Episodes
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Today’s guest is Rob Arnott, Founder and Chairman of Research Affiliates, where he actively contributes to research, portfolio management, product innovation, business strategy, and client relations. He co-manages several funds, including the PIMCO All Asset and RAE™ funds. Throughout his career, Rob has challenged conventional financial wisdom and pioneered strategies such as tactical asset allocation, global tactical asset allocation, tax-advantaged equity management, and the Fundamental Index™ approach.
Before founding Research Affiliates in 2002, Rob was chair of First Quadrant, LP, global equity strategist at Salomon Brothers, and CEO of TSA Capital Management. He has published over 150 articles and won numerous awards, including eight Graham and Dodd Scrolls awarded annually by the CFA Institute. Rob also received the 2013 William F. Sharpe Indexing Lifetime Achievement Award. Rob holds a summa cum laude BS in economics, applied mathematics, and computer science from UC Santa Barbara. (Note: bio condensed by ChatGPT).
In this episode, Rob gets us current since he last visited us in Orlando last February, with everything from market returns to the returns impact pre and post-election. We officially welcome Rob as a Florida resident, we discuss the beginning of Research Affiliates, along with indexes dumping stocks and the contrarian launch of his new ETF, NIXT, expected returns, AI and its impact on white-collar professionals, and more.
Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & co-host Javier Perez, CFA (Director, BlackPoint Capital), both of us are Past Presidents of CFA Orlando.
Please enjoy the episode. You can follow us on Twitter & LinkedIn or at investorsfirstpodcast.com
Show Notes:
Link: Expected Returns Interactive Tool
Research Affiliates: https://www.researchaffiliates.com/
NIXT ETF: https://nixtetf.com/etf/ -
Today’s guest is Marlena Lee. Marlena is Dimensional Fund Advisor’s (DFA) Global Head of Investment Solutions, leading a team focused on investment thought leadership and client education. She is also a member of DFA’s Investment Research Committee. Founded in 1981, DFA is a global asset management firm with ~$800B in assets under management, known for successfully applying academic research to practical investing. Prior to her time at DFA, Marlena served as Co-Head of Research, directing the firm’s global research agenda. Marlena was a teaching assistant for Nobel laureate Eugene Fama at the University of Chicago Booth School of Business. She holds a PhD and MBA from Chicago Booth, an MS in agricultural and resource economics, and a BS in managerial economics from UC Davis. (ChatGPT generated Bio) In this episode, we start by covering Marlena’s academic journey as a TA with Nobel Laureate Professor Gene Fama at the University of Chicago. We pivot to the investment side with a discussion about the Magnificent 7 and what is driving US market performance, an update on factor investing, a brief history of Dimensional Fund Advisors (DFA), small c(r)ap investing, the use of Russell 2000 as a benchmark and the dwindling number of public names in US markets. Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & co-host Christina Shaffer, CFA (Director of Fixed Income, AllGen Financial) Please enjoy the episode. You can follow us on Twitter & LinkedIn or at investorsfirstpodcast.com Show Notes: https://www.dimensional.com https://www.dimensional.com/hk-en/bios/marlena-lee
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Episodes manquant?
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Today’s guest is Marko Papic, Marko leads BCA Research's BCA Access and developed GeoMacro Research, the first discretionary macro-geopolitical investment strategy in finance. He connects clients with a broad expert network and custom research, having founded BCA’s Geopolitical Strategy service. His book, Geopolitical Alpha, presents a framework for predicting investment outcomes. Previously, Marko was a Partner and Chief Strategist at Clocktower Group, advising institutional investors. His work is included in the CAIA curriculum and The Palgrave Handbook of Contemporary Geopolitics. Starting as a Senior Analyst at Stratfor, he has lectured at Stanford and Georgetown. Marko holds advanced degrees from the University of Texas and UBC.
This is the second time we have had the privilege of hosting Marko, almost 4 years ago on the button. Marko is no doubt one of our favorite guests in the history of this podcast.
