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PREMIUM: CHUCK DE LARDEMELLE

September 19, 2019

GOLDEN PROTECTION

This week’s guest is known for assiduously avoiding market risk. He is a global value manager, Chuck de Lardemelle, a founding partner of International Value Advisers, known as IVA, which he and his partner launched in the depths of the financial crisis in 2008.
De Lardemelle is a co-portfolio manager of their two mutual funds IVA Worldwide and IVA International. Although both funds lag their benchmarks in bull markets they protect in declines and have thus earned Morningstar’s Silver Medalist analyst rating for their “cautious, patient strategy” making them “a valid long-term choice for wary investors.”
IVA describes its strategy as “winning by not losing and looking to assess risk and try to avoid it wherever possible…”


WEALTHTRACK Episode #1612; Originally Broadcast on September 20, 2019

[learn_more caption=”CLICK HERE TO LEARN MORE”] How to explain the massive global outperformance of U.S. companies’ profitability and stocks over the last decade? GMO’s Head of Asset Allocation, Ben Inker dug deep and found some surprising answers in his “2Q 2019 GMO Quarterly Letter.”

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CHARLES “CHUCK” DE LARDEMELLE

Consuelo MackNewsletter available soon.
Mathews Asia


OWN SOME GOLD AS A HEDGE AGAINST MARKET, ECONOMIC AND CURRENCY DECLINES
THE CASE FOR GOLD

  • Protected investors during every bear market but one over the last 50 years
  • Anytime markets were in a bear market, gold prices were rising
  • World economies are slowing
  • Central banks are stimulating
  • Corporate and government debt at record levels

No Bookshelf titles this week.


RECESSION PROTECTION

  • Own Berkshire Hathaway- can grow value during recessions
  • Own gold bullion – historically rises in recessions<
  • /ul>

    • Antofagasta PLC (ANTO:LN)
    • Alphabet Inc A (GOOGL)
    • Oracle Corporation (ORCL)
    • Mastercard Inc (MA)
    • Nestle SA (NSRGF)
    • Bayerische Motoren Werke AG (BAMXF)
    • Samsung Electronics Co Ltd (SSNLF)
    • LKQ Corporation (LKQ)
    • Berkshire Hathaway Inc B (BRK.B)


    This transcript will be available soon. More information regarding WEALTHTRACK transcripts can be found here

    Chuck de Lardemelle from the WEALTHTRACK archives:

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    OPEN MIND

    The ability to change one’s mind is key to investment success says IVA Advisers Chuck de Lardemelle.

PREMIUM: DOLL – ALTERNATIVES IN CHALLENGING MARKETS

September 11, 2019

ALTERNATIVES IN CHALLENGING MARKETS

One dominant market observation of the last decade has been that we have been experiencing the least believed bull market in history.
As of August of 2018 the market’s advance, in large-cap stocks at least, had indeed become the longest bull market in history.
But the experience of investors has been anything but a straight shot. If you look at indexes outside the largest U.S. company stocks it has been a much more perilous ride with several major corrections along the way.
The Russell 2000, which is used as a proxy for small company stocks is a case in point. It has experienced three major reversals in the last decade.
This week’s guest operates in the sweet spot of the current market, large-company stocks, but he is advising caution to his clients. He is widely followed market strategist and successful investor, Robert Doll, senior portfolio manager and chief equity strategist at Nuveen. Doll is famous for his frequently accurate list of 10 annual predictions forecasting the market, economic, interest rate, and political trends among others
With the economic recovery now the longest on record and slowing, how worried is he about a recession?


WEALTHTRACK Episode #1611; Originally Broadcast on September 13, 2019

[learn_more caption=”CLICK HERE TO LEARN MORE”] How to explain the massive global outperformance of U.S. companies’ profitability and stocks over the last decade? GMO’s Head of Asset Allocation, Ben Inker dug deep and found some surprising answers in his “2Q 2019 GMO Quarterly Letter.” Read it now.


NUVEEN’S VETERAN CHIEF EQUITY STRATEGIST BOB DOLL SHARES HIS VIEWS ON THE MARKETS AND STRATEGY

Outlook and strategy with the market-beating portfolio manager and widely followed investment strategist, Bob Doll.

