Afleveringen
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Today, Rusty and Robyn are joined by Scott Davis and John Finneran, the Head of ETFs and ETF Sales Specialist respectively at Capital Group.
Scott T Davis is an ETF director at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for 16 years. Prior to his current role, Scott led product development across Capital Group. Earlier in his career he held various strategy and finance roles for Capital Group, Hostess Brands and Boeing. He holds an MBA from University of Southern California and a bachelor's degree in management science from University of California San Diego. Scott is based in Los Angeles.
John Finneran is an ETF sales specialist at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for three years. Prior to joining Capital, John worked as an iShares leader at BlackRock/iShares. Before that, he was a sales executive at Vanguard. He holds a bachelor's degree with a double major in marketing and management and a minor in international business from Villanova University. John is based in Harleysville, Pa.
Key Takeaways
[03:16] - Scott’s professional background and what led him to his current position.[04:40] - John’s past experience and how it all comes together to inform what he does now.[05:55] - What sets The Capital Group apart from their peers and how has it had such longevity within the industry?[09:03] - What unique promise does Capital Group see in ETFs as an investment vehicle?[10:23] - What is the origin story of Active ETFs and their evolution within Capital Group?[13:40] - Learn about Capital Group's decision to enter the Active ETF space and their approach to their entry.[15:28] - Top reasons why advisors and investors should consider Actively managed ETFs from Capital Group and what benefits they can expect from them.[18:07] - How are advisors responding to the Capital Group introducing Active ETFs to client portfolios? What has been some of the feedback and questions that people are asking?[20:43] - What should investors and advisors be asking when speaking with actively managed ETF managers when they’re doing their own due diligence? Are these questions different from when they talk to active managers of Mutual Funds and SMAs?[24:42] - How many ETFs does Capital have and what is the total AUM?[25:37] - Any key takeaways around client demand and what does the road forward look like for Capital Group’s actively managed ETFs?[30:02] - What are their favorite investment ideas for the remainder of 2024?Quotes
[11:35] - “I think the industry…haven’t done advisors right. By that I mean, the industry has made it an active vs. passive debate. Every time you’re turning this on, it’s ‘are you beating my ETF…you know, what percentage of active managers are outperforming their index.’ I’m fortunate, you know, I’ve had thousands of conversations with advisors, and it’s actually an ETF vs. Mutual Fund debate. ” ~ John Finneran
[13:40] - “Our decision…back in 2019, and for the many years prior to that, was all about how we could take our investment process and deliver it in the ETF wrapper without compromising any of the benefits or expectations that investors would have in an ETF from Capital. Once the SEC rule was passed, that really gave us the ability to do that…We spend a lot of time and energy in the design and execution of our ETFs to make sure we are leveraging all the tools of the ETF wrapper…in order to manage that…That’s been our guiding light as we’ve developed this suite over the past 26-28 months, we know have 21 ETFs that help satisfy a really broad range of investor need.” ~ Scott Davis
Links
Scott Davis on LinkedInJohn Finneran on LinkedInCapital Group“Mr. Brightside” by The Killers“Lose Yourself” by EminemConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2240-OPS-9/3/2024
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Today, Rusty and Robyn are joined by Ben Cruikshank. Ben is President of Flourish, where he oversees all client-facing teams, including Sales, Relationship Management, Partnerships, and Support. Ben is a frequent commentator on issues related to investment advisors and has appeared in The Wall Street Journal, Barron's, Marketwatch, and numerous industry publications. Prior to Flourish, Ben was a founding member of the Betterment for Business team and led the 401(k) sales team. Prior to Betterment, Ben discovered his love for start-ups at NewsCred, a marketing technology company where he ran the Financial Services sales vertical and built the sales operations organization as the company grew from 15 to 200+ employees. Outside of Flourish, Ben spends time with his wife and son, volunteers for Hour Children, an organization that helps families impacted by incarceration, and is fixing up an 1880s farmhouse in upstate New York. Ben has a passion for personal finance, which directly led to his work with financial advisors and their clients. Ben holds a degree in Economics from the University of Pennsylvania and holds his Series 7, 24, 63, and 99 licenses. Fun Fact: Ben is dedicated to brewing the perfect cup of coffee, including roasting his own beans.
Key Takeaways
[03:34] - Ben’s professional background and more on his current role at Flourish.[06:40] - What makes Ben’s team at Flourish so cool and interesting and what world records does he hold?[08:25] - Why is cash management so important and how is Flourish helping investors in this space?[15:17] - What are some best practices to consider when it comes to how much one should hold in cash?[18:40] - How much are investors losing if they aren’t optimizing their cash reserves and how is Flourish helping advisors and investors to optimize their holdings?[24:13] - What is Ben’s market outlook for cash interest rates moving forward?[27:27] - Ben walks us through some of the more popular annuity options.[37:14] - What are the basic pros and cons of utilizing annuities?[40:45] - As President of a Fintech firm, how does Ben define success?[44:03] - What helps make firms successful when rolling out innovative, new solutions and how has Ben seen client expectations, about their advisors, change in recent years?[49:54] - What is Ben’s favorite investment idea for the remainder of 2024?Quotes
[12:15] - “[There are]...four different academic studies, surveying high net worth individuals directly, that show high net worth individuals hold 20% + of their wealth in cash. So you’re looking at this 1%, fighting tooth and nail to minimize cash drag in the portfolio, and that’s all really important, [but] did you know how much cash your clients have sitting on the side?...Inevitably, 99 times out of 100, the advisor would say ‘interesting point, [but] not my clients, I know where every single dollar is [and] my clients don’t hold anywhere near that much cash, that’s just not possible.’” ~ Ben Cruikshank
[54:05] - “I gave myself permission to just read anything I was interested in…I love science fiction and things like that. Just read. Don’t worry about it being the most productive book, don’t worry about it moving your business forward or your professional life forward, just read. Read like a kid, read for the enjoyment of it. I have seen, since doing that…just tremendous improvements in focus, in mood, in new ideas and energy and I think there’s just so much benefit…to snoozing notifications, closing the laptop, and again, finding that childlike wonder.” ~ Ben Cruikshank
Links
Ben Cruikshank on LinkedInFlourish Financial“Hells Bells” by AC/DCFor the Love of Money by The O’JaysMichael Kitces’ Piece on CashConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2070-OPS-8/14/2024
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Zijn er afleveringen die ontbreken?
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Today, Rusty and Robyn are joined by Adam Abbas, Head of Fixed Income and Portfolio Manager at Harris Associates. Adam Abbas has been a manager of the Oakmark Bond Fund and Oakmark Equity and Income Fund since 2020. He is also a vice president of the Oakmark Funds. He started at Harris Associates in 2018 after working as a lead portfolio manager at KVK Credit Opportunity Fund LP. Prior to that, he was a portfolio manager at Driehaus Capital Management, a senior research analyst at Neuberger Berman/Lehman Brothers and an analyst at Huron Consulting Group. Mr. Abbas earned a B.S. degree from Northwestern University (2004) and an M.B.A. from the University of Chicago (2013).
