Today we host Howard Marks of Oaktree Capital Management. For most of us in the investment community, Howard needs no introduction. He is somebody we have looked forward to hosting for quite some time and I couldn’t think of anybody better to kick off year five of the Investors First Podcast. We could go on and on about his track record, whether it be his time at the University of Pennsylvania or the University of Chicago, his firm’s investment performance, or his various professional achievements, but we must note that Howard is a fellow CFA charter holder (circa 1975).
In today’s episode, we cover the various phases of Howard’s career. We then discuss the beginning of his time in high-yield debt and how the shift to a risk-return framework for fiduciaries forever changed the investing profession. We also discussed his famous memos and his important thoughts on the Sea Change we are currently experiencing in markets and much more. We are truly grateful for the time Howard offered and he was everything we expected and then some.
Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & guest host Chris Cannon, CFA (Chief Investment Officer, FirsTrust).
Our guest today is Adam Nash, the co-founder & CEO of Daffy.org, a modern platform and community for charitable giving that allows you to sign up for your donor-advised fund. Adam has served as an executive, angel investor, and advisor to some of the most successful technology companies to come out of Silicon Valley, including Dropbox, LinkedIn, eBay, and Apple. Adam also served as President & CEO of Wealthfront.
In today’s episode, Adam explains why his time at Wealthfront gave him the idea to launch Daffy (which stands for donor-advised fund for you). We walk through the ins and outs of a donor-advised fund, how Daffy manages to offer it at a cost that makes Vanguard 13x more expensive, and why this can be a great tool for year-end tax planning.
Listeners get an extra $25 for charity when they join Daffy. Get started for free here.
Our co-hosts today are Steve Curley, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Today we host Professor Aswath Damodaran, where we speak about how Aswath gained his love for teaching and how it led to him becoming an expert in valuation. The episode quickly veered into a sharp critique of the shortcomings of ESG investing. We also discuss market efficiency as it relates to active vs. passive investing, his story approach to individual companies, the future of education, career advice for finance professionals and more.
Our hosts today are Steve Curley, CFA & guest host Chris Cannon, CFA (Chief Investment Officer, FirsTrust).
Please enjoy the episode. Follow us on Twitter & LinkedIn.
Social Media:
LinkedIn Post (and Facebook):
New episode w/ Aswath Damodaran, hosted by Steve Curley, CFA & Chris Cannon, CFA.
*Aswath’s love for teaching and how it led to him becoming an expert in valuation
*A sharp critique of ESG investing
*Market efficiency
*His story approach to individual companies
*Future of education and career advice for finance professionals
Enjoy! Insert link here
Twitter Post:
New episode w/ Aswath Damodaran, hosted by Steve Curley, CFA & Chris Cannon, CFA. We discuss his love for teaching, his story approach for individual companies, a sharp critique of ESG investing and more.
Show Notes:
- NYU Homepage: https://pages.stern.nyu.edu/~adamodar/
- Writing: https://pages.stern.nyu.edu/~adamodar
- Data: https://pages.stern.nyu.edu/~adamodar
- Tools: https://pages.stern.nyu.edu/~adamodar
- Musings on Markets blog: https://aswathdamodaran.substack.com/
- YouTube Channel: https://www.youtube.com/channel/UCLvnJL8htRR1T9cbSccaoVw
Today we host Phil Hayes, The ESOP Guy, where we speak about how Phil went from banker to Managing Partner of a large regional accounting firm (as a non-CPA) to now becoming an expert in ESOP’s.
In today’s episode, we speak about exit strategies in general, where ESOP’s fit, the mechanics of ESOP transactions and the tax advantages of this structure. We then bounce around and discuss everything all at once ranging from 1042 exchanges with qualified replacement property, to whether this is a good deal for BOTH the owners and the employees and much more.
Our hosts today are Steve Curley, CFA & guest host Chris Cannon, CFA (Chief Investment Officer, FirsTrust).
Please enjoy the episode. Follow us on Twitter & LinkedIn.
Social Media:
LinkedIn Post (and Facebook):
New episode w/ Phil Hayes, Partner at Berman Hopkins, hosted by Steve Curley, CFA & Chris Cannon, CFA.
*Journey from banker to Managing Partner of Regional accounting firm to ESOP expert
*The ESOP Guy podcast
*Exit strategies and where ESOP’s fit for business owners
*Tax advantages
*1042 qualified replacement property
*Is this a good deal for BOTH seller and employees?
Enjoy! Insert link here
Twitter Post:
New episode w/ Phil Hayes, Partner at Berman Hopkins, hosted by Steve Curley, CFA & Chris Cannon, CFA. We discuss the ESOP Guy podcast, goodness of fit for business owners, tax advantages, 1042 qualified replacement property, and whether this a good deal for all parties involved.
Show Notes:
https://www.journeytoanesop.com
https://www.bermanhopkins.com/
https://www.esopassociation.org/resources
https://www.nceo.org/find-your-resource
https://www.esop.org
Our guest today is Peter Atwater, President of Financial Insyghts and an adjunct professor at William & Mary and the University of Delaware. He studies the impact of changing confidence on consumer decision-making, using his research to advise investors, business leaders, and policymakers. In 2023, he released the book, The Confidence Map: Charting a Path from Chaos to Clarity.
In today’s episode, Peter walks through some of the key topics in the world today, including the dominance of U.S. stocks, the rise of grifters in the past few years, why he coined the term K-Shape Recovery in 2020. Everything Peter discusses is through the lens of the decision-making framework laid out in his recent book, which is the best writing about the way feelings of confidence and vulnerability relate to the markets at any given time.
Our co-hosts today are Chris Cannon, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Orlando’s own fantasy football expert, KC Joyner. KC used to work for ESPN and now runs his own website called The Football Scientist. We’ve had lots of amazing podcast guests since we started in March 2020, but since last year’s episode with KC was the second most downloaded episode of any episode we’ve had, we had to invite him back on.
In today’s episode, KC explains how another past podcast guest Peter Zeihan’s geopolitical framework applies to fantasy football. We cover a range of topics to get you prepped for your draft, and KC was kind enough to give our listeners a discount to his draft guide, so visit www.thefootballscientist.com and use the code CFA for a discount on his draft guide and season-long packages.
Our co-hosts today are Steve Curley, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Cameron Dawson, Chief Investment Officer of NewEdge Wealth. Cameron is a Florida native, Rollins college graduate and former board member of the CFA Society of Orlando.
In today’s episode, Cameron talks about her overall view of the markets. She touches on value, emerging markets, alternatives, and why she’s keeping a close eye on the Bank of Japan going forward.
Our co-hosts today are Chris Cannon, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guests today are David Lau and Wade Pfau. These two individuals have been collaborating for quite some time to solve retirement income puzzles for investors. David has been doing it with DPL, bridging the gap between low cost insurance and Fee Only wealth management firms. On the other hand, Wade has been approaching retirement solutions from the academic lens with rigorous research.
In today’s episode, we discuss the potential blind spot in Fee-Only wealth management firms as it relates to insurance and annuities, whether insurance and investments should be comingled and the concept of the outsourced Chief Insurance Officer. We break down the cost of certain products and discuss the puzzles that David and Wade are trying to solve for retirees seeking stable income sources. We also discuss if Ken Fisher is a fiduciary, what products should exist that don’t currently exist, recreating your grandparents pension with lower cost products and whether long term care insurance products are cost efficient for retirees.
Wade will receive the award as the most resilient guest of the Investors First Podcast, as he was kind enough to join us while on a trip in Japan and even experienced two earthquakes while recording the episode.
Our host today is Steve Curley, CFA. Please enjoy the episode.
Follow CFA Society of Orlando on Twitter at @CFAOrlandoFL
Social Media:
LinkedIn Post (and Facebook):
New episode w/ David Lau, DPL & Dr. Wade Pfau, RISA, hosted by Steve Curley, CFA.
*Breaking down a commission free insurance product
*The challenges of market volatility and homemade dividends in retirement
*Credit risk associated w/ the implicit guarantee in insurance products
*Is Ken Fisher a fiduciary?
Enjoy!
Twitter Post:
New episode w/ David Lau & Dr. Wade Pfau, hosted by Steve Curley, CFA. We break down commission free insurance products for Fee-Only Advisors, the challenges of homemade dividends for retirees with total return approaches, whether Ken Fisher is a fiduciary and the concept of the Outsourced Chief Insurance Officer.
https://retirementresearcher.com/
https://www.theamericancollege.edu/our-people/faculty/wade-pfau
In today’s episode, we host Wes Gray, CEO of Alpha Architect. Founded in 2010, Alpha Architect is a research focused quant firm that put themselves on the map offering value and momentum factor exposures, but it doesn’t stop there. Wes and his group have evolved to offer advanced tax strategies in the form of ETF’s, separately managed accounts (SMA’s), and ETF white-labeled services. Wes has an incredible bio that starts with humble beginnings growing up on a ranch. He later becomes a Captain in the US Marine Corps followed by earning his MBA & PhD studying under Nobel Prize Winner Eugene Fama at the University of Chicago.
This episode is centered around investments and tax minimization, starting with why Wes moved to Puerto Rico a few years ago. We discuss his bio and his mission for Alpha Architect & ETF Architect. We focus the rest of the episode on tax efficiency for asset owners, starting with white labeling ETF’s, creative conversions to ETF’s, whether direct indexing is currently oversold, post ESOP investment strategies, box spreads as an alternative to T-Bills and more.
Hosting today’s episode is myself Steve Curley, CFA & guest host Frank Garcia, CFA.
Please enjoy the episode. Follow us on Twitter & LinkedIn.
Social Media:
LinkedIn Post (and Facebook):
New episode w/ Wes Gray, CEO of Alpha Architect, hosted by Steve Curley, CFA & Frank Garcia, CFA.
*PR Act 60 (Preferred Tax Status for Puerto Rico Residents)
*Bio/Mission if Alpha Architect & ETF Architect
*White labeling ETF’s & creative ETF conversions
*Direct indexing, oversold?
