Wealthtrack

In this episode of WEALTHTRACK, we explore the topic of emerging markets and their current investment potential. Our guest, Andrew Foster, a renowned portfolio manager and founder of Seafarer Capital Partners, shares his insights on why emerging markets are no longer a growth story. Foster emphasizes that the investment case for emerging markets lies in individual companies rather than countries. He highlights the challenges faced by companies in China, such as government interference and encroachment on operations and governance. Foster also discusses his investment approach, focusing on income and value. Despite the changing landscape, he still finds China investable and continues to research and invest in the country. Overall, this episode provides valuable perspectives on the evolving dynamics of emerging markets and the importance of company-specific analysis in investment decisions. WEALTHTRACK Episode 2026 originally broadcast on December 22, 2023 More info: https://wealthtrack.com/andrew-foster-is-fin

David Giroux discusses the impact of AI on companies' cost structures and margins, highlighting the potential for increased productivity. Companies like Alphabet (Google) and their use of AI to make programmers more productive, leading to margin expansion. Giroux also discusses investment opportunities in sectors like utilities, healthcare, and industrials, emphasizing the importance of a longer time horizon for investment success. WEALTHTRACK # 2025 broadcast on December 15, 2023 More Info: https://wealthtrack.com/5-star-gold-medalist-portfolio-manager-david-giroux-discusses-contrarian-2024-strategies-and-ai/ Bookshelf: Thinking, Fast and Slow https://amzn.to/3NvHRbR --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Annually, the anticipation for economist Ed Hyman's insights peaks as he's consistently ranked Wall Street's top economist for 43 years. Last year, he tracked the Federal Reserve's tightening policies, predicting a slowdown in inflation and warning of a potential recession if credit conditions tightened further.  WEALTHTRACK episode 2024 broadcast on December 08, 2023 More Info: https://wealthtrack.com/wall-streets-longtime-1-economist-ed-hyman-shares-his-high-conviction-calls-for-2024/ Bookshelf: Leadership: Six Studies in World Strategy https://amzn.to/48cxEsZ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Jeff Schultze, head of economic and market strategy at ClearBridge Investments, discusses the possibility of a recession and the current state of the economy. He shares insights on recession risk indicators, the consumer's financial health, the banking system, and the Federal Reserve's ability to respond. WEALTHTRACK Episode 2023, published on December 1, 2023 More Info: https://wealthtrack.com/strategist-jeff-schulze-explains-why-the-slowing-economy-can-coexist-with-a-rallying-stock-market/ ClearBridge’s Anatomy of a Recession Dashboard: https://www.clearbridgeinvestments.com.au/perspectives/anatomy-of-a-recession/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Two leading municipal bond managers, Duane McAllister and Lyle Fitterer, who oversee Baird’s award-winning suite of municipal bond funds, including its 5-star, Silver-rated Baird Core Intermediate Municipal Bond Fund, present a compelling case for muni bonds. WEALTHTRACK Episode 2022, published on November 23, 2023 More Info: https://wealthtrack.com/the-highest-yields-in-nearly-20-years-make-a-compelling-case-for-municipal-bonds/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Part 2 of 2 Financial thought leader and historian James Grant is marking the 40th anniversary of his influential Grant’s Interest Rate Observer, a twice-monthly, self-described “independent, value-oriented and contrary-minded journal of the financial markets.” Grant shares his insights on a wide range of financial topics, including booms and busts, corporate finance, inflation, and the evolution of central banking. Grant also discusses his prescient analyses of the 2007-2009 credit crisis and offers warnings about the perils of cryptocurrencies and low-interest rates. He also unveils the one trait shared by successful investors, providing valuable insights for navigating the ever-changing financial landscape. WEALTHTRACK episode 2021 was originally broadcast on November 17, 2023, More Info: https://wealthtrack.com/financial-thought-leader-james-grant-shares-four-decades-of-investment-wisdom-and-insights/ Grant’s Interest Rate Observer: https://www.grantspub.com/ Bookshelf: The Forgotten Depression: 1

James Grant, Founder and Editor of Grant's Interest Rate Observer, joins us to discuss the history of bond market cycles and why the dramatic rise in interest rates that began in March of last year might have ushered in a prolonged bear market in bonds. Grant argues that bond yields have trended in generation-length periods, with each cycle lasting at least 20 years. He believes that the bull market in bonds that began in the early 1980s has now come to an end, and that we are now embarking on a long-term period of rising interest rates. Grant's perspective is important because he has been warning of a bond bear market for many years. He has argued that the central banks' aggressive monetary stimulus policies have created a bubble in the bond market and that this bubble is now bursting. WEALTHTRACK episode 2020 originally broadcast on November 10, 2023 More info:https://wealthtrack.com/financial-thought-leader-james-grant-on-the-investment-ramifications-of-the-new-era-of-higher-interest-rates/

