WEALTHTRACK
By Consuelo Mack
WEALTHTRACKNov 11, 2017
Exciting Bond Returns
WEALTHTRACK episode 2046 originally broadcast on May 11, 2024
Why Working Longer Is Not A Retirement Solution
WEALTHTRACK episode 2044 broadcast on May 04, 2024
More info: https://wealthtrack.com/influential-labor-economist-teresa-ghilarducci-on-why-working-longer-is-not-a-retirement-solution/
Bookshelf :
Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy
https://amzn.to/44nREYI
Rescuing Retirement: A Plan to Guarantee Retirement Security for All Americans
https://amzn.to/3wgSIBe
Residential Real Estate Opportunities
Part 2 of 2: Strong demand and limited supply have created long-term opportunities in residential real estate. Top ranked Baron Real Estate Fund manager, Jeff Kolitch shares his highest conviction investments.
Commercial Real Estate Opportunities
Top ranked real estate fund manager, Jeffrey Kolitch discusses the compelling opportunities he is finding in the much maligned commercial real estate industry.
Influential Strategist Ed Yardeni Critiques Artificial Intelligence, Economists & The Bull Market
Influential economist and strategist Ed Yardeni tackles why AI isn’t intelligent, economists have been so wrong and the bull market could continue.
WEALTHTRACK episode 2040 broadcast on March 30, 2024.
Exciting investment opportunities with award-winning global value investor Sarah Ketterer
Causeway Capital’s Sarah Ketterer describes a range of global companies with outstanding values.
WEALTHTRACK #2039 broadcast on March, 22, 2024March
A leading bond analyst shares his strategy for picking top-performing stocks for the year ahead
Leading bond analyst Martin Fridson explains his tested strategy for identifying top-performing stocks for the year ahead.
WEALTHTRACK #2038 broadcast on March 15, 2024
Early bull Ed Yardeni calls this the roaring 2020s with the economy and stocks advancing
Part 1 of 2: Leading bond analyst Martin Fridson explains his tested strategy for identifying top-performing stocks for the year ahead.
WEALTHTRACK #2037 broadcast on March 8, 2024
Portfolio Housecleaning
Part 2 of 2 How to streamline your retirement planning by decluttering and consolidating accounts with Morningstar’s retirement guru, Christine Benz. WEALTHTRACK episode 2033 was originally broadcast on February 09,2024.
Tax-Efficient Investing: Optimizing Asset Location with Higher-Yielding Assets
We speak with Christine Benz, Morningstar's personal finance guru, about the significant impact of higher yields on retirement planning. Benz discusses the potential benefits of adding a basic fixed immediate annuity to retirement plans, the importance of asset location for higher-yielding assets, and the advantages of investing in defined maturity bond funds. She also shares insights on the iShares I bond Term TIPS ETFs and the implications of higher interest rates on portfolio returns. Don't miss this informative discussion on optimizing your retirement strategy.
WEALTHTRACK Episode 2023 originally broadcast on Feburary 02, 2024
More Info: https://wealthtrack.com/the-huge-impact-of-higher-yields-on-retirement-planning-with-personal-finance-guru-christine-benz/
Get: Safe Retirement Withdrawal Strategies: https://www.morningstar.com/lp/the-state-of-retirement-income
Investing with Discipline: Seeking Opportunities in Challenging Markets
We dive into the real risks facing the markets with global value investor Matthew McLennan. As markets climb a wall of worry, McLennan shares his insights on protecting yourself from inevitable declines and sticking to a disciplined investment approach. We explore the key concerns and opportunities in the financial landscape. Stay tuned for valuable insights from McLennan, Co-Head of the global value team at First Eagle Investments, discusses the multiple risks facing “complacent” markets and his strategies to navigate them.
WEALTHTRACK Episode 2031 originally broadcast on January 26, 2023
Investment Strategies: Unveiling Major Themes for 2024 with Jason Trennert
Join renowned financial thought leader and strategist Jason Trennert as he shares his major investment themes for 2024 in this episode of WEALTHTRACK. Gain insights into the current state of the economy and markets, and discover potential risks and opportunities that lie ahead. Trennert discusses the performance of giant tech stocks, the importance of portfolio rebalancing, and investment strategies for areas that have lagged behind. Explore the rise of populism and its impact on global markets. Don't miss this informative conversation!
WEALTHTRACK Episode 2030 originally broadcast on January 19, 2024
More info: https://wealthtrack.com/leading-strategist-jason-trennert-identifies-major-investable-themes-for-2024/
Asset Allocation Strategies: Building a Strong Investment Portfolio
We have a fascinating discussion with Sebastien Page, Head of T Rowe Price's global multi-asset division, about the new regime we find ourselves in. But what exactly does this regime change mean? Well, for the first time in 40 years, we have seen a higher high in fed funds, marking the end of the era of near-zero interest rates. This shift has significant implications for portfolio construction and diversification strategies. In this interview, Sebastien Page shares his insights on how this new regime differs from previous periods and how it requires us to rethink traditional approaches to asset allocation. Join us as we explore the strategies and considerations for building and protecting your wealth in this changing financial landscape.