In this episode, we cover the U.S. election, who will win and what America’s foreign policy will look like for Trump or Harris. We discuss the powerful American consumer driven economy, how to position your portfolio, the untapped equity in American’s homes, and getting us current on the last 4 years since the last time Marko joined us.
Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & co-host Chris Cannon (CIO/Principal, FirsTrust)
Links:
https://www.bcaresearch.com
https://www.bcaresearch.com/marketing/geomacro
https://www.bcaresearch.com/marketing/report/gmac/what-geomacro/100026
Please enjoy the episode.
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Today’s guest is Jeremy Schwartz, CFA, Global Chief Investment Officer at WisdomTree. Before Jeremy started at WisdomTree in 2005, he was a head research assistant for Professor Jeremy Siegel and became his co-author on the sixth edition of the book Stocks for the Long Run. He received his B.S. in economics from the Wharton School of the University of Pennsylvania and hosts the Wharton Business Radio program Behind the Markets on SiriusXM 132. Jeremy is a CFA charter holder and is a member of CFA Society Philadelphia.
In this episode, we start by covering Jeremy’s charter holder story. We discuss how he first met Professor Jeremy Siegel while at U Penn and the amazing partnership they have had over the last couple of decades. We also dived into currency hedging in equity markets, the calculus behind launching a new ETF, his podcast and more.
Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & co-host Chris Cannon (CIO/Principal, FirsTrust)
Please enjoy the episode. -
In this episode, we have the pleasure of hosting Michael Mauboussin, Michael is a highly respected figure in finance, celebrated for his deep insights into decision-making, behavioral economics, and investing. Michael is currently the Head of Consilient Research at Counterpoint Global (part of Morgan Stanley Investment Management). He also serves as an adjunct professor of finance teaching Security Analysis at Columbia Business School (since 1993), teaching essentially the same class that Ben Graham started teaching in 1920. Michael is chairman emeritus of the board of trustees of the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory. Mauboussin is best known for his influential books like "The Success Equation" and "Think Twice," which explore critical concepts such as the interplay of skill and luck in business and the power of counterintuitive thinking, which we will touch on in this episode.
In today’s episode, we cover a wide range of topics, including the ongoing public vs. private equity discussion, luck vs. skill as skill increases, stock market concentration, buybacks, valuation and advice for aspiring investment professionals.
Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & co-host Chris Cannon (CIO/Principal, FirsTrust)
Please enjoy the episode. You can follow us on Twitter & LinkedIn or at investorsfirstpodcast.com
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Today we host Ali Hamed, a Co-Founder and Partner at CoVenture and a prominent figure in venture capital and alternative investments. With a background in finance and technology, Ali brings strategic insights to early-stage investing. Hamed's track record of success and commitment to fostering entrepreneurship make him a key player in shaping the startup ecosystem. (concise bio courtesy of ChatGPT).
In today’s episode, we start with Ali’s origin story, starting with his time as a baseball player and agriculture major at Cornell, and what led to him eventually saying the internet was his major in college (which you will see on his LinkedIn profile). I have witnessed Ali’s differentiated view on investing in person and have enjoyed listening to his firm’s approach, which in some cases, they are 1 of 1 in their space. We discuss whether it is better to have capital or a good investment idea first, the democratization of private market investing, funding YouTube creators, and more.
Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & co-host Chris Cannon (CIO/Principal, FirsTrust)
Please enjoy the episode. Follow us on Twitter & LinkedIn.
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Today we host Dr. Meir Statman, somebody who was extremely productive during the pandemic, which included completing his new book A Wealth of Well Being. For those familiar with his behavioral finance research, Meir needs no introduction. For the rest of you listening, Meir has devoted his entire career to behavioral finance and making better investment decisions. We were fortunate to have the opportunity to host Meir for an event before the pandemic, but this is the first time he has been on our podcast.
Meir received his Ph.D. from Columbia University and his B.A. and M.B.A. from the Hebrew University of Jerusalem. It is worth noting that his research has been published in countless reputable academic journals and has been supported by the CFA Institute Reserarch Foundation, the National Science Foundation and the Investment Management Consultants Association (IMCA).
