Orion's The Weighing Machine

Orion Portfolio Solutions
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Feb 15, 2022 • 1h 3min

Geremy van Arkel of Frontier Asset Management - Managing Downside Risk, and Protecting Your Investments

Risk is inherent in any investment. It is therefore crucial to plan your investment portfolio in a way that protects you against losses. Without a solid downside risk management strategy in place, you are exposing yourself to unnecessary losses and financial instability. Taking steps to protect yourself from losses can help ensure that your portfolio remains healthy and profitable, even in difficult market conditions.In today’s episode, Rusty talks with Geremy van Arkel, Principal and Director of Strategies at Frontier Asset Management, an independent national asset manager that supports and manages strategies for the clients of investment advisors.With more than 25 years of extensive experience working with national accounts as well as with financial advisors and their clients, Geremy has developed expertise in managing global allocation portfolios, performing manager due diligence, and working with advisors and enterprise clients. As a member of Frontier’s Investment Committee, he is an expert in mutual fund selection, asset allocation, and portfolio optimization.Rusty talks with Geremy about the importance of downside risk management, why Frontier Asset Management puts a lot of emphasis on actively managed mutual funds, and how international and emerging markets are becoming a serious part of the investment opportunity set.Key Takeaways [03:44] - How Geremy began his asset management career. [05:17] - What Frontier Asset Management is all about. [07:11] - Why risks are like a black swan. [11:57] - What led Geremy to establish his firm in Sheridan, Wyoming. [14:53] - Overview of the Deconstructing Alpha Podcast. [17:14] - How Frontier Asset Management views valuation. [21:29] - Frontier's preferred valuation metric. [28:24] - Why Frontier puts a lot of emphasis on actively managed mutual funds. [34:42] - Frontier's approach to identifying superior, actively managed funds. [38:36] - The reasons for low interest rates. [43:25] - Why values are great in emerging markets. [48:22] - What makes a good investment manager or investment professional. [51:58] - Qualities that make a good financial advisor. [53:56] - How Geremy invests for himself and his family. [56:23] - How Geremy ensures a high level of performance. Quotes[07:19] - "Risk in the modern markets happens like a black swan. We don't get these obvious signs that it is happening. If you just look at all the risks that have occurred in my entire career, the last 30 years, every risk event was a complete surprise." - Geremy van Arkel[15:17] - “I have a deep affection for the management and the art and science that security selection managers bring to the table. I understand the difference between different types of stocks and different types of exposures within a portfolio. And I believe in this day of indexing, it's almost like a lost art." - Geremy van Arkel[49:00] - "You have to be unafraid to be wrong and alone in some areas. So, the key is understanding history and then being able to look forward and balancing all the opportunity sets that are in front of you. Not just betting on what you think will happen, but really balancing multiple outcomes to end up being on the right side of things." - Geremy van ArkelLinks  Geremy van Arkel on LinkedIn Radiohead Sabotage by Beastie Boys The Sound of Winter by Bush Intergalactic by Beastie Boys Machinehead by Bush The Chemicals Between Us by Bush Optima Fund Management Frontier Asset Management Deconstructing Alpha Podcast MSCI Morningstar Manias, Panics, and Crashes. A History of Financial Crises Extraordinary Popular Delusions and the Madness of Crowds Envestnet Orion Advisor Solutions The Mint Bar Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0243-OPS-2/8/2022
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Feb 8, 2022 • 26min

Noreen Beaman of Orion - The Importance of Behavioral Finance, and the Future of the Investment Industry