Bruce Berkowitz is the founder and CEO of Fairholme Capital Management and a legendary value investor. In this exclusive interview, he talks about his deep value, contrarian approach, his current strategy, and the lessons he's learned over the years. Berkowitz's Fairholme Fund was once a top performer, returning better than 13% annualized returns in its first decade. But it has since lagged the market and become extremely volatile. Today, 82% of the fund is concentrated in one stock: The St. Joe Company, a Florida real estate developer and manager. Berkowitz reveals the highs and lows of his career and shares his insights on value investing, contrarian thinking, and the future of the markets. WEALTHTRACK #2019 originally broadcast on November 03, 2023 More info: https://wealthtrack.com/fairholme-funds-bruce-berkowitz-deep-value-contrarian-approach-thats-still-beating-the-market/ Bookshelf: Security Analysis: Principles and Techniquehttps://amzn.to/3sax7bH --- Support this podcast: https://podcaste

In a world where stocks have been the go-to asset class for income and returns, bonds are making a comeback. That's the view of Mary Ellen Stanek, Co-Chief Investment Officer of Baird Advisors and President of the Baird Funds, who says that the Federal Reserve's aggressive rate hikes have made bonds more attractive to investors. Stanek argues that the rapid rise in interest rates has created opportunities in the fixed-income market, as bond yields have increased to their highest levels in years. This means that investors can now lock in higher yields for their money, which can provide a valuable source of income and diversification in a volatile market. In this interview, Stanek explains why she is convinced that bonds are back and why investors should consider adding them to their portfolios. She also discusses her investment strategy and how she selects bonds for her clients. WEALTHTRACK episode 2018, broadcast on October 27, 2023 Learn More: https://wealthtrack.com/star-bond-fund-manager-mary-ellen

The political, demographic, and policy headwinds causing China’s economy to slow and possibly unravel with serious repercussions for the world’s economies and markets. WEALTHTRACK Episode 2016, published on October 12, 2023 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Part 2 of 2 Our rare interview with legendary investor Steven Romick, Co-Portfolio Manager of the FPA Crescent Fund which he founded 30 years ago. Morningstar gives the gold-rated fund high marks for its focus on capital preservation and strong stewardship. Since 1993, Crescent has generated equity-like returns with less risk than the overall market. Its nearly 10% annualized returns match the S&P 500 but with significantly less decline during downturns and faster recovery. Earlier this year, Romick delivered the keynote at Morningstar's investment conference, reflecting on his 30 years of successful investing across multiple cycles. We asked Romick to share insights and lessons learned navigating major crises like the tech bubble, financial crisis, COVID crash, and 2022's meltdown. Interestingly, he believes Crescent has survived by "first considering what can go wrong." Hear Romick's wisdom on defensive investing, managing risk, contrarian thinking, and preparing for an unce

Is the 60/40 Portfolio Is Obsolete? The traditional 60/40 portfolio of 60% stocks and 40% bonds has been a staple of investment advice for decades. But in 2022, it failed to deliver the goods, declining about 16%. Mark Cortazzo says that the rapid rise in interest rates has caused a "massive change" in fixed-income returns. This means that traditional safe assets are back, and it's time to reset portfolios. Cortazzo is a Senior Vice President and Financial Advisor with the Wealth Enhancement Group. He has over 30 years of experience in the financial industry and has been named a Barron's Top Advisor for thirteen years. Cortazzo discusses the massive reset in returns and what it means for investors. He also provides tips on how to realign your portfolio for the new environment. WEALTHTRACK episode 2011 broadcast on September 8, 2023 More Info: https://wealthtrack.com/rising-interest-rates-mean-massive-changes-in-fixed-income-returns-traditional-safe-assets-are-back/ Bookshelf Your Future

Discover the state of the municipal bond market post-2022 interest rate surge! Munis had their worst year since 1981, with a -8.5% return. Yields doubled from 1.03% to 2.63%, causing record outflows of $122 billion. Join us with muni bond expert Robert DiMella, Co-Head of MacKay Municipal Managers, as he shares insights on market recovery and tax-free opportunities. What are the opportunities and risks in the tax-free market now? WEALTHTRACK episode 2010 broadcast on September 01, 2023 More Info: https://wealthtrack.com/veteran-municipal-bond-manager-robert-dimella-on-the-opportunities-in-the-muni-market-after-2022s-big-sell-off/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Discover insights from renowned investor Steven Romick, Co-Portfolio Manager of the FPA Crescent Fund, which celebrates its 30th anniversary this year. Unlike most funds, FPA Crescent has not only survived but thrived for three decades, delivering almost 10% annualized returns with lower volatility than the S&P 500.  Its success lies in maintaining equity-like returns with reduced market risk and avoiding permanent capital losses. Morningstar's Gold analyst rating and the 2013 Allocation Fund Manager of the Year title validate its performance. In a rare interview, FPA Crescent Fund’s founding portfolio manager, Steven Romick puts the fund’s current positioning into perspective WEALTHTRACK 2009 broadcast on August 25, 2023 More info: https://wealthtrack.com/great-value-investor-steven-romick-describes-fpa-crescent-funds-current-positioning/ Bookshelf: Security Analysis, Seventh Edition: Principles and Technique: https://amzn.to/3szbiSH As FPA Crescent Fund celebrates its 30th anniversary, Morningstar

