Enterprising Investor

Sébastien Page, CFA, head of the Global Multi-Asset division at T. Rowe Price and author of “Beyond Diversification,” discusses the importance of asset allocation and diversification, why investors should go beyond diversification, and whether the 60/40 portfolio is dead. ▶️ Subscribe to the Take 15 Podcast YouTube channel: 📃 Transcript 📧 Email us for comments, questions, or appearance requests: ___________________________________________________________________________ Episode Breakdown: 1:43 Why Sébastien decided to write the book, “Beyond Diversification” 4:44 The motivation behind giving all proceeds from the book to the T. Rowe Price Foundation 5:45 Key themes that both advisors and investors can learn from the book 7:33 Why should investors go beyond diversification, and what wrong with diversification? 10:56 How can investors determine stock-bond mix? 14:13 Is the 60/40 portfolio alive or dead? 22:39 Are we paying enough attention to fat tails? 26:36 Sébastien’s tactical views on capital markets? 32:01 Sébastien’s LinkedIn view of teaching his daughter the basics of investing 34:40 Closing questions: One positive, long-lasting change that Sébastien hopes to see as a result of the COVID-19 pandemic One item Sébastien would take with him on a long-duration space flight Flight vs. invisibility? Which do you pick, and what do you do with your superpower? ___________________________________________________________________________ Related articles and links: Book: Beyond Diversification Kiplinger PIMCO Forbes Morningstar LinkedIn post Sébastien’s LinkedIn video with his daughter ___________________________________________________________________________ Find Sébastien here: LinkedIn Find Lauren here: LinkedIn Twitter

In episode #466 Robert C. Pozen, a senior lecturer at MIT Sloan School of Management and renowned corporate speaker on productivity, discusses his latest book, “Remote Inc.: How to Thrive at Work Wherever You Are.” He explains how employees should decide which days to come to the office and what challenges managers will face leading teams in a hybrid model.   ▶️ Subscribe to the Take 15 Podcast YouTube channel   📃 Transcript   📧 Email us for comments, questions, or appearance requests ___________________________________________________________________________  Episode Breakdown: 2:43 Thrive: what the word means to Robert and a time he felt like he was thriving in his career 6:21 How Robert thrives in his personal life 7:15 Robert’s most satisfying course that he teaches and what he enjoys most in his teaching career 10:03 The financial innovation that Robert is most excited about for this year 11:08 How to boost your productivity? 15:27 Can your thinking time be part of your workout time? 16:45 Saying “no” to more things 17:59 How did Roberts new book come about 20:20 How to decide which days to come to the office and what are the challenges that managers will face when they have a hybrid team model? 25:13 Robert’s recommended strategies for a team manager to be a more effective leader 29: 14 Advice to those who aren’t the best at communication 32:35 Closing questions •       What is one positive long-lasting change resulting from the pandemic? •        What one item would you take with you on a NASA flight? •        Flight v. invisibility: which would you choose? ___________________________________________________________________________ Related articles and links:   Book: Remote Inc.   Book: Extreme Productivity   Goldilocks plan: “After the pandemic ends, most employees will prefer a Goldilocks plan of not too much and not too little remote work. Very few employees want to return to the office five days a week, but most employees also do not want to stay at home all the time. How should employees decide which days to come to the office? What challenges will managers face in running teams under a hybrid model?”   ___________________________________________________________________________ Find Robert here: LinkedIn Twitter Find Lauren here: LinkedIn Twitter  

