The Investors First Podcast

This is Part I of a two-part episode; check back for Part II.

This episode features Barry Ritholtz, co-founder, Chairman, and Chief Investment Officer of Ritholtz Wealth Management. He is also the creator and host of the Masters in Business podcast/show on Bloomberg Radio and author of the book Bailout Nation, which was published in 2009.

In the first of a two-part episode, Ritholtz dives into a discussion about bailouts, how current airline bailouts compare the bank bailouts in 2008-09, whether the government has made money on bailouts before and what restrictions should be placed on firms who take money from the government.

Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL

(0:38) - Colby Donovan and Steve Curley introduce the podcast

(3:55) – History of U.S. bailouts

(6:35 – Is this a black swan?

(8:42) – Discussion of his recent Bloomberg article

(12:30) – Did the government make money on bailouts before?

(17:00) - Thoughts on share repurchases

(20:18) – How he grades the government’s bailout response in 2020

This episode features Liz Ann Sonders, Chief Investment Strategist at Charles Schwab. In 1999, Liz Ann joined U.S. Trust—which was acquired by Schwab in 2000—as a Managing Director and member of its Investment Policy Committee. Before U.S. Trust, Liz Ann was a Managing Director and Senior Portfolio Manager at Avatar Associates (1986-1999), an original division of the Zweig/Avatar Group. She was recently named to the inaugural Barron’s “100 Most Influential Women in U.S. Finance.”

In this episode, Liz Ann discusses her career path from Zweig/Avatar Group to Charles Schwab, gender diversity within the industry, how she decides what content to read, how she utilizes Twitter day-to-day, why she thinks the recovery will take the shape of a “Y,” and why she thinks diversification is as important as ever right now.

Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL

(0:38) - Colby Donovan and Steve Curley introduce the podcast

(1:26) – Introduce Liz Ann Sonders

(1:52) – Her career path

(3:16) – Thoughts on gender diversity within finance

(7:45) – How she scales herself around the Charles Schwab platform

(13:45) – How she utilizes Twitter

(16:13) – Her typical week and how that may change after social distancing measures are reduced

(18:45) – Her thoughts on a possible “Y” shaped recovery

(21:02) – Mistakes she could see investors making as the market rebounds

(25:00) – What parts of the market she likes long-term

(28:35) – Diversification benefits

(30:34) – Why she thinks healthcare will drive the U.S.

(31:40) – Follow her on Twitter @LizAnnSonders and read her research here

(33:10) – End of episode questions

This episode features Jan van Eck, CEO and Director of Van Eck Associates, which manages more than $50 billion. He originally joined the family firm in 1992.

In this episode, van Eck discusses the history of his firm, the early days of his career and what led him to eventually join the family business, the future of gold and bitcoin, how his firm decides to launch an ETF, some of his more popular ETFs including e-sports, green bonds and fallen angels, and what the future is for the industry.

Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL (0:38) - Colby Donovan and Steve Curley introduce the podcast (1:50) – Introduce Jan van Eck (3:20) – His path to joining the family business (6:05) – Why investors need to read more history (10:05) – Thoughts on gold and cryptocurrencies right now (13:50) – Future of a bitcoin ETF (17:30) – How the firm has grown to $50 billion in assets (19:28) – Trends in the industry and with fund flows in 2020 (22:20) – His firms’ e-sports ETF ($ESPO) (24:00) – The firms’ decision-making process of launching a new ETF (25:20) – Importance of understanding China’s economy (27:00) – Next bet for Van Eck Associates (28:35) – Thoughts on Green Bonds (30:15) – What foreign countries offer attractive risk/reward right now (35:10) - What is the most egregious ethics violation you have seen over the course of your career?

Our guest today is Dr. David Kelly, the Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management. Prior to joining J.P. Morgan Asset Management, David served as Economic Advisor to Putnam Investments, and as Senior Strategist/Economist at SPP Investment Management, Primark Decision Economics, Lehman Brothers and DRI/McGraw-Hill. David is a CFA® charterholder. He also has a Ph.D. and M.A. in Economics from Michigan State University and a B.A. in Economics from University College Dublin in the Republic of Ireland.

Dr. Kelly discusses the Guide to the Markets, how he thinks investors should be positioned going forward, what his return expectations are, and how COVID-19 will make long-lasting changes to the economy.

Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL

(0:38) — Colby Donovan and Steve Curley introduce the podcast

(3:00 ) —Introduce Dr. Kelly

(3:55) – Why he pursued the CFA designation

(6:05) – Background on the Guide to the Markets

(10:44) – Reason they started the Insights Podcast a few years ago

(12:05) – What he’s learned from studying prior market crises

(15:48) – Future return expectations

(18:12) – What permanent changes will occur after COVID-19 is behind us

(20:12) – Why he is pessimistic on the virus but optimistic on the economy

(23:34) – Where to be positioned going forward

(25:17) – Where to reach him: Daily Insights updated daily and his LinkedIn page

(26:02) - What is the most egregious thing that you have seen in the investment management industry over the course of your career?

This episode features two guests. The first is Paul Smith, who was previously the President and CEO of the CFA Institute. Paul has more than 25 years of relevant financial services leadership experience in many aspects of the investment management industry.

The second is Chris Cannon, who is the Chief Investment Officer of FirsTrust, an RIA in Daytona Beach, Florida. He is also a board member and the Advocacy Chair for the CFA Society of Orlando.

In this episode, Smith covers the current mood in Hong Kong (where he resides) and what he expects to happen when social distancing ceases there, what challenges COVID-19 give the CFA Institute and individual societies, why it is critically important today to avoid the illusion of precision, and what he thinks people should learn while staying at home.

Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL

(0:38) - Colby Donovan and Chris Cannon introduce the podcast

(2:10) – Introduce Paul Smith

(4:40) – Current mood in Hong Kong with regards to both social unrest and COVID-19

(8:10) – Challenges the CFA Institute and individual societies are facing while respecting social distancing

(14:38) – Impact of COVID-19 on globalization

(18:25) – Lessons to be taken from the COVID-19 crisis for individuals and countries

(21:33) – The idea that financial analysts have created the illusion of precision

(25:35) – Mistakes he’s seen people make in past crises

(32:18) – What skills or information should people learn while at home?

(35:10) - What is the most egregious ethics violation you have seen over the course of your career?