In today’s episode, we cover the different measures of wealth in a person’s life and the case for diversification across the various measures of wealth one can have (financial, social, cultural, among others). We also discuss human capital as a measure of wealth, optimal vs. sensible portfolio management, overspending vs. underspending, self-actualization, and more.
Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & guest host Frank Garcia, CFA (Founder, Frankly Finances).
Please enjoy the episode. Follow us on Twitter & LinkedIn.
Social Media:
LinkedIn Post (and Facebook):
New episode w/ Dr. Meir Statman, Professor of Finance at Santa Clara University, hosted by Steve Curley, CFA & Frank Garcia, CFA
*Various measures of wealth a person can have
*The healing power of multiple forms of wealth
*Human capital as a measure of wealth
*Optimal vs. sensible portfolio management
*Overspending vs. underspending
*Self-Actualization
Enjoy! Insert link here
Twitter Post:
New episode w/ Dr. Meir Statman, hosted by Steve Curley, CFA & Frank Garcia, CFA. We discuss personal wealth beyond the numbers (well-being) with the authority on the topic.
Show Notes:
Santa Clara University: https://www.scu.edu/business/finance/faculty/statman/
New book: A Wealth of Well-Being
Office Hours with Professor Meir Statman: A Crash Course in Behavioral Finance
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Our guest today is Sion Evans, CFA, Senior Investment Manager at VenCap, one of the longest-established investment management and advisory firms active in the VC industry today. They’ve made over 500 commitments to venture capital funds in the US, Europe, China and India.
In today’s episode, Sion gives a masterclass on what the data says about venture capital. We spend a lot of time on the importance of capturing the fund returners, why power laws drive venture returns, and what the global VC & startup landscape looks like today.
Our co-hosts today are Frank Garcia, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
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Our returning guest today is Vikram Mansharamani, a global trend-watcher who shows people how to anticipate the future, manage risk and spot opportunities.
In today’s episode, Vikram updates us on what’s been a busy three years since he first came on the podcast. We discuss his senatorial campaign in New Hampshire, his unfortunate split at Harvard, and then get into his new book, The Making of a Generalist. He gives a brief overview of the book and then apply his generalist lens to talk about his annual blog post that shares global developments he’s keeping an eye on over the next five years. We touch on immigration, the space economy, AI, tensions between US & China, and more.
Be sure to check out the show notes for all the related links we discuss in the episode.
Our co-hosts today are Chris Cannon, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Resources
24 Global Developments to Watch Over the Next Five Years
Purchase his book, The Making of a Generalist: An Independent Thinker Finds Unconventional Success in an Uncertain World
Read the intro to his book
Drill, Baby, Drill!
The Kai Guy Show
Vikram's Recommendations
Grant by Ron Chernow
Quantum Supremacy: How the Quantum Computer Revolution Will Change Everything Hardcover
Brave New World by Aldous Huxley
1984 by George Orwell
Grid Down, Power Up
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
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Today we host Howard Marks of Oaktree Capital Management. For most of us in the investment community, Howard needs no introduction. He is somebody we have looked forward to hosting for quite some time and I couldn’t think of anybody better to kick off year five of the Investors First Podcast. We could go on and on about his track record, whether it be his time at the University of Pennsylvania or the University of Chicago, his firm’s investment performance, or his various professional achievements, but we must note that Howard is a fellow CFA charter holder (circa 1975).
In today’s episode, we cover the various phases of Howard’s career. We then discuss the beginning of his time in high-yield debt and how the shift to a risk-return framework for fiduciaries forever changed the investing profession. We also discussed his famous memos and his important thoughts on the Sea Change we are currently experiencing in markets and much more. We are truly grateful for the time Howard offered and he was everything we expected and then some.
Today's hosts are Steve Curley, CFA (Founder, 55 North Private Wealth) & guest host Chris Cannon, CFA (Chief Investment Officer, FirsTrust).
Please enjoy the episode. Follow us on Twitter & LinkedIn.