Key Takeaways
[03:07] - Adam’s professional background and how he came to specialize in Fixed Income.[06:36] - Learn more about Harris Associates and the philosophy that sets their firm apart.[08:58] - How does Adam apply Harris’s investment philosophy to their Fixed Income investing?[10:50] - What information does Adam gather from the equity side of the house and how much does this inform their approach?[12:45] - It has been a tumultuous couple of years for the Fixed Income market. What factors have helped them generate Alpha during this time?[16:28] - Adam runs a relatively concentrated portfolio for their space - how does he think about position sizing in the context of the risk return profile they hope to deliver?[18:59] - What are some of the key drivers for security selection within the fund?[20:27] - What are Adam’s thoughts on interest rates and the credit markets in general?[22:30] - What is Adam’s favorite investment idea for the remainder of 2024?[26:48] - Who are some of the colleagues and mentors that Adam is particularly thankful for?Quotes
[15:08] - “We’re not out here trying to time markets at Harris, or putting huge conviction on our ability to call the exact time of the cycle. We believe that’s a really hard call to make…look at the track records for making those types of macro, top-down calls – they’re very tough to make.” ~ Adam Abbas
[19:52] - “...Business value, that’s where we are really differentiated. We spend some time on understanding ‘what is our forward looking view of total business value, and how does that inform the default risk that’s priced in the marketplace today?’ If that fair value is at a sufficient discount, or cheaper than the market price, and we can’t fully describe that disconnect from top down dislocations, that’s when we initiate the position.” ~ Adam Abbas
Links
Adam Abbas on LinkedInHarris Associates“Under Pressure” by QueenConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2018-OPS-8/8/2024
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Today, Rusty and Robyn are joined by David Ricci, a Portfolio Manager at William Blair. David Ricci, CFA, partner, is a portfolio manager on William Blair’s Large Cap Growth strategy, which he joined in 2011. From 2005 to 2018, he was also a portfolio manager on the Mid Cap Growth strategy. Previously, he was the group head for the consumer sector, focusing on specialty retail and e-commerce companies, in William Blair’s sell-side research group. Before joining William Blair in 1994, David gained extensive experience at Procter & Gamble, Melville, and Bain & Company. He is a member of the CFA Institute and the CFA Society Chicago. David received a Sc.B., magna cum laude, from Brown University and an M.B.A. from Harvard Business School.
Key Takeaways
[03:31] - David’s professional background, his current role and his volunteer work.[06:55] - When it comes to managing a growth portfolio, what is David’s philosophy?[11:51] - Does David think that active managers who are using fundamental analysis can still outperform in current market conditions?[14:40] - Does he think that the markets right now are more disconnected from the economy than they have been historically?[16:16] - What is David’s market outlook and how does this outlook affect his portfolio positioning, if at all?[19:14] - If we do get higher interest rates, how would this impact longer duration growth companies?[21:16] - What is David’s current outlook on the high profile names of The Magnificent 7?[24:32] - What are the implications of today’s massive IT outage for long-term investing?[25:58] - Who does David think should be on “The Mount Rushmore of Growth Investors?”[27:40] - What is David’s favorite investment idea for the remainder of 2024?[30:35] - Who are some of the colleagues and mentors that David is thankful for?Quotes
[12:27] - “Everyone…is talking about The Mag 7, but if you go back 5, 10, 15 years - it has really been a market dominated by large tech, whether it is Apple, Microsoft, Google, Meta [or] Amazon. I mean, these companies have been in the spotlight today, five years ago, ten years ago, fifteen years ago, some of them go back much further than that. So, it has been a fairly narrow world [for a while now.]” ~ David Ricci
[16:47] - “[Aside from the election] I think the major tug of war going on right now…is the expectation of lower rates and what that could mean for the economy.” ~ David Ricci
Links
David RicciWilliam Blair“Piano Man” by Billy JoelConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit www.cfainstitute.org.
Compliance Code: 1909-OPS-7/31/2024
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Today, Rusty and Robyn are joined by Eric Crittenden, Founder and Chief Investment Officer at Standpoint Asset Management. Standpoint is an investment firm focused on bringing all-weather portfolio solutions to US investors. Eric has over 20 years of experience researching, designing and managing alternative asset portfolios. Eric holds a BA in Finance from Wichita State University.
Key Takeaways
[02:23] - Eric’s professional history and what he does in his current role.[05:28] - What is Standpoint’s investment philosophy and what sets them apart as a firm?[07:20] - What are some of the key factors that account for why advisors choose to use Standpoint’s fund?[09:28] - What are the behavioral underpinnings for all weather investing?[11:56] - How does Standpoint define and incorporate “trend” into their investment process?[14:20] - Given the unique, current market conditions, how is the Standpoint fund currently structured?[16:32] - What is Eric’s take on a 50/30/20 structure for a contemporary balanced portfolio?[18:30] - Who does Eric think should be on the Mt. Rushmore of the great, systematic, tactical, multi-asset money managers?[21:37] - What are “Eric’s life principles” that he mentions on the Standpoint website?[25:27] - What is Eric’s favorite investment idea for the remainder of 2024?Quotes
[10:27] - “...That’s a recurring thing we see in the world, is that oftentimes, the moment you need to put these investments into the portfolio is psychologically and socially the most difficult time.” ~ Eric Crittenden
[24:16] - “I see this recurring phenomenon over and over, and that is that 80% of the success comes from about 20% of the decisions, or 20% of the effort. It might even be 90/10 in some cases. Likewise, 80% of the dysfunction in your life comes from 10% or 20% of the decisions or indecisions.” ~ Eric Crittenden
Links
Eric Crittenden on LinkedInStandpoint Asset Management“Like A Rock” by Bob SegerEric’s Life PrinciplesConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1884-OPS-7/30/2024
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Today, Rusty and Robyn are joined by Mike Singleton, Senior Analyst and Principal at Invictus Research. Mike studied finance and theology at the University of Notre Dame, where he graduated summa cum laude. After graduating, Mike had the opportunity to work for several years with Broad Run Investment Management, where he spent most of his time conducting deep, fundamental diligence on the highest quality companies he could find. Since then, most of his time has been spent researching the economy at-large and its relationship with the liquid asset markets. He believes that there is a massive hole in the research market for timely, thoughtful and accessible macroeconomic research. That's why he got involved at Invictus. He also wants to thank the incredible team of people behind the scenes at Invictus, who make all of their research possible.