Awareness of biodiversity loss is increasing, but climate change still dominates investors’ discourse on the environment. Joel Clement, a senior fellow at the Harvard Kennedy School’s Belfer Center for Science and International Affairs, explains why we need to focus urgently on the biodiversity crisis. He also discusses why he came a whistleblower in 2017 and the aftermath of that decision. ▶️ Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop 📃 Transcript: https://cfainst.is/3g5Umcz 📧 Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ___________________________________________________________________________ Episode Breakdown: 2:20 What’s life like in Maine 3:55 The basics of biodiversity 7:30 The biodiversity crisis 9:16 Why the wider population needs to act on biodiversity 11:30 Joel’s decision to blow the whistle 16:39 The response after Joel blew the whistle 18:36 Was the experience of blowing the whistle lonely? 20:00 Is the word, “whistleblower” negative? 21:40 Joel’s advice to whistleblowers 22:53 What Joel has been working on over the past few years 24:00 Global implications for what is happening in the artic 25:47 Has the Biden administration gotten America back in the climate game? 27:21 America The Beautiful Report 29:33 What Joel tells the skeptics 32:49 Wrap up questions • What is one positive long-lasting change resulting from the pandemic? • What one item would you take with you on a NASA flight? • Flight v. invisibility: which would you choose? ___________________________________________________________________________ Related articles and links: UNPRI paper: https://www.unpri.org/environmental-issues/investor-action-on-biodiversity-discussion-paper/6335.article Joel’s whistleblower article: https://www.washingtonpost.com/opinions/im-a-scientist-the-trump-administration-reassigned-me-for-speaking-up-about-climate-change/2017/07/19/389b8dce-6b12-11e7-9c15-177740635e83_story.html Joel’s resignation letter: https://apps.washingtonpost.com/g/documents/national/read-joel-clements-resignation-letter/2566/ Joel’s recent speech where he said: “There is another crisis that gets a bit lost in all the talk of climate action, and that’s the biodiversity crisis.” https://www.pressherald.com/2021/04/23/joel-clement-keynote-speech-from-the-2021-source-awards/ Stephanie Gibaud’s comment: “This word, whistleblower, is so negative,” she said. “It’s really like radioactive when someone says he or she is a whistleblower.” https://blogs.cfainstitute.org/investor/2018/12/12/whistleblowing-the-risks-and-rewards/ Ethics learning lab: https://cfainstitute.nomadic.fm CFA report on climate change analysis: https://www.cfainstitute.org/en/research/industry-research/climate-change-analysis ___________________________________________________________________________ Find Joel here: LinkedIn: https://www.linkedin.com/in/joelclement/ Twitter: https://twitter.com/jclementmaine?lang=en Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Troy Lavinia, founder and CEO of Mosaic Research Management, explains what an expert network is and how analysts, portfolio managers, and other researchers use them as part of the investment process. He also discusses his decision to become and entrepreneur and build his own expert network and what he has learned along the way about building teams and systems.   ▶️ Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop    📃 Transcript: https://cfainst.is/2SLGHzr    📧 Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ___________________________________________________________________________  Episode Breakdown: 1:15 What is an expert network? 7:26 Troy’s moment of realization and what he was doing he founded Mosaic 11:05 Doubting moments during Troy’s entrepreneurship journey 14:05 Do you have to be an optimist to be an entrepreneur  16:13 Why Troy decided to start his company 18:13 How Troy is disrupting the space now 12:09 Transcripts: Stream by Mosaic  24:20 Teams, systems, and spirituality AND artists, entrepreneurs, and employees 31:52 Troy’s recommended books 33:24 Wrap-up questions Ray of sunshine from the pandemic  NASA flight – what do you take with you? Flight or invisibility?   ___________________________________________________________________________ Related articles and links: Mosaic Research Management: https://mosaicrm.com/  Stream by Mosaic: https://start.mosaicrm.com/stream-try  Book: The War of Art: https://stevenpressfield.com/books/the-war-of-art/ Book: Team Of Teams: https://www.amazon.com/Team-Teams-Rules-Engagement-Complex/dp/1591847486      ___________________________________________________________________________ Find Troy here:  LinkedIn: https://www.linkedin.com/in/troylavinia/ Find Lauren here:   LinkedIn: https://www.linkedin.com/in/lauren- foster/  Twitter: https://twitter.com/laurenfosternyc

