Tag: premium

PREMIUM: RETIREES ON TRACK

August 6, 2014
As it’s the summer fund raising season on public television, this week we are revisiting an interview with two top personal finance journalists, both now at The Wall Street Journal. Jonathan Clements and Jason Zweig tackle the three greatest financial challenges facing Americans. Watch the episode here.
New this week, we are sharing some interesting research on retirement saving. It’s from a recent T. Rowe Price survey, and they learned that recent retirees with 401 (k)s feel on track to meeting their financial goals. Some of their key findings are the that retirees are living on less – on average, around 66% of their pre-retirement income. However, nearly 60% report that are living as well or better than when they were working, and almost 90% are reasonably satisfied with retirement so far. Most think that are better off compared with how their parents fared in retirement.

TRENNERT: THERE IS NO ALTERNATIVE TRANSCRIPT

August 1, 2014

Jason Trennert is Managing Partner and Chief Investment Strategist of Strategas Research Partners, an independent investment strategy and macroeconomic research firm. Trennert is widely followed by institutional investors in the money management and hedge fund world, and is identified as one of “Wall Street’s Best Minds” by Barron’s.

CONSUELO MACK: This week on WealthTrack, a financial thought leader who is full of creative investment ideas. Jason Trennert and his independent research firm Strategas are known for identifying pithy investment themes like “There Is No Alternative”, or TINA and the New Sovereigns. Find out what they are next on Consuelo Mack WealthTrack.

Hello and welcome to this edition of WealthTrack, I’m Consuelo Mack. How worried are you about the stock market? Is the near tripling of stock prices since the 2009 market bottom a cause for concern? A recent Bloomberg poll of financial professionals found that 47% of them feel the market is close to unsustainable levels, while 14% saw a bubble. And most were expecting stock volatility to increase within six months. All of these expectations might indeed turn out to be prescient. As financier J.P. Morgan once commented about the stock market: “it will fluctuate.” But there are other aspects of the market which provide a different and more positive perspective that are provided by this week’s WealthTrack guest, a financial thought leader whose work is widely followed by institutional investors in the money management and hedge fund world.

He is Jason Trennert, Managing Partner and Chief Investment Strategist of Strategas Research Partners, an independent investment strategy and macroeconomic research firm he co-founded in 2006. Barron’s has identified Trennert as one of “Wall Street’s best minds”.

Prior to Strategas Trennert was the chief investment strategist at ISI group the firm run by WealthTrack guest Ed Hyman. Trennert’s team was voted one of the best investment strategists by institutional investor for three years. Trennert and his Strategas team are known for their in-depth economic and market analysis and identification of investment themes.

One fascinating trend they have uncovered is how much the supply of publically traded stocks is shrinking. As you can see from this graph, the number of companies on American exchanges has shrunk from a high of nearly 9,000 in the late nineteen nineties to 5,000 today, a decline of 43%. On the flipside, as you can see from this chart, private equity assets under management have soared over the last decade, as more companies are choosing to go private. Trennert notes that simple supply and demand dynamics could contribute to the continuation of the stock market rally.

One of trennert’s most widely quoted stock market themes is one he wrote about in The Wall Street Journal. It’s called TINA, which stands for “There Is No Alternative.” I asked him to explain his theory that “there is no alternative to stocks.”

PREMIUM: JASON TRENNERT

July 30, 2014

There Is No Alternative

How worried are you about the stock market? Is the near tripling of stock prices since the 2009 market bottom a cause for concern? This week’s WEALTHTRACK guest has some different and positive perspectives on the market. Jason Trennert is Managing Partner and Chief Investment Strategist of Strategas Research Partners, an independent investment strategy and macroeconomic research firm. Trennert is widely followed by institutional investors in the money management and hedge fund world, and is identified as one of “Wall Street’s Best Minds” by Barron’s. One of his most widely quoted themes is known as TINA – “There Is No Alternative” – meaning “there is no alternative to stocks right now”. We’ll ask him to explain.

