Podcasts about CFA Institute

Global association of investment professionals

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Best podcasts about CFA Institute

Latest podcast episodes about CFA Institute

CLS's The Weighing Machine
The Possibility of a Global Recession with Colleen Ambrose

CLS's The Weighing Machine

Play Episode Listen Later Nov 29, 2022 25:31


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 Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 2145-OPS-11/8/2022

Palisade Radio
Michael Gayed: The Only Year in History when Treasuries have Lost More than Stocks

Palisade Radio

Play Episode Listen Later Nov 22, 2022 41:48


Tom welcomes back Michael Gayed, Portfolio Manager at Toroso Asset Management. Michael is the author and publisher of the Lead-Lag Report. Michael discusses how insane this year has been and how this is the only year in history where treasuries have lost more money than stocks. The only period it can be compared with is 1931. We're in very abnormal territory. People can get overly comfortable if something isn't happening immediately. We saw that with FTX and Lehman Brothers collapses. The beauty of FinTwit is the ability to see the short-term perspective of investors. Michael says, "When investment becomes religion, it's time to lose faith." This is what happens in markets people get overly confident in markets, and we're seeing margin calls in crypto. Usually, margin calls aren't limited to just one asset class. He explains the terms risk on and risk off. For the bulk of this year, Toroso's signals have been risk-off and defensive. The melt-up scenario is still very much in play, but we're in a recession. Melt ups are basically just FOMO which eventually fizzle out. A split government isn't a bad thing for markets and the economy. The best thing is to lower fiscal spending to reduce inflationary pressures long term. In many ways, the Fed may be trying to counter seasonality. The strength in the dollar is usually tied to a good treasury market, but this year is the exception. The persistence of the dollar has been relentless until recently. The bear market will continue to take some time to play out. We're setting records for the rate of change in many areas. All the statistics are showing that something is not normal. All investors can do is hope that it ends, and Michael is seeing some reason for optimism. Gold needs the dollar to underperform, and the market needs to believe that a bear market will persist. The link between miners and gold price is not that correlated. Miners are dependent on additional factors like energy and input costs to consider. At some point, we end up in a similar debt to GDP situation with that of Japan. Who knows where we will be in another ten years. Time Stamp References:0:00 - Introduction0:35 - Sanity Check3:26 - Contagion & Risk8:54 - Melt Up Thesis16:22 - Fed & China18:48 - OPEC & SPR21:53 - Commodities & Lumber23:50 - Dollar Strength26:25 - Foreign Dollar Demand29:39 - Gold & The Dollar32:17 - Gold Miners33:29 - Layoffs & Retail36:44 - Pivot & Future Inflation38:49 - Brazil40:45 - Wrap Up Talking Points From This Week's Episode Why this year is highly abnormal in U.S. history.Risk on and off metrics and why he is positioned defensively.Why a split government is good for the economy and inflation expectations.The outlook for gold and correlations with miners. Guest Links:Website: https://www.leadlagreport.com/Website: http://torosoinv.com/Twitter: https://twitter.com/leadlagreportYouTube: https://www.youtube.com/theleadlagreport Michael A. Gayed, CFA, is Portfolio Manager at Toroso Asset Management, an award-winning author and publisher of The Lead-Lag Report. Michael is a well-respected results-oriented Investment Manager, showcasing 15 years of successfully executing initiatives that result in significant revenue growth. In addition, he is known for identifying and implementing various investment strategies to capture market anomalies while maintaining a business mindset beyond portfolio management. Michael offers a proven track record of evaluating business/investment opportunities, quickly understanding market dynamics and relationships. He is also an out-of-the-box thinker committed to strengthening organizations' financial performance through dedicated hard work and a passion for investing. He is a graduate of (Cum Laude) NYU Stern School of Business with a Double Major in Finance & Management and holds a Bachelor of Science in Finance & Management. In addition, he is a Chartered Financial Analyst from the CFA Institute.

The Caring Economy with Toby Usnik
Michelle Clayman: Founder, Managing Partner and Chief Investment Officer @ New Amsterdam Partners LLC

The Caring Economy with Toby Usnik

Play Episode Listen Later Nov 14, 2022 33:28


Michelle Clayman is the Founder, Managing Partner and Chief Investment Officer of New Amsterdam Partners LLC, an institutional money management firm based in New York City. She is a member of the Board of Trustees of Stanford University where she also serves as Chair of the Advisory Council of the Michelle R. Clayman Institute for Gender Research. She is a member of the Vice Chancellor's Circle at Oxford University and a Johnson Honorary Fellow of St. Anne's College, Oxford. She sits on the Dean's Council at Harvard Divinity School. She is Board Chair of the Girl Scout Council of Greater New York. Michelle has served as President of the Society of Quantitative Analysts, as well as on the boards of the Institute of Quantitative Research in Finance and US SIF – the Forum for Sustainable and Responsible Investing. She has been published in the Financial Analysts Journal, the Finance Professionals' Post and the Journal of Investing and is a co-editor of Corporate Finance: A Practical Approach (Wiley 2008). She was also a co-editor of the 2016 UNPRI publication: A practical guide to ESG integration for equity investing. She has chaired the Equity Curriculum Committee of the CFA Institute. Ms. Clayman has a degree in Philosophy, Politics and Economics from Oxford University in England (BA, MA (Oxon)) and received her MBA from Stanford University in California. Don't forget to check out my book that inspired this podcast series, The Caring Economy: How to Win With Corporate Social Responsibility (CSR). Want to listen to more? Find it all on TikTok and YouTube. --- Support this podcast: https://anchor.fm/toby-usnik/support

Masters in Business
Dave Nadig on Exchange-Traded Funds

Masters in Business

Play Episode Listen Later Nov 11, 2022 86:56


Bloomberg Radio host Barry Ritholtz speaks with ETF industry pioneer Dave Nadig, who currently serves as financial futurist at the data, analytics and thought-leadership firm VettaFi. Nadig, who has more than 25 years of experience in the field — including as managing editor at ETF.com — co-authored a definitive book on ETFs, “A Comprehensive Guide To Exchange-Traded Funds,” for the CFA Institute. See omnystudio.com/listener for privacy information.

PwC's accounting and financial reporting podcast
Special episode: Looking back on 20 years of SOX

PwC's accounting and financial reporting podcast

Play Episode Listen Later Nov 7, 2022 55:44


The US enacted the Sarbanes-Oxley Act of 2002 (SOX) two decades ago. In this special episode, host Heather Horn was joined by Wes Bricker, PwC's Vice Chair and Trust Solutions Co-Leader for the US and Mexico, and Sandy Peters, the CFA Institute's Senior Head of Global Advocacy, to reflect on how SOX has impacted the public company reporting ecosystem during that time, and what investors think of the regulatory framework.In this episode, you will hear them discuss:1:47 - What led to the enactment of SOX9:52 - How management and auditor responsibilities have evolved since 200214:35 - The increasing importance of transparency for investors21:51 - How SOX enhanced investors' understanding of the financial reporting process26:34 - How increased scrutiny over data, process, and controls resulted in increase investor confidence36:49 - The evolution of ESG reporting and the importance of trust in ESG disclosures49:25 - The future corporate reporting and importance of internal controls over nonfinancial and “pre-financial” dataWes Bricker is PwC's Vice Chair and Trust Solutions Co-Leader for the US and Mexico. In this role he oversees the largest Trust platform in the world, bringing together the firm's combined Audit, ESG, Digital Assurance, and Tax Reporting capabilities to best help clients as they seek to build trust with their stakeholders. As co-leader, Wes is responsible for the quality of service, excellence in the work performed by over 21,000 partners and staff, developing diverse teams and driving innovation. Sandy Peters is the Senior Head of Global Advocacy at the CFA Institute. In this role, she leads the advocacy and regulatory affairs global efforts, including corporate disclosures, financial reporting, accounting and ESG/sustainability. Sandy also serves as a CFA Institute spokesperson to key regulators and standard setters, and works with stakeholders in the policymaking process. Heather Horn is PwC's National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC's accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather's accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

Outside In with Jon Lukomnik
Andres Vinelli, Chief Economist at CFA Institute, on Short-Termism, Regulation, Capital Markets and Standard Setting.

Outside In with Jon Lukomnik

Play Episode Listen Later Nov 1, 2022 29:28


Andres Vinelli is the CFA Institute's Chief Economist, an expert in financial markets and in the analysis of highly regulated markets who leads the Research function, which is foundational to developing the organization's advocacy positions, standards, and codes. Andres also guides economic market analysis and the creation of derivative products to inform and support policy positions and the development of industry standards. As a member of the Research, Advocacy and Standards Leadership Team, Andres works to augment cross-departmental and cross-functional original research. Before his service at the CFA Institute, Andres was the Vice President for Economic Policy at the Center for American Progress where he spearheaded the strategic direction of economic policy for the organization. Areas of focus included macroeconomic recovery and the COVID-19 pandemic as well as incorporating Environmental, Social, and Governance considerations in financial market regulation and in corporate governance. Andres is also an Adjunct Professor at the McDonough School of Business at Georgetown University, where he teaches the MBA course “Financial Markets and Crises." On this episode of Outside In, Jon talks with Andres about short-termism, regulation, capital markets and standard setting.

A New Lens with CommonGood Capital
#55 – John Bowman on the Problem With ESG

A New Lens with CommonGood Capital

Play Episode Listen Later Oct 31, 2022 39:47


Jeff Shafer, CEO of CommonGood Capital, is joined by John Bowman, who serves as Executive Vice President for CAIA Association, to discuss his start in financial services, his eye-opening 14 years at the non-profit CFA Institute, how CAIA protects clients through education and advocacy, the importance of a stewardship mindset, his controversial thoughts on ESG, and much more.

Market Maker
CAREER INSIGHT: Tanya Tracey, CEO of GAIN (Girls Are INvestors)

Market Maker

Play Episode Listen Later Oct 12, 2022 20:20


In this career insight episode, I am joined by Tanya Tracey who is the CEO of Girls Are Investors (GAIN), which is a charity that seeks to address the lack of diversity in investment management through partnerships with schools and universities. Tanya has over twenty years of experience in investment banking, investor relations, and diversity and inclusion, having worked at J.P. Morgan, Nomura, and the CFA Institute.In this conversation, Tanya shares her career journey, working in a male-oriented environment, imposter syndrome, misconceptions about working in finance, and the importance of having role models.GAIN is a fantastic charity and we are incredibly proud to work with such inspiring women to help bring about change in the workplace!GAIN Investment Insight Programme http://www.gainuk.org/gain-investment-insight-programmeGAIN Empowerment Investment Internship Programme http://www.gainuk.org/gain-empower-investment-internship-programmeTanya LinkedIn https://www.linkedin.com/in/tanyatracey/Anthony LinkedIn https://www.linkedin.com/in/anthonycheung10/AmplifyME daily newsletter https://amplifyme.com/market-makerAmplifyME FREE simulation https://amplifyme.com/finance-accelerator Hosted on Acast. See acast.com/privacy for more information.