Firms and investment professionals must keep up. Tech innovations, demographic shifts, redefined client-advisor engagement—you name it. The future of the investment management industry is promising. But, how can the industry keep its vision to provide continuous better outcomes for clients?In this episode, Rusty and Robyn talk with Noreen Beaman, President at Orion Advisor Solutions. Aside from oversight of the firm’s operations, Noreen serves as a leader and a mentor to almost 1200 investment professionals at Orion. Her focus is mainly on the firm’s investments and sales and marketing operations. Prior to that, Noreen was the Founding Partner and CEO at Brinker Capital where she offered her expertise for 29 yearsNoreen talks with Rusty and Robyn about the importance of behavioral finance, the strategies of being a successful professional, and the future of Orion and the entire investment industry.Key Takeaways [04:28] -  What is the secret to being a successful investment firm? [05:45] - Noreen’s industry forecast. [07:37] - What Noreen is most excited about for Orion's future. [08:46] - Why mentors are so important. [11:40] - How to bridge the gender gap in finance. [13:47] - The effect of financial advising on Noreen's life. [15:03] - How a financial advisor can land a dream job in the advisory space. [16:21] - Noreen's tip for financial advisors: Listen. [17:32] - Noreen’s fiction and non-fiction reading list. [20:23] - How to take the first step as an investment professional. [21:21] - Essential books on financial advising. [22:25] - Noreen’s podcast recommendations. [23:21] - How the president of an investment firm stays on top of every aspect of her life. Quotes[06:13] - “The consumer today and the end investor is smarter than they've ever been because they have access to so much information. They're going to drive for continued personalization. And I'm a big believer in that. We need to be ahead of that curve, thinking about what they are going to want.” - @nbeaman[13:15] - “There are women in our organization that have had the opportunity to be successful. And now we need to continue to mentor and bring the next generation of young women into this industry.” - @nbeaman[15:40] - “This is not an easy business. I would say it's not for the faint of heart. So this is not an easy job to have. It's a lot of responsibility, but going after that with the right attitude and being resilient, and being able to weather those storms, when the markets go in a direction that you might not have expected them to—it’s important to have an open mind.” - @nbeamanLinks  Noreen Beaman on Twitter Noreen Beaman on LinkedIn Orion Advisor Solutions Born To Run by Bruce Springsteen Ernst and Young St. Peter’s University Orion’s 3D Risk Profile Chuck Widger Multipliers: How the Best Leaders Make Everyone Smarter by Liz Wiseman What Great Managers Do by Marcus Buckingham | Harvard Business Review Money Management Institute Harry Truman What Got You Here Won't Get You There: How Successful People Become Even More Successful by Marshall Goldsmith The Lincoln Highway by Amor Towles Charlotte’s Web by E.B White Jane Eyre by Charlotte Bronte Man’s Search For Meaning by Viktor E. Frankl The House of Gucci: A Sensational Story of Murder, Madness, Glamour, and Greed by Sara Gay Forden House of Gucci (2021) The Intelligent Investor by Benjamin Graham The Behavioral Investor by Daniel Crosby Storytelling For Financial Advisors: How Top Producers Sell by Scott West Standard Deviations with Dr. Daniel Crosby Podcast Eric Clarke Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0150-OPS-1/24/2022
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Feb 1, 2022 • 31min

Eric Clarke of Orion - Leveraging Tech for Better Investor Outcomes

In this episode, Rusty talks with Eric Clarke, CEO of Orion Advisor Services. Eric is a high-profile industry speaker and advocate, and has won numerous industry awards. As Orion’s CEO, he’s focused on creating a suite of technology that can fully transform every client-advisor journey for the better.Eric talks with Rusty about how tech integrations can help build meaningful and seamless client-investor connections, and what the coming months and years look like for Orion and the industry.Key Takeaways [03:46] - Fintech in 2022, according to Eric Clarke. [05:23] - Exploring new dimensions after the merger with Brinker Capital. [06:41] - Implementing tools to build better relationships between advisors and investors. [08:43] - Evolving value propositions in the fintech industry. [10:53] - How does a firm keep productivity high in a remote-working world? [13:41] - Orion’s acquisition of Brinker Capital. [15:52] - Why is pays to stick with your long-term investing strategy. [19:35] - Eric's first investment story. [20:56] - Eric's insights on digital assets and cryptocurrency. [23:58] - A CEO's morning routine. [27:59] - What’s in store for Orion Advisor Services in 2022? Quotes[07:18] - “The basis of all great relationships, at least I believe, are founded on trust. And being able to help the advisor understand the investor in at a more meaningful level is something that we think will set the relationship off to a good start and help the investor better respond to the coaching that they are receiving from all these great advisors that we work with.” - Eric Clarke[17:29] - “Obviously, as an investor, every time you can have that long-term perspective and not panic and stick with your strategy, you’re rewarded for that. And I'm a believer that whether that's a strategic or tactical or even an alternative strategy, if you stick with it over the long-term, odds are you'll be rewarded for that and it'll be worth it.” - Eric Clarke[28:49] - “What we're focused on here in 2022 is all about connecting that experience through technology integrations, through seamless user experience, helping our advisors connect with their client in a more meaningful, seamless way and using technology to efficiently make that happen.” - Eric ClarkeLinks  Email Eric Eric on LinkedIn Orion Advisor Services Beautiful Day by U2 Standard Deviations with Dr. Daniel Crosby Podcast: Eric Clarke - Driving Better Investor Behavior Orion’s 3D Risk Profile Workplace from Meta Noreen Beaman Marriott Ric Edelman’s The Truth About Crypto Manish Khatta Netflix Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts
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Jan 25, 2022 • 40min

