Excess Returns
Excess Returns
Oct 22, 2020
Interview: Curating Investing Content and Sharing Knowledge w/ Tadas Viskanta of Abnormal Returns and Ritholtz Wealth Management
44 min

The volume of financial content that is produced these days can be completely overwhelming. Filtering through it to find the best articles is a task that most investors just don't have the time to complete. 

Thankfully, they don't have to. 

Tadas Viskanta helped solve this problem when he launched Abnormal Returns over 15 years ago. Every day, Tadas identifies the best financial content and distills it down to a condensed series of links. And he does it for free. Tadas is also the Director of Investor Education at Ritholtz Wealth Management. 

In this episode, we discuss: 

- the process Tadas uses to filter the vast amount of financial content that is out there 

- his views on audio and video and the future of content 

- the role of content in communicating with current and prospective clients 

- the importance of authenticity 

We hope you enjoy the discussion. 

ABNORMAL RETURNS

https://abnormalreturns.com/

FOLLOW TADAS ON TWITTER

https://twitter.com/abnormalreturns

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.

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https://www.validea.com

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https://www.valideacapital.com

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Value Investing with Legends
Value Investing with Legends
Columbia Business School
Howard Marks - Successful Investing Through Buying Things Well
The most successful investors combine a profound analytical understanding of financial markets and the economy at large with the ability to act on those ideas. My guest today has these two attributes in spades. Today’s conversation is with Howard Marks, the Co-Founder and Co-Chairman of Oaktree Capital Management, which is one of the largest credit investors in the world and certainly the largest investor in distressed securities. Howard started his career at Citicorp as an equity research analyst and then Director of Research, Vice President, and Senior Portfolio Manager overseeing convertible and high yield debt. After leaving Citicorp, he moved to The TCW Group, where once again, he was responsible for investments in distressed debt, high yield bonds, and convertible securities. In 1995 he and another group of partners from TCW founded Oaktree, where he remains today. Howard is known for his penetrating mind and his memos are a must-read for any serious student of the market and I can’t think of anyone better than him to discuss the many complexities of markets and the economy of today. On this episode, Howard and I discuss how he ended up in the high yields space, why running research at Citicorp was a low point in his career, the concept of “efficientization”, why Graham and Dodd called bond investing a negative art, why complexity and early adoption are your friends, the dominant challenge for investors today, Howard’s prolific writing, and so much more! Key Topics: * Howard’s early life from working adding machines in an accounting office to studying finance at university (3:30) * How Howard ended up working at Citicorp for his first job out of school (5:39) * Why running research at Citicorp was an extremely unsatisfactory role for Howard (7:25) * Howard’s involuntary transition from analyst into the high yield space (9:01) * The big difference between the market being efficient and being right (11:37) * The concept of “efficientization” (13:14) * Two main causes of mistakes in the market? (14:04) * Howard’s holy grail in investing (15:12) * Why Howard doesn’t use macro forecasting in his decision making (17:24) * The dawn of the high yield bond era (18:55) * Different approaches to the analysis of equities versus high yield bonds (20:07) * Why Graham and Dodd called bond investing a negative art (21:03) * Howard’s early days at The TCW Group (23:18) * Complexity and early adoption as an investor’s friends (24:53) * Why you must work at a firm that is in alignment with your investment philosophy (28:05) * Howard’s love for writing (31:49) * Using memos to shape the company culture (33:30) * Why you should analyze your winners (34:47) * The “I know” school versus the “I don’t know” school (36:01) * The dominant challenge for investors today (38:46) * What Howard thinks is behind consistently low yields (42:13) * What surprises me about the politics of populism and financial markets (46:43) * The rise of populism as a response to the shifting beliefs of the working class (48:16) * And much more! Mentioned in this Episode: * Oaktree Capital Management * Memos from Howard Marks * Howard Marks’ Book | The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor * Benjamin Graham & David Dodd’s Book | Security Analysis * Howard Marks’ Memos: * * Us and Them * Coming into Focus * Mysterious * Economic Reality * Political Reality * Political Reality Meets Economic Reality 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!
