Enterprising Investor

Episode #451 Investing in Esoteric Assets Rishi Ganti, CFA, founder of Orthogon Partners, a private investment fund focused solely on esoteric assets, explains why he searches for what he calls esoteric assets and why this is the area where investors should be hunting for opportunities. Episode Transcript: https://cfainst.is/3pvys5u Topics discussed: 2:32 - City living nowadays 4:35 - “The come-to-Jesus” moment 8:47 - What conceptions we might have wrong and what led Rishi to the Orthogon path 14:33 - More about Orthogon 17:04 - What is an esoteric asset? 21:40 - Opportunities discovered 25:52 - The intensive process of surfacing opportunities 32:58 - What ray of sunshine has some from the pandemic? 35:18 - What would you bring on a NASA flight 37:15 - Flight or invisibility, which would you choose? Related articles and links: Institutional Investor: https://www.institutionalinvestor.com/article/b1phwnq5888jf2/Why- Modern- Finance- Is- Ruining- the- World CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ ► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Episode #450 How to Make Smarter Decisions about Money Paul Sullivan, author of the Wealth Matters column for The New York Times and the Money Game column in GOLF Magazine, discusses why it’s important for financial advisers to discuss money scripts with clients and for families to talk to their children about money. A lifelong golfer, Paul also shares anecdotes from some of the legendary pros, as well as a few things he learned after writing more than 500 columns about money. Episode Transcript: https://cfainst.is/3u2Dzh3 Topics discussed: 2:00 - Launching Wealth Matters column in the financial crisis 4:13 - Lessons gleaned over 500 columns 5:42 - Paul's; favorite column 7:54 - Why do we have an aversion to talking to kids about money? 11:00 - Strategies for helping people talk about money 13:17 - Money scripts 16:00 - Paul’s writing process and how he keeps finding ideas 18:49 - Flops and mistakes in behavioral finance 21:30 - Richard Thaler and The Thin Green Line 24:54 - Clutch and Tiger Woods 27:58 - Writing for Golf Magazine 30:48 - Paul's favorite golfing character and his favorite golfing story 33:06 - Ray of sunshine question 33:48 - NASA question 34:45 - Flight vs. Invisibility Related articles and links: NYT Wealth Matters https://www.nytimes.com/column/wealth-matters Paul’s favorite column’s: Somebody’s Watching ... and Ready to Sue https://www.nytimes.com/2009/09/05/your-money/05wealth.html A Bespoke Perfume Doesn't Come Cheap https://www.nytimes.com/2015/03/14/your-money/designing-personal-perfumes.html The Green Line Secrets https://www.amazon.com/Thin-Green-Line-Secrets-Wealthy/dp/1451687257 Clutch: Why Some People Excel Under Pressure and Others Don't https://www.amazon.com/Clutch-Excel-Pressure-Paul-Sullivan/dp/1591844290 Golf Magazine: https://golf.com/contributor/paul-sullivan/ CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ ►Subscribe to the Take 15 Channel Here https://cfainst.is/3px6ar4 ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc Find Paul here: LinkedIn: https://www.linkedin.com/in/sullivanpaulj/ Twitter: https://twitter.com/sullivanpaul?lang=en

Dirk Willer, a managing director and global head of emerging market strategy at Citi and co-author of Trading Fixed Income and FX in Emerging Markets: A Practitioner's Guide, discusses the outlook emerging market economies amid the rollout of the Covid-19 vaccine, what to expect from China, and his guide to trading foreign exchange.