Key Takeaways
[03:07] - Mike’s professional background and what he does in his current role.[05:27] - Invitus claims to provide “Hedge Fund quality research for everyone.” What does this mean and what does it look like in action?[08:56] - Invictus describes themselves as “a business cycle analyst.” What does this mean for those who don’t know and why are they attracted to this approach?[10:20] - What are the top 3 things that matter, and that don’t matter, for investors in the back half of 2024?[15:18] - Why does Mike think that the really long cycle of Large Cap outperformance may be coming to an end?[17:38] - What is Mike’s current inflation outlook?[20:33] - Invictus believes that The CRB Index, which tracks commodities, is one of the most important charts in the world right now. What do they mean by that?[23:15] - What are Mike’s thoughts on The Fed and how does he see them acting for the remainder of the year?[26:11] - When does Mike think it makes sense for investors to turn bearish?[28:52] - What’s Mike’s favorite investment idea for the remainder of 2024?Quote
[24:06] - “Fed policy tends to matter a lot when The Fed is moving quickly. When it’s hiking rates really quickly, or when it’s cutting rates really quickly…It tends to matter when earnings growth, in absolute terms, is close to zero - when it’s not increasing quickly or decreasing quickly. Right now neither of those conditions are met…we expect [earnings growth] to be low double digits, [but] even if it’s 9%, that is going to swamp the effect of 25 basis points of interest rate cuts here or there.” ~ Mike Singleton
Links
Mike Singleton on LinkedInInvictus Research“Mr. Brightside” by The KillersConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1812-OPS-7/23/2024
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Today, Rusty and Robyn are joined by James St. Aubin, Chief Investment Officer of Sierra Investment Management and Ocean Park Asset Management. James St. Aubin, CFA®, CAIA®, is Chief Investment Officer for Sierra Investment Management. He has oversight of all activities of the Investment Management department, in collaboration with Sierra co-founders David Wright and Kenneth Sleeper.
An accomplished investment management executive, his career of more than 20 years includes leadership roles in asset allocation, manager research and portfolio construction. James earned a Bachelor of Science in Finance from DePaul University and is a CFA® and CAIA® Charterholder. He is a Board Member and Treasurer for Children’s Bureau of Southern California, a local non-profit organization focused on primary prevention of child abuse.
Key Takeaways
[03:19] - Learn more about James’ professional background and his current role.[05:11] - Learn more about Ocean Park’s rules based investment philosophy and how they differ from their peers.[08:33] - What is James’ current market outlook and how is he looking at, and thinking about, the market right now?[10:40] - What is James’ outlook for inflation and economic growth, in particular?[13:06] - Are there any other risks that investors should be aware of right now?[14:32] - How does his economic outlook impact his current view on the financial markets?[16:42] - James’ view on the overall US market and some particular opportunities within that.[18:21] - How are they adjusting Ocean Park portfolios given the current market environment?[19:21] - What’s new at Ocean Park, particularly in terms of product development?[22:08] - There has been an explosion in data availability in recent years. How has his firm’s quantitative process evolved accordingly?[23:53] - Does James’ firm have any plans to incorporate AI into their research process?[25:44] - What is James’ favorite investment idea for the rest of 2024?[29:27] - Who are some of the colleagues and mentors that have helped James get to where he is today?Quotes
[08:35] - “[Recently I’ve]...been comparing the economic data that we’re looking at to a Rorschach test. It certainly doesn’t necessarily tell you a clear picture of what’s happening, it’s a very poorly defined picture, and sometimes I think it tells more about the person that’s evaluating the data than the data itself. ” ~ James St. Aubin
[13:07] - I think that those long and variable lags [may be a risk that’s often unaccounted for]...maybe we are underestimating how long and variable those are. Are we solving one problem, meaning inflation, to create a growth problem? That’s always a concern in these rate hiking cycles.” ~ James St. Aubin
Links
James St. Aubin on LinkedInOcean Park Asset ManagementSierra Investment Management“Papa Was A Rollin’ Stone” by The TemptationsConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 620-OPS-6/27/2024
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Today Rusty & Robyn are joined by Tyson Walker, Director of Portfolio Strategy at Orion OCIO, also known as Town Square Capital, in Salt Lake City. Tyson Walker serves as the Director of Portfolio Strategy at TownSquare Capital, where he leads a dedicated team of investment analysts. In this role, Tyson ensures that financial advisors receive expert guidance on investment models and asset allocation decisions, optimizing their clients’ financial outcomes. Tyson is a member of the TownSquare Investment Committee where he lends his expertise on equity markets and chairs the Equity Subcommittee. In addition to his Portfolio Strategy responsibilities, Tyson plays an integral role on the sales team, assisting to bridge the investment gap for new Registered Investment Advisors (RIAs) partnering with TownSquare Capital. Prior to working at TownSquare Capital Tyson worked for Fidelity Investment as a member of the International Trade team. There he traded equities and currencies in over 30 countries. He attended the University of Utah and earned a bachelor’s degree in economics.
Key Takeaways
[03:05] - Learn more about Tyson’s career and what he is doing in his current position.[06:10] - What is TownSquare’s investment philosophy and how does it stand out from its peers?[09:45] - How has TownSquare been able to build such a loyal and excited following among advisors?[11:53] - What are the main objectives of TownSquare’s portfolio audit and what insights are they hoping to find?[15:40] - What are some of the common findings in portfolio audits? Also, how often do portfolio audits not turn up suggested portfolio changes?[18:18] - How often does the audit impact the asset allocation of a particular household?[22:56] - What is Tyson’s favorite investment idea for 2024?Quotes
[16:30] - “Oftentimes [in our audits] we’re going to see portfolios that will own the same investment. They’ll own a Microsoft, or an Apple, or something 7 or 8 times within their portfolio. So, if we think of…an example of why that may be a problem… In any single day, that client [might have] two transactions happen on Apple, in their portfolio, but their exposure has stayed…the same. ” ~ Tyson Walker
[20:17] - “Imagine you walk into your local grocery store [and] you go to the produce section, and you know, you can buy a watermelon for say 50 cents a pound, right? But you could also walk 10 additional steps to the refrigerated section, and you could buy a watermelon that’s been sliced up, and it’s got saran wrap over it, and it costs four times as much, right?...We tend to see that the same thing can happen within Wall Street, where…[people] will take the same stocks and bonds, take them to the back out of sight, cut them up, package them, price them at different numbers, you know, and then you end up paying a lot more.” ~ Tyson Walker
Links
T.N.T. by AC/DCJosh Flade on TWMKurt Brown on TWMConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.
Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”).
OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLC
Compliance Code: 1516-OPS-6/17/2024
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Today, Rusty and Robyn are joined by Kostya Etus, CIO of Dynamic Advisor Solutions. Konstantin “Kostya” Etus, CFA® is the Chief Investment Officer at Dynamic Advisor Solutions. He is responsible for leading Dynamic’s Investment Management team and overseeing all investment operations at Dynamic, including investment people, philosophy, process, portfolios and performance. He brings to Dynamic specialized experience in asset allocation and security selection of various ETF and mutual fund portfolios. His experience includes managing mutual funds, ETF strategies and 529 plans, as well as evaluating investment strategies, including SMAs, model portfolios and individual funds through a robust due diligence framework. Prior to his role as CIO, Etus served as Head of Strategy, Investment Management. Under his leadership, Dynamic strengthened its investment research, asset allocation and strategy development, including the development and launch of enhanced ETF strategies, alternative investments and custom high-net-worth (HNW) solutions. Prior to Dynamic, Etus served the Orion organization (CLS Investments and Orion Portfolio Solutions) for more than 10 years. There, he held various roles, including Trading Specialist, Research Analyst, Portfolio Manager and finally, Director of Investment Research. He graduated from the University of Nebraska at Omaha with a Bachelor of Science degree in Business Administration and obtained Master of Investment Management and Financial Analysis and Master of Business Administration degrees from Creighton University. He holds the FINRA Series 65 securities registration and the Chartered Financial Analyst (CFA) designation. A self-proclaimed movie buff, when Etus isn’t providing investing guidance to Dynamic’s advisor-clients, he can be found watching the latest blockbuster film or spending time with his family. Etus was born in Novosibirsk, Russia. He currently resides in Omaha, Neb., with his wife and daughters.
Key Takeaways
[03:24] - Learn about Kostya’s career, background and his role at Dynamic Advisor Solutions.[09:05] - Learn more about Dynamic Advisor Solutions and what sets them apart as a firm.[12:30] - What is new or innovative at Dynamic over the last year?[13:52] - What were some of Kostya’s key takeaways from Berkshire Hathaway’s shareholder meeting this year?[19:16] - What are some of the reasons advisors should be using investment models?[22:17] - What are some of the best building blocks for successful investment models?[25:53] - What can be done in high net worth situations to enhance the model experience?[28:40] - What is Kostya’s quick and dirty market outlook and what is his favorite investment idea for the remainder of 2024?[32:95] - What are some of the most exciting blockbusters slated for summer release?[51:52] - Tips for picking your Fantasy Football lineup for this year.Quotes
[10:13] - “There are three things we say that advisors should be doing that they are best at. Number one is servicing their existing clients. Meeting with their clients, making sure that everything is going well. Number two, growing their business - helping new clients, you know, bringing new people in. Number three, nothing. Do something that you love, go golfing, sleep more, spend more time with your family. So those are the things that advisors should be focused on and everything else, the minutiae of day-to-day life…you can let Dynamic take care of that.” ~ Kostya Etus
[21:02] - “That’s what models bring to the table. You can always talk about exactly how, as a whole, the strategies are positioned, how they are managed and it’s more consistent. Models tend to be more diversified, just in general by definition, models allocate to lots of different asset classes that may offset each other and improve diversification. They are often times cost effective, easier to manage, easier to implement. You get access to professional management…and last but not least…an advisor’s primary focus should be servicing clients, raising assets and spending time with their families. Go work four days a week! Outsourcing investment management can really save advisors a tremendous amount of time.” ~ Kostya Etus
Links
Kostya Etus on LinkedInDynamic Advisor Solutions“Why Can’t We Be Friends” by WARConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit www.cfainstitute.org.
Compliance Code: 1498-OPS-6/13/2024
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Today Rusty & Robyn are joined by Kevin Carter, Founder and Chief Investment Officer of EMQQ Global. Kevin T. Carter is the Founder & Chief Investment Officer of EMQQ Global, including EMQQ, FMQQ, and INQQ. While he considers himself an active “value” investor first and foremost, he has collaborated with Princeton economist and indexing legend, Dr. Burton Malkiel, for more than 20 years. Their work together began in 1999 with the development of eInvesting, a pioneer firm in fractional share brokerage that was acquired by ETRADE in 2000. In 2002 they founded Active Index Advisors, a pioneer in so-called “direct indexing” that was acquired by Natixis Asset Management in 2005. In 2006, their efforts turned to China and Emerging Markets with Dr. Malkiel’s publishing of “Investment Strategies to Exploit Economic Growth in China” and the subsequent book From Wall Street to the Great Wall. Working with Guggenheim Partners, they launched several China focused ETFs on the NYSE. Kevin launched EMQQ in 2014 after noticing how the smartphone was changing his personal consumption habits. He now lives in Lafayette, California with his wife and three children.
Key Takeaways
[02:57] - Kevin’s professional background and how he came to specialize in Emerging Markets.[06:30] - What is the EMQQ Global investment philosophy?[10:35] - What are some of the biggest obstacles to EM investing and what might be some potential catalysts for EM to have sustained outperformance?[12:52] - Many investors think that China is not investable, so they avoid EM altogether. What is Kevin’s take on China?[16:55] - Why does Kevin think that “India is the perfect Emerging Market?”[20:36] - What is the “India Stack” and why does Kevin describe it as a cheat code?[32:02] - How does India’s government work and what about this makes it a compelling place to invest?[35:37] - How should investors think about sizing a position in Emerging Markets?[38:21] - What was it like working with Burton Malkiel?[40:21] - What is Kevin’s favorite investment idea?[42:52] - Who are some of the mentors and colleagues that Kevin is particularly grateful for?Quotes
[10:35] - “I think the biggest problem [in EM investing]...is the index itself. I mean the MSCI Emerging Markets Index, which is the index that all these institutions use…[is fundamentally flawed because of]...the state owned enterprise. When I got involved with China, the China ETF was more than 80% in Chinese, Communist Party owned banks and oil companies and not only are these inefficient companies, they are not trying to grow their profits.” ~ Kevin Carter
[13:32] - “There were two different strains of fear that people couldn’t get over, both of which were boogeymen, but they were so rampant in the headlines that it resulted in people saying ‘that China is uninvestable.’ Those two things were the so-called ‘delisting threat,’ where the Chinese companies trading in the US were going to be delisted and people thought that meant they were going to lose all their money…The other thing was the so-called ‘tech crackdown’…The problem is, China has such a bad reputational issue…that people think all of these things are true and they ran for the hills.” ~ Kevin Carter
Links
Kevin Carter on LinkedInEMQQ GlobalMorgan Stanley & Nandan Nilekani“iPHONE” by DaBaby feat. Nicki Minaj (Explicit)Connect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1487-OPS-6/12/2024
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Today Rusty & Robyn are joined by Gerard O’Reilly from Dimensional Fund Advisors. Gerard O’Reilly serves as Co-Chief Executive Officer and Co-Chief Investment Officer of Dimensional Fund Advisors LP and is a Dimensional Director. He was named Co-CEO in 2017 and has been with Dimensional since 2004. Along with Co-CEO Dave Butler, Gerard guides the firm’s vision and strategy through daily oversight of the company’s people and processes. As Co-CIO, he drives innovation across Dimensional’s investment offering with fellow Co-CIO Savina Rizova. Since joining the firm, Gerard has been instrumental in the evolution of Dimensional’s systematic approach to creating and implementing investment solutions. He was formerly Head of Research, managing the firm’s rigorous, scientific approach to interpreting, testing and applying research in portfolios. He is a member of the firm’s Investment Research Committee, which reviews potential investment strategy enhancements, and a member of the Investment Committee, which oversees portfolio and account management. He also serves on the Boards of Dimensional’s US mutual funds and exchange-traded funds. 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, where he also received a first class honors degree in theoretical physics and was a recipient of the Foundation Scholarship.
