Wealthtrack

One of the biggest trends in investing in recent years has been the migration of investment dollars into exchange-traded funds and out of traditional mutual funds. The numbers are staggering.  This week’s guest had the foresight and guts to get involved in ETFs in their early stages and more recently cryptocurrencies which are still in their development phase. We are going to get his update on both.  He is Matt Hougan, Global Head of Research at Bitwise Asset Management, a cryptocurrency asset manager. Hougan describes it as the “crypto equivalent of an S&P 500 fund.”  He also is Chairman of Inside ETFs where he was CEO until joining Bitwise. Inside ETFs is the world’s largest ETF education and events company.  He will give us advice on investing dos and don’ts in both investment vehicles.   WEALTHTRACK #1640 broadcast on April 3, 2020. More info: https://wealthtrack.com/flows-into-etfs-and-long-term-returns-on-bitcoin-are-staggering-matt-hougan-is-an-expert-on-both/ ---

Life can change in a New York minute, and it has. The world is going through a terrible experience right now.  As President Trump has said we are at war with an invisible enemy.  I would add it’s an enemy that can strike anyone, anywhere which makes it so unsettling. The coronavirus is upending lives and societies.  The steps we are taking to combat it are harsh, isolating, and damaging psychologically, emotionally, and financially. Everyone is affected.  Many Americans are losing their paychecks and jobs for an indeterminate amount of time. Some are in danger of losing their businesses.   The cynic’s definition of a recession is when your neighbor loses her job.  A depression is when you lose your job.  Until we get a handle on the length and scope of COVID-19 we won’t be able to define its impact.  This week’s guest comes from a family of investors who take the long view. He is third generation value investor Christopher Davis, Chairman and Portfolio Manager of Dav

The markets will fluctuate said J.P. Morgan.  We will add they can fluctuate dramatically and quickly. We are now living that reality daily. The longest bull market in U.S. history, which began in March of 2009 saw stocks reach new highs in February only to plummet this month at historic speeds and magnitudes. The bull market officially ended on March 11th and the bear market began with a 20% plus decline in major markets from their previous highs. Since then the bear market has been deepening. The longest economic recovery in U.S. history is also at risk.  What seemed highly unlikely to most economists just a few weeks ago, namely a U.S. recession is now becoming a consensus view.  All it would take is two consecutive quarters of contracting growth and it looks like the second and third quarters of 2020 will qualify. Wall Street’s number one economist and WEALTHTRACK guest Ed Hyman issued his U.S. recession forecast on March 7th citing the triple whammies of oil price collapse, coronavirus eco

Before the coronavirus crisis, Matthews Asia’s Robert Horrocks was bullish on China’s investment prospects. He believes China’s stock markets are getting back on track to outperform in the years ahead. WEALTHTRACK #1636 published on March 04, 2020. More info: https://wealthtrack.com/china-coronavirus-aftermath/ "Current Conditions Call For a Long-Term Focus" : https://us.matthewsasia.com/perspectives-on-asia/market-updates/matthews-asia-perspectives-view/article-1708/Current-Conditions-Call-for-a-Long-Term-Focus.fs --- Support this podcast: https://anchor.fm/wealthtrack/support

Fears of a coronavirus induced hit to the global economy and corporate earnings drove stock markets into official correction territory today. It takes a 10% decline from the previous high to meet that definition and the Dow, S&P 500 and NASDAQ all exceeded that standard today after relentless selling this week. For institutional investors, who are frequently judged on quarterly performance the safest course of action from a short-term performance standpoint is to sell first and ask questions later.  Individuals are under no such pressure. As frequent WEALTHTRACK guests and The Wall Street Journal’s “The Intelligent Investor” columnist Jason Zweig wrote this week, “The Pros Have to Sell Stocks Now. You Don’t.” The article gives very compelling reasons why. How damaging will the coronavirus prove to be to business? In a WEALTHTRACK podcast, Nicholas Bohnsack, co-founder, and partner of top-rated macro research firm Strategas Research Partners assesses the evidence so far and why he and his team believe

