Enterprising Investor

This episode of Enterprising Investor features Dr. Meir Statman discussing the role of money in happiness and how mindset can impact investing success. Dr. Statman, a professor at Santa Clara University, recently published a book titled "A Wealth of Wellbeing, A Holistic Approach to Behavioral Finance." The book explores making better decisions about financial and life well-being. Dr. Statman shares personal insights that highlight the importance of understanding risks beyond the stock market. Tune in to gain valuable perspectives on the intersection of money, happiness, and investing success.

On this episode of the Enterprising Investor podcast, host Mike Wallberg, CFA, interviews Mark Higgins, CFA, author of "Investing in US Financial History." Mark delves into the comprehensive process of breaking down US financial history from 1790 to the present day, highlighting key inflection points and the evolution of the financial system. Join Mike and Mark as they uncover the compelling insights from centuries of financial markets in this engaging discussion.

In this episode of the Enterprising Investor Podcast, host Mike Wallberg, CFA, introduces Barbara Stewart, CFA, an experienced FX trader, high-net-worth manager, researcher, author, and keynote speaker. Barbara discusses her annual Rich Thinking study, which focuses on women and finance. This year's study asked 50 successful people about their investment portfolios. Barbara shares her insights and goals for the study, aiming to advance the world of women and finance. Her full report will be released on Friday, March 8, 2024.

In March, Guiding Assets is joining forces with the Enterprising Investor Blog. The podcast will be renamed and become the Enterprising Investor podcast. Same great content as before. Better alignment with our mission of putting investor content first. 

In this episode of Guiding Assets, host Mike Wallberg, CFA, interviews Dr. Daniel Peris, CFA, a senior portfolio manager with Federated Hermes. Dr. Peris discusses his new book, "The Ownership Dividend," and the paradigm shift he sees in how U.S. investors think about dividend stocks. He explains that for generations, investors have considered it normal to focus on capital gains and overlook the importance of dividends. Drawing on his background as a historian, Dr. Peris provides a unique perspective on the significance of dividends in investment strategies.

In this episode of Guiding Assets, host Mike Wallberg is joined by Dr. Edward McQuarrie, Professor Emeritus of the Levy School of Business at Santa Clara University. Dr. McQuarrie challenges some long-held assumptions in financial markets, including the belief that stocks always outperform bonds over the long term and that a negative correlation between bonds and stocks leads to effective diversification. He discusses his research, which takes a historical perspective by analyzing U.S. stock and bond records dating back to 1792. Dr. McQuarrie explains how his research builds upon previous work by Jeremy Siegel, highlighting the advantages of accessing older historical data. This thought-provoking episode challenges conventional wisdom and provides listeners with a fresh perspective on portfolio theory. Read the article in the Financial Analysts Journal: https://cfainst.is/49uRrEq

In this episode of Guiding Assets, host Mike Wallberg, CFA, sits down with Ivan Mitov, the VP and Director of Risk Research for FactSet. Ivan leads a team of quantitative researchers who focus on building and applying multi–asset class risk models. The discussion centers around the application of AI and large language models in the investment industry. Ivan explains the research process and the outputs his team works towards for clients. Tune in to gain insights into the role of AI in risk modeling and its impact on the industry.

In this episode of Guiding Assets, host Mike Wallberg, CFA, is joined by Olivier Fines, CFA, Head of Advocacy and Capital Markets Policy Research for EMEA at CFA Institute. They discuss the findings of a recent CFA Institute report on the valuation of cryptoassets. The conversation explores the history of CFA Institute's engagement with cryptocurrency and how traditional valuation techniques can be applied to determine the defensible value of cryptocurrencies. Olivier shares insights from his experience in investment management and highlights the key takeaways from the report. Tune in to gain a deeper understanding of the valuation of cryptoassets and its significance for investment professionals. Read the full report here: https://cfainst.is/48nqTot

In this episode of Guiding Assets, host Mike Wallberg interviews Dr. Joe Simonian, a leading quant expert in the field of investment research. Dr. Simonian is the co-author of a new book called "Quantitative Global Bond Portfolio Management," which explores the application of quantitative methods in fixed income investing. They discuss the various topics covered in the book, including both traditional and cutting-edge techniques in global bond management. Listeners will gain insights into the intersection of quantitative investing and fixed income, as well as emerging markets, AI, alternative data, and more. Tune in to hear Dr. Simonian's expertise and learn about the exciting developments in this field.

In this episode of Guiding Assets, host Mike Wallberg, CFA, is joined by Kunal Kapoor, CFA, CEO of Morningstar, to discuss the rise of AI and its role in financial markets. Kunal shares insights into Morningstar's mission to empower investor success. Tune in to learn more about the accelerating pace of change in the industry and how Morningstar is adapting to it.

In this episode of Guiding Assets, host Mike Wallberg, CFA, is joined by Dan McGoey, CFA, a portfolio manager and analyst on the multi-asset investment team at Lazard Asset Management. They discuss real assets, which are companies or businesses with high-cost investments and long useful lives, such as those in the real estate and infrastructure sectors. They also explore different ways to invest in real assets, including through direct investment or listed securities. Tune in to learn more about real assets and Dan's experience investing in Latin America.

In this episode of Guiding Assets, host Mike Wallberg, CFA, interviews Dr. Anja Hochberg, responsible for multi-asset solutions at Zürcher Kantonalbank. They discuss the challenges of setting asset mix in a volatile market, with topics including real estate, equity markets, and the uncertain global economic outlook. Dr. Hochberg explains the importance of multi-asset portfolios for both institutional and private clients and how they actively manage opportunities and risks. They also explore the migration away from traditional 60-40 portfolios for institutional investors and the drivers behind those changes. Tune in for expert insights on navigating today's investment landscape.

