The Talk Exchange by Regency Capital

Neil Rose and Kawika Shoji share some thoughts on the current market environment. They touch on the election, other macro considerations, and extended trends in stock leadership.

Neil Rose and Kawika Shoji discuss the various strategies at Regency Capital and how they have done in the first three years of the firm. 

• Past performance is never indicative of future results but looking back at the All-Weather Absolute Return, Balanced & Diversified, All Stock, Global Stock and Income Plus results as a way to evaluate process is always a valuable tool. 
• Long-Term vs. Short-Term view of performance.
• The emotional components of investing. How leaning into a process can minimize emotionally driven decisions.
• Why now is an interesting time for income investors.

Neil Rose gives candid responses to common client questions that Kawika Shoji has received in these past weeks.

• Active vs Passive Investing
• Opportunities outside the Magnificent Seven
• Taking chips off the table
• REITs and spinoffs

Episode 008 | Sizing Does Matter

Episode 007 | Springtime for Income -
Neil Rose and Arthur Mallet explain why the historic drop in bond prices—amid a bear market in stocks, no less—is raising longer-term income generation in Regency Capital portfolios. Also discussed: inflation and macro-ideas, asset “balance”, how to think about losses and losing, buying cheaper, and position sizing.

Episode 006 | Bonds in Free Fall -
Investors have noticed the correction in stocks and a growing chance of recession. But the real carnage has come from the bond market. Neil Rose and Arthur Mallet discuss the ramifications of an asset class that's not as safe as people think.

Episode 005 | Relentless Value: Lessons from Costco -
Neil says to understand Costco is to understand Regency Capital’s approach to stocks. It's a long term holding in a business that’s well-known but perhaps not fully understood: “Costco is not a retailer.” He describes its simple yet powerful business model and competitive “moat” and what he’s learned from the company.

Neil and Arthur also reflect on their journey since Regency Capital’s launch one year ago.

Episode 004 | What We Talk About When We Talk About Macro - 
In this important 40-minute chat, Neil Rose and Arthur Mallet talk about all things macro and macro-investing. The two address important concepts shaping Regency Capital's approach to investing, the advantages and pitfalls of macro, and the evolution of Neil's macro education.

Also discussed in this episode:

• The rise of ESG investing
• Bubbles and absurdities in today's market
• Inflation
• The biggest macro question of all
• Current investment strategy

Thanks for listening!

Episode 003 | Five Things They Don't Tell You About Inflation - 
Recent data show inflation is rising. Neil Rose and Arthur Mallet talk about the important concepts overlooked when we talk about inflation. They also discuss how inflation influences how they invest.

Episode 002 | Nintendo (NTDOY) - 
Arthur Mallet and Neil Rose do a deep dive on Nintendo.