Jamie Susanin of Brinker Capital - Effective Mentoring and Proactive Tax Management

In this episode, Rusty and Robyn talk with Jamie Susanin, portfolio manager at Brinker Capital Investments, LLC.At an early age, Jamie was already learning about the basics and even foundational skills in finance from her then-advisor grandfather. While Jamie was in sales, one of the (toughest) first clients she served was her grandfather.  There was pressure, but most of all there was a lot of mentoring and guidance.Currently, Jamie is part of the Tax Management Team at Orion- Brinker. Applying what she has learned from her mentor-grandfather, she helps clients keep unrealized gains invested within their portfolio through effective tax management.Jamie discusses with Rusty and Robyn the impact of investing in yourself, the importance of having a mentor, and the true value of tax management.Key Takeaways [01:16] - The rise of long-term interest rates. [01:56] - The current state of labor markets. [06:01] -  How Jamie Susanin started her journey into the world of finance. [08:05] - Who are Jamie’s key mentors? [10:50] - Removing the intimidation factor in the workplace. [11:00] - Why perception is different from reality. [13:13] - What it’s like having your grandfather as a client. [14:35] - How to kickstart your career in the investment industry. [15:36] - Finding ways to creatively invest in yourself. [18:02] - How the industry can create equal opportunities for men and women. [20:01] - Why learn about finance early on? [24:57] - What is direct indexing? [27:25] - The true value of tax management. [28:13] - Tax alpha vs. tax savings. [34:17] - How Jamie stays on top of her health and performance. Quotes[15:44] - “What’s very important is this concept of investing in yourself. And that looks different for different people and you can go about it in different ways. One of which is pursuing a designation or postgraduate education or something along those lines. But there are other soft skills that are really important in the industry as well.” - Jamie Susanin[10:18] - “It can be hard in the industry to feel comfortable asking questions and challenging things. And having someone to go to for these seemingly dumb questions got me comfortable being someone who continually asks questions and challenges what's going on. That was so helpful for my professional development. And it's definitely something that I've carried into when I'm considering being a mentor for other people as well.” - Jamie Susanin[29:09] - “The other part of that tax savings number that's very important is the upfront tax savings when we do that tax transition of a portfolio. So the fact that a client comes to us, we're able to keep a lot of their unrealized gains invested within the portfolio—that's a value added to them since day one.” - Jamie SusaninLinks  Email Jaime Brinker Capital Investments Carson Group Tax Managed Solution - Orion Household Surveys - Census Bureau Current Employment Statistics - Bureau of Labor Statistics Where Is The Love by Black Eyed Peas Dartmouth College Bank of America GlaxoSmithKline Stocks Wall Street Journal Podcasts Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0077-OPS-1/13/2022
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Jan 18, 2022 • 23min

Kim Arthur of Main Management - Thematic Investing and 2022 Investing Strategies

The start of the year is always interesting for investors and advisors. In this episode, Rusty and Robyn talk with Kim Arthur, President and CEO of Main Management, LLC.Kim has been in the finance sector for 35 years. At Main Management, he’s laser-focused on delivering beta plus strategies to clients. According to Kim, investors should keep more of their returns by having control over costs and taxes.Kim talks with Rusty and Robyn about thematic investing, active strategies, and insightful investment predictions for 2022.Key Takeaways [01:03] - Tougher Federal Reserve, higher interest rates, and higher cases in COVID. [05:39] - Stock market return estimate in 2022. [06:40] - Kim Arthur’s insights on inflation. [08:04] - How investors can diversify equity risk. [10:08] - What is thematic investing? [11:44] - What’s the rule of thumb when portioning your investment portfolio? [12:29] - What’s the active sector rotation strategy? [14:17] - The promise of international stocks to outperform in 2022. [15:23] - What negative surprises might come in 2022? [19:32] - Resources for investors and advisors. Quotes[03:54] - “If you constantly put the client first and you deliver exceptional service, I think you can win in this game. If you lose sight of that, then some bad things happen. And I think the other piece too, that is very important, that hasn't changed is trust. You have to earn the client's trust.” - Kim Arthur[10:37] - “We define thematic as investing in the future. And typically what happens with that is the total addressable market is the portion that the market usually does not get dead right. It typically ends up being much larger than they expect. So what ends up happening is the return stream is not a straight or it's not a 45 degree line up into the right. It tends to be very stairstep-ish.” - Kim Arthur[18:16] - “I've got four things that I focused on on a daily basis. The first is making sure that I've got that balance with family and work. I think that's very important because that can obviously lower the stress levels. The other three pieces are sleep, nutrition, and exercise.” - Kim ArthurLinks  Kim Arthur Main Management AC/DC - Back In Black Candy 0 - The Cars Edward Kelly @loggyrhthm on Twitter Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0070-OPS-1/12/2022
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Jan 11, 2022 • 24min