WEALTHTRACK episode 2029 originally broadcast on January 12, 2024
More info: https://wealthtrack.com/a-new-market-era-requires-different-strategies-sebastien-page-describes-his-updated-approach/
The View from the Knife's Edge: A New Market Regime: https://www.troweprice.com/corporate/us/en/press/press-release-financial-services-review-the-view-from-the-knifes-edge-a-new-market-regime.html
Bookshelf: Beyond Diversification: What Every Investor Needs to Know About Asset Allocation
https://amzn.to/3U4a2mB
Investing in China: Financial Developments and Opportunities
In this episode of WEALTHTRACK, we explore the topic of emerging markets and their current investment potential. Our guest, Andrew Foster, a renowned portfolio manager and founder of Seafarer Capital Partners, shares his insights on why emerging markets are no longer a growth story. Foster emphasizes that the investment case for emerging markets lies in individual companies rather than countries. He highlights the challenges faced by companies in China, such as government interference and encroachment on operations and governance. Foster also discusses his investment approach, focusing on income and value. Despite the changing landscape, he still finds China investable and continues to research and invest in the country. Overall, this episode provides valuable perspectives on the evolving dynamics of emerging markets and the importance of company-specific analysis in investment decisions.
WEALTHTRACK Episode 2026 originally broadcast on December 22, 2023
More info: https://wealthtrack.com/andrew-foster-is-finding-undervalued-high-quality-market-leading-companies-in-emerging-markets/
Finding Compelling Values: Insights from Star Portfolio Manager David Giroux
David Giroux discusses the impact of AI on companies' cost structures and margins, highlighting the potential for increased productivity. Companies like Alphabet (Google) and their use of AI to make programmers more productive, leading to margin expansion. Giroux also discusses investment opportunities in sectors like utilities, healthcare, and industrials, emphasizing the importance of a longer time horizon for investment success. WEALTHTRACK # 2025 broadcast on December 15, 2023 More Info: https://wealthtrack.com/5-star-gold-medalist-portfolio-manager-david-giroux-discusses-contrarian-2024-strategies-and-ai/ Bookshelf: Thinking, Fast and Slow https://amzn.to/3NvHRbR
Cash Reserves & Cautious Predictions: Ed Hyman's Approach
Annually, the anticipation for economist Ed Hyman's insights peaks as he's consistently ranked Wall Street's top economist for 43 years. Last year, he tracked the Federal Reserve's tightening policies, predicting a slowdown in inflation and warning of a potential recession if credit conditions tightened further.
WEALTHTRACK episode 2024 broadcast on December 08, 2023
More Info: https://wealthtrack.com/wall-streets-longtime-1-economist-ed-hyman-shares-his-high-conviction-calls-for-2024/
Bookshelf: Leadership: Six Studies in World Strategy https://amzn.to/48cxEsZ
Recession Risk Analysis: Jeff Schultze's Perspective on the Economy [2023]
Jeff Schultze, head of economic and market strategy at ClearBridge Investments, discusses the possibility of a recession and the current state of the economy. He shares insights on recession risk indicators, the consumer's financial health, the banking system, and the Federal Reserve's ability to respond.
WEALTHTRACK Episode 2023, published on December 1, 2023
ClearBridge’s Anatomy of a Recession Dashboard: https://www.clearbridgeinvestments.com.au/perspectives/anatomy-of-a-recession/
High-Yield Bonds: Exploring Profitable Opportunities in Fixed Income
Two leading municipal bond managers, Duane McAllister and Lyle Fitterer, who oversee Baird’s award-winning suite of municipal bond funds, including its 5-star, Silver-rated Baird Core Intermediate Municipal Bond Fund, present a compelling case for muni bonds.
WEALTHTRACK Episode 2022, published on November 23, 2023
More Info: https://wealthtrack.com/the-highest-yields-in-nearly-20-years-make-a-compelling-case-for-municipal-bonds/
Interest Rates and Market Speculation with Financial Historian James Grant
Part 2 of 2
Financial thought leader and historian James Grant is marking the 40th anniversary of his influential Grant’s Interest Rate Observer, a twice-monthly, self-described “independent, value-oriented and contrary-minded journal of the financial markets.”
Grant shares his insights on a wide range of financial topics, including booms and busts, corporate finance, inflation, and the evolution of central banking.
Grant also discusses his prescient analyses of the 2007-2009 credit crisis and offers warnings about the perils of cryptocurrencies and low-interest rates. He also unveils the one trait shared by successful investors, providing valuable insights for navigating the ever-changing financial landscape.
