demand destruction." - Scott Ladner [30:06] - "It's great to have the ability to use these ETFs, but the knowledge about how to use them and generate expectations are complex." - Scott Ladner
Links
Scott Ladner on LinkedIn
Horizon Investments
Sanitarium by Metallica
PEAK6
Robbie Cannon
Brent Donnelly
Quill Intelligence
Danielle DiMartino Booth
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Rusty Vanneman
Robyn Murray
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1041-OPS-6/14/2022
As investors continue to search for opportunities that align with their personal beliefs and goals, ESG considerations are playing an increasingly important role in the evaluation of potential investments. As such, ETFs that focus on ESG strategies are growing in popularity. In this episode, Rusty talks with Herb Morgan, Sr. Managing Director and Chief Investment Officer at Efficient Market Advisors (EMA). Prior to founding EMA in 2004, Herb was Senior VP of Advisory at Linsco/Private Ledger Financial Services, Inc. now known as LPL Financial. Today, Herb is one of the financial industry’s recognized experts in the area of ETFs and the creator of the Efficient Market Advisors Managed ETF Account, a low-cost, tax-efficient investment account that utilizes ETFs. As an ETF strategist, Herb talks with Rusty about the current market conditions and his outlook for the ETF industry, how investors should build portfolios for income, and how EMA builds ESG portfolios.
Key Takeaways
[02:31] - A brief overview of Herb Morgan's professional history.
[04:16] - What Herb’s current outlook is for the ETF industry.
[06:53] - How investors should build portfolios for income.
[09:16] - EMA's approach to building ESG portfolios.
[15:09] - Herb’s thoughts on inflation and how he manages it.
[18:36] - Herb's forecast on where the market is headed given the inflation.
[22:04] - How Herb adapted portfolios based on inflation and interest rate forecasts.
[25:12] - Herb’s thoughts on the possibility of a recession and corporate earnings.
[28:18] - What Herb has to say about stock market valuations.
[30:10] - The geopolitical situation in Europe and its impact on portfolios.
[32:16] - The implications of global debts for markets and the economy.
[34:54] - What Herb's personal portfolio looks like.
[36:39] - How Herb keeps himself physically and mentally healthy to perform at his best.
[38:03] - Herb’s advice for investors in terms of growth.
Quotes [24:19] - "How can you tell everybody to stay home and close an economy? But to make it up for you, we're going to give you money and therefore you have more money chasing no goods and services because we shut down everything. So, it just created inflation." - Herb Morgan [33:23] - "We're the only country in the world that really has the luxury and can therefore run this perpetual deficit. And the deficit is financed by the trade deficit. It's one of the reasons we live so much better than anybody else." - Herb Morgan [38:24] - "Growing is sort of everybody's objective. But the work that it takes to grow does not always appeal to everyone." - Herb Morgan
Links
Herb Morgan on LinkedIn
Efficient Market Advisors
Morningstar
Slaying Bulls and Bears Podcast
Orion Advisor Solutions
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1018-OPS-6/13/2022
Financial advisors are responsible for the well-being of their clients, and with that comes a fiduciary duty to act in their clients' best interests at all times. In order to do so, they need to juggle working with clients, maintaining compliance, keeping up with market trends, performing due diligence on potential investments, and more. Advisors who attempt to manage everything on their own quickly find themselves stretched thin and overwhelmed. In this episode, Rusty talks with Kostya Etus, Head of Strategy, Portfolio Services Team at Dynamic Advisor Solutions. Prior to Dynamic, Kostya served the Orion organization (CLS Investments and Orion Portfolio Solutions) for more than 10 years where he held a variety of roles, including Trading Specialist, Research Analyst, Portfolio Manager, and Director of Research. Kostya talks with Rusty about why advisors should outsource money management, how advisors can help investors, and how technology plays a key role in helping investors. Also, given Kostya's expertise about movies, we review the hot movies this coming summer!
Key Takeaways
[05:44] - An overview of Kostya's background and his work at Dynamic Advisor Solutions.
[10:29] - Why advisors should outsource money management.
[15:47] - How technology plays a key role in helping investors.
[18:34] - What Kostya looks for in an investment manager.
[21:44] - What makes a good financial advisor.
[23:23] - Kostya’s advice to investors during difficult market conditions.
[26:45] - How to stay on top of the latest market trends.
[30:04] - Movie recommendations to watch this year.
[38:19] - The secret behind Kostya's fantasy football strategy.
[40:44] - How Kostya maintains physical and mental health to perform at his best.
[43:30] - Favorite resources and book recommendations.
Quotes [03:19] - "I'm a strong believer that in any situation, no matter how different a set of people's views is or opinions, there's always a way to walk out of a situation where both parties are happy." - Kostya Etus [13:14] - "If you're outsourcing, you don't have to spend time on some of the investment management responsibilities. You spend more time focusing on your client relationships. You can focus on what matters most, whether it's enhancing your business or just spending time on yourself." - Kostya Etus [16:27] - "Technology is what helps advisors streamline their day-to-day tasks. That's what really helps them make their lives easier." -Kostya Etus Links
Konstantin (Kostya) Etus on LinkedIn
Dynamic Advisor Solutions
Dynamic Advisor Solutions | Blog
CLS Investments
Why Can’t We Be Friends
Joe Smith
Joshua Jenkins
Grant Engelbart
Case Eichenberger
Advisor’s Alpha
ARKK | The ARK Innovation ETF by Cathie Wood
Orion Advisor Solutions
CAIS
Morbius
The Northman
The Lighthouse
The Batman
Everything Everywhere All At Once
The Unbearable Weight of Massive Talent
Top Gun: Maverick
Bullet Train
Nope
Elvis
Avatar 2 : The Way of Water
A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan
Ben Hunt - Epsilon Theory
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0992-OPS-6/7/2022
It is no secret that content is king when it comes to marketing. Advisors looking for ways to reach and engage clients should consider starting a podcast. Podcasting is an intimate medium, providing advisors with the opportunity to connect with existing clients and build relationships with prospective clients. Podcasting is also a great way for advisors to position themselves as thought leaders in the industry. In this episode, Rusty and Robyn talk with David Ledgerwood, B2B Podcast Strategist and Revenue Lead at Turncast, a podcast production company for fintech and financial services. Prior to joining Turncast, David has more than a decade of experience leading companies to 7- and 8-figure revenue growth. David talks with Rusty and Robyn about how podcasting can be a valuable asset in business, why financial advisors should consider launching their own podcast, and how to create a great podcast that listeners will subscribe to and keep listening to.
Key Takeaways
[03:39] - What David has been up to over the past 20 years.
[07:00] - What Turncast offers the fintech and financial services industries.
[09:48] - Why the podcast industry is exploding and booming in popularity.
[12:05] - David's outlook on the future of podcasting.
[14:37] - Why financial advisors should consider having their own podcast.
[18:20] - What equipment is needed to start a podcast.
[20:16] - David's recommendations for using video on Zoom calls.
[22:28] - What makes a good podcast.
[26:31] - The ideal length for a podcast.
[28:04] - How podcast creators can reach the right audience and market.
[32:32] - How David stays physically and mentally fit to perform at his best.
Quotes [12:58] - "Podcasting offers an interesting dynamic because it's audio. And we know audio consumption goes up while people are driving, doing chores, doing other things — thus making it very different than video consumption." - David Ledgerwood [24:32] - "What you're really trying to do as a host or creator of a show is develop the habit that a listener will keep coming back because they like the experience of being a listener and they'll subscribe to your thing and they'll keep coming back on a regular basis." - David Ledgerwood [28:31] - "I'm a big fan of content reuse. I love podcasting because it's not just about the podcast. It's forcing you to have conversations." - David Ledgerwood
Links
David (Ledge) Ledgerwood on LinkedIn
Wild Side by Mötley Crüe
PwC | PricewaterhouseCoopers
Turncast
Darknet Diaries
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0913-OPS-5/24/2022
The philosophy of stoicism teaches that humans are capable of enduring any hardship by focusing on what is in their control and by accepting the things they cannot change. In the investing world, this means not getting caught up in market noise and instead focusing on the long term. In this episode, Rusty and Robyn talk with William B. Irvine, professor of philosophy at Wright State University and author of several books, including A Guide to A Good Life and The Stoic Challenge. William is an internationally acclaimed author whose work explores philosophy and stoicism. William talks with Rusty and Robyn about the philosophy of stoicism, how it can help investors navigate the market, how it can be applied in everyday life, and how it can help people cope with setbacks.
Key Takeaways
[02:09] - William's professional background.
[05:56] - What made William interested in stoicism.
[08:22] - The key principles of stoicism.
[11:34] - How negative visualization breeds positive results.
[14:13] - How stoic principles can be applied in daily life.
[15:41] - What the stoics think about money.
[19:22] - How stoicism helps advisors be successful in the long run.
[23:43] - How stoicism can help investors cope with losses.
[26:06] - The impact of desire on investors.
[29:19] - William's advice when it comes to dealing with insults.
[31:47] - How stoicism can be used to cope with setbacks.
[34:57] - How William maintains his physical and mental health to perform at his best.
[41:43] - The impact of William's stoicism on his investments.
[43:12] - William's book recommendations on stoicism.
Quotes [08:50] - "Focus your attention on the things you can control. Because if you focus your attention on the things you cannot control, you're wasting your time and your emotion." - William B. Irvine [11:50] - "One of the ways to increase the number of positive emotions you experience and to make whatever you're now experiencing vastly more tolerable is to take a moment to think about how things could be worse." - William B. Irvine [19:32] - "Emotions are your biggest enemy and you are your biggest enemy. You are your biggest obstacle to successful investing. And the problem is your emotions are gonna give you all the wrong answers." - William B. Irvine [30:09] - "Insults are just words. It's your response to an insult that does you the harm." - William B. Irvine
Links
William B. Irvine
Wright State University
Oxford University Press
A Guide to A Good Life: The Ancient Art of Stoic Joy
A Slap in the Face: Why Insults Hurt — And Why They Shouldn't
On Desire: Why We Want What We Want
The Stoic Challenge: A Philosopher's Guide to Becoming Tougher, Calmer, and More Resilient
Meditations by Marcus Aurelius
The Manual: A Philosopher's Guide to Life
Waking Up Conversations | Sam Harris
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0856-OPS-5/17/2022
Given rising interest rates, slower economic growth, and geopolitical tensions, it goes without saying that the current market climate is turbulent. As a result, many investors are left wondering how they can still achieve their financial goals. While there is no one silver bullet that can guarantee success in every situation, there are a number of strategies that investors can utilize in order to put themselves in a good position to meet their targets. In today’s episode, Rusty and Robyn talk with Rayna Lesser Hannaway, Head of the Portfolio Manager & Analyst Team, Small Company Growth and Co-Chair of WISE (Women Inspiring Success & Engagement) ERG at Polen Capital Management. In her 26 years in the investment industry, Rayna has developed an investment philosophy that combines growth, quality, concentration, and long-term holding periods. Additionally, she believes that women can thrive in fund management. Thus, empowering and supporting them to succeed in the wealth and investment management arena. Rusty and Robyn talk with Rayna about how investors can meet their financial goals even when the markets are turbulent, what investment strategies they employ at Polen Capital, and Rayna’s advice for investors during this time of market volatility.
Key Takeaways
[03:58] - Rayna's career background and investment experiences.
[05:56] - How Polen Capital inspires women in investment management.
[07:36] - How Polen Capital is performing in the current market environment.
[09:53] - Four investment strategies that Rayna manages at Polen Capital.
[13:52] - Rayna’s advice for investors in today's volatile market.
[15:09] - What Rayna looks for in a good research analyst and portfolio manager.
[18:05] - Rayna’s personal investment strategy.
[19:53] - How Rayna maintains her mental and physical health.
[21:56] - Rayna's book and podcast recommendations.
Quotes [04:54] - "The most important thing I've learned over my career is that focusing on companies that are built to last is the best way to drive great long-term outcomes, especially in the small and mid-cap market." - Rayna Lesser Hannaway [06:31] - "There actually hasn't been that much progress that's been made in bringing more women and other underrepresented groups into research and portfolio management. And so, at WISE, we're really trying to build a strong community amongst the women and people that identify as women and make sure that we help them on their journey." - Rayna Lesser Hannaway [14:05] - "It's so easy to lose emotional discipline during a time like this. So, I think it's really important for investors to stay focused on the long term and stay focused on companies that can endure some of the obstacles that we're facing today." - Rayna Lesser Hannaway
Links
Rayna Lesser Hannaway on LinkedIn
High Hopes by Panic! at the Disco
Polen Capital
Fidelity Investments
Golden Seeds
Taneka Lawrence
Jeff Mueller
Jim Collins
Great By Choice by Jim Collins
Invest Like the Best with Patrick O'Shaughnessy
The Knowledge Project with Shane Parrish
Huberman Lab Podcast
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Rusty Vanneman
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0861-OPS-5/18/2022
Environmental, Social, and Governance (ESG) investing has grown in popularity as people become more aware of sustainable and responsible investing. Investors are increasingly interested in companies that are aligned with their own personal values. How can they incorporate socially responsible investing into their portfolios? In today’s episode, Rusty and Robyn talk with Theresa Gusman, Chief Investment Officer and Chair of the Investment Committee at First Affirmative Financial Network. As Chair of the Investment Committee, she coordinates implementation of the investment philosophy and strategy with other stakeholders by designing and executing investment protocols, policies, reviews and reporting. As a CIO, Theresa is committed to incorporating environmental, social, and governance issues into investment decisions. Theresa talks with Rusty and Robyn about how a portfolio can make a positive impact in the world, what ESG investing is, and how this type of investment strategy can be incorporated into portfolios.
Key Takeaways
[04:02] - Theresa's career highlights in the financial services industry.
[07:43] - What SRI investing is and how it began.
[11:32] - How SRI investing has grown over time.
[14:01] - How ESG investing fits into the current market environment.
[15:09] - How First Affirmative Financial Network facilitates change in corporations.
[18:33] - A few ways investors can incorporate climate change into their portfolios.
[23:51] - What Value-Aligned Direct Index Solutions are and how to invest in them.
[26:23] - How direct indexing works.
[29:04] - How direct indexing can be used for ESG investing.
[31:26] - What greenwashing is all about.
[33:55] - The challenges of investing in ESG and how First Affirmative resolves them.
[38:22] - What prevents people from investing in ESG.
[40:06] - How Theresa keeps her health and wellness at a high level.
[41:23] - Theresa’s recommendations for learning more about ESG investing.
Quotes [06:18] - "Authentic ESG refers to a true commitment to incorporating environmental, social, and governance factors into investment solutions to make the world a better place." - Theresa Gusman [10:51] - "When we talk about values aligned, we're talking about true values alignment. So, every individual has their own personal environmental and social ethical preferences. And when we talk about values-aligned investing, we believe that you should be able to reflect your values in your portfolio." - Theresa Gusman [31:08] - "When you are able to offer a portfolio that allows you to determine how you want the world to look and then reflect that in your portfolio, it becomes a really powerful incentive to move in this direction." - Theresa Gusman
Links
Theresa Gusman on LinkedIn
First Affirmative Financial Network
Thunderstruck by AC/DC
Deutsche Bank
Morningstar
MSCI
JP Morgan
Bank of America
YourStake
Orion Advisor Solutions
BlackRock
Allianz
CrossFit
George Gay
Bill Hairgrove
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0762-OPS-5/3/2022
In times of political and economic uncertainty, some investors choose to stay the course, while others take a more tactical approach, seeking opportunities amid market volatility. While there is no one-size-fits-all answer for how investors should invest during uncertain times, there are ways to help navigate the market. In today’s episode, Rusty and Robyn talk with Robert Baker, President of Advanced Asset Management Advisors (AAMA). Prior to founding AAMA, Robert served as Vice President of a large regional investment firm and President of a national advisory group. He founded AAMA in 1998, with the mission of creating a better client investment experience. Today, he remains heavily involved in carrying that vision forward, overseeing the daily management of the company. Robert talks with Rusty and Robyn about why advisors and investors should consider working with smaller, boutique strategist firms, what advisors can do in a volatile market, and why the global debt crisis is alarming.
Key Takeaways
[02:31] - The history of AAMA.
[03:38] - Why advisors should consider working with smaller boutique strategist firms.
[06:00] - Some key lessons from Robert’s career.
[08:01] - How AAMA deals with inflation.
[09:57] - How Robert responds to investors who claim the stock market isn't expensive.
[11:11] - Robert’s advice to investors during a volatile market.
[12:30] - How investors can prepare for a possible recession.
[14:49] - Why global debt is alarming.
[15:39] - What is positive about the economy today.
[17:42] - How Robert maintains his physical and mental well-being to perform at his best.
Quotes [04:04] - "We realized pretty quickly that every strategist would like to have 100% of a portfolio. But in reality, most investors and most advisors are going to be most well served to have their portfolios allocated amongst a couple of diversification control risks. And not all firms can be everything to all clients." - Robert Baker [04:40] - "We've firmly believed that client expectations and consistencies are a key to positive experiences. So, we like to think that a smaller and a medium-size asset base gives us that flexibility that people can get ahold of us." - Robert Baker [20:12] - "We have the greatest country and the greatest economy in the world. We've weathered a lot of storms at times. It seems like there are so many negatives out there, but you have to look through and look for the positives and you can't overreact to things either way in the marketplace." - Robert Baker
Links
Robert Baker on Advanced Asset Management Advisors
Robert Baker Email
Advanced Asset Management Advisors
Papa’s Got A Brand New Bag by James Brown
Sizing Up Your Partners – How Smaller, Boutique Strategist Firms Can Give You An Edge
Staying Relevant To Clients As Their Expectations Change
Spymaster by Brad Thor
Aaron Ploscowe Email
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Rusty Vanneman
Robyn Murray
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0633-OPS-4/18/2022
Inflation is an enduring economic challenge that has persisted throughout human history. Despite the many efforts of economists and governments to control it, inflation remains a problem. What can advisors do to prepare and protect their investment portfolios? In today’s episode, Rusty and Robyn talk with Michael Ashton, a.k.a. "The Inflation Guy", Managing Principal at Enduring Investments. Michael is recognized as one of the pioneers in U.S. inflation market innovation. Prior to founding Enduring Investments, he worked in research, sales and trading for several large investment banks including Bankers Trust, Barclays Capital, and JP Morgan. As a result of his deep experience and knowledge about inflation and how it impacts markets, Michael is considered the expert to the experts in the world of inflation. Michael talks with Rusty and Robyn about the causes and concerns around inflation, how investors can potentially adjust their investment portfolios in an inflationary environment, as well as his outlook on inflation over the next few years. Key Takeaways
[03:20] - An overview of Michael Ashton's professional career.
[05:40] - What Enduring Investment has to offer investors.
[09:41] - Michael's forecast on inflation over the next few years.
[12:46] - How investors can prepare for inflation.