*Box spreads as an alternative to T-Bills
*Post ESOP investment strategies
Enjoy! Insert link here
Twitter Post:
New episode w/ Wes Gray, CEO of Alpha Architect & ETF Architect. We discuss everything tax, from PR Act 60, to his firm’s mission & focus on tax efficient investments, white labeling ETF’s, creative ETF conversions, direct indexing being oversold, box spreads instead of T-Bills & more.
Show Notes:
Alpha Architect: https://alphaarchitect.com/about
ETF Architect: https://etfarchitect.com/
Box spreads: https://alphaarchitect.com/2023/05/box-spreads-an-alternative-to-treasury-bills/
March for the Fallen: https://alphaarchitect.com/mftf/
Democratize Quant: https://alphaarchitect.com/democratizequant/
How to Start an ETF: https://alphaarchitect.com/2021/11/how-to-start-an-etf-resources-and-faq/
Today we host Jan van Eck for the second time on the Investors First Podcast. Jan is the CEO of VanEck, a global asset manager with over $57 billion in assets under management, including ETF’s, mutual funds, SMA’s, UCITS and more. Since our first recording with Jan in April 2020, Jan took the initiative to create a financial history course at VanEck during the pandemic. Jan is a brilliant investment professional with a passion for financial history. Beyond VanEck’s work as a pioneer in the asset management business, we wanted to highlight the great work he is doing (beyond managing money) in this episode.
In today’s episode, we speak about Jan’s financial history curriculum, railroads as the first internet of the United States, the philosophical debate continuing between Hamiltonians and Jeffersonians, the concentration of power with ETF’s (and politicization of ESG), predicting the future and much more.
Our host today are Steve Curley, CFA & today’s guest host is Chris Cannon, CFA (Chief Investment Officer, FirsTrust).
Our guest today are Rick Bookstaber and Govinda Quish, co-founders at Fabric Risk, which provides factor-based risk management applications for investment advisors, consultants and family offices. This is the second time we have hosted Rick on our podcast, with this time focused on the current state of banking and the risks of contagion, as well as other risks in public and private markets. We encourage you to listen to our prior episode with Rick to learn more about his background or visit fabricrisk.com to learn more about their professional backgrounds.
Hosting today’s episode is Steve Curley, CFA, co-founder of The Investors First Podcast & former President of CFA Orlando. Please enjoy the episode.
Follow CFA Society of Orlando on LinkedIn & Twitter @CFAOrlandoFL. You can find every past episode of the The Investors First Podcast at investorsfirstpodcast.com.
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
Our guest today is Jeffrey Sherman, Deputy CIO of DoubleLine, which manages over $100 billion. Jeffrey oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies.
In today’s episode, Jeffrey shares how he views the investment landscape as we kick off a new year. He touches on inflation, interest rates, and whether or not he expects a Fed pivot. He also shares where he sees opportunity in the market today, specifically in the credit markets.
Our co-hosts today are Steve Curley, CFA, and Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Mark Brewer, President and CEO of the Central Florida Foundation. Mark frequently advises private and corporate foundation grantmakers across the region and plays a public policy advisory role on strategy and advisory boards around the state of Florida.
Our conversation on this Giving Tuesday focuses on the role philanthropy in society, best practices on how to be strategic about causes you choose to support, and the major areas of need in Central Florida today.
Our co-hosts today are Steve Curley, CFA, and Colby Donovan. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guests today are David Berns & Mike Taylor.
David Berns is Chief Investment Officer & Co-Founder of Simplify Asset Management, which is focused on creating hedge fund and structured product strategies in a liquid, transparent, tax-efficient and low cost vehicle (ETF’s). David has a PhD in Physics from MIT in the field of Quantum Computation.
Mike Taylor is Portfolio Manager for the health care strategy at Simplify, which is one of the most unique strategies in the investment management industry, with all net profits donated to the Susan G. Komen Foundation. He has spent the last two decades managing hedge fund strategies at funds including Millennium, Citadel and Diamondback Capital. Mike holds advanced degrees in Science and Business from the Johns Hopkins University and the William E. Simon School of Business.
In today’s episode, we discuss how Simplify was created and how the idea for their health care strategy came together. We then discuss Mike’s hedge fund career, how managing a long only health care ETF differs from hedge fund investing and much more.
We recorded this episode in October for breast cancer awareness month and we wanted to highlight the great work Simplify is doing with Susan G. Komen, using finance as a cause for good. This is the first 100% pro bono ETF, with all net profits donated for the benefit of Susan G. Komen Foundation.
Our hosts today are Steve Curley, CFA, past President of CFA Society Orlando and co-founder of the Investors First Podcast, and Javier Perez, CFA, also a past President of CFA Society Orlando & Director at Skyview Investment Advisors.
Dr. Snaith is the Director of the University of Central Florida’s Institute for Economic Forecasting and a nationally recognized economist in the field of business and economic forecasting.
An award-winning forecaster, researcher and professor, Snaith applies academic expertise to solve real-world problems. He has served as a consultant for local governments and multi-national corporations such as Compaq, Dell and IBM. Snaith holds a Ph.D. in Economics from Pennsylvania State University.
Snaith frequently is interviewed in national and regional media and is a sought-after speaker. He has been quoted in The Wall Street Journal, USA Today, The New York Times, The Economist and CNNMoney.com and has appeared on CNBC, Fox Business Network and Business News Network, based in Toronto.
Sean correctly called the end of the great financial crisis in June 2009. Prior to that, Snaith was named by Bloomberg News as one of the nation's most accurate forecasters in 2008. In 2007, he was named California’s most accurate forecaster by the Western Blue Chip Consensus Forecast.
In this episode, we will talk about the Fed, inflation, and discuss how we are headed for a pasta-bowl recession. We focus the rest of the episode on the state of Florida and potential headwinds to growth such as rising housing costs, supply chain shortages, labor market shortages, and high overall inflation. Last, we discuss ways the state of Florida (and particularly Central Florida) can best position itself for future growth.
Our host today is Steve Curley, CFA, prior President of CFA Society Orlando, current board member & co-founder of The Investors First Podcast. Please enjoy the episode. Follow us on Twitter and LinkedIn.
Our guest today is Zach Conway, Founder and CEO of Seeds Investor. Seeds Investor is a new wealth technology platform designed to empower advisors to better understand investors and deliver the personalized portfolios that align.
In addition to Seeds, Zach is a Managing Director with the Conway Wealth Group, a private advisory firm based in Parsippany, New Jersey. Prior to the Conway Group, Zach served as Editorial Manager at Standard & Poor’s. Zach is a contributor to Forbes, Founder of the Leader Board and Co-Founder of the Life & Health Network. Zach earned his bachelors degree from Gettysburg College.
In today’s episode, we discuss current headwinds in ESG, actor Adrian Grenier’s involvement with Seeds Investor, tailored portfolios with values based investing and eliminating Fund/ETF wrappers from client conversations with direct investing.
Our host today is Steve Curley, CFA, board member & past President of CFA Society Orlando, as well as co-founder of the Investors First Podcast. Please enjoy the episode. Follow us on Twitter and LinkedIn.
Our guest today is Zach Conway, Founder and CEO of Seeds Investor. Seeds Investor is a new wealth technology platform designed to empower advisors to better understand investors and deliver the personalized portfolios that align.
In addition to Seeds, Zach is a Managing Director with the Conway Wealth Group, a private advisory firm based in Parsippany, New Jersey. Prior to the Conway Group, Zach served as Editorial Manager at Standard & Poor’s. Zach is a contributor to Forbes, Founder of the Leader Board and Co-Founder of the Life & Health Network. Zach earned his bachelors degree from Gettysburg College.
In today’s episode, we discuss current headwinds in ESG, actor Adrian Grenier’s involvement with Seeds Investor, tailored portfolios with values based investing and eliminating Fund/ETF wrappers from client conversations with direct investing.
Our host today is Steve Curley, CFA, board member & past President of CFA Society Orlando, as well as co-founder of the Investors First Podcast. Please enjoy the episode. Follow us on Twitter and LinkedIn.
Our guest today is Andrew Beer, Managing Member and Co-Portfolio manager for Dynamic Beta Investments, an investment firm founded in 2012.
Over the past decade, Andrew’s singular focus has been to identify strategies to match or outperform portfolios of leading hedge funds with low fees, daily liquidity, and less downside risk.
Andrew has been in and around the financial services and hedge fund industry in particular for more than 25 years.
In today’s episode, we will discuss Andrew’s journey to starting dynamic beta, democratizing access to hedge fund strategies at a reasonable costs, the benefits of replication and managed futures for portfolios, and building investment solutions to solve for client needs.
My name is Frank Garcia and I currently serve as the president of CFA Society Orlando and will be your host today. Please enjoy the episode.
Follow Andrew on Twitter: @Andrewdbeer1
FranklyFinances.com
Follow Frank on Twitter: @franklyfinances
Our guest today is KC Joyner, a fantasy football guru and pioneer of the football analytics revolution, featured on ESPN and The Athletic. He is Founder of the Football Scientist, a data analytics subscription service designed to help you win your fantasy football league.
KC left his career in telecom to pursue a lifelong dream of writing a Bill James-style book about football. 19 months later, his detailed tape breakdowns of the 2003 and 2004 season led to the self-publication of Joyner’s groundbreaking book Scientific Football in 2005.
Since his first book was released, he has joined forced with the likes of ESPN and most recently the writing team at The Athletic. KC is a nationally published author and his other books include Blindsided, Why the Left Tackle is Overrated and Other Contrarian Football Thoughts.
In today’s episode, we discuss KC’s background and how the The Football Scientist publication came to be. We then dive in to the quant approach he uses for fantasy football and how it could help you win your league this year, with several stops in between.
Our hosts today are Steve Curley, CFA and Colby Donovan, current board members of CFA Society Orlando. Please enjoy the episode. Follow us on Twitter and LinkedIn.
Social Media:
LinkedIn Post (and Facebook):
New episode w/ KC Joyner, Founder of Football Scientist, hosted by Steve Curley, CFA and Colby Donovan.
