A Shift in Perception Transforms Reality - Ep 108
Play • 6 min

2020 will go into our memory banks as a very painful year. Stoicism, particularly the stoic practice of negative visualization, helped Vitaliy put 2020 into a broader historical context, and compare what happened, which was bad, to what could have happened. In this podcast, Vitaliy walks you through how Stoicism helped him put a challenging year into perspective.

You can read this article online here: https://contrarianedge.com/a-shift-in-perception-transforms-reality/

 

Let's Talk ETFs
Let's Talk ETFs
Seeking Alpha
From Fad To Sustainable Trend: The ESG Juggernaut Continues To Pick Up Steam
Essentially unheard of a decade ago, investing strategies that screen holdings for compliance to Environmental, Social and Governance values have captured increasing investor interest. Tony Campos, Head of Sustainable Investment, Americas, FTSE Russell, joins the podcast to explain how the process of ESG screening works at FTSE Russell. Not wanting to leave things purely academic, we go under the hood of the two largest ETFs that track FTSE Russell Indexes, Vanguard's ESG U.S. (ESGV) and International (VSGX) ETFs. 2:30 - Meet Tony Campos, Head of Sustainable Investment, Americas, FTSE Russell. 4:00 - What are the origins of ESG investing? 6:45 - The "E" in ESG: What does FTSE Russell look for in companies that have positive environmental characteristics? 10:00 - Is it safe to say that energy companies will not end up in ESG portfolios? 14:30 - The "S" in ESG: What does FTSE Russell look for when building the social part of these indexes? 19:00 - How is it that a company like Facebook (FB) is a top 5 weighting in FTSE Russell Index trackers like the Vanguard ESG U.S. Stock ETF (ESGV)? 24:00 - The "G" in ESG: What's the governance piece even doing here? 29:00 - Tax transparency and corporate tax shelters 32:30 - How do you ensure the accuracy of the ratings data? 36:45 - How do you select and weight index components? 42:30 - Does ESG investing mean exchanging values for performance? 44:30 - On ESG beyond equities: Fixed income and beyond 46:45 - The U.S. is catching up to rest of the world in its adoption of ESG Learn more about your ad choices. Visit megaphone.fm/adchoices
56 min
Top Traders Unplugged
Top Traders Unplugged
Niels Kaastrup-Larsen
128 Systematic Investor Series ft Jerry Parker – February 22nd, 2021
Jerry Parker returns today to discuss how Trend Following is perfectly suited for both inflationary and deflationary environments, why investors tend to underperform the S&P500 index, how to look at open trade risk & current equity curve, the perils of designing the ‘perfect’ trading system with all the bells & whistles, whether or not it’s a good idea to tighten stop-losses on profitable trades that have risen sharply, why financial media tends to dramatise the impact CTAs have on the markets, and why Trend Following on Bitcoin may be a better option than buy & hold. Check out our interview with Turtle Trading legends Richard Dennis & Jerry Parker here. If you would like to leave us a voicemail to play on the show, you can do so here. Check out our Global Macro series here. Learn more about the Trend Barometer here. IT's TRUE 👀 - most CIO's read 50+ books each year - get your copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels & Jerry on Twitter: @TopTradersLive  & @RJParkerJr09 And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Top Traders Unplugged wins award for ‘Best Trading Podcast’ and features among the ‘Top 20 Best Investing Podcasts in 2020’ by The Investors Podcast 🏆 Episode Summary 0:00 - Intro 1:28 - Macro recap from Niels 3:30 - Weekly review of returns 30:49 - Questions from Antonio: What was Bill & Richard’s performance like before they started the Turtle Trader program?  What was Chesapeake’s performance like up until Salem Trading was taken under their wing? What has Trend Following performance been like in the 10 years before 2020? Did Richard Dennis want his Turtles to come up with new ideas? Why did famous Trend Followers stop Trend Following in the 1990s? 59:43 - Q1; Mohjeet: Can you ask Jerry what risk-per-trade he recommends? 1:02:36 - Q2; Peter: Has Jerry ever considered running a new ‘Turtle Trading’ experiment? 1:13:25 - Performance recap 1:14:24 - Recommended listening or reading this week: Dr Andrew Huberman on the Lewis Howes Podcast  Subscribe on:
1 hr 18 min
Value Investing with Legends
Value Investing with Legends
Columbia Business School
David Marcus - Developing a 3D Perspective of Investing
Over the last few years, the opportunities for global value investing have improved significantly. Yields are incredibly low across the board, putting pressure on improving operational performance to generate returns. In such an environment, Europe is fertile ground for the value investor. With room for operational improvement in many sectors and a robust institutional environment, it’s an ideal market to deploy your activist dollar. When I decided to bring this topic to the show, I couldn’t think of anyone better than David Marcus to have a thorough conversation. David Marcus is Co-Founder, Chief Executive Officer, and Chief Investment Officer of Evermore Global Advisors, LLC, which he co-founded in 2009, and is also portfolio manager of the Evermore Global Value Fund. Beginning his career in 1988 at Mutual Series Fund, David was mentored by renowned value investor Michael Price and rose to manage the Mutual European Fund and co-manage the Mutual Shares and Mutual Discovery Funds, representing over $14 billion in assets. In 2000, he founded Marcstone