[14:19] - The pros and cons of TIPS.
[17:00] - Michael's perspective on I Bonds.
[19:07] - Can digital assets or cryptocurrencies be used to fight inflation?
[21:53] - The best time to purchase a car or to build a house.
[28:16] - Michael's outlook on grain prices and food prices.
[31:08] - Michael’s forecast on educational inflation.
[34:40] - What global debt means for financial portfolios.
[39:10] - Why “defend your money” became Michael’s tagline.
[45:02] - What makes a good investment manager.
[46:41] - How Michael maintains his physical and mental health.
Quotes [16:49] - "Inflation exposes securities. That's what regular treasuries are. And TIPS are immune to inflation." - Michael Ashton [18:05] - "If you're a small investor, the first investment you should be making is to take everything and put in into I Series Savings Bonds which have no interest rate risk, have no credit risk, and pay you inflation." - Michael Ashton [30:13] - "Food and energy prices change a lot. They also feedback very quickly on our perceptions of inflation as well. And global food shortages lead to political unrest at home and abroad and further the deglobalization trend that's in process." - Michael Ashton Links
Michael Ashton on LinkedIn
Michael Ashton Email
Michael Ashton on Twitter
Michael Ashton Blog
Enduring Investments
Red Barchetta by Rush
You Can’t Roller Skate In A Buffalo Herd by Roger Miller
Cents and Sensibility: The Inflation Guy Podcast
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Robyn Murray
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0631-OPS-4/18/2022
When it comes to investing, there are many strategies that can be employed to achieve success. One of these is event-driven investing. At its core, this type of investing focuses on capitalizing on idiosyncratic corporate events and taking advantage of catalysts that can move stock prices. In today’s episode, Rusty and Robyn talk with Yoav Sharon, Portfolio Manager at Driehaus Capital Management. Yoav has been in the investment management industry for more than 16 years. Prior to joining Driehaus Capital Management in 2012, he was a senior analyst and trader at Peak6 Investments. In his current role, Yoav is responsible for idea generation, portfolio construction, security selection, and investment research. Yoav talks with Rusty and Robyn about what event-driven investing is, what the three different strategies within event-driven investing are, and how this differs from other alternative investments.
Key Takeaways
[03:16] - An overview of Yoav’s journey into investment management and what he does at Driehaus Capital Management.
[04:17] - What is event-driven investing?
[05:22] - The three different strategies within event-driven investing.
[09:12] - How Yoav allocates assets based on event-driven investing strategies.
[10:59] - What sets event-driven investing apart from other alternative investments.
[12:23] - What relative volatility looks like compared to the overall stock market.
[14:02] - How investors utilize event-driven investing strategies.
[16:05] - Yoav's personal investment strategy.
[17:35] - How Yoav put event-driven investing into practice.
[20:58] - How M&A has gone so far this year.
[22:55] - His views on the future of the credit markets.
[26:28] - What makes a good investment manager.
[28:27] - How Yoav maintains his physical and mental health to perform at a high level.
Quotes [20:32] - "Everything we're doing is trying to laser focus on finding events that are going to unlock value. And during periods of market turbulence, instability, or uncertainty, we tend to really focus even more on hard catalysts and events that are near term in nature so that we can insulate ourselves even more from market turmoil." - Yoav Sharon
Links
Yoav Sharon on LinkedIn
Driehaus Capital Management
Driehaus Capital Management on Twitter
Gimme Shelter by The Rolling Stone
Kellogg School of Management
Northwestern University
Nasdaq
PEAK6
EconTalk Podcast
Dan Carlin’s Hard Core History
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Robyn Murray
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0582-OPS-4/7/2022
Cryptocurrencies and the underlying blockchain technology have exploded in value and popularity at an exponential rate. Despite their rapid growth, many investors remain hesitant to invest in them due to their volatility. In today’s episode, Rusty and Robyn talk with Christopher King, Founder & CEO of Eaglebrook Advisors, a tech-driven investment manager that provides independent financial advisors with streamlined, secure, and compliant access to bitcoin and digital assets. Originally involved in bitcoin and digital assets in 2014, Christopher transitioned into the crypto industry full-time in 2018 as a venture capital investor at Morgan Creek Capital. During this time, he noticed a gap in the market between independent RIAs and digital asset investments. In 2019, he founded Eaglebrook Advisors to bridge the gap between the digital asset market and the wealth management industry. Christopher talks with Rusty and Robyn about why investors should consider adding digital assets to their portfolios, how they are allocated, and his outlook on bitcoin over the next 10 years.
Key Takeaways
[02:45] - An overview of Chris's career and what inspired him to build Eaglebrook Advisors.
[06:26] - How the argument for digital assets has changed over the last year.
[12:15] - How investors are allocating to digital asset classes.
[14:09] - Chris' investment strategy in digital assets.
[17:49] - Chris’ advice for those who are new to the digital asset space.
[20:44] - Chris’ view on whether bitcoin is going to become a less risky asset in the future.
[22:21] - What prevents some financial advisors from investing in digital assets?
[25:04] - Are crypto benefits not as great as people think?
[27:13] - Conclusions from “The Bitcoin Market Cycle” report.
[30:54] - The impact of rising rates on cryptocurrencies.
[33:46] - Takeaways from President Biden's Executive Order on Ensuring Responsible Development of Digital Assets.
[34:59] - Chris' outlook on Bitcoin over the next 10 years.
[40:47] - Chris’ take on investing in digital asset companies rather than digital assets themselves.
[42:25] - What Chris found surprising about digital asset management.
[45:16] - How Chris maintains his physical and mental health to perform at his best.
Quotes [03:46] - "There was a very small overlap of people that understood how to build secure compliance, scalable investment solutions, and infrastructure in the digital asset world and people that understood wealth management as well." - Christopher King [10:09] - "There's a lot of interesting applications for NFTs, for decentralized finance, for crypto gaming, and for entertainment that a lot of traditional companies and brands are starting to leverage so they can digitize their products and service in a way that both brings value to the company and brings values to the consumer." - Christopher King [35:49] - "I believe that Bitcoin will reach parity with gold because I think it's a better version of gold. There are a lot of generational preferences and transfer of wealth for people that would rather hold Bitcoin portfolios than gold. Us being in a digitally native world, a lot of the wealth is getting transferred to digitally native generations." - Christopher King
Links
Christopher King on LinkedIn
Eaglebrook Advisors
Eaglebrook Advisors on LinkedIn
Eaglebrook Advisors on Twitter
Fortunate Son by Creedence Clearwater Revival
Merrill Lynch
Orion Advisor Solutions
Addepar
Fidelity Investments
State Street
Morgan Stanley
Tesla
Goldman Sachs
BlackRock
BNY Mellon
The Bitcoin Market Cycle
Coinbase
The Bitcoin Standard: The Decentralized Alternative to Central Banking
Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond
Own The Internet - Not Boring by Packy McCormick
On the Brink with Castle Island Ventures Podcast
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0566-OPS-4/5/2022
Lobbying is a necessary part of the political process and a powerful tool for organizations and businesses alike. If done correctly, it can be an important investment strategy as well. In today’s episode, Rusty and Robyn talk with Courtney Rosenberger, Managing Director of Policy Research at Strategas Securities, a registered investment advisor specializing in macro thematic investing. In her role, Courtney directs Strategas’ policy research efforts. This involves the construction, maintenance, and analysis of Strategas’ equity portfolios based on public policy themes. Courtney also serves as the lead portfolio analyst for Strategas Asset Management’s widely followed Policy Opportunities Portfolio. Courtney talks with Rusty and Robyn about what the Strategas Policy Opportunities Portfolio is all about, why lobbying can be a powerful investment tool, as well as how to encourage women to pursue careers in investing.
Key Takeaways
[03:47] - What attracted Courtney to the world of investing.
[04:50] - What the Strategas Policy Opportunities Portfolio is about.
[08:02] - The dominant themes of Strategas Policy Opportunities Portfolio.
[13:16] - The market environment that best suits lobbying strategy.
[14:50] - A detailed overview of lobbying and why it is important.
[18:18] - The challenges women face in the investment industry.
[21:54] - What can be done to encourage women to pursue careers in investing.
[24:40] - What makes a good portfolio analyst.
[26:50] - How Courtney maintains her physical and mental health.
Quotes [06:28] - "Lobbying is not just about trying to make sure the government doesn't have a negative impact on our business. It's also about trying to position yourself for a potential positive benefit." - Courtney Rosenberger [18:52] - "I think that the combination of both societal changes and perceptions, as well as the industry really realizing the value that women can bring to strategies, I think we're really moving in the right direction. I know a lot of great women who are rising up in their companies and they're game-changers for the industry." - Courtney Rosenberger [23:52] - "If we were to talk about finance more in terms of the decision-making processes and the fact that it isn't just a purely mathematical grind every day punching numbers into a keyboard, you would attract a lot more people, not just women. I think you would get a lot more people with different interests and different skill sets." - Courtney Rosenberger
Links
Courtney Rosenberger on LinkedIn
High Hopes by Panic! At the Disco
Daniel Clifton
Strategas Research Partners
Lobbying As An Investment Tool
James Bessen
Boston University School of Law
The Daily Punch Podcast
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0461-OPS-3/16/2022
Investing takes many forms. For most people, it is a way to grow their money and protect their financial future. This means that they are more likely to invest in things they are comfortable with and believe will give them the best return on investment. But when it comes to diversification, what are the best strategies? In today’s episode, Rusty talks with David Sherman, President of Cohanzick Management and Founder & Portfolio Manager of CrossingBridge Advisors, an investment management firm specializing in ultra-short and low duration strategies, including special purpose acquisition companies (SPACs). David talks with Rusty about the current market environment, particularly the high yield bond market, what investors should know about SPACs, and what the true risk-free investment rate is.
Key Takeaways
[01:54] - David’s role at CrossingBridge Advisors.
[04:27] - What makes David’s Global Value Investing class interesting.
[07:14] - What distinguishes his students from one another.
[09:15] - What qualifications David seeks in an analyst.
[12:07] - How the current market conditions affect the global economy.
[15:40] - Factors that influence David's investment decisions.
[20:12] - His perspective on high yield as an asset class.
[24:03] - How he manages the tail risk of high yield assets.
[28:07] - Are high yield bonds a good inflation hedge?
[30:19] - What investors need to know about investment grade bonds.
[31:38] - SPACs: What they are and why investors and financial advisors should care.
[40:03] - How investors are allocating to SPACs.
[45:44] - What the true risk-free rate is for most investors.
[48:04] - The qualifications of a good portfolio manager.
[53:44] - How David personally invests his money.
[56:46] - What David does to maintain his mental and physical health.
Quotes [20:58] - "I think people have a core belief, a DNA of what makes them comfortable. And they only invest the best when they do things they are comfortable with. When you're not making money on things you're not comfortable with, it's just not a good psychological environment." - David Sherman [25:44] - "Most high yield doesn't have a long tail risk. Most high yield is five years or less in maturity. You can say that's a lot of tail risk but that's not nearly what it used to be. A lot of high yield and leveraged loans have certain covenants like change of control provisions if a company gets acquired which investment grade bonds don't, typically." - David Sherman [52:47] - “People underperform and outperform at various times depending on the economic environment or on the product cycle. And certain products are more opportunistic at certain times. There are a lot of good distressed investors, there’s just not a lot of good product right now. I would much rather have a mediocre distressed investor with a lot of product that's cheap, who's disciplined, than a great distressed investor who's clever by half who is a little less disciplined and there's not enough product." - David Sherman
Links
David Sherman on LinkedIn
David Sherman Email
Don’t Let Me Misunderstood by The Animals
CrossingBridge Advisors
CrossingBridge Fund Overview
Cohanzick Management
Orion Advisor Solutions
Leucadia National Corporation (now Jefferies Financial Group)
Washington University in St. Louis
The Predators' Ball by Connie Bruck
Michael Milken
James B. Rosenwald III
Freddie Mac
Brinker Capital
Live Oak Acquisition Corp
RMG Acquisition Corp
SPAC Informer
SPAX
Ken Griffin
Seth Klarman
CrossingBridge Pre-Merger SPAC ETF
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0540-OPS-3/29/2022
Marketing is a critical piece of any business. It is the function that focuses on bringing awareness and interest to a company, its products, and services. When done correctly, marketing can help a business achieve incredible results. In this episode, Rusty and Robyn talk with Manish Khatta, CEO & CIO of Potomac Fund Management, a boutique investment strategy firm for financial advisors. Manish is a quant, a true math geek. He has spent his career creating and refining trading strategies built on mathematical computations and number crunching. He is a lifelong Potomac employee who started with the firm after college and programmed the initial work behind Potomac’s mechanical trading systems. Manish is a staunch believer that investment risk is something that can be contained and conquered using quantitative trading systems. Manish talks with Rusty and Robyn about how Potomac Fund Management helps financial advisors, the value of marketing, and what marketing and branding strategies he uses on social media.
Key Takeaways
[02:56] - What Potomac offers financial advisors.
[04:00] - How Potomac deals with volatile markets.
[06:01] - How Manish uses technical analysis in decision-making and risk management processes.
[09:39] - What 'build in public' means in asset management.
[11:07] - Marketing and branding strategies Manish employs on social media.
[15:01] - Potomac’s motivation and goals for producing content.
[17:24] - What the 'Profound Industry Maker and Player Awards' is all about.
[19:30] - Potomac's most popular YouTube video.
[21:17] - How Manish invests for himself and his family.
[22:42] - How Manish maintains his physical and mental health to stay on top of the game.
[25:29] - Manish's top five favorite podcasts.
Quotes [06:06] - "We build everything through indicators, quant indicators. We're not just looking at charts and deciding subjectively. It's based on numbers." - Manish Khatta [08:50] - "Part of the culture that permeates our entire firm is just being transparent and brutally transparent to the point where I could come across as very abrasive because I'm very forward. I literally don't have time to beat around the bush. I think that's the best way to run a business. I think that's the best way to run an asset management firm " - Manish Khatta
Links
Manish Khatta on LinkedIn
Vibe by Diljit Dosanjh
Christopher Norton
Potomac Fund Management
Potomac Fund Management on Twitter
The Conquer Risk Podcast
The Conquer Risk Podcast on YouTube
Wu-Tang Clan
PIMP Awards
Gary Vaynerchuck
The Bill Simmons Podcast
Pivot
The Compound and Friends
Animal Spirits Podcast
The GaryVee Audio Experience
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0485-OPS-3/21/2022
New technologies, economic shifts, demographic changes, urbanization, and climate change are global trends that have a significant impact on society and the economy. They are also shaping the way people invest their money. While these megatrends offer investors a great way to tap into new markets and opportunities, how can they be effectively incorporated into portfolios? In this episode, Rusty and Robyn talk with Jeff Spiegel, Director, US Head of iShares Megatrend, Sector and International ETFs at BlackRock, a global asset manager and technology provider. At BlackRock, Jeff manages product, sales, and marketing for the Megatrend and International franchises. In this episode, Jeff talks with Rusty and Robyn about megatrend investing strategy, the general guidelines for incorporating megatrends into a portfolio, and the top three investment themes that investors need to keep an eye on in 2022.
Key Takeaways
[03:49] - What is a megatrend investing strategy?
[05:39] - The role of technological breakthroughs in megatrend investing.
[06:47] - How demographics and social change fit into the five megatrends.
[10:23] - The difference between personalized medicine and precision medicine.
[11:43] - Why rapid urbanization is a topic of interest today.
[13:08] - How climate change and resource scarcity are both part of the megatrends.
[15:00] - What investors should know about emerging global wealth.
[16:39] - How thematic investing has performed over the past couple of years.
[21:05] - How iShares views megatrend ETF returns and risks.
[23:59] - General guidelines for incorporating megatrends into a portfolio.
[27:29] - The top three investment themes that investors need to keep an eye on in 2022.
[32:28] - How Jeff's knowledge and expertise influence his personal investing.
[33:46] - How Jeff maintains his physical and mental health.
Quotes [24:03] - "A great investor, a great financial advisor, or a great institutional investor who's thinking holistically about their portfolio starts with asset allocation. That's the name of the game in terms of the overall most important determinant of the returns in your portfolio." - Jeff Spiegel [25:41] - "The most thoughtful way to incorporate megatrends into a portfolio is to actually just start a portfolio or pick the megatrends in a way that keeps your intended asset allocation in line. Don't take unintended bets in technology, on size, in sector or geography just by adding those megatrends securities in." - Jeff Spiegel
Links
Jeff Spiegel on LinkedIn
iShares
Morningstar
BlackRock
I’m Not Like Everybody Else by The Kinks
New York, New York by Frank Sinatra
Invest in Innovation with Thematic ETFs
iShares Exponential Technologies ETF
IHAK | iShares Cybersecurity and Tech ETF
ICLN |iShares Global Clean Energy ETF
XT | iShares Exponential Technologies ETF
The Signal and the Noise by Nate Silver
Slimed! An Oral History of Nickelodeon’s Golden Age
How AI Conquered Poker
The Bid Podcast by BlackRock
23andMe
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0431-OPS-3/9/2022
Global markets have been experiencing a lot of volatility lately, leaving many investors wondering how to respond. What strategies are successful money managers using to protect their clients' investments? In today’s episode, Rusty and Robyn talk with Kenneth Sleeper, Co-Founder, Co-Managing Director, and Portfolio Manager at Ocean Park Asset Management, a firm with a unique investment approach that limits downside risk and delivers satisfying returns. Before co-founding Sierra Investment Management (parent company of Ocean Park Asset Management) in 1987, Kenneth applied his extensive background in statistical and computer applications to develop and refine computerized techniques for reducing downside risk. In his current roles at Ocean Park Asset Management, Kenneth jointly oversees all aspects of the organization’s activities, including asset management, research, and client relationships. He utilizes his experience to help create productive investment solutions for clients so they can retire safely and successfully. Kenneth talks with Rusty and Robyn about how successful money managers are responding to volatility, how investors can balance risk in uncertain times, and the biggest problems people face when it comes to investing.
Key Takeaways
[03:00] - What asset managers are responsible for.
[05:05] - Kenneth's extensive experience in the investment management industry.
[10:08] - How seasoned asset managers navigate the market in turbulent and volatile times.
[14:36] - How the balanced risk model works.
[16:57] - What keeps Kenneth's physical and mental health in peak condition.
[22:27] - One of the biggest problems people face when it comes to investing.