The reality is most Americans have not met their retirement goals. Here are some findings from a recent Fidelity Investments Retirement Mindset Study which surveyed adults of all ages, both male and female. Eighty-two percent of the general population don’t have a retirement plan in place. It’s not as if Americans aren’t worried about retirement. They are. Seventy-five percent feel only somewhat confident to not confident at all about their retirement finances. What worries people the most about retirement? Economic concerns that can’t be predicted and are out of their control. The next big unpredictable area of concern is Social Security benefits. The third is inflation. Needless to say, the biggest personal worry is outliving their assets. We want to change this dynamic starting right now. And we have the right guest to help us. Kim Lankford is an award-winning personal finance journalist, now working freelance. She was a long time contributing editor and columnist for Kiplinger’s. One of the first steps sh

In the current market cycle dating from 2009 coming out of the great financial crisis: - Equities dominated bonds and commodities. - The U.S. trumped international. - Growth outpaced value. - And large U.S. tech companies dominated just about every sector and security. As in previous bull market periods, money flows to the best performers and flees the laggards. This record-setting U.S. bull market has also accentuated the attraction of index investing, as mutual funds and ETFs based on the S&P 500, in particular, have been among the decade’s stars. It’s been a challenging period for active managers, especially those focused on value investing and international markets. This week’s guest checks off all of those boxes but remains a fierce advocate for all three approaches. She is Rupal Bhansali, Chief Investment Officer of International and Global Equities at Ariel Investments. Bhansali shows how to apply it to the world of investing to improve one’s odds of achieving above-average returns with below-avera

When you are hot you’re hot and this week’s WEALTHTRACK guest has been on a tear since launching his Baron Global Advantage Fund in 2012. Alex Umansky is new to WEALTHTRACK but he is a seasoned investor with an outstanding track record. Prior to joining Baron, Umansky spent 18 years at Morgan Stanley where he ran global and international funds as well as the firm’s Institutional Technology Strategy and Technology Fund. Umansky has a degree in finance, information systems and mathematics from NYU’s Stern School of Business and was a computer programmer early in his career. Very few money managers have the opportunity to create a new fund, and a tiny percentage deliver the outstanding results Umansky has.  We will discuss what he sees as his competitive advantage at Baron Global Advantage, as well as his views on the “big idea, disruptive companies” he defines as his specialty. WEALTHTRACK #1632 broadcast Feburary 07, 2020. More info: https://wealthtrack.com/top-growth-manag…ustries-globally/ --- Suppor

Are we witnessing the end of globalization, the dominant trade and economic force of the last quarter-century? That is what financial thought leader Richard Bernstein is suggesting to clients. In a recent report, aptly titled: Investing for December 31, 2029 -The End of Globalization, he makes his case. And yes, he is talking about 2029! As he notes in his report: “Market leadership always changes decade by decade, and the leadership of the past decade, which are now lauded as ‘core investments,’ seem highly unlikely to be the leadership of the next decade.” If he is correct, which he has been frequently over the years, thinking about investing for 2029 is probably a healthy exercise. Richard Bernstein is Chief Executive and Chief Investment Officer of Richard Bernstein Advisors, which he founded in 2009. It now oversees or advises over 9 billion dollars in assets, largely in multi-asset allocation strategies using ETFs for financial advisors. WEALTHTRACK #1630 broadcast on January 24, 2020 More info: https:/

As we enter a new decade what are some of the major changes we face as investors? For answers, we are asking a global investor known not only for his past performance but also for identifying big themes that can have an outsized influence on the financial markets. He is great investor Bill Wilby who has appeared with us exclusively since his retirement from professional money management over a decade ago. He was the Portfolio Manager of the award-winning Oppenheimer Global Fund a graduate of West Point, Wilby also has a Ph.D. in International Monetary Economics and has held various international finance and investment positions at top financial institutions including the Federal Reserve Bank of Chicago. Wilby wanted to discuss a couple of themes with us. One is the privatization of the public markets, the other theme influencing Wilby’s investment strategy is what he calls the global trade reset which we will also discuss. WEALTHTRACK #1629 broadcast on January 17, 2020. --- Support this podcast: https://a