Episode #449 A Quant Pioneer Reflects on Machine Learning, Big Data, ESG, and Value Investing    John Chisholm, CFA, co-CEO and co-founder of Acadian Asset Management, a global, quantitative investment manager, takes the audience deep into the world of machine learning and data science as he discusses where he sees innovation taking place and what is important in building a firm culture where quants can thrive. He offers advice for those considering a career in quantitative investing and shares his views on ESG investing, the outlook for value, and more. Episode Transcript: http://static.3playmedia.com/p/files/5653820/threeplay_transcripts/16847103?format_id=46&project_id=18442&format=pdf Topics discussed: 2:00 – How optimistic are you for the new year? 3:20 – John’s approach at Acadian 6:51 – Building culture 11:29 – How to get involved in quantitative investing 13:44 – John’s opinion on drivers of value’s recent underperformance and conditions for a comeback 18:01 – Acadian’s approach to value investing and how John’s Quant skills help compete with other value managers. 20:32 – Does your approach look to leverage a common theme across asset classes? Or are you looking to diversify by exploiting different causal factors? 20:09 – Acadian’s ESG philosophy. 27:11 – Lesson’s learned over three decades at Acadian that are helpful to understanding the current environment 32:00 – Ray of sunshine question: what is one positive long-term change that you hope to see as a result of the pandemic? 34:03 – NASA question: what one item would you bring on a long flight to space? 35:29 – Flight or invisibility? Which superpower would you choose? Related articles and links: This American Life: https://www.thisamericanlife.org/ Acadian: https://www.acadian-asset.com/ CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ ► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc Find John here: LinkedIn: https://www.linkedin.com/in/john-chisholm-cfa-6459547 Twitter: https://twitter.com/johndchisholm?lang=en Acadian: https://www.acadian-asset.com/about-acadian/leadership  

In this episode #447, Troy Prince founder of Wall Street Bound discusses how his organization is creating pathways of success for urban youth through careers in finance, despite the many challenges they often face. Episode Transcript: http://static.3playmedia.com/p/files/5648975/threeplay_transcripts/16831037?format_id=46&project_id=18442&format=pdf Topics discussed: 1:23 – Background about yourself and Wall Street Bound 3:34 – Inner city youth: what are the biggest roadblocks that keep them from finding positions within investment management? 5:30 – Diversity: how do we get employers and investment management to value this underserved part of the talent pool? 7:06 – Stories or examples on how have you been able to help these young people and get them positions within investment management? 9:39 – Credentialing: Ways you have helped your students get credentialing to move into investment management. 11:49 – Current status of diversity in the industry 15:53 – Hiring people from diverse backgrounds: What do employers do to find talent, valuable talent in the inner city? 17:52 – Skills that you are recommending helping students and/or young people so they can better compete for positions in the industry? 23:43 – How would you like to see the investment management industry evolve over the next 5 to 10 years? And what do you think they should focus on first? 26:37– What is the best way to find good inner-city talent? Related articles and links: Wall Street Bound: https:///www.wallstreetbound.org info@wallstreetbound.org CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ ► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc Find Troy here: LinkedIn: https://www.linkedin.com/in/troyaprincecaia Twitter: https://twitter.com/wallst_bound?lang=cs

Episode #446.  Salim Ramji, CFA, Global Head of iShares and Index Investments for BlackRock, discusses three ETF trends investors should be watching and the outlook for the industry in 2021 and beyond.   Episode Transcript: http://static.3playmedia.com/p/files/5596947/threeplay_transcripts/16696191?format_id=46&project_id=18442&format=pdf    Topics discussed: • 2:39 - The State of the Industry and the misperceptions about ETFs and indexing • 13:29 - What are the three biggest growth opportunities for 2021? • 25:53 - Clean Energy ETFs • 27:20 - When is scale good and when is it too much? • 29:20 - What else is next on the ETF landscape? • 32:50 - What longer term scars will COVID-19 leave on investors of your generation? • 35:35 - What is the one object or item you would take with you on a long duration space flight? • 37:38 – Wrap up questions Related articles and Links:   Enterprising Investor Blog: https://blogs.cfainstitute.org/investor/2020/03/30/dispelling-the-misperceptions-three-ways-etfs-benefit-financial-markets/ Financial Times Article: https://www.ft.com/content/537c45ca-5e2b-11ea-b0ab-339c2307bcd4 Professional Learning Tracker for CFA Institute members and charterholders: https://cpd.cfainstitute.org/    Connect:     LinkedIn: https://www.linkedin.com/in/lauren-foster/    Twitter: https://twitter.com/laurenfosternyc   Subscribe to our YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g   Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org

