Behind The Markets Podcast: Jonathan Ward
36 min

Show from 10/16/20

Wharton Finance Professor Jeremy Siegel kicks off the show with a political update on the Biden vs Trump election odds. Plus Host Jeremy Schwartz interviews an expert on China strategy, Jonathan Ward. According to Jonathan, China sees themselves as a dominant world power coming back to prominence. He mentions their attention to building a large military, their ideological push to denounce western values as well as their initiative to consolidate and dominate trade.


Jonathan Ward -Founder of Atlas Organization, author of the book "China's Vision of Victory."

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Follow WisdomTree on Twitter: @WisdomTreeETFs

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Consuelo Mack
Medicare & Lockdown: Better than Ever? (U.S.)
According to Medicare benefits expert, Dr. Katy Votava COVID-19 has altered several aspects of Medicare coverage and procedures. She will tell us what’s different and how to take advantage of the changes. She will also help us meet the deadline for Medicare’s annual enrollment period which ends on December 7th and allows medicare beneficiaries to evaluate their Medicare Advantage Plans and part D, prescription drug plans, and shift to different providers if it makes sense.  Votava is a Medicare expert who advises individuals, small businesses, and financial planners from her healthcare consulting business, She is also the author of Making The Most Of Medicare: A Guide For Baby Boomers, now in its 7th edition and an Amazon bestseller. It is a straightforward, easy to navigate guide to Medicare which is a very complex multi-part system that frequently does warrant annual updating by its beneficiaries. An estimated 90 percent of Americans pay too much for their Medicare coverage.  WEALTHTRACK # 1722 published on November 27, 2020 More info: – The official U.S. Government site for Medicare 1-800-MEDICARE – The State Health Insurance Assistance Program (SHIP) site that directs consumers to free Medicare counseling and assistance - Eldercare locator, a public service of the U.S. Administration of Aging, connecting you to services for older adults and their families. 1-800-677-1116    Making The Most Of Medicare: A Guide For Baby Boomers: --- Support this podcast:
19 min
Excess Returns
Excess Returns
Jack Forehand & Justin Carbonneau
Why Eliminating Discretion from Quantitative Models is Harder Than You Think
There is a tendency for those of us who support quant models to talk about them as if they are these things that just run on autopilot over the long-term that are free from all the decision-making issues that plague us as human beings. That just isn’t the case, though. There are many decisions that go into the development, optimization, and evolution of quant models that require human intervention and a thoughtful, nuanced approach. In this episode, we discuss the human decisions that go into quant models and how to develop a thoughtful framework to make them.  JACK'S ARTICLE When Quantitative Becomes Discretionary – Validea's Guru Investor Blog 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 FIND OUT MORE ABOUT VALIDEA FOLLOW OUR BLOG FIND OUT MORE ABOUT VALIDEA CAPITAL FOLLOW JACK Twitter: LinkedIn: FOLLOW JUSTIN Twitter: LinkedIn:
14 min
Alpha Trader
Alpha Trader
Seeking Alpha
Investment choices of the pros - author Brian Portnoy joins Alpha Trader
This week's Alpha Trader podcast features hosts Aaron Task and Stephen Alpher talking with Brian Portnoy, the founder of Shaping Wealth, and co-editor with Josh Brown of the new book, How I Invest My Money. Prior to speaking with Portnoy, the hosts discuss an historic month for equity markets - the S&P posting its best November ever, the Dow posting its best month since 1987, and the Russell 2000 outperforming them both. They remind that while the headlines about growing Covid-19 cases, hospitalizations, and related shutdowns look grim, markets look ahead and - thanks to what appears to be outstanding news on vaccines - are pricing in a better world six-twelve months down the road. And don't forget the election. Markets really appear to be liking the prospects for divided government and - contrary to some pre-election worries - Biden's early cabinet picks show someone who is set on governing roughly from the center. How I Invest My Money explores the investment choices of 25 prominent finance players. The common theme across this spectrum of experts: There is none, says Portnoy, other than the maxim that personal finance is more personal than finance. Even in this age of quantification and robo-advisors, says Portnoy, everyone has different goals they're optimizing, meaning investment choices will remain personal. Adding it up, nearly no one's portfolio is necessarily going to fit into the perfect efficient frontier, and there's nothing wrong with that. So many folks beat themselves up over not being fully invested in the kind of bull market we've seen over the past several months, but Portnoy reminds that we tend to undervalue the optionality and freedom of holding cash. That's not just Portnoy's belief but - in a book of 25 different professionals talking about how they invest their money - the beauty of cash is a common theme. Listen to or subscribe to Alpha Trader on these podcast platforms: Apple Podcasts Spotify Google Play Stitcher Learn more about your ad choices. Visit
41 min
Value Investing with Legends
Value Investing with Legends
Columbia Business School
Jan Hummel - The Rare Advantage of Real-World Experience