WILBY & SARGEN: GLOBAL DANGERS TRANSCRIPT

July 25, 2014

Two veteran global investors, private investor Bill Wilby, formerly of number one ranked Oppenheimer Global Fund and Fort Washington Investment Advisors’ Chief Economist and Senior Investment Advisor Nick Sargen share their perspective and strategies on today’s market.

CONSUELO MACK: This week on WealthTrack, storm warnings! Two veteran global investors Bill Wilby and Nick Sargen are tracking rising geopolitical conflicts, central banks in uncharted territory and markets at record levels. What are their financial life saving skills telling them about the dangers ahead? Great Investor Bill Wilby and Fort Washington Investment Advisors’ Nick Sargen are next on Consuelo Mack WealthTrack.

Hello and welcome to this edition of WealthTrack, I’m Consuelo Mack. Markets are famously supposed to climb a wall of worry. And there are plenty of worries to go around right now. There are several geopolitical hotspots of strategic significance: Ukraine’s battle with Russian separatists, Israel’s battle with Hamas, Syria’s civil war, the terrorist group ISIS’ campaign in Iraq and Iran’s ongoing efforts to build nuclear bombs.

On the economic front: the uncertainty surrounding the Federal Reserve’s exit plan from its unprecedented monetary expansion of the past five years. The U.S. economy’s subpar growth during this recovery, and the struggling economies of Europe and Japan.

There are serious market concerns. Stock markets, particularly in the U.S. have been trading at record levels and bond prices are elevated. Despite all of these worries the markets have been relatively sanguine, with a few notable exceptions, since the height of the financial crisis five years ago. As you can see from this chart the widely followed Market Volatility Index, the VIX has been subdued for the last couple of years. Has this been the calm before the proverbial storm? We have two investment veterans with us who have kept their heads and portfolios through many market cycles and economic booms and busts.

Great Investor Bill Wilby is with us exclusively on WealthTrack. Now a Private Investor Wilby retired at the market’s peak in 2007- talk about timing- because he was distressed and concerned about the state of the financial markets. Until his retirement, Wilby was the former Portfolio Manager of the award winning Oppenheimer Global Fund which was ranked number one in its category for the 12 years he ran it. He also headed up the entire equity division of OppenheimerFunds. A graduate of West Point, Wilby also has a PhD in International Monetary Economics and has been a global investor for his entire professional life. He has held various international finance and investment positions at several top financial institutions including the Federal Reserve Bank of Chicago.

Nick Sargen is another lifelong global investor and was recently named Chief Economist and Senior Investment Advisor at Fort Washington Investment Advisors, the asset management arm of Western & Southern Financial Group. Sargen wanted to scale back from his previous position as the firm’s Chief Investment Officer. Sargen also has a PhD in economics and has been International Economist, Global Money Manager, Chief Investment Officer for several firms, as well as working at the Federal Reserve Bank of San Francisco.

I began the discussion with a Federal Reserve question: how is the great monetary experiment going to end?

NICK SARGEN: Thanks for such an easy question. I mean, that’s the one every investor wants to know the answer, and I would say, Consuelo, that the Fed is trying to reassure people and say, “Don’t you worry. We have all the tools that we need to handle this exit strategy, but I believe that this is unprecedented, and at the end of the day you have to make a choice as an investors, and it’s will the Fed begin tightening early or will it wait and be late? And my view is with this Fed it will err on the side of being later. So I think that the risk would be not immediately, but there would be a risk that if it waits too long and then inflation does come into the picture, then we might see some spike in bond yields, but that’ll probably be at least a couple of years away.

PREMIUM: WILBY & SARGEN

July 24, 20140 Comments

Global Dangers

How vulnerable are the markets? Despite rising geopolitical conflicts and uncertainty surrounding the Federal Reserve’s exit plan from its unprecedented monetary expansion, U.S. stock and bond markets are trading near record highs. Two veteran global investors, private investor William Wilby, formerly of number one ranked Oppenheimer Global Fund and Fort Washington Investment Advisors’ Chief Economist and Senior Investment Advisor Nicholas Sargen share their perspective and strategies.

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