David DeRosa, author of “Bursting the Bubble: Rationality in a Seemingly Irrational Market,” a new monograph from the CFA Institute Research Foundation, discusses his conclusions on whether speculative bubbles exist in the stock market.   ▶️ Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop   📃Transcript: https://cfainst.​is/3bGIAUP   📧 Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ___________________________________________________________________________  Episode Breakdown: 1:35 David talks about the journey of writing his book 3:55 Are there no bubbles? 7:31 If they’re not bubbles, what do you call them? 8:48 Why David believe the Dutch Tulipmania was not a bubble 11:32 John Law  14:17 David taking issue with some of the most famous people in the field, specifically Robert J. Shiller 21:40 David talks about bitcoin 24:35 Is there a bubble brewing in NFTs? 26:25 Explaining the .com and housing “bubble” 30:35 Wrap-up questions - Ray of sunshine question: one positive long-lasting change David hopes to see as a result of the pandemic  - One item David would take with him on a NASA flight  - Flight v. Invisibility?  ___________________________________________________________________________ Related articles and links: Monograph: https://www.cfainstitute.org/en/research/foundation/2021/bursting-the-bubble  The book "Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay: https://www.simonandschuster.com/books/Extraordinary-Popular-Delusions-and-the-Madness-of-Crowds/Charles-MacKay/9781625585011  Book of photographs from Ancient Egypt:  https://www.amazon.com/Images-Ancient-Egypt-David-DeRosa/dp/1364927071    ___________________________________________________________________________ Find Lauren here:   LinkedIn: https://www.linkedin.com/in/lauren- foster/  Twitter: https://twitter.com/laurenfosternyc

Rebecca Fender, CFA, co-author of a new report, "Future of Work in Investment Management: Context, Content, and Culture," shares some findings from a recent survey of investment professionals as well as conclusions for what this means for where, what, and how work gets done. She also discusses building trust and the relationship between working from home and maintaining a high-performance culture. ____ ► Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop ►Transcript: https://cfainst.is/3xOkeSq ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 2:11 What Rebecca has learned from the new report, "The Future of Work in Investment Management” 4:54 Understanding what a hybrid work model is 6:24 The response from the investment management industry 8:38 Is there a potential for tension between what employees want and what employers want? 10:34 The future of work travel and what are the extrinsic and intrinsic motivations? 15:11 New skills that workers need to acquire to thrive in a new work environment 17:13 Can high performance culture exist in a hybrid work model? 19:04 The challenge of building and rebuilding trust with employees 22:50 What Rebecca has enjoyed about having more time at home and what she misses about coming to the office. 26:22 Wrap up questions -Ray of sunshine -NASA -Flight vs. Invisibility ____ Related articles and links: Future of Work Executive Summary https://www.cfainstitute.org/en/research/survey-reports/future-of-work 2020 Earning Investors' Trust https://www.cfainstitute.org/en/research/survey-reports/2020-earning-investors-trust 2020 Future of Sustainability in Investment Report Managementhttps://www.cfainstitute.org/en/research/survey-reports/future-of-sustainability Article: “WFH Not Conducive to ‘High-Performance Culture’: BlackRock CEO” https://www.ignites.com/c/3127684/394794 CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ Find Rebecca here: LinkedIn: https://www.linkedin.com/in/rebeccafender/ Twitter: https://twitter.com/rebeccafender?lang=en Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

