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5 episodes with Dan Rasmussen
3 episodes with Dan Rasmussen
3 episodes with Dan Rasmussen
3 episodes with Dan Rasmussen
2 episodes with Dan Rasmussen
2 episodes with Dan Rasmussen
2 episodes with Dan Rasmussen
2 episodes with Dan Rasmussen
2 episodes with Dan Rasmussen
Hi, and welcome to The Long View. I'm Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Daniel Rasmussen. He's the founder and portfolio manager of Verdad Advisors, a hedge fund. Before starting Verdad, Dan worked at Bain Capital Private Equity and Bridgewater Associates. He's a member of the investment committee of the trustees of donations of the Episcopal Church and he's a contributor to The Wall Street Journal. Dan is author of the new book, The Humble Investor: How to find a winning edge in a surprising world. His earlier book was American Uprising: The Untold Story of America's Largest Slave Revolt. Dan holds a bachelor's from Harvard and an MBA from Stanford. Dan, thanks so much for joining us on The Long View.BackgroundBioVerdadThe Humble Investor: How to find a winning edge in a surprising worldAmerican Uprising: The Untold Story of America's Largest Slave RevoltForecasting“Waves in Ship Prices and Investment,” by Sam Hanson and Robin Greenwood, Quarterly Journal of Economics, February 2014.Superforecasting: The Art and Science of Prediction, by Philip Tetlock“Gaining Edge by Forecasting Volatility and Correlations,” by Dan Rasmussen, Chris Satterthwaite, and Lionel Smoler Schatz, verdadcap.com, Oct. 30, 2023.Value Investing“Where the Value Investing Strategy Still Works,” by Dan Rasmussen, ft.com, May 23, 2024.“Factors from Scratch: A Look Back, and Forward, at How, When and Why Factors Work,” by Chris Meredith, Jesse Livermore, and Patrick O'Shaughnessy, osam.com, May 2018.“The Size Factor: Small Caps Are Trading at the Steepest Discount to Large Caps in Decades,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Aug. 22, 2022.“The Small Cap Amplifier,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Oct. 21, 2024.“Explaining International Valuations,” by Dan Rasmussen, verdadcap.com, Jan. 27, 2025.Private Credit and High Yield“The ‘Fool's Yield' of Private Credit,” by Jamie Powell, ft.com, Jan. 28, 2020.“Sizing Private Equity Allocations,” by Dan Rasmussen, verdadcap.com, May 13, 2024.“The Best Macro Indicator: Why You Should Be Following High-Yield Spreads,” by Dan Rasmussen, verdadcap.com, May 17, 2021.Crisis Investing“Crisis Investing in Europe: The Unlikely Winners in the Most Difficult Times,” by Dan Rasmussen and Brian Chingono, verdadcap.com, May 16, 2022.“EM Crisis Investing, A Deeper Dive: Understanding the Factors at Play in Emerging Markets,” by Verdad Research, verdadcap.com, May 3, 2022.
Today on the podcast we welcome back Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds, which manages the Discipline Fund ETF. In addition, he heads up Orcam Group, a registered investment advisory firm he established in 2012. He's authored several books, including Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, and he has a new book coming out next year called Your Perfect Portfolio. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business. Cullen, welcome back to The Long View.BackgroundBioDiscipline FundsDiscipline Fund ETFPragmatic Capitalism: What Every Investor Needs to Know About Money and FinanceYour Perfect PortfolioTariffs and Recession“Let's Talk About Tariffs,” by Cullen Roche, disciplinefunds.com, Feb. 3, 2025.“Weekend Reading—How Did We Get Here?” by Cullen Roche, disciplinefunds.com, April 4, 2025.“Three Things—Tariffs, Of Course,” by Cullen Roche, disciplinefunds.com, April 7, 2025.“American Economic Association 2021-2022 Universal Academic Questionnaire Summary Statistics,” by Charles E. Scott and John J. Siegfried, jstor.org.“Three Things—Is a Recession Coming?” by Cullen Roche, disciplinefunds.com, Feb. 8, 2025.Defined Duration Investing“What Is Defined Duration Investing?” by Cullen Roche, disciplinefunds.com, Feb. 21, 2023.“Defined Duration Investing,” by Cullen Roche, paper.ssrn.com, Aug. 8, 2022.The Fed and Global Investing“Three Things—State of the Markets,” by Cullen Roche, disciplinefunds.com, Feb. 22, 2025.“Why Is International Investing Working Again?” by Cullen Roche, disciplinefunds.com, March 26, 2025.“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, April 19, 2025.Other“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, Morningstar.com, Jan. 11, 2022.Milton Friedman“NY Empire State Index: Meaning, Benefits, Example,” by Adam Hayes, Investopedia.com, June 30, 2022.William Bernstein's No-Brainer PortfolioMeb FaberThe Humble Investor, by Dan Rasmussen
Dan Rasmussen returns to talk about how to invest during this global paradigm shift. Rasmussen shares how the post-2008 investment environment has shifted, with international markets now outperforming, volatility spiking, and the dollar weakening. He critiques the AI investment narrative, challenges in AI profitability, the misalignment between AI hype and real-world economic value, and the implications of rising geopolitical and market uncertainty. We discuss... Dan Rasmussen runs the hedge fund Verdad, focusing on microcap value, credit, and market-neutral strategies. His new book, The Humble Investor, compiles insights from a decade of writing research notes. How the post-2008 market was defined by low volatility, strong U.S. equity performance, and growth stock dominance. In 2025, international markets have started outperforming U.S. equities, signaling a potential regime shift. As AI skepticism grows, tech giants have seen declining returns due to increased capital intensity. The profitability of AI investments remains unclear, with few killer applications and unsustainable infrastructure costs. Chipmakers like Nvidia require enormous customer spending just to justify current valuations. The long-term viability of AI, citing high operational costs and uncertain end-user benefits. Rising market volatility, potentially driven by politics and the dollar, is pushing investors toward safer, lower-volatility assets. Despite years of underperformance, international investing may be entering a comeback phase. Google is testing a shift from a pay-per-click to a pay-per-lead ad model in select zip codes. ChatGPT is becoming a preferred tool for research due to speed, accuracy, and reduced noise compared to Google. The uncertainty around AI profitability makes current tech valuations speculative and potentially risky. Potential large-scale layoffs in government and academia could ripple through the broader economy. Shifting public-sector workers to private-sector roles is uncertain and may not offset job losses. Despite Trump's influence, AI is seen as a more dominant force for markets than political shifts. Japan is highlighted as a promising international market due to undervalued stocks with fortress balance sheets. Gold has become a favored allocation, with some portfolios holding as much as 35% due to recent strong performance. Today's Panelists: Megan Gorman | The Wealth Intersection Douglas Heagren | Pro College Planners Kirk Chisholm | Innovative Wealth Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter/X: https://x.com/MTIPodcast For more information, visit the show notes at https://moneytreepodcast.com/global-paradigm-shift-dan-rasmussen-704
Dan Rasmussen is the founder and portfolio manager at Verdad. Verdad runs capital with rules-based ideas and a strong focus on leveraged small cap value stocks. He has published fascinating research across multiple topics. Today we're going to talk about his new book, The Humble Investor, which summarizes many of his key ideas for a wide audience.Links* The Humble Investor: https://www.amazon.com/Humble-Investor-winning-surprising-world-ebook/dp/B0DM6MW8P3* Verdad: https://verdadcap.com/DisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor's own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe
Two Quants and a Financial Planner | Bridging the Worlds of Investing and Financial Planning
In this episode, we dive into the most controversial takesfrom our podcast guests. Inspired by a brilliant question from Meb Faber(thanks, Meb!), we've compiled insights from top financial minds to explorebeliefs that challenge conventional wisdom. From debunking dividend hype toreimagining the role of options and AI in investing, this episode is packedwith thought-provoking perspectives. Main Topics Covered: - Meb Faber challenges the obsession with dividends - Mike Green introduces Goodhart's Law to investing,suggesting that once a metric is tracked, its effectiveness diminishes. - Jim Paulsen downplays the importance of monetary policyand valuation, emphasizing Main Street sentiment over Wall Street metrics. - Ben Carlson defends retail investors, claiming they'rebetter behaved than ever thanks to modern tools and advice. - Dan Rasmussen disputes the predictability of growth,asserting past financials reveal little about a company's future. - Lindsay Bell and Shannon Saccocia advocate for learningthrough failure and a forward-looking, futurist mindset in investing. - Cem Karsan flips the script, arguing options are the trueunderlying asset, not derivatives. - Andrew Beer champions simplicity over complexity, citingthe success of straightforward hedge fund bets. - Jason Buck questions the existence of long-term alpha,favoring a diversified, rebalanced approach. - Ian Cassel challenges the low-turnover mantra, suggestinghigh turnover can work. - Scott McBride dismisses the need for catalysts in valueinvesting, focusing on valuation and governance. - Larry Swedroe critiques low-volatility strategies, arguingthey only shine when paired with value. - Kris Sidial highlights the importance of trading psyche, aview often dismissed by quant-driven peers. - Kai Wu predicts AI will enhance, not replace, financialjobs by handling rote tasks and freeing humans for creativity. - Doug Clinton forecasts a multi-trillion-dollar AI-poweredasset management industry within a decade. - Meb Faber (again!) flips the narrative on internationalinvesting, showing it's a winner for 49 out of 50 countries.
