Orion's The Weighing Machine

Today, Rusty and Robyn are joined by Jerry Parker, CEO of Chesapeake Capital. Mr. Parker is the Chairman and Chief Executive Officer of Chesapeake and Chesapeake Holding Company. Mr. Parker received a Bachelor of Science degree in Commerce, with an emphasis in Accounting, from the University of Virginia in 1980. Mr. Parker started his trading career in 1983 as an exempt commodity trading advisor for Mr. Richard J. Dennis, in his “Turtle” training program. My. Parker, a Portfolio Manager, has overseen Chesapeake’s operations and its trading since its inception in February 1988.Key Takeaways[03:36] - What drew Jerry to investing in the first place? Also, learn more about his career as the Founder of Chesapeake Capital.[05:46] - Learn more about Chesapeake Capital, what sets them apart as a firm and what has been key to their success.[07:53] - Learn more about how Jerry got involved with “Turtle Trading” and more detail about the experiment.[13:15] - How does Jerry define systematic investing and why does he think this approach has worked for him for so long?[15:03] - What was it like working with William Eckhart and Richard Dennis?[19:03] - Learn about the ETFs that Jerry manages for Chesapeake and how they differ from other trend following ETFs.[23:22] - What does Jerry think about the main differences between managing money in a Hedge Fund structure vs. an ETF structure and what made him move from one to the other?[25:21] - Is it true that commodities and currencies are markets that have a tendency to trend, but equities and fixed income are not? Also, what are the benefits of combining a multi-asset trend strategy with equities?[28:27] - How does Jerry define trend and how does it differ from momentum?[31:47] - Where does Jerry think trend following fits alongside fundamental investments in a portfolio?[36:47] - If Jerry was responsible for due diligence and had to select a portfolio manager who used trend following, what would he look for in that manager and that strategy?[39:12] - What does Jerry think about the popularity of trend replication strategies?[42:56] - Does Jerry find that there is more interest in trend following strategies from RIAs than from other financial advisors?[44:51] - When Jerry is considering how to invest his personal wealth, what allocations guidelines or principles does he follow?[47:42] - What have been Jerry’s best and worst trades and what did he learn from them?[52:13] - What is Jerry’s favorite investment idea currently?Quotes[13:15] - “I think [trend following] works for me because it suits my personality to follow the rules…To have a backtest to at least show me, minimally,  that this has at least happened in the past…it may not be great in the future, but it has at least done well in the past…but you can have a little bit of confidence going forward with these rules. I think it works for everyone, if you are willing to submit yourself to rules and not be upset or jealous when people are doing better, seemingly, by not using rules…I think over time this type of strategy will work out, and win out, eventually, but not on a day-to-day basis.” ~ Jerry Parker[19:24] - “I look at our trend following as similar to the S&P. It’s just pure beta. It’s just pure trend. It’s hard to beat, it’s hard for active managers to beat the S&P. I think it’s hard…to beat plain old trend following…It’s [also] rare, I don’t know any other CTAs who will admit that it’s trend following plus nothing, we don’t do anything except trend following, and it’s pretty much the same rules I learned in 1983 with a few changes.” ~ Jerry ParkerLinksJerry Parker on LinkedInJerry Parker on TwitterChesapeake Capital Corporation“Choice is Yours” by Stick FigureConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2296-OPS-9/6/2024

Today, Rusty and Robyn are joined by Joe Smith. Joe is Co-founder, Chief Investment Officer and head of Parti Pris’ Investment Strategy Committee. He has executive responsibility for wealthtech platform development, and thought leadership. In his leadership role, he brings deep expertise in applying technology and portfolio optimization tools to portfolio design and implementation issues specific to wealth management. Joe is the primary architect of Parti Pris’ investment approach including Parti’s proprietary Household investment management process and our Advisor SketchBook™ portal. Joe brings almost 20 years of financial industry experience to his position at Parti Pris. Previously, he served as Senior Market Strategist and later Deputy Chief Investment Officer of CLS Investments, LLC. He has held