The Investors First Podcast

Our guest today is Marty Flanagan, the CEO of Invesco, a $1.1T asset manager.  He joined Invesco from Franklin Resources, Inc., where he was president and co-chief executive officer from 2004 to 2005. Previously, he held numerous positions of increasing responsibility at Franklin — co-president, chief operating officer, chief financial officer and senior vice president from 1993 - 2003. Mr. Flanagan served as director, executive vice president and chief operating officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by Franklin in 1992. He is a CFA charterholder and a certified public accountant. Mr. Flanagan earned a B.A. and B.B.A. from Southern Methodist University (SMU).   In this episode, Marty discusses the importance of continuing education and why he pursued the CFA designation, the future of the asset management industry, Invesco’s recent acquisition of OppenheimerFunds, and lessons he learned from his mentor John Templeton. Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL

Our guest today is Rob Forsyth, Head of SPDR America’s ETF Strategy at State Street. He was previously the Head of Exchange Traded Products and Derivatives with UBS. Our local co-host today is Frank Garcia, CFA. Frank is the VP of the CFA Society of Orlando. He is a wealth advisor and Co-Chief Investment Officer with Resource Consulting Group, an independent fee-only investment advisory firm with $1.8 billion in AUM.    In this episode, Rob discusses how ETF’s held up during the volatility in March, the trends within both fixed-income and equity ETF’s, the impact of the Fed’s buying program, why there needs to be better labeling for exchange-traded products and how the education gap for investors can be closed Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL (0:38)  —  Colby Donovan and Frank Garcia introduce the podcast (1:50) — Introduce Rob Forsyth (2:52) – ETF trends in March and April (4:29) – Fixed-income flows in March (8:55) – Impact of the Fed buying ETF’s (13:35) – Equity flows in March (15:45) – Thoughts on $USO and negative oil prices (19:30) – State Street working to have appropriate labeling of exchange traded products (21:47) – The education gap for investors to be more aware of what they are purchasing (27:12) – Where investors are positioned with U.S. vs. International (30:43) – Impact of COVID-19 and social injustice (35:44) – Where to find information about Rob and State Street: Website (36:21) – Who is the one person you’d love to have a conversation with right now?

­­­As many of you know, Second Harvest has been an important partner of CFA Society Orlando. As a team, and over the past four years, this partnership has aided many individuals through financial literacy and Second Harvest's culinary training program. During these difficult times we are excited to expand on that partnership by matching member donations to Second Harvest, up to $75 per member. Please consider donating here. Our guest today is Dave Krepcho, President & CEO at Second Harvest Food Bank of Central Florida. In 1992, he became the Executive Director of the Miami Food Bank and went on to work for Feeding America in Chicago, the nation's largest hunger relief organization. He served as the Vice President of Business Development, responsible for all product donations and relationships with the national food industry.  In 2009, he was named Central Floridian of the Year by the Orlando Sentinel.  We have two local co-hosts today: Zach Knope, CFA is a Senior Attribution Analyst for MFS Investment Management.  He has served on the board of CFA Orlando since 2016 and is currently the Treasurer and Branding and Communications Chair. Javier Perez is the Chief Operating Officer at merchant bank Commenda Capital and currently sits on the CFA Orlando board. He was previously the President of CFA Orlando. In this episode, we discuss the impact COVID-19 has had on Second Harvest Food Bank, how the organization has been forced to pivot to keep up with demand and adhere to social distancing requirements, and highlight some positive stories from the crisis.   Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL (0:38 ) —  Colby Donovan, Zach Knope and Javier Perez introduce the podcast (3:54) — Introduce Dave Krepcho and Second Harvest Food Bank (8:40) — How COVID-19 forced Second Harvest Food Bank to pivot some of their programs (12:23) — How they are handling volunteers right now (15:10) — His fundraising effort amid COVID-19 (16:12) — Virtual food drives (20:20) — How this crisis is different from the Great Financial Crisis (24:30) — Issues with food sourcing

