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Dr. Eli Beracha has recently been recognized by The Journal of Real Estate Literature as the world's third best in research productivity, and today, we are honoured to be joined by this top industry expert to bring more clarity to the renting versus buying debate. We use Dr. Beracha's ‘Lessons from Over 30 Years of Buy Versus Rent Decisions: Is the American Dream Always Wise?' and ‘Housing Ownership Decision-Making in the Framework of Household Portfolio Choice' papers as the basis for most of today's conversation, beginning with why owning a home is deeply rooted in the perception of the American dream. Then, we discover how to measure the true price of home ownership, how the American dream and other psychological factors influence one's decision-making, how hard assets perform compared to stocks and bonds, and why renting comes out ahead of buying nine times out of ten. We also learn why owning is for the inherently wealthy, the ins and outs of Dr. Beracha's rent versus buy index, the rate of property appreciation versus stock appreciation, and how renting influences saving habits compared to owning a home. To end, we dive deeper into the risk-adjusted wealth accumulation of home ownership versus renting, and Dr. Beracha compares the efficiency of the real estate market to the stock market while detailing everything to take into account to be fully-equipped to make your decision to rent or buy. Key Points From This Episode: (0:00:00) Why Dr. Eli Beracha is one of the world's best to discuss renting vs buying a home. (0:05:32) Understanding why owning a home is deeply entrenched in the American dream. (0:06:10) The various aspects to consider when measuring the price of home ownership. (0:07:57) Weather Dr. Beracha agrees with the adage “renting is throwing money away.” (0:09:36) What the price of a home should represent, and how psychology influences decisions. (0:16:48) Unpacking Dr. Beracha's 2012 paper subtitled, ‘Is the American Dream Always Wise?' (0:19:51) Hard assets versus stocks and bonds, and why renting pips buying most of the time. (0:26:00) Why many still choose to own a home despite long-term financial discrepancies. (0:30:53) The ins and outs of Dr. Beracha's rent versus buy index. (0:39:46) Why homeowners are usually wealthier than renters even though renting is “cheaper.” (0:42:03) Property appreciation, stock appreciation, and the renter's savings rate. (0:47:41) How home ownership influences saving habits compared to renting. (0:49:46) The risk-adjusted wealth accumulation of home ownership versus renting. (0:58:40) Dr. Beracha compares the efficiency of the real estate market to the stock market. (1:03:22) Everything you need to take into account to make your decision to rent or buy. Links From Today's Episode: Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Episode 325: Addressing 200+ Comments on Renting vs. Owning a Home — https://rationalreminder.ca/podcast/325 Episode 196: Sebastien Betermier: Hedging, Sentiment, and the Cross-Section of Equity Premia — https://rationalreminder.ca/podcast/196 Dr. Eli Beracha — https://www.theberachateam.com/ Dr. Eli Beracha on LinkedIn — https://www.linkedin.com/in/eli-beracha-b8082250/ Dr. Eli Beracha on Instagram — https://www.instagram.com/dreliberacha/ Tibor and Sheila Hollo School of Real Estate | FIU — https://business.fiu.edu/academics/departments/real-estate/ KBIS Capital — https://kbiscapital.com/ Journal of Real Estate Literature — https://www.tandfonline.com/journals/rjel20 Papers From Today's Episode: ‘Lessons from Over 30 Years of Buy Versus Rent Decisions: Is the American Dream Always Wise?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1814227 ‘Housing Ownership Decision-Making in the Framework of Household Portfolio Choice' — https://www.tandfonline.com/doi/abs/10.1080/10835547.2017.12091472 ‘Findings from a Cross-Sectional Housing Risk-Factor Model' — https://www.researchgate.net/publication/236023682_Findings_from_a_Cross-Sectional_Housing_Risk-Factor_Model
Marco Sammon joins Ben and Dan to unpack his latest paper, ‘Index Rebalancing and Stock Market Composition', beginning with how Marco's work (co-written by John Shim) compares to the Nobel Prize-winner Bill Sharpe's paper, ‘Arithmetic of Active Management.' We investigate the missing links in Sharpe's logic before defining “the market” and ascertaining the main objectives of index funds. Then, we dive deeper into the mechanics of Marco's paper, index and market tracking errors, why delayed rebalancing is more beneficial than instant rebalancing, and the role of technology in the modern tracking error obsession. We also assess the passive-active spectrum of index funds in portfolio management and learn how investors should choose their optimal excess return. To end, Marco shares practical applications for improving performance benchmarked against traditional indexes, and The Aftershow is all about bridging the gap between PWL Capital and you, our listeners. Key Points From This Episode: (0:00:00) Key takeaways from Marco Sammon's latest paper and how it compares to Bill Sharpe's ‘Arithmetic of Active Management.' (0:08:10) Marco describes what's missing from the ‘Arithmetic of Active Management' logic. (0:09:11) Defining ‘the market', the main objective of an index fund, and how index funds track the market. (0:15:57) The mechanics of Marco's paper, ‘Index Rebalancing and Stock Market Composition.' (0:18:38) Factor exposure, index and market tracking errors, and how often index funds trade. (0:26:28) Rebalancing less frequently; why delayed does better than instant rebalancing. (0:31:59) The tech run-up and lazy rebalancing, and the modern tracking error obsession. (0:36:51) Assessing the passive-active spectrum of index funds in portfolio management. (0:41:02) Exploring how investors should decide on their optimal excess return. (0:45:14) How the rising index fund ownership of stocks impacts the implicit cost of indexing (0:46:58) Practical ways to improve performance benchmarked against traditional indexes. (0:52:30) The Aftershow: Canadian finances, more airtime for Cameron, and PWL – OneDigital. Links From Today's Episode: Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Episode 322: Prof. Marco Sammon: How are Passive Investors Affecting the Stock Market? — https://rationalreminder.ca/podcast/322 Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200 Episode 268: Itzhak Ben-David: ETFs, Investor Behavior, and Hedge Fund Fees — https://rationalreminder.ca/podcast/268 Episode 112: Michael Kitces: Retirement Research and the Business of Financial Advice — https://rationalreminder.ca/podcast/112 Marco Sammon — https://marcosammon.com/ Marco Sammon on LinkedIn — https://www.linkedin.com/in/marco-sammon-b3b81456/ Marco Sammon on X — https://x.com/mcsammon19 Marco Sammon | Harvard Business School — https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1326895 Marco Sammon Email — mcsammon@gmail.com John Shim on LinkedIn — https://www.linkedin.com/in/john-shim-2931271b/ Vanguard — https://global.vanguard.com/ Sheridan Titman on LinkedIn — https://www.linkedin.com/in/sheridan-titman-226b0811/ Alex Chinko — https://alexchinco.com/ Erik Stafford | Harvard Business School — https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6625 Itzhak (Zahi) Ben-David on LinkedIn — https://www.linkedin.com/in/ibendavi/ Bill Ackman on X — https://x.com/billackman ‘Millennium Loses $900 Million on Strategy Roiled by Market Chaos' — https://www.bloomberg.com/news/articles/2025-03-08/millennium-loses-900-million-on-strategy-roiled-by-market-chaos Bogleheads — https://www.bogleheads.org/ The Money Scope Podcast Episode 8: Canadian Investment Accounts — https://moneyscope.ca/2024/03/01/episode-8-canadian-investment-accounts/ The Wealthy Barber Podcast — https://thewealthybarber.com/podcast/ Financial Advisor Success Podcast — https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/ Financial Advisor Success Podcast Episode 433: When You 10X Your Advisory Firm To Over $20M Of Revenue…And Want To 10X Again, With Cameron Passmore — https://www.kitces.com/blog/cameron-passmore-pwl-capital-10x-revenue-growth-advisory-firm/ OneDigital — https://www.onedigital.com/ The Longview Podcast: Ben Felix Papers From Today's Episode: ‘The Arithmetic of Active Management' — https://www.jstor.org/stable/4479386 ‘Index Rebalancing and Stock Market Composition: Do Index Funds Incur Adverse Selection Costs?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5080459 ‘Luck versus Skill in the Cross-Section of Mutual Fund Returns' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1356021 ‘The Passive-Ownership Share Is Double What You Think It Is' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4188052 ‘Long-Term Returns on the Original S&P 500 Companies' — https://www.researchgate.net/publication/247884354_Long-Term_Returns_on_the_Original_SP_500_Companies ‘The Price of Immediacy' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1001762 ‘Competition for Attention in the ETF Space' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3765063 ‘Passive in Name Only: Delegated Management and “Index” Investing' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3244991 Jeremy Stein — “Unanchored” Strategy
Our guest on the podcast today is David Booth. He's the Chairman of Dimensional Fund Advisors, a firm he founded in 1981. David led Dimensional as CEO and later Co-CEO until 2017, when he stepped back from the daily management of the firm. David helped create one of the world's first index funds in the 1970s and launched the first passively managed small-company strategy in the early 1980s. He received a bachelor's degree in economics in 1968 and a master's degree in business in 1969 from the University of Kansas. In 1971, he received an MBA from the University of Chicago. Over the years, David has been a benefactor to both schools, and the University of Chicago Booth School of Business is named in David's honor. David, welcome to The Long View.BackgroundBioTune Out the NoiseDFA US Small CapDFA US Micro CapPapers Mentioned“Stocks, Bonds, Bills and Inflation: Year-by-Year Historical Returns (1926-1974),” by Roger Ibbotson and Rex Siquefield, The Journal of Business, January 1976.“The Cross-Section of Expected Stock Returns,” by Eugene Fama and Kenneth French, jstor.org, June 1992.“Why Investors Missed Out on 15% of Total Fund Returns,” by Jeffrey Ptak, Morningstar.com, Aug. 15, 2024.OtherErrol MorrisMerton MillerEugene FamaMac McQuownRex SinquefieldRobert MertonDan WheelerDaniel Kahneman“Everything You Need to Know About ‘MADOFF: The Monster of Wall Street,'” by Ingrid Ostby, netflix.com, Jan. 4, 2023.“DFA vs. Vanguard,” The Rational Reminder podcast, Episode 351, youtube.com.“PHOTOS: A Look Inside the Booth Estate,” Austin American-Statesman, Feb. 13, 2020.
