The Portfolio Puzzle of Our Lifetime
Play • 1 hr 13 min
This is the thing we all need an answer for - starting valuations for stocks have rarely been higher, while starting bond yields have never been lower. Can stocks return enough going forward to overcome this hurdle? Will bonds deliver the hedge against volatility investors are counting on? On this week’s podcast, I’ve brought on two thoughtful, accomplished asset allocators to answer these questions and suggest solutions to the puzzle. Bob Haber is the founder and CIO of Proficio Capital Partners, a veteran fund manager for Fidelity and part owner of the Boston Celtics. Mebane Faber is the founder and CIO of Cambria Investment Management, as well as the host of The Meb Faber Show podcast. We discuss value and growth stocks, international equity markets, gold, the dollar, Treasury bonds and a lot more.I hope you get a lot out of this week’s episode and wish you a Happy Thanksgiving. If you’re enjoying The Compound Show, please leave us a rating and review - they go a long way! 

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The Long View
The Long View
Morningstar
Steve Chen: 'How Do You Deliver Lifetime Income?'
Our guest on the podcast today is Steve Chen. Steve is the founder and CEO of NewRetirement.com, which he describes as a TurboTax for financial planning. NewRetirement advisors also offer one-on-one financial advice and coaching with certified financial planners. Prior to founding NewRetirement, Steve founded venture-backed companies in education and financial services and worked as a consultant at firms including Charles Schwab, Fidelity, and Dimensional Fund Advisors. He also hosts the NewRetirement podcast and contributes to Forbes. Steve received his Bachelor of Science in systems engineering from Boston University. Background Bio NewRetirement.com Retirement Planning “Podcast: Nobel Prize Winner Robert Merton on Fixing Retirement,” by Steve Chen, newretirement.com, July 5, 2018. “The Future of Retirement Planning Is Already Here, It’s Just Not Evenly Distributed,” by Stephen Chen, soa.org, 2018. “Why Retirement Decumulation Is the New Accumulation,” by Stephen Chen, forbes.com, Sept. 30, 2019. “5 Steps to Ensure Your Money Lasts Through Retirement,” by Steve Chen, moneytalksnews.com, Jan. 6, 2021. The Pandemic & Retirement “2021: The Good, The Bad and The Ugly,” by Stephen Chen, forbes.com, Sept. 7, 2020. “Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 21, 2020. “The Most Dangerous Age for Retirement,” by Stephen Chen, forbes.com, Nov. 1, 2020. Spending & Withdrawal Rates “Tax-Efficient Retirement Withdrawal Strategies,” by Stephen Chen, forbes.com, Dec. 17, 2018. “5 Mistakes to Avoid When Shopping for Annuities,” by Steve Chen, newretirement.com, June 27, 2020. “5 Steps for Defining Your Retirement Drawdown Strategy,” by Steve Chen, newretirement.com, June 29, 2020. “The Pros and Cons of Annuities: How to Evaluate Annuities for Your Retirement,” by Kathleen Coxwell, newretirement.com, Sept. 15, 2020. “Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 14, 2020. Zvi Bodie Social Security & Long-Term Care “The Actual Costs of Long-Term Health Care,” by Kathleen Coxwell, newretirement.com, July 3, 2020. “Changes Coming to Social Security & Medicare: Small COLA and 6 Other New Developments for 2021,” by Kathleen Coxwell, newretirement.com, Oct. 14, 2020. “Serious Medical Crisis: Many Retirees Will Require Long-Term Care, but Few Will Be Able to Afford It,” newretirement.com.
47 min
Marketplace Roundtable
Marketplace Roundtable
Seeking Alpha
The Value Investor's Edge Live #29: Navigating Product Tanker Markets With Ardmore Shipping (ASC)
Paul Tivnan, CFO of Ardmore Shipping (ASC), a leading product tanker shipping company, joined J Mintzmyer's Value Investor's Edge Live on Nov. 17, 2020, to discuss the product tanker markets and forward capital allocation priorities. Ardmore trades at a nearly 50% discount to net asset value, so their repurchase program is of particular interest. This interview and discussion of the underlying product markets is relevant for anyone with tanker investments or interests, including Diamond S (DSSI), DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), International Seaways (INSW), Navios Acquisition (NNA), Nordic American Tankers (NAT), Scorpio Tankers (STNG), Teekay Tankers (TNK), Torm (TRMD), and Tsakos Energy Navigation (TNP). Topics Covered (<1:20) Intro/Disclosures (1:30) Update on product tanker market? Any near-term optimism?  (6:00) What is the expected impact of new refineries on ton mileage?  (8:30) How much is lower jet fuel demand impacting trade?  (10:30) Updated capital allocation policy? Repurchases?  (13:45) Levers to build liquidity? Timeframe for repurchase program?  (17:30) Commentary on repurchase program. Interest in selling ships?  (22:30) Focus on per share returns for capital allocation?  (24:50) What is your current estimate of ‘excess liquidity?’  (28:00) Justification for rejecting HAFNIA offer? Trading below that range?  (32:50) How do your ‘Eco-Mod’ ships compare to Eco-Design ships?  (35:15) Differentiating factors of ASC's chemical tankers?  (37:00) Reasonable timeline for product tanker markets to normalize? Learn more about your ad choices. Visit megaphone.fm/adchoices
43 min
The Acquirers Podcast
The Acquirers Podcast
Tobias Carlisle
Small Value 2: Eric Cinnamond returns for more small value with Tobias on The Acquirers Podcast