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Our guest today is Adam Nash, the co-founder & CEO of Daffy.org, a modern platform and community for charitable giving that allows you to sign up for your donor-advised fund. Adam has served as an executive, angel investor, and advisor to some of the most successful technology companies to come out of Silicon Valley, including Dropbox, LinkedIn, eBay, and Apple. Adam also served as President & CEO of Wealthfront.
In today’s episode, Adam explains why his time at Wealthfront gave him the idea to launch Daffy (which stands for donor-advised fund for you). We walk through the ins and outs of a donor-advised fund, how Daffy manages to offer it at a cost that makes Vanguard 13x more expensive, and why this can be a great tool for year-end tax planning.
Listeners get an extra $25 for charity when they join Daffy. Get started for free here.
Our co-hosts today are Steve Curley, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
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Today we host Professor Aswath Damodaran, where we speak about how Aswath gained his love for teaching and how it led to him becoming an expert in valuation. The episode quickly veered into a sharp critique of the shortcomings of ESG investing. We also discuss market efficiency as it relates to active vs. passive investing, his story approach to individual companies, the future of education, career advice for finance professionals and more.
Our hosts today are Steve Curley, CFA & guest host Chris Cannon, CFA (Chief Investment Officer, FirsTrust).
Please enjoy the episode. Follow us on Twitter & LinkedIn.
Social Media:
LinkedIn Post (and Facebook):
New episode w/ Aswath Damodaran, hosted by Steve Curley, CFA & Chris Cannon, CFA.
*Aswath’s love for teaching and how it led to him becoming an expert in valuation
*A sharp critique of ESG investing
*Market efficiency
*His story approach to individual companies
*Future of education and career advice for finance professionals
Enjoy! Insert link here
Twitter Post:
New episode w/ Aswath Damodaran, hosted by Steve Curley, CFA & Chris Cannon, CFA. We discuss his love for teaching, his story approach for individual companies, a sharp critique of ESG investing and more.
Show Notes:
NYU Homepage: https://pages.stern.nyu.edu/~adamodar/ Writing: https://pages.stern.nyu.edu/~adamodar Data: https://pages.stern.nyu.edu/~adamodar Tools: https://pages.stern.nyu.edu/~adamodar Musings on Markets blog: https://aswathdamodaran.substack.com/ YouTube Channel: https://www.youtube.com/channel/UCLvnJL8htRR1T9cbSccaoVw -
Today we host Phil Hayes, The ESOP Guy, where we speak about how Phil went from banker to Managing Partner of a large regional accounting firm (as a non-CPA) to now becoming an expert in ESOP’s.
In today’s episode, we speak about exit strategies in general, where ESOP’s fit, the mechanics of ESOP transactions and the tax advantages of this structure. We then bounce around and discuss everything all at once ranging from 1042 exchanges with qualified replacement property, to whether this is a good deal for BOTH the owners and the employees and much more.
Our hosts today are Steve Curley, CFA & guest host Chris Cannon, CFA (Chief Investment Officer, FirsTrust).
Please enjoy the episode. Follow us on Twitter & LinkedIn.
Social Media:
LinkedIn Post (and Facebook):
New episode w/ Phil Hayes, Partner at Berman Hopkins, hosted by Steve Curley, CFA & Chris Cannon, CFA.
*Journey from banker to Managing Partner of Regional accounting firm to ESOP expert
*The ESOP Guy podcast
*Exit strategies and where ESOP’s fit for business owners
*Tax advantages
*1042 qualified replacement property
*Is this a good deal for BOTH seller and employees?
Enjoy! Insert link here
Twitter Post:
New episode w/ Phil Hayes, Partner at Berman Hopkins, hosted by Steve Curley, CFA & Chris Cannon, CFA. We discuss the ESOP Guy podcast, goodness of fit for business owners, tax advantages, 1042 qualified replacement property, and whether this a good deal for all parties involved.
