Jason Hsu is the founder and chairman of Rayliant Global Advisors. Throughout his accomplished career, Jason’s commitment to academic rigor and investor advocacy have led him to research, develop, and bring to market investment strategies that create significant value for investors. At Rayliant, Jason is continuing that commitment by educating investors and offering products to transform the investment ecosystem in Asia and beyond. Prior to his current role, Jason was the co-founder and vice chairman of Research Affiliates.

Jason is at the forefront of the smart beta revolution and is one the world’s most recognized thought leaders in that space. Building on his pioneering work on the RAFI Fundamental Index™ approach to investing with Rob Arnott in 2005, he has published numerous articles on the topic, notably his articles “A Survey of Alternative Equity Index Strategies,” which won a 2011 Graham and Dodd Scroll Award and the Readers’ Choice Award from CFA Institute; and “The Surprising Alpha from Malkiel’s Monkey and Upside-Down Strategies,” which won the 2013 Bernstein Fabozzi/Jacobs Levy Award for Outstanding Paper in the Journal of Portfolio Management. In 2015, Jason received the Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for “A Study of Low-Volatility Portfolio Construction Methods” published in the Journal of Portfolio Management. He has twice received the William F. Sharpe Award for Best New Index Research (2005 and 2013), which is awarded by Institutional Investor Journals.

Jason is a member of the board of directors at the Anderson School of Management at UCLA, as well as a professor in finance. For his service to UCLA’s Anderson School, he received the 2009 Outstanding Service Award. He has also held visiting professorships at Tsinghua University, Kyoto University and Taiwan National Chengchi University.

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

Investing in the insurance landscape presents a stable backdrop of growth through the management of risks in a rapidly changing world. The insurance industry serves as a vital safety net for individuals, businesses, and society, offering financial protection against unforeseen events. At the same time, today’s changing world also exposes insurance company investors to various risks, including underwriting risk, investment risk, and regulatory changes. Underwriting margins are a key focus, reflecting the balance between premiums collected and claims paid. Careful and disciplined underwriters can find pricing opportunities in today’s environment given the increasing role of climate change in the risk equation. Investors may also find opportunities in the growing space of technology-driven innovation, Insurtech startups, as well as the emerging market economies where insurance penetration remains relatively low. Building a diversified portfolio within the insurance sector requires careful consideration of these opportunities and risks alongside a strategic approach to asset allocation, inflation, and risk management. In this episode, Nick Martin shares a wealth of insights and expertise gathered from his extensive career in the insurance and investment landscape. Listen in to learn the emerging trends, opportunities, and challenges that investors may encounter, including exciting innovations driving transformation and more.

Nick joined Polar Capital in September 2010 and is fund manager of the Polar Capital Global Insurance Strategy (previously the Hiscox Insurance Strategy). Nick has worked on the Strategy since 2001 when he joined Hiscox plc. He participated in the management buyout of Hiscox Investment Management in 2007 when the business was renamed HIM Capital Ltd. Nick has developed a broad knowledge of the insurance sector during this time and from working for the chartered accountants, Mazars Neville Russell, where he specialized in audit and consultancy work for insurance companies and brokers.

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

In today's rapidly changing investment landscape, the expectations placed on corporations include a call for greater responsibility and transparency. Companies that focus on long-term value creation for their shareholders must prioritize financial stability, transparency, decentralized collaboration, and a culture of open communication. In doing so, these firms are the best positioned to reap the benefits of their efforts and measure the value they create over time. Building a better working environment and focusing on the long-term value creation leads to a sustainable business—even in economic downturns—while charting the course for the next generation of leaders, thereby ensuring the company's principles continue to thrive. In this episode, Ben Watsa shares his journey, including his leadership style, investment philosophy, and invaluable tools to enhance your investment acumen and ability to navigate the evolving investment landscape through timeless lessons and principles.