On this week's Stansberry Investor Hour, Dan and Corey welcome Dan Rasmussen back to the show. Dan is the founder and portfolio manager of asset-management firm Verdad Advisers, as well as a bestselling author. His most recent book, The Humble Investor, came out just last month. Dan kicks off the show by explaining what motivated him to write The Humble Investor. This leads to a discussion about why savvy investors should be skeptical of forecasts and why they should always consider whether other investors are looking at the same data and reaching the same conclusions as them. One area where this is a big problem is AI. It's capital intensive with very little return thus far, yet investors are blindly buying into AI stocks on lofty expectations. Dan points out that the "Magnificent Seven" are riskier than most folks realize, and this overvaluing of U.S. stocks has made foreign investors begin to look at other countries' markets for opportunities. (1:47) Next, Dan talks about investors mistakenly being underweight gold for years, whether it's possible to predict a bubble, the pattern of credit crises, and the recent worrying signal of money drying up in private equity. He notes that this tendency for investors to take on more risk in private equity than elsewhere is a disaster waiting to happen. Dan then delves into which parts of the market he finds most and least attractive today. For example, he notes that changing corporate governance for Japanese stocks is an "obvious catalyst" for doubling your money, while short-term macroeconomic factors are keeping him away from U.S. Treasurys. (17:12) Finally, Dan discusses diversification versus "diworsification," the often-ignored problem with passive investing, and the "valuation drop-off" between S&P 500 Index stocks and foreign stocks. With the Magnificent Seven officially in a bear market, Dan declares that "the turning point seems to be upon us" for U.S. stock valuations to come down. And he concludes with a stark reminder about earnings growth for listeners. (38:11)
On this week's Stansberry Investor Hour, Dan and Corey welcome Dan Rasmussen back to the show. Dan is the founder and portfolio manager of asset-management firm Verdad Advisers, as well as a bestselling author. His most recent book, The Humble Investor, came out just last month. Dan kicks off the show by explaining what motivated him to write The Humble Investor. This leads to a discussion about why savvy investors should be skeptical of forecasts and why they should always consider whether other investors are looking at the same data and reaching the same conclusions as them. One area where this is a big problem is AI. It's capital intensive with very little return thus far, yet investors are blindly buying into AI stocks on lofty expectations. Dan points out that the "Magnificent Seven" are riskier than most folks realize, and this overvaluing of U.S. stocks has made foreign investors begin to look at other countries' markets for opportunities. (1:47) Next, Dan talks about investors mistakenly being underweight gold for years, whether it's possible to predict a bubble, the pattern of credit crises, and the recent worrying signal of money drying up in private equity. He notes that this tendency for investors to take on more risk in private equity than elsewhere is a disaster waiting to happen. Dan then delves into which parts of the market he finds most and least attractive today. For example, he notes that changing corporate governance for Japanese stocks is an "obvious catalyst" for doubling your money, while short-term macroeconomic factors are keeping him away from U.S. Treasurys. (17:12) Finally, Dan discusses diversification versus "diworsification," the often-ignored problem with passive investing, and the "valuation drop-off" between S&P 500 Index stocks and foreign stocks. With the Magnificent Seven officially in a bear market, Dan declares that "the turning point seems to be upon us" for U.S. stock valuations to come down. And he concludes with a stark reminder about earnings growth for listeners. (38:11)
Two Quants and a Financial Planner | Bridging the Worlds of Investing and Financial Planning
In this episode, Jack and Matt dive deep into the state of value investing with special guest Tobias Carlisle, founder of the Acquirers Funds and author of multiple books on value investing. In this insightful conversation, they look at some of the most insightful clips from our guests including Cliff Asness, Aswath Damodaran, Kai Wu, Scott McBride, Larry Swedroe and Dan Rasmussen. They explore why value investing has struggled in recent years, examine value spreads, and discuss whether this time is truly different. Tobias offers a compelling case for why value investors might finally see their patience rewarded.Topics covered:• Value spreads and how they've evolved from historically consistent ranges to unprecedented widths in recent years• Why value doesn't necessarily need catalysts or multiple expansion to generate returns• The impact of intangible assets on value metrics and whether traditional valuation methods need updating• How indexing and passive investing have affected market dynamics and created potential opportunities• The underperformance of international stocks compared to US markets and whether that trend might reverse• Why the "Magnificent 7" tech stocks have defied mean reversion and if that can continue• How to maintain conviction as a value investor during extended periods of underperformance
Dan Rasmussen of Verdad Capital joins the podcast to discuss the dwindling prospects for AI stocks and why investors might want to look outside the US for better returns. This podcast episode was released to premium subscribers on Monday, Feb. 17, 2025 without ads or announcements. For more information about premium membership options, visit our Substack. Content Highlights AI stocks have been on an incredible run, massively growing profits without much capital spending. That equation has changed... (1:51); Tech companies are going from software businesses to manufacturing concerns -- capital- and energy-intensive businesses that simply can't produce the same growth as previous (6:03); DeepSeek claims to be able to reduce the cost of AI applications. How does that factor in to the equation? (9:09); So if the 'Mag 7' and AI stocks won't drive the market higher, then what will? Where will growth come from? (12:16); One place to start is to look for global diversification. Outside the US, stocks are meaningful cheaper... (15:24); The guest's book 'The Humble Investor' (21:37); What can supply 'edge' in investing? There are some things. Legal ones... (27:10); Background on the guest (33:02); The guest is a historian by trade. What historical period is perhaps most comparable to the present day? Unfortunately, it looks an awful lot like 'peak bubble'... (36:08); More Information on the Guest Website: VerdadCap.com; Twitter/X: @VerdadCap.
Dan Rasmussen is the founder and CIO of Verdad Advisers, an unconventional quantitative investment boutique. In this conversation, Steve and Dan agree that private equity and credit look highly risky for the next decade. They debate the value of forecasting, where they have very different views. They similarly disagree on forecast horizons, with Dan favouring near term accuracy and Steve thinking longer term forecasts are more likely to be accurate. They also debate the persistence of growth and discuss Dan's favourite financial metric. Steve and Dan have different perspectives on many issueswhich leads to apparently contradictory conclusions but in reality, they don't disagree – the issue is base rates versus marginal opportunities. Steve and Dan view markets through different lenses, which makes for an interesting discussion.
Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcast We are live every Tuesday at 1.30pm E / 10.30am P. About Jake Jake's Twitter: https://twitter.com/farnamjake1 Jake's book: The Rebel Allocator https://amzn.to/2sgip3l ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Website: https://acquirersmultiple.com/ Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).
In this episode, we explore one of investing's most debated topics: international diversification. Through clips from 10 different investing experts, we examine whether U.S. investors truly need international exposure in their portfolios. Key topics include: What actually constitutes "international exposure" in today's interconnected markets Why U.S. stocks have dominated for so long and whether this trend can continue The role of currency exposure in international investing How passive investing flows affect international markets Different perspectives on optimal international allocation strategies Featuring insights from renowned investors and experts including Corey Hoffstein, Meb Faber, Dan Rasmussen, Larry Swedroe, Cullen Roche, Dan Villalon, Rick Ferri, Jason Buck, Mike Green, and Andy Constan, this episode offers a nuanced look at the complexities of global investing and helps viewers understand the various approaches to international diversification. Whether you're wondering if you should invest internationally or questioning your current allocation, this discussion provides valuable perspectives to help inform your investment decisions.
Two Quants and a Financial Planner | Bridging the Worlds of Investing and Financial Planning
In this episode of "Two Quants and a Financial Planner," we explore one of investing's most debated topics: international diversification. Through clips from 10 different investing experts, we examine whether U.S. investors truly need international exposure in their portfolios. Key topics include: What actually constitutes "international exposure" in today's interconnected markets Why U.S. stocks have dominated for so long and whether this trend can continue The role of currency exposure in international investing How passive investing flows affect international markets Different perspectives on optimal international allocation strategies Featuring insights from renowned investors and experts including Corey Hoffstein, Meb Faber, Dan Rasmussen, Larry Swedroe, Cullen Roche, Dan Villalon, Rick Ferri, Jason Buck, Mike Green, and Andy Constan, this episode offers a nuanced look at the complexities of global investing and helps viewers understand the various approaches to international diversification. Whether you're wondering if you should invest internationally or questioning your current allocation, this discussion provides valuable perspectives to help inform your investment decisions. SEE LATEST EPISODES https://excessreturnspod.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FIND OUT MORE ABOUT SUNPOINTE INVESTMENTS https://sunpointeinvestments.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 FOLLOW MATT Twitter: https://twitter.com/cultishcreative LinkedIn: https://www.linkedin.com/in/matt-zeigler-a58a0a60/
In this episode of Excess Returns, Jack Forehand and Justin Carbonneau sit down with Dan Rasmussen from Verdad Advisers to discuss his firm's top research pieces from the past year. They explore several fascinating market insights, including: Why high bond yields don't necessarily translate to high returns The dramatic outperformance of U.S. markets post-financial crisis and the potential opportunity in cheaper international stocks How private equity return dispersion may be more about portfolio construction than manager skill The promising changes happening in Japanese corporate governance Britain's market valuation in the wake of Brexit Dan also announces his upcoming book "The Humble Investor" which challenges common assumptions about predictability in markets. Throughout the conversation, he offers thought-provoking perspectives on market efficiency, the limitations of forecasting, and why humility is crucial for investment success. Whether you're an institutional investor or individual market participant, this discussion provides valuable insights into contrarian investment opportunities and challenges prevailing market narratives with data-driven analysis. SEE LATEST EPISODES https://excessreturnspod.com 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
Clay Finck chats with Trey Lockerbie about how his investment strategy has changed with the everchanging macro landscape, how he analyzes the opportunity cost between individual stocks, what asset classes he invests in, how he became the host of TIP's flagship show, We Study Billionaires, how his kombucha company was able to get stocked at Target and Costco, how being an investor has made Trey a better businessman, and a whole lot more! Trey Lockerbie is the co-founder and CEO of Better Booch as well as the co-host of The Investor's Podcast's flagship show, We Study Billionaires. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 01:50 - How Trey's investment strategy has changed with the everchanging macro landscape. 04:30 - How he analyzes the opportunity cost between two different individual stocks. 04:30 - What asset classes he invests in. 34:21 - What he'll be eyeing in the months ahead. 36:37 - How Trey became the host of We Study Billionaires. 51:48 - How his company was able to get stocked at Target and Costco. 53:53 - How being an investor has made Trey a better businessman. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Trey's company, Better Booch. Related episode: MI161: Building a Balanced Portfolio w/ Dan Rasmussen. Related episode: MI135: Bitcoin is for Millennials w/ Preston Pysh. Related episode: MI127: Life as a Podcast Host, Investing in FinTech, and Buying Rental Properties w/ Robert Leonard. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Airbnb Found Public Facet Fundrise Airbnb NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Flera flygplanskränkningar och fiskebåtar med märkliga antenner i närheten visar att Ryssland intresserar sig för Gotland. Det svenska semesterparadiset rustas också upp militärt i högt tempo. Lyssna på alla avsnitt i Sveriges Radio Play. Gotland har alltid haft en stor militär betydelse men Nato-medlemskapet har gjort ön ännu mer intressant. Nyligen sade den svenska överbefälhavaren Micael Bydén i en intervju i tysk media att Putin håller bägge ögonen på Gotland. Ett uttalande som fick mycket uppmärksamhet.– Det förväntar jag mig att han har, säger ÖB även när Gräns träffar honom ombord på utbåtsbärgningsfartyget HMS Belos i Visby hamn.Det här är en stark kontrast mot läget 2005 då P18 som var det sista kvarvarande regementet på Gotland lades ned. Försvaret av ön sköttes därefter till stor del av hemvärnet.– Det var en av de svåraste stunderna i mitt liv, säger Dan Rasmussen som var officer på P18 och deltog i nedstängningsceremonin. Numera är han regementschef för nya P18 som öppnade igen 2018 på en ny plats utanför Visby.När Ryssland invaderade Ukraina 2014 blev det bråttom att rusta upp på Gotland. Försvarsmakten överraskade genom att låta 150 soldater stanna kvar i samband med en övning i september 2016. Sedan dess har Gotland permanent militär närvaro igen.– Det var kanske ett av de viktigare beslut jag fattade, säger ÖB Micael Bydén som avgår i höst.Ryssland testar och provocerarDen senaste gången Ryssland invaderade Gotland var 1808, men det varade inte så länge.– Gotland har alltid varit ett intresseområde för Ryssland slash Sovjetunionen, säger Mats Ekeroth som är ordförande för försvarsmuséet på Gotland och före detta militär och överste.Han berättar att under Kalla kriget var rysk militär ständigt närvarande i närheten i luften och till sjöss, men sedan lugnade det sig i alla fall på ytan. Nu har det blåst upp igen. Nyligen kränkte ryskt flyg svenskt luftrum vid Gotland i samband med den stora Baltopsövningen som Nato höll i juni. Amerikanska och polska soldater var på Gotland och övade.– Det är inte någon som navigerat fel, säger Anna Wieslander som är Nordeuropachef på tankesmedjan Atlantic Council.Det finns flera olika skäl till att Ryssland håller nära koll på Gotland. Samtidigt gör Sverige mycket för att förstärka försvaret på ön och underlätta samarbetet med Nato. Hör mer om detta i det här avsnittet av Gräns.Medverkande:Dan Rasmussen, regementschef på P18 Gotland. Mats Ekeroth, ordförande Gotlands förvarsmuseum.Anna Wieslander, Nordeuropachef tankesmedjan Atlantic Council.Micael Bydén, Sveriges överbefälhavare.Programledare: Karin Hållsten och Claes AronssonProducent: Karin HållstenLjud från: Sveriges Radio, Gotlands Försvarsmuseum, Försvarsmakten, Aftonbladet, Welt, PBS News, DVIDS samt Youtubekanalen Drakekloo Productions
In this episode, South Dakota rancher Dan Rasmussen discusses the evolution in practice and mindset needed to sustain ranching in South Dakota. Rasmussen emphasizes the importance of maintaining certain traditional elements of cowboy culture, like community cooperation, while adapting modern, sustainable practices for the benefit of the land, people, and livestock.Rasmussen's family has been on their South Dakota ranch since 1914. He expresses the need for ranchers to operate their businesses efficiently to preserve the prairie and its ecosystem. He highlights the role of healthy soil, achieved through improved grazing management, as the key to sustainable ranching. Rasmussen's approach involves increasing stocking rates, protecting native prairie, and enhancing soil health to maintain the ranching culture and benefit the environment.Rasmussen's involvement with the South Dakota Grassland Coalition, where he manages a consulting program to help ranchers implement conservation practices, reflects his commitment to these principles. He discusses the value of education, openness and curiosity in transitioning from conventional season-long grazing to rotational grazing practices that enhance soil health.Rasmussen also emphasizes the importance of working with nature within ranch management. He discusses the value of rotational grazing, explaining how moving cattle through different pastures in a systematic way helps maintain soil health and supports natural processes. This method allows grass to grow, get grazed, and recover, which ensures better insulation for the soil and longer periods of microbial activity, even in winter.When addressing the challenges ranchers face in transitioning to new grazing practices, Dan introduces the Dunning-Kruger effect. This psychological phenomenon describes how people with limited knowledge often overestimate their competence, while those with more experience recognize the complexity and feel less confident. Dan explains that new ranchers often get excited and invest heavily after attending a grazing school, only to face difficulties and become disillusioned. To combat this, he stresses the importance of making small, manageable changes and building a support network of mentors and consultants. Overall, Dan advocates for gradual change, continuous education, and collaboration to achieve healthy soil and successful ranch management while preserving the beneficial elements of traditional ranching culture.Links:Downloadable file with 3 graphics that Dan discusse namely (1) Cowboy Life (2) continuum of grazing practices and (3) Dunning-Kreuger effect.https://f128aa36-278c-4eaa-b840-56a99c2a36ae.usrfiles.com/ugd/f128aa_93829f834b9746e0896f54759b2946f5.pdfOur Amazing Grasslands Video of the 33 ranch: https://www.youtube.com/watch?v=iXWZhkOiyZ4SD Grasslands Coalition: https://sdgrass.org/SD Grasslands Coalition Range Consulting program: https://sdgrass.org/range-consulting-program/SD Grasslands Grazing School: https://sdgrass.org/grazing-school/
Dan Rasmussen and his German Shepherd, Leah, are part of the SARTEC K-9 group serving North Alabama. Their teams are available 24 hours a day to respond to a request from local, state and federal law enforcement agencies to handle search a rescuer for overdue hiker in a wilderness area, missing child or run away, a missing Alzheimer's or Dementia patient, a drowning victim in a lake, to locate human remains after a fire or natural disaster, or to search an area where there may be human remains buried. Leah joined us in studio while Dan shared the incredible story of adopting Leah, training Leah, and what the future holds for her as a Search and Rescue Dog. To learn more about Dan and Leah and SARTEC K-9 visit https://sartek-9.org Host/Interviewer: M. Troy Bye, Owner, Our Town Podcast Website: www.ourtownpodcast.net Spotify Channel: https://spoti.fi/3QtpT8z Audio available on all platforms - just search for "Our Town Podcast" Follow us on social media: LinkedIn: http://bit.ly/41rlgTt Facebook: https://bit.ly/ourtownpodcast Instagram: https://www.instagram.com/ourtownpodcast/ --- Support this podcast: https://podcasters.spotify.com/pod/show/m-troy-bye/support
Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcast We are live every Tuesday at 1.30pm E / 10.30am P. About Jake Jake's Twitter: https://twitter.com/farnamjake1 Jake's book: The Rebel Allocator https://amzn.to/2sgip3l ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Website: https://acquirersmultiple.com/ Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).