Key Takeaways
[03:17] - How and why did Gerard pivot from Theoretical Physics and Aeronautics Engineering to the Investment Industry?[04:23] - What is Dimensional’s origin story and how do they stand apart from their peers?[06:37] - How does Gerard’s data science background, as a rocket scientist, apply to his leadership at Dimensional?[08:57] - Why did Dimensional get such a late start to the ETF industry and how have they had such great success with ETFs so quickly?[16:01] - Dimensional incorporates some of the positives of Passively managed strategies. Why is their dynamic approach a potential improvement to Pure Indexing?[20:27] - Some might argue that Dimensional’s strategy is not active, given how many securities an investor might hold in a portfolio, how would Gerard rebut that comment?[23:06] - Monetary and fiscal policy is a lot different than it ever has been in the past. Does that impact some of these premiums?[26:40] - How does Dimensional incorporate factors like momentum, quality, volatility and others into their investment process?[29:17] - What is Dimensional’s approach to asset allocation and building model portfolios?[32:10] - How is Gerard currently thinking about innovation in the industry and what role does he see AI, in particular, playing going forward?[37:32] - What is currently Gerard’s favorite investment idea?Quotes
[07:45] - “When it comes to investing, investing is about making decisions and some decisions are going to be more important than others. But, what’s the skill set that says: ‘okay these are the key ones that you need to get right, that have to be the foundation of your investment approach?’ So, I think that type of training, learning how to do the analysis and what tools to use and how to do these massive computations…[You have] to make decisions and trade offs and [focus] on the key things to get right. I think that combination has helped me, at least, in my time either working on investment strategies or management issues here at the firm. ” ~ Gerard O’Reilly
[10:17] - “The person who [uses Google Maps to navigate more efficiently]...is a natural candidate for investing in market portfolios. The person who takes the same route, every single time they go from one point to another point is an Index Portfolio investor. ” ~ Gerard O’Reilly
Links
Gerard O’ReillyTune Out The Noise Documentary (Access code: MARKETSWORK)Dimensional Fund AdvisorsDimensional on LinkedIn“The Rocky Road to Dublin” by The DublinersConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1484-OPS-6/12/2024
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This week, Rusty and Robyn are joined by Bill Wostoupal, EVP of OCIO at Orion. Bill is the EVP, of Orion OCIO. He is responsible for the coordination and execution of Orion's vision to offer custom indexing, and other outsourced services, to our prospective and existing investment advisory customer base.
Key Takeaways
[04:26] - Bill has been in the Northstar family of companies since 1994. Learn more about how his career has evolved and why he has wanted to stick with this company for 30 years?[06:43] - What does Bill’s title mean exactly, and what does his position look like on a day-to-day basis?[08:17] - Orion is such a multifaceted company, but how might Bill try to describe what we do in a nutshell?[10:15] - How does Custom Indexing work for those who aren’t familiar?[12:21] - What are some of the most popular use cases for Custom Indexing that Bill is seeing right now?[14:06] - How does Orion set itself apart from their competition in this space?[16:20] - What are some of the big trends that Bill has noticed internally, here at Orion?[17:57] - Given all its changes in recent years, what currently excites Bill the most about the future of Orion?[19:40] - What does Bill think is in store for the future of Wealth Management?[22:12] - Outside of work, Bill is affiliated with a mentoring organization called “TeamMates.” Learn more about the good work that is taking place there.[25:26] - What is currently Bill’s favorite investment idea?Quotes
[07:03] - “My team engages with those existing clients on a regular basis, so we do a couple different things. One is making sure that the clients that we have are assembling and putting…our different technology stacks and services...together [properly]. The second one is spending time discussing Custom Indexing and how we can help them transition their books of business [and]...their client market share, and the last part is more OCIO [focused]. So, I put those all underneath that umbrella of Outsourced Chief Investment Officer, but I think it’s more than that. ” ~ Bill Wostoupal
[11:18] - “Custom indexing [is] a lot different than Direct Indexing, where it’s usually a set of indexes and you’re tax transitioning. When you think of Orion’s Custom Indexing, think of technology inside the user experience. So our RIAs, who use our services on the Fintech side, have this component within their regular ecosystem…Then on top of it, we do the daily tax loss harvest review, the reallocation etc. And then one last point I’d probably make there…[is] that it’s custom. So, a lot of our advisors, a lot of our RIAs have their own models. ” ~ Bill Wostoupal
Links
“Troublemaker Doppelgange” by Lucy Dacus“That’s Entertainment” by The Jam“Rock & Roll” by The Velvet Underground“Tom Sawyer” by Rush“Intergalatic” by Beastie BoysTeamMates MentoringOrion’s Custom IndexingConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.
Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)
Compliance Code: 1450-OPS-6/10/2024
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Today Rusty & Robyn are joined by Jessica Golson, Senior Vice President of Investments and Trading at Carson Wealth Management. Jessica received a Bachelor of Science in Business Administration from the University of Nebraska Omaha, where she majored in Finance, Banking and Investment Science, and minored in Management. In 2012, she received a Masters of Investment Management and Financial Analysis from Creighton University. She currently holds FINRA Series 7 and 66 security licenses. She brings over 10 years of industry experience striving to help advisors succeed. Since starting in the industry as an advisor, she has since held influential roles in Trading, Performance and Management. In her previous positions, she sought out opportunities for operational efficiencies and acted as a catalyst of change; improving many of the processes and procedures. Outside of work, Jessica soaks up every second she can with her husband Terrance and their three amazing children, Wyatt, Jacob and Adalynn.
