The Long View
The Long View
Nov 18, 2020
Larry Swedroe: 'The Pool of Victims' Is Expanding
Play • 54 min

Our guest this week is noted author and researcher Larry Swedroe. Larry is chief research officer at financial advisory firm Buckingham Wealth Partners, which he joined in 1996. In his role, Larry is responsible for reviewing academic research on financial and investing matters and determining how that research should inform Buckingham's investment strategy. Larry is also a member of the firm's Investment Policy Committee. Larry has written numerous books on investing and finance, the most recent being the second edition of The Incredible Shrinking Alpha, which he coauthored with Andrew Berkin. His work has also been published in various academic journals, including the Journal of Investing. Larry began his career as a risk manager at Citicorp and later at Prudential Home Mortgage. He received his bachelor's in finance from Baruch College in New York and his MBA in finance and investment from New York University.

Background

Bio

Larry Swedroe’s books

Investment Strategies/Factor Investing

Swedroe: A Five-Factor Evaluation,” by Larry Swedroe, Yahoo.com, Sept. 25, 2017.

Swedroe: Factor Persistence & Diversification,” by Larry Swedroe, ETF.com, May 8, 2017.

Swedroe: Simple Factor Investing,” by Larry Swedroe, ETF.com, Sept. 10, 2018.

Swedroe: 3 Factor Investing Myths,” by Larry Swedroe, ETF.com, Feb. 13, 2019.

Swedroe: Virtues of a Long/Short Strategy,” by Larry Swedroe, ETF.com, Aug. 14, 2015

Factors in Commodity Returns,” by Larry Swedroe, seekingalpha.com, Sept. 9, 2020.

Swedroe: Understanding Risk & Return,” by Larry Swedroe, ETF.com, Nov. 7, 2018.

Larry Swedroe: Risk Warrior in Action,” by Janet Levaux, thinkadvisor.com, March 26, 2019.

An Investment Strategy That Reduces the Risk of Black Swans,” by Robert Powell, thestreet.com, March 27, 2019.

Value and Momentum Everywhere,” by Clifford S. Asness, Tobias J. Moskowitz, and Lasse Heje Pedersen, The Journal of Finance, Vol. LXVIII, No. 3, June 2013.

Profitability, Investment and Average Return,” by Eugene F. Fama and Kenneth R. French, Journal of Financial Economics, July 28, 2006.

The Other Side of Value: The Gross Profitability Premium,” by Robert Novy-Marx, National Bureau of Economic Research, April 2010.

The Simple Explanation for Value’s Underperformance,” by Larry Swedroe, evidenceinvestor.com, Jan. 3, 2020.

Even Great Investments Experience Massive Drawdowns,” by Larry Swedroe, alphaarchitect.com, Aug. 20, 2020.

Swedroe: Small Value Lags for 15 Years,” by Larry Swedroe, ETF.com, Feb. 20, 2019.

Passive Investing Without Indexes,” by Larry Swedroe, ETF.com, April 13, 2016.

A Comparison of Passively Managed, Small-Value Funds,” by Larry Swedroe, advisorperspective.com, March 10, 2020.

Fixed Income

Swedroe: Factors in Fixed Income,” by Larry Swedroe, ETF.com, May 4, 2018.

Swedroe: Consider Factors in Fixed Income,” by Larry Swedroe, ETF.com, June 27, 2016.

Swedroe: Why Chasing Yield Fails,” by Larry Swedroe, ETF.com, Dec. 26, 2018.

Swedroe: High-Yield Rewards Underwhelming,” by Larry Swedroe, ETF.com, Dec. 30, 2015.

Retirement Planning

Sequence Risk Is a Big Threat to Retirees,” by Larry Swedroe, evidenceinvestor.com, Oct. 18, 2019.

8 Retirement Planning Mistakes to Avoid,” by Larry Swedroe and Kevin Grogan, nextavenue.org, Jan. 8, 2019.

Safe Withdrawal Rate: Is 3 Percent the new 4 Percent?” by Larry Swedroe, cbsnews.com, Oct. 4, 2013.

Do you Choose a Declining or Rising Equity Strategy in Retirement?” by Larry Swedroe, buckinghamadvisor.com, July 22, 2016.

ESG Investing

Swedroe: ESG Strategy Performance,” by Larry Swedroe, ETF.com, April 10, 2019.

The Risk and Return Implications of ESG,” by Larry Swedroe, buckinghamadvisor.com, May 29, 2018.

How ESG Makes Companies Better,” by Larry Swedroe, advisorperspectives.com, June 16, 2020.

Determining the Nature of ESG Returns,” by Larry Swedroe, thebamalliance.com, Sept. 6, 2018.

Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
bogleheads
Episode 029: Frazer Rice, host Rick Ferri
Frazer Rice is the author of “Wealth, Actually: Intelligent Decision-Making for the 1%”, host of the “Wealth, Actually” podcast, creator of the "Wealth, Actually" blog, and a Northeast Regional Director for Pendleton Square Trust Company. Frazer is an attorney and experienced trust officer. His wealth management career has included serving for over 15 years as a Managing Director at Wilmington Trust Company. We cover a lot of ground in this episode including estate planning, reasons for using trusts, selecting trustees, family dynamics, investing for 1%'ers, and much more! 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 supports a free website at 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.
1 hr
Money For the Rest of Us
Money For the Rest of Us
J. David Stein
Is Student Loan Forgiveness A Good Idea?
Should the U.S. cancel $10,000 or more of student loan debt per borrower? What would be the economic and financial impact? Why the student loan system is broken and how to fix it. Topics covered include: * How large and what is the growth rate of U.S. student loan balances * What are the projections for student loan losses * What are the pros and cons of forgiving student loans * What would be the impact on federal finances of canceling student loans * Why the U.S. government is already technically insolvent * How student loan programs should be restructured Thanks to LinkedIn and Policygenius for sponsoring the episode. Show Notes Student Loans Owned and Securitized, Outstanding—Federal Reserve Bank of St. Louise Senate majority gives Biden path to student loan forgiveness by Sylvan Lane—The Hill Schumer pressures Biden to bypass Congress to cancel $50,000 in student debt per borrower by Annie Nova—CNBC Biden will call on Congress to forgive $10,000 in student debt for all borrowers by Annie Nova—CNBC Outreach From Borrowers Could Overwhelm Student Loan System When Pandemic Pauses End by: Sarah Sattelmeyer and Lexi West—PEW Financial Report of the United States Government FY 2019 Warren makes case to Fed chair for canceling student loan debt by Naomi Jagoda—The Hill Student Loan Losses Seen Costing U.S. More Than $400 Billion by Josh Mitchell—The Wall Street Journal Final Monthly Treasury Statement Receipts and Outlays of the United States Government For Fiscal Year 2020 Through September 30, 2020, and Other Periods—U.S. Department of the Treasury Average Student Loan Debt at Graduation by Mark Kantrowitz—Savingforcollege.com Profile Of The Labor Force By Educational Attainment by Vernon Brundage, Jr.—U.S. Bureau of Labor Statistics Millennial life: How young adulthood today compares with prior generations by Kristen Bialkin and Richard Fry—PEW Research Center Forgiving Student Debt Isn’t a Great Stimulus Plan by Noah Smith—Bloomberg Average annual salary of bachelor's degree recipients employed full time 1 year after graduation, by field of study: Selected years, 1976 through 2001—National Center for Education Statistics NACE Salary Survey Winter 2020—National Associations of Colleges and Employers Australia’s student loan problem is a teachable moment for the U.S. by Jason Delisle and Alex Usher—Brookings
24 min
Sound Investing
Sound Investing
Paul Merriman
How do you invest in retirement when interest rates are so low? And 7 other important questions.
Paul introduces Don McDonald, Co-Founder of  Vestory Investment Advisory and co-host of "Talking Real Money" podcast, who will be producing “money minutes” for most of our podcasts. Don also produced the soon-to-be-released audio version for our latest book, We’re Talking Millions!. Paul discusses the upcoming Retiremeet America 2021 free online conference on Feb. 20, 8:00 a.m.-1:00 p.m. PT. See the list of speakers, topics, speaking times and registration form at https://retiremeet.com  Paul and David Booth, Co-Founder of Dimensional Fund Advisors, are keynoting the conference. Before addressing the Q&A's Paul discusses an article, “Deep Risk in the United States of America,” by Ben Carlson. Ben is on Paul’s list of Truth Tellers and highly recommends Ben's articles and podcasts at https://awealthofcommonsense.com/. * Larry motivates Paul to discuss the question: What changes should a pre-retiree make to their portfolio when they have saved enough to retire, even though they are planning to work longer? 19:00 * What asset allocation should I have when I reach retirement but don’t need the money to live on? 23:40 * How would you suggest someone who is currently in cash get back into the market? 31:22 Don McDonald’s “Talking Real Money” — The risks in owning bonds * With bond yields so low do you expect retirement returns to be significantly lower than in your tables?  38:57 * In a recent newsletter we mentioned a presentation by Barry Schwartz, author of The Paradox of Choice. The focus of the presentation was what happens when people are offered too many choices. We linked to a college presentation that got into other topics not of interest to us.  Here is a shorter presentation and very popular TED Talk with over 15 million views: https://www.ted.com/talks/barry_schwartz_the_paradox_of_choice?language=en   45:10 * In your 2012 book, First Time Investor, you were not in favor of target date funds. What has changed that you now recommend them? 60:40 * Do you really think the S&P is going to beat Berkshire Hathaway over the next 10 years? 57:45 * I know an investment advisor who made 29% a year over the last 2 years and he has all of his own money in the portfolio he wants me to use —individual stocks, not index funds. Is this investment philosophy a fool's errand and am I falling for a siren’s song? 1:06:35
1 hr 21 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
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