Brian Dobbis of Lord Abbett - Smart Ways to Save for Retirement

When it comes to retirement, the difficult part is figuring out what retirement plan will work best for you. Many people are afraid to invest their money because they don't know how or where to start. Fortunately, there are lots of options.In today’s episode, Rusty and Robyn talk with Brian Dobbis, Director of Retirement Solutions at Lord Abbett. Having spent 19 years of his professional career carrying out various roles under the retirement umbrella, Brian has lived and breathed retirement.  Being well versed in the industry, he provides clients with smart retirement savings plans tailored to their unique needs.Brian talks with Rusty and Robyn about the ins and outs of Roth IRAs, the best retirement vehicles, and how to save smart for your retirement.Key Takeaways [05:58] - Brian's role at Lord Abbett. [09:15] - How financial advisors help investors prepare for retirement. [11:42] - What you need to know about Roth IRAs. [14:16] - How backdoor Roth IRAs work. [15:28] - How minors can contribute to Roth IRAs. [17:10] - HSAs (Health Savings Accounts): What are they and how do they work. [19:49] - What makes a good financial advisor. Quotes[09:25] - "What I tell the advisors to continue to focus on is taxes. Not only federal and state taxes, but all that I call stealth taxes, all the other things that can impact a retirement account withdrawal." - Brian Dobbis[15:28] - "There is no minimum age to establish a Roth IRA. All that is needed to make a Roth IRA contribution is earned income. We're seeing a lot more teenagers that own businesses. They're entrepreneurial and they're self-employed. As long as they have the earned income, they are eligible to fund a Roth IRA up to the lesser of $6,000 or the amount that they earned for the year." - Brian Dobbis[18:01] - "If you make an HSA contribution, you have a triple tax advantage. You receive a federal and most likely a state tax deduction, your dollars grow tax-deferred, and all your earnings are distributed tax-free for qualified medical expenses." - Brian DobbisLinks  Brian Dobbis on LinkedIn New England Patriots Tampa Bay Buccaneers Dallas Cowboys New York Giants Alive by Pearl Jam American Retirement Association Medicare Reasons to Consider a Roth IRA for Kids Retirement Perspectives: More RMD Changes to Come for 2022 Retirement Perspectives: The Stretch IRA is Not Dead - Yet Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 3128-OPS-12/16/2021
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Jan 4, 2022 • 28min