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Episode #445 What Lies Ahead for the Investment Management Industry?    Heather Brilliant, CFA, chief executive and president of Diamond Hill Capital Management, discusses the outlook for active management, value investing, and small caps and what these forces mean for the future of the industry and CFA charterholders.   Episode Transcript: http://static.3playmedia.com/p/files/5531340/threeplay_transcripts/16494450?format_id=46&project_id=18442&format=pdf    Topics discussed: • 3:45 - Values vs. Growth: Has the demise of value been exaggerated? Or has value done better than we think? • 7:10 - Do we have a flowed definition of value? • 9:10 - The implications of the shift to passive  • 11:01 - What are some other areas where you think active management outperforms? • 13:20 - How to stay relevant and what is the future of work in the asset management industry? • 15:00 - Asset industry is becoming the barbell industry. What types of firms are on either side and what's happening in the middle? • 16:58 - ESG factors and sustainable investing. How is Diamond Hill thinking about ESG? • 19:39 How do you prevent a focus on short-termism as a public company? • 20:31 - COVID-19: How are you keeping employees motivated? What did you do this year that was different than in previous years? • 23:05 What longer term scars will COVID-19 leave on investors of your generation? • 25:20 - What have you read this year that you enjoyed or got you thinking? • 26:23 – Wrap up questions   Related article and links:   Greenwich Associates: https://www.greenwich.com/decision-time-asset-managers-report-download   Diamond Hill Sustainability Policy: https://www.diamond-hill.com/content/sustainability-policy/default.fs    Diamond Hill’s Pledge: https://www.diamond-hill.com/diamond-hill-pledge/     CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/  ____   ► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g  ____   Find Lauren here:   LinkedIn: https://www.linkedin.com/in/lauren-foster/    Twitter: https://twitter.com/laurenfosternyc   Find Heather here:   LinkedIn: https://www.linkedin.com/in/heather-brilliant-cfa-aa5a18/    Twitter: https://twitter.com/brilliantheath?lang=en

Episode #444. Fran Skinner, CFA, CPA, discusses the importance of identifying your “A-game" so you can improve performance in all aspects of your work, tips on how to take advantage of virtual networking sessions to expand your network, and much more.

Investing Lessons from Warren Buffett to the Great Literary Detectiv Episode #443. Robert G. Hagstrom, CFA, senior portfolio manager at EquityCompass and author of the New York Times bestseller "The Warren Buffett Way," discusses his writing process, managing high active share portfolios, and hiring and firing portfolio managers.   Episode transcript: http://static.3playmedia.com/p/files/5524640/threeplay_transcripts/16479796?format_id=46&project_id=18442&format=pdf    Topics discussed: • 2:23 – How did you into the money management world? • 3:33 – Writing career • 6:13 – The writing process  • 7:31 – A few highlights from the new book  • 9:05 – What can investors learn from great literary detectives? • 10:41 – The challenges of managing high active share portfolios  • 13:51 – How can investors who are selecting active equity manager maximize their odds for success? • 16:21 – How do you ensure that each day you become smarter and what roll does creativity play in your process? • 18:32: - Books that you find yourself returning to or recommending? • 20:33 – Luck vs. skill • 23:40 – What do you think separates the best from the average investor? • 24:30 – Wrap up questions   Related articles and links: Enterprising Investor, Liberal Arts Investing: https://blogs.cfainstitute.org/investor/2019/10/10/robert-g-hagstrom-cfa-on-liberal-arts-investing/  Enterprising Investor, Hiring and Firing Portfolio Managers: Process and Outcomes: https://blogs.cfainstitute.org/investor/2019/01/16/hiring-and-firing-portfolio-managers-process-and-outcomes/  Pre-order Warren Buffet: Inside the Ultimate Money Mind on Amazon: https://www.amazon.com/Warren-Buffett-Inside-Ultimate-Money/dp/1119714591/ref=sr_1_1?dchild=1&qid=1611600866&refinements=p_27%3ARobert+Hagstrom&s=books&sr=1-1 CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/      ____     ► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g    ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org   ____   Find Lauren here:   LinkedIn: https://www.linkedin.com/in/lauren-foster/    Twitter: https://twitter.com/laurenfosternyc   Find Robert here:   LinkedIn: https://www.linkedin.com/in/roberthagstrom    Twitter: https://twitter.com/robertghagstrom?lang=en