In this episode of Guiding Assets, host Mike Wallberg, CFA, is joined by Mark Heppenstall, CFA, president and chief investment officer of Penn Mutual Asset Management. They discuss the nuances of managing money for an insurance company, highlighting the importance of managing assets to be in line with liabilities. Mark also shares insights on the current state of credit and bond markets, revealing where he sees value. Tune in to gain a deeper understanding of the unique challenges and opportunities in insurance-focused investing.

In this episode of Guiding Assets, host Mike Wallberg, CFA, speaks with Rhodri Preece, CFA, and Ryan Munson from the CFA Institute Research & Policy Center about their report, Future State of the Investment Industry. The report explores four potential scenarios for the industry and how it may be shaped in the next five to ten years. They discuss the goals of the report and the research process involved. This episode provides valuable insights into the major trends and disruptors affecting the investment industry.   Read the full report: https://cfainst.is/3PVMjm1

Host Mike Wallberg, CFA, interviews Javier Gonzalez Lastra, CFA, a portfolio manager at Tema ETFs, about the investment potential of the luxury goods sector. Javier explains that while the luxury goods market is fragmented, companies like LVMH have managed to build large conglomerates. He discusses the reasons why his team at Tema decided to launch a luxury ETF, pointing to demographic trends like the growing purchasing power of females in the workforce and the rise of the middle class in Asia. Javier also touches on the pricing power of luxury goods, which is driven by their desirability and negative price elasticity.

In this episode of Guiding Assets, Mike Wallberg, CFA, interviews the head of the global investment team at Orbis Investments, Simon Skinner, CFA. They discuss Orbis' unique approach to asset management, including refunding of performance fees in the case of underperformance. They also delve into Orbis' investment insights team and their use of data to make better investment decisions. Tune in to learn more about Orbis' progressive strategies in the investment industry.

In this episode of Guiding Assets, host Mike Wallberg is joined by serial entrepreneur and angel investor, Mac Lackey. With a background in starting, scaling, and selling multiple companies, Mac shares his secrets to success as an entrepreneur and investor. From his passion for soccer to his various ventures in the sports industry, Mac discusses his journey and the lessons he has learned along the way. Tune in to gain insights on achieving success in the business world.

Ever wondered how your confidence level influences your decision making and how understanding this concept could be a game changer in the world of finance? Tune into our engaging conversation with Peter Atwater, author of  the new book The Confidence Map: Charting a Path from Chaos to Clarity. You probably know Peter as the thought-leader who coined the term 'K-shaped recovery.’ In this interview we navigate the intriguing facets of confidence mapping, from the two critical axes of certainty and control to the four quadrants — the Comfort Zone, the Stress Center, the Passenger Seat, and the Launch Pad — each providing unique insights into our behaviors and responses.   As our dialogue deepens, we explore how personal vulnerabilities can act as catalysts in decision making, shifting our focus to immediate concerns and diminishing strategic thinking. Peter introduces us to the concept of the 'five Fs,' a framework delineating our reactions to stress and providing strategies to evade the negative reinforcement loop of catastrophizing. This discussion serves as a critical reminder of our need to manage vulnerability and anxiety to make more informed decisions.   Our discussion then takes a leap into the world of finance, revealing how these concepts can significantly impact investment strategies. We dissect the five reactions to intense vulnerability — fight, flight, freeze, follow, and nihilism — and their crucial role in risk assessment and decision-making within the investment landscape. To cap it off, Peter shares invaluable insights from his own career journey, underlining the importance of understanding the crowd and its sentiment. So, join us for this insightful episode where we delve into the human psyche, its impact on our decision making, and the role it plays in the world of finance.

Discover the crucial role of governance and fiduciary thinking in the blockchain and crypto space as we navigate the recent cryptocurrency failures of FTX and Terra Luna with Eelco Fiole, co-founder and managing partner of Alpha Governance Partners, and guest host, Andres Vinelli, chief economist at CFA Institute. Uncover how the lack of oversight and risk management contributed to these disasters and gain valuable insights on the importance of establishing trust with investors through proper governance. Join our riveting conversation as we explore the evolving landscape of the crypto industry, touching on the impact of energy consumption and ESG considerations on the success of new protocols. Learn about the different consensus mechanisms used in cryptocurrency transactions and their implications on energy use, as well as the potential of carbon taxes on the future of crypto. Don't miss this essential episode for anyone seeking to keep pace with the rapidly changing world of cryptocurrency governance and investment.

Discover how to unlock the power of alternative data in your investment strategy with Kai Wu, founder and chief investment officer of Sparkline Capital, as he speaks with Paul Andrews, head of Research, Advocacy, and Standards at CFA Institute. Listen in as we explore the use of modern technology, data, and machine learning to enhance traditional investment approaches. Kai shares how Sparkline Capital applies these innovative techniques to measure intrinsic value, especially in the realm of intangible assets. Learn how alternative data sets and tools like natural language processing and AI can revolutionize your approach to value investing.   In the second part of our discussion, we focus on the potential of AI in risk management and investing. We explore how natural language processing can be used to quantify intangible assets and measure risk. Kai shares insights from Sparkline's experiences in using alternative data to make more informed investment decisions. We also discuss the significance of creating transparent and traceable models and the growing role of data vendors in the investment landscape. Don't miss out on this engaging conversation packed with actionable insights for today's tech-savvy investor.     --------- EPISODE CHAPTERS ---------   (0:00:06) - Using Alternative Data in Value Investing (0:12:14) - AI in Investing and Risk Management (0:17:20) - The Importance of Unstructured Information