Ben is the President and Founder of Marval Capital Ltd. ("Marval") which began operations in 2017 and manages over $220 million in assets. Mr. Watsa has over two decades of experience in the investment industry. Prior to Marval, Mr. Watsa was a Partner and Portfolio Manager at Lissom Investment Management Inc. for over a decade, and spent five years in New York as an investment banker in the Financial Institutions Group at Banc of America Securities and at Cochran Caronia Waller. Mr. Watsa serves as; a director of Fairfax Financial Holdings Limited and Fairfax India Holdings Corporation, the advisory board of Impression Ventures, and holds the position of director emeritus for his work and contributions as a director and the Vice Chair of the Investment Committee for the Rideau Hall Foundation. Mr. Watsa was recognized as a top 50 Under Fifty Indo-Canadian leader, and is also a member of the Young Presidents’ Organization and a member of the Toronto Club’s Membership Committee. 

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

In this episode, we are joined by Bogumil Baranowski to talk about stock investing, managing generational wealth, his investment philosophy, ways to become a better investor, and how to change your environment and think differently as an investor. Bogumil is a founding partner of Sicart Associates LLC, a boutique investment firm catering to families and entrepreneurs on both sides of the Atlantic and the Pacific. He is the author of Outsmarting the Crowd: A Value Investor’s Guide to Starting, Building and Keeping a Family Fortune, and Money, Life, Family: My Handbook: My complete collection of Principles on Investing, finding work and life balance, and preserving family wealth. He also has a new book out called Crisis Investing:100 Essays: Lessons from Managing Family Fortunes through the Global COVID Pandemic and Beyond. As a passion project, he also wrote Living Where Others Vacation: A Travelogue, a pandemic memoir, a Blueprint for a better life, and work from anywhere. Bogumil is the host of the increasingly popular Talking Billions podcast, which features intimate conversations about money, wealth and living a rich and fulfilling life.
Stay connected:
https://bogumilbaranowski.com/
https://www.sicartassociates.com/
https://www.talkingbillions.co/
https://bogumilbaranowski.substack.com/
https://twitter.com/bogumil_nyc
https://www.linkedin.com/in/bogumil-baranowski/
Books mentioned in the episode:
Crisis Investing (Bogumil): https://amzn.to/46So1Q7
Money Life Family (Bogumil): https://amzn.to/46MsCDv
Living Where Others Vacation (Bogumil): https://amzn.to/3PT6amh
Outsmarting the Crowd (Bogumil): https://amzn.to/3Dcabuz
Ergodicity (Dellanna): https://amzn.to/3NU3Zfn
100 Baggers (Mayer): https://amzn.to/3PX45Ws
One Up on Wall Street (Lynch): https://amzn.to/46IvFwB
Bogumil's article (mentioned towards the end of the show): https://bogumilbaranowski.substack.com/p/game-overs-and-do-overs

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

The shrinking cohort of quality shareholders and rising number of transient shareholders lacking an understanding of corporate governance has led to a rise in cookie-cutter corporate governance practices. When transient shareholders view stocks as mere pieces of paper for trading, long-term factors of value creation and corporate governance are more likely to suffer. In many cases, the entire business model can become aligned with tactics seeking immediate profits at the expense of strategic visions seeking sustainable growth. Creating lasting value for stockholders entails nurturing and protecting customers, employees, and the surrounding community. Corporate focus on creating long-term and durable value for these parties will naturally lead to better societal outcomes. Therefore, as a manager, corporate director, or shareholder, interpreting the alignment of corporate focus, governance, and resulting shareholder cohorts can provide important signals surrounding prospective long-term returns in this evolving landscape. Transient shareholders may coincide with transient returns while quality shareholders may signal lasting returns over a longer period of time.

In this episode, we are joined by Lawrence Cunningham to talk about corporate governance, investing, different types of shareholders, the role of shareholder letters, trust, succession, and director’s compensation. Lawrence is a leading authority on the relationships between corporate governance, finance, and investing. He is an exceptional scholar, author, and professor who has left an enduring mark in the world of business and academia. Lawrence has garnered widespread acclaim for his invaluable contribution to the field of corporate governance. As a professor Emeritus at George Washington University Law School and other esteemed institutions, he has had a profound impact on shaping the minds of future business leaders.  

Lawrence has authored numerous critically acclaimed books, including the Essays of Warren Buffett, Lessons for Corporate America, Dear Shareholder, Berkshire Beyond Buffett, Margin of Trust, which he co-authored with his wife, and Quality Investing: Owning the Best Companies for the Long-Term. His writing has become essential reading for anyone seeking to gain a deep understanding of these intricate subjects.  The wisdom and insights Lawrence has garnered throughout his illustrious career are truly priceless. This is an episode you can’t miss!

