In this engaging podcast, Howard Marks, co-founder of Oaktree Capital, and Guy Spier, founder of Aquamarine Capital, share invaluable investment wisdom with Roi Lipovetzky, a former MBA student and current investment professional at Oakmount Capital.The conversation explores key principles of successful investing, such as mastering market cycles, second-level thinking, risk management, and the importance of long-term, contrarian positions. Howard reflects on his experience through major market events, while Guy emphasizes the need for emotional discipline and unconventional thinking.A key theme in their discussion is the importance of being true to oneself, especially in a world that often values conformity. Both Howard and Guy highlight the value of making independent decisions and staying grounded in one’s own principles, rather than trying to please others or follow popular trends.With years of collective experience, Howard and Guy provide deep insights into the mindset needed for lasting success in investing and life. Full transcript available here: https://aqfd.docsend.com/view/2nv2iqixj8rm7bb7  Contents:(00:00) A Journey of Learning: Insights from Howard Marks, Guy Spier an Roi Lipovetzky (03:20) Focusing on Excellence: Howard Marks on Building Oaktree for the Long Term(07:19) Writing for Investors, Not for Entertainment(18:09) Honesty, Risk and Purpose (27:23) The Value of Fun: Howard Marks on Enjoyment, Work, and Investing (33:38) Risk, Resilience, and Staying True to Your Principles (41:12) Closing Reflections: The Power of Truth and Clarity 

In this gripping segment, Eric Schaanning and Guy Spier delve into the complex world of interest rate risk, revealing how seemingly straightforward banking practices can quickly turn into high-stakes dilemmas. Schaanning breaks down how banks forecast deposit behaviours, merging historical trends with expert judgment. He explains that as interest rates fluctuate, customer preferences shift dramatically—rising rates lure them into term deposits for better returns, while declining rates send them back to the safety of site deposits.But the intrigue doesn’t stop there. The duo uncovers the hidden layers of behavioural modelling in assessing credit risk, identifying subtle signals that may indicate a customer’s financial distress. Changes in spending habits and payment timing can serve as critical warning signs, shedding light on the delicate balance banks must maintain to safeguard their portfolios. Spier interjects with essential advice for individuals grappling with financial strain, emphasizing the power of communication and proactive payment management.As the conversation reaches its climax, Schaanning reveals a shocking twist: a seemingly lucrative fixed-rate loan could morph into a devastating loss due to unexpected interest rate spikes. With banks grappling to adapt in an ever-shifting economic landscape, the stakes are higher than ever. This tantalizing cliffhanger sets the stage for their next discussion, where risk management strategies and survival tactics will be put to the test in the face of looming financial uncertainties. Full transcript available here: https://aqfd.docsend.com/view/jtbtn9zjhaebq9ehHere's a link to the presentation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007032 Contents:(00:00:00) Why banking Regulations Matter: A Dinner Table Explanation(00:08:50) Calculating Net Interest Income with a Simple Example(00:14:22) Fixed vs. Floating Rate Loans: Cash Flow Dynamics(00:22:19) Balance Sheet Management: Shifting Between Income and Capital(00:29:47) Interest Rate Swaps and Market Liquidity (00:37:57) Exploring Risk Measurement and Gap Profiles in Banking (00:40:52) Navigating Liquidity Risk and Redemption Dynamics in Investment Funds (00:48:24) Understanding Interest Rate Risk and Behavioural Modelling in Banking

In this episode, we continue our exploration of financial risk management with Eric Schaanning, a thought leader in the field. Following his dynamic insights from the previous discussion, Eric delves into the intricacies of treasury functions within major banks and their critical role in risk management. Together with Guy Spier, they unravel how a small treasury team, despite its size, manages significant financial risks compared to the larger pool of relationship managers.  Listeners will gain a clear understanding of complex concepts like yield curves and risk spreads, as Eric adeptly explains their implications in today's banking landscape. The duo examines the Basel Committee on Banking Supervision (BCBS) scenarios for interest rate shocks, pondering whether current banking models can adequately address extreme interest rate fluctuations.  As they venture into discussions on net interest income (NII) and the economic value of equity (EVE), Eric shares his expertise on how these concepts can be applied to personal finance, making the conversation relevant for individuals navigating their own financial landscapes. With an engaging blend of practical knowledge and theoretical insight, this episode offers valuable perspectives that push the boundaries of traditional risk management. Tune in for another captivating dialogue that not only expands your understanding of financial systems but also equips you with practical tools for managing your financial future! Full transcript available here: https://aqfd.docsend.com/view/dyu45ikdqvarwf5pHere's a link to the presentation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007032 Contents: (00:00:00) Navigating Interest Rate Risks: A Deep Dive into Bank Balance Sheets(00:08:57) Measuring Interest Rate Risk: Insights into NII, EVE, and Bank Profitability(00:17:09) Banking on Transparency: The Impact of Regulatory Frameworks opn Financial Institutions  (00:31:18) Gap Risk in Banking: Insights from the Delta EVE Measure and Silicon Valley Bank(00:39:56) From Crisis to Regulation: The Evolution of Interest Rate Risk Management(00:53:52) Balancing Act: Large Banks, Regulation, and Operational Challenges  (00:59:21) Bridging Capital and Growth: Perspectives on Modern Banking  (01:23:55) Treasury Functions Unveiled: The Backbone of Risk Management in Banking  (01:29:02) Understanding Interest Rate Shocks: A Comprehensive Look at the BCBC Scenarios

