Enterprising Investor

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

Perfect risk estimates do not exist, so how do we balance risk and reward? Risk scholar Allison Schrager, author of the CFA Institute Research Foundation brief “Learning About Risk Management: Insights from Unconventional Risk-Takers,” provides insights on the nature of risk and uncertainty and potential reward and how to manage the trade-off. ____   ► Subscribe to our Take 15 Podcast YouTube channel    ►Transcript: https://cfainst.is/2P87gNN    ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____   Topics discussed: 2:25 Brothel, pimp, and risk management?  5:30 More noes than yeses 7:42 The art of storytelling  9:41 Lessons learned from big wave surfing  13:16 Allison’s book, An Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk 14:40 What is risk? And what is prudent or good risk management?  15:50 Retirement: What does it look like in the US right now? What worries you? And what gives you hope? 17:45 Should the idea of retirement be reimagined? [HBR link] 19:41 Why shouldn’t Americans own stocks? 22:10 What’s next on Allison’s to-do-list? 23:15 Allison’s advice on encouraging people to take on more sensible risk 24:05 Wrap-up questions o One long-term change that you hope to see as a result of the pandemic o What one item would you bring on a long space flight? o Flight vs. invisibility? ___   Related articles and links:   Learning about Risk Management: Insights from Unconventional Risk-Takers: https://www.cfainstitute.org/en/research/foundation/2020/learning-about-risk-management    An Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk: https://www.amazon.com/Economist-Walks-into-Brothel-Unexpected-ebook/dp/B07FLK37HC#:~:text=Amazon.com%3A%20An%20Economist%20Walks,%3A%20Schrager%2C%20Allison%3A%20Kindle%20Store    HBR article Why Retirement Is a Flawed Concept: https://hbr.org/2016/04/why-retirement-is-a-flawed-concept    CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/  ____   Find Allison here: LinkedIn: https://www.linkedin.com/in/allison-schrager-4109015/ Twitter: https://twitter.com/AllisonSchrager    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

Charlotte Beyer, founder and former CEO of the Institute for Private Investors and author or the CFA Institute Research Foundation brief “Relationship Alpha: The Emerging Competitive Advantage in Wealth Management,” explains what relationship alpha is and why it’s important and how advisers can better serve their clients. ____   ► Subscribe to the Take 15 channel here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g    ►Transcript: https://cfainst.is/2QAbHkV    ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____   Topics discussed: 2:15 Intro: How Charlotte founded the Institute for Private Investors (IPI) 3:56 What has changed in wealth management over the last four decades 7:00 What really works well for advisors? 9:57 Research Foundation brief, Relationship Alpha: what is the relationship alpha and why       should advisees care more about it? 3:18 How do advisors improve their authenticity in a virtual setting? 14:45 How does one measure relationship alpha? And can you train relationship alpha? 18:55 Key takeaways for marketing to prospects  21:38 Work at Wharton and eight components of wealth management chats  25:40 How do advisors distinguish themselves? How can advisors know if the client meeting is being successful? 29:25 Charlotte’s book list  32:25 Wrap-up questions o One long-term change that you hope to see as a result of the pandemic o What one item would you bring on a long space flight? o Flight vs. invisibility? ___   Related articles and links:   Research Foundation Brief: https://www.cfainstitute.org/en/research/foundation/2019/beyer-brief    Link to the CFA Institute research: https://www.cfainstitute.org/-/media/documents/support/membership/value-of-premium-wealth-management.ashx  (The research is cited on footnote #8 on page 19)   That's What She Said: What Men Need to Know (and Women Need to Tell Them) About Working Together by Joanne Lipman   A Wealth of Possibilities: Navigating Family, Money, and Legacy by Ellen Miley Perry    CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/  ____   Find Lauren here:   LinkedIn: https://www.linkedin.com/in/lauren- foster/  Twitter: https://twitter.com/laurenfosternyc    Find Charlotte here: LinkedIn: https://www.linkedin.com/in/charlottebeyer/  Twitter: https://twitter.com/CharlotteBBeyer    Connect with the Research Foundation:  RF Showcase page: https://lnkd.in/e66zSKD Download and share RF content (free to all): https://lnkd.in/emhTTi5

