MI064:‌ ‌Building‌ ‌your‌ ‌Brand‌ ‌through‌ ‌Social‌ ‌Media‌ ‌and‌ ‌Digital‌ ‌Marketing‌ ‌with‌ ‌Eric‌ ‌Siu‌ ‌(Entrepreneurship‌ ‌Podcast)‌
32 min

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Sound Investing
Sound Investing
Paul Merriman
“Money Talks” with Swedroe, Ferri & Merriman — Part 2
This “Money Talks” event brought together Rick Ferri, Larry Swedroe and Paul Merriman to discuss personal finance and investing from their various perspectives. It was a free live online event hosted by Choose FI’s Community Director Jennifer Mah on Oct. 7, 2020. Due to length of the conversation, we are presenting it in two parts. Here are some of the diverse topics covered. You can access Part 1 here for Video and here for Podcast. Rick discussed the 4 levels of getting to investment nirvana. Larry recommended anyone getting ready for retirement read Your Retirement Quest: 10 Secrets for Creating and Living a Fulfilling Retirement by Alan Spector and Keith Lawrence. Rick Ferri, CFA, is an investment analyst, adviser and author committed to helping DIYers. He is the president of the John C. Bogle Center for Financial Literacy, a frequent contributor to Bogleheads.org and host of the Boglehead podcast. Larry Swedroe is one of the most knowledgeable people I know about asset class selection and asset allocation, and the author of many acclaimed books including Your Complete Guide to a Successful and Secure Retirement 1st Edition by Larry Swedroe (Author), Kevin Grogan, Wise Investing Made Simple: Larry Swedroe's Tales to Enrich Your Future (Focused Investor), and his recent release of the 2nd edition of The Incredible Shrinking Alpha: How to be a successful investor without picking winners. This podcast is also available as a Video.
58 min
Invest Like a Boss
Invest Like a Boss
Sam Marks & Johnny FD
162: Farmland Investing with AcreTrader CEO Carter Malloy
Carter grew up in a farming family and has a lifelong passion for investing and agriculture. Prior to AcreTrader, he was part of an equity investment firm for 5 years. Before joining in 2013, Carter was a Managing Director with Stephens Inc., a large private investment bank, where he was an equity research analyst focused on the Internet, Data & Analytics and Real Estate Processing sectors. Prior to Stephens, he owned small businesses focused on internet marketing and sustainable fuel technologies. He graduated from the University of Arkansas with a bachelor’s degree in Physics and has previously held Series 7, 63, 86 and 87 licenses with the Financial Industry Regulatory Authority (FINRA). Listen to ILAB 162 on iTunes here or subscribe on your favorite podcast app. Where we are: * Johnny FD – Sri Lanka / IG @johnnyfdk * Sam Marks – North Carolina / IG @imsammarks * Derek Spartz - Los Angeles / IG @DerekRadio Sponsor: * Indeed Get a $75 credit to boost your job post and find your next hire faster * Support Invest Like a Boss: Join our Patreon Discussed: * AcreTrader Like these investments? Try them with these special ILAB links: * ArtofFX – Start with just a $10,000 account (reduced from $25,000) * Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK) * Betterment – Get up to 1 year managed free * Wealthfront – Get your first $15,000 managed free * PeerStreet – Get a 1% yield bump on your first loan *Johnny and Sam use all of the above services personally. Time Stamps: * 07:50 – How did you get into farmland and agriculture? * 08:30 – Before AcreTrader, how was farmland purchased? * 10:22 – What is the usual size of these farms? * 12:02 – Why farmland and not commercial or residential real estate? * 15:15 – How does farmland outperform other asset classes? * 18:25 – How long do you hold onto the land for? * 18:39 – Are you concerned about the land depreciating because of bad farming practices? * 20:26 – How long do farmers usually rent the land? * 21:09 – How does it work for investors? * 23:06 – How often does the investor get paid? * 25:45 – Does the rental change depending on the farm? * 27:03 – Do you normally list farms weekly? * 28:09 – What is your investment range? * 30:06 – What crops are the most profitable? * 34:30 – How long are the investments? * 37:48 – How are the taxes treated? * 36:55 – Who can invest? * 39:48 – Johnny & Derek Recap If you enjoyed this episode, do us a favor and share it! Also if you haven’t already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2020. All rights reserved. Read our disclaimer here.