Modern value investing emphasizes investing in resilient franchises and letting the compounding do the work for you. Today’s guest, Jan Hummel, is a fantastic expositor of this subject and a friend of the Center who has been part of many of our events over the years. In 2007, Jan launched the Paradigm Capital Value Fund with Bruce Greenwald, the founder of the Heilbrunn Center and Columbia Business School alumnus, Mario Gabelli. Paradigm’s investment philosophy is built around a focus on mispriced securities in the small- and mid-cap space within Europe, deep fundamental research, a concentrated portfolio, and hedging of the portfolio through non-equity investments and derivatives. I've often mentioned that I think the opportunities in Europe for value investors are enormous and with Paradigm’s focus on making investments within the European Union, Jan is the perfect person to explore this topic with us. On this episode, Jan and I discuss the advantages of real-world experience, combined with deep fundamental research and tenacity. We talk about how Jan’s early years in Sweden have shaped his whole life, what it was like to make the move from financial economics to business school, making the transition from 15 years of turnaround recovery to running a fund, the key traits of a great analyst and an entrepreneur, and so much more! Key Topics: * How Jan’s childhood in Sweden has colored his life (2:37) * Jan’s unconventional experience buying shares at 16 (4:06) * Studying financial economics at the Stockholm School of Economics and Stanford (6:26) * The first steps of Jan’s finance career as a Junior Analyst (7:33) * How Jan went from studying under Bruce Greenwald at Harvard to working together (9:16) * How business school broadened Jan’s experience (9:56) * Jan’s unorthodox path in asset management (12:07) * Why Jan became interested in turnaround restructuring (13:08) * How Jan’s 15 years of business experience has helped him as an investor (14:29) * The Swedish banking crisis of the early 90s (16:24) * Competitive dynamics of the 80s and 90s (18:03) * The powerful combination of deep knowledge and a favorable market environment (19:19) * Events that led to the launch of Paradigm Capital (20:44) * The experience of founding a fund right before the 2008 economic crisis (23:09) * Creating an information edge through research (24:37) * Advantages of a having concentrated portfolio (26:22) * Paradigm’s layered approach to sizing positions in their portfolio (29:05) * Why Paradigm is country-agnostic when it comes to portfolio construction (30:57) * How Paradigm hedges currencies as part of their risk management (31:50) * Navigating the tricky waters of figuring out when to exit a position (35:48) * What I like about Paradigm’s flexible approach to engaging with management (38:55) * Why data is always foundation for identifying potential investments (39:59) * What Jan is looking for in companies’ return on capital employed (41:05) * Why Jan believes we’ll see an increase in passive investing in Europe in the future (45:32) * Opportunities for value investors in Europe (47:04) * Building strategy around the improvement of operational practices (48:51) * What makes a great analyst (51:32) * The tenacity of an entrepreneur (53:01) * And much more! Mentioned in this Episode: * Value Investing with Legends Podcast | Season 4 Episode 4: The Multi-Faceted Future of Value Investing with Henry Ellenbogen and Anouk Dey 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 Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
55 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 - * Akram's Razor's reaction piece - * Doug Shapiro - * ProPublica -
1 hr 8 min
The Long View
The Long View
Michael Jantzi: Making 'Informed Choices' in Sustainable Investing
Our guest on the podcast is Michael Jantzi. Michael is the chief executive officer of Sustainalytics, a Morningstar affiliate that specializes in ESG and corporate governance research and ratings. Prior to forming Sustainalytics in 2009, Michael was the founder of Jantzi Research and has been active in the responsible investment field since 1990. Michael has been recognized with numerous awards for his leadership and work on sustainable investing, including the Responsible Investment Association's Lifetime Achievement Award, which he received in 2010. Michael is a director of the Tides Canada Foundation and sits on the Advisory Council of Ivy Business School's Institute for Long-Term Prosperity Through Business. He also serves as a director of the Principles for Responsible Investment, or PRI. Michael holds degrees from Western University and Dalhousie University. Background Bio Sustainalytics MakeWay (formerly Tides Canada Foundation) Principles for Responsible Investment (PRI) ESG Evolution What is ESG? “ESG Investing Comes of Age,” by Jon Hale and Bridget Ginty,, June 2020. Sustainalytics’ ESG Risk Ratings Environmental, Social, and Governance Investing, The Value and Efficacy of ESG “The True Value of ESG Data,” by Leon Saunders Calvert,, Sept. 3, 2020. “Who Cares About ESG Investing?” by Steve Wendel and Samantha Lamas,, May 3, 2019. “Why ESG Matters in a Crisis,”, June 9, 2020. “Breaking the Tragedy of the Horizon--Climate Change and Financial Stability,” speech by Mark Carney,, Sept. 29, 2015. “How to Align Your Investments With the U.N. Sustainable Development Goals,” by Dan Lefkovitz,, Oct. 28, 2019. ESG Ratings/Subjectivity “’This Is the Shareholders’ Money’: Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs,” by Ben Winck,, Jan. 2, 2020. “The Department of Labor Attempts to Throttle ESG Investing,” by John Rekenthaler,, July 2, 2020. ESG Best Practices “U.S. Lags Europe on Regulation of ESG Investing,” by Joe McGrath,, June 3, 2019. “Sustainable Finance Disclosure Regulation: An Industry Game-Changer,” by Anne Schoemaker,, Nov. 4, 2020. Risk/Return “ESG Investing Is About Long-Term Risk Management,” by Alex Bryan,, July 14, 2020. “Sustainable Funds Weather Downturns Better Than Peers,” by Tom Lauricella and Jess Liu,, June 15, 2020. “COVID-19 and Beyond: Using Sustainable Finance to Build Social Resilience,” by Jonathan Laski,, April 7, 2020.
52 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  Jake's Golden Jubilee offer: Donate to the FinTwit Value vs Growth War here (it's for a good cause--The American Foundation for Suicide Prevention): About Jake: Jake is a partner at Farnam Street. Jake's website: Jake's podcast: Jake's Twitter: Jake's book: The Rebel Allocator About Bill: Bill runs Sullimar Capital Group, a family investment firm. Bill's website: 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 SEE OUR FREE DEEP VALUE STOCK SCREENER FOLLOW TOBIAS Website: Firm: Twitter: LinkedIn: Facebook: Instagram: 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) (, Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (, and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) ( 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
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