Eric Schaanning is a dynamic figure in financial risk management, known for his innovative approach to navigating the complexities of market and valuation risk. Leading these critical functions for Nordea Group, Eric blends a wealth of experience with a forward-thinking mindset. His career spans impressive roles, including overseeing risk management for UBS and Credit Suisse in Zurich, where he dealt with the high-stakes world of managing risk across massive deposit and loan portfolios. Full transcript available here: https://aqfd.docsend.com/view/bxtu77b955d6grcy  Here's a link to the presentation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007032 Contents:(00:00:00) Asset Liability Management & Interest Rate Risk in the Banking Book  (00:06:03) A Case Study in Interest Rate Risk and Asset-Liability Mismatches(00:14:24) Liquidity, Insolvency, and Interest Rate Risk  (00:20:15) The Mechanics of Bank Balance Sheets(00:32:24) Bank Balance Sheets, Loan Reporting, and Equity Capital  (00:49:28) Exploring the Dynamics of Fractional Reserve Banking, Interest Rate Risk, and Regulatory Frameworks(01:03:30) From Pillar One to Pillar Three: Regulatory Safeguards and Banking Risk

Simon Kold, a Danish entrepreneur and founder of Kold Investments, shares his unique investing philosophy shaped by over a decade at Novo Holdings. He discusses the parallels between stand-up comedy and investing, emphasizing resilience and adaptability. Kold highlights the importance of network effects and brand identity in today's business landscape and dives into the significance of nurturing relationships and timing in successful investments. His approach redefines traditional strategies, focusing on long-term commitment and understanding competitive advantages.

Tobias Carlisle, an Australian investor and the founder of Acquirers Funds, shares his compelling journey from corporate law to value investing, inspired by Warren Buffett. He discusses the importance of risk management and contrasts exchange-traded funds with mutual funds. Carlisle delves into his investment philosophy, emphasizing disciplined portfolio management and the struggles of behavioral biases. He also reflects on the challenges of writing and publishing, and shares insights into his literary inspirations, linking historical fiction to contemporary issues.

Jo Boaler, a British author and Stanford University Professor of Mathematics Education, dives into innovative math teaching strategies. She advocates for visual approaches that enhance comprehension and engagement. Jo discusses the importance of cultivating a growth mindset and how struggle plays a pivotal role in mastering math concepts. The conversation also touches on the cultural differences in education between the UK and US, as well as addressing gender disparities in academic environments. Join her in challenging traditional methods and empowering learners.

Morgan Housel discusses selfish writing, the art of connecting ideas, the importance of sample size, and the differences between fiction and nonfiction in a conversation with Guy Spier. They also talk about skiing, the beauties of the United States, and the value of individual paths.

Luca Dellanna, a management advisor and author from Turin, Italy, discusses ergodicity, decision making, and autism. Topics include the concept of ergodicity, luck vs skill, risk management, diversification, decision making vs action taking, and the perception of the world for individuals with mild autism.

Daniel Simons and Christopher Chabris are professors of psychology, both experts in the fields of cognitive science and experimental psychology. They are also known as the co-authors of the famous book The Invisible Gorilla, and the inventors of the homonymous psychological experiment. 12 years from the release of their first book they have partnered again, co-writing Nobody's Fool: Why We Get Taken In and What We Can Do about It. This book illustrates through a series of stories why we fall victim to deception and provides practical tools to help the reader know when to question their beliefs.In this conversation, Simons and Chabris give the listener a taste of their new book. They provide insights on how we can arm ourselves against stories that do not reflect reality and how to improve our ability to realize when we are in front of a critical decision. Topics discussed also include social pressure, manifesting, self-help books, and chess.  Full transcript available here: https://aqfd.docsend.com/view/58jfj8tt73uqqajy Contents:(00:00:01) From “The Invisible Gorilla” to “Nobody’s Fool”(00:04:30) When Should We Question Our Intuition?(00:20:29) The Power of a Good Partnership(00:23:54) The Time-Reversal Heuristic (00:31:48) When the Story is Nicer Than Reality (00:49:13) Social Pressure: A Potent Tool (00:55:57) Luxury Goods and the Concept of Familiarity (01:01:00) Manifesting: Is it Harmless? (01:06:53) How to Approach Self-Help Books (01:11:01) The Fields of Psychology (01:19:35) On Chess, Bridge, and Poker