56 min
InvestED: The Rule #1 Investing Podcast
InvestED: The Rule #1 Investing Podcast
Phil Town & Danielle Town
291- Being Thankful in Life and Investing
This has been an emotionally exhausting year for everyone, and you’ve probably been affected in one way or another. Gratitude can be a powerful tool for resilience in the face of adversity, so this week we’re practicing being thankful before the upcoming Thanksgiving holiday. We are incredibly grateful for all of our listeners and hope you enjoy thinking about investing from a different perspective this week. Years ago, I spent some time in Japan with a good friend of mine named Wahei Takeda. He’s known as the Warren Buffett of Japan, who made his entire fortune from scratch in post WWII Japan.  Wahei told me that the most important thing that you can do every day, the thing that was responsible for him making billions of dollars, is “Be thankful 1,000 times a day.” This hit home, as I felt like I’ve been doing it my whole life, but I’ve never heard anyone put it into a formula for making money and using it as a guide to investing. Wahei calls it, “Maro Up.” “Maro” means being thankful. When Wahei buys a company, he goes to the CEO and tells them that he wants them to learn the technique of being thankful. This idea of being thankful must be really basic and fundamental to some kind of law of nature. So this week, I challenge you to be aware and thankful as much as you can. Put yourself in that psychological position of gratitude. Be thankful for your investing knowledge, and all it has given you in your life. Be thankful for your computer that allowed you to learn, and your ability to read so you could consume life-changing information. There’s something about it that’s so powerful! It turned Wahei, who was poor, struggling in a country that had been devastated, into a billionaire. If it worked for him, we should try it too. Get inspired to invest like the world's greatest investors with this free guide. Click here to download: https://bit.ly/3f82b0x Learn more about your ad choices. Visit megaphone.fm/adchoices
40 min
The Intelligent Investing Podcast
The Intelligent Investing Podcast
Eric Schleien
#125: A New Model For Shareholder Activism
Show Links * The Proxy Activism Project * A New Model For Shareholder Activism (Blog) * A New Model For Shareholder Activism (YouTube) * A New Model For Shareholder Activism (Eric Schleien / John King) * Netflix, Sears, and Tribal Leadership (Eric Schleien / John King) * How To Keep Large Companies Innovative (Eric Schleien / Scott Forgey) * Eric Schleien discussing Tribal Leadership * Eric Schleien discussing Activist Investing * CBRE Case Study - Tribal Leadership * Comparing Transformational & Transactional Leadership (Eric Schleien) * Cultural Issues In The Hospital Industry (Eric Schleien) Took 9 Years To Develop ProxyActivism is a project that has taken 9 years to create over the course of thousands and thousands of hours to develop, and finally launch. This blog post will go into the background into how ProxyActivism came to be, our process, how I see this project unfolding, and how you as a value investor can be involved (and no, for all you cynical fucks, I’m not trying to sell you something) The Initial Insight My idea for ProxyActivism started when I did an ontological leadership program with a former Vice President of Disney who decided to quit his job and devote the rest of his life to empowering people. I got more in a few days of intense Socratic style inquiry than in all the years of reading books combined. As someone who relied on books to “get ahead” this was a completely new paradigm for me. Within the next few months, my income tripled, I repaired relationships with the people around me, and produced many more results. I figured there must be some application to business as well. And it turned out my intuition was right. The company had a consulting arm. The consulting arm of the organization was recently named one of the top consulting companies in the world by Forbes. At a lecture I attended at NYU, the preliminary internal data at the company was that their average client experienced a 600% increase in profits within 12 months. I thought to myself, “I wonder if I could combine ontological coaching with shareholder activism?” A Zero Competition Game I figured this must have already been done and figured I would go work for a hedge fund already doing this and get some experience under my belt. However, after searching, I could not find a single hedge fund that was doing activism this way. Even the funds that talked about so-called “transformations” at companies - were really just doing more “change management consulting” and not actually anything transformational. Nothing wrong with that, just not as reliable or as effective. So I became very frustrated that I could not find a single hedge fund playing this game called transform companies. I knew I was missing something. Every single business study on this kind of work showed results that any shareholder activist would be salivating over, this was clear alpha, and a low competition game with very high barriers to entry. (If the barriers to entry were low, I would not be writing about this or even talking about this). Why Is Nobody Already Doing This? I knew I was missing something but couldn’t figure out what. This was the best idea I ever had in my life for a business and also seemingly the lowest hanging fruit. I just couldn’t get why nobody had taken this on before. And then it became quite clear. I called 37 different hedge funds or investment managers that were engaged in some kind of activism. I was excited and