Eric Cinnamond, CFA is a partner at Palm Valley Capital Management and a portfolio manager at the Palm Valley Capital Fund (PVCMX). Eric focuses on absolute return small cap value (less than $10 billion) investing.   Eric's firm: https://www.palmvalleycapital.com/ Eric's blog: https://www.palmvalleycapital.com/commentary ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about 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 Firm: https://acquirersfunds.com/ Website: https://acquirersmultiple.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 comp
55 min
Excess Returns
Excess Returns
Jack Forehand and Justin Carbonneau
Why Dividend Investing May Be Overrated
Dividend based investing strategies are very popular among investors. The ability to receive regular cash payments from the equities they own and a belief that dividend paying stocks outperform the market are both major drivers of this popularity.  But this preference for dividend stocks often exceeds the reality of the benefits they provide. In this episode, we take a look at the facts behind dividend investing. We look at how dividend-paying stocks perform over time and why the source of their outperformance may be different than many investors think. We also look at alternative ways to accomplish the goals of strategies based around dividends.  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
19 min
Top Traders Unplugged
Top Traders Unplugged
Niels Kaastrup-Larsen
123 Systematic Investor Episode – January 18th, 2021
In today’s show, we discuss the benefits of not taking profits too early during huge price moves, how a Trend Follower might be trading Bitcoin, if March 2020 may have impacted a Trend Follower’s approach to the markets, why the S&P 500 could be considered just as much of an ‘alternative’ market as Iron Ore, our most memorable trades, Bitcoin as a great diversifier in a Trend Following portfolio, and how a retail trader can gain access to managed futures.  Questions we answer this week include: What prompted Moritz to place his Tesla short trade recently, and how did it play out?  What are your views on stop-losses? 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 & Moritz on Twitter: @TopTradersLive  & @MoritzSeibert 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 1:40 - Macro recap from Niels 5:06 - Weekly review of returns 53:15 - Q1; Carlos: Has March 2020 impacted how you view your Trend Following approach? 59:14 - Q2; James: Why did Moritz place a discretionary short-trade on Tesla last month? Why does Dunn Capital avoid using stop-losses? What are your most memorable trades? 1:12:09 - Q3; Peter: Do you recommend any particular brokers? 1:17:30 - Q4; Craig: What are your thoughts on managed futures ETFs? 1:20:22 - Performance recap 1:21:21 - Recommended listening or reading this week: Macro Voices Podcast ft Art Berman & Danielle Dimartino-Booth on The Felder Report Podcast Subscribe on:
1 hr 25 min
Alpha Trader
Alpha Trader
Seeking Alpha
The 2021 market outlook and some new stock picks - Ryan Detrick and Eddy Elfenbein join Alpha Trader
This week’s Alpha Trader podcast features hosts Aaron Task and Stephen Alpher speaking with LPL Financial’s Ryan Detrick and Eddy Elfenbein, editor of the Crossing Wall Street blog and portfolio manager of the AdvisorShares Focused Equity ETF (CWS). Before getting into the outlook, Detrick (who was bullish on stocks at the March bottom) puts last year’s remarkable rally in perspective: The reversal from down more than 30% to up in the teens is unprecedented. While some may be tempted to view things as overdone to the upside, Detrick believes the strength we’ve seen is consistent with the beginnings of a years-long bull market. In addition to the positive technical signs he’s seeing, Detrick reminds that even more fiscal stimulus is likely on the way, and the Fed looks to be on hold at zero for quite some time. Given all that, Detrick does acknowledge some bubbly signs in things like IPOs, cryptocurrencies, and certain stocks. He reminds that his long-term bullishness doesn’t mean there won’t be sizable setbacks along the way, but investors ought to consider those downdrafts to be buying opportunities. Elfenbein’s 25-stock Buy List has consistently topped the S&P 500 over the past 15 years (though it did trail by a handful of basis points in 2020). Each year, Elfenbein discharges five names from the list, and adds five others. Out this year, are Becton, Dickinson (BDX), Eagle Bancorp (EGBN), Globe Life (GL), Hormel Foods (HRL), and RPM International (RPM). Four of the names were notable underperfomers in 2020, so like any good portfolio manager, Elfenbein isn’t shy about cutting losers (and letting his winners run). Maybe more interesting are the additions: Abbott Labs (ABT), HEICO (HEI), Miller Industries (MLR), Thermo Fisher Scientific (TMO), and Zoetis (ZTS). Peter Lynch said to look for companies that do something dull, says Elfenbein introducing perhaps everyone to Miller Industries. Based in Ooltewah, Tennessee, Miller makes and sells towing and recovery equipment. The company experienced a Covid-related slowdown in business in 2020, and the stock was similarly punished. Its recovery bounce since has been limited. Elfenbein likes management, likes the business’ “moat,” and likes that exactly zero sell-siders cover the name despite the company’s strong long-term success. There’s plenty more, including a discussion of the 10-year yield rising above 1% for the first time since March, whether the dollar is set up for contrarian bounce higher, and why it’s always a better idea to look for good stocks to own rather than trying to time a bubble. Learn more about your ad choices. Visit megaphone.fm/adchoices
44 min
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