Quotes [03:00] - "We have to manage our portfolios both in good times and bad times, times when the markets are just trending uninterrupted for months and months, and then periods like this, where there's extreme volatility. We're still responsible for managing the portfolios every day. Every day the markets are open. We have to be doing that and we don't get a rest to think about what must be done." - Kenneth Sleeper [04:30] - "If we didn't have a process, if we didn't have discipline, where would we be? Where would our clients be? It’s even more important during this period of volatility." - Kenneth Sleeper [22:27] - "I think the biggest problem investment people have is having a mindset that doesn't make them open to change, that doesn't make them open to what can happen moving outside of their comfort zone." - Kenneth Sleeper
Links
Kenneth Sleeper
Ocean Park Asset Management
Sierra Investment Management
I Won’t Back Down by Tom Petty
Skip Schweiss
Fiserv
TD Ameritrade
Steven Wilkes
National Geographic
Market Wizards by Jack Schwager
The Black Swan by Nassim Nicholas Taleb
Mania, Panics, and Crashes by Charles P. Kindleberger
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0403-OPS-3/2/2022
In this episode, Rusty and Robyn talk with Eben Burr, President of Toews Asset Management. Eben came to the financial industry with an unusual background. With degrees in architectural history and product design, he studied architecture in Paris, designed products, and worked in NYC real estate market, before eventually landing at Toews. That said, the common thread throughout Eben’s career has been a focus on user experience — a skill that turned out to be a huge asset at Toews. Eben talks with Rusty and Robyn about preparing for a potential bear market, hedging portfolios against inflation, and bringing introspection to investing.
Key Takeaways
[06:45] - Are we in a superbubble?
[10:52] - Are advisors ready for a bear market in the stocks?
[15:58] - Some evidence-based findings on inflation.
[19:30] - What's the hedge equity approach?
[24:47] - Keeping up with quick volatility and market downdraft.
[26:14] - Advice on unconstrained fixed income strategies.
[27:48] - The importance of behavioral finance.
[30:50] - A balance of empathy, integrity, and confidence.
[32:54] - Why introspection is underrated.
[34:54] - Eben’s personal investing practices.
[37:23] - Eben’s book and podcast recommendations.
Quotes [27:13] - “We've gotten so complacent with thinking about S&P large caps that we no longer have this idea of true diversification, where there's intentionally something underperforming, right? There's intentionally something not going well.” - Eben Burr [29:14] - “Seeing someone really compelling at a conference is not likely to change your behavior. There is a deep, deep gulf between inspiration and implementation. So we're working every day with advisors to help them improve their communication, portfolio construction (which is really important in behavior), and implement structure so that the advisor practice is really embracing behavioral change on all levels. Really you need to look at things like client delight and retention, as well as just their understanding. All those things come into play.” - Eben Burr [33:26] - “Know your strengths and weaknesses. I mean, introspection, I think is so fantastically underrated in American society. You know, we're amazing doers as Americans, right? We're just like, give me something to do and I will do it to death but don't ask me to think about it after I've done it. Cause I don't want to do that.” - Eben Burr
Links
Eben Burr on LinkedIn
Toews Asset Management
"The IVth Crusade" by Bolt Thrower
Ol’e Nessie by Mastodon
Rise Above by Black Flag
Jeremy Grantham Super Bubble Comments
Calling a Super Bubble: Front Row With Jeremy Grantham | YouTube
‘SNL’: Pete Davidson, Jack Harlow Deliver Eminem-Inspired Rap Explaining NFTs | RollingStone
Behavioral Investing Institute
Brian Portnoy
Advisor Communication for Bubbles and Market Crises
Toews Economic and Capital Markets Update 1Q22
Importance of Emotional Intelligence
Attention Robinhood power users: Most day traders lose money by Bob Pisani | CNBC
Cocoa Barn NYC
Odd Lots Podcast
Standard Deviations Podcast
Makers and Takers: The Rise of Finance and the Fall of American Business by Rana Foroohar
Alexander Hamilton: A Life by Willard Sterne Randall
Downtown by Pete Hamill
The Fourth Turning: An American Prophecy - What the Cycles of History Tell Us About America's Next Rendezvous with Destiny by William Strauss
Blast Beats
The 10 best fictional architects | The Guardian
Meditation
Super Bubble Bubble Gum
S&P 500
L’Ecole Bleue
Monty Python
The Towering Inferno
Fountainhead
Wesley Snipes
Paul Newman
John Cleese
The history of inflation in the United States
Investor Behavior in a Market Crisis
Investments and Wealth Monitor
Toews Agility Shares ETF’s
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0348-OPS-2/23/2022
In this episode, Rusty and Robyn talk with Justin Christofel, Portfolio Manager at BlackRock. For more than a decade, Justin has been overseeing and managing income-oriented multi-asset portfolios. His focus is to generate a consistent level of cash flow for clients, particularly for those who are living through retirement. Justin talks with Rusty and Robyn about active management strategies, the challenge of measuring volatility for the investing population, and the need for a disciplined and methodical investing approach during highly inflationary periods.
Key Takeaways
[01:19] - COVID, tech stocks, and the Fed’s actions toward inflation.
[02:10] - The state of the labor economy.
[05:37] - The difference between CFA and CA designations.
[07:05] - What's the best way to build a portfolio?
[11:10] - How can investors adjust their portfolios according to how inflation will move?
[14:53] - Learning from active management strategies at BlackRock.
[17:39] - Domestic vs global exposure of investment portfolios.
[19:11] - Is targeting an absolute yield viable?
[20:56] - Justin's outlook on the economy.
[23:49] - What makes a good investment manager?
[26:05] - The importance of psychology in finance.
[27:34] - Why boring return generators are better most of the time.
Quotes [15:45] - “We're trying to hit singles and doubles consistently for clients. We're not trying to hit triples and home runs. And we're certainly trying hard not to strike out. We want to get on base all the time.” - Justin Christofel [22:19] - “A little bit of volatility in the short run begets a much healthier backdrop for taking risk over time. I think continuing to run pretty high allocations to equities focused more so on value and dividend orientations, as opposed to the sexier growth stuff that's worked over the last three to five years makes a lot of sense.” - Justin Christofel [26:51] - “As much as we all like to think that there's a science to investing, that having a great process or focusing on the fundamentals and valuations will lead to success, I think perhaps equally important is managing emotions, and kind of combating the falsehoods and the biases and the tricks that our minds can play on us.” - Justin Christofel
Links
Justin Christofel on LinkedIn
BlackRock
Welcome To The Jungle by Guns N’ Roses
Rain Is A Good Thing by Luke Bryan
S&P 500
Big Money Thinks Small: Biases, Blind Spots, and Smarter Investing by Joel Tillinghast
Bloomberg
Iowa Hawkeyes
Iowa State Cyclones
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0260-OPS-2/9/2022
When it comes to building an investment portfolio, it's important to have a diversified mix of assets in order to reduce risk. While there are a number of different options to choose from, Exchange-Traded Funds (ETFs) can be an attractive choice for investors looking to add some diversity. How can ETFs be a low-risk option for diversifying portfolios and why might they be a good option for you? In this episode, Rusty and Robyn talk with John Davi, Founder, CEO, and Chief Investment Officer of Astoria Portfolio Advisors, an investment management firm that specializes in research-driven, cross-asset, ETF, and thematic equity portfolio construction. John Davi is an award-winning research strategist and has more than 20 years of experience in macro ETF strategy, quantitative research, and portfolio construction. Prior to founding Astoria, he was the head of Morgan Stanley’s Institutional ETF Content and advised many of the world’s largest hedge funds and asset managers on ETF portfolio construction. John is a regular contributor to CNBC, Bloomberg, and other media outlets. He was recognized by Bloomberg as an “ETF Master Chef”. John talks with Rusty and Robyn about what makes ETFs attractive as investment vehicles, how his company addresses inflation, and how he uses social media to engage with his audience.
Key Takeaways
[02:18] - The story behind John's walk-up song.
[03:33] - What led John to start his own company.
[05:04] - What makes ETFs attractive as investment vehicles.
[09:16] - Why some people think direct indexing could kill ETFs.
[11:31] - John's market outlook for 2022.
[14:30] - The key differences to look for in 2022.
[16:06] - How John and his team plan to tackle inflation.
[19:08] - How ETF PPI came about.
[22:13] - John's recommendation on how to allocate equity using PPI.
[24:35] - John’s perspective on traditional fixed income and how he uses it.
[28:05] - How John uses social media platforms to reach his audience.
[29:51] - What qualifies someone to become a member of John’s team.
[31:21] - What makes a good investment manager.
[32:05] - What makes a good financial advisor.
[34:10] - John's investment strategy for himself and for his family.
[36:40] - What John does to stay at the top of his game.
Quotes [05:26] - "Over time, ETFs proved that they're tax-efficient, they're liquid. You can build a portfolio and you can basically replicate any risk-return profile that you want." - John Davi [18:34] - "What we're seeing now in terms of inflation and all the crosscurrents between COVID is just something that we haven't seen in a long period of time. So, you want to have a strategy for inflation and then you want to embrace it. And you want to look for sectors that benefit from higher inflation. Don't be scared of it, try to embrace it and build a portfolio that can actually benefit from it." - John Davi [20:13] - "Different asset classes perform at different stages of the inflation cycle. So cyclical stocks tend to be early, commodities tend to be a little bit later. So, we think that there's value in all three of those asset classes, but you want to tilt more toward the four sectors - banks, energy, materials, and industrials." - John Davi
Links
John Davi on LinkedIn
John Davi on Twitter
Astoria Portfolio Advisors
Sailing by Christopher Cross
Morgan Stanley
Merrill Lynch
VanEck
Matthew Santini
State Street Global Advisors
Access Investments
CNBC
Bloomberg
Bob Pisani
Bridgewater
Vanguard
Warren Buffet
Orangetheory Fitness
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Rusty Vanneman
Robyn Murray
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0244-OPS-2/8/2022
Risk is inherent in any investment. It is therefore crucial to plan your investment portfolio in a way that protects you against losses. Without a solid downside risk management strategy in place, you are exposing yourself to unnecessary losses and financial instability. Taking steps to protect yourself from losses can help ensure that your portfolio remains healthy and profitable, even in difficult market conditions. In today’s episode, Rusty talks with Geremy van Arkel, Principal and Director of Strategies at Frontier Asset Management, an independent national asset manager that supports and manages strategies for the clients of investment advisors. With more than 25 years of extensive experience working with national accounts as well as with financial advisors and their clients, Geremy has developed expertise in managing global allocation portfolios, performing manager due diligence, and working with advisors and enterprise clients. As a member of Frontier’s Investment Committee, he is an expert in mutual fund selection, asset allocation, and portfolio optimization. Rusty talks with Geremy about the importance of downside risk management, why Frontier Asset Management puts a lot of emphasis on actively managed mutual funds, and how international and emerging markets are becoming a serious part of the investment opportunity set.
Key Takeaways
[03:44] - How Geremy began his asset management career.
[05:17] - What Frontier Asset Management is all about.
[07:11] - Why risks are like a black swan.
[11:57] - What led Geremy to establish his firm in Sheridan, Wyoming.
[14:53] - Overview of the Deconstructing Alpha Podcast.
[17:14] - How Frontier Asset Management views valuation.
[21:29] - Frontier's preferred valuation metric.
[28:24] - Why Frontier puts a lot of emphasis on actively managed mutual funds.
[34:42] - Frontier's approach to identifying superior, actively managed funds.
[38:36] - The reasons for low interest rates.
[43:25] - Why values are great in emerging markets.
[48:22] - What makes a good investment manager or investment professional.
[51:58] - Qualities that make a good financial advisor.
[53:56] - How Geremy invests for himself and his family.
[56:23] - How Geremy ensures a high level of performance.
Quotes [07:19] - "Risk in the modern markets happens like a black swan. We don't get these obvious signs that it is happening. If you just look at all the risks that have occurred in my entire career, the last 30 years, every risk event was a complete surprise." - Geremy van Arkel [15:17] - “I have a deep affection for the management and the art and science that security selection managers bring to the table. I understand the difference between different types of stocks and different types of exposures within a portfolio. And I believe in this day of indexing, it's almost like a lost art." - Geremy van Arkel [49:00] - "You have to be unafraid to be wrong and alone in some areas. So, the key is understanding history and then being able to look forward and balancing all the opportunity sets that are in front of you. Not just betting on what you think will happen, but really balancing multiple outcomes to end up being on the right side of things." - Geremy van Arkel
Links
Geremy van Arkel on LinkedIn
Radiohead
Sabotage by Beastie Boys
The Sound of Winter by Bush
Intergalactic by Beastie Boys
Machinehead by Bush
The Chemicals Between Us by Bush
Optima Fund Management
Frontier Asset Management
Deconstructing Alpha Podcast
MSCI
Morningstar
Manias, Panics, and Crashes. A History of Financial Crises
Extraordinary Popular Delusions and the Madness of Crowds
Envestnet
Orion Advisor Solutions
The Mint Bar
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Robyn Murray
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0243-OPS-2/8/2022
Firms and investment professionals must keep up. Tech innovations, demographic shifts, redefined client-advisor engagement—you name it. The future of the investment management industry is promising. But, how can the industry keep its vision to provide continuous better outcomes for clients? In this episode, Rusty and Robyn talk with Noreen Beaman, President at Orion Advisor Solutions. Aside from oversight of the firm’s operations, Noreen serves as a leader and a mentor to almost 1200 investment professionals at Orion. Her focus is mainly on the firm’s investments and sales and marketing operations. Prior to that, Noreen was the Founding Partner and CEO at Brinker Capital where she offered her expertise for 29 years Noreen talks with Rusty and Robyn about the importance of behavioral finance, the strategies of being a successful professional, and the future of Orion and the entire investment industry.
Key Takeaways
[04:28] - What is the secret to being a successful investment firm?
[05:45] - Noreen’s industry forecast.
[07:37] - What Noreen is most excited about for Orion's future.
[08:46] - Why mentors are so important.
[11:40] - How to bridge the gender gap in finance.
[13:47] - The effect of financial advising on Noreen's life.
[15:03] - How a financial advisor can land a dream job in the advisory space.
[16:21] - Noreen's tip for financial advisors: Listen.
[17:32] - Noreen’s fiction and non-fiction reading list.
[20:23] - How to take the first step as an investment professional.
[21:21] - Essential books on financial advising.
[22:25] - Noreen’s podcast recommendations.
[23:21] - How the president of an investment firm stays on top of every aspect of her life.
Quotes [06:13] - “The consumer today and the end investor is smarter than they've ever been because they have access to so much information. They're going to drive for continued personalization. And I'm a big believer in that. We need to be ahead of that curve, thinking about what they are going to want.” - @nbeaman [13:15] - “There are women in our organization that have had the opportunity to be successful. And now we need to continue to mentor and bring the next generation of young women into this industry.” - @nbeaman [15:40] - “This is not an easy business. I would say it's not for the faint of heart. So this is not an easy job to have. It's a lot of responsibility, but going after that with the right attitude and being resilient, and being able to weather those storms, when the markets go in a direction that you might not have expected them to—it’s important to have an open mind.” - @nbeaman
Links
Noreen Beaman on Twitter
Noreen Beaman on LinkedIn
Orion Advisor Solutions
Born To Run by Bruce Springsteen
Ernst and Young
St. Peter’s University
Orion’s 3D Risk Profile
Chuck Widger
Multipliers: How the Best Leaders Make Everyone Smarter by Liz Wiseman
What Great Managers Do by Marcus Buckingham | Harvard Business Review
Money Management Institute
Harry Truman
What Got You Here Won't Get You There: How Successful People Become Even More Successful by Marshall Goldsmith
The Lincoln Highway by Amor Towles
Charlotte’s Web by E.B White
Jane Eyre by Charlotte Bronte
Man’s Search For Meaning by Viktor E. Frankl
The House of Gucci: A Sensational Story of Murder, Madness, Glamour, and Greed by Sara Gay Forden
House of Gucci (2021)
The Intelligent Investor by Benjamin Graham
The Behavioral Investor by Daniel Crosby
Storytelling For Financial Advisors: How Top Producers Sell by Scott West
Standard Deviations with Dr. Daniel Crosby Podcast
Eric Clarke
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0150-OPS-1/24/2022
In this episode, Rusty talks with Eric Clarke, CEO of Orion Advisor Services. Eric is a high-profile industry speaker and advocate, and has won numerous industry awards. As Orion’s CEO, he’s focused on creating a suite of technology that can fully transform every client-advisor journey for the better. Eric talks with Rusty about how tech integrations can help build meaningful and seamless client-investor connections, and what the coming months and years look like for Orion and the industry.
Key Takeaways
[03:46] - Fintech in 2022, according to Eric Clarke.
[05:23] - Exploring new dimensions after the merger with Brinker Capital.
[06:41] - Implementing tools to build better relationships between advisors and investors.
[08:43] - Evolving value propositions in the fintech industry.
[10:53] - How does a firm keep productivity high in a remote-working world?
[13:41] - Orion’s acquisition of Brinker Capital.
[15:52] - Why is pays to stick with your long-term investing strategy.
[19:35] - Eric's first investment story.
[20:56] - Eric's insights on digital assets and cryptocurrency.
[23:58] - A CEO's morning routine.
[27:59] - What’s in store for Orion Advisor Services in 2022?
Quotes [07:18] - “The basis of all great relationships, at least I believe, are founded on trust. And being able to help the advisor understand the investor in at a more meaningful level is something that we think will set the relationship off to a good start and help the investor better respond to the coaching that they are receiving from all these great advisors that we work with.” - Eric Clarke [17:29] - “Obviously, as an investor, every time you can have that long-term perspective and not panic and stick with your strategy, you’re rewarded for that. And I'm a believer that whether that's a strategic or tactical or even an alternative strategy, if you stick with it over the long-term, odds are you'll be rewarded for that and it'll be worth it.” - Eric Clarke [28:49] - “What we're focused on here in 2022 is all about connecting that experience through technology integrations, through seamless user experience, helping our advisors connect with their client in a more meaningful, seamless way and using technology to efficiently make that happen.” - Eric Clarke
Links
Email Eric
Eric on LinkedIn
Orion Advisor Services
Beautiful Day by U2
Standard Deviations with Dr. Daniel Crosby Podcast: Eric Clarke - Driving Better Investor Behavior
Orion’s 3D Risk Profile
Workplace from Meta
Noreen Beaman
Marriott
Ric Edelman’s The Truth About Crypto
Manish Khatta
Netflix
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Robyn Murray
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In this episode, Rusty and Robyn talk with Jamie Susanin, portfolio manager at Brinker Capital Investments, LLC. At an early age, Jamie was already learning about the basics and even foundational skills in finance from her then-advisor grandfather. While Jamie was in sales, one of the (toughest) first clients she served was her grandfather. There was pressure, but most of all there was a lot of mentoring and guidance. Currently, Jamie is part of the Tax Management Team at Orion- Brinker. Applying what she has learned from her mentor-grandfather, she helps clients keep unrealized gains invested within their portfolio through effective tax management. Jamie discusses with Rusty and Robyn the impact of investing in yourself, the importance of having a mentor, and the true value of tax management.
Key Takeaways
[01:16] - The rise of long-term interest rates.
[01:56] - The current state of labor markets.
[06:01] - How Jamie Susanin started her journey into the world of finance.