Critical thinking, critical issues
Pension plans today and tomorrow

Critical thinking, critical issues

Play Episode Listen Later Oct 11, 2022 26:12


Opinions expressed are those of the speakers as of the date of publication, are subject to change without notice and do not necessarily reflect Mercer's opinions.In this episode, Marg Franklin, President and CEO of the CFA Institute unpacks the 2022 Mercer CFA Institute Global Pension Index with lead author David Knox, a Senior Partner at Mercer. Throughout, they explore the results of year's index and discuss the significant challenges and important changes to the pension industry in the last year.  Explore the 2022 Mercer CFA Institute Global Pension IndexThis content is for institutional investors and information purposes only. It does not contain investment, financial, legal, tax or any other advice and should not be relied upon for this purpose. The materials are not tailored to your particular personal and/or financial position. If you require advice based on your specific circumstances, you should contact a professional adviser.Read our full important notices - click here

Registered Investment Advisor Podcast
Ep68: Creating a Team Career Path at Crestwood Advisors

Registered Investment Advisor Podcast

Play Episode Listen Later Sep 28, 2022 17:57


John co-founded Crestwood in 2003 and serves as a Wealth Manager and Managing Partner. John focuses the majority of efforts at the firm being present with clients and ensuring that their long-term financial goals are on track and, as a Managing Partner, helps guide the strategy for the firm. His desire is to demystify wealth and to thoughtfully present solutions that reduce financial stress and create positive financial outcomes. John has over 30 years of experience in the financial services industry.  Michael has been helping individuals and families most effectively manage their investments and enhance their financial security for over 30 years. As CEO & Managing Partner, Michael helps to guide the firm's strategy and is responsible for implementing and managing the resources to support the strategic direction of the firm.  Michael holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the Boston Security Analysts Society. Michael has been named multiple times to Boston Magazines “Five Star Wealth Managers”*. He has an MBA in Finance from New York University Stern School of Business and a B.S. in Business Administration from the University of Delaware.   Listen to this insightful RIA episode with John Morris about Crestwood Advisors! Here is what to expect on this week's show: - How they are tapping into the first-generation wealth market. - How they both quarterback the team that is serving the client. - Creating a career path for people at Crestwood.   Connect with John: Guest Links: LinkedIn- https://www.linkedin.com/in/john-morris-6146ba Website- https://www.crestwoodadvisors.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Americana Partners
Stay Invested - September 2022 Market Commentary

Americana Partners

Play Episode Listen Later Sep 28, 2022 45:45


Melissa Giles, Director of Portfolio Management with Americana Partners presents the Monthly Market Commentary as written by, David M Darst, Chief Investment Officer with Americana Partners.  Any charts/graphs referenced are available in print format and may be provided at your request. David is currently the Chief Investment Officer for Americana Partners. David served for 17 years as a Managing Director and Chief Investment Strategist of Morgan Stanley Wealth Management, with responsibility for Asset Allocation and Investment Strategy; was the founding President of the Morgan Stanley Investment Group; and was founding Chairman of the Morgan Stanley Wealth Management Asset Allocation Committee. After 2014, he served for several years as Senior Advisor to and a member of the Morgan Stanley Wealth Management Global Investment Committee. He joined Morgan Stanley in 1996 from Goldman Sachs, where he held Senior Management posts within the Equities Division and earlier, for six years as Resident Manager of their Private Bank in Zurich. David is the Author of twelve books: (i) The Complete Bond Book (McGraw-Hill); (ii) The Handbook of the Bond and Money Markets (McGraw-Hill); (iii) The Art of Asset Allocation, Second Edition (McGraw-Hill); (iv) Mastering the Art of Asset Allocation (McGraw-Hill); (v) Benjamin Graham on Investing (McGraw-Hill); (vi) The Little Book that Saves Your Assets (John Wiley & Sons), which was ranked on the bestseller lists of The New York Times and Business Week; (vii) Portfolio Investment Opportunities in China (John Wiley & Sons); and (x) Portfolio Investment Opportunities in Precious Metals (John Wiley & Sons). His works have been translated into Chinese, Japanese, Russian, German, Korean, Italian, Indonesian, Norwegian, Romanian, and Vietnamese. Seapoint Books published David's eleventh book in 2012 , Voyager 3, containing his creative writing, and in 2016, his twelfth book, Flim-Flam Flora, a children's book coauthored with his daughter. David appears as a frequent guest on CNBC, Bloomberg, FOX, PBS, and other television channels, and has contributed numerous articles to Barron's Euromoney, The Money Manager, Forbes.com, The Yale Economic Review, and other publications. He has broadcast and written extensively on asset allocation in the Morgan Stanley biweekly Investment Strategy and Asset Allocation Commentary and in the Firm's Wealth Management monthly publication, Asset Allocation and Investment Strategy Digest, the predecessors of which he launched in 1997. David attended Father Ryan High School in Nashville, Tennessee, graduated from Phillips Exeter Academy, was awarded a BA degree in Economics from Yale University, and earned his MBA from Harvard Business School. David serves on the Investment Committee of the Phi Beta Kappa Foundation and the Advisory Boards of the George Washington Institute for Religious Freedom and the Black Rock Arts Foundation. David has lectured extensively at Wharton, Columbia, INSEAD, and New York University Business Schools, and for nine years, David served as a visiting faculty member at Yale College, Yale School of Management, and Harvard Business School. In November 2011, David was inducted by Quinnipiac University in their Business Leaders Hall of Fame. David is a CFA Charterholder and a member of the New York Society of Security Analysts and the CFA Institute. Join Our Distribution List – For a full copy of our report. Americana Partners - https://www.americanapartners.com/contact/ Americana Partners Website - https://www.americanapartners.com/ Linked In - https://www.linkedin.com/company/americana-partners/ Spotify - https://open.spotify.com/show/3rX19ND89pwEob9efsFNNF iTunes - https://podcasts.apple.com/us/podcast/americana-partners/id1496186853 Google Podcasts - https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZGJlYW4uY29tL2FtZXJpY2FuYXBhcnRuZXJzL2ZlZWQueG1s?sa=X&ved=0CAYQrrcFahcKEwj4gZrR_OnwAhUAAAAAHQAAAAAQAg   Disclosures Americana Partners, LLC is registered as an investment adviser with the SEC. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. A copy of Americana Partners' current written disclosure brochure filed with the SEC which discusses among other things, Americana Partners' business practices, services and fees, is available through the SEC's website at: www.adviserinfo.sec.gov. The tax and legal information contained in this newsletter is general in nature. It should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and less stringent investor protection and disclosure standards in some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market. Investing involves certain risks, including possible loss of principal. You should understand and carefully consider a strategy's objectives, risks, fees, expenses and other information before investing. The views expressed in this commentary are subject to change and are not intended to be a recommendation or investment advice. Such views do not take into account the individual financial circumstances or objectives of any investor that receives them. The strategies described herein may not be suitable for all investors. There is no guarantee that the adviser will meet any of its investment objectives. All indices are unmanaged and are not available for direct investment. Indices do not incur costs including the payment of transaction costs, fees and other expenses. This information should not be considered a solicitation or an offer to provide any service in any jurisdiction where it would be unlawful to do so under the laws of that jurisdiction. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. The S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The Nasdaq Composite® Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests. The EAFE® Index is a stock index offered by MSCI that covers non-U.S. and Canadian equity markets. It serves as a performance benchmark for the major international equity markets as represented by 21 major MSCI indices from Europe, Australasia, and the Middle East. The EAFE® Index is the oldest international stock index and is commonly called the MSCI EAFE Index. The Russell 2500® is a market-cap-weighted index that includes the smallest 2,500 companies covered in the broad-based Russell 3000 sphere of United States-based listed equities. All 2,500 of the companies included in the Index cover the small- and mid-cap market capitalizations. The Russell 1000® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The CBOE Volatility Index (VIX) is a measure of expected price fluctuations in the S&P 500 Index options over the next 30 days. The VIX is calculated in real time by the Chicago Board Options Exchange (CBOE). P/E or Price to Earnings ratio is indicates the dollar amount an investor can expect to invest in a company in order to receive one dollar of that company's earnings. The Consumer Confidence Survey® reflects prevailing business conditions and likely developments for the months ahead. The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District; Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The ISM manufacturing index, also known as the purchasing managers' index (PMI), is a monthly indicator of U.S. economic activity based on a survey of purchasing managers at more than 300 manufacturing firms. The Composite Index of Leading Indicators, otherwise known as the Leading Economic Index (LEI), is an index published monthly by The Conference Board. It is used to predict the direction of global economic movements in future months. A bond rating is a letter-based credit scoring scheme used to judge the quality and creditworthiness of a bond. The option adjusted spread (OAS) measures the difference in yield between a bond with an embedded option, such as an MBS or callables, with the yield on Treasuries. Mean reversion, in finance, suggests that various phenomena of interest such as asset prices and volatility of returns eventually revert to their long-term average levels. A meme stock is a security that has seen an increase in trading volume after going viral on social media or an online forum. This document may contain forward-looking statements relating to the objectives, opportunities, and the future performance of the U.S. market generally. Forward looking statements may be identified by the use of such words as; “believe,” “expect,”“anticipate,”“should,”“planned,”“estimated,”“potential”and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio' operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward looking statements or examples. This material is proprietary and may not be reproduced, transferred, modified or distributed in any form without prior written permission from Americana Partners. Americana Partners reserves the right, at any time and without notice, to amend, or cease publication of the information contained herein. Certain of the information contained herein has been obtained from third-party sources and has not been independently verified. It is made available on an "as is" basis without warranty. Any strategies or investment programs described in this presentation are provided for educational purposes only and are not necessarily indicative of securities offered for sale or private placement offerings available to any investor. The mention of any individual security should not be construed as a recommendation to buy or sell that security.

The Metaphysical Mysteries Podcast
Tom Whitmore: MJ-12 Researcher MUFON Board Member

The Metaphysical Mysteries Podcast

Play Episode Listen Later Sep 15, 2022 68:20


Tom Whitmore: MJ-12 Researcher MUFON Board Member Terry and Tom are back with another fascinating guest – UFO and MJ-12 researcher Tom Whitmore from the San Antonio area. He is a board member and a current investigator for MUFON – a mutual UFO network. Tom Whitmore went to school at Portland State University and majored in business and finance and is a financial analyst. Tom has had a long-term interest in UFOs starting in the 1960s and in addition to being a MUFON board member, he has a special interest in the MJ-12 affair.   When he was a child, Tom started reading Donald Keyhoe's books on UFOs. Back then, UFOs were frequently in the news. Additionally, Tom has always been an avid history reader especially European history and the Soviet Union – which lead to an interest in espionage and intelligence. In the late 80s when the MJ-12 documents came out, his first impression was that they might have something to do with espionage and with intelligence work. That is where Tom Whitmore's interest in UFOs and history converge. He has generally been interested in UFOs but he has had a keen and particular interest in MJ-12.    The MJ-12 Program   In the late 70s, a UFO researcher by the name of William More and a well-known researcher by the name of Stan Friedman came across the so-called Roswell incident. Both of them interviewed a number of witnesses. Bill Moore in particular, came out with a book known as “The Roswell Incident” with Charles Berlitz. This may have kicked off a series of counter-measures from the Air Force and from the defense intelligence agency, and even the CIA. The organization is claimed to be the code name of an alleged secret committee of scientists, military leaders, and government officials, formed in 1947 by an executive order by U.S. President Harry S. Truman to facilitate recovery and investigation of alien spacecraft.   Tom Whitmore has a blog (https://tomwhitmoreblog.wordpress.com/) and writes research papers on things that were considered “secret” or are “top secret”.     About Tom Whitmore   Tom has been a MUFON member since 1990 and has served as a MUFON State Section Director for Texas. He has served on the MUFON Board of Directors since 1995. Tom holds the Chartered Financial Analyst certification from the CFA Institute. Tom is employed as a financial analyst with a local corporation. Formerly CEO of a $220mm financial institution for seven years.   A few of Tom's interests include: crash retrievals, and military/intelligence involvement. Tom is an avid reader of history and current events. He spends his spare time playing guitar and he is a passionate music lover. Other activities include hiking, biking, swimming, running and camping. Tom lives with his wife Marilyn and their daughter, Julia, who will attend Texas State University in San Marcos.   About The Metaphysical Mysteries Podcast   The Metaphysical Mysteries Podcast focuses on metaphysical principles, state-of-the-art science, and also, the practical application to help metaphysics make sense in today's world. We also discuss what metaphysics is, explain it, and connect it to other modalities. (sound healing, astral travel, reiki, psychics, energy, etc.). Practical applications demonstrating how these concepts are useful on a daily basis, with actual scenarios where applicable.   The Metaphysical Mysteries Podcast is the “go-to” place for everything metaphysical. We feature guests such as researchers, doctors, authors, scientists, and practitioners. Each episode also offers high-quality research about metaphysical topics. Interested in becoming a featured guest on The Metaphysical Mysteries Podcast? Register to become a guest here!  