*KC’s background and the research and book that put him on the map
*His pursuit of a Bill James style of advanced analytics for the National Football League
*Time w/ ESPN, the Athletic & more
*How to win your fantasy football league this year, with actionable ideas for this year’s draft
Enjoy! Insert link here (and please add KC’s twitter handle to below)
Twitter Post:
New episode w/ the Football Scientist KC Joyner, his background & the book that put him on the map, his pursuit of Bill James style analytics for NFL, time w/ ESPN, & how to win your fantasy football league this year.
Show Notes:
thefootballscientist.com (use code “CFA” to save on draft guide)
https://theathletic.com/3359667/2022/06/23/warren-buffett-fantasy-football-strategy/
Our guest today is Ranji Nagaswami, Managing Director, Chief Strategy/Commercial Officer at SVP Global. Headquartered in Greenwich, CT. SVP is a global investment firm focused on distressed debt and private equity opportunities. Founded in 2001, SVP has over $18 billion in assets under management, 4 offices in the U.S., Europe and Asia and has ~140 employees and over 60 investment professionals.
Ranji is a Henry Crown Fellow at the Aspen Institute and is also the Founder and Lead Moderator of the Aspen Institute Finance Leaders Fellowship program. She has served as trustee and member of several boards, including the Yale University investment committee with David Swenson, the UAW VEBA investment advisory council and the Curtis Institute Investment Committee. Last, but certainly not least, she is a CFA Charter Holder.
In today’s episode, we start with Ranji’s experience as the youngest ever MBA student at Yale, discussing the positive impact that studying dance as a child had on her. We then discuss some of her career highlights, including her time at Alliance Bernstein, Mayor Bloomberg and as the CEO of Hirtle Callaghan. We then take a deep dive on private credit investing. Last, we discuss her involvement with the CFA Institute and the wonderful work she is doing at the Aspen Institute.
Our hosts today are Steve Curley, CFA and Chris Cannon, current board members (and Past Presidents) of CFA Society Orlando. Please enjoy the episode. Follow us on Twitter and LinkedIn.
Our guest today is Samir Vasavada, co-founder & CEO of Vise. Samir came up with the idea for Vise when him and Runik Mehrotra (fellow co-founder) were teenagers. Samir is responsible for Operations, Business Development and managing a team of Engineers and Ph.D. AI and Quantitative Finance Researchers at Vise. Vise is a venture-backed FinTech startup using Artificial Intelligence to revolutionize Portfolio Construction and Management for Financial Advisors. Vise has raised enough capital to be considered a unicorn (valuation greater than $1B) and is backed by Sequoia Capital, Founders Fund, & the Wharton School of Business (among other investors). Samir is one of the youngest FinTech founders I have ever met and was named in the 2021 Forbes list for top 30 under 30.
In today’s episode, we go back to Samir’s time in high school and how he met his business partner and fellow co-founder Runik Mehrotra. We discuss what Vise is, what is unique about them and the venture backed fundraising process. We also talk about the all in cost of advice for investors, the future of the wealth management profession and much more.
It is worth noting that this episode was recorded a short time ago and both the market environment and Vise’s strategy have shifted substantially since recording this episode. That said, it will be exciting to watch what Samir and Vise do next as they attempt to shape the future of investment management.
Our host today is Steve Curley, CFA, current board member & most recent President of CFA Society Orlando.
Please enjoy the episode. Follow us on Twitter & LinkedIn.
Our guest today is Eduardo Repetto, Chief Investment Officer for Avantis Investors. Avantis was established to help clients achieve their investment goals through a persistent focus on providing well-diversified investment solutions that fit seamlessly into asset allocations and combine the potential for added value with the reliability of indexing.
Eduardo is responsible for directing the research, design and implementation of investment strategies, providing oversight of the investment team and the firm’s marketing initiatives and interacting with clients. He is former co-Chief Executive Officer and co-Chief Investment Officer of Dimensional Fund Advisors and holds a doctorate in Aeronautics from the California Institute of Technology, a Master of Science degree in Engineering from Brown University, Civil Engineering from the Universidad de Buenos Aires. Eduardo is a Trustee of the California Institute of Technology.
In todays episode, we will discuss Eduardo’s journey from engineering to finance, the influence of great mentors, how to think about market prices, building investment solutions, and advice for young professionals.
Our local co-hosts today are Steve Curley, CFA, and Frank Garcia, CFA, both of which are board members of CFA Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Chris Arnade, author of the best seller Dignity: Seeking Respect in Back Row America. A Florida native, Chris was one of the first quants on Wall Street and spent 20 years as a trader before becoming disenchanted in finance’s role in the 2008 Great Financial Crisis, leading him to walk through the South Bronx and all over areas of the country that he describes as “left behind.”
Chris has a way of putting the current bipolarization in the US into words as well as anyone I’ve come across. We talk about our country’s focus on quantifiable things like GDP and efficiency and lack of focus on intangible things like community, connection and religion. We also touch on the role of McDonald’s in the country, why you may need to change what you think of McDonald’s, and what he thinks is behind the mistrust of authority and others.
Our local co-hosts today are Chris Cannon, CFA, and Colby Donovan, both of which are board members of CFA Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Resources:
Evicted: Poverty and Profit in the American City Paperback by Matthew Desmond
Our guest today is Rick Bookstaber, co-founder and Head of Risk for Fabric, which provides factor-based risk management applications for investment advisors. Rick resume is as impressive as you can come across. He’s held Chief Risk Officer roles at Morgan Stanley, Salomon, Bridgewater, and the University of California pension. He also worked at the U.S. Treasury post-2008 and helped write the Volcker Rule. He’s the author of The End of Theory and A Demon of Our Own Design.
In today’s episode, we start with Rick’s framework for looking at risk and what the cockroach can teach us about sound portfolio construction and risk management. Then Rick shares what he thinks are some of the biggest risks in the market today, including the Russian invasion of Ukraine and rising inflation and interest rates and QT.
Finally, we get into his newest venture and why he chose to start a firm on helping financial advisors and individuals with risk management.
Our co-hosts today are Steve Curley, CFA, and myself, Colby Donovan. Please enjoy the episode.
Please enjoy our episode with Fabric’s Rick Bookstaber.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Roger Urwin, Global Head of Investment Content with Willis Towers Watson. Roger joined Watson Wyatt in 1989 to start the firm’s investment consulting practice and, under his leadership, grew to a global team of over 600. Roger has been influential with the CFA Institute and their Future of Finance initiative, as well as co-founder of the Thinking Ahead Institute. His investment innovations include three global firsts, one of which is the creation of the first target date and lifestyle defined contribution funds (1988). Roger is also Advisory Director at MSCI Inc. He has a degree in Mathematics and a Masters in Applied Statistics from Oxford University.
In today’s episode, we speak with Roger about his personal background, including a personal tragedy he experienced, followed by his professional background and his work at the Thinking Ahead Institute. We then do a deep dive on the current state of sustainable investing, which includes greenwashing, comparing investors globally, net zero, proxy voting, benchmarking and more.
Our host today is Steve Curley, CFA & his guest host is James Sellon, CFA (Managing Partner, Maseco).
Please enjoy the episode. Follow us on Twitter & LinkedIn.
Our guest today is Matt Brown. Matt is the Founder, CEO, and Chairman of CAIS. Found in 2009, CAIS, a fintech leader, empowers over 4,000+ unique advisor firms/teams who oversee more than $2T+ in network assets. Founded by a financial advisor, CAIS considers itself the first truly open marketplace for alternative investments, where financial advisors and asset managers can engage and transact directly. CAIS offers access to alternative strategies ranging from hedge funds to private equity/credit to real estate, digital assets, structured notes and more. CAIS is unique in that all funds on the platform undergo Mercer’s due diligence and ongoing monitoring. They also offer an education platform called CAIS IQ, which helps educate advisors on alternative investments.
In today’s episode, we start in 2009 and discuss how difficult it must have been to launch CAIS during the great financial crisis. We then discuss the CAIS platform, competition, the democratization of alternatives and CAIS’s value proposition. We later get into distribution (and why it isn’t a negative term), their recent high profile fundraise and what they plan to do with the money to grow. Other topics range from artificial intelligence to the power of data, the accredited investor rule, CAIS IQ education platform, the importance of reporting and the value of soft skills.
Our hosts today are Steve Curley, CFA & John Bowman, CFA of CAIA Association. Please enjoy the episode. Follow us on Twitter & LinkedIn.
Our guest today is Ben Savage. Ben manages Clocktower Technology Ventures and is responsible for all of Clocktower Group’s private market activities.
Our conversation covers the state of venture capital today, where fintech sits within the venture space, the convergence of public and private markets, and the importance of trust within financial services.
Our co-hosts today are Steve Curley, CFA, and Colby Donovan. Please enjoy the episode.
CFA Orlando is hosting JP Morgan’s Dr. David Kelly for the 2022 Forecast Dinner on February 23rd at the Alfond Inn by Rollins College. Click here for more information and to register. Please note – you do not need to be a member of CFA Orlando or have the CFA designation to attend the event.
Please enjoy our episode with Clocktower Technology Ventures’ Ben Savage.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Jason Zweig. Jason has been a Columnist for the Wall Street Journal (WSJ) since 2008, writing the Intelligent Investor Column. Jason is on a short list of people globally that advocate for individual investors on a weekly basis and is somebody that embodies the spirit of The Investors First Podcast (putting investors first).
Before joining the WSJ, Jason held positions with Money Magazine (Senior Writer) and Forbes (Mutual Funds Editor), while also serving as a guest columnist for Time magazine and cnn.com. He is author of Your Money and Your Brain, is editor of the revised edition of Benjamin Graham’s The Intelligent Investor and his most recent book is The Devil’s Financial Dictionary.
In today’s episode, we start with Jason’s beginnings on a farm in upstate New York. We then compare traders vs. investors and discuss the gamification of investing, time on device (TOD; a term casinos often use as a measure of success), and the boredom market hypothesis (BMH; doing nothing). Jason then discusses how we can improve as an investor emotionally, the lone thing we can often control. We later discuss why investors don’t incorporate human capital in their investment portfolio, demand for ESG, the importance of writing in plain English for investors, and the illusion of “conflict-free” financial advice. Last, we cover heroes in investing and the financial literacy industrial complex.