WATCH NOW…

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ROBERT DOLL

  • Senior Portfolio Manager, Chief Equity Strategist
    ,
  • Nuveen
Consuelo Mack

Before we dive into this week’s program, I want to pay tribute to T. Boone Pickens who died this week at the age of 91. Boone was a force of nature, focused, energetic, entrepreneurial and financially creative with an outsized personality and disarming folksy manner whom I interviewed numerous times over the years in his ever-evolving roles as a natural gas producer, hostile takeover pioneer, shareholder rights activist, or greenmailer, or corporate raider depending upon your point of view. He later became a proponent of U.S. energy independence advocating the use of clean energy, with giant wind farms in the Texas Panhandle.  He also was a generous philanthropist. The world was a much more interesting place with T. Boone Pickens in it. I am sure heaven will be too, once he makes a deal to get in. RIP

One dominant market observation of the last decade has been that we have been experiencing the least believed bull market in history. As of August of 2018 the market’s advance, in large-cap stocks at least, had indeed become the longest bull market in history. But the experience of investors has been anything but a straight shot. If you look at indexes outside the largest U.S. company stocks it has been a much more perilous ride with several major corrections along the way. The Russell 2000, which is used as a proxy for small company stocks is a case in point. It has experienced three major reversals in the last decade.

This week’s guest operates in the sweet spot of the current market, large-company stocks, but he is advising caution to his clients. He is widely followed market strategist and successful investor, Robert Doll, Senior Portfolio Manager, and Chief Equity Strategist at Nuveen. Doll is famous for his frequently accurate list of 10 annual predictions forecasting the market, economic, interest rate, and political trends among others. A brave exercise for anyone!

He is also a long-time money manager. He has run three different large-cap strategies for years, Large Cap Core, Value and Growth which are available as Nuveen mutual funds.  And for almost seven years he has managed two alternative strategies, also available as funds, Nuveen Equity Market Neutral, and Nuveen Equity Long/Short.  Rated four-star and five-star respectively by Morningstar, they have both beaten their category.

Among the topics we will cover are why Doll is not worried about a recession any time soon, why he is underweight big tech and hedging his market risk with alternative strategies, which he will describe.

If you are unable to join us for the show on television, you can watch it on our website over the weekend.  If you would prefer to take WEALTHTRACK with you on your commute or travels, you can find the WEALTHTRACK podcast on TuneInStitcher, and SoundCloud, as well as iTunes and Spotify. In this week’s web EXTRA feature, Doll recommends leadership lessons from an Old Testament giant.

If you haven’t had a chance to do so, we would very much appreciate if you could participate in the anonymous survey that you’ll find on the website, too.

Thank you for watching.  Have a lovely weekend and make the week ahead a profitable and a productive one.

Best regards,

Consuelo
Mathews Asia

LOOK INTO SOME BASIC HEDGING STRATEGIES TO CUSHION YOU FROM MARKET DECLINES.
SOME BASIC HEDGING STRATEGIES:

  • Market Neutral Funds
  • – Vanguard Market Neutral fund, Morningstar Silver Medalist
  • Cash & Cash Equivalents including U.S. Treasury Bills
  • Gold
  • Non-Correlated to Stock Market
  • Provide Protection when markets get hit

David A Man Of Passion And Destiny

POSITIVE RETURN POTENTIAL

  • Own an equity market neutral fund
  • Preparation for flat to down markets and a future recession
  • Objective to deliver positive returns

No stock mentions in this episode.
This transcript will be available soon. More information regarding WEALTHTRACK transcripts can be found here

Bob Doll from the WEALTHTRACK Archives:

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BIBLICAL LEADERSHIP

Influential strategist Bob Doll recommends leadership lessons from an Old Testament giant.

David A Man Of Passion And Destiny

PREMIUM: MARY BETH FRANKLIN

August 8, 2019

NEW SOCIAL SECURITY RULES

Paying attention to Social Security benefits pays off and needs to be taken seriously from an earlier age than most people realize.

Many of us underestimate how important this benefit is.

  • It is the single largest source of income for the majority of Americans age 65 and older
  • It accounts for half or more of total income for 53% of married couples and 74% of unmarried individuals
  • It is one of the only sources of guaranteed income that retirees can count on for the rest of their lives
  • Its cost of living adjustments helps maintain buying power over decades of retirement

Mary Beth Franklin points out that Social Security isn’t static and there have been some major changes in recent years. In addition to being the author of Maximizing Social Security Benefits and an acknowledged expert on the subject, she is Contributing Editor at InvestmentNews, a leading publication for financial advisors, and an award-winning personal finance journalist.

WEALTHTRACK Episode #1606; Originally Broadcast on August 09, 2019

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MARY BETH FRANKLIN

Consuelo Mack

Paying attention to Social Security benefits pays off and needs to be taken seriously from an earlier age than most people realize.

Why start tracking it early? Social Security calculates the highest 35 years of earnings to determine your benefits. You want to make sure they get your numbers right.  So even if you are decades away from collecting, it’s important to start keeping tabs. It’s easy to do by opening your personal Social Security account for free at: Social security.gov/my account to check those annual earnings figures.

The 78 million strong baby boomer generation is already there. According to Maximizing Social Security Retirement Benefits author Mary Beth Franklin the oldest boomers turned 70 and a half in 2016, the age at which they must start tapping their retirement accounts or else face steep tax penalties.10,000 people a day are hitting that number and will for the next decade or more.