Joey Pinz Discipline Conversations
#132 Vitaliy Katsenelson: Investing, Stoicism and the Russian War|Joey Pinz Discipline Conversations

Joey Pinz Discipline Conversations

Play Episode Listen Later Sep 14, 2022 76:06 Transcription Available


Vitaliy N. Katsenelson, CFA is Chief Investment Officer at IMA. He is the author of The Little Book of Sideways Markets (Wiley, 2010) and Active Value Investing (Wiley, 2007). While his primary focus is on discovering undervalued companies for his clients, he is also known for his uncommon common sense, which is regularly expressed in articles in the Financial Times, Barron's, Bloomberg BusinessWeek, the Christian Science Monitor, Institutional Investor, and the New York Post, among other outlets. You can find an archive of his articles on ContrarianEdge.com. He speaks frequently to investment groups around the world and was most recently profiled in Barron's in September 2009. Previously, he was also an adjunct faculty member at the University of Colorado Graduate School of Business where he taught Practical Equity Analysis class. He is a CFA charter holder, a member of the CFA Institute, and has served on the board of the CFA Society of Colorado. Katsenelson received both his bachelor of science and his master of science in finance from the University of Colorado at Denver.Episode Links:Web: https://contrarianedge.com/LinkedIn: https://www.linkedin.com/in/katsenelson/YouTube: https://www.youtube.com/c/vitaliykAmazon Books: https://www.amazon.com/Vitaliy-Katsenelson/e/B001JSCHKS%3Fref=dbs_a_mng_rwt_scns_shareTwitter: https://twitter.com/vitaliykSole in the Game Book: https://soulinthegame.net/Joey Pinz Conversations Podcast Information: • Website: https://www.joeypinz.com • Link Tree: https://linktr.ee/joeypinz • Music by Tom Izzo: @wahlsinger  https://tomizzomusic.com  Support our podcast:  • Subscribe: https://joeypinzconversations.com/subscribe/ • How much is this podcast worth to you? Consider $5, $10 or $20/mo with Patreon: https://www.patreon.com/joeypinz  • How about a one-time payment?  • What is the episode worth to you? $25/$50/$100/$500 /$1,000/$5,000 with PayPal (one-time): https://www.paypal.com/paypalme/JoePannone Please subscribe/follow to Joey Pinz Discipline Conversations Podcast: • Spotify, Apple, Google, or others.  Please consider rating with 5 stars if you like it. • Apple: https://podcasts.apple.com/us/podcast/joey-pinz-discipline-conversations/id1583997438 • Spotify: https://open.spotify.com/show/69SFwY3XSwcw9qNvElAn10 • Google: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5idXp6c3Byb3V0LmNvbS8xODI4OTA2LnJzcw • YouTube: https://www.youtube.com/c/JoeyPinzDisciplineConversations?sub_confirmation=1Please follow on social media: @TheJoeyPinz • Instagram: @TheJoeyPinz https://www.instagram.com/TheJoeyPinz  • Twitter: @TheJoeyPinz  https://twitter.com/TheJoeyPinz • Facebook: @TheJoeyPinz https://www.facebook.com/TheJoeyPinz • TikTok:  @TheJoeyPinz  https://www.tiktok.com/@thejoeypinz • Minds:  @TheJoeyPinz  https://www.minds.com/thejoeypinzFinally,  join our newsletter: https://joeypinzconversations.com/#newsletterSupport the show

The Prosperity Perspective
88. Redeploy Your Best Asset Wisely

The Prosperity Perspective

Play Episode Listen Later Sep 6, 2022 28:35


Today's guest visits The Prosperity Perspective from the other side of the pond; Phil Blows brings his insights as crypto expert and founder of AQRU in London, a company that manages 8 different crypto-related businesses within it. Learn where we are on the crypto adoption curve right now from someone who knows about it, such as how it will become not a replacement but be complementary to our currency system. Educate yourself on this currency that “will increasingly become a part of the average portfolio,” including why 99 percent of the 70,000 available bitcoins will not be worth investing in when you look under the hood. Phil also shares his experience moving from being an employee to running his own company and the fears that came with it. He explains why he's glad to have taken his time to the age of 26 to launch his company because he needed the knowledge and confidence that comes with years of experience. Get his strategic thinking about where to redeploy the assets they made and his number one advice to entrepreneurs looking to begin their crypto venture.  3 Key TakeawaysDon't focus on the money you can gain from a startup. Instead, focus on doing what makes you truly passionate and the money will follow. If you start a business and end up as an employee again, you HAVEN'T wasted your time. Companies are more likely to hire someone who founded a business from scratch because of the experience gained. Your time is your most valuable asset. Don't waste it doing things that other team members could do better. In other words, do what you do best. ResourcesLinkedinTwitterAQRU appWebsite (leave a comment about how their service is doing!)About Phil BlowsPhil is founder and CEO of AQRU Plc, a business that specializes in helping institutional and retail customers earn high interest rates on their cryptocurrency. Phil has more than 15 years of leadership experience in the Fintech and asset management sectors having spearheaded the scaling-up of online trading platforms at several leading companies.As an expert in financial planning and wealth management, Phil spent 4 years, during his time at UK robo-adviser, Wealth Wizards, speaking with over 10,000 retail investors about how they manage their money and then designed a simple online tool to help give advice and guidance to help everyday people improve their financial health.Phil also worked as a senior foreign exchange adviser at Continental Capital Markets S.A where he built a global client base of investment banks and advised on derivative investment strategies.Phil also created the Asset Management arm of global foreign exchange business, Money corps, helping retail customers create investment strategies in the stock and derivative markets. Phil graduated from the University of Leeds and went on to gain an MBA from the University of Geneva. He holds several internationally recognized financial certifications and qualifications, including an Investment Management Certificate from the CFA Institute and has been certified a Block chain Expert by the Block chain Council.Phil is passionate about improving the financial health of all those he meets and is the author of a personal finance book, The Money Triangle, proceeds of which support various financial education charities.

Americana Partners
Stay Invested - August 2022 Market Commentary

Americana Partners

Play Episode Listen Later Sep 4, 2022 45:57


Melissa Giles, Director of Portfolio Management with Americana Partners presents the Monthly Market Commentary as written by, David M Darst, Chief Investment Officer with Americana Partners.  Any charts/graphs referenced are available in print format and may be provided at your request. David is currently the Chief Investment Officer for Americana Partners. David served for 17 years as a Managing Director and Chief Investment Strategist of Morgan Stanley Wealth Management, with responsibility for Asset Allocation and Investment Strategy; was the founding President of the Morgan Stanley Investment Group; and was founding Chairman of the Morgan Stanley Wealth Management Asset Allocation Committee. After 2014, he served for several years as Senior Advisor to and a member of the Morgan Stanley Wealth Management Global Investment Committee. He joined Morgan Stanley in 1996 from Goldman Sachs, where he held Senior Management posts within the Equities Division and earlier, for six years as Resident Manager of their Private Bank in Zurich. David is the Author of twelve books: (i) The Complete Bond Book (McGraw-Hill); (ii) The Handbook of the Bond and Money Markets (McGraw-Hill); (iii) The Art of Asset Allocation, Second Edition (McGraw-Hill); (iv) Mastering the Art of Asset Allocation (McGraw-Hill); (v) Benjamin Graham on Investing (McGraw-Hill); (vi) The Little Book that Saves Your Assets (John Wiley & Sons), which was ranked on the bestseller lists of The New York Times and Business Week; (vii) Portfolio Investment Opportunities in China (John Wiley & Sons); and (x) Portfolio Investment Opportunities in Precious Metals (John Wiley & Sons). His works have been translated into Chinese, Japanese, Russian, German, Korean, Italian, Indonesian, Norwegian, Romanian, and Vietnamese. Seapoint Books published David's eleventh book in 2012 , Voyager 3, containing his creative writing, and in 2016, his twelfth book, Flim-Flam Flora, a children's book coauthored with his daughter. David appears as a frequent guest on CNBC, Bloomberg, FOX, PBS, and other television channels, and has contributed numerous articles to Barron's Euromoney, The Money Manager, Forbes.com, The Yale Economic Review, and other publications. He has broadcast and written extensively on asset allocation in the Morgan Stanley biweekly Investment Strategy and Asset Allocation Commentary and in the Firm's Wealth Management monthly publication, Asset Allocation and Investment Strategy Digest, the predecessors of which he launched in 1997. David attended Father Ryan High School in Nashville, Tennessee, graduated from Phillips Exeter Academy, was awarded a BA degree in Economics from Yale University, and earned his MBA from Harvard Business School. David serves on the Investment Committee of the Phi Beta Kappa Foundation and the Advisory Boards of the George Washington Institute for Religious Freedom and the Black Rock Arts Foundation. David has lectured extensively at Wharton, Columbia, INSEAD, and New York University Business Schools, and for nine years, David served as a visiting faculty member at Yale College, Yale School of Management, and Harvard Business School. In November 2011, David was inducted by Quinnipiac University in their Business Leaders Hall of Fame. David is a CFA Charterholder and a member of the New York Society of Security Analysts and the CFA Institute. Join Our Distribution List – For a full copy of our report. Americana Partners - https://www.americanapartners.com/contact/ Americana Partners Website - https://www.americanapartners.com/ Linked In - https://www.linkedin.com/company/americana-partners/ Spotify - https://open.spotify.com/show/3rX19ND89pwEob9efsFNNF iTunes - https://podcasts.apple.com/us/podcast/americana-partners/id1496186853 Google Podcasts - https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZGJlYW4uY29tL2FtZXJpY2FuYXBhcnRuZXJzL2ZlZWQueG1s?sa=X&ved=0CAYQrrcFahcKEwj4gZrR_OnwAhUAAAAAHQAAAAAQAg   Disclosures Americana Partners, LLC is registered as an investment adviser with the SEC. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. A copy of Americana Partners' current written disclosure brochure filed with the SEC which discusses among other things, Americana Partners' business practices, services and fees, is available through the SEC's website at: www.adviserinfo.sec.gov. The tax and legal information contained in this newsletter is general in nature. It should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and less stringent investor protection and disclosure standards in some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market. Investing involves certain risks, including possible loss of principal. You should understand and carefully consider a strategy's objectives, risks, fees, expenses and other information before investing. The views expressed in this commentary are subject to change and are not intended to be a recommendation or investment advice. Such views do not take into account the individual financial circumstances or objectives of any investor that receives them. The strategies described herein may not be suitable for all investors. There is no guarantee that the adviser will meet any of its investment objectives. All indices are unmanaged and are not available for direct investment. Indices do not incur costs including the payment of transaction costs, fees and other expenses. This information should not be considered a solicitation or an offer to provide any service in any jurisdiction where it would be unlawful to do so under the laws of that jurisdiction. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. The S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The Nasdaq Composite® Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests. The EAFE® Index is a stock index offered by MSCI that covers non-U.S. and Canadian equity markets. It serves as a performance benchmark for the major international equity markets as represented by 21 major MSCI indices from Europe, Australasia, and the Middle East. The EAFE® Index is the oldest international stock index and is commonly called the MSCI EAFE Index. The Russell 2500® is a market-cap-weighted index that includes the smallest 2,500 companies covered in the broad-based Russell 3000 sphere of United States-based listed equities. All 2,500 of the companies included in the Index cover the small- and mid-cap market capitalizations. The Russell 1000® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The CBOE Volatility Index (VIX) is a measure of expected price fluctuations in the S&P 500 Index options over the next 30 days. The VIX is calculated in real time by the Chicago Board Options Exchange (CBOE). P/E or Price to Earnings ratio is indicates the dollar amount an investor can expect to invest in a company in order to receive one dollar of that company's earnings. The Consumer Confidence Survey® reflects prevailing business conditions and likely developments for the months ahead. The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District; Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The ISM manufacturing index, also known as the purchasing managers' index (PMI), is a monthly indicator of U.S. economic activity based on a survey of purchasing managers at more than 300 manufacturing firms. The Composite Index of Leading Indicators, otherwise known as the Leading Economic Index (LEI), is an index published monthly by The Conference Board. It is used to predict the direction of global economic movements in future months. A bond rating is a letter-based credit scoring scheme used to judge the quality and creditworthiness of a bond. The option adjusted spread (OAS) measures the difference in yield between a bond with an embedded option, such as an MBS or callables, with the yield on Treasuries. Mean reversion, in finance, suggests that various phenomena of interest such as asset prices and volatility of returns eventually revert to their long-term average levels. A meme stock is a security that has seen an increase in trading volume after going viral on social media or an online forum. This document may contain forward-looking statements relating to the objectives, opportunities, and the future performance of the U.S. market generally. Forward looking statements may be identified by the use of such words as; “believe,” “expect,”“anticipate,”“should,”“planned,”“estimated,”“potential”and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio' operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward looking statements or examples. This material is proprietary and may not be reproduced, transferred, modified or distributed in any form without prior written permission from Americana Partners. Americana Partners reserves the right, at any time and without notice, to amend, or cease publication of the information contained herein. Certain of the information contained herein has been obtained from third-party sources and has not been independently verified. It is made available on an "as is" basis without warranty. Any strategies or investment programs described in this presentation are provided for educational purposes only and are not necessarily indicative of securities offered for sale or private placement offerings available to any investor. The mention of any individual security should not be construed as a recommendation to buy or sell that security.