53 min
The Intelligent Investing Podcast
The Intelligent Investing Podcast
Eric Schleien
#127: I wrote a book! | Principles of Power: The Art & Wisdom of Badassery
My New Book After 7 years in the making, my book Principles of Power has been released! ***THIS WEEK ONLY*** CYBER MONDAY SALE.... 90% off the Kindle Book...just 0.99 cents :) Summary "Principles of Power can be related to as an advanced Coaching Handbook for Leaders. If you are a leader, an aspiring leader, a coach, consultant, or program facilitator, this book is designed for you. The material is delivered inside of a modern leadership context of service and contribution. Eric features many partnerships in Principles of Power. His inclusion of useful quotes from Warren Buffett, Charlie Munger, Werner Erhard, Nassim Taleb, Seth Godin, and many other leaders attests to the thinking and the research that went into the writing of this book. It is now undeniable that the understanding and implementation of powerful Listening, authentic Relationship, and a recognizable Permission to Lead, are cardinal distinctions of effective leadership. The word, ’cardinal’ has a Latin root and means ‘hinge’ – like a hinge on a gate. So, like a hinge, cardinal distinctions are connected to every nuance of leadership. You will see these distinctions in action in the background of Eric’s many leadership conversations. Authentic Relationship, for example, is essential to the effectiveness and empowerment of the participants and the leader. If authentic Relationship is missing, any outcome or result devolves to the result of domination or force, and is not an outcome of effective leadership. Consider this: Leadership is granted by the permission of those being led. Take a moment and allow that to sink in.The job of the leader is that of an environmentalist, providing the space for people to collaborate, flourish, and create. These two different activities, management and leadership are often commingled, especially in business schools and in the workplace. They are distinct and operate under different rules and measures. It’s like Checkers and Chess – Same game board, different games with different rules and outcomes. Disentangling and distinguishing the two arenas of activity grants power to both managers and leaders. So, the fundamental exercise of listening for people’s greatness is in the background of every sentence in this book. And there is much more… Principles of Power is strongly influenced by the transformational work of Werner Erhard. Much of the author’s thinking is also grounded in the classic distinctions of Tribal Leadership and the thinking of Warren Buffett and his partner, Charlie Munger. Those, plus Eric’s own extensive practical experience renders Principles of Power to be an extremely useful ‘go-to’ resource, filled with useful, implementable information, sprinkled liberally with memorable quotations from intelligent diverse sources – all apt and worth adding to YOUR leadership lexicon."- John King, co-author of Tribal Leadership ABOUT ERIC SCHLEIEN Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: * Apple Podcasts * Stitcher * TuneIn * Spotify * Podbean * iHeart Radio * YouTube CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com
13 min
Stock Market Buy Or Pass? Jose Najarro
Stock Market Buy Or Pass? Jose Najarro
Jose
7 TOP STOCKS TO WATCH NOW BEST STOCK TO BUY (DECEMBER 2020) Cloud SNOW PLTR CRDW ZS SPLK STOCK PRICE
