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Wealthtrack - Weekly Investment Show

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  • March 25th Episode:


  • April 2, 2022 Episode:


  • @bee, thank you again to all your WealthTeack posting.
  • Sven said:

    @bee, thank you again to all your WealthTeack posting.

    Yes, for sure!

  • I have not listened either of these Mr. Liberatore episodes. Anybody care to share a short summary if you have already listened?
  • beebee
    edited April 3
    @BaluBalu

    Here's the intro to both:
    As bonds suffer the worst quarter in more than four decades we are exploring one of the fastest-growing segments in the fixed income markets where demand is still accelerating. It’s in ESG, environmental, social, and governance standards being applied to corporate and government bond issuers and specific issues themselves.

    In part 2 of our interview with industry pioneer Steve Liberatore, we explore both ESG fixed income investing, as well as the relatively new area of impact investing where bond proceeds are directed to a specific project or goal and the results are measurable.

    In the previous episode about the state of the bond market in general, still very timely, you’ll know that Liberatore is the lead portfolio manager and head of ESG/impact for global fixed income at Nuveen, the investment arm of TIAA and a pioneer in the field.

    Liberatore will give us an update on socially responsible fixed income investing as well as a fascinating lesson on how impact investing works and the unusual opportunities in it. The opportunities to buy bonds financing direct and measurable socially desirable results are exploding. Fixed Income impact pioneer Steve Liberatore explains how it works, the investment benefits, and shares some examples.
  • Thank you, @bee.
  • April 9th Episode:
    The new era of higher inflation and interest rates is already proving to be a challenging one for investors. The first quarter of 2022 was the worst one in two years for the stock market. Inflation reached 40 year highs, and in response, the Federal Reserve raised interest rates for the first time since 2018 and is signaling an aggressive policy of multiple rate hikes in the months ahead.

    Then there are all the other disturbing and disruptive developments to consider: the extended impact of Covid on global growth, supply chain problems, Russia’s unprovoked war against Ukraine, and aggressive actions from China, North Korea, and Iran.

    How to navigate these challenges as investors is the job of this week’s guest. She is an influential strategist, Savita Subramanian who has two leading roles at BofA Global Research. She is Head of Environmental, Social, and Governance (ESG) Research, the first in that position, and the Head of U.S. Equity and Quantitative Strategy.


  • She's really interesting. Toward the end, she recommends Financials, Energy, Health Care, some "pockets" of RE and Industrials in the current environment. The ONE recommended slice of the Market to own? Small-cap value. I used to own that stuff. I don't have the stomach for it, these days. Thanks, @bee.
  • 4/15/22 Episode:
    We are in a new era of higher inflation and the pressure is on the Fed! Inflation is running at 40-year highs and it’s coming from every angle: food, energy, services, goods, rents, and wages which are all increasing.

    Is the Fed up to the challenge? Can it rein in inflation without causing a recession? What can we expect as borrowers and investors?

    We have lots of questions to ask this week’s guest but we know from his past performance he can take them all in stride.

    Paul McCulley is currently an adjunct professor at Georgetown Business School where he teaches a very timely multi-disciplinary course combining law, economics, monetary policy, global finance and behavioral finance.

    McCulley says this Fed has the courage to defeat inflation despite recession risk.


  • edited April 18
    Always good to hear McCully. The downshift in globalization he talks about is pretty much a dominant view now, and will mean lots of adjustments in supply chains, which won't happen overnight.

    As far as his "one investment," a stake in EM, I'm more in the Gundlach et al. camp, that the time to jump in is when the US$ begins to lose strength. G. thinks that likely won't be till late this year, at least.
  • beebee
    edited April 23
    April 23, 2022
    What do you do when your flagship fund goes from the top of its class to close to the bottom in a matter of weeks? From market trouncing to market lagging? That is the challenge facing this week’s guest.

    Alex Umansky, Portfolio Manager of the Baron Global Advantage Fund which he launched at the firm of legendary growth manager Ron Baron in 2012. Umansky oversees about $2.4 billion dollars in assets at Baron Capital including $1.7 billion at his flagship Baron Global Advantage Fund.

    However, in mid-November of 2021, the bottom fell out for the majority of its holdings. Global Advantage went from a 20% plus gain to a less than one percent gain by year-end, while its benchmark and competition fared much better. So far this year the fund is down 33% and lagging badly.

    In a wide-ranging discussion, Umansky discusses what’s changed and what in his mind hasn’t, which is why he is doubling down on some of his hardest-hit holdings and is convinced they will be long-term winners.