Capital Management, LP, a long-short Europe-focused equity manager, largely funded by Swedish financier Jan Stenbeck. After Mr. Stenbeck passed away in 2002, David closed Marcstone, co-founded a family office for the Stenbeck family, and advised on the restructuring of several public and private companies the family controlled. David graduated from Northeastern University in 1988 with a B.S. in Business Administration and a concentration in Finance. On this episode, David and I discuss his structured approach to learning that he’s been committed to since starting his career, his comprehensive approach to investment analysis, why he believes there are huge opportunities in the European markets, how many people are taking the wrong approach when assessing investments in Europe, and so much more! Key Topics: * How David always knew investing would be in his future (3:51) * David’s internship experience during the 1987 stock market crash (5:18) * Getting a shot at a trading desk within a month of working with Michael F. Price (7:37) * How David’s learned what makes a good analyst (9:24) * Pivoting into European investing (11:11) * Learning from the Swedish financial crisis of the early 90s (13:14) * Looking beyond the CEO to the main shareholder (15:41) * Leveraging your existing knowledge in new areas (16:45) * When David became the head of Europe across portfolios at Franklin Mutual (19:46) * David’s decision to start Marcstone Capital Management (23:36) * Transitioning from stock picker to operator (26:32) * Taking a private equity approach to public companies (29:43) * The birth of Evermore Global Advisors (30:20) * The advantage of being a generalist and a specialist (33:27) * Why you must build your network (34:42) * Deepening your operational understanding by engaging management (36:11) * Mischaracterization of the European market (39:25) * Game-changing opportunities in the European Union (EU) (41:19) * What key areas David looks at in investments (42:53) * The fundamental lack of knowledge about European institutions (45:37) * Long-term thinking and European evolution (49:36) * Understanding the local rules (51:58) * Why you need to figure out peoples’ motivations (52:27) * The opportunity behind deconglomeration in Europe (55:20) * Good managers as an important competitive advantage (57:17) * Taking advantage of room for operational improvement (59:10) * Assessing the right time for the right people (1:01:04) * The confluence of value and growth in Europe (1:02:22) * Misconceptions about value and growth (1:05:33) * Finding growth opportunities at value prices (1:06:39) * Screening with numbers instead of words (1:07:55) * The benefits of quarterly offsites (1:09:24) * Getting clear on the reason behind investor activism (1:11:41) * David’s approach to risk management (1:14:14) * Why David’s view on leverage has changed (1:16:29) * Checking and testing your thesis continuously (1:17:55) * And much more! Mentioned in this Episode: * Evermore Global Advisors * Value Investing with Legends Podcast | Leveraging Fundamentals to Remain Relevant with David Samra * David Marcus’ Whitepaper | Europe: Lonely and Lumpy, Yet Extremely Compelling * European Union Website Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
1 hr 21 min
Alpha Trader
Alpha Trader
Seeking Alpha
Digital transformation comes to energy, autos, and currency - Jon Markman and Greg King join Alpha Trader (Podcast)
This week’s Alpha Trader podcast features hosts Aaron Task and Stephen Alpher speaking with Jon Markman, president and founder of Markman Capital, and Greg King, CEO and founder of Osprey Funds. Markman (who previously appeared on Alpha Trader in October) continues to believe the Fed ignited what’s going to be a decade-long bull run in stocks with their actions in response to the Covid crisis last year. With the Fed continuing to provide plenty of liquidity to the system, he’s targeting 92K for the Dow (DJI) in the next decade, and 34K on the Nasdaq (COMP). Turning to individual names/sectors, Markman is still spying the opportunity in digital transformation, but this time with a twist - it’s old-school energy and auto companies whose business models are changing from nuts and bolts to 0s and 1s. Shareholders of names like Schlumberger (SLB), Baker Hughes (BKR), General Motors (GM), Ford (F), and Volkswagen ([[VLKAF]], [[VWAGY]]) are set to benefit in a big way. And the massive investment the auto players are making into EVs means a re-rating not just for them, but suppliers like Magna International (MGA), NXP Semiconductor (NXPI), and Analog Devices (ADI). Markman’s got plenty more digital transformation ideas, including a speculative play on cryptocurrencies, and that’s VPC Impact Acquisition (VIH), a SPAC that earlier this year inked a deal to take digital asset marketplace Bakkt Holdings public. Next up is Greg King, whose Osprey Bitcoin Trust (OBTC) recently launched as a lower-cost competitor to the Grayscale Bitcoin Trust (GBTC). A longtime investor in bitcoin (BTC-USD), King isn’t put off by the wild volatility (including a plunge from $53K to $49K right about the time we were speaking). He notes that whenever bitcoin pierces a previous all-time high (as it did late last year by finally climbing past $20K), the average subsequent return is 900% - this bull move has plenty more to run. “Not your key, not your coins,” is something the hodlers like to say, but King says we all have limitations - not everyone is in a position to start up an account with an online exchange and possibly even custody their own bitcoin. A trust such as Osprey offers a fee of just 0.49%, is something that can be purchased inside an existing brokerage or retirement account, and safety isn’t an issue as all the Trust’s coins are held in custody by Fidelity. Learn more about your ad choices. Visit megaphone.fm/adchoices