Our hosts today are Steve Curley, CFA and Chris Cannon, CFA. Please enjoy the episode. Follow the CFA Society of Orlando on Twitter and LinkedIn.
We invite you to join CFA Society Orlando on February 23rd for our 2022 Annual Forecast Dinner. our dinner's featured speaker, Dr. David Kelly, CFA, Chief Global Strategist and Head of Global Market Insights Strategy Team with J.P. Morgan Asset Management. Please note, you do not need to be a CFA charterholder or be a member of the society to attend. To learn more, click here.
Our guest today is Eric Sim. The header on his LinkedIn profile shows a banker, lecturer, speaker and writer, but he is actually much more. Eric is a proponent of the portfolio career, a topic for which he has become a thought leader and the most followed CFA charter holder globally with almost 3 million followers on LinkedIn. Based in Singapore, Eric reached the pinnacle of his career as a Managing director at UBS Investment Bank. He quickly realized that he could offer the world much more than being an investment banker and left his position at UBS. From there, he embarked on the portfolio career, founding the Institute of life, becoming a professor, a prominent speaker and now a global thought leader teaching others how to have a portfolio career of their own.
In today’s episode, we start with Eric’s personal journey, how small actions can lead to big returns and the relevance of personal branding for anyone at any stage in their career. We then dive into details and tactics of personal branding, followed by a discussion on the three sources of capital (financial, human, and social) and the outsized returns that can be generated by investing in social capital.
Our hosts today are Steve Curley, CFA and Marina Hayes, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter and LinkedIn.
Our guest today is Drew Dickson, founder of Albert Bridge Capital and CIO of the Alpha Europe funds.
Our conversation today focuses on Drew’s application of behavioral finance and fundamental analysis. We start with his time at the University of Chicago and learning from people like Merton Miller, Gene Fama and Richard Thaler, and then hear how he applies those behavioral principles when analyzing the market today. We talk about the valuation differences between the US and Europe, and then specifically the differences between value and growth in both regions, and get his thoughts on some of the speculation we’re seeing in the market today.
As we wind down, we talk about some of Drew’s posts about the intersection of investing and sports. We cover James Harden & the paradox of skill and Rick Barry and being willing to look different.
Our co-hosts today are Frank Garcia, CFA, and Colby Donovan. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Resources:
Drew’s Writing
Malcolm Gladwell’s Podcast on Rick Barry: The Big Man Can’t Shoot
In today’s episode, we begin with discussing Anthony’s background as a serial entrepreneur, starting with the Thiel Fellowship, his pitch to Mark Cuban, and what led him to dropping out of USC. We quickly move to the life changing accident that Anthony experienced, including his painful rehab and his incredible return to save his company. We then discuss how his interest in wine led him to starting Vinovest. Then we get into the case for investing in wine, beta exposure and how you can generate alpha buying and selling wine. We also compare investing in wine vs. whiskey, storage, and most importantly, what success will look like for a Vinovest investor (performance vs. the U.S. stock market). Last, we discuss fundraising for a startup, his heavy hitter investors and the future of his company.
Our host today is Steve Curley, CFA, Co-Founder of the Investors First Podcast and former President of CFA Society Orlando. Please enjoy the episode.
Follow the Investors First Podcast & CFA Society of Orlando on Twitter and LinkedIn.
Our guest today is Eric Clarke, Chief Executive Officer for Orion Advisor Solutions (Orion). Eric is shaping the future of advice delivery with the organization's brand entities (fintech and investment management solutions), which include Orion Advisor Tech, Orion Portfolio Solutions, CLS Investments and Brinker Capital Investments. Eric is a thought leader in the industry, writing numerous articles, as well as receiving multiple awards, most recently receiving the Investment News's Icon & Innovators Award in 2019. Eric holds a B.S. in Accounting from BYU and a MBA from Utah.
In today's episode, we start with Eric's passion for entrepreneurship, the origin of Orion and what he is most excited about regarding industry consolidation and recent Orion acquisitions. We then discuss the future of the wealth management industry, including fee compression, private equity in the wealth management space & what advisors should be discussing (and are afraid to discuss).
Our local hosts today are Steve Curley, CFA and Chris Cannon, CFA, both board members and former Presidents of CFA Society Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter & LinkedIn.
Our guest today is Cliff Asness, Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. He has authored articles on financial topics in almost every major financial publication and his awards are too many to list. He received his Ph.D. from University of Chicago while learning under Nobel Laureate Gene Fama. Notably, his bio states that “he still feels guilty trying to beat the market” after all these years because of his work with Gene.
In today’s episode, we start with Cliff’s education background and how his father’s aim for diversification in education paid off for him. We then pivot to the Avengers and discuss the heir apparent to Captain America, before quickly diving into a variety of topics, ranging from his work under Gene Fama at University of Chicago, momentum investing, and then pulling the goalie in hockey. Then we discuss whether size is a factor, if price to book is a good value measure, his take on ESG investing, expected returns and much more.
Our local host today is Steve Curley, CFA, board member and a former President of CFA Society Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter and LinkedIn.
Our guest for this episode, is Bill Kelly, CEO of the CAIA Association, a position he has held since 2014. Previously, Bill was the CEO of Boston Partners and one of the seven founding partners of Boston Partners Asset Management. He is a tireless advocate for shareholder protection and investor education and a frequent industry speaker, writer, and commentator on alternative investment topics around the world.
In this episode, we explore the specialization of credentialing in the investment industry, the relevance of the chartered alternative investment designation (known as CAIA), the stackable program available to CFA charterholders, and the prospect of broadening investor access to alternatives to meet individual retirement needs.
Gerard O’Reilly serves as Co-Chief Executive Officer and Chief Investment Officer of Dimensional Fund Advisors LP and has been with Dimensional since 2004. Since joining the firm, Gerard has been instrumental in the evolution of Dimensional’s systematic approach to creating and implementing investment solutions. He is Co-Chair of the firm’s Investment Research Committee and a member of the Investment Committee, which oversees portfolio and account management. Prior to joining Dimensional, Gerard obtained his PhD in aeronautics from the California Institute of Technology. He holds a Master of Science degree in high performance computing from Trinity College Dublin in his native country of Ireland.
In today's episode, Gerard shares his journey to DFA and what makes DFA unique. We spend some time discussing the pros and cons of index funds, DFA’s recent launch of ETFs and conversion of Mutual Funds into ETFs, and their upcoming launch of SMAs. We also discuss expected returns, the need to account for the unexpected, and the longer-term viability of the size, value, and profitability premiums, along with the discipline needed to capture these premiums over time.
Our local co-hosts today are Frank Garcia, CFA, president of the CFA Society of Orlando, and Steve Curley, CFA, board member and former president of the CFA Society Orlando.
Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Jerry Parker, Chairman and Chief Executive Officer of Chesapeake Capital and long-time trend-follower.
In this episode we start by going back to Jerry’s days as a “Turtle Trader” under Richard Dennis and the lessons he learned from the experience. We walk through some of the keys to trend-following, what 2020 looked like from his point of view, and the benefits of a rules based approach. In a world of Dogecoin and meme stocks, Jerry provides a rational perspective on the markets.
Our local co-hosts today are Chris Cannon, CFA, and Colby Donovan, both of which are board members of CFA Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Dr. Vincent Milhau, who is a Research Director of the EDHEC-Risk Institute. Vincent is in charge of several research projects at the Institute in the fields of portfolio optimization and asset allocation for institutional and individual investors. Most of these projects are funded by large industry players interested in the latest advances in risk management and asset allocation. His main focus is on goal-based investing or GBI and it is what we focus on in the episode.
Vincent has a diverse academic background that ranges from his bachelor’s degree in Mathematics at University of Paris to graduate work in modeling, statistics and finance. He finished his academic studies with his PhD in Finance from University of Nice, where the EDHEC Risk Institute is located.
In this episode, we discuss a variety of topics centered around GBI, with the focus on retirement investing for individuals. Our listeners will receive a primer on GBI, flaws with existing strategies, new ways we can address the retirement problem and more.
Please enjoy the episode.
Our local co-hosts today are Steve Curley, CFA (President of CFA Society Orlando) & Sebastien Gault, CFA (Member of CFA Society Orlando, who is originally from Nice).
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Links:
Website:
Papers/Books:
- Advances in Retirement Investing (2020, Martellini, Milhau) https://www.cambridge.org/core/elements/advances-in-retirement-investing/E097D7D585051A8BFCEDE518F40562DC
- Securing Replacement Income with Goals-Based Retirement Investing Strategies (2020, Martellini, Milhau, Mulvey) https://risk.edhec.edu/publications/securing-replacement-income-goal-based-0
- “Flexicure” Retirement Solutions: A Part of the Answer to the Pension Crisis? (Martinelli, Milhau, Mulvey) https://risk.edhec.edu/publications/flexicure-retirement-solutions-part-answer-0
About EDHEC Risk Institute: In 2001, EDHEC Business School created EDHEC-Risk Institute, a premier academic centre for industry-relevant research in investment management, which has developed a portfolio of research and educational initiatives in the domain of investment solutions for institutional and individual investors. The institute, in partnership with industry leaders, boasts a team of permanent professors, engineers and support staff, as well as affiliate professors and research associates. Their collective work has a particularly significant footprint in the areas of risk premia harvesting, retirement investing and sustainable investing. Its philosophy is to validate its work by publishing in international academic journals, as well as to make it available to the sector through position papers, published studies, online courses, on-campus workshops and global conferences. To ensure the dissemination of its research to the investment industry, EDHEC-Risk also provides professionals with access to its website, https://risk.edhec.edu, which has more than 120,000 visitors and is devoted to asset and risk management research, with a focus on investment solutions. Finally, its quarterly newsletter is distributed to over 100,000 readers.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Mike Welker, CFA, CEO and Chairman of the Executive Committee at AndCo Consulting.