  • @bee, once again, thank you for Alex Umansky’s interview. Lots of good insights on his stock picking process and the risk of high growth stocks. These stocks are the future Amazon and Apple before they become so dominant today. Mentioned that Russia is no longer investable and China may become that too. One of his favorite pick is EV truck manufacturer, Rivian.
  • beebee
    edited April 25
    Rule of 40 :
    ruleof40

    rule-of-40

    Return Hurdle Rate:
    hurdlerate
  • She made more sense to me than I remember from some time ago. She explicitly mentioned changes, adjustments in her fundamental approach to the markets and investing. I might be quite interested today in her course at Columbia. Thanks, bee.
  • May 13th Episode:
    What is happening with U.S. energy independence? After decades of decline, U.S. oil production picked up significantly in the last decade and a half, largely thanks to the shale oil revolution, to the point where it surpassed Russia and Saudi Arabia’s output to become the world’s largest oil producer. Despite that achievement, Petrie says the U.S. and the rest of the world are now approaching a possible energy crisis caused by a number of factors. One of the biggest: some new geopolitical realities, what he calls geopolitical fragility. We will discuss them at length as well as why he believes the current elevated levels of oil prices are unsustainable and why the of traditional energy stocks is as well!


  • May 20th Episode
    The vast majority of funds in ETFs are in passive strategies, but there’s an interesting divergence occurring. One of the fastest growing segments in the ETF universe is actively managed ETFs.

    This week’s guest is involved in both actively managed mutual funds and ETFs and one of his main responsibilities is identifying best-in-class managers for both. He is Kristof Gleich, President and Chief Investment Officer of Harbor Capital Advisors.


  • beebee
    edited May 28
    May 27th Episode
    The investment opportunities surfacing in the volatile stock, bond, and real estate markets. Causeway Capital’s Sarah Ketterer, Capital Group’s Karen Choi, and Canyon Partner’s Robin Potts share their perspectives.


  • June 2nd Episode:
    In an article titled “In Praise of Target-Date Funds,” one of our favorite WEALTHTRACK guests, Morningstar’s Director of Personal Finance, Christine Benz described them as “…nothing short of the biggest positive development for investors since the index fund.”

    That got my attention! So this week we are interviewing one of the best target-date managers in the business. He is Wyatt Lee, who is Head and Co-Manager of T. Rowe Price’s $390 billion Target Date Strategies, the largest group of actively managed target-date products in the U.S.

    The firm’s Retirement Series earned a Gold analyst rating from Morningstar, one of only two in the actively managed category, for its stellar performance and high ratings for its process, people, and the parent company.

    Lee begins with the basics and defines what a target-date fund does and how the product has evolved since it was first introduced in 1994. It turns out target-date funds can be an effective retirement vehicle for investors at all stages of life and that there are many options available.



    June 4th Episode:
    Part 2 of 2

    Candid career advice from three super successful women portfolio managers. Causeway Capital’s Sarah Ketterer, Capital Group’s Karen Choi, and Canyon Partner’s Robin Potts share their victories, setbacks and strategies as they tear down the pink wall.

  • beebee
    edited June 11
    June 9 Episode
    In part 2 of our interview with industry pioneer Steve Liberatore, we explore both ESG fixed income investing, as well as the relatively new area of impact investing where bond proceeds are directed to a specific project or goal and the results are measurable.


  • beebee
    edited June 11
    June 9th exclusive:
    n a WEALTHTRACK exclusive legendary financial thought leader, Charles Ellis explains why after decades of searching for outstanding money managers he has become a big believer in indexing.
    Indexing interview
  • How do you manage through a cycle of rising interest rates and higher inflation? There aren’t too many money managers who have that experience and have a track record of excellence through many different types of markets. This week’s guest does. She is Mary Ellen Stanek, Co-Chief Investment Officer of Baird Advisors.

    Stanek was recently named Morningstar’s Outstanding Portfolio Manager of 2022 for her “disciplined and risk-aware approach, thoughtfully navigating various market environments,… and generating impressive absolute and risk-adjusted returns” in her 22 years at Baird.


  • edited June 18
    bee said:

    How do you manage through a cycle of rising interest rates and higher inflation? There aren’t too many money managers who have that experience …
    The bond bull market began in 1981.

    That’s about 41 years ago.

    Let’s assume the manager had a minimum of 10 years experience as an investment manager / advisor preceding the bond bull market.

    If age 15 when he / she began their career they’d be 66 today (in or near retirement).

    If 25 when he / she began investing they’d be 76 today.

    If 35 when he / she began investing they would be 86 today.
  • It appears Ms Stanek is ~66, as she graduated from Marquette University in 1978 and, according to Baird, has 43 years of investment management. So <<10 years experience prior to the bond bull market, FWIW.

    https://www.marquette.edu/alumni/awards-2010/recipient_Stanek.php
    https://www.bairdassetmanagement.com/bio/mary-ellen-stanek/
  • edited June 18
    “Mary Ellen has 43 years of investment experience managing a broad range of fixed income portfolios. She is responsible for the formulation of fixed income strategy as well as the development and implementation of all fixed income asset management services. Mary Ellen serves on the board of Baird Financial Group, is President of the Baird Funds and is chair of the Baird Diversity Steering Committee.” Source

    Currently age 64. Must have begun managing money at 21. The Bond Bull began 2 years later.
  • ...Give this a listen right now... She makes sense! That's about all I can say. If you pay taxes, munis sound like a great choice, right about now.
  • In my opinion her analysis was why there was a mini rally in munis a few weeks ago. I heard a report on the radio many managers are advising munis as a place to be in the (possible) coming recession.
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