Many of us underestimate how important this benefit is.
– It is the single largest source of income for the majority of Americans age 65 and older.
– It accounts for half or more of total income for 53% of married couples and 74% of unmarried individuals.
– It is one of the only sources of guaranteed income that retirees can count on for the rest of their lives.
– Its cost of living adjustments help maintain buying power over decades of retirement.

However, as Franklin points out, Social Security isn’t static. There have been some major changes in recent years. Franklin calls 2019 a watershed year because one benefit in particular is set to expire! If you were born by January 1, 1954 this is a much watch WEALTHTRACKepisode. She will explain that change and other key considerations for all Americans eligible for Social Security.

In addition to being the author of Maximizing Social Security Benefits and an acknowledged expert on the subject, Franklin is also Contributing Editor atInvestmentNews, a leading publication for financial advisors and an award-winning personal finance journalist.

If you would prefer to take WEALTHTRACK with you on your commute or travels, you can now find the WEALTHTRACK podcast on TuneInStitcherand SoundCloud, as well as iTunes and Spotify.

Thank you for watching. Have a lovely summer weekend, and make the week ahead a profitable and a productive one.

Best regards,

Consuelo
Mathews Asia

KNOW WHAT YOUR SPECIFIC SOCIAL SECURITY BENEFITS ARE

  • They are valuable
  • Your individual circumstances matter
  • Some Benefits Expiring:
  • – If you were born on or before January 1, 1954, you can claim spousal benefits if you are married or an eligible divorced spouse
  • – If you are a widow or widower you are entitled to survivor benefits
  • – Might be eligible even if divorced
  • – Go to ssa.gov for information on your individual circumstances
  • – Read Mary Beth Franklin’s annually updated ebook Maximizing Social Security Retirement Benefits

Bookshelf titles are available soon.


INVEST TIME IN YOUR SECURE RETIREMENT

  • Learn what Social Security benefits you are entitled to at
    socialsecurity.gov or
    ssa.gov
  • Ask your financial advisor or tax accountant about how to best take advantage of your Social Security benefits

No stock mentions in this episode.
This transcript will be available soon. More information regarding WEALTHTRACK transcripts can be found here

Mary Beth Frankin from the WEALTHTRACK Archives:

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SOCIAL SECURITY RULES FOR SINGLES

Benefits guru Mary Beth Franklin explains why the claiming rules for Social Security can be different if you are single.

PREMIEUM: MILLER & MILLER

July 31, 2019

NEXT GENERATION INCOME INVESTING

Finding high income at value prices is a team approach with legendary investor Bill Miller and portfolio manager son, Bill Miller IV.

WEALTHTRACK Episode #1605; Originally Broadcast on August 02, 2019

[learn_more caption=”Click here to learn more”] [/learn_more]

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WILLIAM MILLER III

WILLIAM MILLER IV

Consuelo MackNewsletter available soon.
Mathews Asia


PUT A PORTION OF YOUR PORTFOLIO WITH INDEPENDENT THINKERS WHO CAN ACT ON THEIR ANALYSIS


Bookshelf titles available soon.
No Bookshelf titles this week.


MILLER IV: PRIVATE EQUITY INCOME VALUE

Apollo Global Management LLC Class A (APO)
APO Chart

APO data by YCharts

MILLER III: DOMINANT RESIDENTAL SECURITY

ADT Inc (ADT)
ADT Chart

ADT data by YCharts

  • Ares Capital Corp (ARCC)
  • Cedar Fair LP (FUN)
  • Sberbank of Russia PJSC (AKSJF)
  • Apollo Global Management LLC (APO)
  • The Carlyle Group LP (CG)
  • Quad/Graphics Inc (QUAD)
  • Intrexon Corp (XON)
  • Avon Products Inc (AVP)
  • CenturyLink Inc (CTL)


This transcript will be available soon. More information regarding WEALTHTRACK transcripts can be found here

Bill Miller from the WEALTHTRACK Archives:

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MILLER III & IV: INVESTMENT INFLUENCE

Which books have had the greatest influence on the careers of legendary value investor Bill Miller and his co-portfolio manager son, Bill Miller IV? Those chosen include one in common and a few differences.
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PREMIUM: DIMELLA

July 10, 2019

SEISMIC MUNICIPAL BOND CHANGES

Seismic shifts in the municipal bond markets and the portfolios of award-winning muni manager Robert DiMella.

The nearly $4 trillion dollar municipal bond market is attracting record amounts of investor money. Year-to-date more than $40 billion has poured into municipal bond funds, one of the highest inflows on record.

One key factor for muni’s attractiveness is the higher taxes being paid by many individual taxpayers following the tax reform bill, which was passed in 2017 but took effect in 2018.

The combination of higher tax rates and a dearth of income globally are adding to the allure of municipal bonds.