Our guest today is Ben Harrison, who will be named as the head of BNY Mellon’s Pershing registered investment advisor (RIA) custody business, succeeding Mark Tibergien, effective June 1, 2020.  He joined Pershing in 2006 and was promoted to lead business development for advisory marketplace solutions on the West Coast in 2013. In 2015, Harrison became the head of business development for the RIA custody business. He took on the additional role of relationship management in 2019. He has been serving in his current role since then.  In this episode, we discuss the growth Pershing has had since he started his career, trends within the custody industry, lessons he learned from Mark Tibergien, and why he’s bullish on advice. Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL (0:38)  —  Colby Donovan and Steve Curley introduce the podcast (1:50 ) — Introduce Ben Harrison and his background (4:35) – Future of the custodian business (14:20) – What he’s learn from Mark Tibergien (17:30) – Pershing’s focus on the Central Florida market (19:55) – What separates Pershing from competitors (22:00) – Where to reach him: LinkedIn (22:08) – Who is the one person you’d love to have a conversation with right now? (22:55) - What are you most pessimistic and optimistic about in the world right now?

Our guest today is Danny Moses, who was the head trader at FrontPoint Partners under Steve Eisman during the housing crash in 2008 and was featured in Michael Lewis’ best-selling book “The Big Short: Inside the Doomsday Machine,” which was later turned into an Academy Award-winning movie. Our local co-host is Jeff Goll, a Managing Director and Head of Capital Markets for Hillpointe, a real estate development and investment firm based in Winter Park, FL. Prior to joining Hillpointe, Jeff was with DePrince, Race & Zollo, Inc., a Value Equity investment manager. Before that, Jeff worked with our guest today, Danny Moses, in institutional equity sales at FBR Capital Markets in New York. Jeff holds the CFA designation, and currently serves on the board of the directors for the CFA Society Orlando. In this episode, Danny discusses the lessons learned from his father that stick with him today, the current market environment and where he sees opportunities, why he’s very bearish in Tesla, how life changed after The Big Short, and how he’s been spending his time lately. Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL (0:38)  —  Colby Donovan and Jeff Goll introduce the podcast (2:15 ) —Lessons his father taught him (5:40) – Thoughts on today’s current environment compared to prior crises he’s lived through (12:43) – Thoughts on equities, fixed-income, gold and bitcoin going forward (16:12) – Great story on E-Trade from the GFC (20:48) – Follow up on his Tesla short thesis discussed during the 2018 CFA Society of Orlando Forecast Dinner (26:28) – Where he sees opportunities right now (29:05) – How life changed after The Big Short book and movie (31:38) – Moses’ recent time doing independent advising with Pharmapacks (33:50) – Where to reach him: Twitter (34:38) – Who’s the one person you want to have a conversation with? (34:58) – What are you most optimistic and pessimistic about in the world right now? (36:12) - What is the most egregious thing that you have seen in the investment management industry over the course of your career?

This episode features the CEO of Parametric, Brian Langstraat, CFA. Brian is responsible for Parametric’s firmwide strategy and organizational development. Since joining Parametric in 1990, Brian has held positions in portfolio management, product development, portfolio administration, marketing, and client service. In 2014 he was elected to the Eaton Vance Corp. board of directors. He earned a BA in economics and sociology from the University of Washington. In this episode, Brian begins with his background and why he chose to pursue the CFA designation.  Then he explains what direct indexing is, how it utilizes tax-loss harvesting to increase returns, the degree to which it is affected by tracking error, whether or not technology will affect account minimums in the future, and diversity within his firm.   (0:38) – Steve Curley and Colby Donovan introduce the episode (2:00) – Introduce Brian Langstraat, CFA (2:30) – Handling COVID-19 in Seattle (3:58) – His background (5:00) – Why he decided to pursue the CFA designation (6:40) – Explanation of direct indexing (17:00) – Handling new clients with pre-existing securities (22:15) – Handling tracking error (25:00) – Direct indexing vs. ETF’s (26:13) – Technology changes affecting account minimums (28:10) – Tax loss harvesting with fixed-income (30:00) – Racial and gender diversity within the investment management industry and his firm (32:38) – Learn more about direct indexing on their website (33:25) – Who’s the one person you’d like to have a conversation with right now? (35:25) - What are you most pessimistic and optimistic about in the world right now?  

