Hello Show Notes readers,

Since Dan and Sean went to college together, you could imagine they know how to have a few drinks and still have an intelligent converstaion. This week, that hypothesis gets tested with an Unqualified Happy Hour. Perhaps it should be and Overqualified Happy Hour, given the hosts' history.

Listen in as Dan shares a news of a recent embarrasing event, Sean talks about the physchology at play during a market crash and rebound, and the two debate what book they should read next.

Next time on Unqualified Advice, you can look forward to the hosts (sober this time) delving into their first ever listener question. If you have a question for Sean and Dan to discuss On Air, reach out to them on Twitter (#Bird4Eva) @SlowVSM or @DanielHatke.

Chapters

00:00 Accidental Entry: From Duathlon to Half Ironman 03:28 Market Blip and Economic Psychology 06:26 Training Challenges and Preparation 12:14 The Role of Vibes in the Economy 24:50 Erroneous Execution of Cell Orders 25:36 The Ocean's Eleven Style Breakdown 26:34 The Challenges of Affording a Home in Southern California 31:02 The Evolution of Selling Out and the Tall Poppy Syndrome 33:28 Negative People Sound Smart 36:01 Strategies for Success and Preventing Resentment 39:13 Cynicism and Resentment in Society 40:12 The Role of Detractors and Negative Drivers 41:14 Exploring the Concept of a Hive Mind 42:37 The Impact of Collective Thinking 47:42 Generational Cycles and Society 53:46 What's in Our Queue?

Book Reccomendations

1. "Amusing Ourselves to Death" by Neil Postman

   • Discusses the impact of television and media on public discourse, contrasting the dystopian visions of George Orwell and Aldous Huxley.

2. "The Age of Wonder" by Richard Holmes

   • Explores the history of science during the late 18th and early 19th centuries, focusing on the lives of pioneering scientists and explorers.

3. "Trust" by Hernan Diaz

   • A novel set in the 1920s and 1930s, exploring themes of wealth, power, and the construction of history through the lens of complex characters in New York and Switzerland.

4. "The Fourth Turning: An American Prophecy" by William Strauss and Neil Howe

   • Examines generational cycles in American history, predicting societal trends and shifts based on recurring patterns.

5. "Stiff: The Curious Lives of Human Cadavers" by Mary Roach

   • A humorous and informative exploration of what happens to human bodies after death, delving into the science and history of cadavers.

6. "Bad Therapy" by Abigail Shrier

   • Focuses on the pitfalls of certain therapeutic practices, especially those affecting young people, with broader implications for management and human behavior.

Hello show notes readers,

Thanks for tuning into another episode of Unqualified Advice. We went all over the place this time. Here is what you can look forward to in this episode:

Chapters

00:00 Olympics and Movie Theater Experiences 08:04 Book Recommendations and Generational Cycles 19:34 The State of the Economy and Interest Rate Cuts 27:53 The Impact of Policy on Inflation and Liquidity 31:18 The Concept of Being a 'Townie' 35:04 The Naming of Generations and Its Significance 36:33 The Development and Potential of AI Technology 40:09 The Importance of Bubbles in Innovation 44:06 The Challenges Faced by IT Professionals during the CrowdStrike Incident 51:00 The Unintended Consequences of Legislation

Companies discussed

• NBC/Peacock - Mentioned in relation to the Olympics broadcast and the iconography used for sports like beach volleyball.
• AMC Theatres - Discussed in the context of the movie-going experience, including concessions like Pepsi vs. Coke.
• Regal Cinemas - Compared with AMC in terms of concessions offered (Pepsi vs. Coke).
• Pepsi - Discussed as the concession choice at some movie theaters and in certain towns.
• Coca-Cola (specifically Cherry Coke) - Preferred by Sean over Pepsi at movie theaters.
• Epic Pass (Vail Resorts) - Mentioned in relation to the Pepsi contracts at certain mountain towns.
• Microsoft - Discussed in the context of IT issues, particularly with email and cybersecurity.
• CrowdStrike - The main focus of a cybersecurity incident that impacted IT systems.
• Symantec and McAfee - Mentioned in relation to antivirus and security software operating at the kernel level.
• BNY Mellon and JPMorgan - Referenced in relation to the flow of government money and financial systems.
• Fastenal, MSC, Grainger, Snap-on - Industrial supply companies mentioned in the context of economic conditions and sales trends.

"Find at least one person who is just really, really good at calling out your bullshit. Cause we all do it." -Daniel Hatke

Hello show notes readers,

We covered two primary topics in this episode. One intuitively seems to be very important and valuable, Strategy Time. The second has been this Clark Kent's yellow sun, my Personal Board of Directors.

Why are they so helpful?

Bokonon on the Quest for Understanding

Tiger got to hunt,

Bird got to fly,

Man got to sit and wonder, "Why, why, why?"

Tiger got to sleep,

Bird got to land,

Man got to tell himself he understand.

As always, thanks for listening.

-Sean

Hello dear listener,

This episode was originally recorded in June but it's release was delayed by, we'll say, a bit of weather. Sadly, I need both internet and power to make the publishing magic happen. Dan and I appreciate your patience. Anyway, onto the show notes!

Hearts,

Sean

Recommendations

Dan recommends Factfulness by Hans Rolling, saying "if you want to feel good about the world that we live in and the time that you live in, backed by data, read the book." Sean plans to check it out.

Sean picked up Red Notice by Bill Browder based upon Dan's recommendation. Other than some boring details on company valuations in the post-Soviet era, it is a gripping story of evolution of the Russian society and a deep look into the problems lurking within its government.

We referenced The Fourth Turning is Here, again. We heartily recommend this book and are currently working through it's predecessor The Fourth Turning. Expect a very special episode about this book, sometime before the first Tuesday in November.