In today’s episode, we begin with Mike’s background, hearing how playing basketball at Rollins College brought him from Indiana to Central Florida. Mike shares the story of how he joined AndCo soon after the firm was founded in the early 2000’s and what led him to become the majority owner in 2015. Then we dive into AndCo’s consulting business. He shares the profile of a typical AndCo client, how the firm evaluates active managers, and how clients are handling lower return expectations by increasing their allocation to alternatives.
Our local co-hosts today are Steve Curley, CFA and Colby Donovan. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Anthony Scaramucci, founder and Co-Managing Partner of SkyBridge Capital. In November 2016, Mr. Scaramucci was named to President-Elect Trump’s 16-person Presidential Transition Team Executive Committee and served as the White House Communications Director for a brief period in July 2017.
In this episode, we discuss his professional journey as a first generation college graduate, then working for Goldman Sachs and becoming a serial entrepreneur. We talk about his brief stint in the White House, lessons learned from the experience and why it’s important to control your ego. Then we hear about what he’s most excited about right now: the SkyBridge Bitcoin fund, which was just approved at the start of 2021, and hear why he’s bullish on the space.
Our local co-hosts today are Steve Curley, CFA and Colby Donovan. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Professor Tamar Frankel, a long-time member of the Boston University School of Law faculty who writes and teaches in the areas of fiduciary law, corporate governance, mutual funds and the regulation of the financial system. In 2013, the Institute for Fiduciary Standard established the annual Frankel Fiduciary Prize in her honor to award individuals who advance fiduciary principles. WealthManagerWeb has named her among the 50 Top Women in Wealth Management.
In today’s episode, Tamar explains what led her to spend her career focusing on fiduciary law and what it means to be a fiduciary. We talk about conflicts of interest within the advisory space and what regulatory suggestions she has to help eliminate them. We spend a lot of time around soft topics like trust, honesty and kindness and why we would all benefit more if we focused more on those.
Today’s episode is hosted by Chris Cannon, CFA, Chief Investment Officer at FirsTrust and board member for CFA Society of Orlando.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Dr. Campbell R. Harvey, who for the past 35 years has served as Professor of Finance at Duke University. Professor Harvey has also served as Partner/Senior Advisor to Research Affiliates, LLC and Advisor to Man Group. He served as Editor of the Journal of Finance from 2006 to 2012 and as the 2016 President of the American Finance Association.
He holds a Ph.D. in Finance from the University of Chicago, MBA from York University and a BA from University of Toronto.
Dr. Harvey has published over 125 scholarly articles on a variety of topics and has received many awards, including the following:
- Most recently, he won the 2020 Quant of the Year Award from the Journal of Portfolio Management.
- 8 Graham & Dodd Awards/Scrolls for excellence in financial writing from the CFA Institute.
- 2016 & 2015 Bernstein Fabozzi/Jacobs Levy Award for Best Article from Journal of Portfolio Management for his research on differentiating luck vs. skill.
In this episode, we start by discussing how he got into finance and what he is most famous for, his research on the yield curve indicator (including his time at the University of Chicago under Nobel laureate Professor Eugene Fama), which has continued to be powerful in predicting recessions, including the current one. Further, we cover the risk of low interest rates, the expanding balance sheet of the U.S. Government, PPP loans, using gold as a risk against unexpected inflation, and more. Last, we discuss topics from one of the most popular finance courses in the country, Innovation & Cryptoventures, a class he has taught for the past five years, a course that focuses on the mechanics and applications of blockchain technology.
Please enjoy the episode.
Show host: Colby Donovan & Steve Curley, both board members with CFA Society Orlando.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Dr. Gio Valiante, Sports Psychologist and Performance Coach to professional athletes and investors. Gio has a fascinating background, which includes a 5 year stint at Point 72 with Steve Cohen (many know Steve and Gio’s dynamic via the hit show Billions on Showtime), 10+ years of coaching pro golfers on the PGA Tour, and most recently, Head Performance Coach of the Buffalo Bills.
Gio’s academic background includes a Master’s of Education at University of Florida, a Ph.D. from Emory University, and 13+ years as a College Professor at Rollins College.
In this episode, we discuss a variety of topics, including the successful traits of Gio’s clients, which includes both well known investors and professional athletes. We also talk about how ordinary investors and investment professionals (and even sales professionals) can train like a professional athlete to perfect their own craft.
Our local co-host today is Steve Curley, CFA, President of CFA Society Orlando and Director of Investment Strategy at Eaton Vance WaterOak Advisors.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Links:
Website:
Papers:
- The Mundanity of Excellence. https://academics.hamilton.edu/documents/themundanityofexcellence.pdf
Books:
Our guest today is Meb Faber, Founder & Chief Investment Officer at Cambria Investment Management. He also hosts one of the top investment podcasts called The Meb Faber Show.
In this episode, talk about Meb’s quantitative approach to investing, embracing both value and trend following. We dive into one of his funds, $TAIL, and the entire thought process of how, when, and why to hedge your portfolio. We also talk about the benefits of a shareholder yield approach, and why he has started to do some private investing in over 200 companies.
As we wind down, we have a fun quick Q&A on why he would describe himself as something other than a quant, why he would love to get in on SpaceX’s cap table, and how he loved the Tim Tebow days with the Denver Broncos.
Today’s episode is hosted by Colby Donovan, Corporate Finance Associate at Truist Bank, and co-hosted with Chris Cannon, CFA, Chief Investment Officer at FirsTrust and board member for CFA Society of Orlando.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Resources Discussed:
Invest With The House: Hacking The Top Hedge Funds
Our guest today is Marko Papic, Partner and Chief Strategist of Clocktower Group, an alternative investment management firm based in California. In 2011, he founded BCA Research's Geopolitical Strategy practice, the world's only dedicated investment consultancy focused on political analysis. He also recently wrote the book, Geopolitical Alpha: An Investment Framework for Predicting the Future.
In this episode we discuss why investors need to be cognizant of geopolitics for the first time in 40 years, his framework anyone can use to assess the impact of geopolitics, and what his views are on global assets and relations with a Biden administration. He explains why the median voter in the U.S. has moved to the left and the impact that will have, and what constraints the government will face over the next two years.
Our local co-host today is Steve Curley, CFA, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Austen Allred, co-founder & CEO of Lambda School, which provides students a computer science education funded by an Income Share Agreement (ISA). Lambda School recently raised $74M, valuing the company at over $150M.
In this episode we discuss the structure of Lambda School's year-long program, the current issues within the education system, and how income sharing agreements work and provide students with an alternative to student loans.
Our local co-host today is Steve Curley, CFA, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Adam Davidson, the CEO of the podcast company Three Uncanny Four and author of The Passion Economy: The New Rules for Thriving in the Twenty-First Century. Adam is known for co-founding NPR’s Planet Money, one of the first and most popular business and economics podcast to this day.
Our conversation today focuses on the passion economy and how finance professionals can thrive in the twenty-first century. Adam explains what the passion economy is, why some of the rules (like turning customers away) are counterintuitive but imperative, and what his career advice is to young professionals. He gives real examples of accountants and financial advisors, which he has an entire episode of his podcast dedicated to. He finishes by touching on his new company, Three Uncanny Four, and the future of the podcast space.
Our guest-host today is Frank Garcia, Co-Chief Investment Officer at Resource Consulting Group and Vice President of CFA Society of Orlando. Please enjoy the episode.
For more information on topics covered into the episode, see the information from a16z below:
The Passion Economy and the Future of Work
16 Key Metrics for the Passion Economy
Podcast: How the Passion Economy Is Redefining Work
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is University of Florida Professor Jay Ritter, who is known as “Mr. IPO” for his work on initial public offerings. He received his BA, MA, and PhD degrees in economics and finance from the University of Chicago.
In this episode, we discuss all things IPO. Professor Ritter gives an overview of the IPO process and why so many companies are being underpriced in 2020. He also explains why direct listings may be favorable to the traditional IPO process, and what has led to the popularity of SPACs in 2020. He finishes the episode with what he expects in the rest of 2020 and 2021 with companies like Airbnb, Stripe, and Robinhood all possibly going public.
Our local co-host today is Steve Curley, CFA, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
For more information on topics covered into the episode, see below:
IPOs:
Presentation: Jay Ritter’s presentation titled Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?
Podcast: Ben Thompson’s Exponent Podcast on the IPO process
Article: WSJ on IPO Market Parties Like It’s 1999
Direct Listings:
Podcast: Invest Like the Best with Bill Gurley on why he prefers direct listings to a traditional IPO
Podcast: a16z Podcast with Barry McCarthy, former CFO of Spotify (and former CFO of Netflix); and Stacey Cunningham, president of the NYSE, on the process and decision for Spotify to use direct listing.
Article: a16z on Direct Listings
SPACs:
Podcast: Odd Lots Podcast on Why Blank Check Companies Are The Hottest Thing This Year
Podcast: Village Global’s Venture Stories on Everything You Need To Know About SPACs with Anuj Abrol
Article: WSJ on Why Finance Executives Choose SPACs: A Guide to the IPO Rival
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Stuart Lucas, founder and Chief Investment Officer of Wealth Strategist Partners, a firm that advises complex family enterprises. He also co-founded the University of Chicago's Private Wealth Management program, now in its fourteenth year.
Our conversation today focuses on his book, The Taxable Investor’s Manifesto: Wealth Management Strategies to Last a Lifetime. We discuss why investors typically treat taxes as an afterthought, his analogy of taxable and non-taxable investors playing the same game by two different rules, what his thoughts are about how to position your portfolio based on a possible Biden victory in November, and how he perceives the different alternative investments from a tax perspective.
Our local co-host today is Steve Curley, CFA, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Annie Duke, who was previously one of the best poker players in the world and is now a renowned public speaker and best-selling author.
Our conversation is all about decision-making and there's no one better to cover the topic than her. We begin with the topics of tracking error, career risk in the NFL and in finance, and remaining process-focused over time. We then shift to discussing how to fine tune our predictions, ways we can combat memory creep and hindsight bias, and how to structure organizations to make better group decisions. If you enjoy this episode be sure to get her new book, How to Decide: Simple Tools for Making Better Choices, which is available now.