Matt Hougan, chief investment officer at Bitwise Asset Management and co-author of the CFA Institute Research Foundation brief, “Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals,” discusses valuation, risks, and what watch for on the horizon. ____   ► Subscribe to the Take 15 channel here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g    ►Transcript: https://cfainst.is/30VPT5n    ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____   Topics discussed: 4:00 - Philosophy to ETFs and the leap into Bitcoin 4:43 - The light-bulb moment 11:45 - Crypto: the next big disruptive area of finance 14:40 - The reason behind why there is more than one cryptoasset?  17:29 - What role, if any, should cryptoassets have in a professionally managed portfolio and individual investors? 20:26 - What should financial advisors be thinking about and should they be caring about crypto? What should they be doing about the clients in crypto? 22:30 - What Matt thinks the biggest misunderstanding about crypto is? What is the actual reality? 24:36 - What do you say to the naysayers on crypto? 26:35 - Matt discusses allegations that the benefits of blockchain are exaggerated 29:11 - Five most widely used cryptoasset valuation techniques 23:19 - What should we watch out for on the horizon? 36:24 - What Matt holds in his crypto portfolio  37:20 - Closing questions - Ray of sunshine: long-term positive change from the pandemic  - What do you take with you on a long NASA flight? - Flight vs. invisibility      Related articles and links:   Research Foundation Briefs: Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals    White paper: "The Case for Bitcoin in the Institutional Portfolio”    Download and share Research Foundation content (free to all): https://lnkd.in/emhTTi5    CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/  ____   Find Lauren here:   LinkedIn: https://www.linkedin.com/in/lauren- foster/    Twitter: https://twitter.com/laurenfosternyc   Find Matt here: LinkedIn: https://www.linkedin.com/in/matthew-hougan Twitter: https://twitter.com/matt_hougan?lang=en    Connect with the Research Foundation:   RF Showcase page: https://lnkd.in/e66zSKD    Download and share RF content (free to all): https://lnkd.in/emhTTi5

Herman Warren, Africa Director for The Economist Corporate Network, discusses the economic and social impact of Covid-19 on sub-Saharan Africa in general, and South Africa in particular, the outlook for the continent post-pandemic, whether the commodities boom will turn into a supercycle, the role of China, and what Africa can expect from the Biden administration.

Andrew Lo discusses his various fields of expertise and research with Anastasia Diakaki. Professor Lo's most recent work in healthcare finance, more timely than ever, serves as the starting point for a conversation covering the COVID-19 pandemic, machine learning applications in biopharma, artificial intelligence and the interpretability of machine learning results in the finance industry. When it comes to preparing for the future, we ask Andrew Lo: "Do we all need to become computer scientists?"   Topics discussed: 1:30 - Professor Lo’s philosophy and approach in health care finance sector 2:43 - Applications: what are the implications of these tools? 4:51 - Lo’s view on the pandemic and the acceleration of some processes 6:41 - Machine learning applications and health care 8:58 - Successes and improvements to algorithms in practice 10:57 - Computer science – the new life skill to have 13:24 - Machine learning algorithm used in the investment process 15:25 - Are your current students more comfortable with science skills? 16:55 - AI and human intelligence   Related articles and links:   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 Andrew here:   LinkedIn: https://www.linkedin.com/in/andrewwlo/   Twitter: https://twitter.com/AndrewWLo?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor   Find Anastasia here:   LinkedIn: https://www.linkedin.com/in/anastasiadiakaki/?originalSubdomain=uk   Twitter: https://twitter.com/anastdiakaki -- Find Lauren here:   LinkedIn: https://www.linkedin.com/in/lauren-foster/   Twitter: https://twitter.com/laurenfosternyc -- Listen to us on:   Libsyn: http://take15audio.cfainstitute.libsynpro.com/   Spotify: https://open.spotify.com/show/4z0UYTI6B1pfSk5UrpCqFk?si=VzxBsKUWTme_D9PSk25r3g   Apple Podcast: https://podcasts.apple.com/us/podcast/take-15-podcast/id268942353

Episode #452 Will Digital Asset Securities Revolutionize Capital Markets?    Serial technology entrepreneur and investor Carlos Domingo, CEO and co-founder of Securitize, discusses blockchain technology and the power of digital securities, or security tokens, to drive liquidity for private securities and democratize access to investing.   Topics discussed: 2:30 - Intro: working in Tokyo and Japan    6:24 - Carlos’ first introductions to Blockchain  9:03 - What is Securitize? 10:18 - Defining terms 12:30 - Types of assets that are issues for digital assets against 13:56 - Revolutionizing the marketplace 19:40 - 3-part question:  Is this a quirky trend?  How will the public broadly adopt digital assets?  Are investors ready for digital assets securitize? 22:45 - Cyber security risks  25:47 - Are regulators happy or unhappy with the state of the technology 27:17 - What is Project Aquaman?   29:26 – What is the industry going to look like to Carolos in the near and far future and what trends are driving the industry? 31:37 - Wrap-up questions Ray of sunshine  NASA trip  Flight vs. invisibility    Related articles and links:   “The tokenization of alternative assets” https://caia.org/tokenisation    II article “This quirky trend”:  https://www.institutionalinvestor.com/article/b1qdqlgr4mq0w6/This-Quirky-Trend-Could-Bring-Alternative-Assets-to-the-Masses    Blog about Project Aquaman: https://medium.com/securitize/introducing-project-aquaman-driving-liquidity-in-the-digital-securities-market-164e71107d3c    John Hodgman on This American Life ep.178: https://www.thisamericanlife.org/178/superpowers/act-one-0    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 Carlos here:  Twitter: https://twitter.com/carlosdomingo?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor  Linkedin: https://www.linkedin.com/in/carlosdomingo

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