At the beginning of every new year or at tax time when I am under the IRS deadline gun, I vow this year is going to be different and I will finally get organized and make decisions over time instead of at the last minute. For the second year in a row, we have invited one of our favorite guests who is very knowledgeable and organized to join us. She is Christine Benz, Morningstar’s personal finance guru. She writes daily personal finance columns for Morningstar, does interviews and podcasts and is the author of several books including 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the Morningstar Guide To Mutual Funds: 5-Star Strategies for Success.  She has also been a WEALTHTRACK regular since the beginning. We asked her to take us through her financial to-do list for 2020. It is detailed so get out your pens, papers or smartphones and prepare to take notes when you join us. WEALTHTRACK #1628 broadcast on January 10, 2020 More info: https://wealthtrack.com/get-your-financi

Happy New Year and Happy New Decade! What will the 2020s bring? As J.P. Morgan famously said: “Stocks will fluctuate.”  In 2019 they fluctuated mostly higher and the U.S. was still the place to be. Tech giants such as FANG’s Facebook, up 56%, Google’s parent Alphabet, up 29% and Amazon.com up 23% propelled the NASDAQ 35% higher. The S&P 500 rose nearly 27% and the Dow Jones Industrials advanced over 22%, all trading in record territory. It was pretty much a year for stocks all over the world, which is, of course, bringing the doomsayers out in droves. An excellent article on the front page of The Wall Street Journal’s Year-end Review & Outlook section is a good example. It’s titled: “Japan’s Lost 30 Years Give Pause To Those Looking at The U.S.” What are the stories propelling economies and markets in 2020 and the decade going to be? It’s a podcast conversation we had with Nobel Laureate economist Robert Shiller about how important powerful narratives driving the economy are. WEALTHTRACK #1627 pu

Since launching WEALTHTRACK in 2005 we have asked economic legend Ed Hyman to share his new year forecast with us, which he has done pretty much exclusively since the beginning. We also invite a leading portfolio manager to join him. For the fourth year in a row, First Eagle’s Matthew McLennan is doing the honors. This week we are presenting the second of our two-part series focused on the global economic and investment outlook. In case you missed it, we tackled the 2020 prospects for the U.S. economy and markets last week which you can see on WEALTHTRACK.com or our YouTube channel.  In part one of our 2020 Outlook edition, Hyman predicted, as he did accurately for 2019, that the longest economic recovery on record in the U.S. would continue. He sees no signs of recession and believes that growth will actually pick up! He also forecasts that Wall Street will continue to climb a wall of worry, which he will describe in detail. Matt McLennan is not as optimistic. One of his main concerns is the record leve

Every year at this time we are delighted to welcome Wall Street’s long-reigning number one economist, Ed Hyman to share his outlook with us.  And we always pair him with a leading portfolio manager with a global investment view. For the fourth year in a row, our choice is First Eagle’s, Matthew McLennan. In the first of this two-part series on the Outlook for 2020, our focus is on the U.S. Last year Hyman correctly forecast the now record-breaking economic recovery would continue and that a recession was several years away. We’ll find out what his view is now and get McLennan’s assessment of the U.S. markets. Ed Hyman is a Wall Street legend. Vice-Chairman of Evercore, a leading independent investment banking and advisory firm, Hyman is the Founder and Chairman of its Evercore ISI division and leads its economic research team. He has been voted Wall Street’s Number One Economist for an unprecedented 39 years in Institutional Investor’s annual survey. No one else comes even close to that record. Matthew M