This is Part II of our episode with Barry Ritholtz. If you haven’t listened to Part I, hit pause and listen to that first. This episode features Barry Ritholtz, co-founder, Chairman, and Chief Investment Officer of Ritholtz Wealth Management.  He is also the creator and host of the Masters in Business podcast/show on Bloomberg Radio and author of the book Bailout Nation, which was published in 2009. In the second of a two part episode, Ritholtz explains why he prefers active management in fixed-income over equities, how he curates which writers to follow, thoughts on the recent CFP Board decision and the Charles Schwab and TD Ameritrade merger, and what skills he recommends younger people prioritize. Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL (0:38) -  Colby Donovan introduces the podcast (0:59) – Why he favors active management in fixed-income over equities (4:11) – How he curates which writers to follow (9:50) – Serving women as a client base (14:47) – Form CRS (15:58) – Why he thinks the CFP Board shanked their recent decision (18:32) – Impact of Charles Schwab and T.D. Ameritrade merger on RIA’s (21:22) – What skills he thinks younger people prioritize who are pursuing a career in finance (25:20) – Who’s the one person you want to have a conversation with? (27:02) – What are you most optimistic and pessimistic about in the world right now?

This is Part I of a two-part episode; check back for Part II. This episode features Barry Ritholtz, co-founder, Chairman, and Chief Investment Officer of Ritholtz Wealth Management.  He is also the creator and host of the Masters in Business podcast/show on Bloomberg Radio and author of the book Bailout Nation, which was published in 2009. In the first of a two-part episode, Ritholtz dives into a discussion about bailouts, how current airline bailouts compare the bank bailouts in 2008-09, whether the government has made money on bailouts before and what restrictions should be placed on firms who take money from the government. Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL (0:38) -  Colby Donovan and Steve Curley introduce the podcast (3:55) – History of U.S. bailouts (6:35 – Is this a black swan? (8:42) – Discussion of his recent Bloomberg article (12:30) – Did the government make money on bailouts before? (17:00) - Thoughts on share repurchases (20:18) – How he grades the government’s bailout response in 2020

This episode features Liz Ann Sonders, Chief Investment Strategist at Charles Schwab.  In 1999, Liz Ann joined U.S. Trust—which was acquired by Schwab in 2000—as a Managing Director and member of its Investment Policy Committee. Before U.S. Trust, Liz Ann was a Managing Director and Senior Portfolio Manager at Avatar Associates (1986-1999), an original division of the Zweig/Avatar Group. She was recently named to the inaugural Barron’s “100 Most Influential Women in U.S. Finance.” In this episode, Liz Ann discusses her career path from Zweig/Avatar Group to Charles Schwab, gender diversity within the industry, how she decides what content to read, how she utilizes Twitter day-to-day, why she thinks the recovery will take the shape of a “Y,” and why she thinks diversification is as important as ever right now.  Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL (0:38) -  Colby Donovan and Steve Curley introduce the podcast (1:26) – Introduce Liz Ann Sonders (1:52) – Her career path (3:16) – Thoughts on gender diversity within finance (7:45) – How she scales herself around the Charles Schwab platform   (13:45) – How she utilizes Twitter  (16:13) – Her typical week and how that may change after social distancing measures are reduced (18:45) – Her thoughts on a possible “Y” shaped recovery (21:02) – Mistakes she could see investors making as the market rebounds (25:00) – What parts of the market she likes long-term (28:35) – Diversification benefits (30:34) – Why she thinks healthcare will drive the U.S.  (31:40) – Follow her on Twitter @LizAnnSonders and read her research here (33:10) – End of episode questions

This episode features Jan van Eck, CEO and Director of Van Eck Associates, which manages more than $50 billion. He originally joined the family firm in 1992. In this episode, van Eck discusses the history of his firm, the early days of his career and what led him to eventually join the family business, the future of gold and bitcoin, how his firm decides to launch an ETF, some of his more popular ETFs including e-sports, green bonds and fallen angels, and what the future is for the industry. Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL (0:38) -  Colby Donovan and Steve Curley introduce the podcast (1:50) – Introduce Jan van Eck (3:20) – His path to joining the family business (6:05) – Why investors need to read more history (10:05) – Thoughts on gold and cryptocurrencies right now (13:50) – Future of a bitcoin ETF (17:30) – How the firm has grown to $50 billion in assets (19:28) – Trends in the industry and with fund flows in 2020 (22:20) – His firms’ e-sports ETF ($ESPO) (24:00) – The firms’ decision-making process of launching a new ETF (25:20) – Importance of understanding China’s economy (27:00) – Next bet for Van Eck Associates (28:35) – Thoughts on Green Bonds (30:15) – What foreign countries offer attractive risk/reward right now (35:10) - What is the most egregious ethics violation you have seen over the course of your career?