[08:05] - Who are Jamie’s key mentors?
[10:50] - Removing the intimidation factor in the workplace.
[11:00] - Why perception is different from reality.
[13:13] - What it’s like having your grandfather as a client.
[14:35] - How to kickstart your career in the investment industry.
[15:36] - Finding ways to creatively invest in yourself.
[18:02] - How the industry can create equal opportunities for men and women.
[20:01] - Why learn about finance early on?
[24:57] - What is direct indexing?
[27:25] - The true value of tax management.
[28:13] - Tax alpha vs. tax savings.
[34:17] - How Jamie stays on top of her health and performance.
Quotes [15:44] - “What’s very important is this concept of investing in yourself. And that looks different for different people and you can go about it in different ways. One of which is pursuing a designation or postgraduate education or something along those lines. But there are other soft skills that are really important in the industry as well.” - Jamie Susanin
[10:18] - “It can be hard in the industry to feel comfortable asking questions and challenging things. And having someone to go to for these seemingly dumb questions got me comfortable being someone who continually asks questions and challenges what's going on. That was so helpful for my professional development. And it's definitely something that I've carried into when I'm considering being a mentor for other people as well.” - Jamie Susanin
[29:09] - “The other part of that tax savings number that's very important is the upfront tax savings when we do that tax transition of a portfolio. So the fact that a client comes to us, we're able to keep a lot of their unrealized gains invested within the portfolio—that's a value added to them since day one.” - Jamie Susanin
Links
Email Jaime
Brinker Capital Investments
Carson Group
Tax Managed Solution - Orion
Household Surveys - Census Bureau
Current Employment Statistics - Bureau of Labor Statistics
Where Is The Love by Black Eyed Peas
Dartmouth College
Bank of America
GlaxoSmithKline Stocks
Wall Street Journal Podcasts
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0077-OPS-1/13/2022
The start of the year is always interesting for investors and advisors. In this episode, Rusty and Robyn talk with Kim Arthur, President and CEO of Main Management, LLC. Kim has been in the finance sector for 35 years. At Main Management, he’s laser-focused on delivering beta plus strategies to clients. According to Kim, investors should keep more of their returns by having control over costs and taxes. Kim talks with Rusty and Robyn about thematic investing, active strategies, and insightful investment predictions for 2022.
Key Takeaways
[01:03] - Tougher Federal Reserve, higher interest rates, and higher cases in COVID.
[05:39] - Stock market return estimate in 2022.
[06:40] - Kim Arthur’s insights on inflation.
[08:04] - How investors can diversify equity risk.
[10:08] - What is thematic investing?
[11:44] - What’s the rule of thumb when portioning your investment portfolio?
[12:29] - What’s the active sector rotation strategy?
[14:17] - The promise of international stocks to outperform in 2022.
[15:23] - What negative surprises might come in 2022?
[19:32] - Resources for investors and advisors.
Quotes [03:54] - “If you constantly put the client first and you deliver exceptional service, I think you can win in this game. If you lose sight of that, then some bad things happen. And I think the other piece too, that is very important, that hasn't changed is trust. You have to earn the client's trust.” - Kim Arthur [10:37] - “We define thematic as investing in the future. And typically what happens with that is the total addressable market is the portion that the market usually does not get dead right. It typically ends up being much larger than they expect. So what ends up happening is the return stream is not a straight or it's not a 45 degree line up into the right. It tends to be very stairstep-ish.” - Kim Arthur [18:16] - “I've got four things that I focused on on a daily basis. The first is making sure that I've got that balance with family and work. I think that's very important because that can obviously lower the stress levels. The other three pieces are sleep, nutrition, and exercise.” - Kim Arthur
Links
Kim Arthur
Main Management
AC/DC - Back In Black
Candy 0 - The Cars
Edward Kelly
@loggyrhthm on Twitter
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0070-OPS-1/12/2022
When it comes to retirement, the difficult part is figuring out what retirement plan will work best for you. Many people are afraid to invest their money because they don't know how or where to start. Fortunately, there are lots of options. In today’s episode, Rusty and Robyn talk with Brian Dobbis, Director of Retirement Solutions at Lord Abbett. Having spent 19 years of his professional career carrying out various roles under the retirement umbrella, Brian has lived and breathed retirement. Being well versed in the industry, he provides clients with smart retirement savings plans tailored to their unique needs. Brian talks with Rusty and Robyn about the ins and outs of Roth IRAs, the best retirement vehicles, and how to save smart for your retirement.
Key Takeaways
[05:58] - Brian's role at Lord Abbett.
[09:15] - How financial advisors help investors prepare for retirement.
[11:42] - What you need to know about Roth IRAs.
[14:16] - How backdoor Roth IRAs work.
[15:28] - How minors can contribute to Roth IRAs.
[17:10] - HSAs (Health Savings Accounts): What are they and how do they work.
[19:49] - What makes a good financial advisor.
Quotes [09:25] - "What I tell the advisors to continue to focus on is taxes. Not only federal and state taxes, but all that I call stealth taxes, all the other things that can impact a retirement account withdrawal." - Brian Dobbis [15:28] - "There is no minimum age to establish a Roth IRA. All that is needed to make a Roth IRA contribution is earned income. We're seeing a lot more teenagers that own businesses. They're entrepreneurial and they're self-employed. As long as they have the earned income, they are eligible to fund a Roth IRA up to the lesser of $6,000 or the amount that they earned for the year." - Brian Dobbis [18:01] - "If you make an HSA contribution, you have a triple tax advantage. You receive a federal and most likely a state tax deduction, your dollars grow tax-deferred, and all your earnings are distributed tax-free for qualified medical expenses." - Brian Dobbis
Links
Brian Dobbis on LinkedIn
New England Patriots
Tampa Bay Buccaneers
Dallas Cowboys
New York Giants
Alive by Pearl Jam
American Retirement Association
Medicare
Reasons to Consider a Roth IRA for Kids
Retirement Perspectives: More RMD Changes to Come for 2022
Retirement Perspectives: The Stretch IRA is Not Dead - Yet
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3128-OPS-12/16/2021
The world of investing is constantly evolving. The traditional approach of diversifying portfolios is no longer the only way to go. Today, thematic investing is one of the most exciting investment strategies. The popularity of thematic investing continues to skyrocket, and for good reason. It allows investors to invest in themes or sectors that may be performing well now or have the potential for growth in the future based on current trends and market conditions. In today’s episode, Rusty and Robyn talk with Jay Jacobs, Head of Research and Strategy at Global X ETFs, about the biggest investing themes of 2022 and how these trends impact the market.
Key Takeaways
[03:15] - How Global X formulated the outlook for 2022.
[04:46] - The eight major themes of Charting Disruption.
[05:46] - What investors need to know about robotics and artificial intelligence.
[07:31] - What the future holds for mobility.
[08:41] - The future of blockchain, cryptocurrencies, and digital assets.
[10:27] - Why climate change is a very complex theme.
[12:44] - How the digital economy is becoming a major part of the market economy.
[15:49] - Why robotics and artificial intelligence will be a trend in the future.
[17:07] - The most overlooked theme for the coming years.
[18:48] - The market's response to electric vehicles and infrastructures.
[20:47] - Why thematic investing is on the rise.
[22:41] - An ideal investment for thematic investing.
[23:56] - How Jay maintains a high level of physical and mental performance.
Quotes [11:00] - "We're at this inflection point in the world where, especially coming out of the COVID 19 pandemic, I think there's this enhanced sense of collaboration that if we tackle this pandemic, we can tackle the next big challenges for the world. And that certainly is looking like climate change." - Jay Jacobs [13:42] - “What we're seeing in the post-pandemic is that people have shifted to this digital world and are getting more and more comfortable with it. And more of that economy is happening online." - Jay Jacobs [19:14] - "Thematic investing is really done best when focused on long-term trends. Not just taking profits or cutting losses in the short term, but seeing it fully through over the decades that it takes for a theme to fully play out." - Jay Jacobs
Links
Jay Jacobs on LinkedIn
Jay Jacobs on Twitter
All Along the Watchtower with Jimi Hendrix
Paul Reed Smith Guitars
Marshall Amps
Global X ETFs Website
Global X ETFs on Twitter
Global E ETFs Research
Charting Disruption
Erik Brynjolfsson
Elon Musk
Coinbase
Costco
Grand Theft Auto V
Peleton
Project Hail Mary
The Martian
A Gentleman in Moscow
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3107-OPS-12/14/2021
In today’s episode, Rusty and Robyn talk with Brie Williams, Vice President and Head of Practice Management at SPDR Exchange Traded Funds. Women make up half of the population, but they are vastly underrepresented in the investment industry. Traditionally, they have been economically disadvantaged relative to their male counterparts. In recent years, however, there has been a changing role for women as financial decision-makers. How can financial advisors help women break through the barrier of navigating into the investing world? Rusty and Robyn talk with Brie about the SHEconomy, the changing role of women as financial decision-makers, and how to encourage women to be part of the investment industry.
Key Takeaways
[3:16] - What attracted Brie to the marketing field.
[5:59] - How advertising contributed to her early success.
[7:35] - Her role at SPDR Exchange Traded Funds.
[10:33] - What the statue of the fearless girl represents.
[13:13] - The impact of the fearless girl after four years.
[16:06] - How the dynamic is shifting to make women the new face of wealth.
[19:12] - Why women's overall experience in the investment industry is less than positive.
[25:24] - The unique challenges women investors face.
[27:26] - How financial advisors recognize and overcome gender bias.
[29:33] - The things advisors should take into account when working with women investors.
[33:37] - How traditional male-female partnerships work to make important financial decisions.
[36:18] - The impact of the pandemic on women's financial and investment goals.
[41:17] - Strategies to attract more women to careers in investment and financial advice.
Quotes [18:34] - "When you have an affluent woman taking over financial decisions in her household, she typically is going to be seeking out a new wealth management relationship to better suit her needs. We currently have a gap in advice when it comes to how we connect with women and we need to close that gap." - Brie Williams
[35:34] - "When you can talk about money productively as a couple and truly work together as a team, then you can have a better handle on owning your own worth, owning your family's worth, and are in a much better position to tackle the curveball when life throws it to you." - Brie Williams
Links
Brie Williams on LinkedIn
Lizzo
The Beatles
Girl on Fire
Southern Methodist University
Emerson College
Frito-Lay
McDonald’s Corporation
SPDR Exchange Traded Funds
State Street Corporation
Arnold Worldwide
Putnam Investments
Money Smart Resources
Women’s Worth: Finding Your Financial Confidence
Get a Financial Life: Personal Finance in Your Twenties and Thirties
The Business of Family: How to Stay Rich for Generations
Practice Made (More) Perfect
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3106-OPS-12/14/2021
In an economy characterized by uncertainty, can decentralized finance offer a better solution to protect your money and investments? In today’s episode, Rusty and Robyn talk with Jeremy Schwartz, Global Chief Investment Officer at WisdomTree Asset Management. Jeremy had an innate interest in numbers as a kid, and grew up reading the Wall Street Journal and watching stock prices. He began his career as a head research assistant to Wharton finance professor, Jeremy Siegel. Their work, The Future for Investors, has become a key element of WisdomTree. Jeremy talks with Rusty and Robyn about WisdonTree’s market outlook, how they are embracing digital assets, and how Jeremy Siegel played a significant role in his career development.
Key Takeaways
[4:20] - What drew Jeremy to investing.
[6:13] - The many roles he’s played at WisdomTree.
[7:52] - What makes a good research team.
[9:46] - What he learned from Jeremy Siegel, personally and professionally.
[13:02] - His favorite podcast topics.
[15:36] - WisdomTree's current view of the economy and inflation.
[18:56] - How long does inflation last and what's the best way to hedge it?
[21:09] - Where investors can find real value over the next few years.
[24:22] - How WisdomTree works with digital assets.
[28:18] - The qualities of a good investment manager.
[30:14] - How Jeremy keeps his performance at a high level.
Quotes [19:39] - "Equities are the best hedge for inflation. If you look at the 60-year dividend growth on the S&P 500, 5.7% over 60+ years inflation, you’ve got real growth on top of inflation. On average, the S&P can give you 2% real growth on top of inflation. That’s one of the reasons why we think that stocks are the ultimate real assets. " - Jeremy Schwartz
[23:59] - "For us, it's more than bitcoin, ether, and exposures, it's trying to tokenize all sorts of assets like treasuries, like gold - have a WisdomTree wallet that these things are operating in. So DeFi to us is something we're investing a lot of resources on." - Jeremy Schwartz
Links
Jeremy Schwartz on LinkedIn
Jeremy Schwartz on Twitter
All In by Lighthouse
WisdomTree Asset Management
Jeremy Siegel
Patrick Harker
Liqian Ren
SiriusXM 132
Robert Shiller
The Future For Investors
Stocks For The Long Run 5/E
Scott Welch
Dynasty Financial Partners
Vanguard
Behind the Markets Podcast
Phil Huber
The Allocator’s Edge
Corey Hoffstein
Valmark Financial Group
Michael McClary
James Bullard
Ritholtz Wealth Management
Onramp Invest
Gemini
Myers-Briggs Type Indicator
Flirting with Models Podcast
Genius Makers
Hacking Darwin
Basis Points Podcast
China of Tomorrow Podcast
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3071-OPS-12/8/2021
The economy is changing. Markets are shifting. As you make decisions about retirement or other long-term goals, it's important to think about the types of investments that will be appropriate for those goals. How does focusing on conventional investment strategies limit your potential to succeed? In today’s episode, Rusty and Robyn talk with Brian Selmo, Partner and Portfolio Manager at First Pacific Advisors (FPA). Prior to joining FPA, Brian was the founder and managing member of Eagle Lake Capital as well as an analyst at Third Avenue Management and Rothschild, Inc. With his extensive experience in the financial services industry, Brian is well versed in formulating strategies that will adapt to the world's ever-changing economy. Brain talks with Rusty and Robyn about FPA Crescent Fund, why it is different from other asset allocation funds, and how it works in the financial markets.
Key Takeaways
[03:50] - Brian's role at FPA.
[06:32] - The qualities FPA looks for in an analyst.
[09:42] - What sets Crescent Fund apart from other asset allocation funds.
[13:13] - How Crescent Fund manages its three different types of equity investments.
[16:23] - Crescent Fund’s unique investment strategy.
[20:19] - Why FPA's Crescent Fund is more net long than usual.
[27:16] - Qualities of a good financial manager.
Quotes [10:18] - "We don't start from a position of trying to fit in a box. I think our overarching idea or goal is to treat the fund as if it was 100% of a wealthy family's assets and to manage it accordingly." - Brian Selmo [21:31] - "When we own on average higher-quality businesses, we want to be more fully invested than if you own a portfolio of lower quality, more cyclical businesses at a different point." - Brian Selmo [26:03] - "I think the world is constantly changing and evolving and you have to respond to it as it exists, not try to look at it through the rearview mirror." - Brian Selmo
Links
Brian Selmo on FPA Funds
First Pacific Advisors Website
Bing Crosby
White Christmas
Mark Landecker
Steven Romick
Modern Finance Podcast
Acquired Podcast
Kate Murphy
You’re Not Listening: What You're Missing and Why It Matters
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Robyn Murray
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3031-OPS-12/1/2021
Inflation is one of the many things that can erode your investment returns, leaving you with far less than you anticipated. How can you protect yourself from inflation and maximize your yield? In today’s episode, Rusty and Robyn talk with Scott Henderson, Senior Vice President and Portfolio Specialist at Calamos Investments. Being with Calamos Investments since the beginning of his career, Scott has gained a deep understanding of alternative investments and convertible funds. Because of the many hats he wears, he has been part of the company's transformation into a diversified global investment firm today. Scott talks with Rusty and Robyn about alternative and convertible bond investing, the pros and cons of convertible funds, and what makes a good investment manager and a good investor.
Key Takeaways
[4:14] - Scott's role at Calamos Investments.
[5:38] - What attracted Scott to the world of investment.
[7:06] - How market-neutral funds work.
[7:40] - What sets Calamos’ market-neutral fund apart from other market-neutral funds.
[9:15] - Simple rules for evaluating alternative funds.
[11:26] - The challenge of chasing yield in income funds.
[12:40] - Scott's recommendations for managing investments in alternative and convertible bonds.
[13:59] - The concept of convertible funds.
[17:02] - The pros and cons of convertible bonds.
[18:50] - How financial advisors and investors maximize current yields.
[20:08] - What makes a good investment manager.
[21:33] - The qualities of a good investor.
Quotes [9:15] - "The problem with alternative investments, many of the firms that do the analytic work try to just compartmentalize a lot of different funds into one category. So my thinking when it comes to market-neutral funds or even alternative funds is to really start by asking the question, what problem is this investment trying to help me solve?" - Scott Henderson [11:51] - "I think one of the challenges that we tend to see with chasing yield is that we either try to extend our durations in our bond portfolio out very long to get more yield or we dip down into lower credit quality." - Scott Henderson [17:07] - "Convertibles can be complicated investments. So you need someone that's really looking at the convertibles, looking at the credit quality, or looking at the upside potential. But if they're managed correctly, convertibles can provide an attractive risk/reward as well as that yield advantage over the common stock." - Scott Henderson [20:18] - "Good managers should possess benchmark awareness. They need to have a strong understanding of the risks in their asset class that they invest in and make a sound decision with those risks in mind, not just increase their portfolio's risk in order to match or exceed the benchmark returns." - Scott Henderson [21:33] - "A good financial advisor is one that's keeping up to date with the market environment, listens to the needs of their client, provides education to them, does a thorough analysis, and looks into the client's willingness and ability to take those risks." - Scott Henderson
Links
Scott Henderson on LinkedIn
Jimmy Buffett
One Particular Harbour
Johnny Clegg
Scatterlings of Africa
Calamos Investments
Calamos Investments on Twitter
Calamos Investments on LinkedIn
John Calamos
Morningstar
Tesla Motors
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Robyn Murray
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3030-OPS-12/1/2021
In today’s episode, Rusty and Robyn talk with Ben Vaske, Investment Research Analyst at Orion Portfolio Solutions. They discuss current market conditions, The Weighing Machine podcast, digital assets, and plenty of podcast and book suggestions.
Key Takeaways
Five market factors to pay attention to for the remainder of the year: earnings, interest rates, valuations, liquidity, and technical.
The Weighing Machine Walk-Up Song Playlist is nearing three hours long, and is proving to be an eclectic mix.
Rusty’s take on popular TWM podcast questions: What makes a good financial advisor? What makes a good investment manager? What makes a good investor? How do investors tune out negative news?
Digital assets pose an exciting new opportunity for asset allocators, and Orion is working on educational materials for advisors and investors.
Rusty’s, Robyn’s, and Ben’s health and wellness tips!