Show Notes:
https://www.journeytoanesop.com
https://www.bermanhopkins.com/
https://www.esopassociation.org/resources
https://www.nceo.org/find-your-resource
https://www.esop.org
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Our guest today is Peter Atwater, President of Financial Insyghts and an adjunct professor at William & Mary and the University of Delaware. He studies the impact of changing confidence on consumer decision-making, using his research to advise investors, business leaders, and policymakers. In 2023, he released the book, The Confidence Map: Charting a Path from Chaos to Clarity.
In today’s episode, Peter walks through some of the key topics in the world today, including the dominance of U.S. stocks, the rise of grifters in the past few years, why he coined the term K-Shape Recovery in 2020. Everything Peter discusses is through the lens of the decision-making framework laid out in his recent book, which is the best writing about the way feelings of confidence and vulnerability relate to the markets at any given time.
Our co-hosts today are Chris Cannon, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL -
Our guest today is Orlando’s own fantasy football expert, KC Joyner. KC used to work for ESPN and now runs his own website called The Football Scientist. We’ve had lots of amazing podcast guests since we started in March 2020, but since last year’s episode with KC was the second most downloaded episode of any episode we’ve had, we had to invite him back on.
In today’s episode, KC explains how another past podcast guest Peter Zeihan’s geopolitical framework applies to fantasy football. We cover a range of topics to get you prepped for your draft, and KC was kind enough to give our listeners a discount to his draft guide, so visit www.thefootballscientist.com and use the code CFA for a discount on his draft guide and season-long packages.
Our co-hosts today are Steve Curley, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
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Our guest today is Cameron Dawson, Chief Investment Officer of NewEdge Wealth. Cameron is a Florida native, Rollins college graduate and former board member of the CFA Society of Orlando.
In today’s episode, Cameron talks about her overall view of the markets. She touches on value, emerging markets, alternatives, and why she’s keeping a close eye on the Bank of Japan going forward.
Our co-hosts today are Chris Cannon, CFA, and myself, Colby Donovan, CFA. Please enjoy the episode.
Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
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Our guests today are David Lau and Wade Pfau. These two individuals have been collaborating for quite some time to solve retirement income puzzles for investors. David has been doing it with DPL, bridging the gap between low cost insurance and Fee Only wealth management firms. On the other hand, Wade has been approaching retirement solutions from the academic lens with rigorous research.
In today’s episode, we discuss the potential blind spot in Fee-Only wealth management firms as it relates to insurance and annuities, whether insurance and investments should be comingled and the concept of the outsourced Chief Insurance Officer. We break down the cost of certain products and discuss the puzzles that David and Wade are trying to solve for retirees seeking stable income sources. We also discuss if Ken Fisher is a fiduciary, what products should exist that don’t currently exist, recreating your grandparents pension with lower cost products and whether long term care insurance products are cost efficient for retirees.
Wade will receive the award as the most resilient guest of the Investors First Podcast, as he was kind enough to join us while on a trip in Japan and even experienced two earthquakes while recording the episode.
Our host today is Steve Curley, CFA. Please enjoy the episode.
Follow CFA Society of Orlando on Twitter at @CFAOrlandoFL
Social Media:
LinkedIn Post (and Facebook):
New episode w/ David Lau, DPL & Dr. Wade Pfau, RISA, hosted by Steve Curley, CFA.
*Breaking down a commission free insurance product
*The challenges of market volatility and homemade dividends in retirement
*Credit risk associated w/ the implicit guarantee in insurance products
*Is Ken Fisher a fiduciary?
Enjoy!
Twitter Post:
New episode w/ David Lau & Dr. Wade Pfau, hosted by Steve Curley, CFA. We break down commission free insurance products for Fee-Only Advisors, the challenges of homemade dividends for retirees with total return approaches, whether Ken Fisher is a fiduciary and the concept of the Outsourced Chief Insurance Officer.
https://www.dplfp.com
https://risaprofile.com
https://retirementresearcher.com/
https://www.mcleanam.com/
https://www.theamericancollege.edu/our-people/faculty/wade-pfau
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In today’s episode, we host Wes Gray, CEO of Alpha Architect. Founded in 2010, Alpha Architect is a research focused quant firm that put themselves on the map offering value and momentum factor exposures, but it doesn’t stop there. Wes and his group have evolved to offer advanced tax strategies in the form of ETF’s, separately managed accounts (SMA’s), and ETF white-labeled services. Wes has an incredible bio that starts with humble beginnings growing up on a ranch. He later becomes a Captain in the US Marine Corps followed by earning his MBA & PhD studying under Nobel Prize Winner Eugene Fama at the University of Chicago.