WEALTHTRACK episode 2021 was originally broadcast on November 17, 2023,
More Info: https://wealthtrack.com/financial-thought-leader-james-grant-shares-four-decades-of-investment-wisdom-and-insights/
Grant’s Interest Rate Observer: https://www.grantspub.com/
Bookshelf:
The Forgotten Depression: 1921: The Crash That Cured Itself
https://amzn.to/3QTCsh9
Money of the Mind: How the 1980s Got That Way
https://amzn.to/47tIeev
The Trouble With Prosperity: The Loss of Fear, the Rise of Speculation, and the Risk to American Savings
https://amzn.to/3ugSwjR
Bagehot: The Life and Times of the Greatest Victorian
https://amzn.to/47cX49S
Inside the Yield Book: The Classic That Created the Science of Bond Analysis
https://amzn.to/47lO3KY
A History of Interest Rates, Fourth Edition
https://amzn.to/3FR38J1
Bond Bear Market on the Horizon
Part 1 of 2
James Grant, Founder and Editor of Grant's Interest Rate Observer, joins us to discuss the history of bond market cycles and why the dramatic rise in interest rates that began in March of last year might have ushered in a prolonged bear market in bonds.
Grant argues that bond yields have trended in generation-length periods, with each cycle lasting at least 20 years. He believes that the bull market in bonds that began in the early 1980s has now come to an end, and that we are now embarking on a long-term period of rising interest rates.
Grant's perspective is important because he has been warning of a bond bear market for many years. He has argued that the central banks' aggressive monetary stimulus policies have created a bubble in the bond market and that this bubble is now bursting.
WEALTHTRACK episode 2020 originally broadcast on November 10, 2023
More info:https://wealthtrack.com/financial-thought-leader-james-grant-on-the-investment-ramifications-of-the-new-era-of-higher-interest-rates/
Bookshelf:
The Forgotten Depression: 1921: The Crash That Cured Itself
https://amzn.to/3QTCsh9
Money of the Mind: How the 1980s Got That Way
https://amzn.to/47tIeev
The Trouble With Prosperity: The Loss of Fear, the Rise of Speculation, and the Risk to American Savings
https://amzn.to/3ugSwjR
Bagehot: The Life and Times of the Greatest Victorian
https://amzn.to/47cX49S
Inside the Yield Book: The Classic That Created the Science of Bond Analysis
https://amzn.to/47lO3KY
A History of Interest Rates, Fourth Edition
https://amzn.to/3FR38J1
Value Investing: Lessons Learned
Bruce Berkowitz is the founder and CEO of Fairholme Capital Management and a legendary value investor. In this exclusive interview, he talks about his deep value, contrarian approach, his current strategy, and the lessons he's learned over the years.
Berkowitz's Fairholme Fund was once a top performer, returning better than 13% annualized returns in its first decade. But it has since lagged the market and become extremely volatile. Today, 82% of the fund is concentrated in one stock: The St. Joe Company, a Florida real estate developer and manager.
Berkowitz reveals the highs and lows of his career and shares his insights on value investing, contrarian thinking, and the future of the markets.
WEALTHTRACK #2019 originally broadcast on November 03, 2023
More info: https://wealthtrack.com/fairholme-funds-bruce-berkowitz-deep-value-contrarian-approach-thats-still-beating-the-market/
Bookshelf: Security Analysis: Principles and Techniquehttps://amzn.to/3sax7bH
Bond Market Update: Why Bonds Are Back
In a world where stocks have been the go-to asset class for income and returns, bonds are making a comeback. That's the view of Mary Ellen Stanek, Co-Chief Investment Officer of Baird Advisors and President of the Baird Funds, who says that the Federal Reserve's aggressive rate hikes have made bonds more attractive to investors.
Stanek argues that the rapid rise in interest rates has created opportunities in the fixed-income market, as bond yields have increased to their highest levels in years. This means that investors can now lock in higher yields for their money, which can provide a valuable source of income and diversification in a volatile market.
In this interview, Stanek explains why she is convinced that bonds are back and why investors should consider adding them to their portfolios. She also discusses her investment strategy and how she selects bonds for her clients.
WEALTHTRACK episode 2018, broadcast on October 27, 2023
Learn More: https://wealthtrack.com/star-bond-fund-manager-mary-ellen-stanek-on-the-compelling-case-for-bonds-even-over-stocks/
China's Economic Challenges: Impact on Global Economies and Markets
The political, demographic, and policy headwinds causing China’s economy to slow and possibly unravel with serious repercussions for the world’s economies and markets. WEALTHTRACK Episode 2016, published on October 12, 2023
Portfolio Lessons: Navigating Market Cycles
Part 2 of 2
Our rare interview with legendary investor Steven Romick, Co-Portfolio Manager of the FPA Crescent Fund which he founded 30 years ago. Morningstar gives the gold-rated fund high marks for its focus on capital preservation and strong stewardship.
Since 1993, Crescent has generated equity-like returns with less risk than the overall market. Its nearly 10% annualized returns match the S&P 500 but with significantly less decline during downturns and faster recovery.
Earlier this year, Romick delivered the keynote at Morningstar's investment conference, reflecting on his 30 years of successful investing across multiple cycles.
We asked Romick to share insights and lessons learned navigating major crises like the tech bubble, financial crisis, COVID crash, and 2022's meltdown. Interestingly, he believes Crescent has survived by "first considering what can go wrong."
Hear Romick's wisdom on defensive investing, managing risk, contrarian thinking, and preparing for an uncertain future. A rare chance to learn from a legendary investor.