Follow Annie on Twitter at @AnnieDuke and follow her work here.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Mark Yusko, Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management, which manages close to $2 billion. He is also the Managing Partner of Morgan Creek Digital Assets. Prior to founding Morgan Creek, he was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill.
In this episode we discuss his transition from running UNC’s endowment to starting Morgan Creek with the help of Julian Robertson, why his recent road trip across the country leads him to believe the U.S. recovery is not going well, the benefits from using Twitter, and his elevator pitch to advisors on why bitcoin belongs in everyone’s portfolio.
Our local co-host today is Chris Cannon, CFA, Chief Investment Officer at FirsTrust and board member for CFA Society of Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Morgan Housel, Partner at Collaborative Fund, a former columnist at The Motley Fool and The Wall Street Journal, and arguably the best financial writer of our time.
In this episode, we discuss his writing process, his advice to those in the finance industry looking to start or improve their writing, and his new book, The Psychology of Money: Timeless lessons on wealth, greed, and happiness. Some of the topics he touches on include what his goal of personal finance is, how we can use money to make us happier, and the different muscles required to build wealth and maintain wealth.
Our local co-host today is Steve Curley, CFA, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
To read his article that was the original idea for the book, click here.
To read his article about tail risk mentioned at the end of the episode, click here.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is John Streur, President and Chief Executive Officer of Calvert Research and Management, an investment management firm that specializes in responsible and sustainable investing across global capital markets.
Our episode today focuses on all things Environmental, Social, and Corporate Governance (ESG). We discuss John's background and what led him to his position as CEO of Calvert, the history of ESG investing and how they implement ESG factors into their research, and the difference between exclusionary passive strategies relative to alpha seeking active management strategies. We also discuss ways you can learn more about the ESG space, as well as the new CFA Institute ESG certificate (born out of CFA United Kingdom), which will be helpful for anyone, whether you are an investor, advisor or consultant.
Our local co-host today is Steve Curley, CFA, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Tyrone Ross, CEO of Onramp Invest, a fintech platform designed for the next generation of advisors and investors.
The majority of our conversation today focuses on Tyrone's passion: lifting up Americans out of poverty and expanding the reach of financial education. Tyrone explains why the current state of financial education in schools is lacking and what he is doing to help fix it, why he believes bitcoin will be beneficial to inner city communities, and the exciting platform he is working on with Onramp Invest.
Our guest-host today is Frank Garcia, Co-Chief Investment Officer at Resource Consulting Group and Vice President of CFA Society of Orlando.
You can follow Tyrone on Twitter @TR401 and click here to see and support his work on financial education.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Christine Benz, Morningstar's Director of Personal Finance and recently named one of Barron's 100 Most Influential Women in Finance.
As so many people have been put into tough financial circumstances due to COVID, the topic of personal finance is more important than ever. In this episode, we discuss Americans' lack of retirement preparedness, the need for more personal finance education for the demographic advisors don't serve, what she thinks young investors will learn from trading on Robinhood, and if the future of the 60/40 portfolio is dead.
Our local co-host today is Steve Curley, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
You can follow Christine on Twitter @christine_benz, read her work here, and subscribe to her podcast, The Long View.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
If you are a CFA candidate or life-long learner, this episode is for you. Our guest today is Scott Young, who garnered notoriety when he completed MIT's four year computer science program in just 12 months without taking classes, and later wrote the book Ultralearning: Master Hard Skills, Outsmart the Competition, and Accelerate Your Career.
To say Scott has become an expert on self-directed learning is an understatement, and in this episode he shares the lessons he's learned that directly apply to you while studying for the CFA exam. He also explains common pitfalls people make while studying.
Our local co-host today is Steve Curley, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
Click here to learn more about Scott and his work.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Michael Falk, CFA, CRC. Michael is a partner at the Focus Consulting Group. Michael has authored 2.5 books: the 2016 CFA Institute Research Foundation Monograph “Let’s All Learn How To Fish… To Sustain Long-Term Economic Growth”, the 2019 Monograph follow-up “Get to Work… on OUR Future” and he co-authored the 2017 “Money, Meaning and Mindsets.”
Our local co-host is Chris Cannon, who is the Chief Investment Officer of FirsTrust, an RIA in Daytona Beach, Florida. He is also a board member and the Advocacy Chair for the CFA Society of Orlando.
In this episode, we discuss Michael’s six deadly sins of investing: 1) we interact too much with our money, 2) we actually think we know more than we do, 3) we do the opposite of what generally works, 4) we do not rebalance properly, 5) we don’t define risk, and 6) we fall for good stories.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Dr. Daniel Crosby, Chief Behavioral Officer at Brinker Capital and a New York Times best-selling author of multiple books, including his most recent, The Behavioral Investor.
Daniel is a licensed psychologist who provides a unique lens into decision-making around money. In the episode we discuss why we're not wired to make sound financial decisions, how bear markets truly have a long lasting impact on us, why he believes automating financial decisions is optimal in almost every scenario, and why he believes it's beneficial to have a financial advisor. He also offers advice on how advisors can better coach their clients and even touches on how to encourage your children to learn sound money habits early on.
Our guest-host today is Frank Garcia, Co-Chief Investment Officer at Resource Consulting Group and Vice President of CFA Society of Orlando.
Follow Daniel on Twiter at @DanielCrosby or connect with him on LinkedIn here.
You can subscribe to Daniel’s podcast and purchase his books here.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Rob Roy, Chief Investment Officer at AdventHealth, the largest hospital headquartered in the state of Florida.
In this episode, we take a look at the investment side that powers the largest healthcare system headquartered in Florida. Due to the size of Advent Health, Rob is able to present a unique view of the impact of COVID on both portfolios and the healthcare system, along with possible long-term impacts of COVID on the U.S., supply chains, and potential inflation. He also discusses the impact of religious principles on their investment process.
Our local co-host today is Javier Perez, COO of Commenda Capital and previously the President of the CFA Society of Orlando.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Greg Bartalos, Editor in Chief of RIA Intel. He was previously Editor in Chief of Barrons.com and had roles at Yahoo Finance, Bloomberg News and Institutional Investor.
In this episode, Greg explains what led Institutional Investor to launch RIA Intel with him leading the charge in Summer 2019, how RIA's can leverage the media to benefit their business, and why he thinks some RIA's didn't properly evaluate the risk of accepting PPP loans. We also discuss some of his recent pieces covering ethical issues in the industry, why the March downturn may unmask ponzi schemes and fraudsters, and why the ability to develop trust with clients is so important for advisors.
Our local co-host today is Steve Curley, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
Follow Greg on Twiter at @gregorianchance or connect to him on LinkedIn here.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Dr. Ed Yardeni, founder of Yardeni Research. He is also the author of multiple books, including Fed Watching for Fun & Profit: A Primer for Investors.
We discuss his recent book, which is about the history of the Fed through the end of 2019 and couldn't be more timely, and get his thoughts on the unprecedented fiscal and monetary policy in response to COVID. We also get his take on the buyback debate and why he believes the increase in the market has caused the increase in buybacks, contrary to popular opinion.
Our local co-host today is Steve Curley, CIO of WaterOak Advisors and current President of the CFA Society of Orlando. Please enjoy the episode.
Follow Dr. Yardeni’s firm on Twiter at @yardeni and connect with him on Linkedin.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Mike Pyle, CFA. Mike is the Global Chief Investment Strategist for BlackRock, the world’s largest asset manager. Prior to joining BlackRock, he served for five years at the center of President Obama's economic team.
Our conversation hinges on the long-term themes he and his team discuss in the 2020 Mid Year Outlook, which cover the restart of activities post-COVID, the policy revolution we've witnessed in 2020, and why he expects countries and sectors will make comebacks as diversifiers going forward. He also reflects on the five years he spent at the center of President Obama's economic team, which gives him a unique perspective on the upcoming election and unprecedented fiscal and monetary stimulus we've seen this year.
Our local co-host is Steve Curley, CIO of WaterOak Advisors and President of the CFA Society of Orlando. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Dr. Chris Pierson, founder and CEO of BlackCloak, a Concierge Cybersecurity protection suite for high net-worth individuals and corporate executives. Previously, he was the first Chief Privacy Officer for the Royal Bank of Scotland’s (RBS) U.S. operations, where he led its privacy and data protection program. He received his B.A. and M.A from Boston College and his Ph.D and J.D. from the University of Iowa.
In this episode, we discuss what hackers are looking for, real-world stories of victims helped by BlackCloak, ways your home may be vulnerable, and actionable steps you can take to protect yourself, your family and your clients.
Contact Chris on LinkedIn and try Blackcloak’s Free Cybersecurity Risk Assessment here.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Dr. Vikram Mansharamani, who is currently a lecturer at Harvard University. In addition to teaching, he also advises several Fortune 500 CEOs and was listed as LinkedIn’s #1 Top Voice for Money, Finance and Global Economics twice. He has a Ph.D, two Masters degrees from MIT, and a Bachelors degree from Yale University.
In this episode, we discuss his new book, Think for Yourself: Restoring Common Sense in an Age of Experts and Artificial Intelligence. He explains when to rely on experts for help, the importance of focus in today's age, the downside of being constantly overwhelmed with options, and why being a generalist, or taking a generalist approach to problem solving may be favorable to relying on experts. Then we follow up on his 2011 book, BoomBustology, which used a multidisciplinary framework to analyze financial bubbles before they burst. We discuss the slowdown in China (which he predicted back in 2011) and what he sees in today's market with the increased government debt, participation of the retail traders, and low interest rates. He also touches on why he is one of the few that isn't so bullish on India, and why he's both excited and nervous about going forward. Please enjoy the episode.
You can purchase his new book on Amazon or Bookshop.