54 min
Excess Returns
Excess Returns
Jack Forehand and Justin Carbonneau
GameStop: What Happened, How it Happened, and Lessons We Can Learn From It
The rapid rise and fall of GameStop earlier this year was unlike anything many of us have seen in our investing careers. The stock's price went from the single digits to upwards of $400 per share in a very short time, and then lost most its value in the weeks that followed. In this episode, we take a look behind the scenes at the factors that led to GameStop's massive gains, and how those same factors eventually led to the ensuing decline We also take a look at some lessons investors can learn from the GameStop saga.  We hope you enjoy the discussion.  ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau
26 min
InvestED: The Rule #1 Investing Podcast
InvestED: The Rule #1 Investing Podcast
Phil Town & Danielle Town
305- The Role of Shorting in the Market
“There’s nothing evil, per se, about selling things short. Short sellers—the situations in which there have been huge short interests very often—very often have been later revealed to be frauds or semi-frauds.” — Warren Buffett Short selling, or shorting, plays an important role in public markets as it improves prices, rational capital allocation, prevents bubbles, and shines a light on fraud.   If investors think a stock's price is dropping, they can short the stock. They borrow shares and sell them with hopes of buying them back at lower prices. However, stocks can theoretically keep rising, which could cause losses. So the investors that short the stock will either have to put more money up to secure their position or close their positions.   Essentially, short selling exposes which companies' stock prices are too high. In their search for overvalued firms, short-sellers can discover inconsistencies or other questionable practices before the entire market does. Short sellers can almost be regarded as the “watchdogs” of the market.   A recent example of this is the Gamestop event which caused many investors to either gain or lose money, as shorting isn’t ideal for all investors. This is why it’s important to invest with your values—so you can invest with confidence and reduce your risk of making bad investing decisions.    When looking for companies to purchase, always consider the Four Ms: meaning, moat, management, and margin of safety. This is the first step you need to take when building your watchlist of companies you are interested in.   In today’s podcast, Phil and Danielle discuss the important role short sellers play in our market and why it’s important to invest with your values.   Learn about the Four Ms and how they can help you invest in the right businesses at the right time with this FREE guide I've created for you: http://bit.ly/3btAqhM Learn more about your ad choices. Visit megaphone.fm/adchoices
47 min
Invest Like a Boss
Invest Like a Boss
Sam Marks & Johnny FD
172: Invest in Farmland with FarmTogether CEO Artem Milinchuk
Artem has over 11 years of finance experience in food, agriculture, and farmland. Prior to founding FarmTogether, Artem was employee #1 and CFO/VP of Operations at Full Harvest Technologies, a now post-Series A B2B platform for buying and selling produce. He previously worked at Ontario Teachers' Pension Plan, Sprott Resource Holdings, E&Y and PwC. Artem holds an MBA from The Wharton School, and a BA and MA in Economics from the Higher School of Economics. Listen to ILAB 172 on iTunes here or subscribe on your favorite podcast app. Where we are: * Johnny FD – Sri Lanka / IG @johnnyfdk * Sam Marks – Thailand / IG @imsammarks * Derek Spartz - Venice / IG @DerekRadio Sponsor: * FarmTogether * Support Invest Like a Boss: Join our Patreon Discussed: * FarmTogether Like these investments? Try them with these special ILAB links: * ArtofFX – Start with just a $10,000 account (reduced from $25,000) * Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK) * Betterment – Get up to 1 year managed free * Wealthfront – Get your first $15,000 managed free * PeerStreet – Get a 1% yield bump on your first loan *Johnny and Sam use all of the above services personally. Time Stamps: * 07:04 – What got you involved in farmland investing? * 09:22 – How does it differ to commercial and residential real estate? * 11:25 – How does it compare to traditional investing? * 14:15 – Does technology help in the challenge of making more food with less land? * 16:39 – Why are so few investors in this asset? * 20:38 – How can farmland help with an expected inflation in the economy? * 21:38 – With the population moving out of the city, is this affecting the availability of farmland? * 24:20 – How do you qualify to invest in FarmTogether? * 28:23 – What is someone actually buying when investing? * 30:54 – How are returns generated? * 32:34 – Which is the best crop to invest in? * 34:27 – Do the commodities vary in price? * 36:11 – Can you get out of the deal early? * 36:59 – How does FarmTogether profit from these deals? * 37:45 – Can you explain the option of sole proprietorship? * 38:41 – Are there any bonuses for investors? * 40:23 – What are some really good sources of education on farmland and farming? * 42:26 – Johnny and Derek review If you enjoyed this episode, do us a favor and share it! Also if you haven’t already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2021. All rights reserved. Read our disclaimer here.