Sustainable Nation
Bérénice Lasfargues - Sustainability Integration Lead - BNP Paribas Asset Management

Sustainable Nation

Play Episode Listen Later Aug 29, 2022 37:38


Bérénice Lasfargues is Sustainability Integration Lead at BNP Paribas Asset Management. In this role, she is in charge of the implementation of the firm's ESG integration policy, working closely with portfolio managers across all asset classes to more purposefully integrate ESG criteria in their portfolios; and manages the internal firm-wide network of ESG Champions in investment teams. The changing regulatory environment is placing increasing importance on ESG data, and in her role, Bérenice works on the evolution of the firm's ESG research platform (including development of BNPP AM proprietary ESG rating and SDG data models) and provides strategic guidance on the optimal flow of ESG data through the company. She also coordinates the firm's approach to impact investment, and leads on its ESG analysis in the ICT sector.  She is the representative for BNPP AM's sustainable investment capabilities across the Americas, promoting the firm's expertise with clients and externally across the region. Previously, she worked at the OECD, undertaking economic research on green and blended finance. She was also a legislative fellow in the U.S. House of Representatives and conducted fieldwork on climate change and development in emerging markets. Bérénice holds masters' degrees in engineering and environmental management from Ecole Centrale Paris (now CentraleSupelec) and the National University of Singapore, respectively. She is an EFFAS CESGA (Certified ESG Analyst) certificate holder. Bérénice joins Sustainable Nation to Discuss: Why asset managers are looking so closely at sustainability and ESG goals BNP Pams sustainability investment beliefs and four standard pillars Challenges with ESG rating systems How ESG data could become more valuable Advice and recommendations for sustainability professionals  Bérénice's Final Five Questions Responses What is one piece of advice you would give other sustainability professionals that might help them in their careers? One piece of advice would be to get involved or keep up as much as you can with collaborative working groups and networks. Depending on your focus area or sector, there are so many. For example, if you are within the investment management industry, you could get involved with Principles for Responsible Investment, the Global Impact Investing network, or the Initial Investors Group on Climate Change, just to name a few. I was collectively marched towards mainstreaming sustainability for more cognitive diversity to solve common challenges and raise the bar across the board. So number one is get involved. Number two would be to put in the work into the training and knowing your stuff on sustainability. It may seem from the outside, the ESG landscape is a bit fuzzy. We just talked about the fact that the market is fragmented. But ESG is now part of a firm's license to operate. Therefore there is a need to engage and upscale your workforce on this topic. There are great trainings that exist, the CFA Institute, the Fundamentals for Sustainability Accounting from SASB, the European Federation of Financial Society also has a training. Within BNP Pam we have a network of ESG champions. Each client and investment facing team has one, and they're required to get some formal certification on ESG. So it starts with people and upscaling your people so they have expertise to make the right judgment calls. Maybe a final one would be: develop your leadership skills as they relate to change management. All ESG jobs at the moment, unless you're working at a pure player firm, and even then, involve some element of persuasion and winning hearts and minds. ESG is a journey, and along the journey you will need people and you will need to be able to convince people in other parts of the firm on the foundation of ESG. That is what change management is all about.  What are you most excited about right now in the world of sustainability? The momentum of the space, but also the increased scrutiny from a new set of stakeholders- regulators, retail, investors, consumers- clearly they shine the light on the fact that we have made so much progress. But there is still so much progress that we still need to make. In the current environment, there is a strong and very important push against greenwashing and that is welcome. I think it will make us only better as practitioners. What is one book you would recommend sustainability professionals read? One short book, which is really a call to action, would be On Impact: A Guide to the Impact Revolution by Sir Ronald Cohen. This book is kind of a prelude of sorts to this much longer book titled Impact: Reshaping Capitalism to Drive Real Change. So you can either read the short manifesto or the longer book depending on your bandwidth. But both books talk about the advent of the impact entrepreneurs and the potential paradigm shift from the risk return equation to a risk return impact equation in investment analysis, and also from measuring activities and inputs to measuring outcomes. Also how at each level as consumers; citizens, employers, we can facilitate this transition in thinking on impact investing. Another book, I have to confess I'm only halfway through, but another book which I find very interesting is Moving Beyond Portfolio Theory by Jon Lukomnik James Hawley. We truly look at how modern portfolio theory has been instrumental in shaping traditional investment but also how it falls short in terms of including a consideration of systemic risk and market ecosystem impact. So that's a very tall order, tackling modern portfolio theory. That's what you're trying to do in this book. What are some of your favorite resources or tools that really help you in your work? In terms of resources, keeping up with market developments related to ESG investing. There are a few newsletters and resources that I would say most of us in the industry tend to read. There is Responsible Investors, Environmental Finance, Bloomberg Green, the Financial Times Moral Money newsletter just to name a few. Another resource for us is academia as well as looking at work done by international organizations, such as the IEA, the OCE or the World Bank Group. We at BMP Pam are a founding supporter of GRAFSI, which is the Global Research Alliance for Sustainable Finance and Investments. It is a global network of leading research universities founded in 2017 that aims to develop academic collaboration on the topic and they have aan annual conference. The next one is in September at the University of Zurich and next year will be at Yale university in September 2023. I think one of the reasons we are very keen to support academia is that as sustainable investment practitioners in such a growing and emerging field, we really need to rely on high quality academic research to make sense of this ESG alphabet to support development of new methodologies, as well as inform development of our new policies in a way that is transparent. Where can our listeners go to learn more about you and your work being done at BNP? They can find information regarding our approach to sustainability on our corporate website https://group.bnpparibas/en/. On it you can find global sustainability strategy, all our policies on integration, stewardship, regulatory documentation. We have a sustainability report but also have profiled members of our firm on what it means for them in the day to day sustainable investor for a changing world. I can also be reached out to directly on LinkedIn and Twitter.

Americana Partners
Stay Invested - August 2022 (Summary) Market Commentary

Americana Partners

Play Episode Listen Later Aug 26, 2022 6:44


Melissa Giles, Director of Portfolio Management with Americana Partners presents the Monthly Market Commentary as written by, David M Darst, Chief Investment Officer with Americana Partners.  Any charts/graphs referenced are available in print format and may be provided at your request. David is currently the Chief Investment Officer for Americana Partners. David served for 17 years as a Managing Director and Chief Investment Strategist of Morgan Stanley Wealth Management, with responsibility for Asset Allocation and Investment Strategy; was the founding President of the Morgan Stanley Investment Group; and was founding Chairman of the Morgan Stanley Wealth Management Asset Allocation Committee. After 2014, he served for several years as Senior Advisor to and a member of the Morgan Stanley Wealth Management Global Investment Committee. He joined Morgan Stanley in 1996 from Goldman Sachs, where he held Senior Management posts within the Equities Division and earlier, for six years as Resident Manager of their Private Bank in Zurich. David is the Author of twelve books: (i) The Complete Bond Book (McGraw-Hill); (ii) The Handbook of the Bond and Money Markets (McGraw-Hill); (iii) The Art of Asset Allocation, Second Edition (McGraw-Hill); (iv) Mastering the Art of Asset Allocation (McGraw-Hill); (v) Benjamin Graham on Investing (McGraw-Hill); (vi) The Little Book that Saves Your Assets (John Wiley & Sons), which was ranked on the bestseller lists of The New York Times and Business Week; (vii) Portfolio Investment Opportunities in China (John Wiley & Sons); and (x) Portfolio Investment Opportunities in Precious Metals (John Wiley & Sons). His works have been translated into Chinese, Japanese, Russian, German, Korean, Italian, Indonesian, Norwegian, Romanian, and Vietnamese. Seapoint Books published David's eleventh book in 2012 , Voyager 3, containing his creative writing, and in 2016, his twelfth book, Flim-Flam Flora, a children's book coauthored with his daughter. David appears as a frequent guest on CNBC, Bloomberg, FOX, PBS, and other television channels, and has contributed numerous articles to Barron's Euromoney, The Money Manager, Forbes.com, The Yale Economic Review, and other publications. He has broadcast and written extensively on asset allocation in the Morgan Stanley biweekly Investment Strategy and Asset Allocation Commentary and in the Firm's Wealth Management monthly publication, Asset Allocation and Investment Strategy Digest, the predecessors of which he launched in 1997. David attended Father Ryan High School in Nashville, Tennessee, graduated from Phillips Exeter Academy, was awarded a BA degree in Economics from Yale University, and earned his MBA from Harvard Business School. David serves on the Investment Committee of the Phi Beta Kappa Foundation and the Advisory Boards of the George Washington Institute for Religious Freedom and the Black Rock Arts Foundation. David has lectured extensively at Wharton, Columbia, INSEAD, and New York University Business Schools, and for nine years, David served as a visiting faculty member at Yale College, Yale School of Management, and Harvard Business School. In November 2011, David was inducted by Quinnipiac University in their Business Leaders Hall of Fame. David is a CFA Charterholder and a member of the New York Society of Security Analysts and the CFA Institute. Join Our Distribution List – For a full copy of our report. Americana Partners - https://www.americanapartners.com/contact/ Americana Partners Website - https://www.americanapartners.com/ Linked In - https://www.linkedin.com/company/americana-partners/ Spotify - https://open.spotify.com/show/3rX19ND89pwEob9efsFNNF iTunes - https://podcasts.apple.com/us/podcast/americana-partners/id1496186853 Google Podcasts - https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZGJlYW4uY29tL2FtZXJpY2FuYXBhcnRuZXJzL2ZlZWQueG1s?sa=X&ved=0CAYQrrcFahcKEwj4gZrR_OnwAhUAAAAAHQAAAAAQAg   Disclosures Americana Partners, LLC is registered as an investment adviser with the SEC. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. A copy of Americana Partners' current written disclosure brochure filed with the SEC which discusses among other things, Americana Partners' business practices, services and fees, is available through the SEC's website at: www.adviserinfo.sec.gov. The tax and legal information contained in this newsletter is general in nature. It should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and less stringent investor protection and disclosure standards in some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market. Investing involves certain risks, including possible loss of principal. You should understand and carefully consider a strategy's objectives, risks, fees, expenses and other information before investing. The views expressed in this commentary are subject to change and are not intended to be a recommendation or investment advice. Such views do not take into account the individual financial circumstances or objectives of any investor that receives them. The strategies described herein may not be suitable for all investors. There is no guarantee that the adviser will meet any of its investment objectives. All indices are unmanaged and are not available for direct investment. Indices do not incur costs including the payment of transaction costs, fees and other expenses. This information should not be considered a solicitation or an offer to provide any service in any jurisdiction where it would be unlawful to do so under the laws of that jurisdiction. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. The S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The Nasdaq Composite® Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests. The EAFE® Index is a stock index offered by MSCI that covers non-U.S. and Canadian equity markets. It serves as a performance benchmark for the major international equity markets as represented by 21 major MSCI indices from Europe, Australasia, and the Middle East. The EAFE® Index is the oldest international stock index and is commonly called the MSCI EAFE Index. The Russell 2500® is a market-cap-weighted index that includes the smallest 2,500 companies covered in the broad-based Russell 3000 sphere of United States-based listed equities. All 2,500 of the companies included in the Index cover the small- and mid-cap market capitalizations. The Russell 1000® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The CBOE Volatility Index (VIX) is a measure of expected price fluctuations in the S&P 500 Index options over the next 30 days. The VIX is calculated in real time by the Chicago Board Options Exchange (CBOE). P/E or Price to Earnings ratio is indicates the dollar amount an investor can expect to invest in a company in order to receive one dollar of that company's earnings. The Consumer Confidence Survey® reflects prevailing business conditions and likely developments for the months ahead. The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District; Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The ISM manufacturing index, also known as the purchasing managers' index (PMI), is a monthly indicator of U.S. economic activity based on a survey of purchasing managers at more than 300 manufacturing firms. The Composite Index of Leading Indicators, otherwise known as the Leading Economic Index (LEI), is an index published monthly by The Conference Board. It is used to predict the direction of global economic movements in future months. A bond rating is a letter-based credit scoring scheme used to judge the quality and creditworthiness of a bond. The option adjusted spread (OAS) measures the difference in yield between a bond with an embedded option, such as an MBS or callables, with the yield on Treasuries. Mean reversion, in finance, suggests that various phenomena of interest such as asset prices and volatility of returns eventually revert to their long-term average levels. A meme stock is a security that has seen an increase in trading volume after going viral on social media or an online forum. This document may contain forward-looking statements relating to the objectives, opportunities, and the future performance of the U.S. market generally. Forward looking statements may be identified by the use of such words as; “believe,” “expect,”“anticipate,”“should,”“planned,”“estimated,”“potential”and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio' operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward looking statements or examples. This material is proprietary and may not be reproduced, transferred, modified or distributed in any form without prior written permission from Americana Partners. Americana Partners reserves the right, at any time and without notice, to amend, or cease publication of the information contained herein. Certain of the information contained herein has been obtained from third-party sources and has not been independently verified. It is made available on an "as is" basis without warranty. Any strategies or investment programs described in this presentation are provided for educational purposes only and are not necessarily indicative of securities offered for sale or private placement offerings available to any investor. The mention of any individual security should not be construed as a recommendation to buy or sell that security.