several other investment management and product development roles including Manager of ETF Product Research & Development at Russell Investments and Senior ETF & Index Product Specialist at Charles Schwab Investment Management. Joe holds a BS in Economics from the University of Washington and an MBA from the Tepper School of Business at Carnegie Mellon University. Joe has hosted several industry podcasts and authored several articles and papers regarding the investment management industry and trends, application of quantitative methods to portfolio management, and the role of ETFs in asset allocation portfolios.Key Takeaways[03:59] - Joe’s professional background and how it led him to his current position.[10:14] - Parti Pris is the organizing thought, or decision, behind an architect’s design. How does this idea guide the identity of Joe’s firm and how it operates?[12:16] - What’s Joe’s assessment of the current state of Direct Indexing and the customization marketplace and what should people expect as the next key areas of focus?[14:58] - What is Unified Managed Householding and why does Joe think that it will play a crucial role in the future of wealth management?[16:32] - What is currently the biggest driver of demand for Unified Managed Householding and what is the ultimate market opportunity for it?[18:55] - What are some obstacles that advisors might face when implementing Unified Managed Householding and how does Parti Pris help advisors overcome these?[21:13] - What are some of the key lessons that Joe has learned as an entrepreneur?[24:23] - What does Joe consider to be the building blocks of a cohesive company culture?[27:27] - How does Joe think the industry needs to evolve risk management to ensure advisors can help their clients navigate short-term market movements and deliver better investment outcomes over the long-term?[30:02] - How has Joe’s experience in the industry been shaped by his identity as a person of color?[32:42] - What steps can be taken to encourage more people of color to pursue careers in wealth management?[34:53] - What is currently Joe’s favorite investment idea?Quotes[13:49] - “Now, where do I actually think [Direct Indexing] is going, and what we have seen at Party Pris, in terms of the third act of what I’ll call the great wave in direct indexing and personalization. It’s really focusing more on holistic, related solutions than being individualistic…and I think that’s where the concept or idea of Unified Managed Householding is really starting to come into focus for a lot of advisors” ~ Joe Smith[18:55] - “I think there’s really two major challenges [to implementing Unified Managed Householding]. One, I think, is more technology related and two is more education related. When we talk about Unified Managed Householding, it requires a lot of input from the client [and] it requires a lot of input from the advisor and getting all of that information in one centralized place to make the right decisions [is critical].” ~ Joe SmithLinksJoe Smith on LinkedInParti Pris“The Fire” by The Roots & John LegendConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2234-OPS-8/30/2024

Today, Rusty and Robyn are joined by  Scott Davis and John Finneran, the Head of ETFs and ETF Sales Specialist respectively at Capital Group. Scott T Davis is an ETF director at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for 16 years. Prior to his current role, Scott led product development across Capital Group. Earlier in his career he held various strategy and finance roles for Capital Group, Hostess Brands and Boeing. He holds an MBA from University of Southern California and a bachelor's degree in management science from University of California San Diego. Scott is based in Los Angeles. John Finneran is an ETF sales specialist at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for three years. Prior to joining Capital, John worked as an iShares leader at BlackRock/iShares. Before that, he was a sales executive at Vanguard. He holds a bachelor's degree with a double major in marketing and management and a minor in international business from Villanova University. John is based in Harleysville, Pa.Key Takeaways[03:16] - Scott’s professional background and what led him to his current position.[04:40] -  John’s past experience and how it all comes together to inform what he does now.[05:55] -  What sets The Capital Group apart from their peers and how has it had such longevity within the industry?[09:03] -  What unique promise does Capital Group see in ETFs as an investment vehicle?[10:23] -  What is the origin story of Active ETFs and their evolution within Capital Group?