There's a perfect storm brewing for private equity as rates continue to rise, according to Dan Rasmussen. The UAW expands its strikes at GM and Stellantis facilities, the impact that could have on both production and share prices. Plus, if you've got a spare $200k, NYC has a club for that. We go inside the rapid rise of high society's private clubs.
Clay Finck chats with Dan Rasmussen about why Japanese equities offer some of the most attractive valuations in the market today, how stretched growth stock valuations are relative to value and much more.Dan is the Founder and Portfolio Manager of Verdad, which is a global asset management firm that strives to achieve the highest risk-adjusted returns possible through rigorous research and its practical application.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro.01:45 - Contrarian views of the market Dan holds relative to the rest of the market.05:14 - Why the US is overvalued relative to international stocks.09:19 - Historically how undervalued value indices are.13:27 - Why Dan is bullish on Japan.13:44 - The value mandate that Japan put in place to try and juice stock market valuations.24:11 - Dan's views on Japan's policy of yield curve control.24:42 - What's keeping investors away from Japan's stock market.30:57 - What the financial accelerator is and how it relates to the 2023 banking crisis.36:12 - How equity markets tend to behave after a Fed pause.36:30 - How high-interest rates are affecting corporate earnings.51:21 - Dan's views on the Chaos Kings and their strategy of Crisis Investing.60:40 - How Verdad's portfolios are positioned today.72:21 - What technologies excite Dan in creating a better society for the future.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out our newly released TIP Mastermind Community.Check out Verdad.Check out of our review of Microcap Investing with Ian Cassel, or watch the video here.Follow Dan on Twitter.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Have the visibility and control you need to make better decisions faster with NetSuite's cloud financial system. Plus, take advantage of their unprecedented financing offer today - defer payments of a full NetSuite implementation. That's no payment and no interest for six months!Get your super sorted. Save money by consolidating multiple accounts, check out your investment options to see which is right for you, and see how extra contributions can make a big difference over time.Experience real language learning for real conversations with Babbel. Get 55% off your Babbel subscription today.Send, spend, and receive money around the world easily with Wise.Reach the world's largest audience with Linkedin, the place to B2B. Plus, enjoy a $100 credit on your next ad campaign!Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
With special guest Dan Rasmussen, founder and CIO of Verdad Advisers.
This week we welcome Dan Rasmussen back to the Value Perspective podcast. Dan is the founder of Verdad Research and we last spoke with him in June 2021 to discuss his passion for history and how it helps him as a value investor. This time we discuss how reviled value is today relative to when we last spoke, how memory and probability work together, his contrarian view on Michael Porter's five forces and quality investing, ergodicity and how volatility is not the best measure of risk but does matter in certain circumstances, and finally the Europe opportunity. Enjoy! NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider's consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Next week, we welcome Dan Rasmussen, the founder of Verdad Capital, back to the podcast for a second time. So we thought it would be worthwhile replaying our previous conversation back in June 2021 in case you may have missed it or would like to listen to it again. Dan is a deep value investor and a history buff who discussed his learning from the Covid Crisis over the previous year, how he utilises base rates in investment and how his interest in history (and not just financial) helps him make decisions. You can find Dan on Twitter at @verdadcap NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider's consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Our guests today are Dan Rasmussen and Bob Elliott. This is the first time both Dan and Bob have shared a podcast stage and they did not disappoint. In today's episode, we discuss Dan and Bob's time at Bain Capital and Bridgewater and how that experience led to founding their respective firms. We then discuss the idea of return smoothing in venture capital, whether active management has an edge in this market environment, is alpha just beta waiting to be discovered, the flaws of private market indices, and much more. Our host today is Steve Curley, CFA. Please enjoy the episode. BIO's: Dan is the Founder of Verdad, which is an independent research driven global asset management firm seeking to replicate private equity exposure in public markets. Prior to Verdad, Dan spent time at Bain Capital Private Equity and Bridgewater Associates. In 2017, Dan was named to the Forbes 30 under 30 list. Dan earned an AB from Harvard College and a MBA from Stanford. Bob is Co-Founder, CEO and CIO of Unlimited Funds, which uses machine learning to create low cost ETF's to replicate the returns of classic hedge fund strategies. Prior to Unlimited, Bob was at Bridgewater Associates, where he served on Bridgewater's investment committee, led Ray Dalio's personal research team and authored hundreds of Bridgewater's widely read Daily Observations. Bob holds a BA in History and Science from Harvard. Follow CFA Society of Orlando on Twitter at @CFAOrlandoFL
IN THIS EPISODE, YOU'LL LEARN:03:54 - How today's inflation compares to 1970 with Jeremy Grantham.07:52 - Why Michael Mauboussin says you have to earn the right to use a valuation multiple.13:17 - How energy impacts inflation with Josh Young.31:55 - Why investors should consider microcaps with Ian Cassell.38:40 - The vindication of the dollar milkshake theory with Brent Johnson.47:15 - Market indicators from Dan Rasmussen, Joe Brown, and a lot more.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESTrey Lockerbie's Twitter.Related Episode: The Top of the Cycle w/ Jeremy Grantham– TIP371.Related Episode: The Dollar Milkshake Theory Update w/ Brent Johnson - TIP397.Related Episode: Expectations Investing w/ Michael Mauboussin – TIP421.Related Episode: What Is Happening With Oil? w/ Josh Young - TIP429.Related Episode: Indicators for Crisis Investing w/ Dan Rasmussen - TIP455.Related Episode: Why Microcaps Have the Best YTD Performance w/ Ian Cassel - TIP480.Related Episode: Market Indicators, Cbdc's and Real Estate w/ Joe Brown - TIP507.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSGet position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia's first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.Get personalized, expert advice that helps you see things clearly with ATB.Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.If you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Which economic indicator is the most reliable for confirming we're in a crisis? According to Verdad Capital founder and portfolio manager Dan Rasmussen, it's high-yield spreads. Identifying the key relationships across the globe isn't hard. Formulating an approach that surfaces alpha when spreads spike is where it gets difficult. Per Rasmussen, the best way to act in such environments is through small-value equities. Rasmussen explains why it makes sense and how to time the trade in a captivating episode of The Next Big Trade. Never miss an episode of Next Big Trade - subscribe here. Learn more about your ad choices. Visit megaphone.fm/adchoices
Which economic indicator is the most reliable for confirming we're in a crisis? According to Verdad Capital founder and portfolio manager Dan Rasmussen, it's high-yield spreads. Identifying the key relationships across the globe isn't hard. Formulating an approach that surfaces alpha when spreads spike is where it gets difficult. Per Rasmussen, the best way to act in such environments is through small-value equities. Rasmussen explains why it makes sense and how to time the trade in a captivating episode of The Next Big Trade.
Every so often, I share my thoughts on investing on the other side of the mic. And occasionally, those ideas are different from what I've shared in the past. Recently, I appeared on the Opto Sessions Interviews with Extraordinary Investors podcast hosted by Haydn Brain. Opto identifies key themes and ideas to help investors get exposure to structural growth trends through a daily newsletter, magazine, and podcast. Hadyn asked me some great questions that cover the difference in retail and institutional investing, aspects of my professional experience, insights from my conversations with Sam Zell, Joel Greenblatt, Chamath Palihapitiya, Mike Novogratz, and Dan Rasmussen, investing for the long-term, and reflections on the Buffett Bet. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
Dan Rasmussen, an educator with the South Dakota Grasslands Coalition, joined me to talk about the process of change he has led on his family's 33 Ranch in Mellette County, SD. We talk about what got him started making changes, how to decide where to start making changes, and what the future looks like at...
Dan Rasmussen, an educator with the South Dakota Grasslands Coalition, joined me to talk about the process of change he has led on his family's 33 Ranch in Mellette County, SD. We talk about what got him started making changes, how to decide where to start making changes, and what the future looks like at the 33 Ranch.
It's possible to spend your whole life in church and not know the Lord or be able to hear His voice. In this age of endless noise and distraction, how can we identify God's voice from among the others?