This episode is centered around investments and tax minimization, starting with why Wes moved to Puerto Rico a few years ago. We discuss his bio and his mission for Alpha Architect & ETF Architect. We focus the rest of the episode on tax efficiency for asset owners, starting with white labeling ETF’s, creative conversions to ETF’s, whether direct indexing is currently oversold, post ESOP investment strategies, box spreads as an alternative to T-Bills and more.
Hosting today’s episode is myself Steve Curley, CFA & guest host Frank Garcia, CFA.
Please enjoy the episode. Follow us on Twitter & LinkedIn.
Social Media:
LinkedIn Post (and Facebook):
New episode w/ Wes Gray, CEO of Alpha Architect, hosted by Steve Curley, CFA & Frank Garcia, CFA.
*PR Act 60 (Preferred Tax Status for Puerto Rico Residents)
*Bio/Mission if Alpha Architect & ETF Architect
*White labeling ETF’s & creative ETF conversions
*Direct indexing, oversold?
*Box spreads as an alternative to T-Bills
*Post ESOP investment strategies
Enjoy! Insert link here
Twitter Post:
New episode w/ Wes Gray, CEO of Alpha Architect & ETF Architect. We discuss everything tax, from PR Act 60, to his firm’s mission & focus on tax efficient investments, white labeling ETF’s, creative ETF conversions, direct indexing being oversold, box spreads instead of T-Bills & more.
Show Notes:
Alpha Architect: https://alphaarchitect.com/about
ETF Architect: https://etfarchitect.com/
Box spreads: https://alphaarchitect.com/2023/05/box-spreads-an-alternative-to-treasury-bills/
March for the Fallen: https://alphaarchitect.com/mftf/
Democratize Quant: https://alphaarchitect.com/democratizequant/
How to Start an ETF: https://alphaarchitect.com/2021/11/how-to-start-an-etf-resources-and-faq/
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Today we host Jan van Eck for the second time on the Investors First Podcast. Jan is the CEO of VanEck, a global asset manager with over $57 billion in assets under management, including ETF’s, mutual funds, SMA’s, UCITS and more. Since our first recording with Jan in April 2020, Jan took the initiative to create a financial history course at VanEck during the pandemic. Jan is a brilliant investment professional with a passion for financial history. Beyond VanEck’s work as a pioneer in the asset management business, we wanted to highlight the great work he is doing (beyond managing money) in this episode.
In today’s episode, we speak about Jan’s financial history curriculum, railroads as the first internet of the United States, the philosophical debate continuing between Hamiltonians and Jeffersonians, the concentration of power with ETF’s (and politicization of ESG), predicting the future and much more.
Our host today are Steve Curley, CFA & today’s guest host is Chris Cannon, CFA (Chief Investment Officer, FirsTrust).
Please enjoy the episode. Follow us on Twitter & LinkedIn.
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Our guest today are Rick Bookstaber and Govinda Quish, co-founders at Fabric Risk, which provides factor-based risk management applications for investment advisors, consultants and family offices. This is the second time we have hosted Rick on our podcast, with this time focused on the current state of banking and the risks of contagion, as well as other risks in public and private markets. We encourage you to listen to our prior episode with Rick to learn more about his background or visit fabricrisk.com to learn more about their professional backgrounds.
Hosting today’s episode is Steve Curley, CFA, co-founder of The Investors First Podcast & former President of CFA Orlando. Please enjoy the episode.
Follow CFA Society of Orlando on LinkedIn & Twitter @CFAOrlandoFL. You can find every past episode of the The Investors First Podcast at investorsfirstpodcast.com.
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