Fill The Gap: The Official Podcast of the CMT Association

Fill the Gap is kicking off the new year in 2023 with a black belt, lead singing, portfolio manager to discuss ways of delivering idiosyncratic risk by thinking differently than the rest of the industry about money management.  Enjoy this conversation with Patrick Kent, CMT, CFA - Deputy head of equity opportunities, Portfolio Manager at Newton Investment Management Group. We discuss the ways in which technical concepts and tools that provide context for idea generation, parameters around position sizing, and helps the entire team prioritize their analysis based on where the market is confirming or denying their fundamental thesis.Patrick Kent, CMT, CFA is head of the small mid cap equity research team and the lead portfolio manager for the US Opportunistic Equity strategies. Patrick joined Newton in September 2021, following the integration of Mellon Investments Corporation's equity and multi-asset capabilities into the Newton Investment Management Group. Before joining Newton, Patrick was a senior portfolio manager at Mellon Investments Corporation (a BNY Mellon group company). Earlier in his career, Patrick was an analyst and portfolio manager at Wellington. There, he co-managed the firms global all-cap impact investing strategy. Prior to Wellington, Patrick was an equity analyst with Alydar Capital, CR Intrinsic Investors and Schroders. He also spent four years with The Boston Company Asset Management, a BNY Mellon group company, on the Opportunistic Equity team. Patrick has a BA from Bowdoin College and an MBA from Babson Colleges Franklin W. Olin Graduate School of Business. He received his CFA designation in 2001 and is a member of the CFA Institute and the CFA Society Boston. Patrick holds the Chartered Market Technician CMT designation and is a member of the CMT Association.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

Why do we all believe technical indicators should be quantified? Why do we follow a top-down approach to market analysis? Why do practitioners follow a "weight of the evidence" approach? This month's guest is the author of seminal work in the field which cemented principles followed by technical analysts worldwide.Timothy W. Hayes, CMT, is NDR’s Chief Global Investment Strategist. He has been with the firm since 1986. Tim directs NDR’s global asset allocation services, develops strategy and major investment themes, and establishes NDR’s weightings for global asset allocation, presenting his views on the cyclical and secular outlook globally. Tim’s recommendations, strategies, and timely market commentaries and studies are featured in Global Strategy publications, which focus on global allocation and the most significant global developments. Tim has been featured many times on CNBC and Bloomberg TV, and his market views are often quoted in The Wall Street Journal and other financial media in the U.S. and internationally. He is author of The Research-Driven Investor, published in November 2000, and he has contributed to several other books. In 1996, the  Chartered Market Technicians (CMT) Association awarded Tim the Charles H. Dow Award for groundbreaking research, recognizing an outstanding original work that best expounds on the principles of technical analysis. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

Fill The Gap Live: Investment Management Trends at an Inflection PointInterview recorded Live at CMT APAC Summit 2022 in Mumbai India on Nov 5, 2022In this live installment of Fill the Gap, the official podcast of the CMT Association, global money management veterans share how they use technical analysis in their trend following investment process for market outperformance over the long run.With front row seats to the evolution of equity markets for more than three decades, Atul Suri and David Lundgren, CMT, CFA have learned many lessons managing returns over multiple market cycles. They will discuss the strategies used in their respective funds and unpack the objectives of trend following including how to identify, engage, and stay in trending securities by utilizing the tools of technical analysis.As an investment style, trend following has existed for a very long time. Some 200 years ago, the classical economist David Ricardo’s imperative to “cut short your losses” and “let your profits run on” suggested an attention to trends. Early in the last century, the legendary American trader Jesse Livermore stated explicitly that the “big money was not in the individual fluctuations but in … sizing up the entire market and its trend.” Understanding that the market is efficient, but also trends, confirms how technical analysis can help investors uncover attractive investment opportunities. Leading, coincident, and lagging indicators of trend change as well as Relative Strength will give the audience a clear perspective on how they might incorporate technical analysis into their own investment process.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

The timing of this months episode is uncanny. Investors around the globe are faced with a challenging market environment across all asset classes. Our guest this month was famously  quoted as saying: "There isn't any alpha to be had in strategies that you always feel good investing in. Being uncomfortable at times is a necessary evil." Lessons about sticking to your process really stood out in this month's interview. And, what can be trite comments on social media have a much deeper impact coming from a veteran portfolio manager navigating markets with such a significant asset base.John Lewis, CMT is a Senior Portfolio Manager at Nasdaq Dorsey Wright. In this role, Mr. Lewis is responsible for the investment strategies used in various different indices and models.Since joining Nasdaq Dorsey Wright in 2002, Mr. Lewis has developed strategies for the firm’s Systematic Relative Strength series of separate accounts, the Technical Leaders Index methodology, global asset allocation strategies, and multiple series of UITs. His work is technically driven and focuses on relative strength and momentum as the main factors in the investment process.One of the foremost experts on relative strength investing, Mr. Lewis has authored several original research papers on the subject. He is a Chartered Market Technician (CMT) and a member of the Market Technician’s Association and the American Association of Professional Technical Analysts.Mr. Lewis earned an M.B.A. in Finance from the University of Southern California and a B.A. from the University of San Diego. He began his career in the investment industry in 1994. He is married and has two children.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