WEALTHTRACK Episode 2012 broadcast on September 15, 2023
More Info: https://wealthtrack.com/fpa-crescent-funds-steven-romick-shares-30-years-of-investment-lessons/
Bookshelf: Security Analysis, Seventh Edition: Principles and Technique
https://amzn.to/3szbiSH
Rising Interest Rates: How to Realign Your Portfolio
Is the 60/40 Portfolio Is Obsolete?
The traditional 60/40 portfolio of 60% stocks and 40% bonds has been a staple of investment advice for decades. But in 2022, it failed to deliver the goods, declining about 16%.
Mark Cortazzo says that the rapid rise in interest rates has caused a "massive change" in fixed-income returns. This means that traditional safe assets are back, and it's time to reset portfolios.
Cortazzo is a Senior Vice President and Financial Advisor with the Wealth Enhancement Group. He has over 30 years of experience in the financial industry and has been named a Barron's Top Advisor for thirteen years.
Cortazzo discusses the massive reset in returns and what it means for investors. He also provides tips on how to realign your portfolio for the new environment.
WEALTHTRACK episode 2011 broadcast on September 8, 2023
More Info: https://wealthtrack.com/rising-interest-rates-mean-massive-changes-in-fixed-income-returns-traditional-safe-assets-are-back/
Bookshelf
Your Future Self: How to Make Tomorrow Better Today : https://amzn.to/3P2MI4o
The Four Pillars of Investing, Second Edition: Lessons for Building a Winning Portfolio: https://amzn.to/3r2osYf
The Muni Bond Market Today: Expert Insights [2023]
Discover the state of the municipal bond market post-2022 interest rate surge! Munis had their worst year since 1981, with a -8.5% return. Yields doubled from 1.03% to 2.63%, causing record outflows of $122 billion. Join us with muni bond expert Robert DiMella, Co-Head of MacKay Municipal Managers, as he shares insights on market recovery and tax-free opportunities. What are the opportunities and risks in the tax-free market now?
WEALTHTRACK episode 2010 broadcast on September 01, 2023
Mastering Market Volatility: Lessons from Steven Romick
Part 1 of 2
Discover insights from renowned investor Steven Romick, Co-Portfolio Manager of the FPA Crescent Fund, which celebrates its 30th anniversary this year. Unlike most funds, FPA Crescent has not only survived but thrived for three decades, delivering almost 10% annualized returns with lower volatility than the S&P 500.
Its success lies in maintaining equity-like returns with reduced market risk and avoiding permanent capital losses. Morningstar's Gold analyst rating and the 2013 Allocation Fund Manager of the Year title validate its performance.
In a rare interview, FPA Crescent Fund’s founding portfolio manager, Steven Romick puts the fund’s current positioning into perspective
WEALTHTRACK 2009 broadcast on August 25, 2023
More info: https://wealthtrack.com/great-value-investor-steven-romick-describes-fpa-crescent-funds-current-positioning/
Bookshelf: Security Analysis, Seventh Edition: Principles and Technique: https://amzn.to/3szbiSH
As FPA Crescent Fund celebrates its 30th anniversary, Morningstar asked the fund’s founding portfolio manager, Steven Romick to deliver a keynote speech at its annual conference.
His topic: “The Evolution of a Value Investor.”
https://wealthtrack.com/wp-content/uploads/2023/08/steven-romick-morningstar-keynote-speech-2023-04-final.pdf
An Essential Guide to Mutual Fund Investing: “The Thrilling 33”
Selecting the best mutual funds to achieve long-term financial goals remains a challenging task for investors. Russel Kinnel, Director of Manager Research for Morningstar, has dedicated nearly three decades to this endeavor. He oversees Morningstar's North American Morningstar analyst ratings committees, responsible for vetting the prestigious Morningstar medalist ratings frequently cited in the financial world.
Kinnel's extensive experience analyzing various fund types and prominent fund families has led him to publish two highly impactful articles.
One is the annual "The Thrilling" fund list, which carefully selects 25 to 50 funds from a vast universe of 15,000 fund share classes based on strict criteria. Additionally, Kinnel shares his review of the top ten holdings in his personal portfolio, some of which may not be members of this year's "Thrilling 33" fund list.
Join us to understand the rigorous selection process for "The Thrilling 33" and gain valuable insights into Kinnel's top personal holdings.
WEALTHTRACK episode 2006 broadcast on August 04, 2023
More info: https://wealthtrack.com/best-mutual-fund-choices-from-morningstars-fund-maven-russel-kinnel/
More on “The Thrilling 33”:
Reading the complete current report does require a Morningstar subscription, but you can view last year’s report for free
Current report (Morningstar subscription required):
Last year’s report (free):
https://www.morningstar.com/funds/thrilling-31-list-great-funds
Growth Investing: Riding the A.I. Boom
Discover the future of AI investments with Michael Lippert, Head of Technology Research at Baron Capital. He believes AI is now at its transformative inflection point.
Join us for an insightful discussion on his recently published report, 'Investing in AI: Opportunities and Risks,' where we explore the potential of AI as a game-changing technology.
