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WEALTHTRACK

Latest episodes

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Sep 16, 2022 • 26min

Inflation’s Damage: Financial Consequences & Investment Strategies

How times have changed. It wasn’t many months ago that the entire financial world was singing the praises of inflation. The greatest fear among Wall Streeters and other financial lights was lower prices that might actually decline more and turn into that monster known as deflation. The thought conjured up nightmarish scenes of bread lines and bank runs. Ever since the global financial crisis of 2008 and especially since the Covid pandemic, central banks and governments around the world have pulled out all stops to prevent such an occurrence. And guess what? It finally worked. After declining since the early 1980s, inflation has roared back to life, recently hitting 40-year highs. But no one is celebrating. In fact, now central banks around the world have declared war on inflation, and Federal Reserve Chairman Jerome Powell is leading the charge. The Fed has dramatically raised the federal funds rate several times this year, with more action to come. This week’s guest has long been an avowed enemy of inflation and an outspoken critic of the Fed’s inflation-boosting policies. How is he feeling now? He is financial thought leader James Grant, the Founder, and Editor of Grant’s Interest Rate Observer. Grant is also the author of 9 books. Several are financial histories, including the prize-winning The Forgotten Depression: 1921: The Crash That Cured Itself. Grant will discuss the Fed’s about-face on inflation, the battle it faces to bring it under control, the implications for financial markets, and two investment ideas for this new investment era. WEALTHTRACK #1912 broadcast on September 16, 2022 More info: https://wealthtrack.com/inflations-damage-financial-consequences-investment-strategies-with-historian-james-grant/ In his WealthTrack interview and a recent issue of Grant’s Interest Rate Observer Jim Grant highlighted the small-cap equity fund Palm Valley Capital Fund (PVCMX) which holds mainly cash “awaiting the return of valuations at which an unbending, unconventional, uncompromising, value-seeking investor can put other people’s money to work”. Grant also recommended reading the firm’s quarterly letters to shareholders, “some of the best and wittiest financial-markets commentary on the web.”  Here is a link to the firm’s most recent missive. https://www.palmvalleycapital.com/fundletter Bookshelf: The Trouble With Prosperity: The Loss of Fear, the Rise of Speculation, and the Risk to American Savings: https://amzn.to/3ds0azQ Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken: https://amzn.to/3qGuSIK The Forgotten Depression: 1921: The Crash that Cured Itself: https://amzn.to/3RQixO9
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Sep 9, 2022 • 26min

Bonds: New Investment Opportunities

The bond world changed dramatically in 2022.  From several years of historically low to negative interest rates, as far as the eye could see, the horizon is now filled with rising rates across the globe. It’s a welcome change for yield starved investors and fixed income managers who have been coping with a record breaking yield drought.  One of them is this weekend’s guest who recently reopened his fund to new investors because of the “improved opportunity set.” He is Tom Atteberry, now Senior Advisor to FPA New Income Fund having just retired, as planned, from his portfolio manager duties in July of this year.  He had been Portfolio Manager of the fund since 2004.  Atteberry will discuss why they have reopened the fund and where they are investing now. He will also share his current preference for asset-backed bonds over Treasuries and corporates.  WEALTHTRACK #1911 broadcast on September 09, 2022 More info: https://wealthtrack.com/the-new-investment-opportunities-being-discovered-by-award-winning-fpa-new-income-fund/
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Sep 4, 2022 • 26min

Inflation Is Now Key to Investing

Global bond manager Jack McIntyre says central banks around the world are determined to stamp out inflation. Their success will determine the direction of markets and economies. He explains how he is investing for several outcomes. WEALTHTRACK #1910 broadcast on September 02, 2022 More info: https://wealthtrack.com/why-inflation-is-now-key-to-investing-with-brandywine-globals-jack-mcintyre/ Bookshelf: Red Notice: A True Story of High Finance, Murder, and One Man's Fight for Justice, https://amzn.to/3CWQho7
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Aug 22, 2022 • 24min

55% Chance of Market Downturn: Implications & Strategy

We are joined by ClearBridge’s Investment Strategist Jeff Schulze. He will explain why he now believes that there is a 55% chance of a downturn, why a recession is not inevitable but what conditions could push it one way or the other. He will also discuss market implications and strategy. WEALTHTRACK #1908 published on August 20, 2022 More info: https://wealthtrack.com/a-widely-followed-investment-strategists-indicators-now-signaling-heightened-recession-risk/
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Aug 14, 2022 • 27min