Follow Vikram on Twiter at @mansharamani or connect to him via his website here.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Dr. Raphael Bostic, the President of the Federal Reserve Bank of Atlanta and the first African-American President in the 106 year history of the Fed. Prior to his role at the Federal Reserve, he served as a professor at the University of Southern California and was the Assistant Secretary for Policy Development and Research at the U.S. Department of Housing and Urban Development (HUD). He graduated from Harvard University in 1987 with a combined major in economics and psychology. He earned his doctorate in economics from Stanford University in 1995.
In this episode, we discuss we what it was like to be in the room as the Fed took unprecedented steps to support the economy as the COVID crisis impacted the U.S., what part of the economy he is most worried about right now, why he chose now as the time to pen the recent post titled A Moral and Economic Imperative to End Racism, and why we all benefit by improving economic mobility.
Follow Raphael on Twitter at @RaphaelBostic
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Marty Flanagan, the CEO of Invesco, a $1.1T asset manager. He joined Invesco from Franklin Resources, Inc., where he was president and co-chief executive officer from 2004 to 2005. Previously, he held numerous positions of increasing responsibility at Franklin — co-president, chief operating officer, chief financial officer and senior vice president from 1993 - 2003. Mr. Flanagan served as director, executive vice president and chief operating officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by Franklin in 1992. He is a CFA charterholder and a certified public accountant. Mr. Flanagan earned a B.A. and B.B.A. from Southern Methodist University (SMU).
In this episode, Marty discusses the importance of continuing education and why he pursued the CFA designation, the future of the asset management industry, Invesco’s recent acquisition of OppenheimerFunds, and lessons he learned from his mentor John Templeton.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
Our guest today is Rob Forsyth, Head of SPDR America’s ETF Strategy at State Street. He was previously the Head of Exchange Traded Products and Derivatives with UBS.
Our local co-host today is Frank Garcia, CFA. Frank is the VP of the CFA Society of Orlando. He is a wealth advisor and Co-Chief Investment Officer with Resource Consulting Group, an independent fee-only investment advisory firm with $1.8 billion in AUM.
In this episode, Rob discusses how ETF’s held up during the volatility in March, the trends within both fixed-income and equity ETF’s, the impact of the Fed’s buying program, why there needs to be better labeling for exchange-traded products and how the education gap for investors can be closed
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) — Colby Donovan and Frank Garcia introduce the podcast
(1:50) — Introduce Rob Forsyth
(2:52) – ETF trends in March and April
(4:29) – Fixed-income flows in March
(8:55) – Impact of the Fed buying ETF’s
(13:35) – Equity flows in March
(15:45) – Thoughts on $USO and negative oil prices
(19:30) – State Street working to have appropriate labeling of exchange traded products
(21:47) – The education gap for investors to be more aware of what they are purchasing
(27:12) – Where investors are positioned with U.S. vs. International
(30:43) – Impact of COVID-19 and social injustice
(35:44) – Where to find information about Rob and State Street: Website
(36:21) – Who is the one person you’d love to have a conversation with right now?
As many of you know, Second Harvest has been an important partner of CFA Society Orlando. As a team, and over the past four years, this partnership has aided many individuals through financial literacy and Second Harvest's culinary training program. During these difficult times we are excited to expand on that partnership by matching member donations to Second Harvest, up to $75 per member. Please consider donating here.
Our guest today is Dave Krepcho, President & CEO at Second Harvest Food Bank of Central Florida. In 1992, he became the Executive Director of the Miami Food Bank and went on to work for Feeding America in Chicago, the nation's largest hunger relief organization. He served as the Vice President of Business Development, responsible for all product donations and relationships with the national food industry. In 2009, he was named Central Floridian of the Year by the Orlando Sentinel.
We have two local co-hosts today: Zach Knope, CFA is a Senior Attribution Analyst for MFS Investment Management. He has served on the board of CFA Orlando since 2016 and is currently the Treasurer and Branding and Communications Chair. Javier Perez is the Chief Operating Officer at merchant bank Commenda Capital and currently sits on the CFA Orlando board. He was previously the President of CFA Orlando.
In this episode, we discuss the impact COVID-19 has had on Second Harvest Food Bank, how the organization has been forced to pivot to keep up with demand and adhere to social distancing requirements, and highlight some positive stories from the crisis.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38 ) — Colby Donovan, Zach Knope and Javier Perez introduce the podcast
(3:54) — Introduce Dave Krepcho and Second Harvest Food Bank
(8:40) — How COVID-19 forced Second Harvest Food Bank to pivot some of their programs
(12:23) — How they are handling volunteers right now
(15:10) — His fundraising effort amid COVID-19
(16:12) — Virtual food drives
(20:20) — How this crisis is different from the Great Financial Crisis
(24:30) — Issues with food sourcing
Our guest today is Ben Harrison, who will be named as the head of BNY Mellon’s Pershing registered investment advisor (RIA) custody business, succeeding Mark Tibergien, effective June 1, 2020. He joined Pershing in 2006 and was promoted to lead business development for advisory marketplace solutions on the West Coast in 2013. In 2015, Harrison became the head of business development for the RIA custody business. He took on the additional role of relationship management in 2019. He has been serving in his current role since then.
In this episode, we discuss the growth Pershing has had since he started his career, trends within the custody industry, lessons he learned from Mark Tibergien, and why he’s bullish on advice.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) — Colby Donovan and Steve Curley introduce the podcast
(1:50 ) — Introduce Ben Harrison and his background
(4:35) – Future of the custodian business
(14:20) – What he’s learn from Mark Tibergien
(17:30) – Pershing’s focus on the Central Florida market
(19:55) – What separates Pershing from competitors
(22:00) – Where to reach him: LinkedIn
(22:08) – Who is the one person you’d love to have a conversation with right now?
(22:55) - What are you most pessimistic and optimistic about in the world right now?
Our guest today is Danny Moses, who was the head trader at FrontPoint Partners under Steve Eisman during the housing crash in 2008 and was featured in Michael Lewis’ best-selling book “The Big Short: Inside the Doomsday Machine,” which was later turned into an Academy Award-winning movie.
Our local co-host is Jeff Goll, a Managing Director and Head of Capital Markets for Hillpointe, a real estate development and investment firm based in Winter Park, FL. Prior to joining Hillpointe, Jeff was with DePrince, Race & Zollo, Inc., a Value Equity investment manager. Before that, Jeff worked with our guest today, Danny Moses, in institutional equity sales at FBR Capital Markets in New York. Jeff holds the CFA designation, and currently serves on the board of the directors for the CFA Society Orlando.
In this episode, Danny discusses the lessons learned from his father that stick with him today, the current market environment and where he sees opportunities, why he’s very bearish in Tesla, how life changed after The Big Short, and how he’s been spending his time lately.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) — Colby Donovan and Jeff Goll introduce the podcast
(2:15 ) —Lessons his father taught him
(5:40) – Thoughts on today’s current environment compared to prior crises he’s lived through
(12:43) – Thoughts on equities, fixed-income, gold and bitcoin going forward
(16:12) – Great story on E-Trade from the GFC
(20:48) – Follow up on his Tesla short thesis discussed during the 2018 CFA Society of Orlando Forecast Dinner
(26:28) – Where he sees opportunities right now
(29:05) – How life changed after The Big Short book and movie
(31:38) – Moses’ recent time doing independent advising with Pharmapacks
(33:50) – Where to reach him: Twitter
(34:38) – Who’s the one person you want to have a conversation with?
(34:58) – What are you most optimistic and pessimistic about in the world right now?
(36:12) - What is the most egregious thing that you have seen in the investment management industry over the course of your career?
This episode features the CEO of Parametric, Brian Langstraat, CFA. Brian is responsible for Parametric’s firmwide strategy and organizational development. Since joining Parametric in 1990, Brian has held positions in portfolio management, product development, portfolio administration, marketing, and client service. In 2014 he was elected to the Eaton Vance Corp. board of directors. He earned a BA in economics and sociology from the University of Washington.
In this episode, Brian begins with his background and why he chose to pursue the CFA designation. Then he explains what direct indexing is, how it utilizes tax-loss harvesting to increase returns, the degree to which it is affected by tracking error, whether or not technology will affect account minimums in the future, and diversity within his firm.
(0:38) – Steve Curley and Colby Donovan introduce the episode
(2:00) – Introduce Brian Langstraat, CFA
(2:30) – Handling COVID-19 in Seattle
(3:58) – His background
(5:00) – Why he decided to pursue the CFA designation
(6:40) – Explanation of direct indexing
(17:00) – Handling new clients with pre-existing securities
(22:15) – Handling tracking error
(25:00) – Direct indexing vs. ETF’s
(26:13) – Technology changes affecting account minimums
(28:10) – Tax loss harvesting with fixed-income
(30:00) – Racial and gender diversity within the investment management industry and his firm
(32:38) – Learn more about direct indexing on their website
(33:25) – Who’s the one person you’d like to have a conversation with right now?
(35:25) - What are you most pessimistic and optimistic about in the world right now?
This is Part II of our episode with Barry Ritholtz. If you haven’t listened to Part I, hit pause and listen to that first.
This episode features Barry Ritholtz, co-founder, Chairman, and Chief Investment Officer of Ritholtz Wealth Management. He is also the creator and host of the Masters in Business podcast/show on Bloomberg Radio and author of the book Bailout Nation, which was published in 2009.
In the second of a two part episode, Ritholtz explains why he prefers active management in fixed-income over equities, how he curates which writers to follow, thoughts on the recent CFP Board decision and the Charles Schwab and TD Ameritrade merger, and what skills he recommends younger people prioritize.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) - Colby Donovan introduces the podcast
(0:59) – Why he favors active management in fixed-income over equities
(4:11) – How he curates which writers to follow
(9:50) – Serving women as a client base
(14:47) – Form CRS
(15:58) – Why he thinks the CFP Board shanked their recent decision
(18:32) – Impact of Charles Schwab and T.D. Ameritrade merger on RIA’s
(21:22) – What skills he thinks younger people prioritize who are pursuing a career in finance
(25:20) – Who’s the one person you want to have a conversation with?
(27:02) – What are you most optimistic and pessimistic about in the world right now?