As the Portfolio Manager of Baron Capital's high-growth stock-oriented Baron Opportunity Fund, he shares his strategies for identifying companies with durable competitive advantages and cash-generative business models, fostering double-digit multi-year projected annual returns.
Gain valuable insights into the growth potential of AI investments from a seasoned expert's investment perspective.
WEALTHTRACK episode 2005 broadcast on July 28, 2023
More info: https://wealthtrack.com/investing-in-ai-with-gold-rated-baron-opportunity-funds-michael-lippert/
Read: “Investing in AI: Opportunities and Risks”: https://wealthtrack.com/wp-content/uploads/2023/07/Baron-Insight-Investing-in-AI-7.6.2023.pdf
Bookshelf: Common Sense on Mutual Funds - https://amzn.to/453zw5v
Read Buffett 1990 Annual Letter: https://www.berkshirehathaway.com/letters/1990.html
Inside Vanguard's $2 Trillion Index Portfolios with Gerry O'Reilly
Uncover the secrets behind managing the world's largest mutual fund, the Vanguard Total Stock Market Index Fund, in this captivating episode of WEALTHTRACK. Join Gerry O'Reilly, the fund's principal portfolio manager, as he reveals the active management required for this trillion-dollar behemoth. Learn about O'Reilly's inspiring journey from Ireland to the 1988 Seoul Olympics before delving into his impressive track record. Gain insights into the misconceptions surrounding index fund management and discover the strategies employed to match the CRSP U.S. Total Market Index. Don't miss this exclusive episode for a behind-the-scenes look at the fund shaping the investment landscape.
WEALTHTRACK episode 2004 broadcast on July 21, 2023
More info: https://wealthtrack.com/gerry-oreilly-on-why-passive-is-anything-but-when-running-vanguards-total-stock-market-index-fund/
Exploring Investment Opportunities in Climate Change
Climate change, a topic of daily conversation, has sparked a global industry worth billions and, soon, trillions of dollars. Discover investment opportunities in this field through the expertise of Lucas White, Lead Portfolio Manager of GMO's successful Climate Change Strategy. With the impressive performance of GMO's Climate Change Fund, which beats its benchmark and boasts 12% annualized returns, investors gain exposure to companies combatting climate change and adapting to its effects. White shares insights on the fund's unique approach and discusses his journey in launching it.
WEALTHTRACK episode 2003 originally broadcast on July 14, 2023
More info: https://wealthtrack.com/the-unique-approach-of-lucas-whites-high-performing-gmo-climate-change-fund/
Small-Cap Stocks: Are They Due for a Breakout?
Small-cap stocks in general have generated subpar returns in the last five years and have underperformed large-cap stocks by a wide margin over the last nine. However, Royce believes that small caps are due for a significant and lasting rebound. He says that history is the best guide to future performance, and that small caps have outperformed large caps over the long term.
Chuck Royce is a small-cap pioneer with over 50 years of experience in the investment industry. He is the chairman of Royce Investment Partners, which he founded in 1973. Royce is also a portfolio manager on four Royce mutual funds and three closed-end funds. He is best known for his flagship fund, the Royce Pennsylvania Mutual Fund, which he has managed since 1972.
In this exclusive interview, Royce discusses why his Royce Pennsylvania Mutual Fund has outperformed its benchmark for over half a century and why he believes small-caps are laying the foundation for an extended cycle of above-average returns.
WEALTHTRACK episode 2002 originally broadcast on July 07, 2023
More Info: https://wealthtrack.com/chuck-royce-shares-50-years-of-investment-wisdom-on-his-small-cap-outperformance/
The Future: Markets, AI & Climate Change with Jeremy Grantham
Jeremy Grantham, investment legend and long-time value investor, warns of a bubble of "epic proportions" in the bond, stock, housing, and commodities markets.
Grantham, who has accurately predicted market bubbles in the past, believes that the current market is overvalued and due for a correction. He cites three factors that are contributing to the bubble: low interest rates, easy credit, and excessive speculation.
Grantham also discusses his views on climate change, bursting market bubbles, and artificial intelligence. He believes that climate change is the most important issue facing the world today, and that artificial intelligence could have a major impact on the future of the economy.
WEALTHTRACK 2001 originally broadcast on June 30, 2023
Burt Malkiel: 50th anniversary of A Random Walk Down Wall Street: The Best Investment Guide that Money Can Buy - https://amzn.to/3NXtm1q
Charles Ellis: Winning the Loser's Game: Timeless Strategies for Successful Investing - https://amzn.to/3XzC0WJ
Robert Aliber: Manias, Panics and Crashes: A History of Financial Crises - https://amzn.to/3JDIuhK
Niall Ferguson: The Ascent of Money: A Financial History of the World - https://amzn.to/3NBtySv
Financial Crisis Analysis: Lessons from Past Market Turmoil
In a recent essay published in The New York Times, Richard Bookstaber, a renowned risk expert, suggests that we may be on the brink of a new era of crisis. Drawing from his extensive experience in risk management, Bookstaber has a track record of identifying and addressing risks in both private and public institutions. As the Chief Risk Officer of Fabric, a platform focused on risk management for wealth managers and individuals, he has played a crucial role in navigating financial crises and working with regulatory bodies.