The Fed Policy, Recession Prospects & The Markets

A special WEALTHTRACK podcast with influential economist and Fed watcher turned professor Paul McCulley. McCulley is an adjunct professor at Georgetown Business School and a very much in-demand speaker in financial circles because of his deep understanding of Fed policy, honed at bond giant PIMCO, where for many years he was Senior Partner, author of the influential Global Central Bank Focus and manager of its huge short-term trading desk. In this week’s podcast, McCulley shares his thoughts on where we are in the Fed’s tightening cycle, economy, and markets. WEALTHTRACK 1907 published on August 14, 2022 More info: https://wealthtrack.com/influential-economist-and-fed-watcher-paul-mcculley-on-fed-policy-recession-prospects-and-the-markets/
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Aug 5, 2022 • 26min

Concentrated Portfolio: Challenging the Market

Global value investor Tom Russo says today’s investment environment is the most challenging of his 40-year career. He explains why his core companies are up to the challenge. WEALTHTRACK episode 1906 broadcast on August 05, 2022 More info: https://wealthtrack.com/how-a-concentrated-portfolio-of-global-brand-name-companies-is-faring-in-this-challenging-market/
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Jul 29, 2022 • 26min

Making Money by Losing Less in This Bear Market

Making money by losing less is how legendary small-cap value manager Charlie Dreifus has succeeded for over 50 years of investing. It's even more important now as he expects more economic and market pain ahead. WEALTHTRACK 1905 broadcast on July 29, 2022  More info: https://wealthtrack.com/making-money-by-losing-less-in-this-bear-market-with-legendary-value-manager-charlie-dreifus/
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Jul 22, 2022 • 26min

Portfolio Rebalancing in a Changing World

Soon-to-be retirees and retirees are the most vulnerable in this new era of higher inflation, interest rates, volatile markets, and possible recession. What kinds of adjustments should they be making in their financial plans, investments, and even lifestyles? That demographic is one of the specialties of this week’s guest, an award-winning financial planner. He is Mark Cortazzo, Senior Vice President and Financial Advisor with the Wealth Enhancement Group, an independent financial planning firm. Cortazzo has received numerous awards and accolades during his 30-year investment advisor career. We are delighted that he has been a frequent WEALTHTRACK guest since our 2005 inception. Over that time, we have discussed preparing for the increasing incidents of “black swan” events like the global financial crisis, pandemics, lockdowns, and wars. We’ve talked about alternative income strategies, transferring equity risk, and how timing can dramatically change retirement outcomes. We will cover those topics and more in this week’s interview. WEALTHTRACK Episode 1902 was broadcast on July 22, 2022 More Info: https://wealthtrack.com/this-new-era-calls-for-a-complete-financial-reassessment-says-award-winning-advisor-mark-cortazzo/
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Jul 15, 2022 • 26min

Investing In Asian Markets: Minimize China Risk

Looking around the world, one of the most under-owned asset classes after years of underperformance is emerging markets.  And one of the least understood and appreciated at this particular time is Asia, especially China.  Once a darling of investors, it has lost favor for geopolitical, political, and business reasons. So what better time to delve into Asia than now? On this week’s program, we will be joined by Robert Horrocks, Ph.D. and Chief Investment Officer of Matthews Asia, one of the first American mutual funds to focus solely on the region. Horrocks will bring us up to speed on China’s economy and markets and the other Asian markets he deems worthy of our attention.  Of particular interest to me is how to invest in this fast-growing region while minimizing China’s powerful political risks. WEALTHTRACK Episode 1904 broadcast on July 15, 2022. More info: https://wealthtrack.com/investing-in-fast-growing-asian-markets-while-minimizing-chinas-risk-with-matthews-asias-cio/ Bookshelf: Against the Gods: The Remarkable Story of Risk by Peter Bernstein https://amzn.to/3PdN1s3 Peter Bernstein from the WEALTHTRACK Archives: https://youtube.com/playlist?list=PLznI5J0QOR3N3u5qR3ezi8QUXs2-T-Gas
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Jul 8, 2022 • 26min

What To Buy When Recession Hits

Beauty is in the eye of the beholder, and it turns out the difference between a growth and value stock is too, with price as a key determinant.  Some of the darlings of last year and much of the prior decade have recently been rebalanced from growth to value by a major index provider. Such is the power of a bear market! This week’s WEALTHTRACK guest is a well-known value manager known for her global and international investing.  We’ll be joined by Sarah Ketterer, Chief Executive Officer of Causeway Capital Management. Ketterer will tell us why she believes we are entering a new investment era and discuss some of the “outstanding” investment opportunities being created in the process.  WEALTHTRACK Episode 1902 broadcast on Jul 8, 2022 More Info: https://wealthtrack.com/top-global-value-manager-sarah-ketterer-identifies-some-outstanding-bear-market-opportunities/

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