The Leader | Evening Standard daily
Bonus Content: CFA Institute's Marg Franklin

The Leader | Evening Standard daily

Play Episode Listen Later Aug 14, 2022 10:52


If you work in the financial and investment sectors, you will know about the CFA - their exam is known to be “the world's toughest”.The mere mention of the gruelling test on Wall Street would probably leave some of the toughest finance veterans weeping.Celebrating their 75th anniversary this year, we're joined by Marg Franklin the CEO of The Chartered Financial Analyst Institute.In this episode, she explains how they've navigated through many eras of economic uncertainty, including the pandemic, and how Gen Z's societal and environmental ethics are transforming the workplace.You can listen to the full interview on our How To Be A CEO podcast here.For all the latest business news head to standard.co.uk/business Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

Real Life Trading PIVOT
Season 2 Episode 32 Interview with Dennis Dick Part 2

Real Life Trading PIVOT

Play Episode Listen Later Aug 12, 2022 32:06


Dennis Dick from the Premarket Prep joins Tracy and Dan to discuss his trading journey as well as his extensive 20 plus years of market knowledge.  Join in for part 2 of this interview.About: Dennis Dick, CFADennis Dick, CFA is a professional trader and market structure analyst withTriple D Trading. Previously, he traded with proprietary trading firm, BrightTrading for 23 years where he specialized in pair trading, crutch trading,momentum, contrarian, technical, and algorithmic trading. His insights intoequity market structure have been cited in a number of financial publicationsincluding the Wall Street Journal, Reuters, Dow Jones, Forbes, and CNBC. Dennishosts the Benzinga podcast Premarket Prep and is a former member of theCapital Markets Policy Council at the CFA Institute. He holds his Business Degreefrom the University of Windsor with a concentration in Finance and Economics.for more information about his upcoming swing trading program https://www.premarketprep.com/introduction-to-swing-trading/To follow Dennis on twitter go to @tripledtraderFor more information on where and how we trade check us out at Real Life Trading.  Follow us on Twitter @RLTPivot. Watch the full episode on YouTube here https://youtu.be/ro2yot7ApjI

The Securities Compliance Podcast: Compliance In Context
S3:E9 | Marketing Rule Master Class Episode 4 - Performance | Compliance in Context

The Securities Compliance Podcast: Compliance In Context

Play Episode Listen Later Aug 10, 2022 77:28


Welcome to Episode 4 of the Marketing Rule Master Class mini-series focused on performance. In our fourth episode of the master class, moderated by Carlo di Florio, ACA Group, you will hear from Karyn Vincent, CFA Institute, Janice Kitzman, Cascade Compliance, Julia Reyes, ACA Group, and Shivani Choudhary, ACA Group, as they discuss the various Marketing Rule performance requirements including how they compare and contrast with GIPS 2020. Our panelists will provide practical advice and insights as to how best to set your compliance program up for success. We hope you enjoy this installment of the master class series! Show Interview with Karyn Vincent, Janice Kitzman, Julia Reyes and Shivani Choudhary 3:09: Net vs Gross Performance 16:22: 1, 5, ads 10-year requirements 25:00: Related performance 40:03: Extracted performance - attribution 51:43: Hypothetical performance 1:07:15: Portability of performance 1:10:58: Recordkeeping Quotes 4:43 – “Given that the definition of performance refers to a portfolio, I think it’s reasonable to assume that performance does not include items that are meant to be analyzed or be composed for portfolio performance. For example, standard deviation and other risk measures are not the returns of a portfolio.” - Karyn 12:48 – “Whatever you are providing to a prospect investor, at the end of the day would that be construed as misleading or not is the mindset you should be thinking about.” – Julia 20:31: “I am a big believer in updating GIPS report annually and just leaving them alone. [In times of market volatility] the safest approach is to include any other performance information including year-to-date returns either in other materials or maybe as an attachment to the GIPS report. If the GIPS report is used as a standalone advertisement it has to meet all of the requirements of the Marketing Rule. This is what many firms do now and should continue with this approach.” - Karyn 31:57: “GIPS compliant firms will definitely have a leg up with the Marketing Rule because they will have already calculated composite returns that they too will consider meet the requirements of the Marketing Rule” – Karyn 57:49: “Every time someone turns around with [a] model, and it’s often a chain, that is being used within these platforms, you have to stop and say is it ok that I am giving this performance to people. There is going to come a time when you say, “no.” - Julia

Real Life Trading PIVOT
Season 2 Episode 31 Interview with Dennis Dick Part 1

Real Life Trading PIVOT

Play Episode Listen Later Aug 5, 2022 26:21


Dennis Dick from the Premarket Prep joins Tracy and Dan to discuss his trading journey as well as his extensive 20 plus years of market knowledge.  Join in for part 1 of this interview. About: Dennis Dick, CFADennis Dick, CFA is a professional trader and market structure analyst withTriple D Trading. Previously, he traded with proprietary trading firm, BrightTrading for 23 years where he specialized in pair trading, crutch trading,momentum, contrarian, technical, and algorithmic trading. His insights intoequity market structure have been cited in a number of financial publicationsincluding the Wall Street Journal, Reuters, Dow Jones, Forbes, and CNBC. Dennishosts the Benzinga podcast Premarket Prep and is a former member of theCapital Markets Policy Council at the CFA Institute. He holds his Business Degreefrom the University of Windsor with a concentration in Finance and Economics.for more information about his upcoming swing trading program https://www.premarketprep.com/introduction-to-swing-trading/To follow Dennis on twitter go to @tripledtraderFor more information on where and how we trade check us out at Real Life Trading.  Follow us on Twitter @RLTPivot. Watch the full episode on YouTube here https://youtu.be/RVh8jT-cw4o

Health and Wealth Podcast with Carter & Tim
Glenn Busch, CFA From All-American Athlete To All-American Portfolio Manager

Health and Wealth Podcast with Carter & Tim

Play Episode Listen Later Aug 3, 2022 67:54


Ep 65 - Glenn graduated from the University of California at San Diego with a BS in Animal Physiology & Neuroscience and a Masters in Educational Sciences. Glenn is also a CFA® charter holder of the CFA Institute.  He serves on the firm's investment committee and is the lead manager for the AMM Dividend Growth Strategy.  A former All-American Water Polo player at UCSD, Glenn enjoys coaching and mentoring collegiate-level water polo players in his spare time. Find out more about Glenn Busch on LinkedIn here: https://www.linkedin.com/in/glenn-busch/ or on the company website: https://www.amminvest.com/about/  WEALTH: Not getting enough clients? GO TO: www.CSIFG.com Book a FREE 15-minute Client Acquisition Consultation with Carter or one of his team members. HEALTH: Low on energy or overweight? Go to www.chemicalfreebody.com/enrichers and grab GREEN 85 Juice Formula or book a FREE 30-minute Health Strategy Session with Tim or one of his coaches.See omnystudio.com/listener for privacy information.

Americana Partners
Stay Invested - July 2022 Market Commentary

Americana Partners

Play Episode Listen Later Jul 28, 2022 41:30


Melissa Giles, Director of Portfolio Management with Americana Partners presents the Monthly Market Commentary as written by, David M Darst, Chief Investment Officer with Americana Partners.  Any charts/graphs referenced are available in print format and may be provided at your request. David is currently the Chief Investment Officer for Americana Partners. David served for 17 years as a Managing Director and Chief Investment Strategist of Morgan Stanley Wealth Management, with responsibility for Asset Allocation and Investment Strategy; was the founding President of the Morgan Stanley Investment Group; and was founding Chairman of the Morgan Stanley Wealth Management Asset Allocation Committee. After 2014, he served for several years as Senior Advisor to and a member of the Morgan Stanley Wealth Management Global Investment Committee. He joined Morgan Stanley in 1996 from Goldman Sachs, where he held Senior Management posts within the Equities Division and earlier, for six years as Resident Manager of their Private Bank in Zurich. David is the Author of twelve books: (i) The Complete Bond Book (McGraw-Hill); (ii) The Handbook of the Bond and Money Markets (McGraw-Hill); (iii) The Art of Asset Allocation, Second Edition (McGraw-Hill); (iv) Mastering the Art of Asset Allocation (McGraw-Hill); (v) Benjamin Graham on Investing (McGraw-Hill); (vi) The Little Book that Saves Your Assets (John Wiley & Sons), which was ranked on the bestseller lists of The New York Times and Business Week; (vii) Portfolio Investment Opportunities in China (John Wiley & Sons); and (x) Portfolio Investment Opportunities in Precious Metals (John Wiley & Sons). His works have been translated into Chinese, Japanese, Russian, German, Korean, Italian, Indonesian, Norwegian, Romanian, and Vietnamese. Seapoint Books published David's eleventh book in 2012 , Voyager 3, containing his creative writing, and in 2016, his twelfth book, Flim-Flam Flora, a children's book coauthored with his daughter. David appears as a frequent guest on CNBC, Bloomberg, FOX, PBS, and other television channels, and has contributed numerous articles to Barron's Euromoney, The Money Manager, Forbes.com, The Yale Economic Review, and other publications. He has broadcast and written extensively on asset allocation in the Morgan Stanley biweekly Investment Strategy and Asset Allocation Commentary and in the Firm's Wealth Management monthly publication, Asset Allocation and Investment Strategy Digest, the predecessors of which he launched in 1997. David attended Father Ryan High School in Nashville, Tennessee, graduated from Phillips Exeter Academy, was awarded a BA degree in Economics from Yale University, and earned his MBA from Harvard Business School. David serves on the Investment Committee of the Phi Beta Kappa Foundation and the Advisory Boards of the George Washington Institute for Religious Freedom and the Black Rock Arts Foundation. David has lectured extensively at Wharton, Columbia, INSEAD, and New York University Business Schools, and for nine years, David served as a visiting faculty member at Yale College, Yale School of Management, and Harvard Business School. In November 2011, David was inducted by Quinnipiac University in their Business Leaders Hall of Fame. David is a CFA Charterholder and a member of the New York Society of Security Analysts and the CFA Institute. Join Our Distribution List – For a full copy of our report. Americana Partners - https://www.americanapartners.com/contact/ Americana Partners Website - https://www.americanapartners.com/ Linked In - https://www.linkedin.com/company/americana-partners/ Spotify - https://open.spotify.com/show/3rX19ND89pwEob9efsFNNF iTunes - https://podcasts.apple.com/us/podcast/americana-partners/id1496186853 Google Podcasts - https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZGJlYW4uY29tL2FtZXJpY2FuYXBhcnRuZXJzL2ZlZWQueG1s?sa=X&ved=0CAYQrrcFahcKEwj4gZrR_OnwAhUAAAAAHQAAAAAQAg   Disclosures Americana Partners, LLC is registered as an investment adviser with the SEC. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. A copy of Americana Partners' current written disclosure brochure filed with the SEC which discusses among other things, Americana Partners' business practices, services and fees, is available through the SEC's website at: www.adviserinfo.sec.gov. The tax and legal information contained in this newsletter is general in nature. It should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and less stringent investor protection and disclosure standards in some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market. Investing involves certain risks, including possible loss of principal. You should understand and carefully consider a strategy's objectives, risks, fees, expenses and other information before investing. The views expressed in this commentary are subject to change and are not intended to be a recommendation or investment advice. Such views do not take into account the individual financial circumstances or objectives of any investor that receives them. The strategies described herein may not be suitable for all investors. There is no guarantee that the adviser will meet any of its investment objectives. All indices are unmanaged and are not available for direct investment. Indices do not incur costs including the payment of transaction costs, fees and other expenses. This information should not be considered a solicitation or an offer to provide any service in any jurisdiction where it would be unlawful to do so under the laws of that jurisdiction. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. The S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The Nasdaq Composite® Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests. The EAFE® Index is a stock index offered by MSCI that covers non-U.S. and Canadian equity markets. It serves as a performance benchmark for the major international equity markets as represented by 21 major MSCI indices from Europe, Australasia, and the Middle East. The EAFE® Index is the oldest international stock index and is commonly called the MSCI EAFE Index. The Russell 2500® is a market-cap-weighted index that includes the smallest 2,500 companies covered in the broad-based Russell 3000 sphere of United States-based listed equities. All 2,500 of the companies included in the Index cover the small- and mid-cap market capitalizations. The Russell 1000® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The CBOE Volatility Index (VIX) is a measure of expected price fluctuations in the S&P 500 Index options over the next 30 days. The VIX is calculated in real time by the Chicago Board Options Exchange (CBOE). P/E or Price to Earnings ratio is indicates the dollar amount an investor can expect to invest in a company in order to receive one dollar of that company's earnings. The Consumer Confidence Survey® reflects prevailing business conditions and likely developments for the months ahead. The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District; Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The ISM manufacturing index, also known as the purchasing managers' index (PMI), is a monthly indicator of U.S. economic activity based on a survey of purchasing managers at more than 300 manufacturing firms. The Composite Index of Leading Indicators, otherwise known as the Leading Economic Index (LEI), is an index published monthly by The Conference Board. It is used to predict the direction of global economic movements in future months. A bond rating is a letter-based credit scoring scheme used to judge the quality and creditworthiness of a bond. The option adjusted spread (OAS) measures the difference in yield between a bond with an embedded option, such as an MBS or callables, with the yield on Treasuries. Mean reversion, in finance, suggests that various phenomena of interest such as asset prices and volatility of returns eventually revert to their long-term average levels. A meme stock is a security that has seen an increase in trading volume after going viral on social media or an online forum. This document may contain forward-looking statements relating to the objectives, opportunities, and the future performance of the U.S. market generally. Forward looking statements may be identified by the use of such words as; “believe,” “expect,”“anticipate,”“should,”“planned,”“estimated,”“potential”and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio' operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward looking statements or examples. This material is proprietary and may not be reproduced, transferred, modified or distributed in any form without prior written permission from Americana Partners. Americana Partners reserves the right, at any time and without notice, to amend, or cease publication of the information contained herein. Certain of the information contained herein has been obtained from third-party sources and has not been independently verified. It is made available on an "as is" basis without warranty. Any strategies or investment programs described in this presentation are provided for educational purposes only and are not necessarily indicative of securities offered for sale or private placement offerings available to any investor. The mention of any individual security should not be construed as a recommendation to buy or sell that security.