Dimensional Fund Advisors (DFA) and Vanguard have intersecting histories rooted in the development of the first-ever index fund. Vanguard's market-cap weighted index funds have been nothing short of revolutionary and they became synonymous with sensible investing for many good reasons, but Dimensional took implementing the ideas from academic finance a few steps further, leading to their own deserved acclaim. In today's episode, Ben and Dan analyze over 30 years of history between DFA and Vanguard, from their founding and relationship to their rise as global leaders in asset management. We discover how their approaches to foundational finance theory differ, whether diversification is mostly semantics, and how DFA and Vanguard compare to one another over 25 years of matched US-domiciled mutual funds. We also discuss which approach is easier to implement, essential insights for fund advisors, DFA's downsides despite its long-term outperformance of the Vanguard 500, and an uplifting cancer update from Ben in today's After Show. For practical investment takeaways, tune in today! Key Points From This Episode: (0:01:14) Unpacking DFA and Vanguard's history and relationship. (0:03:10) Mac McQuown and the birth of index funds at Wells Fargo in 1964. (0:07:48) How DFA and Vanguard became global leaders in asset management. (0:10:43) Understanding DFA and Vanguard's approach to foundational finance theory. (0:19:34) The semantics of diversification. (0:22:22) Comparing 25 years of matched Dimensional and Vanguard US mutual funds. (0:33:36) Which fund advisor's approach is easier for others to implement and why. (0:39:30) How DFA has outperformed Vanguard in the long run (with downsides to consider). (0:43:09) Recapping today's conversation: what every fund advisor needs to know. (0:46:41) The After Show: Ben's cancer update, Dan as co-host, and listener reviews. Links From Today's Episode: Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582 Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Canadian Couch Potato — https://canadiancouchpotato.com/ Dimensional — https://www.dimensional.com/ Vanguard — https://investor.vanguard.com/ ‘Remembering John “Mac” McQuown, Whose Curiosity Drove a Life of Innovation' — https://www.dimensional.com/dk-en/insights/remembering-john-mac-mcquown-whose-curiosity-drove-a-life-of-innovation ‘Episode 182: John “Mac” McQuown: The Data Will Sort That Out' — https://rationalreminder.ca/podcast/182 Wells Fargo — https://www.wellsfargo.com/ ‘Episode 131: David Booth: The First Index Fund, Competing Fiercely, and Keeping it Simple' — https://rationalreminder.ca/podcast/131 William F. Sharpe | Stanford University — http://web.stanford.edu/~wfsharpe/bio/bio.htm ‘Episode 316 - Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!"' — https://rationalreminder.ca/podcast/316 Marco Salmon on LinkedIn — https://www.linkedin.com/in/marco-a-salmon-a63512284 Books From Today's Episode: The Incredible Shrinking Alpha — https://www.amazon.com/dp/0857198246 Papers From Today's Episode: ‘The relationship between return and market value of common stocks' — https://doi.org/10.1016/0304-405X(81)90018-0 ‘Market Efficiency' — https://www.jstor.org/stable/246460 ‘The Cross-Section of Expected Stock Returns' — https://doi.org/10.2307/2329112 ‘A Five-Factor Asset Pricing Model' — https://dx.doi.org/10.2139/ssrn.2287202 ‘The Performance of Mutual Funds in the Period 1945-1964' — https://dx.doi.org/10.2139/ssrn.244153 ‘The Death of Diversification Has Been Greatly Exaggerated' — https://ssrn.com/abstract=2998754
What's up Rock Nation, today were spitting game for 65 minutes straight. We've taken everything we've learned in the last 10 years doing this thing, and broken it down into 21 pieces of advice. Enjoy!Collab with Artlist and get 2 extra months for free here:https://artlist.io/artlist-70446?artlist_aid=the505podcast_2970&utm_source=affiliate_p&utm_medium=the505podcast_2970&utm_campaign=the505podcast_2970SUSCRIBE TO OUR NEWSLETTER: https://the505podcast.ac-page.com/rock-reportThe Creator Pricing Guide - The No BS Guide to Pricing Your Creative ServicesCoupon Code: ROCKNATION10 gets you $10 off at checkout for the bouldershttps://courses.thecreatorcoach.com/pricing-guideOur FREE 5 positioning tips download:https://the505podcast.courses/5positioningtipsLearn the 6 Questions to ask on any discovery call (FREE Download):https://the505podcast.courses/6questionsfordiscoverycallJoin our Discord! https://discord.gg/xgEAzkqAvsCOP THE BFIGGY "ESSENTIALS" SFX PACK HERE: https://courses.thecreatorcoach.com/BFIGGYSFXPACKKostas' Amazon Storefront:https://amzn.to/3GhId2515% OFF Prism Lens FX with code: KOSTAS15https://bit.ly/42sNdejChase's Totality LUT pack:https://www.chasealexanderfilm.com/color/totalitylutpackTimestamps: 0:00 - One Handed Crack1:14 - $100,000 in one month!3:23 - Never Make a Deck Without Knowing Their Budget7:23 - Artlist9:28 - Don't Be the First to Address a Problem17:16 - Don't Discount Just Because It's Your First Time Working Together21:38 - Keep Raising Your Rates Until You Get a Lot of No's24:27 - Contracts Give You a Clear Timeline for Raising Rates25:40 - Retainers Give You Freedom29:57 - When You Say Your Price, Shut the F* Up**33:29 - Find the Cross-Section of Passion, Profit, and Growth38:44 - Your Personal Brand Is More Valuable Than Any Single Project40:00 - Learn to Delegate & Outsource if You Want to Scale41:40 - Save Your Money & Only Buy Gear That Moves the Needle46:29 - Establish Clear Boundaries with Clients48:32 - Don't Underestimate Pre-Production49:55 - A Good Website Goes a Long Way51:44 – Know Your Minimum Level of Engagement52:11 - Network Is Everything55:31 - A Good Personality Leads to Repeat Business57:24 - Make Sure Your Gear Works & Double-Check Your Bag59:57 - I Wasn't Doing Enough Outreach1:02:59 - Hire People Who Are Better Than You1:04:13 - You Don't Need Permission to Start CreatingIf you liked this episode please send it to a friend and take a screenshot for your story! And as always, we'd love to hear from you guys on what you'd like to hear us talk about or potential guests we should have on. DM US ON IG: (Our DM's are always open!) Bfiggy: https://www.instagram.com/bfiggy/ Kostas: https://www.instagram.com/kostasg95/ Chase: https://www.instagram.com/chaseronii/ TikTok:Bfiggy: https://www.tiktok.com/bfiggy/ Kostas: https://www.tiktok.com/kostasgarcia/
Did you know that just a handful of stocks drive nearly all of the stock market's long-term gains? In this episode, we sit down with Hendrik Bessembinder to discuss his groundbreaking research on why most stocks fail to outperform Treasury bills and how a small fraction of stocks generate the most long-term market returns. Hendrik is a Professor in the Department of Finance at Arizona State University whose research focuses on market design, trading, and long-term investment performance across stock, foreign exchange, fixed income, futures, and energy markets. In addition to his academic contributions, Professor Bessembinder has over 25 years of consulting experience, advising major firms, financial markets, and government agencies. In our conversation, we delve into the findings of his research and find out how a small fraction of stocks generate the majority of long-term returns. We explore why traditional investment strategies often overlook the impact of skewness, the impacts of broad diversification and passive investing, and why active fund managers struggle to beat the market. Discover why chasing past returns can lead to costly mistakes, his latest research on 'sustainable returns', what type of industries have the highest stock returns, common investing mistakes, and more. Join us to uncover the surprising realities of stock market returns and how you can build a portfolio that stands the test of time with Professor Hendrik Bessembinder. Key Points From This Episode: (0:03:54) Explore Hendrik's research on long-term stock returns and how most returns come from a small group of stocks. (0:08:30) Learn how company size interacts with the skewness in stock returns and what it means for individual investors. (0:11:39) Considering fundamentals in stock returns and the implications of skewness for measuring portfolio performance. (0:15:42) Unpack how he used bootstrap simulations in his paper and the performance of stock returns versus Treasury bills. (0:19:01) Find out the proportion of US firms responsible for dollar wealth creation and why diversification is essential for long-term stock returns. (0:25:23) Navigating volatility in the market and why it is difficult to identify skilled managers in time to leverage the market. (0:28:00) Compare the performance of US stocks versus global stocks and what is driving their performance. (0:32:04) What the findings of his research means for financial planners and individual investors. (0:35:35) Uncover which US firms generated the highest returns and what type of industries these companies are in. (0:42:07) Hear about the long-term performance of US mutual funds and how investor behaviour contributes to it. (0:49:54) How passive investing and index funds have reduced the contributions of actively managed mutual funds and the lessons for investors. (0:55:48) Discover Professor Bessembinder's broader research interests and his definition of success. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Professor Hendrik Bessembinder — https://search.asu.edu/profile/2717225 Arizona State University — https://www.asu.edu/ KRIS — https://www.kris-online.com/ Professor Hendrik Bessembinder papers on SSRN — https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=667 SPIVA — https://www.spglobal.com/spdji/en/research-insights/spiva/ Episode 322: Professor Marco Sammon — https://rationalreminder.ca/podcast/322 Episode 124: Professor Lubos Pastor — https://rationalreminder.ca/podcast/124 Papers From Today's Episode: 'Do Stocks Outperform Treasury Bills?' — https://www.sciencedirect.com/science/article/abs/pii/S0304405X18301521 'Extending Portfolio Theory to Compound Returns' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3875870 'Luck versus Skill in the Cross-Section of Mutual Fund Returns' — https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2010.01598.x 'Measuring Skill in the Mutual Fund Industry' — https://www.sciencedirect.com/science/article/abs/pii/S0304405X15000628 'Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks' — https://www.tandfonline.com/doi/abs/10.1080/0015198X.2023.2188870 'Which U.S. Stocks Generated the Highest Long-Term Returns?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4897069 'How Should Investors' Long-Term Returns Be Measured?' — https://www.tandfonline.com/doi/abs/10.1080/0015198X.2024.2401765
Cue the chorus of leftist media defending illegal immigration now. Are we serious about this? It's been a week!
Are you curious about the hidden factors driving your investment decisions? Today's guest is Andrew Chen, a Principal Economist at the Federal Reserve Board who focuses on monetary policy and financial stability. Published in leading journals, his research informs key policy decisions and helps shape the Federal Reserve's strategy for managing economic challenges effectively. In this episode, Andrew delves into the intricacies of meta-research and asset pricing, focusing on cross-sectional asset pricing predictors, replication, and out-of-sample performance in factor investing. We discuss the significance of open-source data and transparency, highlighting Andrew's creation of the Open Source Asset Pricing project, an indispensable and comprehensive dataset for asset pricing predictors. We also address the challenges of replicating financial studies, publication bias, data mining, and false discovery rates, with Andrew offering practical insights on how these factors impact financial research and investment decisions. For actionable insights that could refine your investment strategies and enhance your understanding of financial research, don't miss this fascinating conversation! Key Points From This Episode: (0:03:43) What an asset pricing factor is and how it differs from a predictor. (0:04:25) Three plausible explanations for why cross-sectional predictors exist. (0:05:45) Insight into Andrew's Open Source Asset Pricing project and why it's so important. (0:09:49) Where the results of his research diverge from other papers on the subject. (0:11:42) How the returns on anomalies in his data sample change post-publication. (0:12:33) Implications of this research for the “replication crisis” in cross-sectional asset pricing. (0:14:14) Challenges of false discovery rates, publication bias, and out-of-sample returns. (0:18:37) The effect of transaction costs on expected returns from factor investing. (0:22:02) Problems with estimating factor expected returns using historical data. (0:26:08) A big-picture view of the factors with the strongest investable expected returns. (0:29:12) The relative value of peer-reviewed factors with strong theoretical underpinnings. (0:35:13) Whether or not machine learning can be useful for asset pricing research. (0:37:39) Practical advice for using financial research to inform your investment decisions. (0:40:08) Andrew's take on the current state of cross-sectional asset pricing. (0:42:58) The simple way that Andrew defines success for himself. Links From Today's Episode: Rational Reminder on Apple Podcasts — https://podcasts.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582 Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/@rationalreminder/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Andrew Chen — https://sites.google.com/site/chenandrewy/ Federal Reserve Board — https://www.federalreserve.gov/ Andrew Chen on LinkedIn — https://www.linkedin.com/in/andrew-chen-63394169/ Andrew Chen on X — https://x.com/achenfinance Open Source Asset Pricing Project — https://www.openassetpricing.com/ Center for Research in Security Prices — https://www.crsp.org/ Books From Today's Episode: The Adaptive Markets Hypothesis: An Evolutionary Approach to Understanding Financial System Dynamics — https://www.amazon.com/dp/0199681147 Papers From Today's Episode: Andrew Chen, Tom Zimmermann, 'Open Source Cross-Sectional Asset Pricing'— https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3604626 Kewei Hou, Chen Xue, Lu Zhang, 'Replicating Anomalies' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3275496 R. David McLean, Jeffrey Pontiff, 'Does Academic Research Destroy Stock Return Predictability?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2156623 Ilia D. Dichev, 'Is the Risk of Bankruptcy a Systematic Risk?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=99868 Campbell R. Harvey, Yan Liu, Caroline Zhu, ‘…and the Cross-Section of Expected Returns' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2249314 Andrew Chen, Mihail Velikov, ‘Zeroing in on the Expected Returns of Anomalies' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3073681 Andrew Chen, Alejandro Lopez-Lira, Tom Zimmermann, ‘Does Peer-Reviewed Research Help Predict Stock Returns?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4308069
Do you often remember your dreams? What was the last dream you can remember? Today, let's welcome Dr. Rahul Jandial. Rahul is a dual-trained brain surgeon and neuroscientist based at City of Hope in Los Angeles. He leads the Jandial Lab, which explores the intersection of neurobiology and cancer. Beyond his research, Dr. Jandial is dedicated to global health, performing pediatric neurosurgery in charity hospitals across South America and Eastern Europe. He is also the author of the book "This Is Why You Dream," which delves into the science and significance of dreaming. Jay and Rahul explore the significance of dreams and their impact on our lives, and that the brain is highly active during sleep, generating as much electricity as when awake. This activity suggests that dreaming is not a passive process but an essential function for the brain, helping it process and rehearse experiences, emotions, and creativity. There are common themes in dreams, such as nightmares, erotic dreams, and motifs like falling or being chased. Rahul highlights that these themes are linked to the brain's imaginative and emotional networks, which are more active during dreaming. Nightmares, for instance, play a crucial role in developing a sense of self and other in children, while in adults, they can indicate unresolved emotional issues or trauma. He also discusses the concept of lucid dreaming, where one becomes aware of dreaming and can exert some control over the dream narrative. In this interview, you'll learn: How to enhance dream recall How to induce lucid dreaming How to utilize dreams for creative problem solving How to reduce nightmare in children How to cultivate positive morning thoughts How to improve sleep quality for better dreams Embrace the power of your dreams to boost creativity and emotional well-being. Take the first step tonight for a healthier, more vibrant tomorrow! With Love and Gratitude, Jay Shetty What We Discuss: 00:00 Intro 03:05 Does Everyone Dream? 05:01 Why Do We Dream? 09:01 Dreams in a Scientific Perspective 13:30 Making Sense of a Dream 19:05 Sleep Entry 23:20 Erotic Dreams 29:02 Dreams Should Not be Neglected 32:09 Are We Meaning Makers? 37:02 Recurrent Dreams 38:36 Unwanted Recurrent Dream 42:11 Thoughts, Emotions, and Activities in the Brain Level 48:48 How Do You Explain Nightmares? 54:01 Task On 56:52 Sleep Exit 01:01:39 Cross Section of AI and Dreams 01:04:08 Can Dreams Predict the Future? 01:08:02 Mental Workspace in Uncertainty 01:12:58 Flashbacks vs PTSD 01:17:33 Lucid Dreaming 01:23:33 Can You Practice Lucid Dreaming? 01:25:15 The Right Approach to Understanding Dreams 01:47 The Dreaming Brain 01:33:34 When to Take a Nap 01:35:29 The Feeling of Falling While Asleep 01:37:35 Rahul on Final Five Episode Resources: Dr. Rahul Jandial | Instagram Dr. Rahul Jandial | Facebook This Is Why You Dream: What Your Sleeping Brain Reveals About Your Waking Life See omnystudio.com/listener for privacy information.