Jay Jacobs of Global X ETFs - Thematic Investing: Capitalizing on Trends

The world of investing is constantly evolving. The traditional approach of diversifying portfolios is no longer the only way to go. Today, thematic investing is one of the most exciting investment strategies.The popularity of thematic investing continues to skyrocket, and for good reason. It allows investors to invest in themes or sectors that may be performing well now or have the potential for growth in the future based on current trends and market conditions.In today’s episode, Rusty and Robyn talk with Jay Jacobs, Head of Research and Strategy at Global X ETFs, about the biggest investing themes of 2022 and how these trends impact the market. Key Takeaways [03:15] - How Global X formulated the outlook for 2022. [04:46] - The eight major themes of Charting Disruption. [05:46] - What investors need to know about robotics and artificial intelligence. [07:31] - What the future holds for mobility. [08:41] - The future of blockchain, cryptocurrencies, and digital assets. [10:27] - Why climate change is a very complex theme. [12:44] - How the digital economy is becoming a major part of the market economy. [15:49] - Why robotics and artificial intelligence will be a trend in the future. [17:07] - The most overlooked theme for the coming years. [18:48] - The market's response to electric vehicles and infrastructures. [20:47] - Why thematic investing is on the rise. [22:41] - An ideal investment for thematic investing. [23:56] - How Jay maintains a high level of physical and mental performance. Quotes[11:00] - "We're at this inflection point in the world where, especially coming out of the COVID 19 pandemic, I think there's this enhanced sense of collaboration that if we tackle this pandemic, we can tackle the next big challenges for the world. And that certainly is looking like climate change." - Jay Jacobs[13:42] - “What we're seeing in the post-pandemic is that people have shifted to this digital world and are getting more and more comfortable with it. And more of that economy is happening online." - Jay Jacobs[19:14] - "Thematic investing is really done best when focused on long-term trends. Not just taking profits or cutting losses in the short term, but seeing it fully through over the decades that it takes for a theme to fully play out." - Jay JacobsLinks  Jay Jacobs on LinkedIn Jay Jacobs on Twitter All Along the Watchtower with Jimi Hendrix Paul Reed Smith Guitars Marshall Amps Global X ETFs Website Global X ETFs on Twitter Global E ETFs Research Charting Disruption Erik Brynjolfsson Elon Musk Coinbase Costco Grand Theft Auto V Peleton Project Hail Mary The Martian A Gentleman in Moscow Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 3107-OPS-12/14/2021
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Dec 28, 2021 • 51min

Brie Williams of SPDR Exchange Traded Funds - The Power of Women in Economic Development

In today’s episode, Rusty and Robyn talk with Brie Williams, Vice President and Head of Practice Management at SPDR Exchange Traded Funds.Women make up half of the population, but they are vastly underrepresented in the investment industry.  Traditionally, they have been economically disadvantaged relative to their male counterparts.  In recent years, however, there has been a changing role for women as financial decision-makers. How can financial advisors help women break through the barrier of navigating into the investing world?Rusty and Robyn talk with Brie about the SHEconomy, the changing role of women as financial decision-makers, and how to encourage women to be part of the investment industry.Key Takeaways [3:16] - What attracted Brie to the marketing field. [5:59] - How advertising contributed to her early success. [7:35] - Her role at SPDR Exchange Traded Funds. [10:33] - What the statue of the fearless girl represents. [13:13] - The impact of the fearless girl after four years. [16:06] - How the dynamic is shifting to make women the new face of wealth. [19:12] - Why women's overall experience in the investment industry is less than positive. [25:24] - The unique challenges women investors face. [27:26] - How financial advisors recognize and overcome gender bias. [29:33] - The things advisors should take into account when working with women investors. [33:37] - How traditional male-female partnerships work to make important financial decisions. [36:18] - The impact of the pandemic on women's financial and investment goals. [41:17] -  Strategies to attract more women to careers in investment and financial advice. Quotes[18:34] - "When you have an affluent woman taking over financial decisions in her household, she typically is going to be seeking out a new wealth management relationship to better suit her needs. We currently have a gap in advice when it comes to how we connect with women and we need to close that gap." - Brie Williams[35:34] - "When you can talk about money productively as a couple and truly work together as a team, then you can have a better handle on owning your own worth, owning your family's worth, and are in a much better position to tackle the curveball when life throws it to you." - Brie WilliamsLinks  Brie Williams on LinkedIn Lizzo The Beatles Girl on Fire Southern Methodist University Emerson College Frito-Lay McDonald’s Corporation SPDR Exchange Traded Funds State Street Corporation Arnold Worldwide Putnam Investments Money Smart Resources Women’s Worth: Finding  Your Financial Confidence Get a Financial Life: Personal Finance in Your Twenties and Thirties The Business of Family: How to Stay Rich for Generations Practice Made (More) Perfect Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 3106-OPS-12/14/2021
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Dec 21, 2021 • 36min