[13:40] -  Learn about Capital Group's decision to enter the Active ETF space and their approach to their entry.[15:28] -  Top reasons why advisors and investors should consider Actively managed ETFs from Capital Group and what benefits they can expect from them.[18:07] -  How are advisors responding to the Capital Group introducing Active ETFs to client portfolios? What has been some of the feedback and questions that people are asking?[20:43] -  What should investors and advisors be asking when speaking with actively managed ETF managers when they’re doing their own due diligence? Are these questions different from when they talk to active managers of Mutual Funds and SMAs?[24:42] -  How many ETFs does Capital have and what is the total AUM?[25:37] -  Any key takeaways around client demand and what does the road forward look like for Capital Group’s actively managed ETFs?[30:02] -  What are their favorite investment ideas for the remainder of 2024?Quotes[11:35] - “I think the industry…haven’t done advisors right. By that I mean, the industry has made it an active vs. passive debate. Every time you’re turning this on, it’s ‘are you beating my ETF…you know, what percentage of active managers are outperforming their index.’ I’m fortunate, you know, I’ve had thousands of conversations with advisors, and it’s actually an ETF vs. Mutual Fund debate. ” ~ John Finneran[13:40] - “Our decision…back in 2019, and for the many years prior to that, was all about how we could take our investment process and deliver it in the ETF wrapper without compromising any of the benefits or expectations that investors would have in an ETF from Capital. Once the SEC rule was passed, that really gave us the ability to do that…We spend a lot of time and energy in the design and execution of our ETFs to make sure we are leveraging all the tools of the ETF wrapper…in order to manage that…That’s been our guiding light as we’ve developed this suite over the past 26-28 months, we know have 21 ETFs that help satisfy a really broad range of investor need.” ~ Scott DavisLinksScott Davis on LinkedInJohn Finneran on LinkedInCapital Group“Mr. Brightside” by The Killers“Lose Yourself” by EminemConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2240-OPS-9/3/2024

Today, Rusty and Robyn are joined by  Ben Cruikshank. Ben is President of Flourish, where he oversees all client-facing teams, including Sales, Relationship Management, Partnerships, and Support. Ben is a frequent commentator on issues related to investment advisors and has appeared in The Wall Street Journal, Barron's, Marketwatch, and numerous industry publications. Prior to Flourish, Ben was a founding member of the Betterment for Business team and led the 401(k) sales team. Prior to Betterment, Ben discovered his love for start-ups at NewsCred, a marketing technology company where he ran the Financial Services sales vertical and built the sales operations organization as the company grew from 15 to 200+ employees. Outside of Flourish, Ben spends time with his wife and son, volunteers for Hour Children, an organization that helps families impacted by incarceration, and is fixing up an 1880s farmhouse in upstate New York. Ben has a passion for personal finance, which directly led to his work with financial advisors and their clients. Ben holds a degree in Economics from the University of Pennsylvania and holds his Series 7, 24, 63, and 99 licenses. Fun Fact: Ben is dedicated to brewing the perfect cup of coffee, including roasting his own beans.Key Takeaways[03:34] -  Ben’s professional background and more on his current role at Flourish.[06:40] - What makes Ben’s team at Flourish so cool and interesting and what world records does he hold?[08:25] - Why is cash management so important and how is Flourish helping investors in this space?[15:17] - What are some best practices to consider when it comes to how much one should hold in cash?[18:40] - How much are investors losing if they aren’t optimizing their cash reserves and how is Flourish helping advisors and investors to optimize their holdings?[24:13] - What is Ben’s market outlook for cash interest rates moving forward?[27:27] - Ben walks us through some of the more popular annuity options.[37:14] - What are the basic pros and cons of utilizing annuities?[40:45] - As President of a Fintech firm, how does Ben define success?[44:03] - What helps make firms successful when rolling out innovative, new solutions and how has Ben seen client expectations, about their advisors, change in recent years?