Key Takeaways
[02:50] - Jessica’s professional background and more on her career in investing.[04:25] - Carson has a business partnership platform called “Run, Grow, Love Your Business.” Learn more about this and the work that Jessica is doing at Carson.[07:19] - What are some of the things that Jessica is most excited about at Carson right now?[09:50] - What are Jessica’s thoughts on the future of the Wealth Management Industry, as a whole, and how does she think that AI and technology will impact our industry going forward?[12:12] - How might clients’ expectations of their advisors change in light of recent technological advancements? Also, what can advisors do to better prepare for this shift?[13:16] - How can we recruit more women into the Wealth Management profession, especially considering that they are going to control the majority of the investible assets in the future?[16:45] - What qualities does Jessica look for when her team is hiring new talent?[18:50] - Advice or words of wisdom for those who want to enter the Wealth Management profession?[19:46] - What is Jessica’s favorite investment idea at the moment?[20:28] - How does Jessica maintain her energy, both physical and mental, to perform at a high level in such a demanding industry?[21:56] - Who are some of the mentors and colleagues that Jessica is particularly thankful for?Quotes
[05:16] - “When we talk about ‘Run, Grow, Love Your Business…’ the pillars to get there [is really about] focusing on the fundamentals…but also make sure [you] are evolving, that gets stagnant really quick…Another piece is accelerating [your] growth and…we like to think Carson is synonymous with growth…and I think we tie that all together…with that third leg of the stool, which is just [fostering] a culture of excellence.” ~ Jessica Golson
[08:18] - “When it comes from an investment standpoint in our team…[we like to ask ourselves] ‘how do we focus some of our skills and knowledge towards investment strategies that align with the Carson values?’ And so, we’ve recently launched two SMA strategies: one is focused on women CEOs and the other is focused on AI.” ~ Jessica Golson
Links
Jessica Golson on LinkedInCarson Wealth Management“Run the World (Girls)” by Beyonce"Glamorous" by FergieCarson Investment Research on X (Twitter)Connect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1374-OPS-5/30/2024
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Today Rusty & Robyn are joined by Greg Wilensky and Jeremiah Buckley, head of US Fixed Income and Portfolio Manager at JanusHenderson respectively.
Greg Wilensky is Head of US Fixed Income and a portfolio manager at Janus Henderson Investors, a position he has held since 2020. Prior to joining the firm, Greg served as senior vice president, director of the US multi-sector fixed income team and held several director and portfolio manager positions that spanned short duration, inflation-protected fixed income, securitised assets, and multi-asset strategies at AllianceBernstein from 1996 to 2019. Prior to that, he was a treasury manager – corporate finance at AT&T Corp. from 1993 to 1996. Greg received his bachelor of science degree in business administration from Washington University, graduating magna cum laude. He also earned an MBA with high honours from the University of Chicago. Greg holds the Chartered Financial Analyst designation and has 31 years of financial industry experience.
Jeremiah Buckley is a Portfolio Manager at Janus Henderson Investors. Jeremiah joined Janus in 1998 as a research analyst covering the consumer, industrials, financials, media, software, and telecommunications sectors. He was Janus’ consumer sector lead for 10 years before transitioning to full-time portfolio management. Jeremiah earned his bachelor of arts degree in economics from Dartmouth College, graduating Phi Beta Kappa. While there, he received the Class of ’39 scholarship for academic and athletic achievement and the Class of ’48 male scholar-athlete of the year award. He was also selected for the 1998 Academic All-Ivy Hockey Team and served as the men’s hockey captain from 1997 to 1998. Jeremiah holds the Chartered Financial Analyst designation and has 26 years of financial industry experience.
Key Takeaways
[03:37] - Greg’s professional background and what has been interesting to him about the Fixed Income space in particular?[06:34] - Jeremiah’s professional background and more on his time at JanusHenderson.[08:09] - Are 60/40 portfolios still relevant and why might a balanced strategy be a great way to re-enter the market for those who went to cash in 2023?[12:01] - What distinguishes JanusHenderson’s balanced strategy from their peers?[16:38] - What is the argument for growth stocks at the current moment?[19:31] - Are there certain growth-oriented sectors or industries that they expect to do particularly well going forward?[21:24] - Is there a good argument for investing in Fixed Income right now?[22:44] - Are there currently certain Fixed Income sectors that are particularly attractive to the JanusHenderson team?[24:43] - Does Jeremiah think that interest rates are going to continue to go up?[26:09] - Does a Fed outlook even affect the way that they manage portfolios? Also, do they have a view on when the Fed might move into an easing cycle?[28:33] - What is currently their favorite investment idea?Quotes
[08:09] - “I still think 60/40 portfolios are very relevant, especially when you consider the alternatives of trying to swing back and forth between high risk assets, let’s say an all stock portfolio, and a money market fund. You know, there’s always going to be a reason to be concerned about the outlook for the global economy, and what this may mean for markets, but swinging for the fences by massively deviating away from an appropriate, strategic asset allocation plan is unlikely to be a winning strategy.” ~ Greg Wilensky
[12:01] - “For [JanusHenderson], in simple terms, is to participate and protect. We want to participate in most of the upside of the equity market, but also protect from a good portion of the downside when risk assets are negative. I would note that in most time periods…most years, you know, risk assets are positive, so the focus should be on participating in that upside.” ~ Jeremiah Buckley
Links
Jeremiah BuckleyGreg Wilensky on LinkedInJanusHenderson Investors“Shout” by Otis Day & The Knights“Enter Sandman” by MetallicaConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1236-OPS-5/17/2024
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Today Rusty & Robyn are joined by Alex Fink, Retired US Army Major General and former Chief Marketing Officer for the US Army. General Fink last served as the Army’s Chief Marketing Officer and is credited with reinventing the classic “Be All You Can Be” campaign. General Fink served for over 33 years in a variety of domestic and overseas operational and strategic leadership positions. General Fink also serves on USO’s Midwest Region Advisory Board and as an Executive Board Member for the Boy Scout’s of America’s Pathway to Adventure Council.