Jeremy Schwartz of WisdomTree Asset Management - Inflation and the Economy Today

In an economy characterized by uncertainty, can decentralized finance offer a better solution to protect your money and investments?In today’s episode, Rusty and Robyn talk with Jeremy Schwartz, Global Chief Investment Officer at WisdomTree Asset Management.Jeremy had an innate interest in numbers as a kid, and grew up reading the Wall Street Journal and watching stock prices. He began his career as a head research assistant to Wharton finance professor, Jeremy Siegel. Their work, The Future for Investors, has become a key element of WisdomTree.Jeremy talks with Rusty and Robyn about WisdonTree’s market outlook, how they are embracing digital assets, and how Jeremy Siegel played a significant role in his career development.Key Takeaways [4:20] - What drew Jeremy to investing. [6:13] - The many roles he’s played at WisdomTree. [7:52] - What makes a good research team. [9:46] - What he learned from Jeremy Siegel, personally and professionally. [13:02] - His favorite podcast topics. [15:36] - WisdomTree's current view of the economy and inflation. [18:56] - How long does inflation last and what's the best way to hedge it? [21:09] - Where investors can find real value over the next few years. [24:22] - How WisdomTree works with digital assets. [28:18] - The qualities of a good investment manager. [30:14] - How Jeremy keeps his performance at a high level. Quotes[19:39] - "Equities are the best hedge for inflation. If you look at the 60-year dividend growth on the S&P 500, 5.7% over 60+ years inflation, you’ve got real growth on top of inflation. On average, the S&P can give you 2% real growth on top of inflation. That’s one of the reasons why we think that stocks are the ultimate real assets. " - Jeremy Schwartz[23:59] - "For us, it's more than bitcoin, ether, and exposures, it's trying to tokenize all sorts of assets like treasuries, like gold - have a WisdomTree wallet that these things are operating in. So DeFi to us is something we're investing a lot of resources on." - Jeremy SchwartzLinks  Jeremy Schwartz on LinkedIn Jeremy Schwartz on Twitter All In by Lighthouse WisdomTree Asset Management Jeremy Siegel Patrick Harker Liqian Ren SiriusXM 132 Robert Shiller The Future For Investors Stocks For The Long Run 5/E Scott Welch Dynasty Financial Partners Vanguard Behind the Markets Podcast Phil Huber The Allocator’s Edge Corey Hoffstein Valmark Financial Group Michael McClary James Bullard Ritholtz Wealth Management Onramp Invest Gemini Myers-Briggs Type Indicator Flirting with Models Podcast Genius Makers Hacking Darwin Basis Points Podcast China of Tomorrow Podcast Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 3071-OPS-12/8/2021
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Dec 14, 2021 • 34min

Brian Selmo of First Pacific Advisors - An Unconventional Approach to Building Your Portfolio

The economy is changing. Markets are shifting. As you make decisions about retirement or other long-term goals, it's important to think about the types of investments that will be appropriate for those goals. How does focusing on conventional investment strategies limit your potential to succeed?In today’s episode, Rusty and Robyn talk with Brian Selmo, Partner and Portfolio Manager at First Pacific Advisors (FPA).Prior to joining FPA, Brian was the founder and managing member of Eagle Lake Capital as well as an analyst at Third Avenue Management and Rothschild, Inc. With his extensive experience in the financial services industry, Brian is well versed in formulating strategies that will adapt to the world's ever-changing economy.Brain talks with Rusty and Robyn about FPA Crescent Fund, why it is different from other asset allocation funds, and how it works in the financial markets.Key Takeaways [03:50] - Brian's role at FPA. [06:32] - The qualities FPA looks for in an analyst. [09:42] - What sets Crescent Fund apart from other asset allocation funds. [13:13] - How Crescent Fund manages its three different types of equity investments. [16:23] - Crescent Fund’s unique investment strategy. [20:19] - Why FPA's Crescent Fund is more net long than usual. [27:16] - Qualities of a good financial manager. Quotes[10:18] - "We don't start from a position of trying to fit in a box. I think our overarching idea or goal is to treat the fund as if it was 100% of a wealthy family's assets and to manage it accordingly." - Brian Selmo[21:31] - "When we own on average higher-quality businesses, we want to be more fully invested than if you own a portfolio of lower quality, more cyclical businesses at a different point." - Brian Selmo[26:03] - "I think the world is constantly changing and evolving and you have to respond to it as it exists, not try to look at it through the rearview mirror." - Brian SelmoLinks  Brian Selmo on FPA Funds  First Pacific Advisors Website Bing Crosby White Christmas  Mark Landecker Steven Romick Modern Finance Podcast Acquired Podcast Kate Murphy You’re Not Listening: What You're Missing and Why It Matters Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 3031-OPS-12/1/2021

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