BEYOND BARRIERS
Episode 223: Feedback Is the Secret to Success with Wellington Managements' Head of Investment Research, Mary L. Pryshlak

BEYOND BARRIERS

Play Episode Listen Later Jul 27, 2022 34:58


Who loves to hear feedback? Most people cringe the moment they hear someone has feedback for them. However, Mary Pryshlak, Senior Managing Director, Partner, and Head of Investment Research for Wellington Management, is one of the few people I've met who equates feedback to being a gift to help people grow. Mary has always been direct with giving feedback since she was a little girl and appreciates the same from others. She believes feedback is a valuable gift and uses it to better herself. That built Mary's character and made her an impactful leader. Mary also isn't afraid to ask others for help. She believes she can gain something from anyone she meets and has all kinds of mentors who teach her valuable lessons. Join us on this podcast as we listen to Mary's stories about authenticity and building great relationships and a solid, supportive community.  Visit https://www.iambeyondbarriers.com where you will find show notes and links to all the resources in this episode, including the best way to get in touch with Mary. Highlights:  [02:24] How Mary ended up in her current role in the financial industry [07:02] How Mary gained clarity about her career path [10:23] Pushing through fears to take advantage of opportunities [12:39] Overcoming setback  [16:34] Learning from feedback [20:31] Leveraging your community [23:53] Finding commonality to build relationships [26:08] How Mary built her circle through authenticity [29:14] Mary's mentors [30:53] Lightning round questions Quotes: “Feedback is a gift.” – Mary Pryshlak “You can work hard, but you don't always win.” – Mary Pryshlak “Self-reflection is a blessing and a curse.” – Mary Pryshlak “There is something you can learn from everyone.” – Mary Pryshlak Lightning Round Questions: What book has greatly influenced you?  “Turn the Ship Around! A True Story of Turning Followers Into Leaders” by L. David Marquet What is your favorite inspiring quote or saying?  “Dance like no one's watching.”  What is one word or moniker you would use to describe yourself?  Fierce What is one change you've implanted that made your life better?  Starting to run with my daughter and surrounding myself with the right people. What power song would you want playing as you walk out onto a stage?  “Fly From the Inside” by Shinedown   About Mary L. Pryshlak: Mary L. Pryshlak, CFA, is Senior Managing Director, Partner, and Head of Investment Research for Wellington Management. Mary leads a team of 130 investment research professionals who directly manage over $165 billion in client assets. These investment professionals conduct in-depth long term research and provide investment recommendations across Wellington's global investment platform, which includes more than 900 portfolio managers worldwide. Mary's team manages assets across a spectrum of strategies including hedge funds, sector funds and long only products. In aggregate, Mary's team represents Wellington's largest book of business for which Mary is the single point of accountability for investment performance and talent. Mary focuses on ensuring that Wellington is attracting, retaining, and motivating world-class securities analysts and investment talent; developing skills and capabilities that enable this world class team to globally connect the dots and evolve with a continually changing marketplace. Collaboration is a critical part of Mary's philosophy and a hallmark of Wellington which is what enables the firm to identify future trends make informed investment decisions on behalf of clients. Prior to being named head of Investment Research, Mary was the director of Global Industry Research and previously spent 13 years as a global industry analyst covering property & casualty insurance stocks. Prior to joining Wellington in 2004, she was an equity analyst covering financial services at The Boston Company (2001 – 2003). Before that, she worked as an analyst at State Street Global Advisors (1995 – 2001) and held positions at Aeltus Investment Management Company (1994) and Spears Benzak Saloman and Farrell (1993 – 1994). Mary received her BA in economics and French from Rutgers College (1993). She also holds the Chartered Financial Analyst designation and is a member of the Association of Insurance and Financial Analysts (AIFA), the CFA Institute, and the CFA Society Boston. Links: LinkedIn: https://www.linkedin.com/in/mary-pryshlak-09748912/

Investor Connect Podcast
Investor Connect - 729 - Phil Blows of AQRU

Investor Connect Podcast

Play Episode Listen Later Jul 26, 2022 24:20


On this episode of Investor Connect, Hall welcomes Phil Blows, Founder and CEO at AQRU, and author of “The Money Triangle.” Headquartered in London, England, AQRU is a business that specializes in helping institutional and retail customers earn high-interest rates on their cryptocurrency. AQRU just surpassed the 10,000 client count since its founding and is one of the in this industry. AQRU offers yields ranging from 7-12% pa on your investments, with all rewards paid in real-time.  Phil has more than 15 years of leadership experience in the Fintech and asset management sectors, having spearheaded the scaling-up of online trading platforms at several leading companies. As an expert in financial planning and wealth management, Phil spent four years, during his time at UK robo-adviser Wealth Wizards, speaking with over 10,000 retail investors about how they manage their money and then designed a simple online tool to help give advice and guidance to help everyday people improve their financial health. Phil also works as a senior foreign exchange adviser at Continental Capital Markets S.A where he built a global client base of investment banks and advised on derivative investment strategies.  He holds several internationally recognised financial certifications and qualifications, including an Investment Management Certificate from the CFA Institute, and has been certified as a blockchain expert by the Blockchain Council. Phil is passionate about improving the financial health of all those he meets and is the author of a personal finance book, “The Money Triangle,” proceeds of which support various financial education charities. Visit AQRU at , LinkedIn at , and on Twitter at .  Reach out to Phil at and on LinkedIn at . _____________________________________________________________________ For more episodes from Investor Connect, please visit the site at:    Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact info@tencapital.group    Please , share, and leave a review. Music courtesy of .

The Long View
Larry Siegel: ‘The Humblest Thing an Investor Can Do Is Buy Index Funds'

