The Disciplined Investor

Andrew and Tom discussed the importance of asset allocation in managing investment portfolios, emphasizing the need for balancing risk and reward based on individual financial goals and risk tolerance.

We also also explored the concept of a “mosaic” approach to analyzing portfolios, considering various factors such as economic growth, inflation, interest rates, policy, and sentiment.

3 E’s – Earnings, Election and Economics….

Our conversation also covered the current state of the economy, the stock market, and the potential impact of the Federal Reserve’s actions on interest rates and housing affordability.

Guest: Tom Nelson, Franklin Templeton Funds

Tom Nelson is a senior vice president and head of asset allocation portfolio management for Franklin Templeton Investment Solutions. He is a member of the Investment Strategy & Research Committee.

He is a portfolio manager of a number of funds offered for sale in various jurisdictions. He is lead portfolio manager of the Franklin NextStep Fund series, the Franklin VolSmart Allocation VIP Fund and numerous model portfolio programs. He is portfolio manager of Franklin LifeSmart Retirement Target Funds, the Franklin Fund Allocator Series available in the United States and several custom institutional portfolio mandates.

Mr. Nelson joined Franklin Templeton in 2007 and co-founded the firm’s quantitative research services group upon joining the company. He moved to Franklin Templeton Investment Solutions in 2009. Prior to working at Franklin Templeton, Mr. Nelson worked for Bloomberg LP from 1991 to 2007, where he was most recently manager of the Americas market specialist teams.

Mr. Nelson holds a B.S. in accounting from the University of Delaware. He is a Chartered Financial Analyst (CFA) charterholder and a Chartered Alternative Investment Analyst (CAIA) charterholder. He is a member of the CFA Institute, the New York Society of Security Analysts and the Chartered Alternative Investment Analyst Association.

Check this out and find out more at: http://www.interactivebrokers.com/

Stocks Mentioned in the Episode: (GLD), (MSFT), (AAPL), (OIL), (NVDA)

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Andrew and David discussed the financial industry, focusing on timeless topics and the role of Jeremy Grantham.

In this episode, we also explored the challenges of valuing private equity investments, the importance of having a clear investment strategy, and the impact of government intervention in capital markets. A spirited discussion followed about our contrasting views on China and Japan, and discussed the current state of the economy, particularly focusing on inflation and the actions of the Federal Reserve.

Guest: David Salem – HedgeEye

David Salem, Managing Director – Capital Allocation @ Hedgeye

Prior to joining Hedgeye in early 2023, David served as founding President and Chief Investment Officer of The Investment Fund for Foundations (TIFF) and as a partner at GMO, working closely with Jeremy Grantham on investment solutions for large institutional funds.

David received a JD cum laude from Harvard Law School and an MBA with high distinction from Harvard Business School, where he was elected a Baker Scholar. A member of the District of Columbia Bar, David has held adjunct faculty positions at Middlebury College, from which he earned his undergraduate degree summa cum laude, and the University of Virginia, and served in the White House Counsel’s office while enrolled at Harvard.

David’s has given talks at many colleges and universities, including Dartmouth, Duke, Harvard, MIT, Middlebury, Northwestern, and Oxford, and at conferences organized by the Association of Governing Boards, the CFA Institute, the Council on Foundations, the Foundation Financial Officers Group and NACUBO among other organizations.

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CHARTS DISCUSSED IN THIS EPISODE

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Stocks mentioned in this episode: (META), (AAPL), (NVDA), (MSFT)

Ed and Andrew discussed the potential impact of inflation on the economy.

Unpredictable environments and the potential impact of low inflation on market trends.

Lastly, we debated the what is the long-term impact of AI on productivity and market trends.

And our guest – Ed Easterling of Crestmont Research

Ed Easterling is the founder and President of Crestmont Holdings, an Oregon-based investment management and research firm that publishes provocative research on the financial markets at www.CrestmontResearch.com. He has over thirty years of alternative investment experience, including financial markets, private equity, and business operations.