Updates

We asked "will Keith Gill (a.k.a. Roaring Kitty) get sued?" We said yes. The answer is yes. We missed what he's done with $CHWY.

Elon got paid!

Interest rate futures markets, the unreliable beasts they are, have moved to predicting two cuts in 2024.

Welcome to another episode of Unqualified Advice. Dan has been off traveling to visit his team in North Carolina, so we're releasing something we had conveniently prepared for such an occasion. Back in January, we sat down and made a bunch of predictions for things we think are important to the American Economy. Now we are sharing them with you, so you can see how we did. An Incomplete List of Topics Covered

• Prostate health.
• How the language used by the Federal Reserve can have a significant impact on the markets.
• No recession in 2024.
• The potential impact of tariffs and the strength of the U.S. dollar on industries like energy and manufacturing.
• The power of belief and manifestation in shaping outcomes.
• The ESG market's risks and challenges: we're due for a scam.
• Regenerative farming practices.
• The carbon footprint of electric vehicles (not as good as you think)

This week, Sean and Dan breakdown their thoughts on investing actively vs. passively.

00:00 Introduction and Discussion on Investing Preferences 12:46 Passive Investing: Investing in Diversified Portfolios 26:47 Active vs. Passive Investing 27:44 The Benefits of Passive Investing 30:10 The Importance of a Healthy Cash Position 32:18 Active Investing in Specific Industries or Market Opportunities 36:00 The Magnetism of Active Investing 43:09 The Potential Risks of a Purely Passive Market 46:46 The Possibility of Outperforming the Market with Active Investing 52:10 The Potential Drawbacks of Passive Investing 56:35 The Impact of Passive Investing on the Market 01:04:19 The Challenges of Outperforming the Market as an Active Manager 01:06:11 The Emergence of Alternative ETFs 01:13:05 Debating the Effectiveness and Sustainability of Passive Investing

Here's some of the material we consumed to help prep for this episode, for those who want to dig deeper:

AQR Capital Management. (2018, April). Active and passive investing — the long-run evidence. Alternative Thinking. https://www.aqr.com/-/media/AQR/Documents/Alternative-Thinking/Alt-Thinking-2Q18-Active-vs-Passive-Investing.pdf

Faber, M., & Asness, C. (2024, April 5). Episode #527: Cliff Asness - Timely & Timeless Investment Wisdom. Meb Faber Research - Stock Market and Investing Blog. https://mebfaber.com/2024/04/05/cliff-asness/

Faber, M., & Bessembinder, H. (2024, May 3). Episode #532: Hendrik Bessembinder - do stocks outperform T-bills?. Meb Faber Research - Stock Market and Investing Blog. https://mebfaber.com/2024/05/03/hendrik-bessembinder/

Faber, M., & French, K. (2024, May 1). Episode #530: Professor Kenneth French on risk, return, and rationality. Meb Faber Research - Stock Market and Investing Blog. https://mebfaber.com/2024/04/19/kenneth-french/

Gabaix, X., & Koijen, R. S. (2021). In search of the origins of financial fluctuations: The inelastic markets hypothesis. National Bureau of Economic Research, 28967. https://doi.org/10.3386/w28967

Hoffstein, C., & Green, M. (2022, May 29). S05E01: Michael Green - The active impact of passive investing. Flirting with Models. https://www.flirtingwithmodels.com/2022/05/29/s05e01-the-active-impact-of-passive-investing/

Mandelbrot, B., Hudson, R. L., & Olazabal, J. (2019). The misbehavior of markets: A fractal view of financial turbulence. Hachette Audio.

Ritholtz, B., & Einhorn, D. (2024, February 8). Masters in Business: David Einhorn. Bloomberg.com. https://www.bloomberg.com/news/audio/2024-02-08/masters-in-business-david-einhorn-podcast

Taleb, N. N. (2016). Fooled by randomness. Random House.

Hello!

Welcome to Unqualified Advice an entertaining show for entertainment purposes. This week, join us for a pair of episodes meant to help you get to know us and to give us some practicing our interviewing skills.

Connect with us on twitter and let us know how we're doing. Good or bad, we want to hear your feedback.

Dan: https://twitter.com/danielhatke

Sean: https://twitter.com/slowvsm

Hello!

Welcome to Unqualified Advice an entertaining show for entertainment purposes. This week, join us for a pair of episodes meant to help you get to know us and to give us some practicing our interviewing skills.

Connect with us on twitter and let us know how we're doing. Good or bad, we want to hear your feedback.

Dan: https://twitter.com/danielhatke

Sean: https://twitter.com/slowvsm

Hello and welcome to Unqalified Advice.

In this episode Dan talks about the challenges and nuances of managing a remote team in the Philippines. We look at the impact of the cost of living on operational decisions.

We reflect on the personal and business challenges that come with entrepreneurship, including maintaining work-life balance and the isolation that can accompany working from home.

Dan gives us a look inside what its like to sell products through Amazon and Walmart's online marketplace.

Sean gives an update on Fig and we talk about reasons to consider tapping a retirement account.

Topics

00:00 Introduction and Casual Chat 02:43 Technology Education in the Philippines 09:09 Experiences and Challenges of Small Business Owners 16:20 Walmart as a Competitor to Amazon 29:22 The Challenges of Investment Advisory and Personal Finance 40:25 Improving Subscription Management for a Seamless Experience 43:53 The Hidden Dangers of Worms and Parasites

Connect with us on twitter and let us know how we're doing. Good or bad, we want to hear your feedback.

Dan: https://twitter.com/danielhatke

Sean: https://twitter.com/slowvsm