figured they would all be competing for me to implement this idea at their fund. I had this vision that I would develop this business as a fund, make a ton of money, and make a ton of people (including myself) extremely successful in this world. These “so-called” rational people however became quite cynical. Not skeptical and open. Cynical and closed off. I couldn’t believe it. Some of them told me this was not their wheelhouse and they were going to stick to what they already knew. Ok fine, I can get that. But an unwillingness to learn something new? Whatever happened to expanding the circle of competence in a low-risk manner that would not take up a lot of time? Interesting. However, there were also managers that told me it sounded like bullshit, that the results sounded too good to be true. I asked them if they wanted me to share with them all the independent case studies out there. Not one person was interested. The Challenge: Combining Two Domains Now I was intrigued. Ontological coaching is so outside the realm of these managers because you can’t measure it directly as a function of cause and effect. I started to see that all business management tools and techniques were based on cause and effect and that these managers, while extremely smart at reading numbers or learning about different management techniques, were also completely immature around their thinking when it came to leadership, ontology, and anything transformational in nature. They were inappropriately trying to apply their pre-existing models for management techniques onto a leadership conversation as that was their box of awareness/logic system. Anything outside of that - it was like their thinking-brain just shut down and their survival-lizard brain went into automatic. It was outstanding to watch very intellectually smart people start spewing nonsense trying to make sense of something they had no understanding of into other models that were not relevant to this conversation. Long-story-short, they were unable to or unwilling to get it -- regardless of decades worth of data and case studies. I figured, fuck these guys, I’ll just work with consultants who already have a great track record of transforming businesses and share with them how doing the work they are already doing in the context of a fund structure would be much more lucrative than charging a rate on their time. The first person I went to was the CEO of this large consulting arm that had a several-decade long track record of doing ontological/transformational work with businesses, many that are in the billions of dollars in market cap. The CEO was extremely friendly on the phone with me but he flat out said that his company was going to stick to what they do best and not get involved in investing or starting a fund which he saw akin to gambling and “playing the market”. Fuck…... Was this why the idea hadn’t been done before? I reached out to another woman I knew who for 20 years had been producing amazing results with very large businesses charging $5,000/hour for her services. I spent a month outlining an entire business plan and then did a call with her presenting her with the idea. I again explained how if she did what she did in a fund structure she’d make more than her already lucrative $5,000/hour and would be able to generate even more business as the stock price performance would be worth more in marketing than anything she was currently able to do right now. I wanted her to be the woman that when a guy like Bill Ackman or Carl Icahn needed extra support, they could give her a call. She told me that she wanted to stick to what she was good at and not get involved in the stock market or hedge funds. Holy fucking shit!!!!!! It was becoming very clear to me why this had never been done before. The ontological coaching world didn’t know shit about investing and their brains would shut down. They were more akin to getting involved with startups, sexy industries, and today would be into things like Crypto and 3D printing. Again, all worthy pursuits but not to combine value investing/shareholder activism/ontological coaching together. Resignation & Cynicism On the flip side, many great investors are great because they are resigned and cynical by nature. Where is management lying to me? How are the books being cooked? Even people reading this article, many great investors may be reading this with their automatic little inner voice saying somet…
57 min
The Rational Reminder Podcast
The Rational Reminder Podcast
Benjamin Felix & Cameron Passmore
(Rationally) Investing in Technological Revolutions, Human Capital, and Asset Allocation (EP.125)
On today’s show, we explore rational explanations for pricing bubbles, how the concept of human capital relates to financial decisions, and a whole lot more! We kick things off with a discussion of Ashley Whillans’ book Time Smart, which explores proven strategies for improving your ‘time affluence’. Diving into this week’s portfolio topic, we use a previous discussion about Carlota Perez’s model for technological revolutions as a springboard to introduce Lubos Pastor and Pietro Veronesi’s mathematical arguments that present a rational explanation for pricing bubbles. Perez maintains that prices get bid up too high during technological revolutions due to ‘frenzy’ but we unpack two papers by Pastor and Veronesi where they argue differently, drawing on the concepts of uncertainty and discount rates. From there, we dive into the relationship between human capital, life insurance and asset allocation for our planning topic. We provide some definitions for the term ‘human capital’ and discuss how it differs from other forms