Today's episode features Dan Rasmussen read his piece, Emerging Markets Crisis Investing. Dan is the Founder and Portfolio Manager for Verdad Advisers, a global investment firm that provides a public market alternative to private equity. 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. Today's sponsor dollars are being donated to Harvard's Center for Human Flourishing on behalf of Dan Rasmussen. ----- 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 THIS EPISODE, YOU'LL LEARN: 01:54 - William Green's biggest lessons from interviewing Charlie Munger.07:23 - Why Nick Maggiulli opts for index funds over individual stocks.16:12 - What Alex Morris looks for in a quality company.27:46 - Why John Huber made Amazon his largest holding in his fund.36:34 - Preston Pysh's take on the current macro environment.49:51 - Dan Rasmussen's thoughts on diversifying a portfolio.01:08:29 - Why Fidelity Digital Assets believes Bitcoin stands above all of the other cryptocurrencies as a monetary asset.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.EPISODE RESOURCESCheck out TIP's daily newsletter.Episodes mentioned:MI131: Richer, Wiser, Happier w/ William Green.MI157: Just Keep Buying w/ Nick Maggiulli.MI159: The Science of Hitting w/ Alexander Morris.MI165: Is FAANG the New Value w/ John Huber.MI138: Fiserv Deep Dive w/ Bill Nygren & Mike Nicolas.MI135: Bitcoin is for Millennials w/ Preston Pysh.MI139: How to Beat Inflation w/ Joe Brown.MI162: Is Now the Time to Own Gold w/ Tavi Costa.MI161: Building a Balanced Portfolio w/ Daniel Rasmussen.MI152: Bitcoin First & Fidelity Digital Assets w/ Chris Kuiper & Jack Neureuter.Get a FREE audiobook from Audible.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Enjoy a simple, good tasting supplement that truly improves your health with Field of Greens! Get 15% off your first order and get another 10% off when you subscribe for recurring order with the promo code MILLENNIAL.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Tell mom how much you love her—and make sure she hears it in crystal-clear audio quality, with Raycon.Combine hundreds of search filters to quickly find better leads, close more deals, and unlock your investing potential with the power of PropStream!Invest in high quality, cash flowing real estate without all of the hassle with Passive Investing.Our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Check out our favorite Apps and Services.Browse through all our episodes (complete with transcripts) here.New to the show? Check out our Millennial Investing Starter Packs.Support our free podcast by supporting our sponsors.Read this episode's transcript and full show notes on our website.Connect with Clay: Twitter See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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Private equity firms have amassed vast fortunes for their owners by snapping up companies in a rising stock market using ultra cheap debt. But what happens when values go down and interest rates rise? We talk to US investor and private equity sceptic Dan Rasmussen about the coming buyout Götterdämmerung.(Dan has written recently on this and his note can be found here https://verdadcap.com/archive/private-equity-still-overrated-and-overvalued)Presented by Jonathan Ford and Neil Collins.With Dan Rasmussen.Produced by Ewan Cameron and edited by Nick Hilton for Podot.Sponsored by Briefcase.News Hosted on Acast. See acast.com/privacy for more information.
IN THIS EPISODE, YOU'LL LEARN:01:45 - What levels indicate a crisis.12:00 - How to use the High Yield Spread as an indicator and why it works.16:34 - Why you should reconsider using a discounted cash flow model.29:46 - Verdad's four-quadrant approach.35:20 - How to mitigate confirmation bias while using a quantitative approach.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESVerdad Website.Dan Rasmussen Twitter.High Yield Spread Website.Trey Lockerbie Twitter.New to the show? Check out our We Study Billionaires Starter Packs.Our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Check out our Favorite Apps and Services.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Send, spend and receive money around the world easily with Wise.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Break into the multifamily investing space or level up your investing game. Learn these at the Multifamily Investor Nation Convention. Visit mfincon.com for details and tickets. Use promo code TIP to get $200 off your tickets.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Connect all your apps, automate routine tasks, and streamline your processes with Zapier.Provide future financial protection to the people who matter most to you with the help of TD Term Life Insurance.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Get a FREE Wealth Protection Kit and learn how thousands are protecting their retirement savings and adding $10,000 (or more) in free Silver with Goldco.Push your team to do their best work with Monday.com Work OS. Start your free two-week trial today.Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Design is already in your hands with Canva. Start designing for free today.Use Keeper Security's enterprise password management platform to enforce strong passwords and to make it easy for your teams to securely share credentials.Depend on RBC Wealth Management's investment expertise to build a plan that helps you strengthen your financial security no matter where you are in life.If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This year, we're bringing you the entire volume of The Best Investment Writing Volume 5 in podcast format. You'll hear from some of the most respected money managers and investment researchers all over the world. Contributors: (2:36) - Campbell Harvey and Michele Mazzoleni, Research Affiliates – Breaking Bad Trends (31:17) - Jack Vogel, Alpha Architect – Value Investing: An Examination of the 1,000 Largest Firms (45:09) - Brian Barish, Cambiar Investors – The Virus Plaguing Value (1:03:55) - Andrew Patterson, Vanguard – The Idea Multiplier: An acceleration in innovation is coming (1:29:25) - Peter Chiappinelli, GMO – The Passive Aggressive Agg, Revisited (1:43:26) - Amie Ko, Research Affiliates – A Quick Survey of “Broken” Asset Classes (2:02:09) - Sean Duffin, Cambridge Associates – Benefits of Global Diversification (2:18:50) - Greg Obenshain, Verdad Advisers – Sales and Distributions: How revenue growth and distributions drive equity returns (2:29:35) - John Pease, GMO – Value: If Not Now, When? (2:48:03) - David Blitz, Pim van Vliet & Guido Baltussen, Robeco – When Equity Factors Drop Their Shorts (3:00:06) - Vineer Bhansali, LongTail Alpha – Diversifying Diversification: Downside Risk Management with Portfolios of Insurance Securities (3:09:50) - Laurence Siegel, CFA Institute Research Foundation – Debunking Nine and a Half Myths of Investing (3:37:35) - Dan Rasmussen, Verdad Advisers – Crisis Investing: How To Maximize Return During Market Panics Click here to listen to Volume 4 Click here to listen to Volume 3 ----- 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 GiveWell. GiveWell searches for the charities that save or improve lives the most per dollar. GiveWell recommends a small number of charities that do an incredible amount of good. Visit Givewell.org and donate before the end of the year and have your donation matched up to $250 when you mention "The Meb Faber Show."
Last year we brought listeners the entire volume of The Best Investment Writing Volume 4, in audio format, right here on the podcast. Listeners loved it, so we're running it back again this year with The Best Investment Writing Volume 5. You'll hear from some of the most respected money managers and investment researchers from all over the planet. Enough from me, let's let Dan take over this special episode. To read the original piece, click here. ----- 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 The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world's largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library.
In the 7th episode of Generational Arbitrage, Tyler Neville speaks with Dan Rasmussen, Founder & Portfolio Manager of Verdad Capital & collegue Greg Obenshain, Director of Credit. Our guests discuss how investors can generate returns in corporate credit markets, during a low yield environment. Dan and Greg also discuss the business cycle, fools yield, inflation, crisis investing & private equity. --- Get unparalleled access to the greatest minds in macro at Blockworks' three day, executive summit in Bretton Woods. August 11 - 13. Apply to attend today. https://blockworks.co/events/brettonwoods/ --- Generational Arbitrage is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, visit http://blockworks.co/podcasts.
Dan Rasmussen, educator, range consultant and rancher in Belvidere, SD, and an upcoming speaker for the Nebraska Grazing Conference, discusses the South Dakota Grassland Coalition.
In this episode of Infinite Loops we speak with Dan Rasmussen, founder and CIO of Verdad Advisers. We discuss: Bubbles vs. Crises Investing in Emerging Markets Identifying when "value investing" works, and when it doesn't Theory vs. Practice And a LOT more! Follow Dan on Twitter at https://twitter.com/verdadcap and learn more about Verdad Advisers here: https://verdadcap.com/
This week we discuss a historical approach to asset allocation investing with Dan Rasmussen. This was a great interview where we really dig into the history so we can be prepared for Economimc crisis, inflation, stagflation, market volatility, bubbles and more. Topics we address: What assets are the best ones to buy in a crisis Why do crisis happen? The importance of liquidity Value investing Japan The current bubbles Inflation, Deflation, and stagflation How to not be fooled by history For more information, visit the show notes at https://moneytreepodcast.com/asset-allocation-investing-dan-rasmussen Today's Panelists: Kirk Chisholm | Innovative Wealth Barbara Friedberg | Barbara Friedberg Personal Finance Megan Gorman | The Wealth Intersection
Ben and Juan welcome Dan Rasmussen, the founder of Verdad Capital, to the podcast this week. Dan is a deep value investor and a history buff who discusses his learning from the Covid Crisis from the past year, how he utilises base rates in investment and how his interest in history (and not just financial) helps him make decisions. You can find Dan on Twitter at @verdadcap EPISODE NOTES: 1:06 : Summary 2:07: Dan's background 4:28: What is your style of value investing? What is your definition of deep value? 7:17 Companies can be cheap for a reason. How do you incorporate pessimism into your analysis? 10:29 After 10 years of a Growth dominated market, how should we consider value in relation to growth? 18:00 Dan wrote a research piece on crises in Jan of 2020. Since the last crisis has occurred, has it changed his approach? 23:10 How do you make sure that you learn from history, but account for future unpredictability? 28:34 How can you incorporate meta analysis in investing? 32:50 How can you communicate long term analysis? 36:33 How do you source base rates? 41:58 Outside v. Inside views: do you allow for any inside views? 44:19 Clients' reactions to base rate-driven decisions 46:48 How do you think about the issue of market timing and the avoidance of value traps? 50:14 A bad decision that came from bad process Book Recommendations: American Uprising: The Untold Story of America's Largest Slave Revolt by Daniel Rasmussen The Passions and the Interests by A. O. Hirschman NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider's consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Before starting Verdad, Dan worked at Bain Capital and Bridgewater Associates. Dan earned an AB from Harvard College summa cum laude and Phi Beta Kappa and an MBA from the Stanford Graduate School of Business. He is the New York Times bestselling author of American Uprising: The Untold Story of America’s Largest Slave Revolt. In 2017, he was named to the Forbes 30 under 30 list. His new Countercyclical paper is here: https://static1.squarespace.com/static/5db0a1cf5426707c71b54450/t/60709482d5afd833ede2c38a/1617990804914/Countercyclical+Investing_vF.1.pdf Website: https://verdadcap.com/ Twitter: https://twitter.com/verdadcap ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Firm: https://acquirersfunds.com/ Website: https://acquirersmultiple.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.
In episode 294, we welcome our guest, Dan Rasmussen, founder of Verdad Advisers, a global investment firm that provides a public market alternative to private equity. In today’s episode, we start with an update on Dan’s private equity replication thesis and hear about the rise of private credit in the past few years. Then we dive into his recent paper on emerging markets crisis investing. While buy and hold investors in emerging markets have experienced higher volatility for disappointing returns, Dan believes learning to navigate these EM crises can provide the ability to reap excess returns. He walks us through the differences between global and idiosyncratic crises and what performs best between both debt and equity in each case. All this and more in episode 294 with Verdad Advisers’ Dan Rasmussen.
