#32: Christopher Cole On Appreciating Risk
1 hr 4 min
Christopher Cole is one of the foremost thinkers and practitioners in the world of volatility trading. After beginning his career in Hollywood as a cinematographer, Chris took an interest in options trading. Eventually, this led to a job at Merrill Lynch where he was able to explore the subject of risk further and in a professional capacity. After personally profiting through employing his volatility strategies during the Great Financial Crisis, Chris founded Artemis Capital Management in order to offer his services to institutional and hedge fund investors. In this episode, Chris discusses his personal evolution as a trader and hedge fund manager and also shares his unique insights into portfolio construction gleaned from an extensive study of market history his firm recently conducted. For notes and links related to this episode visit TheFelderReport.com.
The Contrarian Investor Podcast
The Contrarian Investor Podcast
Nathaniel E. Baker
How Bubbles and False Narratives Made Financial Markets, with Jamie Catherwood, Author of InvestorAmnesia.com
Become a premium subscriber and get this podcast a day or more before the general public! No ads or announcements either! Contrarian.Supercast.Tech   With the Dow Industrial Average hitting 30,000 on the day of this recording, revisiting historical booms and busts feels particularly timely. Jamie Catherwood, the author of InvestorAmnesia.com and a self-proclaimed financial history nerd, is a perfect guide to this discussion. We discuss booms in treasure hunting, bicycles, railroads, breweries, and of course tulips (which it turns out was greatly exaggerated. The guest debunks this). Content Segments (Spotify users can click on time stamp to link to the section directly) * What epoch in financial history is perhaps most apt in light of today's period? (3:38); * How long do these cycles typically last? (12:40); * Bubbles in transportation technology: bicycles, railroads (twice), now electrical vehicles (16:25); * "Tulip mania," often cited as the "mother of all financial bubbles" was in reality nowhere near as crazy as commonly believed (18:40 ); * What are common elements that prick bubbles? (27:08); * The role of central banks and the money supply in the bursting of bubbles (29:59); * Background on the guest (40:36); * How he started his website on financial bubble history (45:44) * Contrarian investors through history (51:59); * Epilogue: bonus content for supporters of Tottenham Hotspur only (57:05). More Information on the Guest * Website: InvestorAmnesia.com * Twitter: @InvestorAmnesia * Financial History Course (premium subscribers get 10% off the price).
1 hr 1 min
The Acquirers Podcast
The Acquirers Podcast
Tobias Carlisle
Value: After Hours S02 E47 Investors Be Thankful, Horsebetting, and Buffett's Hitting Coach Munger
Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, Bill Brewster and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/  Jake's Golden Jubilee offer: http://farnam-street.com/vah Donate to the FinTwit Value vs Growth War here (it's for a good cause--The American Foundation for Suicide Prevention): https://www.gofundme.com/f/fintwit-war-value-vs-growth About Jake: Jake is a partner at Farnam Street. Jake's website: http://farnam-street.com/vah Jake's podcast: https://twitter.com/5_GQs Jake's Twitter: https://twitter.com/farnamjake1 Jake's book: The Rebel Allocator https://amzn.to/2sgip3l About Bill: Bill runs Sullimar Capital Group, a family investment firm. Bill's website: https://sullimarcapital.group/ Bill's Twitter: @BillBrewsterSCG ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Website: https://acquirersmultiple.com/ Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam.
1 hr 2 min
Alpha Exchange
Alpha Exchange
Dean Curnutt
Troy Dixon, Founder and CIO, Hollis Park Partners
Cutting his teeth on the acclaimed mortgage trading desk at Salomon Brothers in the 90’s, Troy Dixon gained an early appreciation for the speed and degree to which market liquidity can turn. Now the CIO of Hollis Park Partners, a firm he founded in 2013, Troy shares the perspectives gathered in managing complex trading risk over more than two decades in markets. We talk about his time at Deutsche Bank, where he ran the RMBS trading unit, and the intense pressure to compete in the pre-crisis period for profitability in each aspect of the mortgage lifecycle. Contemplating the asset price wreckage in the aftermath of the housing crash, Troy recounts the challenges in balancing the competing interests of providing market making services for the firm’s client base while risk managing a volatile book of prop exposures. Next, we discuss Troy’s founding of Hollis Park and the path that he has sought to provide for other professionals of color in the financial industry. In thinking back on the heavy lift he undertook, Troy said, “I was naive about a lot of things, but the core thesis of it was to lay the framework for people of color to follow suit in an industry that had created a plethora of wealth for people that don’t look like me.” A firm engaged in finding value in MBS and a variety of structured products, Hollis Park capitalizes on securities that have different prepayment speeds. No conversation with a fixed income expert would be complete without an assessment of Central Banks. And on the Fed, Troy has much to say. Calling low interest rates an addictive drug, Troy sees no obvious path for the Fed to disengage from markets, expecting ongoing volatility linked to this codependency. Please enjoy this episode of the Alpha Exchange, my conversation with Troy Dixon.