In this episode, Dr. Rob Stevens teaches investors what to consider when interpreting exploration company maps and sections. Dr. Stevens (Ph.D., P.Geo.) is a professional geologist and educator. He has trained numerous brokers, analysts, and investors in the basics of mineral exploration and mining via his training course. After teaching this course for many years, he eventually published its content in his book, Mineral Exploration and Mining Essentials. 0:00 Introduction 2:14 Overview 3:45 Viewpoints in exploration 7:17 Key aspects of maps and sections 8:30 Map view 19:34 Cross-Section view 22:37 Long-Section view 29:48 Contour Maps 33:16 Three-dimensional views 36:49 Geological Models 41:57 Humorous illustration 44:55 Q&A with Bill Powers YouTube Presentation of this episode: https://www.youtube.com/watch?v=FJ-ysxVphWU To learn about Rob's book and online training courses: https://www.miningessentials.com/ Rob's YouTube channel: https://www.youtube.com/@mining-essentials Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 This was not a sponsored interview. MSE received no compensation to speak favorably of Rob Stevens' book and has no revenue-sharing arrangement with Dr. Stevens. Mining Stock Education offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/
06-09-24 A Cross Section of Acts 16: Today's message started out to be from 1Samuel. At the last minute God changed the direction of the preacher to this timely lesson from Acts 16
In this episode of Investment Strategy Made Simple (ISMS), Andrew and Larry Swedroe discuss Larry's new book, Enrich Your Future: The Keys to Successful Investing. In this series, they discuss Chapter 1: The Determinants of the Risk and Return of Stocks and Bonds.LEARNING: Look for key metrics, traits, or characteristics that help them identify stocks that will outperform the market. “Intelligent people maintain open minds when it comes to new ideas. And they change strategies when there is compelling evidence demonstrating the ‘conventional wisdom' is wrong.”Larry Swedroe In this episode of Investment Strategy Made Simple (ISMS), Andrew and Larry Swedroe discuss Larry's new book, Enrich Your Future: The Keys to Successful Investing. The book is a collection of stories Larry has developed over the 30+ years he's been trying to help investors. Larry is the head of financial and economic research at Buckingham Wealth Partners. You can learn more about Larry's Worst Investment Ever story on Ep645: Beware of Idiosyncratic Risks.Larry deeply understands the world of academic research and investing, especially risk. Today, Andrew and Larry discuss Chapter 1: The Determinants of the Risk and Return of Stocks and Bonds.Chapter 1: The Determinants of the Risk and Return of Stocks and BondsIn this chapter, Larry looks at research that revolutionized how people think about investing and how to build a winning portfolio. The goal is to help investors learn how to look for key metrics, traits, or characteristics that help them identify stocks that will outperform the market, at least in terms of delivering higher returns, not necessarily higher risk-adjusted returns.The three-factor modelThe first research Larry talks about is by Eugene Fama and Kenneth French. Their paper “The Cross-Section of Expected Stock Returns” in The Journal of Finance focused on research that produced what has become known as the three-factor model. A factor is a common trait or characteristic of a stock or bond. The three factors explained by Fama and French are:Market beta (the return of the market minus the return on one-month Treasury bills)Size (the return on small stocks minus the return on large stocks)Value (the return on value stocks minus the return on growth stocks).The model can explain more than 90% of the variation of returns of diversified US equity portfolios. The research shows that ensemble funds are superior to individual funds. It's better to have a multi-factor portfolio. So you could own, say, five different funds that have exposure to each individual factor, or you own one fund that gives you exposure to all those factors. The ensemble strategies always tend to do better.The two-factor modelLarry also highlights a second model by professors Fama and French, the two-factor model that explains the variation of returns of fixed-income portfolios. The two risk factors are term and default (credit risk). According to the model, the longer the term to maturity, the greater the risk; the lower the credit rating, the greater the risk. Markets compensate investors for taking risks with higher expected returns. As with equities, individual security selection and market timing do not play a significant role in explaining returns of fixed-income portfolios and thus should not be expected to add value.Buffett's AlphaAnother significant academic research publication is the study “Buffett's Alpha.” The authors, Andrea...
In this conversation, Bob French interviews his father, Ken French, a professor of finance, about key concepts in economics and investing. They discuss the concept of marginal cost and marginal revenue, which helps individuals make decisions based on the balance between costs and benefits. They also explore risk aversion and how it affects investment decisions, as well as the winner's curse, which refers to the tendency to overestimate the value of winning bids or investments. Overall, the conversation provides valuable insights into economic thinking and decision-making. In this conversation, Bob and Ken French discuss the challenges of drawing inferences about the future based on past performance in the financial markets. They highlight the winner's curse and the noise in securities returns as factors that make it difficult to predict which asset class or active manager will outperform in the future. They also discuss the problem of overconfidence and the importance of accurate market prices. The conversation concludes with a discussion on the benefits of stock buybacks and the option value of investments. Listen now to learn more! Kenneth French's Bio: Kenneth R. French is the Roth Family Distinguished Professor of Finance at the Tuck School of Business, Dartmouth College. French is an expert on the behavior of security prices and investment strategies. He and his frequent co-author Eugene F. Fama have written many notable papers, including “The Cross-Section of Expected Stock Returns”, “Common Risk Factors in the Returns on Stocks and Bonds”, and “A Five-Factor Asset Pricing Model.” French is a research associate at the National Bureau of Economic Research, an Advisory Editor of the Journal of Financial Economics, the Journal of Banking and Finance, and the Financial Review, a member of the Editorial Board of the Critical Finance Review, a former Associate Editor of the Journal of Finance and the Review of Financial Studies, and a former President of the American Finance Association. Professor French is also a Fellow of the American Finance Association and the American Academy of Arts and Sciences, Chair of the Valpo Surf Project's Global Board of Directors, and a member of the Board of Directors of the Cato Institute, Grassroot Soccer, and the International Rescue Committee. Professor French is a consultant to Dimensional Fund Advisors and a member of the firm's board of directors. Before joining Dartmouth, Professor French was on the faculty of MIT's Sloan School of Management, the Yale School of Management, and the University of Chicago Booth School of Business. Professor French received his PhD in finance from the University of Rochester in 1983. He also earned an MS and an MBA from the University of Rochester and a BS from Lehigh University. Takeaways Understanding the concept of marginal cost and marginal revenue can help individuals make informed decisions based on costs and benefits. Risk aversion is driven by the decreasing marginal utility of wealth, where the value of each additional dollar decreases as wealth increases. The winner's curse refers to the tendency to overestimate the value of winning bids or investments, and it can be observed in various contexts, such as oil lease auctions and hiring decisions. Considering these concepts can enhance economic thinking and decision-making in investing and other areas of life. Drawing inferences about the future based on past performance is challenging due to the winner's curse and the noise in securities returns. Overconfidence is a common problem in investing, and people often overestimate their ability to pick winning investments or active managers. Accurate market prices are important for allocating resources efficiently and signaling the value of different activities. Stock buybacks can be beneficial for companies and society, as they can signal undervaluation and allow companies to allocate resources more effectively. The option value of investments should be considered, as companies may choose to buy back stock when they don't have better investment opportunities. Chapters 00:00 Introduction and Setting the Stage 09:19 Navigating Risk Aversion in Investing 31:46 Enhancing Economic Thinking and Decision-Making 45:39 The Importance of Accurate Market Prices 51:42 The Benefits of Stock Buybacks Links: Register for the webinar with Retirement Researcher and Kenneth French! 'Five Things I Know About Investing' Wed 4/24 at 2 eastern www.risaprofile.com/podcast The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"
Host Reed Galen is joined by Authors/Journalists Tom Schaller and Paul Waldman, Co-Authors of, White Rural Rage: The Threat to American Democracy. They discuss the anger and disconnect felt by white Americans in rural areas, the political tragedy of rural America, and why a comprehensive rural movement is needed to bring political competition and accountability back to rural America. Plus, our nation's fascination with pickup trucks. Be sure to pick up White Rural Rage: The Threat to American Democracy wherever fine books are sold. For more from Paul Waldman, check out The Cross Section and Boundary Issues. For more from Tom Schaller, follow him on social media. For more from Reed Galen, be sure to subscribe to “The Home Front”. If you'd like to ask a question or share a comment with The Lincoln Project, send an email to podcast@lincolnproject.us. Learn more about your ad choices. Visit megaphone.fm/adchoices
Host Reed Galen is joined by Authors/Journalists Tom Schaller and Paul Waldman, Co-Authors of, White Rural Rage: The Threat to American Democracy. They discuss the anger and disconnect felt by white Americans in rural areas, the political tragedy of rural America, and why a comprehensive rural movement is needed to bring political competition and accountability back to rural America. Plus, our nation's fascination with pickup trucks. Be sure to pick up White Rural Rage: The Threat to American Democracy wherever fine books are sold. For more from Paul Waldman, check out The Cross Section and Boundary Issues. For more from Tom Schaller, follow him on social media. For more from Reed Galen, be sure to subscribe to “The Home Front”. If you'd like to ask a question or share a comment with The Lincoln Project, send an email to podcast@lincolnproject.us.
The Rebel News podcasts features free audio-only versions of select RebelNews+ content and other Rebel News long-form videos, livestreams, and interviews. Monday to Friday enjoy the audio version of Ezra Levant's daily TV-style show, The Ezra Levant Show, where Ezra gives you his contrarian and conservative take on free speech, politics, and foreign policy through in-depth commentary and interviews. Wednesday evenings you can listen to the audio version of The Gunn Show with Sheila Gunn Reid the Chief Reporter of Rebel News. Sheila brings a western sensibility to Canadian news. With one foot in the oil patch and one foot in agriculture, Sheila challenges mainstream media narratives and stands up for Albertans. If you want to watch the video versions of these podcasts, make sure to begin your free RebelNewsPlus trial by subscribing at http://www.RebelNewsPlus.com
Hour 3 - Gresh and Fauria talked about the impact of sports gambling on the games. Andy Hart, of WEEI.com, joined the show to discuss the New England Patriots, the comments from Robert Kraft and Jerod Mayo, and the Patriots options at #3. Finally, it's today's Big Deal/No Big Deal.
