Tag: podcast
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Buying Cheap Assets: Finding Them Now
Large-cap U.S growth stocks, particularly tech stocks have been the overwhelming winners of the last decade. They now dominate the market. The top ten S&P 500 stocks, including the FAANGs, account for more than 25% of the index’s total market value, a concentration that worries some market watchers because it is reminiscent of other market tops such as the dot-com bubble when internet stocks made up over 30% of the S&P and the credit bubble when banking stocks reached more than 20%.
With the exception of short-lived spurts value stocks, small-cap stocks and international stocks have badly lagged.
This week’s guest believes the days of this concentrated outperformance by large-cap growth stocks are numbered and suggests some underloved and under-owned alternatives. He is financial thought leader, innovator, and investor Robert Arnott, Chairman of the Board of Research Affiliates, which he founded in 2002 as a self-described “research-intensive asset management firm that focuses on innovative products.”
Among the innovations that he has pioneered is fundamental indexation: building indexes with stocks based on the size of their fundamentals, such as sales, profits, cash flow, book value, and dividends – not their stock price. Research Affiliates has created numerous fundamental indexes for a wide variety of markets and asset classes around the world.
Arnott will discuss why he believes this long era of U.S. large-cap growth dominance could be coming to an end and what could take its place.
WEALTHTRACK #1811 broadcast on September 10, 2021
More Info:
https://wealthtrack.com/financial-thought-leader-rob-arnott-likes-buying-cheap-assets-where-he-is-finding-them-now/
AGAINST THE GODS: THE REMARKABLE STORY OF RISK
by Peter Bernstein
https://amzn.to/3BURwjX
Improve Investment Results: Quality Shareholders
In this era of indexing the investors who research and buy individual companies are becoming a rarity – some would say a throwback – to another era.
The most obvious example is Warren Buffett, the nonagenarian Chairman of Berkshire Hathaway who is widely considered to be one of the greatest, if not the greatest American investor in recent memory.
Buffett is famous for buying quality companies for the long term, in his words “forever”.
He is less well known for his emphasis on seeking “high quality shareholders”, stock owners who stick around for the long-term, whom he has succeeded in attracting to Berkshire Hathaway.
This is part two of our interview with Lawrence Cunningham a Professor of Law at George Washington University who is also a driving force behind the university’s “Quality Shareholders Initiative”, intended to research and report on “high quality shareholders”, as they are dubbed by Buffett – traditional investors that study individual companies, acquire substantial stakes in only a few and hold them for the long-term.
The theme of this week’s discussion with Cunningham is quality in companies and shareholders and why a combination of the two often leads to better investment results.
WEALTHTRACK #1809 broadcast on August 27, 2021.
More info: https://wealthtrack.com/quality-investing-shareholders-why-warren-buffet-believes-they-produce-better-investment-results/
“Quality Shareholders: How the Best Managers Attract and Keep Them”: https://amzn.to/38gshMr
Warren Buffett’s Evolution Into a Great Manager
Part 1 of 2
Warren Buffett, the Chairman of Berkshire Hathaway is considered to be one of the greatest investors of all time. He has become an American icon dispensing investment wisdom and commentary over the years through his annual shareholder letters and meetings where he and his long-time business partner Charlie Munger answer questions for hours on end about a wide range of topics.
An industry has developed around Buffett of investment clubs, newsletters, and books mostly focused on his investment decisions.
However, there is another side to Buffett which has been deeply studied and researched by this week’s WEALTHTRACK guest… Buffett as a business manager worth emulating.
We’ll be joined by Lawrence Cunningham, whose official title is a Professor of Law at George Washington University, but over the years he has become an acknowledged authority on corporate governance, corporate culture, and corporate law. He teaches business-related courses that span these fields.
Cunningham has authored two dozen books, several on Buffett and his most famous in collaboration with him.His latest book is Quality Shareholders: How the Best Managers Attract and Keep Them.
He also writes a weekly column for Marketwatch, “Cunningham’s Quality Investing.”
One of the most interesting aspects of Cunningham’s work with and about Buffett is the revelation that there are really two Buffetts, one the great investor that we all know about, and two, his later evolution into a great manager. We’ll focus on what we can learn from Buffett, the manager in this week’s show.
WEALTHTRACK # 1805 broadcast on July 30, 2021
More Info: https://wealthtrack.com/great-investor-warren-buffetts-evolution-into-a-great-manager/
Bookshelf:
The Essays of Warren Buffett: Lessons for Corporate America: https://amzn.to/3C1Pq2y
Quality Shareholders: How the Best Managers Attract and Keep Them: https://amzn.to/3ffix94
Berkshire Beyond Buffett: The Enduring Value of Values: https://amzn.to/3ijSVdf
WEALTHTRACK Sponsors:
Morgan Le Fay Dreams Foundation
ClearBridge Investments: https://www.clearbridge.com/
Royce Investment Partners: https://www.roycefunds.com/
First Eagle Investment Management: https://www.feim.com/
Strategas Asset Management: https://www.strategasrp.com/
Investment Risks Warranting Protective Strategies
Part 2 of 2
What does history have to teach us about the current geopolitical, economic, and investment environment? A great deal according to renowned historian Niall Ferguson.
His thesis is that applying the lessons of history to contemporary events can result in better investment outcomes.
One of the biggest, most consequential debates among economists, investors and policymakers is over inflation. Is the recent global surge in prices a temporary blip from economies reopening from pandemic shutdowns, or is it a more lasting development with serious consequences?
In this week’s program we pick up on that point – I asked Ferguson about the opposite view, that the pandemic shock and burden of record amounts of debt could actually impede growth and be disinflationary. Ferguson shares his views on this, along with his thoughts on China, cryptocurrencies, and the new world of decentralized finance.
WEALTHTRACK # 1804 broadcast on July 23, 2021
More Info: https://wealthtrack.com/renowned-historian-niall-ferguson-outlines-the-investment-risks-warranting-protective-strategies/
Bookshelf:
Doom: The Politics of Catastrophe – https://amzn.to/2Ujtdw3
Colossus: The Rise and Fall of the American Empire – https://amzn.to/2VL2HvP
The War of the World: Twentieth Century Conflict and the Descent of the West – https://amzn.to/3epbI48
The Ascent of Money: A Financial History of the World – https://amzn.to/3z8p0u6
The Square and the Tower: Networks and Power, from the Freemasons to Facebook – https://amzn.to/3B9jKrH
WEALTHTRACK Sponsors:
Morgan Le Fay Dreams Foundation
ClearBridge Investments: https://www.clearbridge.com/
Royce Investment Partners: https://www.roycefunds.com/
First Eagle Investment Management: https://www.feim.com/
Strategas Asset Management: https://www.strategasrp.com/
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