Some of our favorite TWM episodes
Jeremy Siegel
Rob Arnott
Larry Swedroe
Daniel Crosby
Kostya Etus
Other podcast suggestions
Capital Allocators
The Meb Faber Show
Animal Spirits Podcast
RenMac Podcast
Fill the Gap: The Official Podcast of the CMT Assocation
The Prof G Podcast
The Tim Ferriss Show
Ben Greenfield Fitness
Book suggestions
An Economist Gets Lunch – Tyler Cowen
What Money Can’t Buy – Michael Sandel
The Book of Joy: Lasting Happiness in a Changing World – Dalai Lama
A Guide to the Good Life: The Ancient Art of Stoic Joy – William B. Irvine
The Psychology of Money – Morgan Housel
Malcolm Gladwell
Our partners
Gregory FCA
Reverb Podcasting
Links
Ben Vaske LinkedIn Profile
OPS Financial Advisor Success Hub
OPS Monthly Commentary
OPS Weekly Blog/Monday Bullets
TWM Walk-Up Song Playlist
Digital Asset Council of Financial Professionals (DACFP)
Tom Petty Learning to Fly
Wim Hof Method
Solutions Journalism Network
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Robyn Murray
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The world is changing and it's time to change with it. As global debt and inflation rise, how can investors navigate the challenges of the global economy? In today’s episode, Rusty and Robyn talk with Dirk Hofschire, Senior Vice President of Asset Allocation Research at Fidelity Investments. Prior to joining Fidelity, Dirk was a foreign service officer for the U.S. Department of State and a financial economist for the Bureau of Western Hemisphere Affairs. As he traveled the world, he developed an interest in economics. Dirk talks with Rusty and Robyn about the risks of rising global debt, how investors can stay ahead of an unsustainably challenging economy, the business cycle, and other risks to the global economy.
Key Takeaways
[5:16] - Dirk Hofschire’s role at Fidelity Investments.
[6:58] - How multi-time horizon asset allocation works.
[8:18] - Why analyzing the business cycle is important.
[12:48] - Why debt has ballooned so much around the world in recent years.
[18:01] - What investors need to remember when dealing with a highly-indebted world.
[26:31] - How professional investment managers view government as a larger part of the global economy.
[35:24] - Dirk's perspective on digital assets.
Quotes [19:12] - "Diversification is obviously the bread and butter for long-term portfolio building. But over the past 10 or 15 years, it would've been very easy to learn the opposite. If you had owned a US dominant 60-40 portfolio, that’s all you needed. So the diversification in part is against inflation, but it’s actually much broader than that. It's against the sort of extreme events with policy that could mean a much weaker dollar." - Dirk Hofschire [27:54] - "When you think about government regulation and you just think about government policy being more involved in general, I'm not worried that the US is going to become a socialist country by any actual meaning of the term. But what I do worry about is when you sum up all the different things that are happening, all of those things have the potential to seep into reducing corporate profitability, potentially acting as a drag on growth, or potentially being more inflationary, but maybe not. But at the bottom line, it's hard to see how this is positive for profits." - Dirk Hofschire [29:49] - Some of the things like shorter duration on the bond side, or on the stock side, commodities and traditional hedges, as well as some of the things like real assets, real estate and gold, and other types of commodities—those will all still be pretty good inflation hedges. Even if they get expensive, they should still hedge, somewhat, that surprise of potentially even higher inflation or greater inflation that's already priced in." - Dirk Hofschire
Links
Dirk Hofschire on LinkedIn
Fidelity
Fidelity Podcasts
John Maynard Keynes
Lords of Finance
Mike Duncan Podcast
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2901-OPS-11/13/2021
In today’s episode, Rusty and Robyn talk with Frank Nickel, Head of Quantitative Strategies and Investments at Brinker Capital. Frank oversees the setup of the investment process that drives direct investing strategies and risk mitigation across various platforms at Brinker. Prior, Frank spent 27 years in various roles at Morgan Stanley—from asset allocation strategist to director of investment strategy to portfolio manager. Frank talks with Rusty and Robyn about the ins and outs of direct investing, the concept of “searching for alpha”, and the impact of direct investing on the future of investing (especially with ETFs). “We have the ability to give investors a high price momentum, a version of our direct indexing strategies that allow them to have that ‘search for alpha’. I think the way traditional people think about the ‘search for alpha’, it’s at the individual security level. We are not going to really attempt to provide that. Our search for alpha is providing some type of factor exposures that investors believe can outperform.” ~ Frank Nickel
Main Takeaways
With a direct indexing strategy, you may see bigger returns, compared to a traditional separately managed account.
Direct indexing has been on the roll because of tech innovation. From high-net-worth individuals to the mainstream area, firms can manage to bring it to smaller accounts.
Direct indexing won't kill ETFs. The only two viable reasons for ETFs to fail are if the government changes taxation, or if technological evolution can lower direct indexing's minimum.
Fractional shares trading might be the future with how tech is evolving right now. This can also help to bring the account minimums down.
Searching for the alpha involves investing in areas of the market that are projected to outperform. Right now, there's a growing interest in biotech and cybersecurity.
Links
Frank Nickel on LinkedIn
Brinker Capital
September by Earth, Wind, and Fire
Morgan Stanley Wealth
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2742-OPS-10/27/2021
In today’s episode, Rusty and Robyn talk with Simeon Hyman, Global Investment Strategist at ProShares. From the initial idea of an ETF to product development to the roll-out, Simeon creates—and even customizes—a smooth product strategy to ensure every client and prospect understands the ETF's scope. Prior to creating successful ETFs with ProShares, Simeon held investment leadership roles at Bloomberg Wealth and UBS. Simeon talks with Rusty and Robyn about all things Bitcoin Futures ETF, and the rationale behind its advantage over Bitcoin or other altcoins. "Bitcoin’s a volatile thing. Nobody can tell you it’s not. And our ETF, BITO, delivered. That volatility in itself is a ‘feature’ from our perspective, not a bug. There are fewer and fewer things that don’t approach this kind of correlation, so finding something that behaves differently is a very valuable diversifier.” ~ Simeon Hyman
Main Takeaways
Bitcoin is volatile, but it can be a great inflation hedge and diversifier. Through Bitcoin ETFs you can gain Bitcoin exposure while maintaining a well-performing portfolio over time.
The value of a digital asset will greatly differ depending on how a person uses it. For investors, they keep watch on how it will compete in their investment portfolio. For a typical cryptocurrency user, it's just another modicum of exchange.
BITO recognizes Bitcoin and other crypto volatility. With the advent of a regulated futures market, it's easy to appropriately place Bitcoin in your portfolio.
The cryptocurrency market is unregulated by nature, so there’s no safe and tactical approach on how to invest in Bitcoin and it would be difficult to speculate and diversify with altcoins.
Links
Simeon Hyman
ProShares
ProShares Bitcoin Strategy ETF (BITO)
Bitcoin
Triumph - Magic Power
Bloomberg Wealth
UBS
Lehman Brothers
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2742-OPS-10/27/2021
In today’s episode, Rusty and Robyn talk with Mike Van Wyk, Vice President of Research and Insights for Capital Group. Mike has studied human behavior throughout his two-decade career to better understand what truly drives consumer behavior and business growth. Whether it be packaged goods or financial services, Mike brings game-changing insights to the table. His research helps others skyrocket the growth of their business or their professional career. Mike talks with Rusty and Robyn about the difference between a “sage” and “caregiver” advisor and the three success factors of existing high-growth firms. "Every financial professional has to have a side that's more quant-focused and can talk the numbers, but you also have to be able to connect emotionally with your clients and be there as a support for them. Those who are most successful are those who understand there's an aspect of being a sage that they need to bring to the job daily, and there's an aspect of being a caregiver that needs to be present there as well.” ~ Mike Van Wyk
Main Takeaways Three success factors of the highest growth firms are the always-on acquisition factor, relationship alpha, and strategic skills. All habits, behaviors, and practices during client engagement should be refined to achieve high performance and increase revenues.
Spend more time on high-value business activities. Advisors easily get distracted with small tasks, when they should be spending their time on growth creation.
Advisors need help, too. It's best to tap into resources about advisor-client engagement that are backed by robust data.
There are two types of advisors: the ‘sages’ who like numbers and the ‘caregivers’ who like helping people. An effective advisor has to find a balance between these two.
Links Mike Van Wyk on LinkedIn
Capital Group
PracticeLab
Coca-Cola
Walmart
Proctor and Gamble
Capital System
Pathways to Growth: Advisor Benchmarking Study
Noise: A Flaw in Human Judgment by Daniel Kahneman
What Retirees Want: A Holistic View of Life’s Third Age by Ken Dychtwald
Hidden Brain Podcast
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2731-OPS-10/25/2021
In today’s episode, Rusty and Robyn talk with Maria Quinn, national spokesperson and thought leadership ambassador at Vanguard. Maria provides her expertise in Vanguard’s largest business line by working externally with financial advisors and intermediaries. Before starting her journey with the firm, Maria was involved with non-profit organizations that provide marginalized people with access to education. Maria talks with Rusty and Robyn about what causes the behavior gap in investing, how human psychology and behavior affect financial success, and how we can use the Advisor Alpha model and the “Three P’s” framework to foster long-term relationships with clients. "The way we think about planning is having those deep conversations with clients that require a lot of trust. We define their values (what is of greatest importance to them). And then, we find a way to translate them into a goal.” ~ Maria Quinn
Main Takeaways With the help of an advisor, a client's chance of achieving financial success is significantly higher. In addition, according to Advisor's Alpha, there are seven key areas improved through best practices, which increases your value up to three percent.
Behavioral coaching practices should focus on investment management and wealth management to help improve client retention.
Every investment outcome is heavily driven by psychology and human behavior. Factors like overconfidence, recency bias, and over-competence should be avoided if you want rational and perfectly timed decisions.
Providing a financial plan is foundational. Use the “Three P’s” framework as a guide. Plan thoughtfully, be proactive, and imbibe positivity.
Global equity investing has the following benefits: diversification in the portfolio, mitigation of some potential volatility, and increase in portfolio exposure.
Links Maria Quinn on LinkedIn
Vanguard
George Washington University
Good News: There’s a Labor Shortage. By David Autor | New York Times
Nessun Dorma by Luciano Pavarotti
John Bogle
Teach for America
Bain & Company
Deloitte
2021 Value of an Advisor Study | Russell Investments
Alpha, Beta, and Now...Gamma | Morningstar
The Value of Gamma-Efficient Portfolio | Morningstar
The Essential Advisor: Building Value in the Investor-Advisor Relationship by Bill Crager and Jay Hummel
2021 Quantitative Analysis of Investor Behavior - Variable Annuities ("QAIB-VA")
‘Mind The Gap’ | Morningstar
Richard Thaler
Putting a value on your value: Quantifying Advisor's Alpha
JP Morgan
Financial Times
The Economist
The Wall Street Journal
TheNew York Times
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Robyn Murray
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2651-OPS-10/13/2021
In today’s episode, Rusty and Robyn talk with Mike Dunlop, CEO of Intuition College Savings Solutions, LLC. Before his 25-year stint in the financial services industry, Mike served in the Royal Navy for 12 years. Out of the Navy, he took several roles in the financial services industry including financial advising and portfolio managing. Mike’s current organization is at the leading edge of the prepaid and college savings industry and he continues to push education and training initiatives as CEO. Mike talks with Rusty and Robyn about the specifics of 529 plans, the student debt crisis, and the impact of investing in college. "I think we’re starting to see a period that the industry has grown. It’s gotten quite a decent size now that people are paying attention. Some of the big heavyweight companies in the industry are involved. Innovation is good. How do we pay for college as opposed to taking debt to pay for college? I think savings and creating the right savings vehicles are becoming more apparent.” ~ Mike Dunlop
Main Takeaways With $1.6 trillion in student debt and its subsequent economic impact, the college savings plan approach is a way to help alleviate some of the current downsides of funding education.
Although contributions are not deductible, earnings in a 529 plan grow federal tax-free and will not be taxed when the money is taken out for college. Some states offer tax deductions if you plan to invest. You can also take advantage of other benefits such as estate planning purposes and transferable beneficiaries.
You can choose between direct-sold and advisor-sold 529 plans. The direct-sold 529 offers a cheaper, DIY approach. The advisor-sold 529 plans have access to professional advice on positioning portfolios and holistically developing the client’s financial wellbeing.
Links
Mike Dunlop on LinkedIn
Britannia Royal Navy College
Adele - Skyfall
Merrill Lynch
Bank of America
Fidelity Investments
Drexel University
Morningstar
Saving For College
Harvard University
Secure Act
Bitcoin
Wall Street Journal
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Rusty Vanneman
Robyn Murray
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2649-OPS-10/13/2021
In today’s episode, Rusty and Robyn talk with Carl Kaufman, Co-CEO, Co-President, and Managing Director of Fixed Income at Osterwise Management in San Francisco. Before it was the norm, Carl was designing flexible fixed income strategies for his firm’s clients. His decades of industry experience built the trust necessary to switch to the brokerage industry and start work on some game-changing advancements. Carl talks with Rusty and Robyn about the difference between investment-grade and high-yield bonds, the post-pandemic state of the US market, and inflation projections.
"Try to keep perspective. Ask yourself what is really important. And, don’t forget to look into the real world because sometimes you get so caught up in the Wall Street hype and you forget what the real world is. I learned this lesson very early on unfortunately in the crash of ‘87." ~Carl Kaufman
Main Takeaways Be flexible enough to tap into investment grades to get better downside protection. You can achieve better results with high-yield bonds if you deploy the right strategy.
As long as the economy remains strong and interest rates remain low, companies that have leverage will still do better.
A three to five percent rate of inflation is normal, but it will take time for the market to achieve that target.
Be willing to take lower yields for a period of time. Be patient and stay defensive as there will always be corrections.
The dollar will remain the world reserve currency. As long as the world continues to rely on the US Treasury, dollars stay in a safe position.
Links Carl Kaufman on LinkedIn
Osterweis Capital Management
Gilbert and Sullivan’s I Am the Very Model of a Modern Major-General
Robertson Stephens
Merrill Lynch
NYU Stern School of Business
Harvard University Department of Music
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton G. Malkiel
Jeremy Siegel
FIMA Repo Facility
New York Times
FT
Bloomberg
NewCo
Connect with our hosts Rusty Vanneman
Robyn Murray
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In today’s episode, we’re sharing Rusty’s recent live interview with Jeremy Siegel from Orion’s Ascent conference. Jeremy Siegel is a professor of finance at the Wharton School of Business and a Senior Investment Strategy Advisor at WisdomTree Asset Management. Jeremy’s opinion on the economy and the financial markets has long been trusted and sought after by Wall Street firms because of his decisive and evidence-based approach. His view on inflation is notable and provides valuable insight into the markets from someone who’s been in the industry for a long time. Jeremy talks with Rusty and Robyn about the benefits of value and global investing, the future of stocks and bonds, and insights regarding the future of the US market after an inflation run. "Volatility is a mark of equities and all speculative markets, so we're not going to be immune to it. But right now, when I look at relative valuations, they still argue in the direction of stocks over bonds." ~Jeremy Siegel
Main Takeaways
The markets aren’t all doom and gloom. When the inflationary run is over, we'll be enjoying inflation rates as low as four to seven percent—rates that are still lower than those we had in the 1970s.
Value stocks are projected to outperform other asset classes over the next 12 months. When the market is experiencing moderate inflation, choose stocks over bonds.
Bonds with stabilized yields do not necessarily mean they are good investments. As long as inflation goes up, bonds are just depreciating assets. If you do invest in bonds, corporate bonds will fare better than noncallable bonds and long-term treasuries.
Advisors need to do two things: manage expectations and prepare investors for volatility. Investors get easily swayed by the doomsayers, but advisors must give them the long-term perspective, the history of the market, and help them stick with their plan.
Crypto assets aren't serious competitors to the dollar in terms of being an efficient transaction scheme. However, they present promising tech to innovate fund transfer operations.
Links
Jeremy Siegel
Wharton School of Business University of Pennsylvania
WisdomTree Investments
Orion Ascent Conference
I Might Be Wrong by Radiohead
Foo Fighters
Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies by Jeremy Siegel
Federal Reserve
Sirius Radio
Behind the Markets Podcast
WisdomTree Podcasts
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Rusty Vanneman
Robyn Murray
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2469-OPS-9/17/2021
In today’s episode, Rusty and Robyn talk with Suzanne Daly, Vice President of Model Portfolios at Fidelity Investments. After working with brokers, dealers, RIAs, and multi-family offices at Fidelity for more than 18 years, Suzanne now oversees the managed account model portfolios and managed accounts distribution efforts. Together with her team, she helps firms optimize their tech stacks, assembling efficient workflows, and outsource investment management. Suzanne talks with Rusty and Robyn about the framework for holistic wealth planning, the criteria for outsourcing investment management, and the generational differences and challenges in the advising workplace. "A financial plan is the map of how individuals get from point A to point B. But there couldn't be a more personalized journey. Your point A looks a lot different than my point A, and my point B may look a lot different than your point B. So the beauty of what an advisor has to do is chart that course for the client." ~ Suzanne Daly
Main Takeaways
Gen Z investors have changed the pace of advisor-client relationships. Baby Boomer investors put a lot of value in portfolio construction management, research, and due diligence whereas Gen Zs are considering the non-financial aspects of their assets (i.e. digital presence).
The three key principles of holistic financial planning include continuous engagement, creating comfortable and personable experiences, and comprehensive services.
Outsourcing to third-party investment managers can help you save time, especially if they are experts in portfolio construction.
Segmentation drives personalization across portfolios. It also ensures high performance and strong ties with every client.
Advisors with high emotional intelligence (EQ), listening skills and empathy, are the ones who build and maintain lasting relationships with their clients.
Links
Suzanne Daly on LinkedIn
Fidelity Investments
Walking on Sunshine by Katrina & The Waves
Sustainable Investing for Advisors: Having Better Conversations with Clients (White Paper)
Investment Management Support for Advisors: Using Outside Resources (White Paper)
Pathways to Success for Emerging Advisors (White Paper)
Delivering Value to Gen XYZ Clients (White Paper)
Peloton
Netflix
Kitces and Carl Podcast
Craig Iskowitz
William Trout
FinPoint Podcast
Jordan Burgess
Dirk Hofschire
The Boys in the Boat: Nine Americans and Their Epic Quest for Gold at the 1936 Berlin Olympics by Daniel James Brown
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Rusty Vanneman
Robyn Murray
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2427-OAS-9/8/2021
In today’s episode, Rusty and Robyn talk with Glenn Dorsey, head of client portfolio management at Clark Capital Management Group. By the time he was 10, Glenn already had a deep fascination with the market and was trading stocks. In college, he double-majored in accounting and finance and got his CFA and CAIA designations. Glenn has been offering his expertise in portfolio management to well-known firms for more than three decades, putting Clark Capital’s client advisor service on an explosive growth trajectory. Glenn talks with Rusty and Robyn about the impact of COVID resurgence and the effects of inflation and government debt on investment decisions. "It’s like an analogy for turbulence. Would it be surprising if you need to put your seatbelt on for a little bit? No, not really. Is it something that we need to make major changes in the portfolio for? No, not really. Let's just be aware that all of the flights won't be 100 percent smooth all the time." ~ Glenn Dorsey
Main Takeaways
Communication is the key to achieving high performance in an investment firm. Partners and financial advisors need to rally around the goal of delivering excellent results for clients.