Dan Rasmussen is the Founder and portfolio manager at Verdad Advisers, which he launched in 2014 to replicate the historical success of private equity in the public markets. He’s an outspoken critic of the market’s enthusiasm for private equity, resulting from research he conducted in the business while working at Bain Capital. Our conversation covers Dan’s early education in the Socratic method, research into why private equity works, current risk in the private equity and private credit markets, and the launch of Verdad to find private equity-like outcomes in the public markets. We then turn to Verdad, including key lessons upon shifting to public equity investing, stock screens, portfolio construction, position sizing and the competitive advantage of capacity constraints. Lastly, we touch on Verdad’s written research and preparing a portfolio for a recession. If you like Dan’s thought process, you can sign up to receive his team’s weekly research at verdadcap.com/strategy. Learn More Read the Transcript Subscribe to the Capital Allocators Blog or Monthly Mailing List Don't Subscribe, but Let Us Know Who You Are Write a review on iTunes Follow Ted on twitter at @tseides Review past episodes of the Podcast
Our guest this week is Adley Bowden. Adley is the vice president of market analysis at PitchBook, which is a Morningstar affiliate. In his role, Adley oversees PitchBook's voluminous research and editorial content on private markets, including private equity, private debt, venture capital, real estate, as well as the vehicles that invest in these areas. In addition, Adley is also a regular host at PitchBook's "In Visible Capital" podcast, which just kicked off its second season and is available on most popular podcast players. Adley first joined PitchBook in 2008 and has served in a number of roles prior to assuming this current post. He's a graduate of the University of Washington from which he earned his bachelor's degree in economics and international studies.BackgroundBioPitchbookIn Visible Capital BlogPrivate Equity InvestingPitchBook Private Markets Guide “What Are the Private Markets?” PitchBook Blog, PitchBook.com, July 8, 2020. “Digging Into the Fine Print of LP Agreements,” PitchBook.com, Sept. 11, 2020.“What Is GP Stakes Investing?” PitchBook Blog, PitchBook.com, July 31, 2020.“What Factors Drive Risk and Return in GP Stakes Investing?” PitchBook.com, Sept. 29, 2020.Private Markets“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, morningstar.com, April 1, 2020.“The Cons (and Pros) of Vanguard’s Decision to Offer Private Equity,” by John Rekenthaler, Morningstar.com, Feb. 25, 2020. “Private Equity’s Potential for Strategic Portfolios,” by Roger Aliaga-Díaz, Giulio Renzi-Ricci, Harshdeep Ahluwalia, Douglas M. Grim, and Chris Tidmore, Vanguard.com, Nov. 5, 2020. “The ‘Private for Longer’ Effect: Step-Up Valuations at IPO Declining for US VC-Backed Companies,” by Dana Olsen, PitchBook.com, Dec. 1, 2017.“Private vs. Public Market Investors: Who’s Reaping the Gains From the Rise of Unicorns?” by Adley Bowden and Andy White, PitchBook.com, June 19, 2018.Private Market Interest and Performance“What Is Dry Powder?” PitchBook Blog, PitchBook.com, March 2, 2020.“Private Markets See All-Time Highs in Dry Powder,” PitchBook.com, Feb. 19, 2019.“How’d Active Funds Do in 2019? So-So,” by Jeffrey Ptak, Morningstar.com, Jan. 20, 2020.“Private Equity-Backed Bankruptcies Surged in May, But Future Might Not Be So Bleak,” by Adam Lewis, PitchBook.com, June 5, 2020.“Venture Capital Exit Values Achieved Second Highest Total Ever in Q3 Despite Continued Uncertainty,” PitchBook.com, Oct. 13, 2020.“Private Equity Risk and Public Equity Opportunity,” Dan Rasmussen and Ted Seides, Capital Allocators Podcast, Feb. 16, 2020. Special Purpose Acquisition Companies“Private Equity Plays a Starring Role in 2020’s SPAC Boom,” by Adam Lewis, PitchBook.com, Oct. 17, 2020.“9 Big Things: 2020’s SPAC-tacular Keeps Getting Crazier,” by Kevin Dowd, PitchBook.com, Oct. 11, 2020.Impact of the Pandemic“Live Coronavirus Updates: Coronavirus Effects on Private Markets,” PitchBook.com, Nov. 18, 2020.“Investors Are Cautious on Private Markets During Shutdowns, PitchBook Survey Shows,” by Alexander Davis, PitchBook.com, April 9, 2020.“Coronavirus Forces Venture Capitalists to Adopt New Script on Fundraising,” by James Thorne and Priyamvada Mathur, PitchBook.com, June 2, 2020.“Venture Capital Fundraising and Investment Dollars Remained Healthy Through 1H 2020 Amid Slowdown in Exits and Deal Count Due to Impacts of COVID-19,” PitchBook.com, July 14, 2020.“PitchBook Analyst Note: COVID-19’s Influence on Private Market Strategies and Allocators,” by James Gelfer, Dylan Cox, Hilary Wiek, and Wylie Fernyhough, Pitchbook.com, “PitchBook Analyst Note: The Great Unlocationing,” by Paul Condra, PitchBook.com, April 30, 2020.
Dan Rasmussen, the CIO and Founder of Verdad Capital Advisers, speaks with his colleague Greg Obenshain, Verdad's director of credit, to examine the credit market sell-off over the past two months. They focus on the recent widening of spreads and other areas of financial markets hit hardest by the recent acceleration. Rasmussen asks Obenshain what the biggest factors for returns in corporate credit are, the turmoil in the credit markets has impacted the energy sector, and where they see the biggest opportunities for investors will be coming out of the crisis. They also update Verdad's Fool's Yield thesis that the company has been writing about since January 2020 and that Rasmussen has presented to Real Vision members in the past few months. Learn more about your ad choices. Visit megaphone.fm/adchoices
Our inaugural guest is my friend Dan Rasmussen, who runs Verdad Capital - an actively managed investment fund that provides incisive weekly commentary on markets and risk. Dan frequently writes about investing in the midst of crisis and preparing for the unimaginable. In this conversation, we explore the COVID-19 outbreak and the global response through an investing lens.
N2 Communications coronavirus podcast miniseries Episode 7 featuring Dan Rasmussen, founder of Verdad Capital.
For this episode of the Planet MicroCap Podcast, I spoke with Dan Rasmussen, Founder and CIO of Verdad Advisers. Prior to Verdad, Dan worked at Bain Capital and Bridgewater Associates, and also holds an AB from Harvard College and MBA from Stanford Graduate School of Business. In 2017, he was named to Forbes 30 under 30 list. He’s one of the leading thinkers in the investing world and I’m really excited that he was able to join me on here. We recorded this interview in what seems like years ago, but its only been a month – February 25, 2020. This episode is a good old fashion chat about our mutual love of MicroCap stocks, as well as Dan’s strategies for success. At the very end, we spend a little time discussing crisis investing. Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the SNN Network YouTube channel. I’ve provided the link in the description if you’d like to subscribe. You’ll also get the chance to watch all our Video Interviews with management teams, educational panels from the conference, as well as expert commentary from some familiar guests on the podcast. Subscribe here: http://bit.ly/1Q5Yfym Click here to rate and review the Planet MicroCap Podcast The Planet MicroCap Podcast is brought to you by SNN Incorporated, publishers of StockNewsNow.com, The Official MicroCap News Source, and the MicroCap Review Magazine, the leading magazine in the MicroCap market. You can follow the Planet MicroCap Podcast on Twitter @BobbyKKraft For more information about Dan Rasmussen and Verdad Advisers, please visit: https://verdadcap.com/ You can Follow Dan Rasmussen on Twitter @VerdadCap
My guest this morning is Dan Rasmussen of Verdad Capital. Like me, Dan and his firm focus on quantitative research. Just a month before the COVID crisis hit markets, they completely and published a study on investing during periods of market crisis, which is the topic of this conversation. We discuss what works and what doesn’t during and after acute periods of panic in markets. I think you’ll find it extremely informative. Because Dan’s firm and my own share many beliefs about investing and conduct similar flavors of research, I try to offer devil’s advocate questions throughout. Please enjoy. This episode is brought to by Koyfin. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes 1:54 – (First question) – What he sees in the markets today given the atmosphere right now 4:26 – An overview of their study: Crisis Investing: How to Maximize Return During Market Panics 8:38 – How things get more predictable during crisis 11:15 – The length of these crises and assets they focused on 12:40 – What happens to bonds and credit during these times 15:50 – Geography of crises 18:14 – How does this impact the philosophy of just index investing 20:40 – Positioning of value in this market 27:50 – Lessons from other crises 32:21 – Importance of a blended factor approach 35:44 – Role of momentum 38:10 – What else he is paying attention to during this crisis Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on Twitter at @patrick_oshag
Dan Rasmussen is the Founder and portfolio manager at Verdad Advisers, which he launched in 2014 to replicate the historical success of private equity in the public markets. He’s an outspoken critic of the market’s enthusiasm for private equity, resulting from research he conducted in the business while working at Bain Capital. Our conversation covers Dan’s early education in the Socratic method, research into why private equity works, current risk in the private equity and private credit markets, and the launch of Verdad to find private equity-like outcomes in the public markets. We then turn to Verdad, including key lessons upon shifting to public equity investing, stock screens, portfolio construction, position sizing and the competitive advantage of capacity constraints. Lastly, we touch on Verdad’s written research and preparing a portfolio for a recession. If you like Dan’s thought process, you can sign up to receive his team’s weekly research at verdadcap.com/strategy. Learn More Read the Transcript Subscribe to the Capital Allocators Blog or Monthly Mailing List Don't Subscribe, but Let Us Know Who You Are Write a review on iTunes Follow Ted on twitter at @tseides Review past episodes of the Podcast
Gregory Obenshain, director of credit at Verdad Capital, joins the podcast to discuss his concerns about private credit investing. Obenshain and Verdad Capital founder Dan Rasmussen recently penned an article in Institutional Investor: "High-Yield Was Oxy. Private Credit Is Fentanyl." Subtitle: "Investors are hooked, and it won't end well." In this 29-minute conversation, Obenshain tells listeners about his thesis. Content: How private equity has become the dominant player in this market (4:02) The lending is a lot more dangerous and indeed riskier than the high-yield bond market (7:39) Obenshain's background (15:03) Historical returns for private credit investments (19:50) Ramifications of new lenders entering the market (22:22) Potential timing of an unwind (24:17) More constructive ideas for investors (25:27) For more information on the guest and his firm: VerdadCap.com Not intended as investment advice.
Hello Listeners, Today is a very special episode with Greg Obenshain, Partner and Director of Credit at Verdad, and Dan Rassmussen, Founder and Portfolio Manager at Verdad. Greg previously worked as a high yield portfolio manager at Apollo Global Management and Stone Tower Capital. He is a graduate of Dartmouth College and earned his MBA from Northwestern Kellogg Management. Before founding Verdad, Dan worked at Bain Capital and Bridgewater Associates. He is a graduate of Harvard College and earned his MBA from Stanford Graduate School of Business. In today's episode we discuss how they think about credit and their quantitative approach to credit investing. Enjoy and thanks for the listen!
In this week's podcast, Extreme Value editor Dan Ferris responds to what he calls an extreme moment… after one analyst made news for proclaiming there's “no risk in stocks right now.” Our guest Dan Rasmussen, founder of Verdad Capital, is a recent Forbes “30 Under 30,” and shares warnings on the market that go far deeper than this bull market's age, and even the market's growing valuations. Listen now!
In this week’s podcast, Extreme Value editor Dan Ferris responds to what he calls an extreme moment… after one analyst made news for proclaiming there’s “no risk in stocks right now.” Our guest Dan Rasmussen, founder of Verdad Capital, is a recent Forbes “30 Under 30,” and shares warnings on the market that go far deeper than this bull market’s age, and even the market’s growing valuations. Listen now!
It isn’t a secret that pension funds, which we all rely on to some degree or another to pay for our retirements, are in dire straits. Ready for a scary number? The combined funding deficit of public pension plans in the U.S., across all 50 states, was reported at an alarming $1.28 Trillion in 2017. Thank goodness we have a savior! It’s the private equity business, right? But… what if it’s not true? What if private equity isn't going to make our retirement plans fat and happy? What if it’s only enriching the Wall Streeters who run these investment firms? In this episode, Bethany talks with Dan Rasmussen about the risks and realities of private equity. Learn more about your ad choices. Visit podcastchoices.com/adchoices
Verdad's Founder and Portfolio Manager Dan Rasmussen talks about his replication of private equity investing in the public markets using undervalued, levered, small-cap stocks. Verdad's website: http://verdadcap.com/ Dan's twitter handle: https://twitter.com/verdadcap Dan's book, American Uprising: The Untold Story of America's Largest Slave Revolt: https://amzn.to/2W8hBLl ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Website: https://acquirersmultiple.com/ Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).