[49:54] - What is Ben’s favorite investment idea for the remainder of 2024?Quotes[12:15] - “[There are]...four different academic studies, surveying high net worth individuals directly, that show high net worth individuals hold 20% + of their wealth in cash. So you’re looking at this 1%, fighting tooth and nail to minimize cash drag in the portfolio, and that’s all really important, [but] did you know how much cash your clients have sitting on the side?...Inevitably, 99 times out of 100, the advisor would say ‘interesting point, [but] not my clients, I know where every single dollar is [and] my clients don’t hold anywhere near that much cash, that’s just not possible.’” ~ Ben Cruikshank[54:05] - “I gave myself permission to just read anything I was interested in…I love science fiction and things like that. Just read. Don’t worry about it being the most productive book, don’t worry about it moving your business forward or your professional life forward, just read. Read like a kid, read for the enjoyment of it. I have seen, since doing that…just tremendous improvements in focus, in mood, in new ideas and energy and I think there’s just so much benefit…to snoozing notifications, closing the laptop, and again, finding that childlike wonder.” ~ Ben CruikshankLinksBen Cruikshank on LinkedInFlourish Financial“Hells Bells” by AC/DCFor the Love of Money by The O’JaysMichael Kitces’ Piece on CashConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2070-OPS-8/14/2024

Today, Rusty and Robyn are joined by  Adam Abbas, Head of Fixed Income and Portfolio Manager at Harris Associates. Adam Abbas has been a manager of the Oakmark Bond Fund and Oakmark Equity and Income Fund since 2020. He is also a vice president of the Oakmark Funds. He started at Harris Associates in 2018 after working as a lead portfolio manager at KVK Credit Opportunity Fund LP. Prior to that, he was a portfolio manager at Driehaus Capital Management, a senior research analyst at Neuberger Berman/Lehman Brothers and an analyst at Huron Consulting Group. Mr. Abbas earned a B.S. degree from Northwestern University (2004) and an M.B.A. from the University of Chicago (2013).Key Takeaways[03:07] - Adam’s professional background and how he came to specialize in Fixed Income.[06:36] - Learn more about Harris Associates and the philosophy that sets their firm apart.[08:58] - How does Adam apply Harris’s investment philosophy to their Fixed Income investing?[10:50] - What information does Adam gather from the equity side of the house and how much does this inform their approach?[12:45] - It has been a tumultuous couple of years for the Fixed Income market. What factors have helped them generate Alpha during this time?[16:28] - Adam runs a relatively concentrated portfolio for their space - how does he think about position sizing in the context of the risk return profile they hope to deliver?[18:59] - What are some of the key drivers for security selection within the fund?[20:27] - What are Adam’s thoughts on interest rates and the credit markets in general?[22:30] - What is Adam’s favorite investment idea for the remainder of 2024?[26:48] - Who are some of the colleagues and mentors that Adam is particularly thankful for?Quotes[15:08] - “We’re not out here trying to time markets at Harris, or putting huge conviction on our ability to call the exact time of the cycle.  We believe that’s a really hard call to make…look at the track records for making those types of macro, top-down calls – they’re very tough to make.” ~ Adam Abbas[19:52] - “...Business value, that’s where we are really differentiated. We spend some time on understanding ‘what is our forward looking view of total business value, and how does that inform the default risk that’s priced in the marketplace today?’ If that fair value is at a sufficient discount, or cheaper than the market price, and we can’t fully describe that disconnect from top down dislocations, that’s when we initiate the position.” ~ Adam AbbasLinksAdam Abbas on LinkedInHarris Associates“Under Pressure” by QueenConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2018-OPS-8/8/2024

Join David Ricci, a veteran Portfolio Manager at William Blair, as he dives into the intricacies of growth investing. With a storied career and a commitment to philanthropy, David discusses his investment philosophy and insights on market disconnection from the economy. He analyzes the implications of interest rate changes on growth companies and shares his outlook on the tech titans of the Magnificent 7. Get a glimpse of his philosophy that intertwines investment with physical and mental wellness, all while navigating today's financial landscape.