[04:27] - General Fink’s professional background and how he straddled both private and military roles over the course of his career.[07:12] - General Fink’s thoughts on the geopolitical crisis happening in the Middle East and what it might mean for the US Military Forces?[11:47] - What are some of the recruiting challenges that the US Army currently faces and why?[17:41] - Learn more about the “Be All You Can Be” marketing campaign that General Fink spearheaded for the Army.[24:11] - What does General Fink believe goes into effective leadership?[27:24] - How does General Fink define culture and why is it so critical to developing and leading successful teams?[34:22] - How does General Fink approach innovation and how does he approach building a creative environment that fosters innovation for his team?[38:15] - What has General Fink been up to since retiring from the US Army and what are his plans moving forward?[40:20] - What is currently his favorite investment idea and why?Quotes
[26:15] - “I think also, depending on the scope of influence…the rules associated with your personal brand of leadership also set the standard for others to follow, in that they instill a sense of predictability…The organization [will know have] a feeling on how you make decisions, thereby instilling trust and confidence. It also further empowers decentralized decision making…which I’ve always tried to do, is push decisions to the level that’s closest to the challenge or the problem. ” ~ Alex Fink
[32:04] - “You can’t just say, ‘hey…this is our culture, this is what we are going to be about’ [and] put it on a bunch of cards and pass them out and think it’s just going to last. It’s something that has to be constantly nurtured and reinforced…with examples.” ~ Alex Fink
Links
Alex Fink on LinkedIn“Bitter Sweet Symphony” by The Verve"Boom" by POD"Uncaged" by Zac Brown Band
"Game of Thrones Theme" by Tomas HilberConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1165-OPS-5/13/2024
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Today Rusty & Robyn are joined by Paul Baiocchi, Chief ETF Strategist at SS&C ALPS Advisors in Denver, CO. Paul Baiocchi is the Chief ETF Strategist at SS&C ALPS Advisors, spearheading the firm’s distribution strategy and execution for the ETF suite as well as the Select Sector SPDRs lineup of ETFs. Paul works closely with the distribution, research and marketing teams to tailor the firm’s messaging and client-facing content for the varied needs of a range of investor types. In addition to providing subject matter expertise in client meetings, Paul supports the marketing and PR teams while also aiding the research efforts of SS&C ALPS Advisors and Select Sector SPDRs. Prior to joining the firm, Paul was Vice President of ETF Business Development at Fidelity Institutional Asset Management where he helped build and grow the firm’s ETF lineup for six years while developing sales and messaging strategies for sector investing. Previously, he worked at ETF.com, building an ETF analytics platform, writing about the ETF industry and moderating panels at Inside ETFs conferences. Paul has been in the financial services industry for 20 years. He is a CFA charter holder, holds an MBA from the University of British Columbia’s Sauder School of Business and a bachelor’s degree in Business Administration from California State University at Chico.
Key Takeaways
[03:12] - Paul’s professional background and what led him to focus on ETFs, in particular.[07:04] - What is SS&C’s investment philosophy and how does it stand out as a firm?[10:40] - Paul’s overall outlook for the ETF industry moving forward.[14:42] - Where does Paul see innovation developing in the ETF industry moving forward?[16:20] - What are some of the obstacles to growth that Paul sees for ETFs going forward?[19:10] - SS&C ALPS offer more than 50 ETFs. Of this selection, where is Paul seeing the most growth and why does he think that is?[23:30] - Which of the aforementioned strategies are not seeing as much growth and why?[27:22] - Paul’s outlook on Active ETFs for 2024 and his thoughts on the evolution of Active ETFs as a category.[30:55] - What are some potential catalysts that might encourage Small Caps to start regularly outperforming?[34:48] - What are the risks of being in Small Cap indexing strategies, like the Russell 2000 or the S&P 600?[37:26] - What is Paul’s overall outlook on non-US stock markets, both in absolute and relative terms?[41:00] - What is currently Paul’s favorite investment idea?Quotes
[15:42] - “There’s the ongoing sort of debate, and I have this debate myself, around tokenization of investment strategies [and] whether or not you can tokenize an asset class…Can you create a tokenized asset class of an ETF offering that allows you to provide that investment strategy in another format? That to me is another piece of innovation that might be 5 or 6 years down the road, or 10 years down the road, but is another driver of innovation as I see it.” ~ Paul Baiocchi
[26:12] - “Here we are in 2024, facing significant supply pressure on a number of key categories in the commodities space. We’re seeing energy prices start to bubble up again [and] we are also seeing weakness in specific commodities, namely natural gas…So the ability to be flexible in terms of what commodities you have exposure to, based on a really actionable model that the index uses to pick and choose among commodities, I think is a really compelling way to diversify an asset allocation, and we know historically that commodities can add a certain level of diversification to an asset allocation.” ~ Paul Baiocchi
Links
Paul Baiocchi on LinkedInSS&C ALPS Advisors“ATLiens” by OutkastConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
1168-OPS-5/13/2024
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Today Rusty & Robyn are joined by Harry Hartford, a Portfolio Manager at Causeway Capital Management in Los Angeles, CA. Mr. Hartford is the president at Causeway, fundamental portfolio manager, and head of fundamental research. Mr. Hartford co-founded the firm in June 2001 and is a member of the operating committee. From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) and co-head of the firm’s HW-MLIM international and global value team. From 1994 to 1996, Mr. Hartford was a portfolio manager for Hotchkis and Wiley. From 1984 to 1994, Mr. Hartford was with The Investment Bank of Ireland, where he gained ten years’ experience in both international and global equity management. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Before entering the investment business, Mr. Hartford lectured in micro and macroeconomics at Oklahoma State University. Mr. Hartford earned a BA, with honors, in economics from the University of Dublin, Trinity College, an MSc in economics from Oklahoma State University, and is a Phi Kappa Phi member. Mr. Hartford is a member of The Ireland Funds America Board of Directors.
Key Takeaways
[03:46] - Harry's professional background and what drew him to the field of investment.[07:20] - What is Causeway’s investment philosophy and how does it differ from other international value managers?[09:27] - Which one of Causeway’s non-US value strategies is generating the most interest from end investors right now and why?[11:06] - Which of Causeway’s strategies does Harry think should be generating more investor interest in the current market environment?[12:08] - What is the argument for investing overseas, strategically, in a time where international markets have underperformed US Markets for several years?[13:50] - Is there a different argument for International Investing from a tactical standpoint?[15:31] - Potential catalysts that might cause the non-US markets to start to consistently outperform again.[19:52] - It seems like everyone is saying that the US Dollar is going to get stronger in the short term. What is Harry’s outlook on the US Dollar?[22:04] - What does Harry see ahead for International Small Cap stocks?[24:15] - What is Causeway’s “risk lens” model and how does it benefit their clients?Quotes
[010:37] - “[Causeway Capital’s] Emerging Markets and International Small Cap strategies are primarily quantitative with a fundamental overlay, and they would be more tracking error oriented strategies.” ~ Harry Hartford
[20:53] - “There are things that are supporting that dollar at this point in time…but…you start to get concerned around the sustainability of the Federal deficit against a backdrop where the capital required to fund that deficit comes from overseas…and in addition to that, the absolute level of indebtedness is relatively high. So, I do worry that there are things that could derail the upward trajectory of the US Dollar and I would caution against getting overly complacent, simply because the dollar, for want of a better term, is the only game in town.” ~ Harry Hartford
Links
Harry Hartford on LinkedInCauseway Capital Management“The Boys are Back in Town” by Thin LizzyConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1080-OPS-5/2/2024
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Today Rusty & Robyn are joined by Michael Arone, Chief Investment Strategist and Managing Director at State Street Global Advisors. Michael is the Chief Investment Strategist for the SPDR® Americas Business at State Street Global Advisors. He is responsible for expanding State Street Global Advisors’ footprint and thought leadership effort through frequent contributions to the financial news media, speaking engagements and client interactions. Michael is a highly regarded speaker at industry conferences and is the author of several articles related to investment management practices. He is a member of the firm’s Senior Leadership Team.