Selecting the best mutual funds to achieve long-term financial goals remains a challenging task for investors. Russel Kinnel, Director of Manager Research for Morningstar, has dedicated nearly three decades to this endeavor. He oversees Morningstar's North American Morningstar analyst ratings committees, responsible for vetting the prestigious Morningstar medalist ratings frequently cited in the financial world. Kinnel's extensive experience analyzing various fund types and prominent fund families has led him to publish two highly impactful articles. One is the annual "The Thrilling" fund list, which carefully selects 25 to 50 funds from a vast universe of 15,000 fund share classes based on strict criteria. Additionally, Kinnel shares his review of the top ten holdings in his personal portfolio, some of which may not be members of this year's "Thrilling 33" fund list.  Join us to understand the rigorous selection process for "The Thrilling 33" and gain valuable i

Discover the future of AI investments with Michael Lippert, Head of Technology Research at Baron Capital. He believes AI is now at its transformative inflection point. Join us for an insightful discussion on his recently published report, 'Investing in AI: Opportunities and Risks,' where we explore the potential of AI as a game-changing technology.  As the Portfolio Manager of Baron Capital's high-growth stock-oriented Baron Opportunity Fund, he shares his strategies for identifying companies with durable competitive advantages and cash-generative business models, fostering double-digit multi-year projected annual returns.  Gain valuable insights into the growth potential of AI investments from a seasoned expert's investment perspective. WEALTHTRACK episode 2005 broadcast on July 28, 2023 More info: https://wealthtrack.com/investing-in-ai-with-gold-rated-baron-opportunity-funds-michael-lippert/ Read: “Investing in AI: Opportunities and Risks”: https://wealthtrack.com/wp-content/uploads/2023/0

Uncover the secrets behind managing the world's largest mutual fund, the Vanguard Total Stock Market Index Fund, in this captivating episode of WEALTHTRACK. Join Gerry O'Reilly, the fund's principal portfolio manager, as he reveals the active management required for this trillion-dollar behemoth. Learn about O'Reilly's inspiring journey from Ireland to the 1988 Seoul Olympics before delving into his impressive track record. Gain insights into the misconceptions surrounding index fund management and discover the strategies employed to match the CRSP U.S. Total Market Index. Don't miss this exclusive episode for a behind-the-scenes look at the fund shaping the investment landscape.  WEALTHTRACK episode 2004 broadcast on July 21, 2023 More info: https://wealthtrack.com/gerry-oreilly-on-why-passive-is-anything-but-when-running-vanguards-total-stock-market-index-fund/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Climate change, a topic of daily conversation, has sparked a global industry worth billions and, soon, trillions of dollars. Discover investment opportunities in this field through the expertise of Lucas White, Lead Portfolio Manager of GMO's successful Climate Change Strategy. With the impressive performance of GMO's Climate Change Fund, which beats its benchmark and boasts 12% annualized returns, investors gain exposure to companies combatting climate change and adapting to its effects. White shares insights on the fund's unique approach and discusses his journey in launching it. WEALTHTRACK episode 2003 originally broadcast on July 14, 2023 More info: https://wealthtrack.com/the-unique-approach-of-lucas-whites-high-performing-gmo-climate-change-fund/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Small-cap stocks in general have generated subpar returns in the last five years and have underperformed large-cap stocks by a wide margin over the last nine. However, Royce believes that small caps are due for a significant and lasting rebound. He says that history is the best guide to future performance, and that small caps have outperformed large caps over the long term. Chuck Royce is a small-cap pioneer with over 50 years of experience in the investment industry. He is the chairman of Royce Investment Partners, which he founded in 1973. Royce is also a portfolio manager on four Royce mutual funds and three closed-end funds. He is best known for his flagship fund, the Royce Pennsylvania Mutual Fund, which he has managed since 1972. In this exclusive interview, Royce discusses why his Royce Pennsylvania Mutual Fund has outperformed its benchmark for over half a century and why he believes small-caps are laying the foundation for an extended cycle of above-average returns. WEALTHTRACK episode 2002 originall

Jeremy Grantham, investment legend and long-time value investor, warns of a bubble of "epic proportions" in the bond, stock, housing, and commodities markets. Grantham, who has accurately predicted market bubbles in the past, believes that the current market is overvalued and due for a correction. He cites three factors that are contributing to the bubble: low interest rates, easy credit, and excessive speculation. Grantham also discusses his views on climate change, bursting market bubbles, and artificial intelligence. He believes that climate change is the most important issue facing the world today, and that artificial intelligence could have a major impact on the future of the economy. WEALTHTRACK 2001 originally broadcast on June 30, 2023 More info: https://wealthtrack.com/jeremy-granthams-views-on-climate-change-bursting-market-bubbles-and-artificial-intelligence/ Burt Malkiel: 50th anniversary of A Random Walk Down Wall Street: The Best Investment Guide that Money Can Buy - https://amzn.to/3