Bookstaber's current analysis highlights several slow-motion risks that he believes pose significant threats to the economy, societal stability, and even civilization itself. These risks encompass climate change, demographic shifts, deglobalization, and artificial intelligence. Alongside these long-term concerns, Bookstaber also evaluates more immediate challenges that impact the economy and financial markets. With his vast expertise and historical insights, Bookstaber's perspective offers valuable insights into the complex landscape of risks facing our world today.
WEALTHTRACK Episode 1951, broadcast on June 16, 2023
More info:
Bookshelf:
The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction: https://amzn.to/468ggFj
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation: https://amzn.to/3JdrfUc
Bullish Outlook: Savita Subramanian Debunks Stock Market Misconceptions
Part 2 of 2
American investors have had a love-hate relationship with stocks since their early days of trading under a buttonwood tree on Wall Street in 1792. However, recent setbacks, including a challenging year for equities in 2022 and rising yields on fixed income investments, have led to a cooling of investor sentiment. We welcome back Savita Subramanian, an influential strategist serving as the Head of U.S. Equity and Quantitative Strategy at BofA Global Research. She challenges the prevailing negative perception of stocks and presents research-backed evidence of their value as long-term investments.
Subramanian, recognized as a top-ranked analyst by Institutional Investor for the last ten years and featured on Barron's list of the 100 Most Influential Women in U.S. Finance for three consecutive years, her expertise is highly regarded in the industry.
In part two of our interview with Subramanian, she sheds light on the significant market trends and explains why stocks should be considered for long-term ownership. Explore her insights and gain a deeper understanding of the enduring value that stocks can bring to your investment portfolio.
WEALTHTRACK #1948 broadcast on April 26, 2023
More info: https://wealthtrack.com/winning-investment-themes-with-staying-power-in-a-changing-world/
Recession Warning: Fed Tightening Cycles Lead to Economic Downturns
David Rosenberg, a well-known economist, believes that the United States is in a recessionary bear market. He predicts that the S&P 500 will eventually bottom at 3100, and he has positioned his personal portfolio accordingly.
Rosenberg's predictions are based on his analysis of the Federal Reserve's tightening cycle, which he believes will lead to a recession. He also points to the recent failures of Silicon Valley Bank, Signature Bank, and First Republic as evidence that the economy is weakening.
Rosenberg's views are in contrast to those of many other economists, who believe that the Federal Reserve can engineer a soft landing. However, Rosenberg's track record suggests that he is worth listening to. In 2007, he predicted the subprime mortgage crisis, which turned into the Global Financial Crisis.
Investors who are concerned about the economy should pay attention to Rosenberg's predictions. They may want to consider reducing their equity exposure and increasing their cash holdings.
Recessions & financial crises go hand in hand after Federal Reserve tightening cycles. Outspoken economist Dave Rosenberg sees evidence of both and advises defensive investments
WEALTHTRACK 1947 broadcast on May 19, 2023
A Better Investment Choice: Cyclical Sectors
The recent aggressive interest rate hikes by the Federal Reserve caused a crisis in some super-regional banks, but the damage has been contained and has not affected the entire banking industry. However, Federal Reserve Chair Jerome Powell believes that the economic toll of such aggressive tightening could be different this time. Savita Subramanian, Head of U.S. Equity and Quantitative Strategy at BofA Global Research, also shares this opinion and recommends stocks over bonds and cyclical sectors over defensive ones, contrary to most institutional investors surveyed by BofA. Subramanian has been named a top-ranked analyst by Institutional Investor for the last 10 years and to Barron’s list of the 100 Most Influential Women in U.S. Finance for the past three years.
WEALTHTRACK episode 1946, broadcast on May 12, 2023
Impact Investing vs ESG: A Financial Expert's Perspective
We have a very interesting guest who has publicly voiced a major policy difference on ESG investing. Terrence Keeley, CEO, and Chief Investment Officer of 1PointSix LLC, left BlackRock, one of the world's largest investment managers, in July 2022 to publish his book, SUSTAINABLE: Moving Beyond ESG to Impact Investing.
In his 40-year investment career, Keeley has never advised a client to invest in ESG, and he joins us to explain why ESG investing doesn't work and what does. This is a rare occasion for a top executive at a major investment firm to go public about a major policy difference.
WEALTHTRACK episode 1945, broadcast on May 5, 2023
Bookshelf: Sustainable: Moving Beyond ESG to Impact Investing
Is the 'Don't Fight the Fed' Strategy Dead? Ed Yardeni Weighs In
Part 2 of 2
We continue our interview with Ed Yardeni, an experienced economist, strategist, and Fed watcher who has been closely following the Fed throughout his 40-year investment career.
Yardeni is the author of “Fed Watching for Fun and Profit: A Primer for Investors” and head of his own global investment strategy firm, Yardeni Research. He believes that anticipating the actions of the Federal Reserve System's Federal Open Market Committee (FOMC) is critical to successful investing.