Advisors need to be observant of national and local pandemic mandates. The unknown nature of the pandemic makes open communication and ongoing education even more important.
Regardless of the inflation measure you’re looking at, it’s better to be invested and actively managing your portfolio than to hold back.
Most portfolios are balanced between areas that benefit from an economic reopening and those that benefit from work-from-home culture.
Links
Glenn Dorsey on LinkedIn
Clark Capital Management Group
The Only Way I Know by Jason Aldean
Mitchell Hutchins
Paine Webber
FICO
Federal Reserve
Bitcoin
Danny Meyer
Psychology of Money by Morgan Housel
Setting the Table by Danny Meyer
Finding Mastery Podcast
The Tim Ferriss Show
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Rusty Vanneman
Robyn Murray
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2368-OAS-8/24/2021
In today’s episode, Rusty talks with Larry Swedroe, the director of research for Buckingham Strategic Wealth. Larry finished his MBA in Finance and Investment from NYU. Larry stays connected to the financial industry by spearheading research for Buckingham and the BAM Alliance, but he’s also a prolific writer who has authored or co-authored 16 books. His mission is to explain investing theories to investors in an accessible and straightforward way. Larry talks with Rusty about evidence-based investing, the effects of sustainability on investing, and diversifying portfolios with risky assets. "You should invest in as many unique sources of risk as you can identify that meet all of the criteria that I established—those five criteria of persistence, robustness, pervasiveness, implementability, and intuitive rationale. Everything we do is based upon not my opinion, but the evidence has to meet those criteria" ~ @LarrySwedroe
Main Takeaways
Evidence-based investing is always the winning strategy. Focusing on the risk you can handle and ignoring stock picking and market timing can help you beat the market.
Larry’sMy three rules of investing — are: give advice based on evidence, identify risk factors, and examine the robustness of the market.
The five criteria for examining risk —are persistence, robustness, pervasiveness, implementability, and intuitive rationale.
Sustainable companies get better ratings, which then eventually helps them increase their cash flows and drive their valuations up. Investors are now seeing this trend, too, and their actions as investors can impact how companies implement their objectives.
Risky assets should have similar risk-adjusted returns. Portfolios must be diverse and should consider including alternative investments.
Blockchain technology is truly innovating the finance world, but the key advice for investors is to assess and accept the changing regulations and the massive illiquidity it might face.
Links
Larry Swedroe on Twitter
Larry Swedroe on LinkedIn
Garryowen (from the film They Died with Their Boots On featuring Errol Flynn)
Buckingham Strategic Wealth
Reducing the Risk of Black Swans by Larry Swedroe
Warren Buffett Lost $132 Million On Financial Weapons Of Mass Destruction
Wall Street Journal
Continental Can Company
Kimberly Clark
Baruch Lev
A note on the relationship between Fama-French risk factors and innovations of ICAPM state variables
Morningstar
Appirio
Parametric Portfolio Association
Levi Strauss
Cliffwater
Stoneridge
Ray Dalio
Harvard University
Yale University
SEC
Bernard Baruch’s 10 Trading Rules
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2344-OAS-8/19/2021
In today’s episode, Rusty and Robyn talk with Manish Khatta, President and CIO at Potomac Fund Management, Inc. Manish is a quantitative analyst and a self-professed math geek. His love for mathematical algorithms and finance blossomed from what was supposed to be a summer job with Potomac before entering law school. Now, a lifelong Protomac employee, he continues to lead and share his expertise in quantitative trading systems. Manish talks with Rusty and Robyn about conquering risks through tactical investing, the need for creative multimedia in finance, and insights on the future of the industry "True tactical investing is all about approaching it with a risk mindset. Having the comfort level to exit positions, go to cash, raise cash when you need to be, but then also get back into the market when your signals turn." ~ @ManishKhatta
Main Takeaways Buy high and sell higher, whatever the asset class. For quantitative investors, their strategy only involves looking at the price without external factors such as climate change, earnings, etc.
Conquering risk is all about avoiding the maximum drawdown. Clients must be educated about it so they can tolerate loss and comfortably go through it in the future.
There are two types of tactical investing: constrained and unconstrained. Constrained only deals with minor adjustments, while unconstrained is freer, without any limitations.
Giving easy access to updates and innovation about your company and the industry, in general, is helpful for retaining clients. Clients want honest, raw, and open truth about the investment process.
Links Manish Khatta on Twitter
Manish Khatta on LinkedIn
Mike Tyson Entrance vs. Botha (DMX - Intro)
Potomac Fund Management, Inc.
Conquer Risk Podcast on YouTube
Bitcoin
Gary Vaynerchuk
ARK
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2297-OAS-8/16/2021
In today’s episode, Rusty talks with Aaron Scully, Portfolio Manager on the Global Sustainable Equity Team at Janus Henderson Investors. Aaron has been with Janus Henderson Investors for more than two decades. Since the beginning, he has helped with implementing the best investment strategies to move sustainability forward. When not at his desk, Aaron enjoys climbing Colorado's 14ers. As a person who grew up in the Midwest, he remembers falling in love with Colorado's scenic environment. The great career development opportunities it offered were just a bonus. Aaron and Rusty discuss the impact of sustainable investing in our future, different sustainable investing themes, and the effect of sustainable investing on portfolio performance. "Investing is something you do that seems like a small decision. But it can have a profound impact on society and the environment, depending on how you invest." ~ Aaron Scully
Main Takeaways
Companies that have a product or service that is helping the world are eligible for sustainable investing. Conversely, it must not have any product or service that is detrimental to society.
Sustainability drives high performance. Companies that address huge societal problems can ensure longevity in the industry and attract greater human capital.
The environmental and societal involvement of companies are great indicators in the future of sustainable investing.
Portfolio managers focus on three things when they implement sustainable investing: exclusionary criteria, ESG (environmental, social, and governance) issues tackled, and engagement.
The future is now in sustainable investing. Begin a socially responsible investing journey. More and more companies are allocating their resources to drive sustainability.
Links
Aaron Scully on LinkedIn
Janus Henderson Investors
Golden by Harry Styles
United Nations Brundtland Commission
ESG assets may hit $53 trillion by 2025, a third of global AUM | Bloomberg
The Omnivore’s Dilemma: A Natural History of Four Meals by Michael Pollan
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2149-OAS-7/28/2021
In today’s episode, Rusty and Robyn talk to Vance Howard, CEO and Portfolio Manager of Howard Capital Management. Vance's professional money management career started in 1992 when he founded Chartered Financial Services, Inc. Before founding Howard Capital Management, Vance was also elected four times to Huntsville, Texas City Council and twice as mayor pro tem. His expertise lies in the implementation of various trading systems. Vance talks with Rusty and Robyn about the difference between tactical investing and defensive investing, using trend indicators to quantify risk, and the overall benefits of the mathematical quantitative approach. "By having that mathematical mechanism that we've built and that we trade-off of, it took all that emotion out of the equation. You did what the market was doing. The market had turned, the market was going up. And if it didn't go up, the byline would have kicked us back out anyway." ~ Vance Howard
Main Takeaways
Stop guessing and rely on non-emotional mechanical methodologies and mathematical models when investing.
Tactical investing and defensive investing strategies can create great results when they go hand in hand. Know how to tread lightly in a bad market.
To quantify risk, learn to look at indicators. It does not matter what you own, you just have to know what the market’s direction is.
A great money manager and investor knows how to sit through uncomfortable situations and believes in the benefits of the mathematical quantitative approach.
Links
Vance Howard on LinkedIn
Howard Capital Management
401k Optimizer
Born in America
Bear Stearns Collapse
John Bogle
CNBC
Wealth Watch Newsletter
Bar C Ranch
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2110-OAS-7/26/2021
In today’s episode, Rusty and Robyn talk with Harin de Silva, Portfolio Manager for the Analytics Investors Group at Wells Fargo Asset Management. Harin's focus as a portfolio manager is on equities and factor-based asset allocation strategies. He is also regarded as one of the top quantitative managers in the US and has received the prestigious Graham and Dodd Award of Excellence for his research. Before joining Wells Fargo, Harin also provided economic research services to investors through the Analysis Group, Inc. Harin talks with Rusty and Robyn about factor-based investing, long/short funds, perspectives on risk analysis, and incorporating big data in investing. "Our role as quantitative investors is to take what people are doing from a fundamental standpoint and then apply that systematically across a wide range of stocks. And technology is what allows us to do that." ~ Harin de Silva
Main Takeaways
In factor-based investing, investors can easily understand performance and the common themes in structuring portfolios.
Quantitative investing is systematic investing. Quantitative investors don’t just acquire the relevant data; they decide and assign the weight of the factors that affect the structure of the portfolio.
Coming up with an idea is just the first step. Using technology to transform big data into useful information is also critical, especially in improving investment strategies.
In analyzing the performance, volatilities, and drawdowns of funds, consider looking at risk adjustment metrics like the Sortino ratio and the VIX index.
Lower volatility stocks tend to outperform higher volatility stocks because of two key things: human behavior and volatility drag.
Links
Harindra (Harin) de Silva on LinkedIn
Tubular Bells by Michael Oldfield
Wells Fargo Asset Management
361 Global Long/Short Equity Fund
A.W. Jones
Security Analysis by Benjamin Graham and David Dodd
Myron Scholes
Cboe VIX Index
Sortino Ratio
Robinhood
Warren Buffett
Noise: A Flaw in Human Judgment by Daniel Kahneman
Think Again by Adam Grant
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2041-OAS-7/19/2021
In today’s episode, Rusty and Robyn talk to Grant Engelbart, Senior Portfolio Manager at Brinker Capital. Grant has been in the industry for more than a decade. His focus is on trading and managing assets, including ETF mutual funds and single securities. Before working as a portfolio manager, Grant was part of the trading and investment research team at Orion Advisor Solutions. Grant talks with Rusty and Robyn about ETF investment strategies, crypto as a new alternative asset class, and the non-financial skills needed in finance. "One of the biggest issues we have in the advisor and investor world today is income generation. With cryptocurrencies, if done the right way, you can create pretty substantial income streams and uncorrelated income streams off of these products." ~ Grant Engelbart
Main Takeaways
When choosing an ETF, the first step is to know the exposure you’ll gain from it. Other factors to consider are ETF concentration, maximum security weight, index ETF, and consistent growth.
Crypto can be a new alternative asset class. The possibilities with crypto are endless, especially with the creation of crypto ETFs and the growth of decentralized finance (DeFi).
Getting familiarized with programming languages, improving your writing, and maintaining positive client relationships are non-financial skills needed in finance.
Be disciplined and recognize the power of staying in the market long-term. Having a consistent yet adaptable process that is aligned with the client’s investment beliefs is important.
Links
Grant Engelbart on LinkedIn
Sirius by The Alan Parsons Project
Brinker Capital
Brinker Capital on Twitter
CLS Investments
Chartered Alternative Investment Analyst Association (CAIA)
Index Methodology
Morningstar ETFs
Davis ETFs
JP Morgan US Value Funds
Simplify ETFs
Matt Hogan
Dave Abner
Python
R
Animal Spirits Podcast
Corey Hoffstein’s Liquidity Cascades: The Coordinated Risk of Uncoordinated Market Participants
Flirting With Models Podcast
Upside-Down Markets: Profits, Inflation, and Equity Valuation in Fiscal Policy Regimes By Jesse Livermore+ | O’Shaughnessy Asset Management
Long Vol: It’s Always Different by Dave Nadig
ETF Trends - ETF Strategist Channel - Brinker Capital
Nebraska Huskers
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2011-OAS-7/13/2021
In today’s episode, Rusty and Robyn talk to Skip Schweiss, President of the Financial Planning Association (FPA). Skip has long been passionate about educating financial planners on how they can increase the value they provide to consumers. Before FPA, Skip oversaw TD Ameritrade’s retirement plan services business and public policy advocacy efforts among others. When not in his office, he's hiking somewhere in Colorado. Skip talks with Rusty and Robyn about the merits of a CFP credential, the importance of personal finance education, and the impact of recent legislative developments and emerging secular trends on the financial planning industry. "My philosophy is maximum consumer protections, consistent with a reasonable regulatory level of regulatory burden on the providers. If you burden the providers so heavily that they can't even provide the services, you haven't done consumers any good. So, you've got to balance those out." ~ Skip Schweiss
Main Takeaways
Being CFP-certified is one way to increase your credibility and easily gain trust from clients. The profession of financial planning is embedded in the CFP designation.
Promoting consumer protection and minimizing regulatory burdens for financial advisors can go hand in hand. It’s good to have balance in the industry.
There’s a secular trend in the finance industry where advisors are going from being commission-based to fee-based. Conflict of interests can still arise in both approaches so it’s important to remember that financial planning should not be focused on the money, but on how you can help clients.
Urge young people to dive into programs that involve financial planning. The industry can be lucrative since there are a variety of career paths to follow.
Links
Skip Schweiss on LinkedIn
Something for Nothing by Rush
Financial Planning Association (FPA)
Certified Financial Planner (CFP) Credential
Accredited Investment Fiduciary (AIF) Credential
Fiduciary of the Year
TD Ameritrade
Natixis Investor Survey – individual investors expecting 17.5% returns after inflation
Chip and Skip’s Excellent Adventure
Four Pass Loop Colorado
Klement on Investing
Financial Literacy and Planning: How financial planning adds 2-3x more wealth by retirement by Lusardi and Mitchell
Triumph of the Optimists by Dimson, Marsh, and Staunton
Credit Suisse Global Investment Returns Yearbook 2021
Michael Kitces
Bob Veres
FINRA
Bernie Madoff
Mary Schapiro
Dodd-Frank Act
SECURE Act of 2019
Tax Cuts and Jobs Act of 2017
SEC Regulation Best Interest
DOL Conflict of Interest Rule
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2002-OAS-7/13/2021
In today’s episode, Rusty and Robyn talk to Scott Helfstein, Executive Director of Thematic Investing at ProShares. Scott's military background and investing expertise paved the way for understanding the complexity of decision-making and resource allocation for individuals, especially in times of uncertainty. Recently, his focus has been on helping people build thematic portfolios that can boost long-term returns. Together with Proshares, Scott brings cutting-edge innovation to the ETF space. Scott talks with Rusty and Robyn about the benefits of thematic investing, the positioning of thematic funds in portfolios, and the four themes to look out for when investing in the long-term. Themes give people things they experience in the everyday world that they associate with. And I think that's really what's driven the growth. That’s part one. Part two is that most of the themes that are put out in the market are future-forward." ~ Scott Helfstein
Main Takeaways
There are three selling points of thematic investing: secular changes to the global economy, long-term trends, and high-growth opportunities.
Rather than anticipate linearly, learn to see the exponential changes—especially with regard to the four long-term themes: work, genomics & telehealth, digital consumer, and food revolution.
You can allocate 5-10% of your portfolio in thematic ETFs. However, do the basket approach first and weigh meticulously what would be an immense player in the long-term.
Whatever ETF you put out, make sure that you’re bringing in something new at the table—innovate.
Links
Scott Helfstein on LinkedIn
Right Now by Van Halen
Riding with the King by B.B. King and Eric Clapton
ProShares ETFs
Morgan Stanley
George Washington University
US Military Academy
Center for Cyber and Homeland Security - Auburn University
Federal Reserve
Barron’s
Wall Street Journal
Russell 1000 Index
S&P 500
Moderna
US Food and Drug Administration (FDA)
Zoom
Pet Care ETF
ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA)
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1941-OAS-7/1/2021
In today’s episode, Rusty and Robyn talk to Sal Gilbertie, President and Chief Investment Officer at Teucrium Trading, LLC. Sal’s first experience in trading and brokering was at Cargill in the early 80’s. After getting some reps in, he realized that trading securities stocks wasn’t a long-term venture for him. He moved on from there to an ethanol futures desk, which traded about 30 different commodities. Building on his experience, Sal created ETFs on agricultural products, and consequently, launched his own firm. Sal talks with Rusty and Robyn about agriculture-focused portfolio diversification, the challenges to the agriculture industry, and the future of the commodity market. "There's so much innovation going on. It's astounding. What's happening now is I'd say, in 10 years, big grains are the place that money's going to flow—as it has been doing." ~ Sal Gilbertie
Main Takeaways Diversify your portfolio by investing in agricultural products. Commodities have volatility like stocks, but they have low correlations to stocks like bonds.
The best time to buy grains is when they’re flatline, when they’re ‘boring’. Most are yet to realize the great potential of agricultural investment funds.
Good traders must focus on the opportunities more than the risks. Good investors, on the other hand, must do open-minded research and then have a patient, disciplined approach when investing.
Links Sal Gilbertie on LinkedIn
Rain is a Good Thing by Luke Bryan
Teucrium Trading LLC
Teucrium Corn Fund (CORN)
Cargill
US Securities and Exchange Commission (SEC)
The Wall Street Journal
Three-child Policy
40 Act Fund
Paul Tudor Jones
AgriTalk
Market Wizards: Interviews with Top Traders by Jack D Schwager
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1940-OAS-6/30/2021
In today’s episode, Rusty and Robyn talk to Ken Sleeper, Co-Founder and Managing Director of Sierra Investment Management. Ken has been the industry’s go-to expert for advanced risk and portfolio management for decades. Unswayed by hype, Ken is known for making company decisions based on relevant information and remaining firm in his choices. Ken talks with Rusty and Robyn about the secret behind Sierra’s decades of success, tactical rules-based investing, and the current market outlook on income, equity, and cryptocurrencies. "There are almost too many points of view—what we need to have is a cohesive strategy and not react to the latest talking head or the latest point of view. Having a strategy that gets implemented on a daily basis is so important." ~ Ken Sleeper
Main Takeaways
Clients come first. The secret to staying on top is knowing what your firm is good at and sticking to it.
The three main asset classes at this point are income, equity, and cryptocurrencies. Always think about your level of knowledge about your investment, your risk exposure, and your resources.
To be a great financial advisor and investor, you have to be tactical. Learn from others’ mistakes and keep your eyes on the market, but don’t make quick decisions because of hype.