58 min
Money For the Rest of Us
Money For the Rest of Us
J. David Stein
What Is Tail Risk and Are You Taking Too Much Of It?
When should you protect against rare, but extreme events? When should you self-insure? Under what circumstance should you sell tail risk protection to others? Topics covered include: * How tail events differ from tail risk * Why volatility is not the best measure of risk for individuals * What does it cost to protect against large stock market losses * Why younger investors can take more risk due to their human capital * How does the profit wheel options strategy work * How the catastrophic power outage in Texas exemplifies tail risk * Why individuals need to build more reserves because the economic system is too efficient and vulnerable to breakdowns Thanks to SmartAsset and Babbel for sponsoring the episode. Use code DAVID for Babbel to get three months free. For more information on this episode click here. Show Notes Average Weather in San Antonio Texas, United States—Weather Spark Update on the CBOE BuyWrite and PutWrite Option Indexes, October 2018—Asset Consulting Group The Texas Freeze: Why the Power Grid Failed Katherine Blunt and Russell Gold—The Wall Street Journal His Lights Stayed on During Texas’ Storm. Now He Owes $16,752 by Giulia McDonnell Nieto del Rio, Nicholas Bogel-Burroughs, and Ivan Penn—The New York Times When More Is Not Better: Overcoming America’s Obsession with Economic Efficiency by Roger L. Martin Related Episodes 250: Investing Rule One—Avoid Ruin 283: Why You Should Care About Carry Trades 321: How to Analyze Complex Investments 323: The Economy Is Not A Machine
27 min
Michael Covel's Trend Following
Michael Covel's Trend Following
Michael Covel
Ep. 948: James Salzman Interview with Michael Covel on Trend Following Radio
A hidden set of rules governs who owns what–explaining everything from whether you can recline your airplane seat to why HBO lets you borrow a password illegally–and in this lively and entertaining guide, two acclaimed law professors reveal how things become “mine.” “Mine” is one of the first words babies learn. By the time we grow up, the idea of ownership seems natural, whether buying a cup of coffee or a house. But who controls the space behind your airplane seat: you reclining or the squished laptop user behind? Why is plagiarism wrong, but it’s okay to knock-off a recipe or a dress design? And after a snowstorm, why does a chair in the street hold your parking space in Chicago, but in New York you lose the space and the chair? My guest today James Salzman explains these puzzles and many more. Surprisingly, there are just six simple stories that everyone uses to claim everything. Owners choose the story that steers us to do what they want. But we can always pick a different story. This is true not just for airplane seats, but also for battles over digital privacy, climate change, and wealth inequality. As Michael Heller and James Salzman show–in the spirited style of Freakonomics, Nudge, and Predictably Irrational–ownership is always up for grabs. With stories that are eye-opening, mind-bending, and sometimes infuriating, James Salzman reveals the rules of ownership that secretly control our lives. Bio: James Salzman holds the Samuel Mordecai chair at the School of Law and the Nicholas Institute Professor chair at the School of the Environment at Duke University. He has written extensively on the topics of environmental conservation, population growth, and climate change. He lives in Durham, North Carolina. In this episode of Trend Following Radio: Rules of Ownership Airlines Seat Creators Have Control Restaurants and Food Trucks Ownership of Spoken Word Facebook and Google Copyright
1 hr
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