Mr. Easterling is the author of recently-released Probable Outcomes: Secular Stock Market Insights and Unexpected Returns: Understanding Secular Stock Market Cycles (Cypress House; 2005). In addition, he is contributing author to Just One Thing (John Wiley & Sons; 2005) and co-author of chapters in Bull‘s Eye Investing by John Mauldin. Mr. Easterling is a Senior Fellow and a Board Member at the Alternative Asset Management Center at SMU‘s Cox School of Business in Dallas, and previously served as a member of the adjunct faculty teaching the course on alternative investments and hedge funds for MBA students. Mr. Easterling holds a BBA in business, a BA in psychology, and an MBA from Southern Methodist University.

Check this out and find out more at: http://www.interactivebrokers.com/

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 Stocks mentioned in this episode: (SPY), (AAPL)

GDP Numbers may be coming in hot.

More new highs for markets.

2 weeks away from the presidential election.

This week’s guest, Tax Expert – Dan Pilla.

Daniel Pilla is an expert in IRS procedure and advocate of taxpayer rights. Author of “How to Win Your Tax Audit.”

Dan Pilla’s primary calling is that of tax litigator. He is considered America’s leader in taxpayer defense, taxpayers’ rights, and IRS abuse prevention and cure. Regarded as one of the country’s premiere experts in IRS procedures and general tax financial-problems resolution techniques, he has helped hundreds of thousands of citizens solve personal and business tax problems they thought might never be solved.

As the author of fifteen books, dozens of research reports, and well over a thousand articles, Dan’s work is regularly featured on radio and television, as well as in major newspapers, leading magazines and trade publications nationwide. Dan is a frequent guest on numerous talk radio and TV programs where he is heard by millions of people each year.   Visit Dan’s Website

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Check this out and find out more at: http://www.interactivebrokers.com/

CHARTS DISCUSSED IN THIS EPISODE

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Looking for style diversification? More information on the TDI Managed Growth Strategy – HERE

Stocks mentioned in this episode: (SPY), (QQQ), (NFLX)

New Highs across the board – (Big Caps – not the small caps).

China stocks get obliterated.

Rates moving up – CPI report….

This week’s guest, Patrick O’Hare – Chief Market Analyst for Briefing.com.

Patrick has been with Briefing.com since 1997 and authors the Page One, The Big Picture, Fed Brief, Market View, and Economic Data Reviews columns. He also provides commentary on Live In Play.

Every Wednesday morning Patrick is a guest on KDOW’s The Rob Black Show. He is quoted regularly in the financial press and has also appeared on CBS Radio, CNBC, CNN International, Fox Business Network, and PBS’ Nightly Business Report.

Patrick is a graduate of Vanderbilt University and is located in Chicago.

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Check this out and find out more at: http://www.interactivebrokers.com/

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 Stocks mentioned in this episode: (SPY), (FXI), (VXX), (MCHI)

Shocking – Rates running higher on better then expected jobs report.

Oil on the move as the Middle East conflict intensifies.

China and Emerging Markets on Fire – breaking out from long base.

This week’s guest – Tim Knight – a self proclaimed Permabear.

Tim Knight has been charting and trading since 1987. His first stock trade was, in fact, on October 19, 1987 – the day of the crash – which perhaps goes a long way explaining his disposition toward bearishness.

He has been involved in personal computers since late 1979 and, starting at age 16, began writing a couple dozen books about using and programming computers. His most recent writing has been focused on charting and the history of financial markets, including his newest books, Panic, Prosperity, and Progress, and, more recently, Silicon Valley Babble On and Solid State, his first novel.

He has been running Slope since March 29 2005 and has, during that time, written more than 30,000 posts on the site.

In 1992 Knight founded Prophet, a web-based technical analysis company that was acquired by Investools (and, later, Ameritrade) in January 2005. Tim served as Senior Vice President of Technology for Investools from 2005 through 2010. Both Barron’s & Forbes consistently named Prophet the #1 website for technical analysis.

Besides running the Slope of Hope, Tim also hosts a daily show on the tastylive network, Trading Charts with Tim Knight.

You can find Sam Burns & Mill Street Research at https://slopeofhope.com/ and on Twitter at @slopeofhope.

Check this out and find out more at: http://www.interactivebrokers.com/

CHARTS DISCUSSED IN THIS EPISODE

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Looking for style diversification? More information on the TDI Managed Growth Strategy – HERE

Stocks mentioned in this episode: (SPY), (FXI), (QQQ)

China surges, then drops then surges – after massive stimulus introduced.