When Ben Lucas, UK Head of Wealth & Asset Management Consulting at KPMG, wrote that his biggest non-negotiable is daily exercise, the post went viral. He explains why his message resonated with so many people and why exercise, sleep, and time away from a desk are not in conflict with performance culture, as some think, but are what performance is all about. ____   ► Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop    ►Transcript: https://cfainst.is/3aXw9nf    ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____   Topics discussed: 2:25 Intro  3:12 Ben’s exercise LinkedIn post 6:28 What prompted Ben to write the post 9:58 New habits that Ben has formed 13:50 Exercise is a non-negotiable 17:16 Exercise at home during a pandemic  20:36 Performance culture vs. exercising  23:22 The importance of sleep 25:09 Survey takeaways from 50 leaders of wealth and asset management firms 29:17 We need to find better language  31:00 “The COVID muscle memory” 32:40 Ben’s advice to others on building trust 34:45 Wrap-up questions Ray of sunshine NASA  Flight or invisibility   ____   Related articles and links:   Viral post https://www.linkedin.com/posts/activity-6769557311582154752-vs04   Follow-up post https://www.linkedin.com/posts/benjamin-lucas-38b53837_performance-leadership-balance-activity-6789100047322619904-2Ttf   New report in Act 2 https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fhome.kpmg%2Fuk%2Fen%2Fhome%2Finsights%2F2020%2F11%2Fwhats-shaping-the-future-of-asset-management.html&data=04%7C01%7Clauren.foster%40cfainstitute.org%7C2bea39b560c24979104d08d90988a67f%7C53a818f111e046388863b78b176399bd%7C1%7C0%7C637551304817238573%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=VTMlE7GAgLOaYtbYB8IPlbn%2FY8Sj2n%2B%2FTArBq4h1OZU%3D&reserved=0   CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/  ____   Find Ben here: LinkedIn: https://www.linkedin.com/in/benjamin-lucas-38b53837/    Find Lauren here:   LinkedIn: https://www.linkedin.com/in/lauren- foster/  Twitter: https://twitter.com/laurenfosternyc

Bestselling author Robert G. Hagstrom, CFA, senior portfolio manager at EquityCompass, takes listeners on a journey from the time he first heard Warren Buffett talk about a “money mind” to what he learned while researching and writing his latest book, “Warren Buffett: Inside the Ultimate Money Mind,” about the mindset and ideas that shaped the legendary investor’s investment methods. ____ ► Subscribe to our Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop ►Transcript: https://cfainst.is/3mZN6lA ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 1:45 Intro 2:50 Robert talks about his new book, Warren Buffett: Inside the Ultimate Money Mind 3:55 Temperament and why it’s critical as an element of a money mind? 4:47 What is a money mind? 5:55 Building blocks to a money mind 9:41 How does the average investor emulate Warren Buffett and these building blocks? 11:13 Investing is easier than you think but harder than it looks – Is that temperament? 13:36 Robert’s favorite chapter 16:40 The “Woodstock for Capitalists” annual meeting and how many Robert has attended 18:50 What Robert will be listening for at this year’s meeting 20:05 Warren Buffett wrote that debt securities face a bleak future – do you agree? 22:12 The perennial question – who will succeed Warren Buffett as Chief Executive? 23:17 The relationship between Warren and Charlie 25:13 Cocktail nugget – One Thousand Ways to Make $1000 by FC Minaker 27:02 Penny scale 28:49 A cocktail nugget about Warren and Charlie ____ Related articles and links: Warren Buffett: Inside the Ultimate Money Mind https://www.wiley.com/en-us/Warren+Buffett%3A+Inside+the+Ultimate+Money+Mind-p-9781119714590 The Warren Buffett Way https://www.amazon.com/Warren-Buffett-Way-Robert-Hagstrom/dp/1118503252 One Thousand Ways to Make $1000 https://www.amazon.com/One-Thousand-Ways-Make-1000-ebook/dp/B0170AKILI/ref=sr_1_3?crid=2NTCHCZ4CVRLR&dchild=1&keywords=1000+way+to+make+1000+dollars&qid=1618843035&sprefix=1000+way+to+make+%2Cstripbooks%2C156&sr=8-3 CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ Find Robert here: LinkedIn: https://www.linkedin.com/in/roberthagstrom Twitter: https://twitter.com/robertghagstrom?lang=en Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Jason Voss, CFA, CEO of Active Investment Management Consulting, explains why body language does not work for detecting deception and how Deception and Trust Analysis, or D.A.T.A., a computer-driven, text-based deception detection method, can save investment professionals time and resources. ____ ► Subscribe to our Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop ►Transcript: https://cfainst.is/3mhwqpG ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 2:08 Do polygraphs work? 2:50 How Jason become interested in field of deception? 