What You Will Learn:

• [00:01] Episode intro and a quick bio of the guest, Lawrence Cunningham
• [03:27] Lawrence's background and how he got into corporate governance and investing.
• [06:15] CEOs that Lawrence finds accomplished and skilled in writing investor letters.
• [11:51] Lawrence’s four categories of shareholders including quality shareholders
• [20:28] The shrinking quality shareholders cohort and its impact on corporate governance
• [30:15] The concerns on proxy voting firms' consolidation of power and recommendation  
• [32:59] The correlation between the erosion of quality shareholders and monetary policy 
• [35:50] The blowback on the role of ETF providers and proxy vetting through ESG 
• [42:57] How shareholders' letters can help enhance diversity and inclusiveness.  
• [48:10] Why trust is essential to an organization and the consolidation of trust-based businesses.
• [56:57] The best way for investors to measure trust within an organization. 
• [59:45] The role of trust in succession and the principles in Lawrence's book,

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

Blending Imagination with Expertise to Nurture your Investment Acumen  

with Christopher Begg 

To truly thrive in investing, nurturing the right side of your brain and strengthening your investment acumen is critical. By cultivating and harnessing your creative edge, you can unlock the ability to see the bigger picture and make informed investment decisions. Exploring opportunities in certain uncertainties and volatile landscapes becomes a captivating endeavor driven by the pursuit of gaining an edge in investing. However, as an investor, stepping back and grasping the entire landscape proves invaluable, as it pushes you to delve into the depths of businesses, understand their culture, and meet their customers. This immersive process enables you to build a tangible understanding of the businesses you invest in, enhancing your competitive advantages and opening doors to alternative investment opportunities. By blending imagination, curiosity, and expertise, you pave the way for unrivaled insights and success in the dynamic world of investing. 

Christopher is the Chief Executive Officer, Chief Investment Officer, and co-founder of East Coast Asset Management. He also serves as an adjunct associate professor at the Heilbrunn Center of Graham and Dodd Investing at Columbia Business School, where he teaches Security Analysis.  

Christopher's investment philosophy and passion for investing are something you can't miss! 

Tune in! 

What You Will Learn: 

• [01:53] Christopher's background, how he began investing and ended up as an adjunct professor 
• [06:44] Some of Christopher's most esteemed and favorite guest speakers over the years 
• [09:47] Nurturing the right side of your brain to be more creative and see the bigger picture 
• [15:31] Principles on how to strengthen your investment acumen 
• [18:45] How Christopher works as a professor to help his students cultivate exploration of the right side of the brain 
• [23:28] Investing in certain uncertainties and volatile investment environments.  
• [27:47] What Christopher looks for when investing and his process of making investment decisions  
• [30:27] Six principles to help you factor in Capital Allocation across geography in your decision-making process  
• [35:51] Is there an edge in investing that makes it worth pursuing?  
• [38:25] How understanding business through the eyes of an operator makes you a better investor  
• [41:43] The power and importance of expressing culture in every detail of your business 
• [47:41] Christopher's perspective on where valuations are and what is keeping him awake at night 
• [53:47] How to leverage AI for transformation and enhancing your competitive advantages 

  Standout Quotes: 

1. “In investing, stepping back and seeing the whole picture is so valuable.”- Christopher Begg [10:10] 
2. “The certain uncertainties are wonderful little models to see the fractal that exists across many systems.”- Christopher Begg [23:53] 
3. “As investors, we think we know everything there is about a business, but we have to go out and meet with these businesses, understand them, meet their customers and build tangible understanding of what the business and culture is”- Christopher Begg [33:19] 
4. “You can't outsource judgement; tohave judgement is to touch the source material.” - Christopher Begg [33:48]