Links
Ken Sleeper
I Won't Back Down by Tom Petty
Ocean Park Asset Management
Sierra Investment Management
Market Wizards: Interviews with Top Traders by Jack D Schwager
Manias, Panics, and Crashes: A History of Financial Crises by Charles P. Kindleberger
Investor's Business Daily
The Wall Street Journal
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1915-OAS-6/28/2021
In today's episode, Rusty and Robyn talk with Dave Lundgren, a 30-year investment veteran who is now the co-host of the Fill The Gap podcast. Dave is an expert in technical analysis strategies. He’s especially adept at watching trends and momentum swings in stock valuation. Currently, Dave serves on the CMT Association’s board of directors and is a private investor. Dave talks with Rusty and Robyn about the wonders of technical analysis, the difference between following trends and the following momentum, the role of sentiment in stock valuation, and how to master your investment style. “It's not about finding the holy grail—finding the style that makes money all the time. It's about finding the style that fits you, and knowing that style inside and out so that when things are going wrong, you don't take it personally." ~ Dave Lundgren
Main Takeaways
Technical analysis is as important as fundamental analysis. It's your road map; it shows you how to get to your destination.
Focus on the price. There's a universal formula for price and it involves stock valuation and sentiment.
Master your own investing style. There's no absolute investing approach that makes more money over the long-term. Making money and overcoming setbacks are all about the execution of whichever method you use.
Links
Dave Lundgren on LinkedIn
Rosalita by Bruce Springsteen
Dave Lundgren, CMT, CFA
Fill The Gap Podcast
Charles Dow Theory
Trading In the Zone: Master the Market with Confidence, Discipline and a Winning Attitude by Mark Douglas
David Ricardo
Reminiscences of a Stock Operator by Edwin Lefevre
How to Trade in Stocks by Jesse Livermore
How I Made $2,000,000 in the Stock Market by Nicholas Darvas
How to Make Money in Stocks: A Winning System in Good Times and Bad by William O'Neil
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In today’s episode, Rusty and Robyn talk with Jake Gilliam, Head of Multi Asset Solutions at Charles Schwab & Co. Inc. Jake is a 20-year veteran at Charles Schwab, who has taken on a lot of different positions in his tenure, eventually landing in the multi-asset solutions group. The investment bug bit him early on as an intern with Schwab, and he never looked back. Jake talks with Rusty and Robyn about fundamental weighting, what it means to be strategic and tactical, and how human-to-financial capital shifts over time and what that means for risk tolerance. “If you do the right thing for clients with a multi-asset class portfolio or any other service that truly helps them, you can help a lot of people that you’ll never meet eye-to-eye, and that’s something really powerful about our industry.” ~ Jake Gilliam
Main takeaways
Being strategic means that you’re making an investment decision for the long-term and recognizing what the market conditions might be during that time rather than trying to time the markets.
Advisors or those in financial services should always be focused on helping investors get a plan, stick to that plan, and have a good outcome. We want them to be in a place where clients won’t overreact or sell off their assets at the worst times.
If you look at how the ratio of human and financial capital changes over time with a client, it can help you understand where they might be able to tolerate more or less risk along the way.
Links
Jake Gilliam on LinkedIn
Schwab Asset Management
Omar Aguilar
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In today’s episode, Rusty and Robyn talk to Christopher King, Founder and CEO of Eaglebrook Advisors. Christopher King is a seasoned financial advisor who’s based in Jersey City, New Jersey. Together with his team at Eaglebrook Advisors, they provide digital asset-focused investment management solutions to wealth managers, RIAs, private banks, and institutions. Chris talks with Rusty and Robyn about the role of bitcoin as an emerging store value, why advisors need to educate themselves around crypto, and some brilliant strategies on why to use crypto as a portfolio diversifier. “We’re seeing from an advisor’s perspective that understanding how Bitcoin and crypto work from an education perspective is a now defense as opposed to offense. Advisors need to talk about it articulately to their clients—or their clients are gonna go somewhere else.” ~ @cjking711 Main takeaways Bitcoin is an emerging store value, comparable to gold, even with its extreme volatility. This blue-chip asset satisfies Paul Tudor Jones’ four characteristics of a store value: trustworthiness, liquidity, portability, and purchasing power.
Advisors need to talk about crypto investing articulately to their clients. They need to be informed and updated with how crypto is changing the investment landscape.
There are 3 (+1) talking points for advisors when clients are looking into adding crypto to their portfolios. And, in terms of position sizing, a 3-4% slice of a client’s portfolio can be allocated to crypto.
Links Christopher King on LinkedIn
Christopher King on Twitter
Eaglebrook Advisors Official Website
Bitcoin
Ethereum
Paul Tudor Jones’ Bitcoin Investment Thesis
Charlie Munger calls Bitcoin ‘disgusting and contrary to the interests of civilization’ | CNBC
Nic Carter
Raoul Pal
The Block
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In today’s episode, Rusty and Robyn talk with Ryan Issakainen, ETF strategist and SVP at First Trust Portfolios. When Ryan graduated college, he spent nine weeks traveling Europe and hopped from temp job to temp job before landing at First Trust Portfolios. He realized pretty quickly that First Trust was a place he could happily grow into professionally. 22 years later, he’s certainly done so. Investors succeed as a result of the advice and conviction presented by investment professionals. So for Ryan and First Trust, the best way to help investors is to help the advisors in their ears. At First Trust, Ryan helps the firm advocate for advisors through innovative products and intellectual property. Ryan talks with Rusty and Robyn about all things ETFs including what’s ahead for the ETF industry, whether advisors should worry about inflation, and why transparency is everything. “The most important thing that an economist can do isn’t that they nail the S&P end of the year number, because nobody’s really gonna do that consistently. They’re not fortune-tellers. It’s really directionally, and that’s what their team is more focused on. They’ve got their models, but what they want to make sure they get right is to say, ‘the market is too cheap or too expensive with stocks’ or ‘commodities are going to be a good place to be.’ That is the most important part.” ~ Ryan Issakainen Main takeaways The ETF industry will continue to grow. However, the growth may not be in the S&P 500, but the less obvious avenues like active management, factors, and themes.
ETFs tend to be more tax-efficient regardless of which bracket you land in. However, it’s not the only feature that makes ETFs a hot commodity. The transparency and the real-time pricing are equally as valuable.
The benefits of transparent portfolios always outweigh the downfalls of transparency.
Links Ryan on LinkedIn
First Trust Portfolios
Metallica
Jack Johnson
Wheaton College
First Trust Newsletter
RDVY
FTGC
FIXD
FIW
GRID
US ETF Investors Mainly Motivated By Tax Loophole, Study Shows
Rich Americans Fleeing Tax Hikes May Turbocharge Shift To ETFs
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1757-OAS-5/28/2021
In today’s episode, Rusty and Robyn talk with Amy Magnotta, SVP and Head of Discretionary Portfolios at Brinker Capital Investments. Amy landed a job in investments right out of college. While it wasn’t her ideal job, she learned a great deal about investments, particularly fixed income. After stints at BlackRock and Franklin Park, Amy joined Brinker in 2006 and hasn’t looked back. Today Amy manages active and diversified portfolios, constantly focusing on helping advisors and clients achieve their financial goals through investments. Amy talks with Rusty and Robyn about key qualities of top investment firms, the role of behavioral finance, why the pandemic helped women in finance, and her outlook on the evolution of portfolios. “Challenge yourself to read opposing opinions. I think that’s hard for most people. It’s hard for me. But you should really be able to. Especially when you’re thinking about making investment decisions you should really be able to have that opposing opinion and make sure your thesis is bulletproof by being able to defend it.” ~ Amy Magnotta Main takeaways Mentors don’t need to be professionals in your field. Seek out whoever can be helpful.
Read as much as you can, always ask questions, and always ask others how you can be helpful. Don’t worry about being annoying, worry about being an advocate for yourself.
Find ways to wade through the overwhelming amount of information that’s out there. Set a specific time to catch up on trends and reading each day and always read opposing viewpoints.
Links Amy on LinkedIn
Brinker Capital
Franklin Park
BlackRock
SEI Investments
Barron’s
The Weighing Machine 081: Behavioral Finance Strategies & Best Practices with Orion’s Dr. Daniel Crosby
Dr. Daniel Crosby
Odd Lots
Masters in Business
The Psychology of Money by Morgan Housel
The Price You Pay For College by Ron Lieber
An Economist Gets Lunch by Tyler Cowen
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1689-OAS-5/20/2021
In today’s episode, Rusty and Robyn talk with Jay Jacobs & Tom Driscoll of Global X ETFs in New York City. Jay is the Head of Research & Global Strategy while Tom leads model portfolio sales. Jay’s goal at Global X ETFs is to develop a deep understanding of new industry products and share those insights with clients as products are released. In doing so, his team works to strategize the implementation of advances in technology and integrate new products into clients’ overall portfolios. Tom is responsible for bringing thematic and income-based strategies straight to the marketplace. Jay and Tom talk with Rusty and Robyn about the progression of our modern economy, why thematic investing is much more than a marketing gimmick, and exactly how much investors should allocate to thematic investing. “The way I think about thematic investing is trying to get a jumpstart on the next leaders. The next leaders of individual sectors, the next leaders of the S&P 500, maybe even the NASDAQ 100. Not all of these companies will succeed, but the idea is that investing in an ETF that can give you exposure to 30, 40, or 50 names in a space like Genomics or in a space like FinTech, lets you participate in the rise of that industry before it even starts to be a blip on the S&P 500.” ~ @jayjacobsCFA Main takeaways The new investors of our time getting into robo advising have a bright future ahead. Those platforms aren’t going away and they’re an opportunity for advisors and investors alike to improve client outcomes and expand their portfolios.
Change in the financial industry is driven by investor demographics. ETFs like FinTech are helping an industry known for being the last to change, embrace disruption. Advisors must develop technology and services that can meet the unmet needs of the next generation of investors.
Global X ETFs approaches thematic investing from a model portfolio perspective as a type of satellite strategy, using ETFs to compliment someone’s core portfolio.
Links Jay on LinkedIn
Tom on LinkedIn
Jay on Twitter
Global X ETFs
Berkshire Hathaway
Robinhood
U2
Goldman Sachs
Barron’s
Genomics
FinTech
Bloomberg
FactSet
Morningstar
Connect with our hosts Rusty Vanneman
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1717-OAS-5/24/2021
In today’s episode, Rusty and Robyn talk with Scott Ladner, Chief Investment Officer at Horizon Investments in North Carolina. After majoring in economics and Russian literature in college, Scott decided that the financial industry was a better career path for him. He started as a derivatives and volatility trader for banks and hedge funds, before starting his own arbitrage hedge fund that eventually folded into Horizon Investments. Scott talks with Rusty and Robyn about the tailwinds that are pushing the markets forward, the state of cryptocurrency, and what it means to be a truly tactical investor. He also shares strategies for how to change and evolve in a fast-paced industry.
“In a goals-based framework, the way you define the return and the way you define risk mathematically changes depending on where your client is with respect to their financial plan. Is their primary objective growing assets or protecting assets? That primary objective will help inform the primary metric we use to define risk. And that combination will drive how the money ends up being managed.” @horizoninvestment Main takeaways There are consistent positive returns if you look in unlikely places. A bond portfolio is going to do well and provide positive returns.
Like everything else in life, a portfolio is about trade-offs. Clients should think about the four most critical components of their portfolio before making decisions about allocation: liquidity, inflation protection, portfolio growth, and legacy wealth.
Clients thrive with clear expectations. Happy clients come from clear expectations of how a product is meant to perform.
Links Horizon Investments
Horizon Investments on Twitter
Horizon Investments on LinkedIn
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1694-OAS-5/20/2021
In today’s episode, we discuss behavioral finance as a practical tool for advisors to enhance their business & strengthen client relationships. A deep understanding of these strategies can help advisors identify bias while better understanding investor behavior and the overall market. Guest: Orion Advisor Solutions’ Dr. Daniel Crosby.
Show Notes:
Brinker Capital Investments Blog Post: Positioning yourself as a behavioral coach
Ted Talks from Dr. Daniel Crosby:
TEDxHuntsville - Daniel Crosby - You're Not That Great: A Motivational Speech - Discussed on podcast.
Sex, Funds, & Rock N' Roll: Daniel Crosby at TEDxHuntsville
Can being weird make you rich and happy?: Daniel Crosby at TEDxBYU
Latest Books by Dr. Daniel Crosby
The Laws of Wealth: Psychology and the secret to investing success
The Behavioral Investor
Rusty on The Meb Faber Show Podcast
Dr. Daniel Crosby on The Meb Faber Show Podcast
1198-OAS-04/08/2021
In today’s episode, we discuss all things commodities along with the risk and reward associated with this asset class and a few of the best ways advisors can invest in the market. We also recap the recent volatility in the fixed income markets and how those market moves could impact portfolios going forward. Guest: PIMCO’s Klaus Thuerbach
0956-OPS-3/22/2021
In today’s episode, we discuss everything you need to know about value investing, what goes into making an attractive value-oriented strategy and how advisors can best incorporate such approaches into their portfolios. Guest: Hotchkis & Wiley Capital Management’s Scott McBride.
0970-OAS-3/23/2021
In today’s episode, we analyze various megatrends impacting global economies, how advisors can tap into these movements through ETFs and what goes into a good story. We also discuss monumental trends on the horizon and how/when these trends become investable. Guest: iShares’ Jeff Spiegel.
3194-OAS-11/24/2020
In today’s episode, inflation takes center stage. We discuss what investors should grasp about inflation in 2021, its impact on the global market landscape and how advisors can adapt their portfolios accordingly. We also discuss the role of the Federal Reserve and how other key macroeconomic factors affect inflation expectations. Guest: Michael Ashton, Managing Partner at Enduring Investments
Show Notes:
Michael Ashton’s book: Maestro, My Ass
0527-OAS-02/16/2021
In today’s episode, we discuss the major headwinds impacting the market landscape in 2021, investing in fixed income today and risk management strategies. We also discuss how advisors can utilize behavioral finance to build client relationships and help navigate market uncertainty along with the practical implication of both strategies. Guest: Felipe Toews, Founder and CEO of Toews Asset Management.
Show Notes:
IWI White Paper: New Investor Research by Investments & Wealth Institute and Toews Asset Management Provides Unique Insights into Investors’ Behavior and Perception Under Extraordinary Market Conditions.
Behavioral Investing Institute website.
Past Episode: Episode 53: The Orion Due Diligence Process | Guest: Phil Toews, Toews Corp
0217-OAS-01/25/2021
In today’s episode, we discuss how advisors can tap into the growth of disruptive technologies and areas of innovation around the world. We also give an in-depth look at how these investment opportunities could remain attractive over the long-term. Guest: Main Management’s Kim Arthur.
Show notes:
Kim Arthur on The Weighing Machine - February 20, 2020.
Main Management and Orion Webinar: “‘Four Legs of the Stool’ with Main Management's CEO and Portfolio Manager, Kim D. Arthur”
0007-CLS-01/04/2021
In today’s episode, we dive head-first into the ETF landscape and what the future could hold for thematic, non-transparent and actively managed ETF strategies. We also discuss the tailwinds and potential headwinds facing these investments today, like direct indexing. Guest: ETF Flows’ Tom Lydon.
Show notes:
ETF Trends Working From Home FA Survey
3314-OAS-12/09/2020
In today’s episode, we give an in-depth look at the model marketplace, why more advisors are using model portfolios today and how these investment products can help advisors scale their business and enhance client relationships. Guest: Fidelity Investments’ Matthew Goulet.
3037-OAS-11/12/2020
In today’s episode, we discuss why the cybersecurity sector is an attractive investment play as the digital age continues to take shape, where advisors can find opportunities to hedge inflation in today’s market and how to position portfolios during and after election season. We also provide an indepth look at direct indexing and how it can help provide superior client service. Guest: Orion Advisor Tech’s Chris Romano.
2774-OAS-10/27/2020
In today's episode, we discuss the upcoming election and its impact on the market, what headwinds face advisors during this time, how to address them, and tips to encourage investors to stay the course. Guest: Tim Holland of Binker Capital Investments.
2601-OAS-10/13/2020
On today’s episode, we’re joined by Jeff Mueller, portfolio manager at Polen Capital, who explains how his career in the Marines inspired him to get into the investing business. Jeff also gives an in-depth look at Polen Capital’s unique investment strategies, which are available on the Orion platform and how they work in today’s environment.
2514-OAS-10/01/2020
On the podcast today, we discuss how advisors should diversify their portfolios as volatility returns, inflation increases and Big Tech’s dominance is tested. We also share our economic outlook on the market & Orion’s latest wins at the 2020 Wealth Management Awards.
2452-OAS-09/24/2020
In this episode, we discuss whether or not a market bubble is on the horizon, why value is more attractive than growth, and the limitations of a traditional 60/40 portfolio. Plus, we cover the “Three ‘D’ Hurricanes” that can impact global asset classes. Special guest: Rob Arnott, founder and chairman of the board of Research Affiliates.
2170-OAS-08/20/2020
In this episode, we provide an up-to-date market outlook and discuss the importance of due diligence. Plus, the largest antitrust investigation in 50 years, opportunities in fixed income and why investors should own gold.
2114-OAS-08/14/2020
In this episode, we discuss the market's steady, yet choppy incline and what advisors need to know when navigating the market environment. Special guest: Advanced Asset Management Advisors Bob Baker (3:20).
1896-OPS-7/24/2020
In this episode, we find some positivity in a sea of negative news. We also discuss balanced portfolios — and how we might want to change them — and what will the election mean for the markets? Plus, big news from Orion and Brinker Capital.
1778-CLS-07/14/2020
In this episode, we discuss what the future could hold for investors in the second half of 2020; Robyn asks some tough questions to Rusty; Rusty turns the tables on Robyn; and we get an in-depth look into Orion's new biotech, metals & mining strategies. Special guest: Orion Portfolio Solutions' Horacio Carias.
1677-OPS-6/29/2020
In this episode, will value investing ever come back? Or are traditional market cycles being upended in a new world order? We tackle your most common questions as the economy reopens. Special guest: CLS Investments' Case Eichenberger.
1529-OAS-6/11/2020
In this episode, we discuss several reasons why investors should be optimistic about the market going forward, the potential for a market recovery, and major takeaways from the digital Berkshire Hathway meeting. Special guest: Brandywine Global's Jack McIntrye (33:38).
1369-OAS-5/21/2020
In this episode, we evaluate the economic environment heading into earnings season as the market recovery continues and share five key takeaways from the COVID-19 outbreak. Special guest: State Street Global Advisors Michael Arone (11:47).
1196-OPS-5/5/2020
In this episode, we discuss how the price war between Saudi Arabia and Russia oil has impacted the global market environment, the impact of a major cash drawdown, and how economies are restarting around the world. Special guest: Capital Group's Marc Nabi (16:58).
1133-CLS-4/28/2020
In this episode, we recap the worst Q1 in market history and the odds of an economic recovery in the near-term. We also explain how advisors can rebalance their portfolios to prepare for what's ahead and how ETFs have fared during the COVID-19 outbreak. Special guest: Clark Capital's Sean Clark (34:16)
Clark Capital is not affiliated with Orion and does not explicitly approve or endorse any services, information, recommendation, or other opinions expressed or presented by Orion as part of these materials.