Dan Rasmussen is the Founder and Portfolio Manager at Verdad, a hedge fund that attempts to replicate privately-equity like returns through investments in publicly listed highly leveraged micro-caps. Before starting Verdad, Dan worked at Bain Capital and Bridgewater Associates. Dan graduated from Harvard summa cum laude and Phi Beta Kappa and received an MBA from the Stanford Graduate School of Business. He is the New York Times bestselling author of American Uprising: The Untold Story of America's Largest Slave Revolt. In 2017, he was named to the Forbes 30 under 30 list. In the episode we talked about: Replicating private equity with public equities Average private equity deal structures now and then Leverage buyout transaction structures in US and Asia Controlling for risk and bankruptcy probability United States vs Japan market for equities Doing research in quantitive investing Difference of running big and small funds The relationship between interest rates and equities Why is Dan bearish on VC Properties of small cap companies Private equity in emerging markets Do MBAs make better CEOs? As always, make sure you share the podcast with anyone you think might benefit from the information. And don't forget to leave us a 5-Star review on iTunes! Find out more at https://www.thewallstreetlab.com/ Luke, Leo & Andy
Until now, we have recorded 14 episodes. So we wanted to take this week to slow down and distill some of our biggest takeaways from these stellar guests. Ep. 1 - 10 Reasons Investing is Awesome Ep. 2 - Doug McMillon, Walmart CEO Ep. 3 - Morgan Housel, VC at Collaborative Fund Ep. 4 - Bert Hochfeld, CEO at Ticker Target Ep. 5 - Brent Beshore, CEO at Adventur.es Ep. 6 - Quinn Taber, CEO at Immerse Ep. 7 - Brian Barnes, CEO at M1 Finance Ep. 8 - Howard Lindzon, GP at Social Leverage Ep. 9 - Ryan Krueger, GP at Krueger & Catalano Ep. 10 - Kanyi Maqubela, VC & Entrepreneur Ep. 11 - Jim O'Shaughnessy, CIO of O'Shaughnessy Asset Management Ep. 12 - Nick Maggiulli, Of Dollars and Data Ep. 13 - Mike Kehoe, President of Kehoe Investments Ep. 14 - Dan Rasmussen, MP at Verdad Capital Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org If you would like $10 off/month on a Dynasty Membership, just email us with the keyword "Podcaster Elastimer" and we'll hook you up! (it had to be a strange yet memorable keyword right?!) Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions!
Dan Rasmussen is the founding partner of Verdad Capital, and he's had quite an illustrious career, even though he is pretty young. So Dan got his undergrad at Harvard, and then he actually wrote a book called American Uprising about the largest slave revolution in America afterward he worked for Bain Capital as consultant, where he had an idea that private equity wasn't the best asset class. After that he got his graduate degree at Stanford, and then he opened Verdad Capital, the thesis for Verdad Capital is that private equity, when invested at high valuations isn't a good asset class, but rather, you can replicate that strategy on a micro cap scale with the public markets. Thank you so much for listening, we really appreciate you. You can find more information and content by going to these places: If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Instagram: investing_city Or feel free to email us at service@investingcity.org If you would like $10 off/month on a Dynasty Membership, just email us with the keyword "Podcaster Elastimer" and we'll hook you up! (it had to be a strange yet memorable keyword right?!) Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions! Ryan Reeves 0:38 On today's episode of the investing city podcast we had the pleasure of talking with Dan Rasmussen. Dan is the founding partner of her dad capital, and he's had quite an illustrious career, even though he is pretty young. So Dan got his undergrad at Harvard, and then he actually wrote a book called American Uprising about the largest slave revolution in America afterward he worked for Bain Capital as consultant, where he had an idea that private equity wasn't the best asset class. After that he got his graduate degree at Stanford, and then he opened Verdad capital, the thesis for Verdad capital is that private equity. When invested at high valuations isn't a good asset class, but rather, you can replicate that strategy on a micro cap scale with the public markets. I was up able to tell in this podcast band is an avid reader and thinker. I won't say too much. So let's just dive in, enjoy this episode with Dan Rasmussen. I wanted to start off with something that is not directly related to investing because just doing a little background research on you. And I find it really interesting that you're actually a New York Times bestselling author on slave revolution so can you just tell us a little bit about that. Dan Rasmussen 2:23 I wrote a book it was actually my senior thesis was my junior paper then my senior thesis and then after college when I was working at Bain Capital actually spent nights and weekends, turning my thesis into the into a book called American uprising Untold Story of America's largest slave revolt which you can buy on Amazon and I highly recommend doing so. Get a good plug in for the book. But the story was fascinating. It's the largest slave world American history. They marched towards the city, they were flying flags beating drums, they had uniforms and their goal was to create a Haitian Revolution style event in the United States. They failed. The Revolution was brutally suppressed. And the story was largely written out of history and what I did to uncover it was actually a lot of data and analytical work so actually built a database of every slave that have participated in the result revolt you know where they came from what we knew about them from each individual source, and then I mapped those that database on to old land maps that I found from around that time and then I actually use Google Maps to say okay well if we knew that these five people came from this...
Good Morning Listeners, Today is a very special episode. I am joined with Dan Rasmussen, the founder and Portfolio Manager of Verdad, Nick Schmitz, Japan Portfolio Manager, and Brian Chingono, Director of Quantitative Research. In today’s episode we discuss what they find works in investing. Transcript here https://valuewalkpremium.com/2019/02/quantitative-investing-rasmussen-schmitz-chingono/ HiddenValueStocks interview with Verdad from the summer of 2017 on their favorite small caps is right here https://hiddenvaluestocks.com/previous-issues/ Check out the Verdad at http://verdadcap.com. I encourage everyone to join their emailing list with their weekly commentaries. In addition, check out their research papers: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2639647 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2776355 Enjoy and thanks for the listen
Join Torts to Courts host, Natalie Barnard, as she gets the scoop on Super Bowl LIII traffic, road closures and commute options from Dan Rasmussen of Atlanta Police. For more insight on Super Bowl happenings, check out our blog: kaufmanlawfirmblog.com!
It has been a while since we discussed private equity on the show, so I was excited for this week’s conversation. My guest is Dan Rasmussen, the founder of Verdad advisers. Dan worked in private equity and has spent years studying the entire field. Dan identified several key drivers of private equity’s outsized returns: size, value, and leverage. His firm uses these factors as a starting point to build a portfolio of public equities that behave like their private brethren. We cover a ton of ground, discussing the prospective returns for equities, forecasting, and tons of investing strategies. Please enjoy this conversation with Dan Rasmussen. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Links Referenced Subscribe to Dan The Gospel According to Michael Porter Tobias Carlisle Steven Pinker E.O. Wilson Books Referenced What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time Quantitative Value, + Web Site: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors Expert Political Judgment: How Good Is It? How Can We Know? Superforecasting: The Art and Science of Prediction Show Notes 2:03 – (First Question) – The current state of private equity investing 4:09 – The three myths of private equity 6:51 – Taking a deeper dive into the myth of growth through operational improvements 9:29 – What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time 11:25 – Valuations for private market investment and where they’re going 14:03 – Private equity companies that have a higher chance of delivering results that exceed expectation 16:39 – Other observations on the private equity space that would be interesting to investors considering the asset class 19:33 – Importance of being very purposeful in picking your reference classes 19:42 – Subscribe to Dan 22:03 – How do the lessons Dan has learned in private equity translate to his investment strategies 25:21 – How do you apply purely technical, systematic thinking into public market investing 29:23 – Analyzing leveraged stocks and the value they could create 30:06 – How Dan thinks about the direction of debt vs just the level 33:11 – Predicting a firms ability to deleverage 35:20 – How Dan’s company whittle down a company and are able to see value beyond their quantitative screens 41:29 – How does Dan think about the global vs US opportunity set 44:22 – What originally drew Dan to the Japan market 47:03 – How do rising rates impact Dan’s strategy in investing in highly leveraged companies 51:19 – Importance of having investor money locked up for a longer period of time both for the fund and investor 55:03 – Porter’s five forces 55:25 - The Gospel According to Michael Porter 1:00:51 – How Dan thinks about competitive advantage 1:04:41 – Exploring Dan’s personal process in pursuit of his ideal strategy 1:05:19 – Quantitative Value, + Web Site: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors 1:05:20 – Tobias Carlisle 1:06:27 – Steven Pinker 1:06:28 – E.O. Wilson 1:07:11 – What other markets pique Dan’s interest 1:09:39 – Why there is such a focus on small for Dan 1:11:11 – Source or person that Dan has learned the most from that might surprise people 1:11:24 – Expert Political Judgment: How Good Is It? How Can We Know? 1:11:28– Superforecasting: The Art and Science of Prediction 1:12:54– What was it like writing the book 1:17:19 – If Dan was going to write another book today, what would it be about 1:19:08– Kindest thing anyone has done for Dan Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag
In Episode 90, we welcome Founder and Portfolio Manager of Verdad, Dan Rasmussen. We start with a brief walk-through of Dan’s background. It involves a Harvard education, a New York Times best-selling book, a stint at Bridgewater, consulting work with Bain, then his own foray into private equity. Turning to investments, Meb lays the groundwork by saying how many people misunderstand the private equity market in general (often confusing it for venture capital). He asks Dan for an overview, then some specifics on the state of the industry today. Dan clarifies that when he references “private equity” (PE), he’s talking about the leveraged buyout industry – think “Barbarians at the Gate.” He tells us that PE has been considered the crown jewel of the alternative world, then provides a wonderful recap of its evolution – how this market outperformed for many years (think Mitt Romney in the 80s, when he was buying businesses for 4-6 times EBIT), yet its outsized returns led to endowments flooding the market with capital ($200 - $300 billion per year, which was close to triple the pre-Global Financial Crisis average), driving up valuations. Today, deals are getting done at valuations that are nowhere near as low as in the early days. And so, the outsized returns simply haven’t existed. Yet that hasn’t stopped institutional investors from believing they will. Dan tells us about a study highlighting by just how much institutional managers believe PE will outperform in coming years…yet according to Dan’s research, their number is way off. Dan then delves into leverage and the value premium, telling us how important this interaction is. He gives us great details on the subject based on a study he was a part of while at Bain Consulting. The takeaway was that roughly 50% of deals done at multiples greater than 10x EBITDA posted 0% returns to investors, net of fees. Meb asks about the response to this from the private equity powers that be… What is their perspective on adding value improvements, enabling a higher price? Dan gives us his thoughts, but the general take is that doing deals at 10x EBITDA is nuts. Next, the guys delve into Dan’s strategy at Verdad. In essence, he’s taking the strategy that made PE so successful in the 80s and applying it to public markets. Specifically, he’s looking for microcap stocks, trading at sub-7 EBITDAs, that are 50%-60% levered. With this composition, this mirrors PE deals. The guys then get neck-deep in all things private equity… control premiums, fees, and illiquidity… the real engine behind PE alpha… sector bets… portfolio weights… Meb and Dan land on “debt” for a while. Dan tell us how value investors tend to have an aversion to debt. But if you’re buying cheap companies that are cash-flow generating, then having debt and paying it off is a good thing. Debt paydown is a better form of capital allocation than dividends or buybacks because it improves the health of the biz, leading to multiple expansion. The guys cover so much ground in this episode, it’s hard to capture it all here: They discuss how to balance quantitative rules with a human element… The Japanese market today, and why it’s a great set-up for Dan’s PE strategy… Rules that should work across geography, asset classes, markets, and time… Currency hedging… And far more. For the moment, we’re still ending shows with “your most memorable trade.” Dan’s involves a Japanese company that had been blemished by a corporate scandal. Did it turn out for or against him? Find out in Episode 90.
Nick and Dan have taken circuitous routes to be hedge fund managers either or both have them would have gone by the title: philosopher, investment banker, historian, author, professor, and Marine Infantry Officer. They talk through their reasons for settling on hedge-fund management (for now), and explain how they believe that a small, targeted, hedge […] The post Nick Schmitz and Dan Rasmussen on How the “Olympics of the Mind”-Hedge Funds-Can Make it Better first appeared on Doug Abdiel.