7 TOP STOCKS TO WATCH NOW BEST STOCK TO BUY (DECEMBER 2020) Cloud SNOW PLTR CRDW ZS SPLK STOCK PRICE. This is Snowflake Snow, ZS Zscaler, CRWD Crowdstrike, ESTC Elastic, PLTR Palantir, OKTA, Splunk SPLK stock price analysis.  I share 2 BEST growth stocks to buy, YOU should be keeping an eye on this month. These could be 2 of the best growth stocks to buy now, and I do a full in-depth stock analysis of ALL of them. PATREON Self Taught Investor! https://bit.ly/3kgsUd3 SIGN UP FOR WEBULL !! FREE STOCKS!!: https://bit.ly/31PXXWh SUBSCRIBE TO 2ND CHANNEL https://www.youtube.com/channel/UCJvX23MIdSCqrnUH4H--UIQ Merch:  Self-Taught Investor Merchandise https://bit.ly/3dLJr6g 7INVESTING $10 OFF: https://bit.ly/3mz2oMN TECHNICAL CHARTS: https://www.tradingview.com/symbols/AAPL/?offer_id=10&aff_id=23717 DISCORD GROUP!! https://discord.gg/wbp2Z9S Support the Channel: https://bit.ly/3bmfCYN Twitch: https://www.twitch.tv/josenajarrostocks Twitter: https://twitter.com/_JoseNajarro Some of the questions I want to answer What are the best high growth stocks to buy in December 2020? what growth stocks to buy in December 2020? What Cheap Stocks to buy? What are good top growth stocks to buy? Top Stocks to Buy Now ----------------------------------------------------------------------------------------- DISCORD GROUP!! https://discord.gg/wbp2Z9S https://josenajarro.com/ https://twitter.com/_JoseNajarro Youtube: Jose Najarro Stocks & Star Wars  *Disclaimer: All content provided in any of my Social channels/videos/post/podcast and any other sort of communications are for entertainment purposes only. Talk to a financial adviser before making any decision*
16 min
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 Razor's Edge
The Razor's Edge
Shortman Studios
#33: In The Streaming Wars, What Game Does Disney Want To Play?
Famed activist investor Daniel Loeb wrote a letter to Disney management arguing that the time to go all in on streaming is now. We've been following the streaming wars pretty closely, and we decided to break down the letter and then reconsider Disney and Netlfix's positions a year after Disney+'s launch, and 8 months into a pandemic that has accelerated the streaming game. The question came down to 'what battleground do these companies want to actually fight on'? Topics Covered * 2:15 minute mark – The need for capital and Disney’s studio business history | * 10:00 – The SaaS parallel and Disney’s flywheel | * 16:30 – The new bundle, different from the old bundle? | * 24:30 – The 5d Chess around the streaming wars | * 27:00 – How enduring is the event model, theaters or otherwise? | * 30:00 – Costs in the new content world | * 35:45 – the looming presence of the big fish and how much growth is there still out there | * 43:00 – Takeaways for Netflix and Disney | * 53:00 – What sort of game are we playing | Works cited or that are relevant: * Daniel Loeb's letter to Disney - https://www.scribd.com/document/479149667/Third-Point-Letter-to-Disney-October-2020 * Akram's Razor's reaction piece - https://seekingalpha.com/article/4380091-disney-field-of-streams * Doug Shapiro - https://medium.com/swlh/one-clear-casualty-of-the-streaming-wars-profit-683304b3055d * ProPublica - https://www.propublica.org/article/meet-the-customer-service-reps-for-disney-and-airbnb-who-have-to-pay-to-talk-to-you
1 hr 8 min
Value Hive Podcast
Value Hive Podcast
Brandon Beylo
How To Find Life-Changing Stocks w/ @FromValue (Episode 53)
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. Kris (@FromValue on Twitter) is the author of From Value To Growth premium research service on Seeking Alpha. Kris has grown his audience to >21K followers on Twitter and Seeking Alpha each. Kris' job is simple: he tries to find stocks that he can own for the next 10-20 years. Then he wants to hold them for the long-term. Some of his most recent winners include Shopify (up >1,000%), Livongo (up >400%) and Okta (up >200%).  Here's Kris' investment thesis from his Seeking Alpha page: "That means that I look for stocks that have either growth or value or combine the two. It has been proven that the group of dividend initiators and fastest dividend growers outperforms the markets by far in the long run. So I select stocks from this group, although I also select high growth non-dividend payers that I believe will grow out to great multibaggers." I loved this conversation as it got to the heart of why we invest: to create life-changing wealth through high risk-adjusted compound returns. Here's the time-stamp:  * [0:00] Who is Kris? * [10:00] Kris’ Investing Style * [14:00] Potential Multi baggers * [18:00] Portfolio Management * [22:00] Kris’ Exclusive Metrics * [30:00] Is Value Investing Market Timing? * [35:00]  How to Cope with Drawdowns? * [44:00] Multi Baggers can Change Lives * [50:00] Conviction in your Investments * [56:00] Beginners Mistakes * [59:00] More from Kris and Closing Questions If you liked this conversation, check out some more @FromValue resources:  * FromValue Twitter * From Growth To Value Seeking Alpha
1 hr 6 min
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