Despite the historically aggressive pace of interest rate hikes over the past year, Yardeni thinks the Fed is done hiking interest rates for now. We will discuss whether "Don't Fight the Fed" still works as an investment strategy.
WEALTHTRACK episode 1944 broadcast on Apr 28, 2023
More info: https://wealthtrack.com/does-dont-fight-the-fed-still-work-as-an-investment-strategy-strategist-ed-yardeni-responds/
Bookshelf: Fed Watching for Fun & Profit, A Primer for Investorshttps://amzn.to/42amRwr
Why U.S. Treasuries Aren't 'Risk-Free' Anymore
Jamie Dimon, Chairman and CEO of JPMorgan Chase, is considered the best financial executive in the country and recently weighed in on the banking system's recent turmoil. He believes that simply satisfying regulatory requirements is not sufficient in managing risks, which requires constant and vigilant scrutiny as the world evolves. He also points out that most of the risks in the U.S. banking system were hiding in plain sight and that recent changes in regulatory requirements would not have made a difference in what followed. Bill Wilby is a retired professional money manager with a Ph.D. in International Monetary Economics who will discuss the problems with U.S. Treasuries and why financials are uninvestable.
WEALTHTRACK episode 1943 broadcast on April 21, 2023
More info:
Bookshelf: Chip War: The Fight for the World's Most Critical Technologyhttps://amzn.to/3H3goLq
Investment Strategies: Conflicting Trends [2023]
Part 1 of 2
After a tough 2022, big tech stocks are back and leading the market rally. According to research firm Strategas, ten stocks, including Apple, Microsoft, Nvidia, Meta, Tesla, Amazon, Alphabet, Salesforce, AMD, and Broadcom, have accounted for 90% of the S&P 500's year-to-date gains.
This dominance of a handful of stocks has investors facing some interesting choices, including cash, which is back with money market funds offering yields as high as 5%, and gold, which has recently traded near record territory at over two thousand dollars an ounce.
All of this is happening against a backdrop of the highest interest rates in years, stress in the banking system, and a Federal Reserve under pressure to pause its fight against inflation.
To discuss the outlook for the economy and markets, and the best course for investors, we are joined by Ed Yardeni, President and Chief Investment Strategist of Yardeni Research, a PhD economist, long-time Fed watcher, and investment strategist who is widely followed by institutional investors.
WEALTHTRACK episode 1942 broadcast on April 14, 2023.
More info: https://wealthtrack.com/navigating-todays-investment-crosscurrents-with-veteran-macro-strategist-ed-yardeni/
Bookshelf:
In Praise of Profits! : https://amzn.to/3ogciJC
Predicting the Markets: A Professional Autobiography: https://amzn.to/3o7dGOp
Retirement Planning: Strategies for a Secure Future
Part 2 of 2
Planning for retirement and replacing a work paycheck with savings can be a daunting task, especially with the current challenges of market declines, inflation, rising interest rates, and the threat of recession. Christine Benz, Morningstar's director of personal finance, is passionate about simplifying retirement portfolio planning and has identified six retirement blind spots:
retirement date risk
sequence-of-return risk
low-yield risk
inflation risk
health care/long-term care risk
longevity risk
In this second of a two-part series on Building a Better Retirement, Benz explains how to mitigate these risks and offers solutions to ensure a financially secure retirement.
WEALTHTRACK episode 1941 broadcsat on April 07, 2023
Bookshelf:
Morningstar's 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances: https://amzn.to/3G5rVcN
Morningstar Guide to Mutual Funds: Five-Star Strategies for Success: https://amzn.to/3zqb2pv
How Dividend-Paying Stocks Provide Protection in a Declining Market
This week, the Federal Reserve raised its key short-term interest rate for the ninth consecutive time, bringing it to the highest level since September 2007. While Fed Chair Jerome Powell acknowledged the dilemma that the Fed officials faced, the banking system's turmoil has been a cause of concern following the recent bank failures. However, Powell assured that the banking system is sound and resilient, and the Federal Reserve is prepared to use all tools as needed to keep it safe and sound.
Dividend-paying stocks are gaining new respect among investors, and they are proving to be a protective asset in times of market volatility. ClearBridge Investments' Dividend Strategy Fund has been named one of "The Best Dividend Funds" for 2023 by Morningstar. Michael Clarfeld, co-portfolio manager of the fund, is with us to explain why high-quality companies with histories of growing their dividends are particularly valuable now.
WEALTHTRACK Episode 1939 broadcast on March 24, 2023
More info about the stocks mentioned and the Dividend Compounders list:https://wealthtrack.com/the-many-benefits-of-dividend-paying-stocks-explained-by-a-top-rated-dividend-fund-manager/
Financial Strain and the Economy: Insights from Economist Nancy Lazar
In this episode of WEALTHTRACK, leading Wall Street economist Nancy Lazar discusses the resilience of the U.S. economy, despite several canaries in the coal mine examples of financial strain. Lazar shares her insights on why the economy is holding up better than expected and what we can expect moving forward, including the impact of the Federal Reserve's efforts to slow down the recovery. Lazar, a highly-ranked economist since 2001 and has been on Barron's 100 Most Influential Women in U.S. Finance for the past three years, offers valuable insights for investors and anyone interested in the state of the economy.