During his more than 20-year career as an investment professional, Michael has served as State Street Global Advisors’ Global and EMEA Head of Portfolio Strategy as well as a senior portfolio manager in the Global Active Quantitative Equity Group. He has substantial experience developing long-only and long-short quantitative strategies and managing investment portfolios using quantitative disciplines. Michael has worked extensively with the firm’s global institutional and intermediary clients to help them identify investment solutions that enable them to meet their long-term financial goals.
Key Takeaways
[03:28] - Michael’s professional background and highlights from his time at State Street.[04:40] - What really makes State Street stand out in this industry?[06:28] - What is the primary risk that Michael thinks investors are overlooking right now?[08:06] - Even though The Fed is still suggesting it will cut rates soon, it hasn’t made any moves yet, so what should the takeaway be from that?[09:27] - Why are growing government deficits and rising, bipartisan protectionism often two ingredients in Stagflation?[10:52] - How does Michael assess the current inflation trend?[13:02] - What are the potential odds that Stagflation actually occurs?[14:32] - How can investors better prepare for all possibilities, Stagflation or otherwise?[16:10] - What is driving the potential liquidity squeeze?[19:58] - Why don’t investors know more about the surprising outperformance of small and mid cap stocks?[21:20] - What should investors know about market concentration and “The Magnificent 7?”[23:10] - What are some surprises that Michael has noticed in long maturity treasuries?[25:30] - What is currently Michael’s favorite investment idea?Quotes
[14:04] - “Maybe there’s only a 20% chance [of Stagflation], but it’s a chance that investors are not currently pricing in and they’re underestimating. They are pricing it as a 0% chance, and I think it is probably above that.” ~ Michael Arone
[26:56] - “The top 5 companies in the S&P 500, their market capitalization is more than 3.6x all of small cap put together. That surpasses where we were at the height of the Technology, Media and Telecom bubble, so I think you’ll get some mean reversion…I think small cap stocks are…under loved and that’s one of my favorite ideas for 2024.” ~ Michael Arone
Links
Michael Arone on LinkedIn“Lose Yourself” by EminemState Street Global AdvisorsConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 0972-OPS-4/22/2024
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Today Rusty & Robyn are joined by Brian Storey and Andrew Goins of Brinker Capital, Deputy Chief Investment Officer and Senior Portfolio Manager at Brinker Capital respectively.
Key Takeaways
[03:47] - Andrew’s and Brian’s professional backgrounds and what they do in their current positions.[09:05] - Who have provided some of their key philosophical insights over the years and how have those influences impacted their style of investing?[12:10] - What is the elevator pitch for what the Destination Strategies at Brinker Capital are and what they are trying to accomplish?[12:55] - How do the above strategies differ from other multi-asset strategies that are available?[17:04] - How do they hone the art of Portfolio Management and how do Brian and Andrew interface in their day to day?[21:17] - Learn a bit more about the due diligence process for Brinker’s Destination strategies.[25:25] - When searching for managers, what are some of the key attributes they look for and, on the flip side, what are some reasons why they might terminate a manager?[27:47] - What is some of the risk management research that goes into their Destinations portfolio?[32:11] - What market environments might these strategies perform best in and vice versa?[37:49] - What are each of their favorite investment ideas currently?Quotes
[16:03] - “[Brinker’s] use of…diversifying asset classes or strategies [sets us apart]...As we look at some of our peers…they tend to be much more traditional asset classes, more focused on equities and Fixed Income…That’s been a hallmark of Destinations at Brinker Capital for many many years and we do think that is both an area where we add a lot of value but [is also] just a differentiator from our peers.” ~ Andrew Goins
[27:01] - “[When selecting an asset manager] you…want to see, you know, curiosity, creativity [and] the ability to adapt the process to potentially changing market conditions or different environments…being able to be flexible in their approach [is so important]...and can benefit the portfolio performance going forward” ~ Brian Storey
Links
“Into the Great White Open” by Tom Petty and The Heartbreakers“The Gambler” by Kenny RogersOrion Wealth ManagementConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.
Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)
The Destinations Funds are distributed by Foreside Fund Services, LLC.
Compliance Code: 0969-OPS-4/22/2024
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Today Rusty & Robyn are joined by Ricky Schneider, Vice President and Senior Portfolio Manager at Fort Washington Investment Advisors. He is responsible for the commercial mortgage-backed securities portfolios for both Western & Southern Financial Group and third-party institutional clients. Schneider joined the firm in 2019. Prior to Fort Washington, he was with Mesirow Financial in Chicago where he was a Managing Director responsible for trading CMBS and other structured products. He also has previous experience at Loop Capital Markets, Lehman Brothers Asset Management, and Lincoln Capital Management.
Key Takeaways
[02:42] - Ricky’s professional background and what led him to the investment industry.[03:57] - Fort Washington’s tagline is “uncompromised focus.” What is the significance of this for the firm and what really sets them apart in the industry?[05:03] - A simple, functional definition of Securitized Income and Structured Products.[06:05] - What are RMBS and CMBS and how do they differ? What about ABS?[07:35] - What are CLOs?[08:50] - How large are each of the above Fixed Income segments in terms of the overall Bond Market?[10:01] - What is the value proposition for each of these segments and why would investors choose these structured opportunities over treasuries or corporate bonds?[11:07] - What are some of the risks when investing in this part of the Fixed Income market? What are some scenarios in which they might underperform the overall bond market?[12:35] - How has the Securitized market changed since the Global Financial Crisis of 2008?[15:41] - Does Ricky have a favorite idea in the Securitized Income sector?[16:46] - What part of an investor’s bond allocation might this sector replace?[17:51] - Rules of thumb for sizing a position of Structured opportunities within a Fixed Income allocation?[19:08] - Why does Securitized Income work in an ETF structure and what are the advantages of this?[20:38] - What to avoid and what to embrace in commercial real estate and CMBS?[24:20] - What is Ricky’s favorite investment idea at the moment?Quotes
[12:20 ] - “..There is also inherently more risk the further you go down the capital structure in any of these sectors we are talking about” ~ Ricky Schneider
Links
Ricky Schneider on LinkedInFort Washington Investment Advisors“I And Love And You” by The Avett BrothersConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 0910-OPS-4/15/2024
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