"Global Macro Analysis is like four dimensional chess." says Jurrien Timmer, CMT "It's intellectually thrilling!" If the recent market environment has been less intellectually thrilling and more emotionally draining, then this episode is for you! Starting from the bond desk at a large Dutch bank nearly forty years ago, Mr. Timmer has learned a few things that will absolutely change the way you think about investing...As director of Global Macro at Fidelity Investments, Jurrien Timmer, CMT is part of Fidelity’s Global Asset Allocation (GAA) group, where he specializes in asset allocation and global macro strategy. Additionally, he is responsible for analyzing market trends and synthesizing investment perspectives across Asset Management to generate market strategy insights for the media, as well as for Fidelity’s clients.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

Most market participants have learned that the markets are driven by Fear and Greed. This month’s guest challenges that assumption with the idea that financial markets are ruled strictly by fear alone… Fear of loss, fear of missing out, fear of being wrong. Knowing that humans are not purely rational has helped academic research in the field of Behavioral Finance adapt theories to what technical analysis has proven to work in practice. This month’s esteemed guest has an encyclopedic knowledge of the tools as detailed in the compilation he edited in 2007 for Bloomberg Press: Breakthroughs in Technical Analysis: New Thinking from the World’s Top Minds, as well as a deep understanding of applied behavioral finance. Through his blog The Mindful Investor, Dave explores disciplined routine decision making under conditions of uncertainty.As host of The Final Bar on StockCharts TV and serving as Chief Market Strategist at StockCharts.com, Dave remains closely attuned to today’s market dynamics. This interview discusses the current state of equity markets and the responsible approach investors must take to navigate periods of regime shift.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

Renowned technical analyst Katie Stockton, CMT is Founder and Managing Partner of Fairlead Strategies, LLC, an independent research firm. Additionally this year, she became lead portfolio manager of the Fairlead Tactical Sector ETF - $TACK. Her conservative and unbiased approach to markets has helped clients navigate volatility for 25 years and she has now translated that discipline into an investable strategy. This month’s interview was really a masterclass in how to responsibly analyze markets – top down, multi-timeframes, quantifiable measures, bottom-up corroboration on sectors and individual securities all in a repeatable process. Dynamite takeaways for our listeners in every role of the investment industry. This month’s conversation takes listeners on a journey across three sets of market indicators: trend following, mean reverting and market internals. With each measure there is exact science in the computations of market statistics, but also nuance in how to interpret their message in the context of multiple timeframes and larger market regime shifts. Beyond the commonly used technical tools, Katie also employs ichimoku clouds and the TD Sequential and TD Combo tools from highly decorated market timer, Tom DeMark. Listeners will understand the use of these and many other tools in the context of Katie’s systematic approach to analysis and  money management. To better understand the concepts covered, and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link https://go.cmtassociation.org/ftge19Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

Thirty year veteran of the financial markets, decorated investment manager, leader of investment teams, and communicator of investment strategies joins us this month for a chat amongst old friends.Classmates at Babson and former colleagues at both Thomson Financial and Fidelity Investments, Dave and Rusty can practically end each other’s sentences, so this month’s discussion and debate takes us in many directions, including:Why do investors of high-performing portfolio managers fail to achieve the same returns as the fund?Why is communication of the strategy so critically important, and how can it be done better?Does “Value” work? And, what fundamental drivers help value shares outperform in inflationary regimes?Why is this Radiohead tune Rusty’s chosen walkout song? Competitive Stationary Rowing is a real thing? Rusty is a host of Orion’s The Weighing Machine podcast and authored the book “Higher Calling: A Guide to Helping Investors Achieve Their Goals.” He also serves as the Chief Investment Strategist for Orion Advisor Solutions.Rusty was such a fun guest to interview because he is always candid, full of energy, and has delivered excellence in every stage of his career. Currently, Rusty delivers relevant market-and platform-related content that supports deeper, more engaging conversations with advisors and investors. He is passionate about educating investors to help deliver more favorable outcomes. And as a successful fund manager himself, Rusty excels in identifying new investment offerings to meet growing marketplace demand.To better understand the concepts covered, and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link https://go.cmtassociation.org/ftge18 Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

How does the heir to an iconic value manager find their path into the CMT Program? Where does technical analysis fit into the investment process of Miller Value Partners? What are the limitations of seeing the investing landscape through only one lens?   Bringing the CMT Association’s official podcast to the stage of the 49th Annual Symposium Dave Lundgren found answers to all of these questions and more in this fireside chat with Bill Miller IV, CMT, CFA. This wide-ranging discussion covered the process, tools, and approach of Miller Value Partners. Specifically, the use of momentum overlays, support and resistance levels, and core principles of investor irrationality and market trends. Breaking apart the portfolio management process into security selection, portfolio construction, and trade risk management, Bill IV shared how technical analysis became an integral part of their investment process at Miller Value Partners as a complementary framework to fundamental valuation. Enjoy this special release with our special guest Bill Miller IV, CMT, CFA!For complete podcast resources, visit: https://go.cmtassociation.org/ftge17Sym Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

Timing is everything in the world of technical analysis, and this month we had the distinct honor of bringing the exceptionally talented Laura Martin, CMT, CFA onto Fill the Gap the very day that $NFLX dropped through the floor.Darling of the "stay at home" trade Netflix had buy ratings from 39 other sector analysts. Laura made a massive contrarian call based on her combined technical and fundamental understanding of the markets and her covered stocks.This powerful endorsement of the technical toolkit covers the "micro" applications to individual securities, but also Laura's attention to the "macro" environment since enrolling in the CMT Program nearly a decade ago.  Intermarket relationships and historical studies have taken a front seat in 2022 as the paradigm of growth-focused investing has shifted.For complete podcast resources, visit: https://go.cmtassociation.org/ftge17 Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org