of capital. A key idea we explore here is that the more risky your human capital is, the less life insurance you should take out. Along with this, you’ll hear a few quick suggestions for how you should approach life insurance and bonds depending on age, financial wealth, risk aversion, and other factors. Tune in today! Key Points From This Episode: * Talking COVID, next week’s guests and Rational Reminder Community updates. [0:0:18] * Book of the week: Rethinking conventional notions of time well spent in Time Smart. [0:04:07] * News updates: Stories about Bitcoin, marijuana stocks, and more. [0:08:56] * Portfolio Topic: Whether pricing bubbles are caused by rational behaviour. [0:14:19] * Unpacking Pastor and Veronesi’s paper connecting uncertainty to high prices. [0:18:25] * Pricing bubbles as caused by discount rates; a second Pastor and Veronesi paper. [0:27:48] * ‘IPO waves’ connected to the bubble discussion in a third Pastor and Veronesi paper. [0:37:58] * Planning topic: How the concept of human capital relates to financial decisions. [0:44:45] * The importance of considering asset allocation decisions and life insurance needs together. [0:54:46] * Bad advice of the week: ‘The Market’s Invisible Guardrails Are Missing’. [1:01:16]
1 hr 10 min
Value Investing with Legends
Value Investing with Legends
Columbia Business School
Howard Marks - Successful Investing Through Buying Things Well
The most successful investors combine a profound analytical understanding of financial markets and the economy at large with the ability to act on those ideas. My guest today has these two attributes in spades. Today’s conversation is with Howard Marks, the Co-Founder and Co-Chairman of Oaktree Capital Management, which is one of the largest credit investors in the world and certainly the largest investor in distressed securities. Howard started his career at Citicorp as an equity research analyst and then Director of Research, Vice President, and Senior Portfolio Manager overseeing convertible and high yield debt. After leaving Citicorp, he moved to The TCW Group, where once again, he was responsible for investments in distressed debt, high yield bonds, and convertible securities. In 1995 he and another group of partners from TCW founded Oaktree, where he remains today. Howard is known for his penetrating mind and his memos are a must-read for any serious student of the market and I can’t think of anyone better than him to discuss the many complexities of markets and the economy of today. On this episode, Howard and I discuss how he ended up in the high yields space, why running research at Citicorp was a low point in his career, the concept of “efficientization”, why Graham and Dodd called bond investing a negative art, why complexity and early adoption are your friends, the dominant challenge for investors today, Howard’s prolific writing, and so much more! Key Topics: * Howard’s early life from working adding machines in an accounting office to studying finance at university (3:30) * How Howard ended up working at Citicorp for his first job out of school (5:39) * Why running research at Citicorp was an extremely unsatisfactory role for Howard (7:25) * Howard’s involuntary transition from analyst into the high yield space (9:01) * The big difference between the market being efficient and being right (11:37) * The concept of “efficientization” (13:14) * Two main causes of mistakes in the market? (14:04) * Howard’s holy grail in investing (15:12) * Why Howard doesn’t use macro forecasting in his decision making (17:24) * The dawn of the high yield bond era (18:55) * Different approaches to the analysis of equities versus high yield bonds (20:07) * Why Graham and Dodd called bond investing a negative art (21:03) * Howard’s early days at The TCW Group (23:18) * Complexity and early adoption as an investor’s friends (24:53) * Why you must work at a firm that is in alignment with your investment philosophy (28:05) * Howard’s love for writing (31:49) * Using memos to shape the company culture (33:30) * Why you should analyze your winners (34:47) * The “I know” school versus the “I don’t know” school (36:01) * The dominant challenge for investors today (38:46) * What Howard thinks is behind consistently low yields (42:13) * What surprises me about the politics of populism and financial markets (46:43) * The rise of populism as a response to the shifting beliefs of the working class (48:16) * And much more! Mentioned in this Episode: * Oaktree Capital Management * Memos from Howard Marks * Howard Marks’ Book | The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor * Benjamin Graham & David Dodd’s Book | Security Analysis * Howard Marks’ Memos: * * Us and Them * Coming into Focus * Mysterious * Economic Reality * Political Reality * Political Reality Meets Economic Reality 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 valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
53 min
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
Be Wealthy & Smart
Be Wealthy & Smart
Linda P. Jones
5 Tech IPO's Coming That Survived and Thrived After Coronavirus
Learn about the 5 tech companies about to go public that survived and thrived after coronavirus. Airbnb, DoorDash, Roblox, Affirm and Wish will soon have an IPO. What makes them special? How did they survive the pandemic? The article is here. 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 For a limited time, enjoy a 50% savings. More information is here or have complimentary consultation with Linda to answer your questions 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.)
15 min
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