Today, Rusty and Robyn are joined by Eric Crittenden, Founder and Chief Investment Officer at Standpoint Asset Management.  Standpoint is an investment firm focused on bringing all-weather portfolio solutions to US investors. Eric has over 20 years of experience researching, designing and managing alternative asset portfolios. Eric holds a BA in Finance from Wichita State University.Key Takeaways[02:23] - Eric’s professional history and what he does in his current role.[05:28] - What is Standpoint’s investment philosophy and what sets them apart as a firm?[07:20] - What are some of the key factors that account for why advisors choose to use Standpoint’s fund?[09:28] - What are the behavioral underpinnings for all weather investing?[11:56] - How does Standpoint define and incorporate “trend” into their investment process?[14:20] - Given the unique, current market conditions, how is the Standpoint fund currently structured?[16:32] - What is Eric’s take on a 50/30/20 structure for a contemporary balanced portfolio?[18:30] - Who does Eric think should be on the Mt. Rushmore of the great, systematic, tactical, multi-asset money managers?[21:37] - What are “Eric’s life principles” that he mentions on the Standpoint website?[25:27] - What is Eric’s favorite investment idea for the remainder of 2024?Quotes[10:27] - “...That’s a recurring thing we see in the world, is that oftentimes, the moment you need to put these investments into the portfolio is psychologically and socially the most difficult time.” ~ Eric Crittenden[24:16] - “I see this recurring phenomenon over and over, and that is that 80% of the success comes from about 20% of the decisions, or 20% of the effort. It might even be 90/10 in some cases. Likewise, 80% of the dysfunction in your life comes from 10% or 20% of the decisions or indecisions.” ~ Eric CrittendenLinksEric Crittenden on LinkedInStandpoint Asset Management“Like A Rock” by Bob SegerEric’s Life PrinciplesConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 1884-OPS-7/30/2024

Today, Rusty and Robyn are joined by  Mike Singleton, Senior Analyst and Principal at Invictus Research. Mike studied finance and theology at the University of Notre Dame, where he graduated summa cum laude.  After graduating, Mike had the opportunity to work for several years with Broad Run Investment Management, where he  spent most of his  time conducting deep, fundamental diligence on the highest quality companies he could find. Since then, most of his time has been spent researching the economy at-large and its relationship with the liquid asset markets. He believes that there is a massive hole in the research market for timely, thoughtful and accessible macroeconomic research. That's why he got involved at Invictus. He also wants to thank the incredible team of people behind the scenes at Invictus, who make all of their research possible.Key Takeaways[03:07] - Mike’s professional background and what he does in his current role.[05:27] - Invitus claims to provide “Hedge Fund quality research for everyone.” What does this mean and what does it look like in action?[08:56] - Invictus describes themselves as “a business cycle analyst.” What does this mean for those who don’t know and why are they attracted to this approach?[10:20] - What are the top 3 things that matter, and that don’t matter, for investors in the back half of 2024?[15:18] - Why does Mike think that the really long cycle of Large Cap outperformance may be coming to an end?[17:38] - What is Mike’s current inflation outlook?[20:33] - Invictus believes that The CRB Index, which tracks commodities, is one of the most important charts in the world right now. What do they mean by that?[23:15] - What are Mike’s thoughts on The Fed and how does he see them acting for the remainder of the year?[26:11] - When does Mike think it makes sense for investors to turn bearish?[28:52] - What’s Mike’s favorite investment idea for the remainder of 2024?Quote[24:06] - “Fed policy tends to matter a lot when The Fed is moving quickly. When it’s hiking rates really quickly, or when it’s cutting rates really quickly…It tends to matter when earnings growth, in absolute terms, is close  to zero -  when it’s not increasing quickly or decreasing quickly. Right now neither of those conditions are met…we expect [earnings growth] to be low double digits, [but] even if it’s 9%, that is going to swamp the effect of 25 basis points of interest rate cuts here or there.” ~ Mike SingletonLinksMike Singleton on LinkedInInvictus Research“Mr. Brightside” by The KillersConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 1812-OPS-7/23/2024