The Long View

Play Episode Listen Later Jul 19, 2022 48:24 Very Popular


Our guest this week is Larry Siegel. He is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research for the Ford Foundation's investment division for 15 years. Siegel began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of The Journal of Portfolio Management and TheJournal of Investing. Siegel is a prolific writer and has authored several critically acclaimed books in recent years, including Unknown Knowns: On Economics, Investing, Progress, and Folly as well as Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance. He earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago Booth School of Business.BackgroundBioUnknown Knowns: On Economics, Investing, Progress, and Folly, by Laurence SiegelFewer, Richer, Greener: Prospects for Humanity in an Age of Abundance, by Laurence SiegelResearch"Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance," by Roger Ibbotson, Moshe Arye Milevsky, and Kevin Zhu, ResearchGate, January 2007.Popularity: A Bridge Between Classical and Behavioral Finance, by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, Jan. 15, 2019."Bursting the Bubble—Rationality in a Seemingly Irrational Market," by David F. DeRosa, SSRN, April 29, 2021."Equity Risk Premium Forum: Don't Bet Against a Bubble?," by Paul McCaffrey, CFA Institute, April 8, 2022.The Myth of Artificial Intelligence: Why Computers Can't Think the Way We Do, by Erik Larson, April 6, 2021."Value Investing: Robots Versus People," by Laurence Siegel, larrysiegel.org, June 30, 2017.Endowments and Investing Lessons"Don't Give Up the Ship: The Future of the Endowment Model," by Laurence Siegel, larrysiegel.org, April 7, 2021."Where's Tobin? Protecting Intergenerational Equity for Endowments: A New Benchmarking Approach," by M. Barton Waring and Laurence Siegel, larrysiegel.org, April 21, 2022."Debunking Nine and a Half Myths of Investing," by Laurence Siegel, larrysiegel.org, March 12, 2020.Inflation"Protecting Portfolios Against Inflation," by Eugene Podkaminer, Wylie Tollette, and Laurence Siegel, The Journal of Investing, April 2022."The Novelty of the Coronavirus: What It Means for Markets," by Laurence Siegel, larrysiegel.com, April 1, 2020."Will Demographic Trends Drive Higher Inflation and Interest Rates?" by Laurence Siegel, larrysiegel.com, Feb. 10, 2021.Other"Cliff Asness: Value Stocks Still Look Like a Bargain," The Long View podcast, Morningstar.com, May 31, 2022."Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning," The Long View podcast, Morningstar.com, June 7, 2022.TranscriptJeff Ptak: Hi, and welcome to The Long View. I'm Jeff Ptak, chief ratings officer for Morningstar Research Services.Christine Benz: And I'm Christine Benz, director of personal finance and retirement planning for Morningstar.Ptak: Our guest this week is Larry Siegel. Larry is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research at the Ford Foundation's investment division for 15 years. Larry began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of The Journal of Portfolio Management and The Journal of Investing. Larry is a prolific writer and has authored several critically acclaimed books in recent years, including Unknown Knowns: On Economics, Investing, Progress, and Folly as well as Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance. Larry earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago, Booth School of Business.Larry, welcome to The Long View.Laurence Siegel: Thank you.Ptak: Thank you so much for joining us. We're really excited to chat with you. I wanted to start with your early career. You worked for Roger Ibbotson early in your career. In fact, you were Ibbotson's first employee if I'm not mistaken. Talk about Roger's influence on you and more broadly, the impact he has had on our understanding of markets and investing.Siegel: Roger was not only my first boss, he was my first finance professor at the University of Chicago. So, I got fed the Ibbotson—and to give credit where it's due, to Sinquefield—view of the markets early. I was 21 years old. And I would describe that view as that asset classes are what's important; that security, individual securities, are best viewed as components of asset classes, although when you get involved in the business, you realize that you have to understand the market at the security level, too; and that long-term performance is very strongly in favor of equities. So, at the time, pension funds, who were the main customers for Ibbotson Associates' work, had relatively little in equities, and one of our missions was to improve the returns of those funds and thus for the sponsors and the employees by holding more equities. This was in the early ‘80s. I was hired in 1979. So, you can see that was a good strategy.Benz: So, sticking with your background in your early career, you think young professionals should have a grounding in the humanities and liberal arts. Why is that?Siegel: Well, not every single one needs to, but the ones who are going to rise to the top in the business need a grounding in the common cultural heritage of the human race, and that's given by humanities and social sciences that the liberal arts broadly construed. Investors invest in businesses or governments, but mostly businesses, and businesses exist to serve the needs and wants of people, an ever-changing group of people around the world. So, without a deep understanding of human affairs—in other words, of the why of business—young investment professionals are likely to fall into some intellectual traps: short-termism, geographically narrow thinking, where you only think about your own country, and a bunch of other well-documented behavioral biases—you shouldn't do that.Ptak: Maybe a dumb question to follow up on that: Why doesn't the market do a better job of creating incentives to ensure that younger professionals—let's talk about those who are heading into finance and in investing in particular—that they have a liberal arts background and they're able to better avoid some of those traps? Why haven't those incentives really taken shape and why is it still so typical to see this procession of MBAs and people with the traditional finance background dominating finance and investing?Siegel: Well, if you're as old as me, I'm 68, you have observed that it used to. The market, when I was getting out of school, was in a very different position. There weren't many MBAs. It was an unpopular decision to go to business school. And most of the people who were accepted in business school had an Ivy Plus background where a liberal arts education is required in order to graduate. By Ivy Plus I mean the University of Chicago, Stanford, Northwestern, places like that, plus the Ivy League. So, this staffed the investment business with a fairly broadly educated group of people. What happened in the next 40 years is that business got too big. And the MBA programs mushroomed from a little specialty of a dozen or two dozen schools to something that everybody felt they had to get in order to get a job. So, it just became more of a trade school degree rather than an academic degree. And I'm sorry if I'm offending anybody here, but that's the way I see it. And the investment business became more of a trade. So, the market became less efficient, I think, because it just got so big that it had to pull in a lot of different people, including people who had specialized early because they wanted to be in finance because they were seeing people in finance made a lot of money.Benz: Speaking of specialization, do you think that the only way to truly specialize is to have had a generalist humanistic education first? In other words, are the most successful specialists people who trained as generalists first and is there any evidence for this?Siegel: I think there is among CEOs and maybe CIOs, chief investment officers. The greatest businesspeople in the world have generally had a pretty broad background and a lot of them started, the legend is in the mail room, but they may have started in engineering, accounting. They may have started in sales. Whatever they did, they found their way to the investment business through a kind of evolution over time. An organization needs foxes and hedgehogs. Isaiah Berlin, drawing on an ancient Greek story, said that there are two kinds of people of foxes who know a little about everything and hedgehogs who no one big thing. Einstein, for example, was a hedgehog. He really only cared about physics, and he was very productive. We would have a very different world without him. I am suggesting that you're better off looking for foxes, but you also want to have a few Einsteins in there, and an organization that consists entirely of foxes would be very unfocused and would be more like a college dorm than a business.Ptak: Wanted to shift and talk about something that seems like it's been an awfully short supply lately, which is optimism. You wrote a book called Fewer, Richer, Greener, evincing optimism about the global economy and humanity in general. Have you always been an optimistic person? Or has it gone back and forth or been situation dependent?Siegel: I've always been an optimistic person in terms of my intrinsic biases. I do know enough economic history and regular history to know that living conditions have improved so much in the last 250 years, and actually in the last 50, that you'd be kind of crazy to deny that things have improved. This is a bad year and a bad decade. And it's very easy to become pessimistic when you read the news or check the stock market or look at the world situation with wars and so forth. But underneath the surface of all this chaos and negativity, technology is continuing to advance at an amazing rate of speed. And what we really rely on for economic growth is improvements in technology, where I use the word technology to mean it very broadly. Technology is not just the gadgets or computing power. It's biology. It's social technology—my ability to gather together a bunch of people in a Zoom meeting from all over the world and have a board meeting. And as this technology has grown in the broad sense, we have made our lives much easier; work has gotten easier. We do less of it. The 80-hour work week has now become a specialty of doctors, lawyers, and CEOs. Coal miners—my father-in-law was a coal miner and he worked 80 hours a week in a coal mine when they let him. He would have preferred to work 40, but he needed the money. So, we have an economy in which we produce an awful lot without doing all that much, frankly. We have probably the easiest lives of any population that's ever existed.Benz: Optimism seems like one of those secret weapons in investing, in finance in that if you're optimistic, you're more likely to stick with it, stick with your plan, and markets have tended to reward people who have stuck with it over the longer term. But it's hard to be optimistic about the long term given how unknowable things are. So, is the equity-risk premium compensation for subjecting ourselves to that unknowability?Siegel: Yes. There are two kinds of risks. One is fluctuations in asset prices. We all know what that is. The market just went down 20% or 25%, and we're feeling it. And we might forget this, but it went down 34% in a month in the spring of 2020, which is a profound dislocation in the markets. And a few months later, we forgot it. The other kind of risk is actually more profound, and it's the possibility that our general expectations for assets are wrong. And if you look back, equities have returned about real 7%, 7% plus inflation. Going forward, it's pretty unlikely that they're going to do that over the next 20 or 30 years just because of the high prices. Even if economic growth were as rapid in the future as it was in the past, you want to pay less rather than more for the stocks. So, right now, they're selling at a premium to their historical average. That conventional asset-allocation input of equities generate 6.7% or 7% real is almost certainly too optimistic, and we've got to do what Jack Bogle said, which is budget for it. We can't all earn alpha and earn a higher return, because the net alpha in the market is 0, so we would all be trying to take it away from somebody else. We have to budget for lower returns.When you look at the bond market, it's even worse. Bonds seem to be priced to yield about real 0%  to real 1%. That's much lower than the historical average, about half the historical average.Ptak: You got that right. It looks like real yields across the yield curve 49 to 99 basis points as of yesterday, which would be July 11, so a pretty paltry real yield. I did want to, if I may, stick with the general topic of optimism and its nexus with investing, talk about that in the context of value investing. I sometimes wonder if value investing pays off because it's so repulsive over long stretches that it's almost impossible to be optimistic. That does, though, raise questions about the implications for its practical usability. For instance, if investors are likely to give up on it because they do find it so repulsive when it underperforms growth as it had done until relatively recently, they might miss out on some of that payoff, which can come in bunches. Or do you think that's off base? Do you think that value investing really is usable, you just have to stick with it long enough?Siegel: I think that value investing is usable. But you shouldn't concentrate your whole portfolio in it. What we've seen is that the pendulum has swung between value and growth in very long cycles and large cycles where value does much better or much worse for the entire time that data are available. Fama and French did this back to 1927 and you get these five- to 15-year swings, which is so long that people give up on either value or growth at exactly the wrong time. So, in 2007, value had outperformed massively, and it was a great time to buy growth stocks because we were just about to enter not a tech bubble but a period of tech innovation that produced huge returns for a decade and a half. Anybody who went against the grain, anybody who went against the tide and overweighted growth stocks did much better than the market from 2007 until a year or two ago. Now people are saying, only growth works, so value is disgusting. And the more disgusted you are, the more likely it is to work. I would overweight value right now, but not all the time.Benz: I wanted to ask about intuition. It's something that tends to be greatly valued in everyday life, but it can lead us astray when it comes to investing. For example, in March 2020, which you referenced earlier, few of us expected the great snap back in the markets because intuitively we knew the pandemic would be bad for humanity. Do you think intuition was a better model for investing before markets became so efficient or has it never really worked?Siegel: Well, informed intuition, if you've spent a lifetime in, let's say, engineering and you know something about the way that computers are put together or the internet is put together or something, you might have had the intuition that this was going to be a profound change in the way everybody did everything and you bought those stocks. But the problem is that most people who bought the stocks in the first tech wave, in the 1990s, bought them without knowing anything about the individual companies. They were right about the technology; they were wrong about the companies. So, you would now have a portfolio of AltaVista and Netscape and AOL and a bunch of other companies that had promised but they were just outcompeted by somebody else. So, I would rather hang my hat on analysis than intuition unless you just happen to be one of those people with special inside knowledge but that is obtained legally. But most people who think they have inside knowledge don't. So, I would try to avoid relying on intuition too much.Ptak: Wanted to shift and talk about your role at the CFA Institute. You have a lot of experience assessing research proposals in that role. What are the best pieces of research have in common based on your experience?Siegel: Well, they draw heavily on theory to make practical recommendations that can be implemented in the short to medium term. And going back to Roger Ibbotson, we published a piece in 2007 on lifetime financial advice that came from Roger with several colleagues. We are about to publish, but have not yet received the manuscript, the second installment of that from Paul Kaplan, Tom Idzorek, and a third author whose name I forget, and that will come out later this year or early next year. So, even though they're 15 years apart, the Ibbotson people have an integrated theory of investing insurance, annuities—all these different tools in order to provide people with a lifetime income that's secure and yet has the room for adding value through either asset allocation or security selection alpha. So, that's the kind of research I like most. We sometimes have also done pieces that step outside of the box of the Financial Analysts Journal or the Journal of Portfolio Management -type of research and look at a broader set of issues—for example, geopolitics, demography. There was a beautiful piece by David DeRosa on bubbles. He's against them. I don't know how he can be for or against bubbles. Either bubbles are or bubbles are not. But he takes the position that what we think are bubbles are mostly rational responses to circumstances and then when the circumstances change, the bubble bursts. But it wasn't a bubble; it was rational at the time. I don't know that I buy that 100%, but it sure was interesting reading his logic because he expresses it so well. So, these are the kinds of research I enjoy the most.I've also done some of my own research here. I am compiling for the CFA Institute Research Foundation a book on the equity risk premium, which was a symposium of 11 fairly famous people—Marty Leibowitz, Rob Arnott, Cliff Asness and so forth—which I led. I'm not one of the famous people, but I know them all socially, so I was able to get them to come. And I edited it with a co-editor, Paul McCaffrey, who is producing a book on that as we speak. It could come out in the next month.Ptak: I did want to ask you about what's become the new rage in investing research and portfolio management, which is combining quantitative and human-driven decisions. If you had to draw up a CFA curricula for a bot, how would it differ for the current human-based curricula? And on the flip side, how do you think the current human curricula ought to be reshaped to account for the rise of things like machine learning? Is that something you've given any consideration?Siegel: A little bit. I'm writing a book review right now for Advisor Perspectives, which is an industry newsletter, a very good one. And the review is of a book by Erik Larson that's called The Myth of Artificial Intelligence. I'm giving it a good review, so you can see where I'm going to come out. I believe that machine learning is a real thing. Machines can be programmed to learn, and that's a valuable tool in investment management. But when you step beyond that to the idea of artificial general intelligence, I think it's an illusion caused by very fast computers, very big data and very clever programmers who want to create that illusion. So, we have had 300 million years of evolution—not as human beings obviously but as animals—to develop a set of connections in our brains that actually are intelligent. Yet intelligence in the sense that we are talking about now didn't really emerge until the last 200,000 years. So, it is rare. It is fragile. And we don't know what it is. It's like Justice Potter Stewart said about pornography: We don't know what it is, but we know it when we see it. And to imagine that we're, as human beings, of one level of intelligence, whatever we are, can build a machine in a few decades of those 200,000 years that's more intelligent than we are with all that evolutionary heritage is frankly ridiculous. These machines are going to do what we tell them to do. But if we tell them using instructions that are crafted well enough, it will give the illusion of being intelligent. When I don't know how something works, like everybody