Orion's The Weighing Machine Eben Burr of Toews Asset Management - Hedging Against Inflation, and Preparing for a Potential Bear Market
In this episode, Rusty and Robyn talk with Eben Burr, President of Toews Asset Management.
Eben came to the financial industry with an unusual background. With degrees in architectural history and product design, he studied architecture in Paris, designed products, and worked in NYC real estate market, before eventually landing at Toews.
That said, the common thread throughout Eben’s career has been a focus on user experience — a skill that turned out to be a huge asset at Toews.
Eben talks with Rusty and Robyn about preparing for a potential bear market, hedging portfolios against inflation, and bringing introspection to investing.
Key Takeaways
- [06:45] - Are we in a superbubble?
- [10:52] - Are advisors ready for a bear market in the stocks?
- [15:58] - Some evidence-based findings on inflation.
- [19:30] - What's the hedge equity approach?
- [24:47] - Keeping up with quick volatility and market downdraft.
- [26:14] - Advice on unconstrained fixed income strategies.
- [27:48] - The importance of behavioral finance.
- [30:50] - A balance of empathy, integrity, and confidence.
- [32:54] - Why introspection is underrated.
- [34:54] - Eben’s personal investing practices.
- [37:23] - Eben’s book and podcast recommendations.
Quotes
[27:13] - “We've gotten so complacent with thinking about S&P large caps that we no longer have this idea of true diversification, where there's intentionally something underperforming, right? There's intentionally something not going well.” - Eben Burr
[29:14] - “Seeing someone really compelling at a conference is not likely to change your behavior. There is a deep, deep gulf between inspiration and implementation. So we're working every day with advisors to help them improve their communication, portfolio construction (which is really important in behavior), and implement structure so that the advisor practice is really embracing behavioral change on all levels. Really you need to look at things like client delight and retention, as well as just their understanding. All those things come into play.” - Eben Burr
[33:26] - “Know your strengths and weaknesses. I mean, introspection, I think is so fantastically underrated in American society. You know, we're amazing doers as Americans, right? We're just like, give me something to do and I will do it to death but don't ask me to think about it after I've done it. Cause I don't want to do that.” - Eben Burr
Links
- Eben Burr on LinkedIn
- Toews Asset Management
- "The IVth Crusade" by Bolt Thrower
- Ol’e Nessie by Mastodon
- Rise Above by Black Flag
- Jeremy Grantham Super Bubble Comments
- Calling a Super Bubble: Front Row With Jeremy Grantham | YouTube
- ‘SNL’: Pete Davidson, Jack Harlow Deliver Eminem-Inspired Rap Explaining NFTs | RollingStone
- Behavioral Investing Institute
- Brian Portnoy
- Advisor Communication for Bubbles and Market Crises
- Toews Economic and Capital Markets Update 1Q22
- Importance of Emotional Intelligence
- Attention Robinhood power users: Most day traders lose money by Bob Pisani | CNBC
- Cocoa Barn NYC
- Odd Lots Podcast
- Standard Deviations Podcast
- Makers and Takers: The Rise of Finance and the Fall of American Business by Rana Foroohar
- Alexander Hamilton: A Life by Willard Sterne Randall
- Downtown by Pete Hamill
- The Fourth Turning: An American Prophecy - What the Cycles of History Tell Us About America's Next Rendezvous with Destiny by William Strauss
- Blast Beats
- The 10 best fictional architects | The Guardian
- Meditation
- Super Bubble Bubble Gum
- S&P 500
- L’Ecole Bleue
- Monty Python
- The Towering Inferno
- Fountainhead
- Wesley Snipes
- Paul Newman
- John Cleese
- The history of inflation in the United States
- Investor Behavior in a Market Crisis
- Investments and Wealth Monitor
- Toews Agility Shares ETF’s
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0348-OPS-2/23/2022