Today, Rusty and Robyn are joined by James St. Aubin, Chief Investment Officer of Sierra Investment Management and Ocean Park Asset Management. James St. Aubin, CFA®, CAIA®, is Chief Investment Officer for Sierra Investment Management. He has oversight of all activities of the Investment Management department, in collaboration with Sierra co-founders David Wright and Kenneth Sleeper. An accomplished investment management executive, his career of more than 20 years includes leadership roles in asset allocation, manager research and portfolio construction. James earned a Bachelor of Science in Finance from DePaul University and is a CFA® and CAIA® Charterholder. He is a Board Member and Treasurer for Children’s Bureau of Southern California, a local non-profit organization focused on primary prevention of child abuse.Key Takeaways[03:19] - Learn more about James’ professional background and his current role.[05:11] - Learn more about Ocean Park’s rules based investment philosophy and how they differ from their peers.[08:33] - What is James’ current market outlook and how is he looking at, and thinking about, the market right now?[10:40] - What is James’ outlook for inflation and economic growth, in particular?[13:06] - Are there any other risks that investors should be aware of right now?[14:32] - How does his economic outlook impact his current view on the financial markets?[16:42] - James’ view on the overall US market and some particular opportunities within that.[18:21] - How are they adjusting Ocean Park portfolios given the current market environment?[19:21] - What’s new at Ocean Park, particularly in terms of product development?[22:08] - There has been an explosion in data availability in recent years. How has his firm’s quantitative process evolved accordingly?[23:53] - Does James’ firm have any plans to incorporate AI into their research process?[25:44] - What is James’ favorite investment idea for the rest of 2024?[29:27] - Who are some of the colleagues and mentors that have helped James get to where he is today?Quotes[08:35] - “[Recently I’ve]...been comparing the economic data that we’re looking at to a Rorschach test. It certainly doesn’t necessarily tell you a clear picture of what’s happening, it’s a very poorly defined picture, and sometimes I think it tells more about the person that’s evaluating the data than the data itself.  ” ~ James St. Aubin[13:07] - I think that those long and variable lags [may be a risk that’s often unaccounted for]...maybe we are underestimating how long and variable those are. Are we solving one problem, meaning inflation, to create a growth problem? That’s always a concern in these rate hiking cycles.” ~ James St. AubinLinksJames St. Aubin on LinkedInOcean Park Asset ManagementSierra Investment Management“Papa Was A Rollin’ Stone” by The TemptationsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 1620-OPS-6/27/2024

Today Rusty & Robyn are joined by Tyson Walker,  Director of Portfolio Strategy at Orion OCIO, also known as Town Square Capital, in Salt Lake City. Tyson Walker serves as the Director of Portfolio Strategy at TownSquare Capital, where he leads a dedicated team of investment analysts. In this role, Tyson ensures that financial advisors receive expert guidance on investment models and asset allocation decisions, optimizing their clients’ financial outcomes. Tyson is a member of the TownSquare Investment Committee where he lends his expertise on equity markets and chairs the Equity Subcommittee. In addition to his Portfolio Strategy responsibilities, Tyson plays an integral role on the sales team, assisting to bridge the investment gap for new Registered Investment Advisors (RIAs) partnering with TownSquare Capital. Prior to working at TownSquare Capital Tyson worked for Fidelity Investment as a member of the International Trade team. There he traded equities and currencies in over 30 countries. He attended the University of Utah and earned a bachelor’s degree in economics.Key Takeaways[03:05] - Learn more about Tyson’s career and what he is doing in his current position.[06:10] - What is TownSquare’s investment philosophy and how does it stand out from its peers?[09:45] - How has TownSquare been able to build such a loyal and excited following among advisors?[11:53] - What are the main objectives of TownSquare’s portfolio audit and what insights are they hoping to find?[15:40] - What are some of the common findings in portfolio audits? Also, how often do portfolio audits not turn up suggested portfolio changes?[18:18] - How often does the audit impact the asset allocation of a particular household?[22:56] - What is Tyson’s favorite investment idea for 2024?Quotes[16:30] - “Oftentimes [in our audits] we’re going to see portfolios that will own the same investment. They’ll own a Microsoft, or an Apple, or something 7 or 8 times within their portfolio. So, if we think of…an example of why that may be a problem… In any single day, that client [might have] two transactions happen on Apple, in their portfolio, but their exposure has stayed…the same. ” ~ Tyson Walker[20:17] - “Imagine you walk into your local grocery store [and] you go to the produce section, and you know, you can buy a watermelon for say 50 cents a pound, right? But you could also walk 10 additional steps to the refrigerated section, and you could buy a watermelon that’s been sliced up, and it’s got saran wrap over it, and it costs four times as much, right?...We tend to see that the same thing can happen within Wall Street, where…[people] will take the same stocks and bonds, take them to the back out of sight, cut them up, package them, price them at different numbers, you know, and then you end up paying a lot more.” ~ Tyson WalkerLinksT.N.T. by AC/DCJosh Flade on TWMKurt Brown on TWMConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”).OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLCCompliance Code: 1516-OPS-6/17/2024