The Long View

Neil Shearing, Group Chief Economist at Capital Economics and author of 'The Fractured Age', dives into the complexities of the global economy amidst rising geopolitical tensions. He discusses how US-China rivalry challenges the narrative of deglobalization, using Huawei as a case study. The episode uncovers the influence of AI on productivity and geopolitical dynamics, notably Taiwan's strategic role in chip production. Shearing also examines the resilience of the US dollar and potential shifts in supply chains, spotlighting countries like Vietnam and Mexico.

In this enlightening discussion, Lawrence Lam, managing director of Lumenary Investment Management and author of 'The Founder Effect', shares his insights on founder-led companies. He delves into why these businesses often outshine traditional firms, influenced by his own familial legacy in entrepreneurship. Lawrence explores the remarkable rise of Chemist Warehouse and its innovative strategies. He also highlights leadership lessons from Arista Networks, emphasizing adaptability and strategic insights essential for long-term success in investing.

Christine Benz, Morningstar’s director of personal finance and retirement planning, dives into the current investment landscape. She discusses the risks of complacency in the stock market and emphasizes strategic diversification, especially into international stocks. Benz advocates for mutual funds and ETFs for simplified investing as we age. As emotional investing can cloud judgement, she suggests annual portfolio reviews. The conversation also touches on aligning investment strategies with personal goals for a successful retirement.

Nick Murray, a seasoned author and financial advisor known for 'Simple Wealth, Inevitable Wealth' and his newsletter 'Nick Murray Interactive', shares profound insights on investor behavior and financial planning. He discusses the historical lessons drawn from past market crises and the psychological hurdles investors often face. Murray emphasizes the necessity of disciplined strategies and cash reserves for retirees. He also highlights the importance of navigating market cycles with a long-term focus, reassuring clients to stay committed despite volatility.

Charley Ellis, founder of Greenwich Associates and author of 'Winning the Loser's Game,' shares his extensive expertise in investment consulting. He discusses the power curve of investing, emphasizing the importance of starting early for maximum growth. The conversation tackles how technology has leveled the playing field for individual investors while critically analyzing the drawbacks of high-fee active management. Ellis advocates for low-cost index funds, addressing the complex dynamics between financial advisors and clients, urging a focus on long-term strategies for wealth building.

Cliff Asness, founder of AQR Capital Management and a renowned voice in financial research, returns to discuss pressing economic issues. He critiques the impact of tariffs and stagflation on investment strategies, advocating for diversification and uncorrelated assets. The conversation takes a humorous detour into the absurdities of meme coins while emphasizing the enduring value of well-chosen investments. Asness also examines the ongoing debate between value and growth stocks and explores the transformative role of AI in quantitative investing.

Nick Maggiulli, COO and data scientist at Ritholtz Wealth Management, returns to share insights from his new book, 'The Wealth Ladder.' He discusses the six levels of wealth and how the pandemic reshaped economic classes. Nick highlights the importance of aligning spending with personal values and introduces the 0.01 percent rule for smarter financial decisions. He also critiques the FIRE movement, stressing the need for purpose beyond just financial independence. Dive into wealth strategies and the psychology behind money in this engaging conversation!

Brian Selmo, portfolio manager and research director at First Pacific Advisors, shares invaluable insights on navigating today's financial landscape. He discusses the importance of diversification and emphasizes investing in quality businesses over macro predictions. The dynamic of healthcare investments post-COVID is explored, alongside the potential of AI in this sector. Selmo also delves into emerging markets and the advantages of private market investments, while highlighting the crucial role of effective communication to maintain investor confidence during downturns.

In this engaging discussion, Salim Ramji, CEO of Vanguard, shares insights from his extensive background at BlackRock and McKinsey. He talks about Vanguard's mission to simplify investments amid rising portfolio complexity. Ramji emphasizes the importance of fee reductions for better investor outcomes and introduces innovative AI-driven tools enhancing client service. He also touches on the challenges of transitioning from wealth accumulation to retirement steadying, advocating for a balanced approach between active and passive investment strategies.

JL Collins, a leading voice in financial independence, returns to discuss the updated edition of his bestseller, The Simple Path to Wealth. He shares timeless investment philosophies and emphasizes the importance of personal resilience in achieving financial goals. The conversation tackles student debt and strategic investment approaches, advocating for simplicity in investing. Using a humorous beer metaphor, JL distinguishes between speculative bubbles and solid investments, while promoting low-cost index funds for effective diversification.