This week's politics begin with a check on Zillow listings... The man who once claimed a net worth of more than 10-Billion dollars says he can't come up with a measly half-billion to satisfy a New York court judgment. If he's so rich, why can't he simply mortgage one of his many many many amazing properties? There are more signs of cracks in Trump's support within the Republican Party as Trump is dissed by former Veep Mike Pence, Indiana Sen. Todd Young, and Nikki Haley donors On the plus side for the former game-show host, it appears that the judge in his trial for stealing top-secret documents is totally in his hip pocket Michigan Supreme Court Justice David Viviano says he won't seek reelection, giving Democrats a chance to solidify their majority on the officially-but-not-really nonpartisan court Electric-powered cars are taking center-stage in the Michigan presidential campaign Two anniversaries highlight the week: The 14th anniversary of the signing of Obamacare: state Democrats are turning up the heat in federal races, going after Republican candidates on healthcare The 10th anniversary of the first same-sex wedding in Michigan Also this week: The UAW makes an endorsement in the Democratic primary race to succeed Dan Kildee The Legislature ends Michigan's ban on surrogacy contracts and, in the process, protects In-Vitro Fertilization. Michigan Democrats are taking on the challenge of reconnecting with rural Michigan. We talk with the authors of a provocative analysis of the partisan divide between rural and urban/suburban Michigan: “White Rural Rage: The Threat to American Democracy”. Journalist Paul Waldman is a former columnist for The Washington Post, The Week, and TheAmerican Prospect. He is currently an MSNBC columnist, writes The Cross Section newsletter, and co-hosts the Boundary Issues podcast. Tom Schaller is a professor of political science at the University of Maryland, Baltimore County. A former columnist for The Baltimore Sun, he has written for The New York Times, The Washington Post, and the Los Angeles Times. He is the author or co-author of four other books, including Common Enemies, The Stronghold, and Whistling Past Dixie. =========================== This episode is sponsored in part by EPIC ▪ MRA, a full service survey research firm with expertise in: • Public Opinion Surveys • Market Research Studies • Live Telephone Surveys • On-Line and Automated Surveys • Focus Group Research • Bond Proposals - Millage Campaigns • Political Campaigns & Consulting • Ballot Proposals - Issue Advocacy Research • Community - Media Relations • Issue - Image Management • Database Development & List Management ===========================
A Cross-Section of Biblical Fellowship
A Cross-Section of Biblical Fellowship
Brett Cross is a small-town kid who grew up in Western Texas, among the oil fields, near Odessa. He worked in the oil fields, worked his way up to doing pipeline work, eventually moving to green energy work. He even became a foreman, working hard to provide for his family. And Brett was at work when he got the call from his wife Nikki that changed their lives forever. It was May 24, 2022, Nikki was at their sons' school, Robb Elementary, in Uvalde, Texas. “This is not a fucking joke,” she said, “there's a shooter at the boys' school.” We talk to Brett about his life before, about living in a small town, working and making your own fun, we talk about some of the family memories he cherishes most. We remember Brett and Nikki's son Uziyah “Uzi” Garcia, we talk about the day Uzi was taken from them, along with 18 of his classmates and two of his teachers, and we talk about the unimaginable fight for justice and real change that Brett and Nikki have been fighting ever since.Studio Production: Maximillian AlvarezPost-Production: Jules TaylorCW: This episode discusses school shootings and the murdering of children. Additional links/info below…Brett's Twitter/X pageSneha Dey, Erin Douglas, Andrew Zhang, Brooke Park, & Jessica Priest, The Texas Tribune / ProPublica, “21 Lives Lost: Uvalde Victims Were a Cross-Section of a Small, Mostly Latino Town in South Texas“Edgar Sandoval, The New York Times, “A Year After the Uvalde Massacre: Did Anything Change?“Gus Bova, Texas Observer, “The Uvalde Parents Won't Back Down“Elissa Jorgensen, American Statesman, “‘There Are no Good Days': Uziyah's Family Won't Stop Fighting Until Gun Laws Change“Danielle Campoamor, Today, “A Father's Fury: Uvalde Dad Brett Cross Is Mad as Hell and Wants You to Know It“Kayla Padilla, Texas Public Radio, “Arrested Uvalde Father Says Police More Upset With Him Using Expletive Than Children Dying“Yvette Benavides, David Martin Davies, & Julián Aguilar, Texas Public Radio, “‘We Did It!' — Uvalde's Entire School Police Department Suspended Following Activism from Families“Lomi Kriel, Alejandro Serrano, & Lexi Churchill, The Texas Tribune / ProPublica, “‘Cascading Failures': Justice Department Blasts Law Enforcement's Botched Response to Uvalde School Shooting“John Woodrow Cox, Steven Rich, Linda Chong, Lucas Trevor, John Muyskens, & Monica Ulmanu, The Washington Post, “More Than 360,000 Students Have Experienced Gun Violence at School Since Columbine“Permanent links below…Leave us a voicemail and we might play it on the show!Labor Radio / Podcast Network website, Facebook page, and Twitter pageIn These Times website, Facebook page, and Twitter pageThe Real News Network website, YouTube channel, podcast feeds, Facebook page, and Twitter pageFeatured Music…Jules Taylor, “Working People” Theme SongJules Taylor, “John L. Handcox Remix”Follow Jules on Twitter and FacebookHelp us continue producing radically independent news and in-depth analysis by following us and becoming a monthly sustainer.Sign up for our newsletterLike us on FacebookFollow us on TwitterDonate to support this podcast
A Cross-Section of Biblical Fellowship-Luke 1-39-56
A Cross-Section of Biblical FellowshipLuke 1:39-56
Brett Cross is a small-town kid who grew up in Western Texas, among the oil fields, near Odessa. He worked in the oil fields, worked his way up to doing pipeline work, eventually moving to green energy work. He even became a foreman, working hard to provide for his family. And Brett was at work when he got the call from his wife Nikki that changed their lives forever. It was May 24, 2022, Nikki was at their sons' school, Robb Elementary, in Uvalde, Texas. “This is not a fucking joke,” she said, “there's a shooter at the boys' school.” We talk to Brett about his life before, about living in a small town, working and making your own fun, we talk about some of the family memories he cherishes most. We remember Brett and Nikki's son Uziyah "Uzi" Garcia, we talk about the day Uzi was taken from them, along with 18 of his classmates and two of his teachers, and we talk about the unimaginable fight for justice and real change that Brett and Nikki have been fighting ever since. C/W: This episode discusses school shootings and the murdering of children. Additional links/info below… Brett's Twitter/X page Sneha Dey, Erin Douglas, Andrew Zhang, Brooke Park, & Jessica Priest, The Texas Tribune / ProPublica, "21 Lives Lost: Uvalde Victims Were a Cross-Section of a Small, Mostly Latino Town in South Texas" Edgar Sandoval, The New York Times, "A Year After the Uvalde Massacre: Did Anything Change?" Gus Bova, Texas Observer, "The Uvalde Parents Won't Back Down" Elissa Jorgensen, American Statesman, "'There Are no Good Days': Uziyah's Family Won't Stop Fighting Until Gun Laws Change" Danielle Campoamor, Today, "A Father's Fury: Uvalde Dad Brett Cross Is Mad as Hell and Wants You to Know It" Kayla Padilla, Texas Public Radio, "Arrested Uvalde Father Says Police More Upset With Him Using Expletive Than Children Dying" Yvette Benavides, David Martin Davies, & Julián Aguilar, Texas Public Radio, "'We Did It!' — Uvalde's Entire School Police Department Suspended Following Activism from Families" Lomi Kriel, Alejandro Serrano, & Lexi Churchill, The Texas Tribune / ProPublica, "'Cascading Failures': Justice Department Blasts Law Enforcement's Botched Response to Uvalde School Shooting" John Woodrow Cox, Steven Rich, Linda Chong, Lucas Trevor, John Muyskens, & Monica Ulmanu, The Washington Post, "More Than 360,000 Students Have Experienced Gun Violence at School Since Columbine" Permanent links below... Working People Patreon page Leave us a voicemail and we might play it on the show! Labor Radio / Podcast Network website, Facebook page, and Twitter page In These Times website, Facebook page, and Twitter page The Real News Network website, YouTube channel, podcast feeds, Facebook page, and Twitter page Featured Music... Jules Taylor, "Working People" Theme Song Jules Taylor, "John L. Handcox Remix" Follow Jules on Twitter and Facebook
Those of us that invest using factors have been taught that there needs to be a reason why they work. We have been taught that for their excess returns to persist in the future, there should be a behavioral or risk-based explanation as to why they exist in the first place. If that assumption is wrong, it would call into question the validity of much of the work that has been done in asset pricing research and would also have significant implications for real world investment strategies build using the research. Our guest this week recently published a paper that calls those core ideas of asset pricing theory into question. We speak with Andrew Chen, Principal Economist at the Federal Reserve's Capital Markets Section and Alejandro Lopez-Lira, Assistant Professor of Finance at the University of Florida about their new paper "Does Peer Reviewed Theory Predict the Cross Section of Stock Returns." The paper compared anomalies with behavioral and risk-based explanations to others that were purely data mined. They found no difference in out of sample returns among the 3 groups. In the interview, we take a deep dive into their findings and what they mean for both the world of academic research and real-world investment strategies. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau
This week Jeff Stevenson joins us to talk about his work that explores ideas of masculinity and the self through a variety of media that includes painting, sculpture, and installation. Jeff also talks about his the exhibition “Cross-Section: the many faces of Jeff Stevenson” that opens at Studio Break Gallery with receptions on Sunday Dec 3rd from 2-5 PM and Sat Dec 9th from 4-8 PM.
Today, we take a closer look at asset allocation through an empirical lens, by drawing on the work and data of Scott Cederburg and his new article ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice'. We unpack what the research tells us about how to establish the optimal mix of assets in a portfolio, the challenges of making the right decisions when you have volatile assets, and why it's critical that you understand your level of risk tolerance. Next, in our Mark to Market segment, we unpack different types of insurance — like life, disability, and critical illness — and when you should own them personally versus making them the property of your corporation. We then review Justin King's new book The Retirement Café Handbook: Nine Accelerators for a Successful Retirement before sitting down with the author himself to discuss the content of his latest work and his long-held interest in helping others optimize for retirement. Tuning in you'll hear Justin share his thoughts on the role of choice, vitality, and joy when it comes to having a successful retirement, the nine accelerators he lays out in his book, and how to become the hero of your retirement story. In our final section, we wrap things up with some wonderful reviews from listeners and our book recommendations. To hear all of the captivating takeaways from today's episode, be sure to tune in! Key Points From This Episode: Breaking down asset allocation through an empirical lens; finding the right mix of assets in a portfolio, common challenges, and measuring risk. (0:02:12) The role of government pensions when considering asset allocation over one's life. (0:09:10) Investigating whether volatility is risk; modeling the lifecycle of an investor and determining if (and when) it makes sense to shift into bonds over time. (0:11:27) Analyzing the data, modelling, and findings from the paper, ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice'. (0:14:02) The challenges of behaving well with volatile assets; advice on how to assess your risk tolerance, your ability to endure short-term declines, and more. (0:23:10) Our Mark to Market segment: unpacking different types of insurance and when you should own them personally or inside your corporation. (0:29:50) A quick look back at our conversation with Dr. Anna Lembke on the subject of dopamine. (0:37:58) This week's book review: Justin King's The Retirement Café Handbook: Nine Accelerators for a Successful Retirement. (0:39:33) Our conversation with Justin King on how to retire successfully. (0:41:19) Unpacking the nine accelerators in Justin's book and where they come from. (0:45:44) How to get the most out of The Retirement Café Handbook. (0:55:47) Sharing some of the wonderful reviews we've gotten recently, plus our book recommendations. (0:59:28) Links From Today's Episode: ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4590406 Episode 224: Prof. Scott Cederburg — https://rationalreminder.ca/podcast/224 Episode 169: Prof. John Cochrane — https://rationalreminder.ca/podcast/169 Episode 250: Prof. John Y. Campbell — https://rationalreminder.ca/podcast/250 Episode 278: Juhani Linnainmaa: Financial Advisors, and the Cross Section of Returns — https://rationalreminder.ca/podcast/278 Episode 177: Dr. Anna Lembke — https://rationalreminder.ca/podcast/177 Anna Lembke — https://www.annalembke.com/ Dopamine Nation: Finding Balance in the Age of Indulgence — https://www.annalembke.com/dopamine-nation Justin King on LinkedIn — https://www.linkedin.com/in/justinking-retirement-planner-ifa/ Justin King on X — https://twitter.com/JustinKingCFP The Retirement Café — https://www.theretirementcafe.co.uk/ The Retirement Café Podcast — https://www.theretirementcafe.co.uk/podcast The Retirement Café Handbook: Nine Accelerators for a Successful Retirement — https://www.amazon.co.uk/Retirement-Cafe-Handbook-Accelerators-Successful/dp/1739410300 Notes from Listener PDF — Episode 30: Larry Swedroe — https://rationalreminder.ca/podcast/tag/Larry+Swedroe Strangers in Paradise: How Families Adapt to Wealth Across Generations — https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356 Wealth 3.0: The Future of Family Wealth Advising — https://www.amazon.com/Wealth-3-0-Future-Family-Advising/dp/B0C9SHFSGM Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/