This is Part I of a two-part episode; check back for Part II.
This episode features Barry Ritholtz, co-founder, Chairman, and Chief Investment Officer of Ritholtz Wealth Management. He is also the creator and host of the Masters in Business podcast/show on Bloomberg Radio and author of the book Bailout Nation, which was published in 2009.
In the first of a two-part episode, Ritholtz dives into a discussion about bailouts, how current airline bailouts compare the bank bailouts in 2008-09, whether the government has made money on bailouts before and what restrictions should be placed on firms who take money from the government.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) - Colby Donovan and Steve Curley introduce the podcast
(3:55) – History of U.S. bailouts
(6:35 – Is this a black swan?
(8:42) – Discussion of his recent Bloomberg article
(12:30) – Did the government make money on bailouts before?
(17:00) - Thoughts on share repurchases
(20:18) – How he grades the government’s bailout response in 2020
This episode features Liz Ann Sonders, Chief Investment Strategist at Charles Schwab. In 1999, Liz Ann joined U.S. Trust—which was acquired by Schwab in 2000—as a Managing Director and member of its Investment Policy Committee. Before U.S. Trust, Liz Ann was a Managing Director and Senior Portfolio Manager at Avatar Associates (1986-1999), an original division of the Zweig/Avatar Group. She was recently named to the inaugural Barron’s “100 Most Influential Women in U.S. Finance.”
In this episode, Liz Ann discusses her career path from Zweig/Avatar Group to Charles Schwab, gender diversity within the industry, how she decides what content to read, how she utilizes Twitter day-to-day, why she thinks the recovery will take the shape of a “Y,” and why she thinks diversification is as important as ever right now.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) - Colby Donovan and Steve Curley introduce the podcast
(1:26) – Introduce Liz Ann Sonders
(1:52) – Her career path
(3:16) – Thoughts on gender diversity within finance
(7:45) – How she scales herself around the Charles Schwab platform
(13:45) – How she utilizes Twitter
(16:13) – Her typical week and how that may change after social distancing measures are reduced
(18:45) – Her thoughts on a possible “Y” shaped recovery
(21:02) – Mistakes she could see investors making as the market rebounds
(25:00) – What parts of the market she likes long-term
(28:35) – Diversification benefits
(30:34) – Why she thinks healthcare will drive the U.S.
(31:40) – Follow her on Twitter @LizAnnSonders and read her research here
(33:10) – End of episode questions
This episode features Jan van Eck, CEO and Director of Van Eck Associates, which manages more than $50 billion. He originally joined the family firm in 1992.
In this episode, van Eck discusses the history of his firm, the early days of his career and what led him to eventually join the family business, the future of gold and bitcoin, how his firm decides to launch an ETF, some of his more popular ETFs including e-sports, green bonds and fallen angels, and what the future is for the industry.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) - Colby Donovan and Steve Curley introduce the podcast
(1:50) – Introduce Jan van Eck
(3:20) – His path to joining the family business
(6:05) – Why investors need to read more history
(10:05) – Thoughts on gold and cryptocurrencies right now
(13:50) – Future of a bitcoin ETF
(17:30) – How the firm has grown to $50 billion in assets
(19:28) – Trends in the industry and with fund flows in 2020
(22:20) – His firms’ e-sports ETF ($ESPO)
(24:00) – The firms’ decision-making process of launching a new ETF
(25:20) – Importance of understanding China’s economy
(27:00) – Next bet for Van Eck Associates
(28:35) – Thoughts on Green Bonds
(30:15) – What foreign countries offer attractive risk/reward right now
(35:10) - What is the most egregious ethics violation you have seen over the course of
your career?
Our guest today is Dr. David Kelly, the Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management. Prior to joining J.P. Morgan Asset Management, David served as Economic Advisor to Putnam Investments, and as Senior Strategist/Economist at SPP Investment Management, Primark Decision Economics, Lehman Brothers and DRI/McGraw-Hill. David is a CFA® charterholder. He also has a Ph.D. and M.A. in Economics from Michigan State University and a B.A. in Economics from University College Dublin in the Republic of Ireland.
Dr. Kelly discusses the Guide to the Markets, how he thinks investors should be positioned going forward, what his return expectations are, and how COVID-19 will make long-lasting changes to the economy.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) — Colby Donovan and Steve Curley introduce the podcast
(3:00 ) —Introduce Dr. Kelly
(3:55) – Why he pursued the CFA designation
(6:05) – Background on the Guide to the Markets
(10:44) – Reason they started the Insights Podcast a few years ago
(12:05) – What he’s learned from studying prior market crises
(15:48) – Future return expectations
(18:12) – What permanent changes will occur after COVID-19 is behind us
(20:12) – Why he is pessimistic on the virus but optimistic on the economy
(23:34) – Where to be positioned going forward
(25:17) – Where to reach him: Daily Insights updated daily and his LinkedIn page
(26:02) - What is the most egregious thing that you have seen in the investment management industry over the course of your career?
This episode features two guests. The first is Paul Smith, who was previously the President and CEO of the CFA Institute. Paul has more than 25 years of relevant financial services leadership experience in many aspects of the investment management industry.
The second is Chris Cannon, who is the Chief Investment Officer of FirsTrust, an RIA in Daytona Beach, Florida. He is also a board member and the Advocacy Chair for the CFA Society of Orlando.
In this episode, Smith covers the current mood in Hong Kong (where he resides) and what he expects to happen when social distancing ceases there, what challenges COVID-19 give the CFA Institute and individual societies, why it is critically important today to avoid the illusion of precision, and what he thinks people should learn while staying at home.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) - Colby Donovan and Chris Cannon introduce the podcast
(2:10) – Introduce Paul Smith
(4:40) – Current mood in Hong Kong with regards to both social unrest and COVID-19
(8:10) – Challenges the CFA Institute and individual societies are facing while respecting social distancing
(14:38) – Impact of COVID-19 on globalization
(18:25) – Lessons to be taken from the COVID-19 crisis for individuals and countries
(21:33) – The idea that financial analysts have created the illusion of precision
(25:35) – Mistakes he’s seen people make in past crises
(32:18) – What skills or information should people learn while at home?
(35:10) - What is the most egregious ethics violation you have seen over the course of your career?
Our guest today is Peter Zeihan (@PeterZeihan), a geopolitical expert. He launched his own firm, Zeihan on Geopolitics, in 2012 in order to specialize in customized executive briefings for his clients. Prior to going independent, Zeihan worked for 12 years with the geopolitical analysis firm Stratfor. He has authored multiple books, including his most recent, Disunited Nations.
Zeihan discusses the thesis from his most recent book that the world is becoming more de-globalized, how the COVID-19 outbreak is accelerating that process, U.S. and Chinese relations moving forward, thoughts on the November election, relations between Russia and the Saudis, and the importance of the U.S. having the global currency.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
(0:38) - Colby Donovan and Steve Curley introduce the podcast
(3:20) – Introduce Peter Zeihan and his book, Disunited Nations
(6:00) – Where America and China will stand as the world becomes more de-globalized
(8:04) – Discussion on his recent tweet about China ousting U.S. reporters
(10:08) – Importance of monitoring COVID-19 data from South Korea
(13:50) – America’s history of manic-depressive behavior (per his recent bulletin)
(15:48) – Timeline for possible vaccine
(18:18) – Impact of misinformation about COVID-19 being disseminated from China (per his tweet)
(23:20) – Thoughts on the upcoming election
(25:15) – Russian and Saudi relations with regarding oil
(27:42) – America and the four other countries with a structural geographical advantage
(31:52) – Most important countries the U.S. will have relationships going forward
(33:40) – Future of manufacturing coming back to the U.S. and Mexico
(36:50) – Importance of the U.S. having the global currency
(39:00) – Where to learn more about Peter: twitter, book, website, and newsletter
(39:40) – What is the most egregious thing that you have seen in the investment management industry over the course of your career?
Our guest today is Chen Zhao, Chief Global Strategist at Alpine Macro.
Chen discusses the different factors causing the current economic and financial situation, why the Fed has done their job but it’s time for the government to step in and do theirs, where he’s seeing the best opportunities in the market, and how the coronavirus outbreak impacts the trade war with China. We hope you enjoy.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
0:38 — Colby Donovan and Steve Curley introduce the podcast
3:10 – Introduce Chen Zhao
5:00 – Why he believes we need a fiscal response
8:00 – What we can learn from China’s missed opportunity to clamp down early on
11:40 –Thoughts on the Fed’s recent actions and why the U.S. and Europe need a fiscal response
15:43 – Is it time to de-risk or re-risk?
17:20 – Why the government must provide loan guarantees for small and big businesses
20:30 – Where does he see the most opportunity in the market right now?
22:50 – Issues with using outside research
24:15 – Mistakes he’s seen people make during past bear markets
26:35 – Thoughts on the trade war
28:30 – What is the most egregious thing that you have seen in the investment management industry over the course of your career?
Our two guests today are Patrick O’Shaughnessy, CEO of O’Shaughnessy Asset Management and host of the Invest Like the Best podcast, and Steve Curley, Chief Investment Officer of WaterOak Advisors and President of the CFA Society of Orlando.
Patrick discusses the recent talk he gave at the 2020 Annual Forecast Dinner and why we all need to avoid becoming “yellow-blazers,” along with other mistakes he frequently sees investors make. We hope you enjoy.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
0:38 — Colby Donovan and Steve Curley introduce the podcast
3:03 — Introduce Patrick O’Shaughnessy
4:51 — Patrick tells his “Trail Magic” story
9:10 — General mistakes Patrick sees in the investment industry
11:24 — Advice for newly minted CFA charterholders
14:20 — Mistakes he made when he was younger trying to launch an internal hedge fund
16:30 — Entering the business during the 2008 financial crisis
17:55 — Why OSAM launched Canvas
22:32 — How to handle being pitched private investments
24:48 — How to create checks and balance system for when the market faces volatility [Gradual Improvements Go Unnoticed]
27:22 — What is the most egregious thing that you have seen in the investment management industry over the course of your career?