Nick and Dan have taken circuitous routes to be hedge fund managers either or both have them would have gone by the title: philosopher, investment banker, historian, author, professor, and Marine Infantry Officer. They talk through their reasons for settling on hedge-fund management (for now), and explain how they believe that a small, targeted, hedge […]
Jim Liew, assistant professor of finance at Johns Hopkins Carey Business School Summary: Guest host Dan Rasmussen talks to Professor Jim Liew about momentum investing and crowd sentiment on the podcast. Professor Liew discusses this strategy, both the academic side and its relevance for asset management.
Professor Aswath Damodaran with guest host Dan Rasmussen. Summary: The world's leading expert on valuation, Aswath Damodaran, discusses his theory that valuing companies requires understanding both numbers and narratives. Damodaran talks about why he believes the future will be won by "poets with discipline" and "number crunchers with imagination" and why he wants his son to study English literature.
Find Your Dream Job: Insider Tips for Finding Work, Advancing your Career, and Loving Your Job
Fifty years ago, it was common for workers to have the same job (or stay with the same company) from graduation until retirement. Today, the average American will have seven to ten different jobs in their lifetime. This volatility in employment has created more uncertainty--but also more opportunity--for career-minded professionals. The secret to thriving in this job market is successful career management: being focused, knowing your goals, and marketing your skill set. In this episode of Find Your Dream Job Mac speaks with career advisor and author Dawn Rasmussen. Dawn contends that “job security is dead” and that the key to professional success lies in improving your job marketability. She shares her tips on having a clear vision for your career, keeping your skills up-to-date, and adroitly marketing your transferable skills. In this 30-minute episode you will learn: How to discover your professional purpose and what you do best How to change careers by breaking down your transferable skill sets The habits of successful career managers How to overcome the fear of a career change or job search This week’s guest: Dawn Rasmussen (@DawnRasmussen)Principal, Pathfinder, Writing and Career ServicesAuthor of Forget Job SecurityPortland, Ore. Listener question of the week: How can I transition from the for-profit sector into the nonprofit sector? Do you have a question you’d like us to answer on a future episode? Please send your questions to Cecilia Bianco, Mac’s List Community Manager at cecilia@macslist.org. Resources referenced on this week’s show: Who Moved My Cheese? Forget Job Security: Build Your Marketability Pathfinder Writing and Career Services Myers-Briggs Type Indicator Find Your Dream Job in Portland (and Beyond): The Complete Mac’s List Guide If you have a job-hunting or career development resource resource you’d like to share, please contact Ben Forstag, Mac’s List Managing Director at ben@macslist.org. Thank you for listening to Find Your Dream Job. If you like this show, please help us by rating and reviewing our podcast on iTunes. We appreciate your support! Learn more about Mac's List at www.macslist.org. Full Transcript: Mac Prichard: This is Find Your Dream Job, the podcast that helps you get hired, have the career you want, and make a difference in life. I'm Mac Prichard, your host. Our show is brought to you by Mac's List, your best online source for rewarding creative and meaningful work. Visit macslist.org to learn more. You'll find hundreds of great jobs there, a blog with practical career advice, and our new book, "Land Your Dream Job in Portland and Beyond." Welcome to episode two of Find Your Dream Job. Every week we bring you the career tools and tips you need to get the job you want. Now according to the Federal Bureau of Labor Statistics the typical American changes jobs every 4.1 years. With most of us working well into our 60s that means you may have 10 or more employers in your lifetime, and you'll not only change jobs but careers too perhaps up to seven times some experts say. None of this comes as surprise to our guest today, Dawn Rasmussen. She says job security is dead and what matters now is employability and knowing how to manage your career. Dawn is president of Pathfinder Writing and Career Services, a company that provides resume, cover letter, and job search coaching services. She's the author of, "Forget Job Security: Build Your Marketability," a step-by-step guide to how to manage your career, attract promotions and salary increases, and find new opportunities. Dawn is also a career columnist for OnePlus magazine and talentzoo.com and she's been featured on CBS Morning Watch, CareerBuilder, and in business journal newspapers across the US. Dawn, thanks for joining us today. Dawn Rasmussen: Thanks for having me Mac. Nice to be here. Mac Prichard: It's a pleasure to have you here. I find that when I talk to job seekers when they get their job they think that's it, I'm all set, my job search is over, and now I'm employed and I don't need to think about that anymore. Now tell me why you advise the people you work with to think differently. Dawn Rasmussen: Mac, I always try to encourage people to see their career as something that's happening concurrently to their actual jobs, so while you're in your job your career's happening at the same time, but the career is actually like a river that's running underground and that's carrying you onto the next destination. It's all the things that you can do that can help prepare you for that next opportunity or position. You need to be in the right place when that opportunity does happen. It's not just being a static thing. It's a constant process. You really have to think about where do I want to go and what are the things that’ll get me in that river so I can navigate it, even though you're in your current job but there's some things you can take with you that will get you to the next destination. Mac Prichard: So you're in the canoe, you're going down the river. Dawn Rasmussen: Good metaphor, I love it. Mac Prichard: Now what do you do next? How do you know where you're going? The way I've seen people do this successfully is they're clear about their purpose. What do you see with the people you work with? Dawn Rasmussen: I think for the most part the people I work with are pretty clear on what they want to do, although I will get the occasional client. For example, I've had recently someone who was trying to do too many things. She was applying for a medical ... Well she was a medical billings person and she was trying to get into marketing and patient representation and a whole bunch of other things. She was trying to cover all these different bases, but she wasn't being very clear on what she does best and how she might help the employer. She was just being a job search chameleon, that's a term I like to use, that she was changing the color of her spots for each job opening. If you're not pretty clear on what you do best then that's going to be a problem because nobody else can see that either. The clarity helps you answer specifically what the employers needs are. It's really important to have a vision of what you want to do. That can change as you alluded to earlier having some kind of ... Change in your life is inevitable, that's fine, but the main thing is to really be clear that okay I'm going to target this next thing and then that may roll into something else later on down the line whether you get bored or another opportunity comes along. It's not a be-all end-all, but it's something that's a jumping off point to the next thing. It's a constant process. It really is. Mac Prichard: Let's drill down to that process Dawn because I can imagine some listeners might be saying, “Well, I get that, vision matters, clarity matters, but I don't want to close out my options. I want to be open to a lot of different things, because by doing so I'll make myself a more attractive candidate.” What steps do you see people take who are successful into finding their purpose and getting clarity? Dawn Rasmussen: I use the example no employer is going to hire a generalist. If they have a need for X, whatever that job is, then they're hiring for X and they're going to be putting that perspective, that microscope on X, looking at all the different candidates. If you're not sure … You can have more than one version of your resume. You can have a couple different iterations. Myself personally I have a lot of different curves under my belt that are extremely different from each other. I've been obviously a writer, I've been an educator, I've been in sales, I've been in tourism, I've been a meeting planner. I can't cram all those things in one resume. I have to be clear on who my target audience is. How would someone perceive what I'm saying in this document? Is it meeting their needs specifically? It doesn't mean you have to cram all the non-relevant stuff in there, you can summarize it. But having a real understanding of how are you answering their call, their need, and drilling down to that. Reading job descriptions, if you're not sure, that's okay. A lot of people, they don't know what they want to do. That's maybe where a career coach can help you work through that process because you really have to have that clarity. If you don't know what you want to do then how do you expect an employer to know that either. Having some help or using some online tools such as MBTI, Myers-Briggs, and some of the other tests can help you, or working with a career coach like I mentioned are all things that you can use to help pinpoint or narrow down what your focus is. Then have a separate resume for each one of those areas that addresses that. Mac Prichard: I hear that from a lot of employers. They tell me that when they're interviewing candidates the question that's often going through their mind first and foremost is, “What can this person do for me? I've got problems. I've got work piling up on a desk. How is this person going to make my life easier?” They say that the candidates who address that are the ones who stand out. Dawn Rasmussen: Exactly, you need to figure out what the pain points are of the employer and how you're going to solve them for them, and then write your resume in a way that shows specific examples of how you have addressed those pain points in a relevant way that matches the job requirements. Mac Prichard: Let's get back to purpose and vision. Many people may switch careers several times during the course of their working life. How have you seen people when they're thinking about changing careers do that successfully? Dawn Rasmussen: It's really, Mac it boils down to looking at what are my transferable skill set. For some people it's a pretty easy leap. I'll give you an example. There was one client of mine. She was in Chicago and she was a writer. She wrote books. She did the whole publicity, marketing, and all that kind of stuff, familiar with that aspect. Then she really had a passion for wine to the degree that she was going down to California and spending time with the wine maker. She actually did a bootcamp where you make your own wine. She toured with the wine maker. She worked part time in a very high end wine store in Chicago and her passion was to really get into promoting wine. By looking at breaking down her transferable skillsets it was an opportunity for her to basically say wine marketing specialist. We married her marketing skills plus her wine knowledge into a resume that really covered all those bases. It was a easy step for her. For some people, they don't have that immediate step in front of them. My suggestion is that if you're considering a career change, don't despair, you have to take an inventory of what skillsets that are relevant to where you want to go that you actually possess, and if there are gaps there are opportunities to add in experience. For example, you can take a class that would fill in a knowledge gap area so then you remove that liability from your job search. A second thing might be volunteering for a professional organization or a civic organization, performing the types of tasks that would matter towards where you want to go. Finally, for the people that are in school that may have gone back to school, they're more the nontraditional learners that they're going back and maybe getting a new degree or re-purposing their background, I suggest that you really go through your classroom experience and think about what projects, what kinds of papers, what kinds of experiments or anything else that would be real life applications of the concepts you're learning and cite those as examples in your resume. Your header should be relevant experience which can encompass both paid, volunteer, and educational experience, so that way it’s sort of a loophole. Mac Prichard: What I'm hearing is be clear about your purpose, be prepared to switch jobs throughout the course of your career or even switch careers, and when you're ready to switch careers Dawn think about those transferable skills or you acquire them and document them. Now how do people know it's time to switch? A lot of people I think don't think about these things until someone says, “Oh there's a great job over at this company or this nonprofit organization.” Or they get a new boss and things aren't working out well and then they try to catch up. So instead of thinking about their career over the long term and the investments they need to make, they try to catch up and do all these things when perhaps it's too late or things they might have done. What are some of the habits that you see people who are successful career managers adopt and practice during the 30 or 40 years they'll be in the workplace? Dawn Rasmussen: Oh gosh, there's so many. Networking is probably job number one. We do tend to get quite a bit complacent once we take on a new job. The heavy lifting’s been done. You beat all the connections. You've landed that job. People are usually so consumed with learning the ropes of the new job that they really don't invest as much time or energy into the networking piece that they were spending during the job search phase. My biggest concerns I see a lot of people just tune in and tune out basically on the networking. “I'm too busy. I don't have time to go to this networking function. I don't have time to do that.” Your networking piece is really the critical life line. Most people find jobs through someone they know. I know and I think its Gerry Crispin from CareerCrossroads had a statistic that said if you apply only online you have a 2% chance of getting interviewed. If you apply and you apply working through someone that you know you have about a 50% chance of getting interviewed. That really in stark contrast really shows how directly the networking impacts your job search success. Building that relationship and nurturing it and continuing the conversation from the initial meeting point is going to be critical for laying the groundwork in the future, not only just when you need to talk to them, but they may consider you and may come to you organically unsolicited even. That could be one way. Another thing that I see a lot people doing that are really good career managers is that they always see professional development as a center to their own development so that they can continue to learn and grow their skill sets. Employers are hiring subject matter experts. The more that you can gain job specific knowledge, it can be anything related to your particular job function, your industry, or management, anything in those realms, those are some things you should be adding one or two activities a couple of times a year so you show progressive job knowledge. If your employer doesn't pay for