In this episode, we start by learning about the complex relationship between recessions and stock returns before welcoming Huston Loke and Jordan Solway from the Financial Services Regulatory Authority (FSRA) to discuss protecting consumers in the financial investment space. Huston is the Executive Vice President of Market Conduct, and Jordan is the Executive Vice President of Legal and Enforcement at FSRA. The FSRA supervises insurance companies, mortgage brokers, credit unions, pensions and other non-securities areas of the financial services sector. We discuss the objectives of the FSRA, their approach to protecting consumers, enforcement strategies, upcoming regulations, and more. Then, we welcome back Mark McGrath to learn about the Passive Investment Grind (PIG) concept for this week's Mark to Market segment, and we take a look back at a previous episode with Ted Seides of Capital Allocators. Finally, we are joined by author Tim Hale to discuss the new edition of his book Smarter Investing before closing off with our usual after-show roundup. Tune in now! Key Points From This Episode: (0:03:22) The relationship between recessions and stock returns, the definition of a technical recession, and the role of media in shaping perceptions. (0:09:33) Why bad economic conditions don't necessarily warrant changes to investment strategies and why attempts to time the market based on recession news should be avoided. (0:13:42) Introducing Huston Loke and Jordan Solway and background about the Financial Services Regulatory Authority of Ontario (FSRA). (0:15:34) Objectives of the FSRA and the principle of putting the client's interest first. (0:18:55) What aspects of financial advisory services FSRA regard as the most important. (0:20:30) Unpacking the “Take-All-Comers” rule in Ontario and how it protects consumers. (0:25:32) How successful the title protection rule has been in Ontario and how it differentiates between the title of financial advisor and financial planner. (0:29:21) Concerns about the rollout of the title protection rule and the disparity across various designations. (0:33:26) Advice for identifying a suitable financial advisor or planner and how the FSRA is helping cross-check credentials. (0:37:19) FSRA's findings in a review of tiered recruitment model life insurance MGAs and the enforcement action taken. (0:44:47) Insights into commission-based compensation structures for financial products and upcoming commission disclosure rules. (0:49:09) Additional steps consumers can take to avoid bad financial advice and services. (0:50:49) Recommendations for budding financial planners or advisors to ensure they get the correct training. (0:53:23) Discover the infinite banking concept and what future initiatives Huston and Jordan are most excited about. (0:59:35) Mark explains the passive investment grind concept in our Mark to Market segment. (1:09:21) Recapping essential takeaways from a previous episode with Ted Seides. (1:12:02) Tim Hale discusses his book Smarter Investing, his motivation for writing it, his intended audience, and its main takeaways. (1:20:09) How the financial landscape has changed since the first edition of his book and his shift toward systematic investing. (1:25:25) Tim shares what he thinks are the biggest mistakes investors make and behavioural biases that influence investors' decisions. (1:27:58) Final words of wisdom Tim has for listeners and how his approach applies to markets outside of the UK. (1:29:45) Aftershow roundup, listener reviews, book recommendations, and more! Join Our Live Events: Paying it Forward to Yourself: Compensation strategies for Canadian Business Owners - https://us06web.zoom.us/webinar/register/1517000820593/WN_35_OSP3XT9Gabu6KjIT4Tg Investing 101: Financial Literacy Month Webinar - https://us06web.zoom.us/webinar/register/2417000820935/WN_snfu-ZhzQKeB6CZSw1yHuA Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Paying It Forward to Yourself (Webinar) — https://us06web.zoom.us/webinar/register/4416996396442/WN_35_OSP3XT9Gabu6KjIT4Tg Investing 101 (Webinar) — https://us06web.zoom.us/webinar/register/2317000628845/WN_snfu-ZhzQKeB6CZSw1yHuA#/registration ‘Should my investment strategy change during a recession?' — https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-investing-strategy-during-a-recession/ C.D. Howe Institute Business Cycle Council — https://www.cdhowe.org/council/business-cycle-council Episode 171: Prof. Campbell R. Harvey — https://rationalreminder.ca/podcast/171 ‘Conditional Skewness in Asset Pricing Tests' — https://www.jstor.org/stable/222452 ‘… and the Cross-Section of Expected Returns' — https://faculty.fuqua.duke.edu/~charvey/Research/Published_Papers/P118_and_the_cross.PDF Huston Loke — https://www.fsrao.ca/about-fsra/leadership/huston-loke Huston Loke on LinkedIn — https://www.linkedin.com/in/hloke/ Jordan Solway — https://www.fsrao.ca/about-fsra/leadership/jordan-solway Jordan Solway on LinkedIn — https://www.linkedin.com/in/jordan-solway-4a261314/ Financial Services Regulatory Authority of Ontario (FSRA) — https://www.fsrao.ca/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://twitter.com/MarkMcGrathCFP Mark McGrath on Calendly — https://calendly.com/mark_mcgrath/ Episode 61: Ted Seides — https://rationalreminder.ca/podcast/61 Ted Seides on LinkedIn — https://www.linkedin.com/in/tedseides Ted Seides on Twitter — https://twitter.com/tseides Capital Allocators — https://www.capitalallocators.com/ Tim Hale on LinkedIn — https://www.linkedin.com/in/tim-hale-4b67ba24/ Life on Our Planet — https://www.imdb.com/title/tt23181388/ The Behavioral Divide Podcast — https://podcasts.apple.com/us/podcast/the-behavioral-divide-with-hal-hershfield/id1713168854 Episode 278: Juhani Linnainmaa — https://rationalreminder.ca/podcast/278 Books From Today's Episode: Smarter Investing — https://www.amazon.com/Smarter-Investing-Simpler-Decisions-Results/dp/0273722077 Albion Strategic Consulting — https://albionstrategic.com/ Winning the Loser's Game – https://www.amazon.com/Winning-Losers-Game-Seventh-Strategies/dp/1259838048 Tightwads and Spendthrifts — https://www.amazon.com/Tightwads-Spendthrifts-Navigating-Minefield-Relationships/dp/1250280079 Clear Thinking — https://www.amazon.com/Clear-Thinking-Turning-Ordinary-Extraordinary/dp/0593086112 Strangers in Paradise — https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356/ Wealth 3.0 — https://www.amazon.com/Wealth-3-0-Future-Family-Advising/dp/B0C9SHFSGM Same as Ever — https://www.amazon.com/Same-Ever-Guide-Never-Changes/dp/0593332709/
If you dive deep into financial advisor fixed effects, you'll begin to understand that an advisor's own portfolio has a bigger impact on the portfolios of their clients than the characteristics of the clients themselves. To help us make sense of this and to further explain financial values and the cross-section of returns, we are joined by the influential and notorious Professor of Finance, Juhani Linnainmaa. Our conversation begins with a comprehensive analysis of financial values, including a comparison between the trading patterns of advisors and those of their clients, a disquisition of misguided beliefs, an examination of client characteristics, and the ins and outs of portfolio variation and customizations. Canada recently adopted regulations from the Mutual Fund Dealers Association (MFDA), and we discuss how this has affected the use of financial advice in the country before comparing the benefit of increased equity share to the cost of advice, what hiring a new advisor before a financial crisis may mean for clients, and the role of regulation in the industry. We end with the cross-section of returns by examining accounting-based anomalies pre-1963, how profitability and investment relate to data mining, why a financial firm would switch between growth and value, and finally, Professor Juhani Linnainmaa's definition of success. Key Points From This Episode: (0:00:42) A very warm welcome to the influential Professor of Finance, Juhani Linnainmaa. (0:03:52) Comparing the trading patterns of advisors to those of their clients. (0:08:45) How regulators can go about addressing misguided beliefs. (0:11:08) Client characteristics that advisors base portfolio customizations on. (0:13:22) Whether the variation in a client's portfolio can be explained by their characteristics. (0:14:49) Explaining the remaining variation in portfolios. (0:19:38) Other reasons for the high cost of advising, aside from portfolio customization. (0:22:03) How the adoption of the MFDA affected the use of financial advice in Canada. (0:26:03) Comparing the benefit of increased equity share to the cost of advice. (0:31:45) How getting a new advisor before the financial crisis affects ongoing investments. (0:35:46) The role of regulation. (0:37:47) Getting into the cross-section of returns with accounting-based anomalies pre-‘63. (0:40:51) Weather profitability and investment are data-mined factors. (0:44:05) The optimal X-anti mix of factors in a portfolio. (0:46:56) The mechanisms that cause firms to move between growth and value. (0:56:31) Professor Juhani's definition of success. Links From Today's Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Juhani Linnainmaa — http://jlinnainmaa.com/ Juhani Linnainmaa on LinkedIn — https://www.linkedin.com/in/juhani-linnainmaa-832134194/ Juhani Linnainmaa on Facebook — https://www.facebook.com/juhani.linnainmaa/ Tuck School of Business — https://www.tuck.dartmouth.edu/ Kepos Capital — https://www.keposcapital.com/ Chicago Booth School of Business — https://www.chicagobooth.edu/ National Bureau of Economic Research — https://www.nber.org/ UCLA Anderson School of Management — https://www.anderson.ucla.edu/ Aalto University — https://www.aalto.fi/en Mutual Fund Dealers Association — https://mfda.ca/ Michael Roberts on LinkedIn — https://www.linkedin.com/in/prof-michael-r-roberts/
MIP #392 Presented By Axon Tire - A Good Cross SectionIt doesn't happen often, but I had the opportunity to sit down with Axcon Tire Sales Staff and discuss what they see in the market. What is happening in place isn't the case in another, and interest is starting to dominate the conversation the Axon team is part of. Click To Listen:https://www.spreaker.com/user/9810017/mip-392-presented-by-axon-tire-a-good-crPresented By @AxonTire Music By: @TalbottBrothersCo-host: Aaron Fintel @AaronfintelHost: Casey Seymour @casey9673#agequipmentbusinesstalk #letsgomovesomeiron Contact me @:MovingIronLLC.comMovingIronPodcast@MovingIronPodcast.com
Key Takeaways:Building corporate sustainability is not about “being responsible for” but rather recognizing “how to work in concert with” a broader group of stakeholders to reduce friction and produce better results.Innovation in a staid industry requires: - Creation of an environment to embrace and enable change – first speak about what will remain the same and season in what the change will be.- Recognition that incumbency is NOT powerful (i.e., faulty assumption that formulas in the past will work in the future)- Innovate by embracing what is evolving – e.g., technologyAdopt a simple "Measure/Report/Reduce” framework – allows managements to act and the board to make informed decisions based on data-driven metrics to drive accountability and achieve whatever the “reduction” goals are – e.g., emissions, talent attrition, customer loss, use of resources, barriers to entry, etc. Don't make the mistake of focusing heavily on low hanging fruit instead of looking broadly at both risk and opportunityOversight tool: Instead of asking management “How do we make this?” consider the asking “How do we make this better?”Resources:Book: BOOM! Deciphering Innovation: How Disruption Drives Companies to Transform or DieResource Center: BDO ESG Center of Excellence
Generally Speaking presented by the Knox County District Attorney’s Office
In this episode, District Attorney General Charme Allen speaks with Chief Deputy DA Sam Lee and Assistant DA Justin Pruitt about the cross-section of mental health and public safety. East Tennessee Mental Health Resources and Reports:https://www.mhaet.com/https://www.knoxcounty.org/health/epidemiology/reports_data/community_surveys/Community%20Surveys%20Reports/MentalHealthReport23.pdf
In this episode, Carlton talks with Josh Wolford about his background in anthropology and his work on the relationships between Anishinaabe cosmology and the geologic/climactic events in the upper Great Lakes. Specifically on how they relate, where this fits in anthropology, ethno-geoarchaeology, and how we can look at other Indigenous creation stories for clues to our Paleolithic past.If you have left a podcast review on iTunes or Spotify, please email us at alifeinruinspodcast@gmail.com so we can get shipping information to send you a sticker.If you are listening to this episode on the "Archaeology Podcast Network All Shows Feed," please consider subscribing to the "A Life in Ruins Podcast" channel to support our show. Listening to and downloading our episodes on the A Life in Ruins channel helps our podcast grow. So please, subscribe to the A Life in Ruins Podcast, hosted by the Archaeology Podcast Network, on whichever platform you use to listen to us on the "All Shows Feed." Please support our show by following our channel.Literature Recommendations Talking Rocks: Geology and 10,000 Years of Native American Tradition in the Lake Superior Region by: Ron Morton and Carl Gawboy - Illustrations by Carl Gawboy Ojibway Heritage by Basil Johnston The Prehistory of the Burnt Bluff Area by James E. Fitting, Charles E. Cleland, et al. TranscriptsFor rough transcripts of this episode go to https://www.archpodnet.com/ruins/133Guest Contact Instagram: @jmwolford Email: jmwolford51@gmail.comContact Email: alifeinruinspodcast@gmail.com Instagram: @alifeinruinspodcast Facebook: @alifeinruinspodcast Twitter: @alifeinruinspod Website: www.alifeinruins.com Ruins on APN: https://www.archaeologypodcastnetwork.com/ruins Store: https://www.redbubble.com/people/alifeinruins/shopArchPodNet APN Website: https://www.archpodnet.com APN on Facebook: https://www.facebook.com/archpodnet APN on Twitter: https://www.twitter.com/archpodnet APN on Instagram: https://www.instagram.com/archpodnet Tee Public StoreAffiliates Wildnote TeePublic Timeular Motion
In this episode, Carlton talks with Josh Wolford about his background in anthropology and his work on the relationships between Anishinaabe cosmology and the geologic/climactic events in the upper Great Lakes. Specifically on how they relate, where this fits in anthropology, ethno-geoarchaeology, and how we can look at other Indigenous creation stories for clues to our Paleolithic past. If you have left a podcast review on iTunes or Spotify, please email us at alifeinruinspodcast@gmail.com so we can get shipping information to send you a sticker. If you are listening to this episode on the "Archaeology Podcast Network All Shows Feed," please consider subscribing to the "A Life in Ruins Podcast" channel to support our show. Listening to and downloading our episodes on the A Life in Ruins channel helps our podcast grow. So please, subscribe to the A Life in Ruins Podcast, hosted by the Archaeology Podcast Network, on whichever platform you use to listen to us on the "All Shows Feed." Please support our show by following our channel. Literature Recommendations Talking Rocks: Geology and 10,000 Years of Native American Tradition in the Lake Superior Region by: Ron Morton and Carl Gawboy - Illustrations by Carl Gawboy Ojibway Heritage by Basil Johnston The Prehistory of the Burnt Bluff Area by James E. Fitting, Charles E. Cleland, et al. Transcripts For rough transcripts of this episode go to https://www.archpodnet.com/ruins/133 Guest Contact Instagram: @jmwolford Email: jmwolford51@gmail.com Contact Email: alifeinruinspodcast@gmail.com Instagram: @alifeinruinspodcast Facebook: @alifeinruinspodcast Twitter: @alifeinruinspod Website: www.alifeinruins.com Ruins on APN: https://www.archaeologypodcastnetwork.com/ruins Store: https://www.redbubble.com/people/alifeinruins/shop ArchPodNet APN Website: https://www.archpodnet.com APN on Facebook: https://www.facebook.com/archpodnet APN on Twitter: https://www.twitter.com/archpodnet APN on Instagram: https://www.instagram.com/archpodnet Tee Public Store Affiliates Wildnote TeePublic Timeular Motion
Our guest this week is Wes Gray. Wes is the CEO, chief investment officer, and founder of Alpha Architect, a Registered Investment Advisor that offers ETFs and works with other RIAs to launch their own ETFs. An accomplished researcher and writer, Wes has authored numerous books on investing and financial topics, including Quantitative Value and Quantitative Momentum. Before founding Alpha Architect, Wes worked in academia and consulted for a family office. Wes' path into finance began at the University of Chicago, where he earned his MBA and Ph.D. and studied under Nobel Prize winner Eugene Fama. Prior to that, Wes served as a captain in the United States Marine Corps. In addition to his MBA and Ph.D., Wes also earned a bachelor's degree in economics from The Wharton School.BackgroundBioTwitter handle: @alphaarchitectAlpha ArchitectQuantitative Momentum: A Practitioner's Guide to Building a Momentum-Based Stock Selection System, by Wesley Gray, Ph.D., and Jack Vogel, Ph.D.Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors, by Wesley Gray, Ph.D., and Tobias Carlisle, LLBActive Investing“Even God Would Get Fired as an Active Investor,” by Wesley Gray, alphaarchitect.com, Feb. 2, 2016.“Has the Stock Market Systematically Changed?” by Wesley Gray, alphaarchitect.com, Sept. 20, 2022.“The Cross Section of Stock Returns Pre-CRSP Data: Value and Momentum Are Confirmed as Robust Anomalies,” by Elisabetta Basilico, Ph.D., CFA, alphaarchitect.com, Nov. 7, 2022.Stock Market/Trend-Following“How I Invest My Own Money: Robust to Chaos,” by Wesley Gray, alphaarchitect.com, June 24, 2022.“Trend Following: The Epitome of No Pain, No Gain,” by Wesley Gray, alphaarchitect.com, June 26, 2019.“Trend-Following: A Deep Dive Into a Unique Risk Premium,” by Wesley Gray, alphaarchitect.com, Oct. 18, 2017.“Does Emerging Markets Investing Make Sense?” by Wesley Gray, alphaarchitect.com, June 17, 2022.Value Investing“Value Investing Live Recap: Wesley Gray,” by Graham Griffin, gurufocus.com, Aug. 25, 2021.“Value Investing: Headwinds, Tailwinds, and Variables,” by Ryan Kirlin, alphaarchitect.com, May 20, 2022.“Value Investing: What History Says About Five-Year Periods After Valuation Peaks,” by Jack Vogel, Ph.D., alphaarchitect.com, Dec. 21, 2021.Behavioral Investing“Terry Odean: Who's on the Other Side of the Trade?” The Long View podcast, Morningstar.com, May 14, 2022.“Behavioral Finance Warning: Humans Love Complexity,” by Wesley Gray, alphaarchitect.com, Aug. 3, 2021.“Individual Investor Behavior: What Does the Research Say?” by Wesley Gray, alphaarchitect.com, July 22, 2022.“Momentum Investing, Like Value Investing, Is Simple, but Not Easy,” by Wesley Gray, alphaarchitect.com, Sept. 18, 2018.Bonds and ETF Investing“Treasury Bonds: Buy and Hold, or Trend Follow?” by Wesley Gray, alphaarchitect.com, Aug. 10, 2022.“Why Advisors (and Family Offices) Should Consider Creating Their Own ETFs,” by Pat Cleary, alphaarchitect.com, Nov. 4, 2022.“ETF Tax Efficiency Isn't Always Efficient,” by Sean Hegarty, alpharchitect.com, Feb. 25, 2022.
