The Long View
The Long View
May 27, 2020
Charley Ellis: Why Active Investing Is Still a Loser's Game
56 min

Our guest on the podcast is investment consultant and author Charley Ellis. In 1972, Ellis founded Greenwich Associates, an investment consultant to institutional investors, government organizations, and wealthy families. His seminal book about the benefits of passive investing, Winning the Loser's Game, is in its seventh edition. Ellis has also authored or coauthored books about investment policy and strategy, the retirement system in the United States, and large investment firms, including Goldman Sachs and Capital Group. He has taught investment management courses at the Yale School of Management and Harvard Business School and was the successor trustee of Yale University, where he chaired the university's investment committee with David Swensen. He also served on the board of directors at The Vanguard Group. Ellis was awarded the Graham & Dodd Award of Excellence from the Financial Analysts Journal and is one of only 12 people recognized by the CFA Institute for lifetime contributions to the investment profession. He received his undergraduate degree from Yale College, his Master of Business Administration from Harvard Business School, and his doctorate in financial economics at New York University.

Background

Charley Ellis bio

Charley Ellis books 

"The Loser's Game," by Charles D. Ellis, Financial Analysts Journal, July/August 1975. 

"Words From the Wise: Charley Ellis on Challenges Facing Investors," by Antti Ilmanen and Rodney N. Sullivan, AQR Insights, June 5, 2015.

Passive vs. Active Management

"How to Decide Where to Hire Active Managers," by Alex Bryan, Morningstar.com, April 8, 2020.

Regulation Fair Disclosure (Reg FD) 

Jim Simons bio 

"Index Funds Aren't Too Big, but Asset Managers Might Be," by John Rekenthaler, Morningstar.com, Jan. 17, 2020. 


"The Secret History of Index Mutual Funds," by Stephen Mihm, InvestmentNews, Sept. 6, 2016. 

ESG Investing

"David Blood and Al Gore Want to Reach the Next Generation," by Imogen Rose-Smith, Institutional Investor, Sept. 8, 2015. 

"The ESG Fund Universe Is Rapidly Expanding," by Jon Hale, Morningstar.com, March 19, 2020. 

Private Equity

"Vanguard Moves into Private Equity with HarbourVest Partnership," by Chris Flood, Robin Wigglesworth, and Richard Henderson, Financial Times, Feb. 5, 2020. 

"The Cons (and Pros) of Vanguard's Decision to Offer Private Equity," by John Rekenthaler, Morningstar.com, Feb. 25, 2020. 

"Fran Kinniry: Applying the Vanguard Approach to Private Equity," by Christine Benz and Jeffrey Ptak, Morningstar's The Long View podcast, April 1, 2020. 

"SEC Looking to Open Private Markets to a Wider Audience,” by Hazel Bradford, Pensions & Investments, Oct. 28, 2019. 

David Swensen/Yale Endowment

David Swensen bio 

David Swensen books 

Yale University Endowment 

Yale's Strategy 

Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
bogleheads
Episode 028: Roger Lowenstein, host Rick Ferri
Roger Lowenstein reported for The Wall Street Journal for more than a decade and is also an award-winning book author. His work has appeared in Bloomberg, The New York Review of Books, Fortune, The New York Times Magazine, and other publications. His best-selling books include Buffett, When Genius Failed, Origins of the Crash, While America Aged, and The End of Wall Street. In this episode, we discuss Roger's books and lessons he learned writing them. This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization's free website is Bogleheads.org, and the wiki site is Bogleheads® wiki. Since 2000, the Bogleheads' have held national conferences in major cities around the country. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added on a regular basis. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.
44 min
WEALTHTRACK
WEALTHTRACK
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, GOODCARE.com. 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: https://wealthtrack.com/how-covid-19-has-changed-medicare-coverage-and-procedures-with-benefits-expert-katy-votava/ Medicare.gov – The official U.S. Government site for Medicare 1-800-MEDICARE Shiptacenter.org – The State Health Insurance Assistance Program (SHIP) site that directs consumers to free Medicare counseling and assistance Eldercare.acl.gov - 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: https://amzn.to/33mW4Rs --- Support this podcast: https://anchor.fm/wealthtrack/support
19 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 megaphone.fm/adchoices
41 min
Be Wealthy & Smart
Be Wealthy & Smart
Linda P. Jones
Are Digital Currencies About to Go Mainstream?
Learn why digital currencies may be about to be legislated and accepted and used by the mainstream. Central bank digital currencies (CBDCs) are going to be used as digital currencies and institutional investors are getting invested in this asset class. Are you investing well for financial freedom...or not? As we live our lives, we have seen enormous money be made in real estate, technology stocks, etc. and have seen wild swings in markets before. They can feel scary at the time, but in hindsight are often tremendous opportunities for future financial success. If you only knew where to invest for the long-term, what a difference it would make, because the difference between investing $100k and earning 2% or 10% on your money over 30 years, is the difference between it growing to $181,136 or $1,744,940, an increase of over $1.5 million dollars. Your compounding rate, and how well you invest, matters! INTERESTED IN THE BE WEALTHY & SMART VIP EXPERIENCE? -Asset allocation model with ticker symbols and % to invest -Monthly investing webinars with Linda -Private Facebook group with daily insights -Weekly stock market commentary email -Lifetime access -US and foreign investors, no minimum $ amount required Extending the Black Friday week offer, enjoy a 50% savings on the VIP Experience. More information is here or have a complimentary consultation with Linda to answer your questions. For an appointment to talk, click here: https://2909395.survey.fm/application-for-vip-experience PLEASE REVIEW THE SHOW ON ITUNES If you enjoyed this episode, please subscribe and leave a review. I love hearing from you! I so appreciate it! SUBSCRIBE TO BE WEALTHY & SMART Click Here to Subscribe Via iTunes Click Here to Subscribe Via Stitcher on an Android Device Click Here to Subscribe Via RSS Feed WEALTH HEIRESS TV Please subscribe to Wealth Heiress TV YouTube channel (it’s not just for women, it’s for men too!), here. PLEASE LEAVE A BOOK REVIEW Leave a book review on Amazon here. Get my book, “You’re Already a Wealth Heiress, Now Think and Act Like One: 6 Practical Steps to Make It a Reality Now!” Men love it too! After all, you are Wealth Heirs. :) Available for purchase on Amazon. International buyers (if you live outside of the US) get my book here. WANT MORE FROM LINDA? Check out her programs. Join her on Instagram. WEALTH LIBRARY OF PODCASTS Listen to the full wealth library of podcasts from the beginning. Use the search bar in the upper right corner of the page to search topics. TODAY'S SPONSOR I want to take a few seconds to tell you about how I “read” more books and stay ahead of the curve. It’s by not reading books, but instead listening to them – like you are right now! With Audible, there are over 150,000 titles to choose from for your iPhone, Android, Kindle or mp3 player and…your first audiobook is FREE! I suggest you get the audio book of Think and Grow Rich, or you can check out my website Resources page where I list all of my favorite financial books and you see exactly what books I have read and recommend you read. Then get started with Audible by visiting https://lindapjones.com/FreeBook and order your first audio book free! Get Think and Grow Rich or another book from my recommend list, and be sure to get started checking off the books you want to read with your free book from Audible! Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America’s Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom. (Some links are affiliate links. There is no additional cost to you.)
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