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 027: Cliff Asness, host Rick Ferri
Dr. Cliff Asness is a Founder, Managing Principal, and Chief Investment Officer at AQR Capital Management, a quantitative money manager overseeing $186 billion in assets as of December 2019. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. He is an award-winning researcher on quantitative investment strategies and has authored articles for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance, and The Journal of Financial Economics. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years. 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. Bogleheads sites are operated by volunteers who contribute time and talent. Donations help defray operating costs. Since 2000, the Bogleheads' have held national conferences in major cities around the country and currently meet in Philadelphia in the autumn of each year. There are 56 Local Chapters in the US and three Foreign Chapters that also meet regularly. New Chapters are being added on a regular basis. 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.
59 min
WEALTHTRACK
WEALTHTRACK
Consuelo Mack
Successful Investing: Timeless Advice
Can investing be simple? Can we stop worrying about what’s happening on Wall Street, in Washington, with Fed policy, inflation, corporate earnings, and numerous other headline-making concerns? Can we just get on with our lives and still invest successfully?  According to this week’s guest, the answer is yes, and we shouldn’t even care what the market is doing.   What should we care about? How should we invest? That is the focus of this week’s exclusive WEALTHTRACK interview.   Our guest is Charles Ellis, the author of the investment classic WINNING THE LOSER’S GAME, available now in its 2017 7th edition. Ellis is the author of 16 other books including the recently published 10th-anniversary edition of THE ELEMENTS OF INVESTING, co-written with his good friend, Princeton economics professor Burton Malkiel.    Ellis is a globally recognized financial thought leader, investment consultant, and advisor to governments, institutions, and endowments. He also cares deeply about helping investors succeed, as he puts it “winning the loser’s game.” He will help us do that this week.  WEALTHTRACK #1721 broadcast on November 20, 2020 More info: https://wealthtrack.com/timeless-strategies-for-successful-investing-from-legendary-investment-consultant-charles-ellis/ WINNING THE LOSER’S GAME (2017 edition): https://amzn.to/379ODOP THE ELEMENTS OF INVESTING: https://amzn.to/2UL96Dz --- Support this podcast: https://anchor.fm/wealthtrack/support
26 min
Marketplace Roundtable
Marketplace Roundtable
Seeking Alpha
The Value Investor's Edge Live #22: Time To Bet Heavily On Energy With J Mintzmyer and Michael Boyd
Michael Boyd, Head of Research at Energy Income Authority, joined J Mintzmyer's Value Investor's Edge Live on November 6, 2020, to discuss the post-election energy market prospects and opportunities into 2021 and beyond. This interview and discussion is relevant for anyone with interest in the broad energy sectors, including the overall SPDR Energy ETF (XLE) and income-focused funds such as the Alerian (AMLP). Specifically in this interview, we discuss several individual names including Altus Midstream (ALTM), Calumet Specialty Products (CLMT), Cimarex Energy (XEC), DCP Midstream (DCP), Diamondback Energy (FANG), Energy Transfer (ET), ExxonMobil (XOM), Plains All American (PAA), RPC Inc (RES), Schlumberger (SLB), and Targa Resources (TRGP). Topics Covered (<3:15) Intro/Disclosures (3:30) What does Biden Presidency and GOP Senate mean for energy? (6:30) Any risk to an energy export ban/shift? (8:30) Discussion on valuation levels and approaches. (18:00) What are your favorite sectors vs. avoids? (25:00) Top picks and a short candidate ideas to hedge? (32:45) You're negative on oil services: what about Schlumberger (SLB)? (35:45) Any views on ExxonMobil (XOM)? Are they attractive here? (39:15) Updated commentary on Altus Midstream (ALTM) after the triple? (46:45) Any firms which could be the ‘next ALTM?’ (51:15) Any top picks without K-1 exposure? (53:30) How will the divestment wave play out? Interest in crude oil itself? (1:00:30) Overview of the Energy Income Authority research platform. Learn more about your ad choices. Visit megaphone.fm/adchoices
1 hr 6 min
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