Today's episode features Guido Baltussen, Bart Van Vliet and Pim Van Vliet reading their piece, The Cross-Section of Stock Returns before 1926 (and beyond) Guido Baltussen is Head of Robeco's Factor Investing strategies and Co-head of the Quant Fixed Income team. Bart P. Van Vliet is a Client Portfolio Manager at Robeco. Pim Van Vliet is Head of Conservative Equities and Head of Robeco's Quantitative Equities department. The Best Investment Writing series features top research pieces that we've shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week. Check out the past series of The Best Investment Writing below: Volume 5 Volume 4 Volume 3 Volume 2 Volume 1 ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream. Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest's choice. Today's sponsor dollars are being donated to GiveDirectly on behalf of the authors. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!
In the second The Offseason Project episode, Lyle is joined by Stephen Perona from Mammoth Customs to chat the Pelicans season, sneaker customisation and more! Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
Is digital addiction different from other forms of addiction? What about managing technology in the classroom? Can someone be healed of pornography addiction? We answer these questions and more on Cross Section, a radio show heard on The Word - WZXV in upstate New York in the cities of Rochester, Syracuse, Buffalo, and surrounding areas. I want to thank Pastor Scott Gallatin of Calvary Chapel of the Finger Lakes for his invitation.
Lauren Kelley-Chew, Levels Head of Clinical Product, chatted with Esther Dyson, philanthropist and Levels investor, about Esther's philanthropic initiatives, how she shifted away from investing in healthcare so she can bring more of her attention to the health and wellness space and CGMs. Become a Levels Member – levelshealth.com Learn about Metabolic Health – levelshealth.com/blog Follow Levels on Social – @Levels on Instagram and Twitter
Welcome back to the show all about sensible investing in Canada! Today we have yet another masterclass with a wonderful guest, Sebastien Betermier. Sebastian is an Associate Professor of Finance at Desautels Faculty of Management at McGill University, where he teaches investment management, applied investments, and pension funds retirement systems. We have a deep, thoughtful, and precise conversation with him about his recent research and papers, much of which stands in contrast to our usual fare on the show. In our chat, we dive into the nuts and bolts of asset allocation, hedging risk, and his research into what demographics can teach us about investment behaviours and returns. We also hear from our guest about interesting topics of expected persistence and tilting towards value stocks, before shifting the conversation towards homeownership and property investment. Sebastien provides some sound advice around when it might be a good idea to purchase property over other asset classes, and we evaluate this position from a number of different investing perspectives. Lastly, we spend some time looking at pension plans, and what we can learn from those available in Canada right now. Key Points From This Episode: Sebastien explains the theoretical relationship between labor income and financial asset allocation. [0:04:30] Findings on hedging labour income risks and the paper that Sebastien published on the subject. [0:06:47] The relationships between risk and age, gender, wealth, and heterogeneity across households. [0:10:05] Unpacking Sebastien's investigation into value and growth investors. [0:12:07] The effect that the characteristics of labor income have on the rate of progression on the value ladder. [0:18:43] What we can learn about expected persistence in the value premium. [0:22:39] Weighing the possibility of predictive demographics for future value premiums. [0:24:29] Advice for young investors looking to tilt towards value stocks. [0:27:50] Explaining differing returns according to the characteristics of people. [0:29:41] Sebastien explains the factors of markets, wealth, and age, in the pricing model. [0:31:24] Understanding how investors tilt to age and wealth factors, and what these portfolios look like. [0:38:19] The impact of age and wealth factors on wealth inequality, and how younger investors can combat this. [0:42:19] Possible rationales for homeownership and the storage of wealth in housing. [0:44:26] The household characteristics that are predictive of larger allocations to housing. [0:48:49] Economic importance of risk-free benefits of homeownership. [0:52:15] The decade-long rule of thumb for purchasing property; Sebastien weighs in. [0:55:31] Why asset-only performance is not the only correct way to measure the success of the Canadian pension fund model. [0:58:50] Differentiating asset-only performance and liability-hedging performance measurement. [1:02:29] A list and explanation of the assets that Canadian pension funds use for hedging real liabilities. [1:04:03] Lessons from the Canadian Pension Plan for individual investors and firms. [1:12:54] Sebastien's personal definition of success: making the most of opportunities and a balanced life. [1:16:07]
WWI was one of the most pointless wars in the history of mankind. But it did serve to prove one point, namely, that try as they may, society will always look at Jews as social pariahs. It didn't matter that Jewish deaths in the war were proportional to their numbers in the population or that the wealthy industrialist Walther Rathenau used his resources and ingenuity to give Germany a lease on life during the war and even negotiated on its behalf after the war. Like Rathenau, Jewish credibility was dead shortly after. As the 20's raged on in the Weimar Republic, with a sexual revolution and progressive values at the helm—much like today btw—the value of Jewish life was deteriorating as fast as the value of the Frank against the dollar. But while the government was able to print more money to keep the economy afloat a little longer and prepare the nation for the next war, there was nothing that could prepare the Jews for what was to come. Capitalistic assimilationism, socialist Zionism, or isolationist orthodoxism - whatever you call it, a Jew devoid of his mission is always going to have trouble. Flamethrowers anyone? #israel #thetribe #antisemitism #judaism #worldwarone #worldwartwo #nazism #zionism
Tune in for the latest on influencer marketing from Jason Gordon and Sarah Bruno as they discuss practical considerations for brands, including morals clauses, data ownership, data protection laws, intellectual property rights, and geo-fencing and other cross-border issues. For more information, visit Reed Smith's Advertising & Marketing page.
This episode of “The Cross Section” is one of my favorite types of episodes because I got to finally meet and talk with someone who I feel like I know due to social media but we haven't ever been face to face or had the chance to be due to the pandemic. And we hit it off as I figured we would. We talked black dogs, skiing, broken noses and, of course, cyclocross. She is a professional ‘cross racer based in London, Ontario, Canada and she is someone who I admire the shit out of because of her determination, commitment and courage. One of only a handful of North Americans to head overseas to race this year, she was the last Canadian in Belgium and hung on until the very end barely escaping the severe Canadian lockdown. And she does it all as a privateer. This year she went at it alone and endured a broken nose, covid testing galore, police knocking on her door as well as living in a bubble for months in Oudenaarde (Aud en ard uh) with some other racers. She is bright and funny and thoughtful. I recorded this one a bit ago when she joined me during her quarantine upon her return from Europe just as I was getting ready to head over there myself and it's a great look into what it's like.Today we hang with Siobahn Kelly. I think you'll like it.
Well, folks, this one is a long one - by far the longest to date - but it is also one of my favorite conversations . Trust me, this one is worth your time. For this episode of “The Cross Section” we have a little story time with someone whom I love talking to and someone whom I admire a great deal: 3 time U.S. Cyclocross National champion and two-time Pan-American champion, Stephen Hyde. If you weren't a fan of this man before, spend a couple of hours with him and you will walk away as one. We discussed his growing up on the panhandle in rural Florida and how those experiences were so vital in his journey and his life is defined by the road and discovery of self. His life is one of reflection and self-examination. He is a human who is unafraid to undo and redo self, worldview, and belief. As we all should be, he is in constant revision mode - as a cyclist and more importantly as a human being. His journey has taken him from coast to coast and back again and in the flow of conversation I also discovered that the first 'cross race he had ever seen was at a Cyclocross Crusade at Alpenrose Diary here in Portland and that it changed the trajectory of his life. We also talked about his transformation as a humanist and as a social justice advocate as well as his love of birds and nature. In short, we covered a LOT of ground. I say this about every episode, I think, but if you're only going to listen to just one, this is a great place to begin. Today it's story time with Stephen Hyde … I think you'll like it.Thanks so much for taking some time out of your life today and I hope you had as good of a time as I did with this one. Follow me on Instagram @dcmediahaus and also Sign up and download, rate and review and subscribe wherever you source your podcasts so you'll always know when a new show drops - it means the world. Stay Safe. And just keep pedaling.Content Warning: A small handful of curse words by both host and guest (but mostly by the host).
On Episode 7 of “The Cross Section Podcast” I got to hang out with one of the most balanced and competitive humans I know. Her name pretty much captures her spirit - Sunny - and she really is someone you want in your orbit. She joined me from Colorado where she lives and trains and works as a scientist. We talked about her backstory, bikes and many other topics including the origin of her Instagram handle: @run4funner . A gifted and hard-working athlete she once came within a whisker of qualifying for the Olympic Trials in track. Even more impressive was her decision to stop and move on with her education which ended up with a PhD. She is a professional cyclist and three seasons ago finished on the 2nd step of the podium at cyclocross Nationals. Our paths have crossed many times and many places around the country. She is funny, thoughtful, and wicked smart.This episode of “The Cross Section” is brought to you by no one officially, so I figured I would highlight one of my guest's key sponsor's: Grimpeur Brothers Coffee who is also a huge supporter of cycling and women's cycling in particular. They have numerous fundraising blends in addition to their usual offerings. A link is provided in the show description. Go support the supporters of the sport we all love.The longer we spent exploring the topics that we venture into on this episode, the more I came away from it grateful to call her a friend of mine.Today we chat with sunny Gilbert. I think you'll like it.(NOTE: Due to connection issues, occasionally there is some scratchy audio. Apologies)Thanks so much for taking some time out of your life today and I hope you had as good of a time as I did with this one. Follow me on Instagram @dcmediahaus and also Sign up and download, rate and review and subscribe wherever you source your podcasts so you'll always know when a new show drops - it means the world. Stay Safe. And just keep pedaling.Content Warning: A small handful of curse words by both host and guest (but mostly by the host).
Episode 5 of “The Cross Section Podcast” is pretty unique in the sense that this is Part One of a conversation with one of my good friends - the freelance photojournalist, Daniel Steinle who has been deeply involved with covering the protests in Portland and other places around the country from the earliest days in May and he is still at it. Part 2, tentatively titled, “January 6th” will air a few days from now and it's a pretty amazing tale! To get a glimpse of his work go to his website or check out his Instagram: @catdaddypdx.If you're into photography and art, buckle in because we take a deep dive on film vs digital photography, what constitutes a photograph, approaches to and the dangers of covering protest events, the goals of and the ethics of street photography and photojournalism. In short, we cover a lot of ground. In addition to being a deep-thinker, serious artist, and well-travelled person, Daniel is one of the most committed and courageous photographers I know. If you've ever been curious about what it's like to cover the protests and what the scene is really like, this is a good one to tune into.This episode of “The Cross Section” is brought to you by no one in particular so I'll just throw out a plug for Don't Shoot PDX - which is an organization that I believe in and have donated to over the years. To quote their website: “Don't Shoot Portland is a Black-led human rights nonprofit that advocates for accountability. Since 2014, we have implemented art, education and civic participation within our programming to create social change.” Thanks so much for taking some time out of your life today and I hope you had as good of a time as I did with this one. Follow me on Instagram @dcmediahaus and also sign up, download, rate, review and subscribe wherever you source your podcasts so you'll always know when a new show drops. Stay Safe. And just keep pedaling.And remember, there is a Part 2 … and trust me … wow. So for the week we hang with Daniel Steinle. I think you'll like both of these!Content Warning: A small handful of curse words by both host and guest (but mostly by the host).