4:16 Why body language doesn’t work and the data behind it 5:41 What does work? 7:21 S.U.E and D.A.T.A. 9:06 Fraud versus deception 9:59 How the D.A.T.A. process works 13:54 Warcard database 15:15 Strong truth bias in the investment profession 17:55 Real-world applications for D.A.T.A for analysts and investors 20:02 GameStop and short-sellers 22:07 Closing questions One positive long-term impact as result from the pandemic One item you would bring on a long NASA flight Flight or invisibility ___ Related articles and links: Article: Financial Analysis and the Art of Lie and Fraud Detection https://www.institutionalinvestor.com/article/b14zbb72nrxsjw/financial-analysis-and-the-art-of-lie-and-fraud-detection Brief: Detecting Lies in the Financial Industry: A Survey of Investment Professionals' Beliefs https://www.cfainstitute.org/en/research/cfa-digest/2016/01/detecting-lies-in-the-financial-industry-a-survey-of-investment-professionals-beliefs-digest- Book: Lie Detection Guide: Theory and Practice for Investment Professionals https://www.amazon.com/Lie-Detection-Guide-Investment-Professionals/dp/1942713355 The Secret Life of Pronouns by James W. Pennebaker https://www.secretlifeofpronouns.com/ Enterprising Investor article: Fraud and Deception Detection: Text-Based Analysis https://blogs.cfainstitute.org/investor/2021/02/15/fraud-and-deception-detection-text-based-analysis/ Deception and Truth Analysis homepage: https://deceptionandtruthanalysis.com/ Jason’s most listened-to song: link to Johnny Osbourne's "Murderer” https://www.youtube.com/watch?v=fZzcV07D19w CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ Find Jason here: LinkedIn: https://www.linkedin.com/in/jasonapollovoss Twitter: https://twitter.com/theintuitinvest?lang=en Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Michael Falk, CFA, a partner at the Focus Consulting, applies the lessons he learned as a competitive baseball pitcher to investment teams and discusses the importance of creating a sell discipline for losers and winners in an investment portfolio, his many writing projects, and living with ALS, or Lou Gehrig's disease. ____ ► Subscribe to our Take 15 Podcast YouTube channel here: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ►Transcript: https://cfainst.is/3loZLxT ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 2:10 Michael’s love for baseball and lessons to learn from the sport 4:33 Becoming a better listener 8:05 Sell discipline 11:11 When to retire and succession planning 15:17 Michael’s article, Everything You Want to Know About Investing 18:30 Michael’s new paper on stakeholder capitalism 21:25 Bitcoin: how should investors be thinking about cryptocurrencies 25:30 Michael’s thoughts on blockchain technology 27:28 Michael’s clinical trial 34:28 Embracing vulnerability 38:08 Flight or invisibility? Related articles and links: Everything You Need to Know About Investing https://www.iwmonitordigital.com/iwmonitor/november_december_2020/MobilePagedArticle.action?articleId=1652473&app=false&cmsId=3881786#articleId1652473 Crypto Dreamin’? The Good, the Bad, and the Ugly https://blogs.cfainstitute.org/investor/2020/06/16/crypto-dreamin-the-good-the-bad-and-the-ugly/ Michael S. Falk, CFA, on Safety Nets, Trampolines, and Opportunity Equality https://blogs.cfainstitute.org/investor/2020/09/15/michael-s-falk-cfa-on-safety-nets-trampolines-and-opportunity-equality/ Drug May Extend A.L.S. Patients’ Lives by Several Months, Study Finds https://www.nytimes.com/2020/10/16/health/ALS-treatment.html Brené Brown’s TED talk, The Power of Vulnerability https://www.youtube.com/watch?app=desktop&v=iCvmsMzlF7o John Hodgman on This American Life ep.178 https://www.thisamericanlife.org/178/superpowers/act-one-0 HBR video “Five Whys” https://hbr.org/video/2189146765001/5-whys HBR article The Contradictions That Drive Toyota’s Success https://hbr.org/2008/06/the-contradictions-that-drive-toyotas-success This American Life ep. 178: Invisible Man Vs. Hawkman CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ Find Michael here: LinkedIn: https://www.linkedin.com/in/mlfalk/ Twitter: https://twitter.com/msfalk?lang=en Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc Connect with the Research Foundation: RF Showcase page: https://lnkd.in/e66zSKD Download and share RF content (free to all): https://lnkd.in/emhTTi5