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

In an environment where the dollar's value is volatile and inflation is on the rise, investors face challenges but should stay vigilant in their search for opportunities. History has shown that equities remain a durable long-term strategy given their ability to grow their earnings and cash flows over time. Investors willing to search more broadly in the equity markets should not be surprised to discover compelling opportunities in these uncertain times, but they must be prepared to consider stocks that are temporarily unpopular. Join our conversation with Arnold Van Den Berg, a long-time investor with a proven, yet hard-earned skill to overcome adversity in both life and in the markets. During our discussion, Arnold shares his gripping life journey and experience as a Holocaust Survivor, as well as his later development as an investor. Along the way, he also shares with us his views on current investment opportunities, and his concerns regarding the market. Arnold began his career in investments in 1968 as the US stock market was experiencing its worst decline since the Great Depression. Arnold spent these difficult years studying Wall Street, the markets, and various investment philosophies and ultimately concluded that the managers who used a value-based investment strategy protected their customers' capital better and provided more consistent investment results than managers using other investment strategies. In September of 1974, Arnold started his own investment advisory business, Century Management, and uses a value investment approach. From humble beginnings, Arnold learned early on what it means to work hard, sacrifice, and help others. It is this spirit of service that has shaped the way he lives his life and runs his business.

[03:37] Arnold's background and his experience as a Holocaust Survivor 

[25:06] Lessons from Arnold's father’s story on a death march on focus and thought control

[32:57] How Arnold transitioned to a career in investing and how he applied his skills 

[58:16] Investment principles and how they apply to Arnold's strategy as an investor

[01:02:52] How Arnold is investing in natural gas and why it is a lucrative space for investor

[01:08:27] What is concerning Arnold today about the future of the US dollar

[01:15:11] Debt-equity and inflation rate compared to the 70s and Arnold's resource article 

[01:17:50] Arnold’s recommendation on how investors can protect themselves from inflation

“When you focus the mind and control it, you can do many things that you never believed that you could, the mind creates its own energy by focusing.”- Arnold [27:43]

“The most important thing is not what you eat. It is not what you think. It is not what you do. It is what you believe; and what you believe focuses the subconscious mind and creates it.”- Arnold [30:04]

“If your principles are more important than your life, you sacrifice your life for your principles; if your life is more important than your principles, you sacrifice your principles. You have to develop a philosophy that you can live with that creates character and integrity so that no matter what you are faced with you are not going to sacrifice your principles.”- Arnold [45:31] 

“The real inflation doesn't come from just printing money, it comes when the dollar collapses and you have to pay more for everything.” - Arnold [75:33]

“When the dollar is going down and you’ve got inflation, the way you invest is you buy assets, you don't buy equities.” - Arnold [78:09] 

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

Managing Risk in a Volatile Market with Matthew McLennan's Approach 

The investment landscape has evolved significantly over the years, and with the uncertainty in the market, it is essential to adapt strategies accordingly to stay ahead of the game. As an investor, you must be open to new opportunities and practice intellectual humility, patience, and flexibility in your strategy. Methods should include differentiated investment approaches and a dedicated focus on long-term returns. Investors can make the mistake of obsessing over near-term economic metrics, including inflation, or striving for perfection in short-term results.  

Join our conversation with guest Matthew McLennan as he shares his investment philosophy, risk management strategies for a volatile market, and outlook for the global economy. As co-head of the Global Value team and a portfolio manager of various strategies, Matthew has a wealth of experience in the investment industry. Prior to joining First Eagle, he co-founded and co-managed a focused global equity portfolio for offshore private wealth clients at Goldman Sachs Asset Management in London. He also served as the equity chief investment officer of the investment strategy group for Goldman Sachs' private client business. Learn how to create a high-performance investment portfolio that stands the test of time.

What You Will Learn:

● [00:01] Episode intro and a quick bio of the guest, Matthew McLennan

● [02:55] How Matthew became interested in investing and in pursuing it as a career

● [06:53] Investing landscape and how Matthew has adapted his strategy to stay ahead of the curve 

● [08:58] Revolutionizing the traditional ways of handling balance sheets and asset  

● [11:45] Matthew's experience with the market and interest rates and how he repositioned  

● [19:19] How Matthew has preserved the culture of the First Eagle in the changing market 

● [23:38] First Eagle; the use of gold and cash in the portfolio and the strategy behind it

● [28:51] Mistakes investors make in the gold market in inflation and financial repression 

● [33:01] How Matthew goes through the decision-making process of holding gold 

● [34:44] First Eagle distribution in the world and the opportunities they see outside the US  

● [38:41] Where Matthew draws the line for factors that are more complex to a bottom-up analyst  

● [41:29] Tips to cultivate the right temperament and build in humility, patience, and flexibility in your strategy

● [44:37] Matthew’s investment time horizon, its nature, and offers in the Market

● [45:50] What Matthew does at First Eagle as an investment portfolio manager

● [49:54] The philosophy of position sizing and the mistake most investors make 

● [51:52] What keeps Matthew awake in his investment strategy

● [53:30] Where to learn more about Matthew's strategy and his company 

Tune in!