The podcast is titled in a way that allows me to and reminds me to explore many avenues that I find interesting - bikes and cyclocross, but also art and music and photography. Hence, "The Cross Section". In the spirit of the goal to explore a wide-range of topics, for Episode 3 I reached out to someone who checks a lot of the boxes that pique my interest. He is an artist I have known only in the sense of IG posts, comments, DM's and emails but I have never actually had the chance to meet and talk with in person and this is the next best thing.I first encountered his work at the Breadwinner Cycles Cafe a couple of years ago. His work is really wonderful. As with all artists who evolve and change, his current period is one of geometry and balance and feels very mid-century. Additionally he is a talented self-taught musician (who is actually crafting new, original theme music for the show) as well as a skier and cyclist. He does large murals, custom paints bikes, wheels, windows, walls and whatever else you can think of. Follow him on INSTAGRAM and check out his WEBSITE to see more of his work. Once we got rolling, day turned to night and I discovered we have many parallel interests and passions. We talked art, music, fixed-gear riding and went down a variety of rabbit holes. Thanks for listening in! Please subscribe and rate and review the show wherever you source your podcasts! Man, I'm stoked to have you here to hang out with me and Chet Malinow. I think you'll like it. Thanks so much for taking some time out of your life today and I hope you had as good of a time as I did with this one. Follow me on Instagram @dcmediahaus and also Sign up and download, rate and review and subscribe wherever you source your podcasts so you'll always know when a new show drops - it means the world. Stay Safe. And just keep pedaling.Content Warning: A small handful of curse words by both host and guest (but mostly by the host).
View the show notes in Google Docs here: http://bit.ly/3bFS43j Gonorrhea Updates Gonorrhea Treatment and Care. Centers for Disease Control and Prevention Website. https://www.cdc.gov/std/gonorrhea/treatment.htm. Published December 14, 2020. Accessed January 11, 2021. CDC No Longer Recommends Oral Drug for Gonorrhea Treatment. Centers for Disease Control and Prevention. https://www.cdc.gov/nchhstp/newsroom/2012/gctx-guidelines-pressrelease.html. Published August 9, 2012. Accessed January 11, 2021. Recurrent UTI Recurrent Uncomplicated Urinary Tract Infections in Women: AUA/CUA/SUFU Guideline (2019). American Urological Association. https://www.auanet.org/guidelines/recurrent-uti?fbclid=IwAR1TwSTQNHv8PDWLfW7WjsDan46D_9b6Qs1ptJxaXr6YFnDpBeptpW3BY. Published 2019. Accessed January 11, 2021. Combo Ibuprofen and Acetaminophen / Pain Advil® Dual Action. GSK Expert Portal. https://www.gskhealthpartner.com/en-us/pain-relief/brands/advil/products/dual-action/?utmsource=google&utmmedium=cpc&utmterm=ibuprofen+acetaminophen&utmcampaign=GS+-+Unbranded+Advil+DA+-+Alone+-+PH. Accessed January 11, 2021. FDA approves GSK's Advil Dual Action with Acetaminophen for over-the-counter use in the United States. GSK. https://www.gsk.com/en-gb/media/press-releases/fda-approves-gsk-s-advil-dual-action-with-acetaminophen-for-over-the-counter-use-in-the-united-states/. Published March 2, 2020. Accessed January 11, 2021. Tanner T, Aspley S, Munn A, Thomas T. The pharmacokinetic profile of a novel fixed-dose combination tablet of ibuprofen and paracetamol. BMC clinical pharmacology. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2906415/. Published July 5, 2010. Accessed January 11, 2021. Searle S, Muse D, Paluch E, et al. Efficacy and Safety of Single and Multiple Doses of a Fixed-dose Combination of Ibuprofen and Acetaminophen in the Treatment of Postsurgical Dental Pain: Results From 2 Phase 3, Randomized, Parallel-group, Double-blind, Placebo-controlled Studies. The Clinical journal of pain. https://pubmed.ncbi.nlm.nih.gov/32271183/. Published July 2020. Accessed January 11, 2021. 1000 mg versus 600/650 mg Acetaminophen for Pain or Fever: A Review of the Clinical Efficacy. National Center for Biotechnology Information. https://www.ncbi.nlm.nih.gov/books/NBK373467/. Published June 17, 2016. Accessed January 11, 2021. Motov S. Is There a Limit to the Analgesic Effect of Pain Medications? Medscape. https://www.medscape.com/viewarticle/574279. Published June 17, 2008. Accessed January 11, 2021. Motov, Sergey. Faculty Forum: A Practical Approach to Pain Management. YouTube. https://www.youtube.com/watch?v=lJSioPsGw3A. The Center for Medical Education. Published December 2, 2020. Accessed January 1, 2021. Wuhrman E, Cooney MF. Acute Pain: Assessment and Treatment. Medscape. https://www.medscape.com/viewarticle/735034_4. Published January 3, 2011. Accessed January 11, 2021. Social Pain Dewall CN, Macdonald G, Webster GD, et al. Acetaminophen reduces social pain: behavioral and neural evidence. Psychological science. https://pubmed.ncbi.nlm.nih.gov/20548058/. Published June 14, 2010. Accessed January 11, 2021. Mischkowski D, Crocker J, Way BM. From painkiller to empathy killer: acetaminophen (paracetamol) reduces empathy for pain. Social cognitive and affective neuroscience. https://pubmed.ncbi.nlm.nih.gov/27217114/. Published May 5, 2016. Accessed January 11, 2021. Other / Recurrent liner notes Center for Medical Education. https://courses.ccme.org/. Accessed January 11, 2021. Roberts M, Roberts JR. The Proceduralist. https://www.theproceduralist.org/. Accessed January 11, 2021. The Procedural Pause by James R. Roberts, MD, & Martha Roberts, ACNP, PNP. Emergency Medicine News. https://journals.lww.com/em-news/blog/theproceduralpause/pages/default.aspx. Accessed January 11, 2021. The Skeptics' Guide to Emergency Medicine. sgem.ccme.org. https://sgem.ccme.org/. Accessed January 11, 2021. Trivia Question: Send answers to 2viewcast@gmail.com Please note that you must answer the 2 part question to win a copy of the EMRA Pain Guide. “What controversial drug was given a black box warning for prolonged QT and torsades in 2012 and now has been declared by WHICH organization to be an effective and safe treatment use for nausea, vomiting, headache and agitation?” Practical Pain Management in Acute Care Setting Handout Sergey Motov, MD @painfreeED • Pain is one of the most common reasons for patients to visit the emergency department and other acute care settings. Due to the extensive number of visits related to pain, clinicians and midlevel providers should be aware of the various options, both pharmacological and nonpharmacological, available to treat patients with acute pain. • As the death toll from the opioid epidemic continues to grow, the use of opioids in the acute care setting as a first-line treatment for analgesia is becoming increasingly controversial and challenging. • There is a growing body of literature that is advocating for more judicious use of opioids and well as their prescribing and for broader use of non-pharmacological and non-opioid pain management strategies. • The channels/enzymes/receptors targeted analgesia (CERTA) concept is based on our improved understanding of the neurobiological aspect of pain with a shift from a symptom-based approach to pain to a mechanistic approach. This targeted analgesic approach allows for a broader utilization of synergistic combinations of nonopioid analgesia and more refined and judicious (rescue) use of opioids. These synergistic combinations result in greater analgesia, fewer side effects, lesser sedation, and shorter LOS. (Motov et al 2016) General Principles: Management of acute pain in the acute care setting should be patient-centered and pain syndrome-specific by using multimodal approach that include non-pharmacological modalities and pharmacological ones that include non-opioid and opioid analgesics. Assessment of acute pain should be based on a need for analgesics to improve functionality, rather than patients-reported pain scores. Brief pain inventory short form BPI-SF is better than NRS/VAS as it assesses quantitative and qualitative impact of pain (Im et al 2020). ED clinicians should engage patients in shared decision-making about overall treatment goals and expectations, the natural trajectory of the specific painful condition, and analgesic options including short-term and long-term benefits and risks of adverse effects. If acute pain lasting beyond the expected duration, complications of acute pain should be ruled out and transition to non-opioid therapy and non-pharmacological therapy should be attempted. Non-Pharmacologic Therapies • Acute care providers should consider applications of heat or cold as well as specific recommendations regarding activity and exercise. • Music therapy is a useful non-pharmacologic therapy for pain reduction in acute care setting (music-assisted relaxation, therapeutic listening/musical requests, musical diversion, song writing, and therapeutic singing (Mandel 2019). • The use of alternative and complementary therapies, such as acupuncture, guided imagery, cognitive-behavioral therapy, and hypnosis have not been systemically evaluated for use in the Acute care setting including ED. (Dillan 2005, Hoffman 2007) • In general, their application may be limited for a single visit, but continued investigation in their safety and efficacy is strongly encouraged. • Practitioners may also consider utilization of osteopathic manipulation techniques, such as high velocity, low amplitude techniques, muscle energy techniques, and soft tissue techniques for patients presenting to the acute care setting with pain syndromes of skeletal, arthroidal, or myofascial origins. (Eisenhart 2003) Opioids • Acute Care providers are uniquely positioned to combat the opioid epidemic by thoughtful prescribing of parenteral and oral opioids in inpatient setting and upon discharge, and through their engagement with opioid addicted patients in acute care setting. • Acute Care providers should make every effort to utilize non-pharmacological modalities and non-opioid analgesics to alleviate pain, and to use opioid analgesics only when the benefits of opioids are felt to outweigh the risks. (not routinely) • When opioids are used for acute pain, clinicians should combine them with non-pharmacologic and non-opioid pharmacologic therapy: Yoga, exercise, cognitive behavioral therapy, complementary/alternative medical therapies (acupuncture); NSAID's, Acetaminophen, Topical Analgesics, Nerve blocks, etc. • When considering opioids for acute pain, Acute Care providers should involve patients in shared decision-making about analgesic options and opioid alternatives, risks and benefits of opioid therapies, and rational expectations about the pain trajectory and management approach. • When considering opioids for acute pain, acute care providers should counsel patients regarding serious adverse effects such as sedation and respiratory depression, pruritus and constipation, and rapid development of tolerance and hyperalgesia. • When considering administration of opioids for acute pain, acute care providers should make every effort to accesses respective state's Prescription Drug Monitoring Program (PDMP). The data obtained from PDMP's to be used to identify excessive dosages and dangerous combinations, identify and counsel patients with opioid use disorder, offer referral for addiction treatment. • PDMPs can provide clinicians with comprehensive prescribing information to improve clinical decisions around opioids. However, PDMPs vary tremendously in their accessibility and usability in the ED, which limits their effectiveness at the point of care. Problems are complicated by varying state-to-state requirements for data availability and accessibility. Several potential solutions to improving the utility of PDMPs in EDs include integrating PDMPs with electronic health records, implementing unsolicited reporting and prescription context, improving PDMP accessibility, data analytics, and expanding the scope of PDMPs. (Eldert et al, 2018) • Parenteral opioids when used in titratable fashion are effective, safe, and easily reversible analgesics that quickly relieve pain. • Acute care clinicians should consider administering these analgesics for patients in acute pain where the likelihood of analgesic benefit is judged to exceed the likelihood of harm. • Parenteral opioids must be titrated regardless of their initial dosing regimens (weight-based or fixed) until pain is optimized to acceptable level (functionality status) or side effects become intolerable. • When parenteral opioids are used, patients should be engaged in shared-decision making regarding the route of administration, as repetitive attempts of IV cannulation and intramuscular injections are associated with pain. In addition, intramuscular injections are associated with unpredictable absorption rates, and complications such as muscle necrosis, soft tissue infection and the need for dose escalation. (Von Kemp 1989, Yamanaka 1985, Johnson 1976) • Morphine sulfate provides better balance of analgesic efficacy and safety among all parenteral opioids. a. Dosing regimens and routes: b. IV: 0.05-0.1mg/kg to start, titrate q 10-20 min c. IV: 4-6 mg fixed, titrate q 10-20 min d. SQ: 4-6 mg fixed, titrate q 20 min e. Nebulized: 0.2 mg/kg or 10-20 mg fixed, repeat q 15-20 min f. PCA: prone to dosing errors g. IM: should be avoided (pain, muscle fibrosis, necrosis, increase in dosing requirements) • Hydromorphone should be avoided as a first-line opioid due to significant euphoria and severe respiratory depression requiring naloxone reversal. Due to higher lipophilicity, Hydromorphone use is associated with higher rates of euphoria and subsequent development of addiction. Should hydromorphone be administered in higher than equi-analgesic morphine milligram equivalents, close cardiopulmonary monitoring is strongly recommended. Dosing h. IV: 0.2-0.5 mg initial, titrate q10-15 min i. IM: to be avoided (pain, muscle fibrosis, necrosis, increase in dosing requirements) j. PCA: prone to dosing errors (severe CNS and respiratory depression) k. Significantly worse AE profile in comparison to Morphine l. Equianalgesic IV conversion (1 mg HM=8mg of MS) m. Overprescribed in >50% of patients n. Inappropriately large dosing in EM literature: 2 mg IVP o. Abuse potential (severely euphoric due to lipophilicity) • Fentanyl is the most potent opioid, short-acting, requires frequent titration. Dosing: p. IV: 0.25-0.5 μg/kg (WB), titrate q10 min q. IV: 25-50 μg (fixed), titrate q10 min r. Nebulization: 2-4 μg/kg, titrate q20-30 min s. IN: 1-2 μg/kg, titrate q5-10min t. Transbuccal: 100-200μg disolvable tablets u. Transmucosal: 15-20 mcg/kg Lollypops • Opioids in Renal Insufficiency/Renal Failure Patients-requires balance of ORAE with pain control by starting with lower-than-recommended doses and slowly titrate up the dose while extending the dosing interval. (Dean 2004, Wright 2011) • Opioid-induced pruritus is centrally mediated process via μ-opioid receptors as naloxone, nalbuphine reverse it, and can be caused by opioids w/o histamine release (Fentanyl). Use ultra-low-dose naloxone of 0.25 -1 mcg/kg/hr with NNT of 3.5. (Kjellberg 2001) • When intravascular access is unobtainable, acute care clinicians should consider utilization of intranasal (fentanyl), nebulized (fentanyl and morphine), or transmucosal (rapidly dissolvable fentanyl tablets) routes of analgesic administration for patients with acute painful conditions. • Breath actuated nebulizer (BAN): enclosed canister, dual mode: continuous and on-demand, less occupational exposures. a. Fentanyl: 2-4 mcg//kg for children, 4 mcg/kg for adults: titration q 10 min up to three doses via breath-actuated nebulizer (BAN): systemic bioavailability of 50-60% of IV route. (Miner 2007, Furyk 2009, Farahmand 2014) b. Morphine: 10-20 mg g10 min up to 3 doses via breath-actuated nebulizer (BAN)-Systemic bioavailability (concentration) of 30-35% of IV Route. (Fulda 2005, Bounes 2009, Grissa 2015) c. Intranasal Fentanyl: IN via MAD at 1-2 mcg/kg titration q 5 min (use highly concentrated solution of 100mcg/ml for adults and 50 mcg/ml for children)- systemic bioavailability of 90% of IV dosing. (Karisen 2013, Borland 2007, Saunders 2010, Holdgate 2010) d. IN route: shorter time to analgesia, titratable, comparable pain relief to IV route, minimal amount of side effects, similar rates of rescue analgesia, great patients and staff satisfaction. Disadvantages: requires highly concentrated solutions that not readily available in the ED, contraindicated in facial/nasal trauma. Oral Opioids • Oral opioid administration is effective for most patients in the acute care setting, however, there is no appreciable analgesic difference between commonly used opioids (oxycodone, hydrocodone and morphine sulfate immediate release (MSIR). • When oral opioids are used for acute pain, the lowest effective dose and fewest number of tablets needed should be prescribed. In most cases, less than 3 days' worth are necessary, and rarely more than 5 days' worth are needed. • If painful condition outlasts three-day supply, re-evaluation in health-care facility is beneficial. Consider expediting follow-up care if the patient's condition is expected to require more than a three-day supply of opioid analgesics. • Only Immediate release (short-acting) formulary are to be prescribed in the acute care setting and at discharge. • Clinicians should not administer or prescribe long-acting, extended-release, or sustained-release opioid formulations, which include both oral and transdermal (fentanyl) medications in the acute care setting. These formulations are not indicated for acute pain and carry a high risk of overdose, particularly in opioid-naïve patients. • Acute care providers should counsel patients about safe medication storage and disposal, as well as the consequences of failure to do this; potential for abuse and misuse by others (teens and young adults), and potential for overdose and death (children and teens). • Oxycodone is no more effective than other opioids (hydrocodone, MSIR). Oxycodone has highest potential for abuse, misuse and diversion as well as increased risks of overdose, addiction and death. Oxycodone should be avoided as a first-line oral opioid for acute pain. ( Strayer 2016) • If still prescribed, lowest dose (5mg) in combination with acetaminophen (lowest dose of 325 mg) should be considered as it associated with less abuse and diversion (in theory). Potential for acetaminophen overdose exist though with combination. • Hydrocodone is three times more prescribed than oxycodone, but three times less used for non-medical purpose. Combo with APAP (Vicodin)-Use lowest effective dose for hydrocodone and APAP (5/325). (Quinn 1997, Adams 2006) • Immediate release morphine sulfate (MSIR) administration is associated with lesser degree of euphoria and consequently, less abuse potential (Wightman 2012). ED providers should consider prescribing Morphine Sulfate Immediate Release Tablets (MSIR) (Wong 2012, Campos 2014) for acute pain due to: o Similar analgesic efficacy to Oxycodone and Hydrocodone o Less euphoria (less abuse potential) o Less street value (less diversion) o More dysphoria in large doses o Less abuse liability and likeability • Tramadol should not be used in acute care setting and at discharge due to severe risks of adverse effects, drug-drug interactions, and overdose. There is very limited data supporting better analgesic efficacy of tramadol in comparison to placebo, or better analgesia than APAP or Ibuprofen. Tramadol dose not match analgesic efficacy of traditional opioids. (Juurlink 2018, Jasinski 1993, Babalonis 2013) • Side effects are: o Seizures o Hypoglycemia o Hyponatremia o Serotonin syndrome o Abuse and addiction • Codeine and Codeine/APAP is a weak analgesic that provides no better pain relief than placebo. Codeine must not be administered to children due to: o dangers of the polymorphisms of the cytochrome P450 iso-enzyme: o ultra-rapid metabolizers: respiratory depression and death o poor metabolizers: absent or insufficient pain relief • Transmucosal fentanyl (15 and 20 mcg/kg lollypops) has an onset of analgesia in 5 to 15 minutes with a peak effect seen in 15 to 30 minutes (Arthur 2012). • Transbuccal route can be used right at the triage to provide rapid analgesia and as a bridge to intravenous analgesia in acute care setting. (Ashburn 2011). A rapidly dissolving trans-buccal fentanyl (100mcg dose) provides fast pain relief onset (median 10 min), great analgesics efficacy, minimal need for rescue medication and lack of side effects in comparison to oxycodone/acetaminophen tablet (Shear 2010) • Morphine Milligram Equivalent (MME) is a numerical standard against which most opioids can be compared, yielding a comparison of each medication's potency. MME does not give any information of medications efficacy or how well medication works, but it is used to assess comparative potency of other analgesics. • By converting the dose of an opioid to a morphine equivalent dose, a clinician can determine whether a cumulative daily dose of opioids approaches an amount associated with increased risk of overdose and to identify patients who may benefit from closer monitoring, reduction or tapering of opioids, prescribing of naloxone, and other measures to reduce risk of overdose. • Opioid-induced hyperalgesia: o opioid-induced hyperalgesia (OIH) is a rare syndrome of increasing pain, often accompanied by neuroexcitatory effects, in the setting of increasing opioid therapy. o Morphine is by far the most common opiate implicated in OIH. Hydromorphone and oxycodone, members of the same class of opiate as morphine (phenanthrenes), can also cause OIH. Fentanyl, a synthetic opioid in the class of phenylpiperidine, is less likely to precipitate OIH. Existing data suggests that OIH is caused by multiple opioid-induced changes to the central nervous system including: -Activation of N-methyl-D-aspartate (NMDA) receptors -Inhibition of the glutamate transporter system -Increased levels of the pro-nociceptive peptides within the dorsal root ganglia -Activation of descending pain facilitation from the rostral ventromedial medulla -Neuroexcitatory effects provoked by metabolites of morphine and hydromorphone • OIH can be confused with tolerance as in both cases patients report increased pain on opioids. The two conditions can be differentiated based on the patient's response to opioids. In tolerance, the patient's pain will improve with dose escalation. In OIH, pain will worsen with opioid administration. This paradoxical effect is one of the hallmarks of the syndrome. Non-opioid analgesics • Acetaminophen is indicated for management of mild to moderate pain and as a single analgesic and has modest efficacy at most. Addition of Acetaminophen to Ibuprofen does not provide better analgesia for patients with acute low back pain. The greatest limitation to the use of intravenous (IV) versus oral acetaminophen is the nearly 100-fold cost differential, which is likely not justified by any marginal improvement in pain relief. Furthermore, IV APAP provide faster onset of analgesia only after an initial dose. (Yeh 2012, Serinken 2012) • NSAIDs should be administered at their lowest effective analgesic doses both in the ED and upon discharge and should be given for the shortest appropriate treatment course. Caution is strongly advised when NSAIDs are used in patients at risk for renal insufficiency, heart failure, and gastrointestinal hemorrhage, as well as in the elderly. Strong consideration should be given to topical NSAID's in managing as variety of acute and chronic painful Musculo-skeletal syndromes. The analgesic ceiling refers to the dose of a drug beyond which any further dose increase will not result in additional analgesic efficacy. Thus, the analgesics ceiling for ibuprofen is 400 mg per dose (1200 mg/24 h) and for ketorolac is 10 mg per dose (10 mg/24 h). These doses are less than those often prescribed for control of inflammation and fever. When it comes to equipotent doses of different NSAIDs, there is no difference in analgesic efficacy. • Ketamine, at sub-dissociative doses (also known as low-dose ketamine or analgesic dose ketamine) of 0.1 to 0.4 mg/kg, provided effective analgesia as a single agent or as an adjunct to opioids (reducing the need for opioids) in the treatment of acute traumatic and nontraumatic pain in the ED. This effective analgesia, however, must be balanced against high rates of minor adverse side effects (14%–80%), though typically short-lived and not requiring intervention. In addition to IV rout, ketamine can be administered via IN,SQ, and Nebulized route. • Local anesthetics are widely used in the ED for topical, local, regional, intra-articular, and systemic anesthesia and analgesia. Local anesthetics (esters and amides) possess analgesic and anti-hyperalgesic properties by non-competitively blocking neuronal sodium channels. o Topical analgesics containing lidocaine come in patches, ointments, and creams have been used to treat pain from acute sprains, strains, and contusions as well as variety of acute inflammatory and chronic neuropathic conditions, including postherpetic neuralgia (PHN), complex regional pain syndromes (CRPS) and painful diabetic neuropathy (PDN). o UGRA used for patients with lower extremity fractures or dislocations (eg, femoral nerve block, fascia iliaca compartment block) demonstrated significant pain control, decreased need for rescue analgesia, and first-attempt procedural success. In addition, UGRA demonstrated few procedural complications, minimal need for rescue analgesia, and great patient satisfaction. o Analgesic efficacy and safety of IV lidocaine has been evaluated in patients with renal colic and acute lower back pain. Although promising, this therapy will need to be studied in larger populations with underlying cardiac disease before it can be broadly used. o knvlsd • Antidopaminergic and Neuroleptics are frequently used in acute care settings for treatment of migraine headache, chronic abdominal pain, cannabis-induced hyperemesis. • Anti-convulsant (gabapentin and pregabalin) are not recommended for management of acute pain unless pain is of neuropathic origin. Side effects, particularly when combined with opioids (potentiation of euphoria and respiratory depression), titration to effect, and poor patients' compliance are limiting factors to their use. (Peckham 2018) References: Chang HY, Daubresse M, Kruszewski SP, et al. 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Ann Emerg Med. 2010; 56(1):19–23 Weiner SG, Griggs CA, Mitchell PM, et al. Clinician impression versus prescription drug monitoring program criteria in the assessment of drug-seeking behavior in the emergency department. Ann Emerg Med 2013;62(4):281–9. Greenwood-Ericksen MB, Poon SJ, Nelson LS, Weiner SG, et al. Best Practices for Prescription Drug Monitoring Programs in the Emergency Department Setting: Results of an Expert Panel. Ann Emerg Med. 2016 Jun;67(6):755-764 Patanwala AE, Keim SM, Erstad BL. Intravenous opioids for severe acute pain in the emergency department. Ann Pharmacother 2010;44(11):1800–9. Bijur PE, Kenny MK, Gallagher EJ. Intravenous morphine at 0.1 mg/kg is not effective for controlling severe acute pain in the majority of patients. Ann Emerg Med 2005; 46:362–7. Birnbaum A, Esses D, Bijur PE, et al. 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Religion in itself presents a huge network of followers. Blending it positively with entrepreneurship opens a promising world of success and altruism. In this episode, Lisa Hylton talks to Ellis Hammond, the Founder of Kingdom Capitalists, the #1 mastermind community for Christian real estate entrepreneurs. They explore the cross section of faith and real estate entrepreneurship and the importance of finding your niche. Ellis' story illustrates a willingness to grow and a desire to impact the lives of the people around him in a powerful way. Listen to Ellis as he talks about the power of masterminds and how it has impacted him to teach others how to become successful investors.Love the show? Subscribe, rate, review, and share!Here's How »Join The Level Up REI Podcast Community today:lisahylton.comTwitterInstagramFacebookLinkedInYouTube
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