WEALTHTRACK episode 1938 broadcast on March 17, 2023
More info: https://wealthtrack.com/wheres-the-recession-leading-economist-nancy-lazar-on-the-legacy-liquidity-still-fueling-the-economy/
Small-Cap Stocks with Short-Term Problems: The Secret to Beating the Market
First Eagle’s small-cap portfolio manager, Bill Hench, has a long track record of beating the market and the competition by discovering hidden gems among small-cap stocks with short-term problems.
WEALTHTRACK episode 1937, published on March 09, 2023
EXTRA: Clements on The Toughest Retirement Challenge
Award-winning personal finance columnist Jonathan Clements discusses the number one topic among his HumbleDollar newsletter readers and a strategy to ease the burden.
WEALTHTRACK episode 1936 published on March 03, 2023
In this second week of the winter fund-raising season for Public Television, we are revisiting a very popular interview from award-winning personal finance reporter and HumbleDollar editor Jonathan Clements. He addresses the new financial realities of higher interest rates and inflation and the impact they are having on portfolios and financial planning. This is an additional excerpt that didn't make it in the original interview.
EXTRA: Clarida on 2% Inflation: Defending The Feds Solution
This is additional commentary from Richard Clarida that didn't make it into the episode. Legendary Fed Chairman Paul Volcker was highly critical of the Fed’s policy of targeting 2% inflation, saying he saw “no theoretical justification” for it and that if successful, it “would mean the price level doubles in little more than a generation.” In this EXTRA exclusive, Former Fed Vice Chair Richard Clarida defends the 2% solution.
Index Fund Investing: The Simple and Accessible Way to Successful Investing
Investing can be simple and accessible to the average person, says financial thought leader and economist Burton Malkiel. Malkiel, author of the investment classic "A Random Walk Down Wall Street," has 50 years of research to back up his claim. In his latest edition of the book, Malkiel emphasizes that investors would be better off buying and holding a broad-based index fund rather than attempting to buy and sell individual securities or actively managed mutual funds.
Malkiel's beliefs are supported by the track record of an investor who invested $10,000 in an index fund in 1977 and saw it grow to over $2 million by 2022, while an investor who purchased shares in the average actively managed mutual fund only saw the investment grow to $1.47 million.
Despite the changes in the market and the array of investment products and strategies available, Malkiel remains convinced of the validity of his original thesis. He explains why he still believes in the principles of "A Random Walk Down Wall Street" and offers his perspective on ESG investing, factor investing, and cryptocurrencies.
WEALTHTRACK episode 1933 broadcast on February 10, 2023
Bookshelf: A Random Walk Down Wall Street: The Best Investment Guide That Money Can Buy: https://amzn.to/40E5Pa1
International Market Investment Opportunities
Part 2 of 2
Matthew McLennan will assess the investment climate in international markets and tell us where he is finding world-class companies selling at substantial discounts to their U.S. peers.
The global economic outlook for 2023 is uncertain with the World Bank cutting its growth forecast to 1.7% from 3% and stating the "global economy is perilously close to a recession". The International Monetary Fund slightly raised its growth estimate to 2.9% due to China's reopening and slowing inflation. Central banks, especially in developed countries, are tightening to fight inflation, which may hinder future growth. The European Central Bank and the Fed have both raised short-term rates and signaled more increases in the future. A recent survey of 1200 CEOs shows 98% expect a global recession, with more than half fearing a recession worse than the 2008 financial crisis.
In Part 1, we discussed the risks and opportunities in the U.S. markets with McLennan.
WEALTHTRACK episode 1932 broadcast on February 03, 2023
Listen to Part 1: https://wealthtrack.com/leading-global-value-manager-matt-mcclennan-on-companies-that-thrive-despite
Monetary and Fiscal Tightening: Understanding the Risks of High Debt Levels
Part 1 of 2
The Federal Reserve is currently facing a debate on Wall Street about how much longer it will continue to fight against inflation. The Fed's goal is to bring the inflation rate down to a long-term average of around 2%. Some investors believe that the Fed will continue to stay the course and keep fighting inflation, while others are tracking the slowdown in inflation indicators and believe that the Fed may cut rates in the second half of the year.
Matthew McLennan, Co-Head of the Global Value team at First Eagle Investments, is a leading global value manager with a successful track record of investing in the U.S. and overseas.
McLennan will examine the risks of monetary and fiscal tightening amidst high debt levels in the U.S. and discuss the types of companies that can succeed despite these challenges.
WEALTHTRACK episode 1931 broadcast on January 27, 2023
More info: https://wealthtrack.com/leading-global-value-manager-matt-mcclennan-on-companies-that-thrive-despite-us-investment-risks/
Bookshelf:
Against the Gods: The Remakable Story of Risk
by Peter Bernstein
https://amzn.to/409XVoj
Conservative Parties and the Birth of Democracy
By Daniel Ziblatt
https://amzn.to/3kRNpSv