else, I tend to think it's magic. I'm driving and there are two or three cars lined up at a red light, it immediately turns green and makes the other traffic stop because it's a smart red light, and all it's doing is counting the number of cars that are waiting for it to turn and changes the cycle, changes the frequency, according to the traffic instead of operating on a fixed time cycle. But it looks like a pretty smart red light when you haven't encountered it before and you say “Gee, that's really amazing.” Well, I think that AI as we're experiencing it now is kind of the same as that. It's just a technology that other people understand because they developed it, but we don't because we don't have the knowledge and so we feel like it's magic or intelligence, whichever you want to call it.Benz: There's been a lot written about the glut of skilled, highly trained professionals in the investing field. Can you talk about the level of competition you see now versus what you saw earlier in your career?Siegel: The industry has become way too big. Every stockbroker has become a financial advisor. Ninety-six percent of them ought to tell people buy, hold, diversify, and rebalance and minimize taxes, and then they have to fill in that outline through implementation. In other words, somebody has to do it; their clients aren't qualified to do it. But they should mostly be telling people to buy index funds and to use premixed asset-allocation decisions that conform to what somebody at the headquarters has decided is optimal. To add value for an individual, what you really need to do is be more like a psychologist and a life counselor who says, “You have too much debt, you're not saving enough; you have too many houses; at some point your assets become a liability.” Or you don't have a house at all, you are a renter—you might want to consider a house as a hedge against inflation. But telling them which securities to buy or micromanaging the list of mutual funds, to me, is a fool's errand for most people.Inside the business, that's the public-facing side. Inside the business there are too many security analysts, too many asset allocators, too many broker/dealers. And I think that competition has become more and more people fighting over fewer and fewer real alpha opportunities, and that's why the competition feels so fierce. It used to be an easy business. And it's not easy anymore because the market is more efficient, I guess.Ptak: Wanted to shift gears and talk about asset allocation, specifically the 60/40 portfolio. And my question for you, which is a question I think many are asking, is the 60/40 debt. It's having one of its worst years ever. But the paradox is that yields are now, albeit they're still paltry, they're now a little bit higher and valuations are a tad lower, which you'd think would boost the 60/40's future prospects. What's your take on the 60/40, Larry?Siegel: I think that it's a pretty good consensus outcome of people buying what's available in the market. If you look at the supply of securities, it has to be somewhere around 60/40 because everybody holds it, and the supply and demand have to equilibrate in the long run. But why do issuers produce that ratio? I think that the underlying reason is that for a very long period of history, bonds were a very good investment. If you didn't have 40% in bonds, you wanted to, because they were producing high real returns. And that period is roughly 1981 to 2007. It's a long time. From 1940 to 1981, bonds did terribly because interest rates were going up and up and up, and we didn't have a lot of 60/40 portfolios, but what we had was mostly 0 or 100. Institutions bought fixed income to fund their pension plans. They bought fixed income to fund if there were insurance companies. The big money was in fixed income and equities were this gravy—you sold some stocks to some rich people. And over time as the stock market went up and the bond market didn't go up, you had greater interest in equities, and the consultants who emerged from this world of pension funds settled on 60/40 as a consensus. And so, you've got what I call the standard model. The allocators picked from a list of active managers in each asset class, usually buy way too many of them, didn't have access to index funds or didn't want to buy them. And so, they compared the performance of their active managers to benchmarks, fired the underperforming ones, gave more money to the outperforming ones, and since these things tend to run in cycles, generally underperform the market. They also had to have an overall asset-allocation policy where 50/50 was the tradition that they'd been coming from, but they moved it up to 60/40 because the stock market was beating the bond market and it just stayed there. Stocks are risky. So, 70/30 or 80/20 seemed like it was too volumed. We're all human, and we do what we see the person next to us doing. I think it's really just consensus-building, although there is a supply aspect to it. You have to buy what's out there. And if we all decided to increase our allocation to equities, we couldn't. But we would just be buying them from each other. This is a point Cliff Asness made. He can usually be counted on for very good thinking.Benz: Our research has found that fund investors tend to do a really poor job of utilizing so-called liquid alternative funds. If you take the illiquidity and gates away from alternatives, do you think they can still work for individual investors in the form of liquid alternatives?Siegel: Well, the term liquid alternatives has changed over time. When I started hearing about liquid alternatives in the early to mid-90s, it meant hedge funds and to some extent managed-futures funds because the stuff they were buying was liquid, and then the illiquid alternatives were venture capital and private equity. Over time, liquid alternatives have come to mean liquid to the investor. And when you securitize an alternative investment, you've removed—so that you can trade it like a stock—you've removed the one thing that has tended to give alternative investments better returns, which is the lockup. If you can lock up somebody's money for a long time, you can take risks that don't necessarily pay off in the short run, but that may pay off in the long run. If you take that away, I would rather just invest in liquid nonalternatives, stocks, bonds, and some real estate. Although some people call real estate an alternative. It's the oldest asset class, so I'm reluctant to put it in the alternatives bucket.Ptak: Wanted to shift and talk about endowments. You spent a good chunk of your career in the endowment world. And as you know, a lot of ink has been spilled concerning debates over the endowment model. Some decried it as costly and complex, others defend it as path-breaking. What are the lessons an advisor or an individual investor should take away from the success of the endowment approach? And conversely, what are the lessons they need to unlearn, so to speak?Siegel: I'll start with the last one because it's so easy. The lesson they need to unlearn is that if David Swensen can do it, so can I. He and the people at other big endowments and foundations have access to the best funds because they come to you, you don't have to go ferret them out. The best people they can afford to hire, outstanding analysts and other chief investment officers who can make millions. And if they do lose money, they have this capability of withstanding some pain. A foundation, in particular, which doesn't have professors to pay, or buildings to maintain, or students to give scholarships to, has to pay out 5% of whatever it has at the time, so if it loses some of the assets, their liabilities go down too in a one-to-one correspondence and so, at some level, they don't care. Of course, they do care because it's always better to have more money to give away than less. But the foundation isn't going to be destroyed by a 20% decline in the market.Endowments are a little trickier because the liabilities are not so flexible. If you start paying your professors less, they will just go to another place that doesn't pay less. Students will do the same thing. But these institutions also have a lot of reserve in their fundraising ability. An ordinary individual investor doesn't have any of this backstop. If I want to raise funds, I have to work harder. I'm already working as hard as I can. And I don't have the option to reduce my liabilities by saying I'm just not going to pay them. So, individuals have to be inherently more conservative. You get older, life becomes a race against diminishing capabilities and your risk level has to go down as you get older. So, there's a lifecycle effect that institutions don't experience. So, I would say that's the main lesson is, endowments and foundations have generally done well, but they have some structural advantages over individuals. Unless you have a rich uncle—a university has a rich uncle—which is the alumni and yet that's not an unlimited resource any more than your rich uncle is. But it is a backstop for bad performance.Benz: One investing paradox is that success demands humility, but humility is a tough sell. What's the humblest thing an investor can do to boost their odds of success while also attracting clients? Is it to have a long time horizon?Siegel: Well, the humblest thing an investor can do is buy index funds. It says to the client, I don't know what stocks are going to do best, but other people collectively as a market make pretty good decisions, so I'm just going to trust them to say the prices are roughly right. And when you buy an index fund, you're making a bet that the prices are roughly right. They're obviously not exactly right. In terms of having a long time horizon, it can be humility, or it could be hubris. I can claim to have a long time horizon, but I don't know what liabilities I'm going to face tomorrow, so I better have a short time horizon with some of my investments and I could also live 30 more years, so I need to have a long time horizon with other parts of my portfolio. But the time horizon issue I don't see so much as humility versus hubris, but it's a planning tool that a lot of people don't use effectively.Ptak: One of your more popular pieces of writing in recent years was an article you wrote on investing myths. If I'm not mistaken, I think you've updated it a few times to this point, the most recent being in 2020. Why'd you write it, and how would you change it if you were to update the piece yet again today?Siegel: I wrote it because somebody in Brazil paid me to come down there and give a talk on Siegel's Nine Myths of Investing. So, when that gave me an outline I had to fill in. Most of the myths have changed over time. I've updated it every two to five years. And what would I change now? Well, first of all, you'd have to go back and look at what the myths are. I don't really think I have time to go over all of them. But the one that I would change today is that stocks and bonds are always negatively correlated, so each is a good hedge against the other. It's not true. It runs in cycles. There was a period where they were positively correlated in the ‘90s and then before that at some other time, and all of a sudden, it's back. So, with stock market down, the bond market is also down, and people say, "Diversification doesn't work." Well, first of all, nobody told you to go out and buy the longest bond. Diversification within the bond market works in the sense of holding some less-volatile, shorter-term securities. They sacrifice some yield in order to get that safety. Secondly, stocks and bonds will again be uncorrelated or negatively correlated someday. But this is not that day. And there are other assets. The one that comes to mind is the original alternative investment: cash. Right now, you're losing money in cash in real terms, because inflation is so high. But, on average, over time cash has paid a percent or so over the inflation rate. And then the other one is real estate. I keep coming back to real estate because it has become the unloved stepchild in the investment world. And other than their house, nobody has any. The last time I heard somebody talking about real estate as an investment was probably in the decade of the 2000s, and probably it was going up a lot. Then there was a crash. And the crash stuck in people's minds while real estate itself turned around and went up again. And there may yet be another crash, but it's just another asset class that should probably be in your toolkit.Other myths—I kind of went out on a limb in the last version of that article and started talking more about social and political issues. One is that we can transition to entirely green energy without disrupting the entire world economy. We can't. We either have to transition slowly, which may not be good enough, but I actually happen to think it is, because energy transitions have taken a half century or so—wood, coal, coal to oil, oil to natural gas, and so forth—and the next transition is not going to be all solar and wind. Nuclear power is going to be a vital and probably the most important part of it. So, if the myth that you're subscribing to is the, let's call it the European version, although that's not quite fair because they have plenty of nuclear power in Europe. It's not going to happen, but we're going to need all the energy we've got, because the world is getting richer fast. Growth rates in China are down to 5%. That's still huge. Indonesia is higher than that, and it's a country of 300 million people that most Americans couldn't find on a map. The energy demands are going to be huge from all these different parts of the world that are growing and becoming middle class. And so that myth is something I spent a little time on in the article and I would write more about it next time.Benz: You more or less predicted the spate of inflation we would have before it happened. In fact, one of the myths you wrote about in 2020 was that the government could borrow all it wanted without sparking inflation. What did you see then and what do you think people should be monitoring to assess how long high inflation will persist into the future?Siegel: My forecast at the time was based on basic economic history from the 1700 and 1800s, which is that when the government borrows more money than it can pay back, it's going to pay it back anyway but in cheaper dollars. And the way that you get cheaper dollars is to have inflation. Inflation is a transfer of resources, of real resources, from savers who are bondholders and cash holders, to borrowers, which in this case is the government itself. So, it's tax. So, when you have a budget—that's how government budgets, it's out of balance by a lot for a long time— you're going to have a lot of inflation, because it's the only way the government is going to be able to make those payments on the bonds. I didn't see anything in the economy other than the budget deficits. And it was so early that you could say, I was wrong. There's not much difference between being a decade and a half early and being outright wrong. So, I'll say I was wrong.What I didn't see was the supply catastrophe that came with COVID and our response to COVID. So, when you get a supply shock like the one we've just been through, prices are going to rise, and you don't even need an unbalanced government budget, you don't need budget deficits for prices to rise when there are shortages of things because by ships not being able to dock and workers not coming to work, we just have never seen anything like this. And so, I think the inflation rate will come down from these astronomical rates to something more normal, 2%, 3%, 4%, 5%, but we're not going to go back to zero to 2, because governments have over-leveraged, and deleveraging is always inflationary.Ptak: What role do you think top-down macro should play in an allocation and investing process? Obviously, it's hard to correctly make a macro bet, though we've just talked about one you did correctly make, but it's even harder to translate that into a successful investment. So, should most people just avoid macro and diversify and call it a day?Siegel: If you mean macro bets to guide your general asset-allocation philosophy, I think you should. In other words, if you believe, as I do, that global economic growth, while slowing, is going to be very large in absolute terms for a very long time. In other words, the absolute terms meaning the number of overall dollars, or whatever your currency is, generated by the world economy that you want to hold equities because bonds don't give you a claim to that growth. And they give you a very indistinct claim I wouldn't bank on it. But international investors say that when a country is growing rapidly, the currency goes up, so you get a little bit of diversification that way. But equities are much more powerful, and international equities are frankly cheap relative to the United States. So, that's a macro bet, and I'm recommending it. But again, I recommended it for a long time. I thought the U.S. was expensive. It hasn't been cheap since the 2007-08-09 period. So, you should make an evaluation of those conditions and implement it through your portfolio.In general, most Americans suffer from home country bias because the U.S. is so big that you can get a pretty diversified portfolio with just the S&P 500 actually, because that's a lot of stocks, and those are all the big caps. If you lived in Belgium, you would not be under the illusion that Belgium was the whole world. It's just you can reach the border in an hour from anywhere in the country. So, you've known since you were a little kid that there's a big world out there. We Americans just don't have that intuition. So, that's why I'm saying that international is a macro bet that is reasonable to make. Now, if by macro bets you think that you act like a hedge fund and you think that the pound is going to crash, and that oil is going to go to $70 and then back to $110. No, individual investors should not do that.Benz: People aren't very good at respectfully disagreeing these days. You're someone who seems unafraid of having a fulsome debate. Besides stepping away from social media and the internet, what are some things we can do to exchange differing views without becoming polarized?Siegel: Well, if I knew I would run for President. People have become dug in—I don't like it at all. Spend a quarter of your reading time reading points of view that you know in advance you're going to disagree with, see how that person expresses themselves and what arguments they make and trying to take their side mentally while you're reading it. Consider maybe I'm wrong, maybe they're right. If I name some names, that would be too obvious where my biases are. But I would read the moderates on the other side, because the extremists are extremists, and they overstate everything. That's about all I can think of other than be nice. If the people you care about and generally respect have different views from you, ask yourself why. It's not because they're crazy or stupid or evil. It's because they've looked at the same data in the broad sense. They've looked at the same world and come up with different conclusions. Try to think about why that might happen, and then picture them doing that to you. That's about all I have to say about that.Ptak: Well, that's great advice and I think a great way to close this conversation, which we very much enjoyed, Larry. Thanks so much for your time and insights. We very much enjoyed having you on The Long View.Siegel: Well, thank you very much.Benz: Thanks so much, Larry.Ptak: Thanks for joining us on The Long View. If you could, please take a minute to subscribe to and rate the podcast on Apple, Spotify, or wherever you get your podcasts.You can follow us on Twitter @Syouth1, which is, S-Y-O-U-T-H and the number 1.Benz: And @Christine_Benz.Ptak: George Castady is our engineer for the podcast and Kari Greczek produces the show notes each week.Finally, we'd love to get your feedback. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Until next time, thanks for joining us.(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. 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