Tech leads into the end of the quarter.

Metals, including copper get a boost.

And out Guest, Manual Blay – The Dow Theory.com  – Newsletter – Home of the Schannep & Blay Timing Indicators.

Manuel Blay is the editor of TheDowTheory.com, a top-ranked investment letter that has garnered a remarkable reputation for assisting investors in navigating Bear markets while maximizing profits during Bull markets. Mr. Blay’s investment Letter is frequently quoted by Forbes, MarketWatch, Yahoo Finance, etc. Furthermore, he has extended the application of the Dow Theory beyond stocks to encompass U.S. bonds and precious metals.

Throughout his career, Mr. Blay has actively traded for his personal portfolio. Prior to his endeavors as a trader and investment writer, he held a directorial position at an investment fund management company.

Check this out and find out more at: http://www.interactivebrokers.com/

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 Stocks mentioned in this episode: (QQQ), (SPY), (RSP), (DIA)

Rate cuts are sparking excitement.

Market playbook resetting to lower rate outlook.

Tech spitting and sputtering.

Oil gets a lift after crashing though key support.

And our guest this week is Steve Sanders – EVP at Interactive Brokers

Steve Sanders is Executive Vice President of Marketing & Product Development at Interactive Brokers. In this capacity, he oversees all marketing and product development efforts at the company and introduces Interactive Brokers’ low commissions, advanced trading technology and breadth of product worldwide to advanced individual and institutional investors globally.

Steve joined Interactive Brokers in 2001 to establish the company’s platform for financial advisors. Since that time, he has been responsible for many key initiatives including building a direct / digital marketing program, developing a new account structure and registration process for institutional investor clients and contributing to the deployment of the company’s Integrated Investment Account.  During his over twenty-year tenure with the company, Steve has remained focused on providing IBKR clients with the products, tools and resources necessary to meet a wide variety of trading and investing objectives, which he believes has contributed to the company’s extraordinary growth over the years.

Prior to joining Interactive Brokers, Steve spent fifteen years at Citibank in a variety of positions including Managing Director and Chief Technology Officer of Cybic, a “Request for Quote” exchange to facilitate the distribution of OTC derivative products to retail investors, which he developed. Before that, he held diverse roles throughout the organization in credit & risk management, marketing, financial planning, and product structuring functions.

Steve holds an MBA in Finance from the University of Chicago and an undergraduate degree from SUNY at Albany in Accounting and Computer Science.

Check this out and find out more at: http://www.interactivebrokers.com/

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Looking for style diversification? More information on the TDI Managed Growth Strategy – HERE

Stocks mentioned in this episode: (SPY), (QQQ), (NVDA)

Surge and plunge – plunge and surge – new market realities.

Risk up – but that is quickly undone.

The Debate breathes life into a few sectors.

Guest, Frank Curzio – Curzio Research – the outlook into the end of the year.

Frank Curzio is an equity analyst with close to three decades of experience covering small- and mid-cap stocks.

Check out his newsletters. (Free trial subscriptions available)

He has been the editor of several well respected newsletters with major companies as well on of the top performers with TheStreet.com where he significantly outperformed the markets during his tenure. He was also a research analyst for Jim Cramer. Frank is the host of Wall Street Unplugged.

Frank has been a guest on various media outlets including Fox Business News, CNBC’s The Kudlow Report and CNBC’s The Call. He has also been mentioned numerous times on Jim Cramer’s™s Mad Money, is a featured guest on CNN Radio and has been quoted in financial magazines and websites. Before TheStreet.com, Frank was the editor of The FXC Newsletter and received one of the top rankings by Hulbert’s Financial Digest for risk-adjusted performance.

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Check this out and find out more at: http://www.interactivebrokers.com/

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Looking for style diversification? More information on the TDI Managed Growth Strategy – HERE

Stocks mentioned in this episode: (NVDA), (NFLX), (AAPL), (HD), (LOW), (JPM), (AMD), URA, (TAN), (XLU)

September – not usually the best seasonal trends

A question: Diversification – what is it and why do I need it?

Active Management and Passive Strategies – a primer.

Check this out and find out more at: http://www.interactivebrokers.com/

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Looking for style diversification? More information on the TDI Managed Growth Strategy – HERE

Stocks mentioned in this episode: (N/A)