On this week’s show, top muni fund manager Robert DiMella says there are other factors at work as well which are causing a seismic shift in the municipal bond market and a significant change in strategy at his firm.

WEALTHTRACK Episode #1602; Originally Broadcast on July 12, 2019

Listen to the audio only version here:

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Municipal Market Insights


Bob DiMella on Closed-End Municipal Bond Funds

WHY TRADITIONAL BONDS ARE HIGH RISK, BUT MUNIS HAVE ADVANTAGES. TWO TOP BOND MANAGERS EXPLAIN

Two influential bond managers explain why municipal bonds still make sense and so many corporate and Treasury bonds don’t.
WATCH NOW…

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ROBERT DIMELLA

Consuelo Mack

A 100% probability of an interest rate cut in July is what Wall Street traders are currently betting after this week’s release of the minutes from the Federal Reserve’s policy setting meeting in June.

Minute comments such as these added fuel to the belief:
“Participants generally agreed that downside risks to the outlook for economic activity had risen materially since their May meeting, particularly those associated with ongoing trade negotiations and slowing economic growth abroad.”

Federal Reserve Chairman Jerome Powell reiterated that sentiment in testimony before the House Financial Services Committee this week.
“The bottom line for me is the uncertainties around global growth and trade continue to weigh on the outlook.”

The question now appears to be not if the Fed will cut its key short-term rates in July but by about how much. Street estimates range from a quarter of a percent, 25 basis points in bond lingo, to half a percent or 50 basis points. Expectations are that there will be more rate cuts after that.

The Fed’s policy change from tightening, to holding, to easing is part of the seismic shift that this week’s guest is incorporating into his municipal bond strategy.

The nearly $4 trillion municipal bond market is attracting record amounts of investor money. Year-to-date more than $40 billion has poured into municipal bond funds, one of the highest inflows on record.

One key factor for muni’s attractiveness is the higher taxes being paid by many individual taxpayers following the tax reform bill, which was passed in 2017 but took effect in 2018.

Before 2018 taxpayers itemizing deductions could deduct the full amount of State and Local Taxes, known as SALT, from their federal returns.  Now the itemized deductions for SALT are capped at $10,000 per return.  According to New York Life Investments nearly 11 million tax filers, the vast majority of whom are married filing joint tax returns, lost $323 billion worth of deductions, or almost $30,000 per return in 2018.

The pain is especially acute in high tax states such as California and New York.
In addition, it’s not just hitting the wealthy.  In California, the 2017 median household income was approximately $70,000. They face a 9.3% state tax rate. In New York, the 2017 median household income was approximately $62,000. That group faces a 6.33% state tax, plus another 3.876% if they live in New York City. That total jumps to 10.21%.

It doesn’t take much taxable investment income to push those middle-income tax filers above the $10,000 SALT limitation.

The combination of higher tax rates and a dearth of income globally are adding to the allure of municipal bonds.  On this week’s WEALTHTRACK, top muni fund manager Robert DiMella says those factors, plus the dramatic change in Fed policy this year are causing a seismic shift in the municipal bond market and a significant change in strategy at his firm.

DiMella is the Co-Head of the Municipal Managers team at MacKay Shields where he oversees more than $40 billion dollars in assets.  DiMella is also Co-Portfolio Manager of several award-winning mutual funds including the flagship MainStay MacKay Tax Free Bond Fund which he has managed since 2009.  Morningstar gives it 4-star and Bronze medalist ratings. DiMella has also co-managed the Mainstay MacKay High Yield Municipal Bond Fund, this one since 2010. It is also rated 4-star by Morningstar and carries its Bronze medalist designation.

In this week’s online EXTRA feature, DiMella discusses the similarities between being a pilot and managing muni portfolios.  Having a flight plan is essential for both!

As always, if you miss the show on Public Television, you can watch it at your convenience online. If you have comments or questions, please connect with us via Facebook or Twitter.

Have a great weekend and make the week ahead a profitable and a productive one.

Best regards,

Consuelo
Mathews Asia

LOOK INTO TAXABLE MUNICIPAL BONDS

  • High credit quality as a group
  • Higher quality than corporate bonds
  • Offer roughly the same income

No Bookshelf titles this week.

ATTRACTIVE INCOME STREAM

    Buy taxable municipal bonds

  • Add value to a diversified portfolio
  • Provide an attractive income stream
  • Defensive in the late economic cycle

Stock mentions available soon. No stock mentions in this episode.
This transcript will be available soon. More information regarding WEALTHTRACK transcripts can be found here

Robert DiMella from the WEALTHTRACK Archives:

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FLIGHT PLAN

The award-winning municipal bond fund manager, Robert DiMella has his pilot’s license and flies regularly in his spare time. He says there’s a connection between flying and running multi-billion dollar bond portfolios.

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