it this is absolutely an investment you need to make in yourself. It's not something you can say, “Well, throw up my hands. The boss won't pay for it. Oh well, I won't do it.” Really? You can't do that. Mac Prichard: Yeah, I think that's- Dawn Rasmussen: You need to be able to invest in yourselves. Mac Prichard: That's an excellent point about investing into yourself. Just to back up and think about that, people who apply only on online job boards, and that's 2% success rate that you cited, to put that in perspective I think 8% of people apply to Ivy League Colleges get in, so you may have a better chance of getting into Harvard than to getting a job on an online job board. Dawn Rasmussen: Lots of pretty ... Oh I love a good statistic. I love that one. The other thing I was going to mention too is that getting involved, I mean, we're all pressed for time. It's really hard to try to carve out the volunteer experience, but by golly, that's another way to get familiar with other people and similar types of jobs, and you end up becoming a known quantity as you give back through either volunteer experience if you're on a committee or on a board. Those are all really important factors as well as far as the people are really successful. They're the ones who are constantly doing those types of things. I realize not everybody is this super type A person, but you don't have to be the leader of the committee. You can be involved in volunteering and be that background person too and that's okay. It's just, make yourself known because no one is going to just reach out directly to you and say, “I'm going to help you throughout the rest of your career.” That doesn't happen. Mac Prichard: Get away, step away from the desk, get out in the community, go to a professional association meeting, do informational interviews, and volunteer when and where you can. Dawn Rasmussen: There's some other simple things too that, if I could just interject, that if you go to a conference, write a recap of some of the biggest things, your biggest takeaways and share it with your office. Your boss sees the value, and them sending you to the office and you help enhance the knowledge of your colleagues, that's a great way to really help show value to the organization too. There's a lot of things you can be doing all at once. It doesn't mean that you'd have to enact thus immediately when you start looking for a job. If you're constantly doing it, it's adding to that momentum, that river I was talking about. Mac Prichard: We're coming to the end of our time together. I want to hit any of the remaining points that you'd like to address. But one thing I'd like to bring up is when I talk to job seekers I think many people get this, they understand they need to think about their career over the long term, they need to think about how to manage it, and they need to get out into the community. One of the biggest barriers that they share with me that they face is fear. They're not sure how to do it. They're worried about rejection. Tell us about examples that you've seen of people who have overcome fear and how they do it? Dawn Rasmussen: I think a lot of it, there could be the fear of rejection and the salary discussion. I think why people have a lot of trepidation about that particular discussion in particular are because you're finally putting a number on what you're worth, what you think your value is. By spending some time and doing some research and really looking at the numbers you should start to feel very comfortable based on what you know your contributions are. That should really help you justify what your salary requirements are. Part of that is making a business case. The business case comes from keeping track of your accomplishments. The more you can quantify results and show benefits to employers that means that you have demonstrable valuable value to the company, and if you can back it up then no one is going to question your numbers, they're going to say, “Okay, I really see how important this person is,” and be willing and able to talk about it. That's thinking about it and owning it really. Mac Prichard: Those are great negotiating strategies. When you think about career management in general Dawn and people who are uncertain about how to begin and get stock, how have you seen people overcome that? Dawn Rasmussen: I think that they realize at some point that they need help and they reach out to maybe career coaches or writers or talk to mentors or talk to their trusted confidants. Everybody goes through a period of fear I think in their career management at least once or twice. I don't know if you have Mac, but I know I have. Mac Prichard: Oh no, I certainly have. I've been stuck myself. Dawn Rasmussen: You have to swallow the fear because ultimately, like I said before, there is no job security, you really have to be your own advocate, so understanding and gravitating into that mindset will help you realize that no one is going to do it but you. Mac Prichard: I too have gotten stuck several times in my career. I've gone through two long periods of unemployment. What helped me overcome that fear and those obstacles was to get out and talk to people through informational interviews and follow many of the strategies that you've laid out, volunteering and networking. Dawn Rasmussen: Exactly. Mac Prichard: Tell our listeners how they can find you online and learn more about your book and your company. Dawn Rasmussen: My web address is www.pathfindercareers.com. I've got all kinds of social media links. I'm on Twitter and Facebook and LinkedIn, so you're more than welcome to connect me there. It's pretty easy find. Mac Prichard: Thank you Dawn. Joining us today has been Dawn Rasmussen, president of Pathfinder Writing and Career Services. Thank you for being on Find Your Dream Job, Dawn. Dawn Rasmussen: Thanks for having me. Mac Prichard: Joining me in the studio today are Ben Forstag, managing director of Mac's List, and Cecilia Bianco, our community manager at Mac's List. How are you two doing today? Cecilia Bianco: Good Mac. Ben Forstag: I'm great. Mac Prichard: Good. It's a pleasure to have you here. Every week Ben scours the internet looking for blogs, podcasts, and other tools you can use in your job search, and Cecilia is listening to you our listeners and she joins us to answer your questions. Ben, let's start with you. What do you have for us this week? Ben Forstag: Mac this week Dan Rasmussen talked about all career management. That is essentially preparing yourself for the uncontrollable changes in your work life. This is a great thing to master because as we all know the only constant into this world is change. What do you guys feel about change? Mac Prichard: I have two minds about it. I certainly enjoyed the opportunities that changing jobs has brought, especially the chance to learn new skills. But I have to also share with our listeners it's scary going into a new office, and learning the ways of a new boss, and mastering new responsibilities. Cecilia Bianco: I agree with Mac. I think change can be both refreshing and difficult, but I think that it's good to adapt to change and to keep learning how to better deal with it throughout your career so it's a good learned skill to have. Ben Forstag: Yeah, I think most people struggle with change at some point in their life, and I do think it is a skill that you can learn. My suggested resource this week is a book that provides some perspective on how to successfully navigate change, whether that change happens in your work or your private life. The book is called "Who moved my cheese" by Dr. Spencer Johnson. This is a best seller back in the late 90s. Have either of you heard of it? Cecilia Bianco: I haven't actually. I missed this one. Mac Prichard: I do remember this book Ben. In 1999 I was the Y2K communications manager for the Oregon Department of Human Services. My boss at the time, a terrific fellow, Dan Postrel, had a copy on his desk. He was a big fan of it. Ben Forstag: This book was everywhere in the late 90s. I remember when I was training to become a YMCA camp counselor they actually gave us a copy to help us with that job. This is a fast and easy read. But I think it contains a lot of good takeaways. The book is a parable about mice and very tiny people trapped inside a maze looking for cheese. When the usual source of their cheese disappears the characters responded different ways. The mice, who are evidently moreresourceful than the humans, were already prepared for change and quickly move on to find other sources of cheese. The humans in the meantime are paralyzed by the question of who moved our cheese. Resistance to change and fear of the unknown prevent them from adapting to new realities and ultimately keep them from what they want. Cheese of course is just a metaphor for anything that you're searching for or anything that you want. It could be happiness or career contentment or new a job. When the book was really popular and the business world was using it as a training tool cheese was often representative of higher profits and increased sufficiency. The author doesn't ever say that. He never really says what cheese is at all. It's up for the reader to decide and really there's no answer or wrong answer. It's whatever you think or want. The book can't tell you what's important to you obviously, but it can provide some perspective on how to navigate a constantly changing world to help you find your own personal cheese. I recently reread the book after almost 20 years and I got a lot of value from it. Folks who are going through the uncertainty of a job change or a career change will definitely find some good lessons as well. Check out "Who moved my cheese," by Spencer Johnson. You can find it on Amazon or any major bookstore. We'll provide a link to it in the show notes for this podcast. Cecilia, since you haven't read it, this is your homework for the next week. Cecilia Bianco: Okay Ben, I will get on that. Mac Prichard: Thanks Ben. Again, if you have a recourse that you'd like to share with our listeners please write Ben. His email address is ben@macslist.org. He is standing by his computer right now, waiting to hear from you. While he's doing that, hitting the refresh button constantly on his email. Let's move to Cecilia. Cecilia, what are you hearing from our listeners this week? Cecilia Bianco: Thanks Mac. This week our question is: How I can transition from the for-profit to the nonprofit sector? As you know we get this question at every event. It's a common question from our readers. We actually had it at our most recent spring panel. It was our first event at University of Portland. I'm sure Mac remembers this. Mac Prichard: It's a wonderful venue up there and a beautiful campus. Cecilia Bianco: Ben, I remember you were in the crowd as a guest and you actually asked our panelists a question. You got on the mike. I remember that. Ben Forstag: I'm sorry that you do remember that. But yes, this was before I worked at Mac's List, back when I was back in nonprofit management. Cecilia Bianco: I bring this up because one of our panelists actually asked this specific question, how to transition from the for-profit to the nonprofit. She had a really interesting answer that stuck with me. She was the HR consultant for Oregon Health and Sciences University Foundation and she said that she has found for-profit backgrounds to actually be more valuable in some cases to a nonprofit. She said that they bring some skills that nonprofit professionals sometimes don't have from their work in the industry. That really stuck with me because we don't hear it a lot and we hear people in the for-profit industry nervous and thinking they can't transition because they don't have what nonprofits are looking for. One of the most important things that I got from that it's a transition you can make but you have to focus on framing your application to meet what the nonprofit is looking for. As Dawn mentioned earlier one of the most important things to do is to focus on your transferable skills and how can you apply your for-profit experience to show how it will contribute to a nonprofit success and the needs that they have. I think that's one of the most important ways to start your transition. What about you Mac because I know you get this all the time too? Mac Prichard: I agree. Highlighting your transferable skills is a very smart thing to do. The other lesson I draw from that story that you're sharing with us Cecilia is the importance of going to the source. If you have an objection in your mind about finding a job in a sector, or organization, or company, get out there and talk to people in that sector or in that organization and in that company and ask about the concern. This [inaudible 00:26:02] you, we’re hearing from the source, a human resources director at a foundation who says she's eager to hear from people in the private sector and that the trick is to highlight your transferable skills. Ben Forstag: Yeah, I'd agree with that Mac. I think the good news here is that there's a lot of new pressures on the nonprofits sector to compete for limited resources, and a lot of nonprofits are bringing in new practices that they've gotten from the for- profit world so folks who have experience in sales or business analytics or statistics there's a lot of new opportunities for folks like that in the nonprofit world. Cecilia Bianco: Yeah, I definitely agree Ben. I think I would add that another important thing for people to do is to get on the community and network and volunteer and get to hear the things that they're not getting in their for-profit background so that they can know what's going on in the nonprofit world and get connected to the important people and learn the important keywords. I actually just spoke with a reader recently. He took the advice that we're always telling people. He was coming from the public sector to the nonprofit industry and what he did was he made it a big part of his life to get out in the community and network. This helped him learn the skills that he needed to work on that he was lacking. Because everyone in the nonprofit community when you get out there, they want to help you and they'll give you the information you need, so you just need to put yourself out there which is exactly what he did, and be on networking. He also volunteered at Habitat for Humanity. This gave him some really great connections and he ended up learning the skills he needed to work in a nonprofit and he actually recently landed a job. You'll see him featured on our blog shortly. I'm sure Mac will look forward to that. He loves hearing our reader stories. Mac Prichard: I do enjoy those stories. If you have one in addition to a question but you want to share your own story about finding a job again Cecilia's address is cecilia@macslist.org. These segments by Ben and Cecilia are sponsored by the Mac's List Guides, publisher of our new book "Land Your Dream Job in Portland and Beyond." Now the Mac's List Guides give you the tools you need to get the job you want. We show you how to crack the hidden job market, stand out in a competitive field, and how to manage your career. In each of the books’ eight chapters experts share job hunting secrets like how to hear about positions that are never posted and what you can do to interview and negotiate like a pro. You can download the first chapter of the book for free. Just visit macslist.org/macslistguides. Thank you for listening. We'll be back next week with more tools and tips you can use to find your dream job. In the meantime visit us at macslist.org where you can sign up for our free newsletter with more than 100 new jobs every week. If you like what you hear on our show you can help us by leaving a review, a comment, and a rating at iTunes. Thanks for listening.
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