Compliance Code: 1055-OPS-4/21/2020
In this episode, we review the economic impact of the coronavirus pandemic. Will the historic stimulus package and unprecedented steps by the Fed be enough to stem the damage? Special guest: Cougar Global Investments’ Abe Sheikh (33:37) 0801-OPS-3/30/2020
In today’s episode we review the market turmoil — what’s crashing, what’s surviving, and is anything thriving? We also discuss what we’re doing to combat the crisis and keep your portfolios safe. Special guest: Litman Gregory’s Perter Sousa (29:37) 0712-OPS-3/23/2020
In this episode, we discuss the market impact of the coronavirus, as the implications of the outbreak reverberate around the world. Special guest: PIMCO’s Erin Leighty (24:21) 0624-OPS-3/16/2020
In this episode, we discuss the current risk-off environment, Americans’ approach to saving money, the benefits of international diversification and why we may appear to have a “bias” against the U.S. market. Along with CLS Investment Research Analysts Michael Hadden and Nick Codola, we also discuss which sectors are making money and our newest publication: The Snapshot....
In this episode, CLS Investments’ Chief Investment Officer, Marc Pfeffer, discusses the reasons for the market’s recent sell-off (including the coronavirus and U.S. elections), insights on market volatility, whether Tesla is a good buy, and income strategies for the current market environment. In addition, (at the 17:30 mark) Rusty talks to the CEO and president...
We are excited to introduce a new format for The Weighing Machine podcast. From now on, in addition to hearing market insights from the investment team at CLS Investments, you will also hear an in-depth interview with a strategist at Orion Portfolio Solutions, CLS’s sister company. In this episode, Orion Director of Investment Due Diligence...
A look at the state of the ETF marketplace, important changes to retirement planning, and the market impact of recent military action in Iran. CLS Director of Research and Senior Portfolio Manager Grant Engelbart sits down to discuss the most attractive areas of the market and improvements made to CLS’s Risk Budgeting methodology. This week’s...
Rusty looks back at the markets over the past year and the past decade. Plus, a look ahead at what could be in store for the 20’s, including “megatrends” set to shape the decade. CLS Client Portfolio Manager Case Eichenberger discusses the best performing stocks of 2019, Risk Budgeting in the U.S. and global markets,...
This week, Orion CIO Rusty Vanneman, CFA, CMT, digs into the value of outsourcing investment management, the importance of due diligence, and how news headlines have driven markets in 2019. Rusty is joined by CLS CIO Marc Pfeffer who shares his take on recent market news, including a “phase one” trade deal between the U.S....
Rusty is joined by CLS Directors of Research and Senior Portfolio Managers Grant Engelbart, CFA, CAIA, and Kostya Etus, CFA, to discuss the return of active management, lingering fears of a recession, how to measure risk, and finding diamonds in the rough. This week’s guest is Orion Chief Operating Officer Ryan Beach. Ryan talks about...
This week, we answer some of the most common recent questions we’ve been hearing from investors, and we share our expectations for the rest of 2019. Plus, CLS Client Portfolio Manager Jeovany Zelaya and analysts Michael Hadden and Nick Codola sit down to discuss the importance of diversification, connecting with new generations of investors, and...
As the U.S. and China seem to be making progress on trade negotiations – we’re discussing what the latest developments could mean for investors. Plus, after the recent un-inversion of the yield curve – is there still a possibility of an impeding recession? And, CLS Chief Investment Officer Marc Pfeffer discusses why bonds have had...
As competition rises, more firms are cutting trading fees. CLS Co-director of Research & Senior Portfolio Manager Kostya Etus discusses how this can help investors and what it means for the industry as a whole. Plus, a review of what has helped and what has hurt CLS performance. This week’s guest is Chris Romano, Quantitative...
Has the long-awaited value comeback finally arrived? Plus, the best stock markets you’ll never invest in. CLS Director of Research and Senior Portfolio Manager Grant Engelbart sits down to discuss market sentiment and the status of the global bond market. This week’s guest is Marc Pfeffer, the new Chief Investment Officer of CLS Investments. Marc...
Lessons from a volatile month, Tweet-sized answers to your top questions, and is Warren Buffett’s investing style still relevant? [2:05] CLS Chief Investment Strategist Marc Pfeffer talks about moves by the Federal Reserve, trade tensions, and President Trump’s Tweets that have prompted recent market volatility. [33:15] This week’s guest is Bruce Bischoff, CLS’s head of...
As the U.S.-China trade war continues, we look at how the back-and-forth between the two countries is impacting investors. [4:38] Plus, a discussion on opportunities created by the recent dip in the markets and what we’re watching for with the yield curve. [14:33] This episode’s guest is David Braun, Managing Director and Generalist Portfolio Manager...
In this jam-packed episode, Rusty discusses the Fed’s rate cut, ETF performance, and the surprising relationship between ETFs and expense ratios. [14:20] Plus, CLS Director of Research and Senior Portfolio Manager Grant Engelbart sits down to talk about the power of compounding, small-cap stocks, and highlights from CLS’s recent Investment Committee meeting. [27:59] This episode’s...
[2:23] A lot has changed since the birth of our nation, but one thing that has persevered is inflation! [5:02] Plus, CLS Senior Client Portfolio Manager Case Eichenberger talks about why investors should learn to love their bonds and the importance of being resilient. [24:04] Rusty interviews CLS Chief Behavioral Scientist and Analytics Officer Nicholas...
CLS President & CIO Rusty Vanneman answers some of the top questions he has been hearing from investors – including “how likely is a recession?”. [6:20] CLS Deputy Chief Investment Officer Joe Smith breaks down how we’re helping investors search for yield in a low-rate environment. [21:26] Plus, a discussion on investing opportunities in artificial...
Will the Federal Reserve raise rates? CLS Portfolio Manager Shana Sissel breaks down three possible reasons they will and three possible reasons they won’t. [14:06] Find out how we’re tapping into the opportunity presented by corn amid a tough planting season for this important agricultural commodity. [26:30] In this week’s interview, Rusty is joined by...
[1:15]Rusty reviews the markets, what to expect from the negative investor sentiment, and the highly bullish bond sentiment. [3:00] Plus, key points to keep in mind when evaluating earnings data. [4:40] Senior Portfolio Manager Kostya Etus covers the importance of global investing for a smoother investment ride, and [15:35] is value investing dead? [22:08]Why are...
[2:23] Rusty is joined by CLS Deputy CIO Joe Smith & Senior Client Portfolio Manager Case Eichenberger to talk about the latest news on tariff talks and U.S. China trade tensions. [4:40] Plus, a discussion on the most recent Berkshire Hathaway shareholders meeting and Warren Buffett’s wisdom on competitive advantage. [10:24] Joe explains the power...
[3:08] We debunk the old saying “Sell in May and go away.” [5:41] CLS Deputy Chief Investment Officer Joe Smith explains why healthcare stocks have lagged behind the rest of the U.S. market lately. [7:27] Plus, we check in on past returns and future expectations. [23:17] Rusty interviews Bill Hoyt, Head of Research and Portfolio...
[3:00] Rusty and CLS Deputy Chief Investment Officer Joe Smith talk about industry disruptors, from a golfing great to self-driving cars. [9:16] How investment managers can use alternatives to enhance diversification in portfolios. [15:27] What advisors can do to tap into the massive amounts of wealth that women are leaving on the sidelines. [19:28] In...
Rusty is joined by CLS Director of Research and Senior Portfolio Manager Grant Engelbart for a discussion on recent market activity and sentiment. [4:19] Many parallels exist between March Madness and the way some people select their investments. We look at lessons from the sports world that can help lead to better investing choices. [6:57]...
Guest: Todd Clarke, NorthStar Financial Services Board Member & Former CEO of CLS. [4:44] Why long-term investors should avoid the pitfall of chasing performance. [6:45] CLS Client Portfolio Manager Jeovany Zelaya discusses the true value of a financial advisor in the ever-changing financial environment. [24:52] NorthStar Board Member & former CLS CEO Todd Clarke sits...
Guest: CEO of Orion Advisor Services Eric Clarke. [2:14] When will the market reward its most attractive segments? It’s actually already happening. [6:12] Plus, CLS Chief Investment Strategist Marc Pfeffer discusses how the NBA can teach investors a lesson of avoiding bad trading partners. [19:23] Orion Advisor Services CEO sits down with Rusty to discuss...
Guest: CLS Senior Vice President of National Accounts Mike Zarren. [1:27] What’s happening with Brexit, do we think a bear market is on the horizon, and lessons learned from John C. Bogle, founder of The Vanguard Group. [8:15] CLS Portfolio Manager Shana Sissel discusses where we are in the economic cycle and potential diversification benefits...
Guests: CLS Analysts Michael Hadden, Dustin Dorhout, and Aleck Liu. [2:30] A play-by-play of some of the wildest swings in December, starting with the yield curve inversion, and major factors that sparked the increase in market volatility. [11:04] What we think about a potential looming recession, and reasons investors should be optimistic in 2019. [18:50]...
Guests: Dean Cook, CEO of FTJ FundChoice and Julie Lane, Head of Human Resources at Northstar Financial Services. [1:36] We dig into some of the biggest reasons 2018 was a tough year in the markets and how we’re staying focused in the new year. [3:55] CLS Chief Investment Strategist Marc Pfeffer explains what the yield...
Guest: Shana Sissel, CLS Portfolio Manager. [2:15] We still have many reasons to keep the faith in global investing despite a rough year in some segments of the market. Also, we break down the opportunities that come with market volatility. [18:47] A discussion on how the growing financial influence of women is creating new opportunities...
Guest: Paul Baiocchi, VP, ETF Business Development at Fidelity Institutional Asset Management. [1:23] Why we believe the markets could finish the year on a strong note. [4:26] CLS Senior Portfolio Manager Kostya Etus discusses how we can focus on controlling risk during choppy markets – why a globally balanced portfolio can benefit investors – and...
Guest: John Diehl, Senior Vice President of Strategic Markets for Hartford Funds. [1:25] How CLS portfolios fared in a rough month for the markets and what we expect moving forward. [9:00] CLS Senior Portfolio Manager Case Eichenberger discusses whether the October correction fits the technical definition of a “correction.” Plus, is CLS interested in including...
Guest: Scott West, Head of Invesco Consulting. [2:27] At the 2018 CLS Advisor Insight Conference, Chief Investment Officer Rusty Vanneman is joined by Marc Pfeffer, Chief Investment Strategist, for a discussion on why it still makes sense to include bonds in portfolios. [11:45] How to navigate investments in a rising rate environment. [17:24] Is now...
Guest: Kevin Zlomke, CLS Institutional Trading Manager. [2:20] A discussion with CLS Senior Portfolio Manager/Co-Director of Research Grant Engelbart on how investors benefit from having time on their side, a major change to the financial market classification, and how different asset classes have different seasons. [13:50] Plus, we break down three myths and three key...
Guest: Case Eichenberger, CIMA, and Jeovany Zelaya, Client Portfolio Managers. [3:45] How CLS has evolved as an ETF strategist since the early 2000’s. [7:28] Why international markets are a great place to be investing right now. [10:53] Are investors worrying too much about the next bear market? [13:07] Rusty interviews CLS Client Portfolio Managers Case...
Guest: Dawn Batho, CLS Director of Inside Sales & Service. [4:06] CLS Senior Portfolio Manager & Co-Director of Research Grant Engelbart, CFA, CAIA, discusses how market sentiment is impacting short-term equity. [8:15] Plus, three factors that have driven Warren Buffett’s remarkable success for decades and how we take advantage of his lessons. [11:23] Also, a...
Guest: Chelsey Duncan, CLS Director of Marketing. [4:29] Headlines can be deceiving and hidden risk may be preying on your “safe” investment. [10:33] Plus, Senior Market Strategist Joe Smith talks about why now might not be the time to accelerate into U.S. stocks and how to take advantage of market jitters to reduce the tax...
Guest: Meb Faber. [4:02] How much should we care about GDP, is now the time to buy FANG stocks, and the role of “expectations” in the markets. [16:41] CLS Portfolio Manager Kostya Etus discusses tariffs, two beautiful countries, and evaluating risk. [36:07] And a very special interview with Meb Faber, Co-Founder/Chief Investment Officer of Cambria...
Guest: Gene Frerichs. [4:14] Our view on emerging markets, why advisors get fired for outperforming, and whether stock buybacks can benefit investors. [14:43] Plus the pros and cons of dynasties and the biggest risks of new tariffs with CLS Senior Portfolio Manager, Marc Pfeffer. [22:59] Special interview with CLS Senior Performance Analyst, Gene Frerichs. And...
Guest: Bill Wostoupal. [2:34] Trade wars, volatility in emerging markets, and the link between smart beta ETFs and taxes. [8:07] Plus the record-breaking economic expansion and what’s new at the Fed with CLS Portfolio Manager, Marc Pfeffer. [20:52] Special interview with NorthStar’s EVP of Sales, Bill Wostoupal. 1674-CLS-7/3/2018
Guest: Robyn Murray. The rise of artificial intelligence, where to find value, and how to add tax alpha to returns. Plus: the race to zero, how to evaluate active managers, and how to avoid a shark bite! Special guest: Grant Engelbart, CFA, CLS Portfolio Manager. 1607-CLS-6/14/2018
Guest: Todd Clarke, Managing Director of NorthStar. To succeed as investors, we must be different! A look at CLS’s contrarian views: why we like commodities and emerging markets before anyone else did. Plus: What’s keeping investors up at night and why is smart beta so smart? 1576-CLS-6/6/2018
Guest: Chad Boyer, Chief Technology Officer at CLS. As investors, should we sail, or should we row? And is it time to sell and go away? Plus the benefits of bonds, a hidden gem: emerging market tech stocks, and a look back at Berkshire’s shareholder’s meeting with guest Joe Smith, CLS Portfolio Manager. 1541-CLS-5/22/2018
Guest: Invesco’s Paul Curbo with a deep dive into real estate. This is a jam-packed episode covering market timing, the NFL draft, Risk Budgeting, and bargain shopping with our guests, CLS portfolio managers Grant Engelbart and Josh Jenkins. 1493-CLS-5/4/2018 Not FDIC Insured | May Lose Value | No Bank Guarantee There are risks involved with...
Guest: CLS CEO Ryan Beach. How can we improve performance during this lackluster time for returns? And are smart people better investors? We also discuss tariffs, technology, and managing for the next black swan with our guest, CLS Client Portfolio Manager Case Eichenberger. 1422-CLS-4/17/2018
Guest: CLS Portfolio Manager, Kostya Etus. A look back at a volatile first quarter and how investors should respond. We also discuss the impact of tariffs, the down sides of ETFs, and the new face of values-based investing. CLS Investments, LLC was selected as a winner for ETF.com’s ETF Investor of the Year – 2017. ETF.com...
Guests: Regional Vice President of Sales Anders Smith, Myles Bozinovski, Brian Ragle, Darrell Saathoff, and John Welch. CLS’s Chief Investment Officer, Rusty Vanneman, continues his discussion on sales best-practices and experiences. 1346-CLS-3/21/2018
Guests: Regional Vice President of Sales: Shari Rash, Mark Soukup, and Jon Trbovich. And CLS’s Executive Vice President of Sales, Bruce Bischoff, sits with Chief Investment Officer, Rusty Vanneman, to discuss sales best-practices and experiences. Part 2 of this special series will release next week. 1346-CLS-3/21/2018
Guests: Brian Kelleher, Senior Vice President, ETF Strategy, for PIMCO, and Bobby Brooks, Managing Director, National Sales Manager, for Deutche Asset Management. CLS announces a new investment theme: Be Active! We also take a look at the hidden risks in income investing and discuss the bond market’s bumpy ride with our guest, CLS Portfolio Manager Josh...
Guests: Sal Gilbertie of Teucrium Trading and Brent Leadbetter of Research Affiliates. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer Production: Series Producer – Sadie Brewer, Producer & Engineer – Nicholas Harnack, Artwork – Gary Withrow 1252-CLS-2/20/2018
Guest: Brian Ragle, Senior Regional Vice President of Sales. Volatility finally returns in 2018. We’ll look back at last week’s market slide and review the U.S. dollar, emerging markets, and lessons from 2017 with Case Eichenberger, CLS Client Portfolio Manager. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray –...
Guest: Josh Jenkins, CFA – Portfolio Manager. Will volatility make a comeback in 2018? A closer look at CLS’s outlook for the new year, a review of the bond market, and tips on how to prepare for a rising-rate environment. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer...
Guest: Paula Wieck, CFA – Portfolio Manager. A look back at 2017 and how CLS portfolios performed plus a dive into tax reform and the so-called trend from active to passive investing. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer Production: Producer – Sadie Brewer, Engineer –...
Guests: CLS portfolio managers Kostya Etus and Grant Engelbart. How can advisors reach millennials — and why do they need to? Is Bitcoin mania all speculation, or does this cryptocurrency deserve another look? Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer Production: Producer – Sadie Brewer, Engineer...
Guest: Marc Pfeffer – CLS Senior Portfolio Manager. A look at the housing market and the ever-present influences of politics and taxes. CLS’s Marc Pfeffer discusses two favorite topics – fixed income ETFs and Bitcoin. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer 3271-CLS-12/4/2017
Guest: Joe Smith – CLS Senior Market Strategist. What do we mean by investment theme? And just what – again – is smart beta?? Plus special guest Joe Smith, portfolio manager and human computer, discusses the impact of tax reform on your portfolio and whether machines are going to replace us all! Hosts: Rusty Vanneman,...
Guest: Reggie Browne – Senior Managing Director – ETF Group, Cantor Fitzgerald. Just how much money are we going to spend on Halloween? What’s happening with cash, and is the strength of the market’s positive returns all that durable? Plus an interview with Marc Pfeffer, senior portfolio manager and resident East Coaster at CLS. Investments Hosts:...
Guest: Kostya Etus – CLS portfolio manager. How might President Trump’s tax cuts impact your portfolio? And what are some of the behavioral biases that get investors off track? With special guest Kostya Etus, we’ll discuss unwarranted fears, managing expectations, and, of course, movies. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments...
Guest: Case Eichenberger, CLS client portfolio manager. Are we heading for a bear market? Or will this bull keep going? On this episode, we review investor sentiment and how we can prepare for either scenario. We’ll also discuss commodities, factor investing, and why we might have it totally wrong on dividends. Hosts: Rusty Vanneman, CFA,...
Guest: Joseph Smith, CFA – CLS Senior Market Strategist Episode topic: September Fed meeting, Future of bitcoin, and Current inflation breakdown Hosts: Rusty Vanneman, CFA, CMT – CLS Chief Investment Officer and Robyn Murray
Diversification is working. CLS & behavioral analysis. Why benchmark construction is important.