There is a retirement crisis in this country. It is becoming more apparent as 10,000 baby boomers turn 65 every day. A recent Wells Fargo survey found that more than eight in ten current retirees fund their retirement primarily with Social Security, or a pension; just 5% do so from personal savings such as an IRA or 401(k). Seven in ten retirees say they would have “no idea what they would do” without Social Security. Contrast them with younger generations who expect savings to be the top source of their funding; 45% of millennials say they must rely on IRAs or 401(k)s and only 25% expect to rely on Social Security or a pension. No matter what income group you look at savings makes a huge difference. The top 10% of savers in all income groups, from the highest to the lowest consistently held 10-20 times the retirement wealth of the bottom 10% of savers. What has caused the retirement crisis and are there policy and personal solutions to fix it? Two retirement experts will join us with some answers. Teresa Ghi

Last week’s podcast with influential and outspoken economist David Rosenberg generated a tremendous amount of traffic and comment. We are running part 2 this weekend. Rosenberg had been predicting the end of both the record-breaking U.S. recovery and bull market this year. Needless-to-say it hasn’t happened, and he is the first to admit he missed this year’s impressive run in large-cap stocks as a result. However, his recommendation to own long-term Treasury bonds has paid off. Year-to-date the 30-year has delivered about a 20% return. Rosenberg who is known for seeing emerging economic patterns before most others do, sometimes a couple of years early, is sticking to his guns in forecasting that a U.S. recession is imminent and is very concerned about the damage the record-breaking load of U.S. and global debt, what he  calls “the mother of all credit bubbles on steroids” will have when it occurs.   What was intended as one session with us turned into two because he had so much evidence t

Influential economist David Rosenberg lays out a persuasive case for the end of the record-breaking economic recovery in part one of a two-part WEALTHTRACK conversation. WEALTHTRACK # 1662 published on November 27, 2019. --- Support this podcast: https://anchor.fm/wealthtrack/support

Do corporations need a new purpose? Does the free enterprise capitalist system need a major overhaul or a tune-up? We have two guests with strong views on the topic. Ken Langone is Founder, Chairman, and CEO of Invented Associates. He is Co-Founder of the Home Depot where he was Lead Director and a member of the executive committee of its board from its founding in 1978 until 2008. He is a noted philanthropist and the author of I Love Capitalism!: An American Story. He is joined By David Gardner, the Co-Founder, and Co-Chairman of The Motley Fool, a global online investing service launched with his brother Tom in 1993. Motley Fool’s purpose is to make the world smarter, happier and richer by helping individuals become better investors. WEALTHTRACK #1621 broadcast on November 22, 2019. More Info: https://wealthtrack.com/is-corporate-americas-focus-on-profits-the-problem-with-capitalism-two-entrepreneurs-respond/ --- Support this podcast: https://anchor.fm/wealthtrack/support

As the Dow and S&P 500 hit new records this week, there is much to contemplate and for the markets to digest in the final weeks of 2019. Time to consult Jason Trennert of Strategas Research Partners, a financial thought leader who has the scope to put it all together and tell us what it means. WEALTHTRACK #1620 broadcast on November 15, 2019. More info: https://wealthtrack.com/recession-bear-market-risks-with-financial-thought-leader-jason-trennert/ --- Support this podcast: https://anchor.fm/wealthtrack/support

We are always on the lookout for the exceptional on WEALTHTRACK.  It’s not easy to find among actively managed mutual fund managers. Only 23% of actively managed funds in all major categories, including stocks, bonds, and real estate outperformed their passive index fund rivals over the last ten years. And only about 8% of U.S. large-cap funds outperformed passive, the smallest margin among all active fund categories winners.  No wonder that active U.S. stock funds are experiencing substantial outflows and passive stock funds are gaining assets. In a historic shift, passive assets in U.S. equity funds recently surpassed those in actively managed ones for the first time ever. This week’s guests are bucking all of those trends. They are active managers in primarily large-cap U.S. stocks. They have been beating the market and peers by substantial margins over the last decade and they are attracting more assets. Joining us for a rare interview is Chuck Akre and John Neff of Akre Capital Management WEALT