46 min
The Derivative
The Derivative
RCM Alternatives
Really? Real Estate? Right Now? with Matt Lasky and Darren Kottle
Many investors look at commercial real estate as a high-risk, confusing, and sometimes scary way to invest. Our guests today show us why this isn’t the case. From commercial real estate, to mortgage-backed securities, pandemic affects, and hedging risk, Matt Lasky of Equity LLC and Darren Kottle of Caddo Capital Management are on today to go through it all. Take a listen to learn more about private investments, hedging real estate with trading models, mortgage-backed securities, favorite investing books, levels of leverage, basic income effects on real estate, real estate debt, yield solo, deflationary periods, Maple & Ash, hedging fixed income, negative rates but not negative mortgages?, the future of large retail real estate, eating in the East Bay, and pandemic effects on future of real estate & mortgages. Bookmarks: 00:00-02:37 = Intro 02:31-27:23 = The current state of Real Estate and Lasting Effects of the Pandemic 27:24-40:40 = Is Another Stimulus underway? Inflation vs Deflation 40:41-48:23 = Malls: Quality of the Dirt 48:24-01:02:04 = The Ultimate Real Estate Hedge = Having Volatility Model 01:02:05-01:08:04 = Favorites Follow along with Matt on LinkedIn, Twitter, and the Equity LLC website. Follow along with Darren on LinkedIn or click here to learn more about Caddo Capital Management’s ACXIX fund. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
1 hr 8 min
Value Hive Podcast
Value Hive Podcast
Brandon Beylo
Innovative Technology Investing w/ Brett Winton, Ark Investment (Episode 54)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Brett Winton is the Head of Research at Ark Investment Management. Winton manages a team of analysts and helps forecast disruptive technologies. If that sounds like a hard job, it's because it is. And Brett will be the first to tell you that.  I learned so much from this conversation and I couldn't wait to share it with you.  Brett and I discuss all things innovative disruption, growth investing, venture capital and how Brett thinks about valuing these high growth names. We also touch on Tesla (TSLA) and what Ark went through when they released their open source valuation model on the company in 2018. We finished our chat discussing ways Brett's improved over the year and what he wants to improve on in 2021.  Here's the time-stamp of the podcast:  * [2:42] Brett's Early Days Working With Cathy Wood * [11:48] Forecasts and Embedded Price Expectations * [24:23] Deep Value Investments in Technology  * [40:35] Why You Need A Unique Perspective To Succeed * [52:10] The Rapid Acceleration of Technological Improvement * [1:01:23] Neural Networks * [1:11:03] Closing Questions  If you liked what you heard from Brett, please give him a follow on Twitter @wintonARK. While you're at it, check out Ark Investment's website. They have a ton of great white-papers that make for excellent weekend reads.  Thanks again to Brett for coming on the show, you don't know how much it means to me and my listeners.
1 hr 16 min
This Week in Intelligent Investing
This Week in Intelligent Investing
MOI Global
Questions to Ask CEOs | Industry Research | Hindsight Bias and Overconfidence
In this episode, John Mihaljevic hosts a discussion of: Questions to ask management; doing industry research: Elliot Turner responds to a listener question on the investment research process -- how to talk to management teams, how to utilize industry experts, and how to develop industry-specific knowledge. We discuss some of our favorite questions for CEOs and how we try to get smarter on various industries. Hindsight bias and overconfidence: Phil Ordway observes that the exuberant market environment has led many investors to become overly confident, thereby displaying both hindsight bias and unwarranted certainty about the future. We discuss some of the causes and pitfalls of overconfidence and the need to maintain a common-sense approach to investing. Enjoy the discussion! The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.
53 min
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