Standout Quotes:

● “Sometimes in life, you have to make all the right mistakes before you chart a more reasoned course.”- Matthew [02:57]

● “Investing when done properly it is all about compounding out at a satisfactory rate of return and avoiding the permanent impairment of capital rather than swinging for the fences.”- Matthew [06:01] 

● “Growth is only valuable if it is profitable.”- Matthew [10:32]

● “A lot of good things in life take time; great artists are often recognized after they have painted the

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

One of the benefits to investing is the range of research driven approaches that investors can employ towards making their investment decisions. After careful study and practice, investors often choose between or may even blend fundamental and quantitative strategies. Both fundamental and quantitative strategies incorporate a substantial use and analysis financial data, but fundamental approaches delve much further into the qualitative aspects of the company, including management quality, competitive positioning, capital allocation decisions and often an estimation of a firm’s intrinsic value. Conversely, quantitative strategies remain considerably more numbers driven regarding both investment selection and portfolio management. While some observers may believe quantitative investing overlooks important qualitative elements, proponents of the quantitative discipline can point to a dispassionate investment process that removes emotion and the pitfalls of human persuasion. In reality, both approaches work, and astute investors often incorporate elements from both fundamental and quantitative strategies into their approach.

Ryan Myers, a Portfolio Manager at Causeway Capital Management, joins us to talk more about these strategies for investing in global small-cap equities. Mr. Myers is a quantitative portfolio manager at Causeway. He joined the firm in June 2013 and has been a portfolio manager since January 2021. His responsibilities include alpha research, stock selection, and portfolio construction. Mr. Myers earned a BA, magna cum laude, in economics from Harvard University, where he was elected to Phi Beta Kappa. He earned an MBA from the Stanford Graduate School of Business, where he was an Arjay Miller Scholar. Mr. Myers currently serves on the Board of Trustees of the Yosemite Conservancy, an organization dedicated to supporting projects and programs that preserve Yosemite National Park and enrich the visitor experience.

What You Will Learn:

●        [00:01] Episode intro and a quick bio of the guest, Ryan Myers

●        [02:45] Ryan’s role at Causeway Capital Management 

●        [03:23] His backstory and what led him to the investing career path

●        [05:44] Ryan’s views on the current international small-cap equities

●        [11:31] How the rising interest rates in the US are affecting the international markets

●        [17:07] Macro and micro factors Ryan and his company pay attention to before investing

●        [23:52] Number of stocks in the stock universe

●        [27:18] Factors Ryan uses to weigh on the international stocks to invest

●        [32:40] Number of stocks in the Causeway Capital Management portfolio

●        [35:30] How the quantitative team sorts the stock companies selected for investment

●        [41:59] The meaning and causes of rebalancing portfolio in investments

●        [44:30] Why quantitative investing needs to be evolutionary

●        [47:15] The use of machine learning and AI to influence portfolio decisions

●        [52:25] Ryan’s competitive advantage to the quantitative approach to small caps

●        [59:24] What keeps Ryan awake in this investment strategy

●        [01:01:12] Call to action and ending the show

Website: https://www.causewaycap.com
Linkedin: https://www.linkedin.com/in/

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

The investing industry has been fortunate to have a variety of role models and mentors who have modeled success in all of its forms. Through his book, Richer, Wiser, Happier, William Green discusses some of the world's most successful investors and what qualities and insights enable them to achieve enduring success. In today’s episode, we touch on a few of those investors, along with highlighting the impacts that my uncle, Sir John Templeton, made in William’s life.

Investing the Templeton Way with Lauren Templeton is a podcast that explores the world’s most intriguing investment topics from the overseas markets to mastering our own minds. Gather investment wisdom and educate yourself as you listen to interviews with exclusive managers, executives, and entrepreneurs on a wide range of engaging topics.

Connect with William Green

Richer, Wiser, Happier The Podcast

Richer, Wiser, Happier The Book

Williamgreenwrites.com

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.

The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.