WEALTHTRACK for TV

Times they are a-changin’…With COVID vaccinations becoming widespread, savings rates high, and consumers ready to spend, the economy is reopening and rebounding with gusto. All of these developments are creating new opportunities and challenges for bond investors. Bond prices fall when interest rates rise and vice versa. After a 40-year bull market in bonds, with […]

“Jack be nimble Jack be quick” isn’t a concept one usually associates with long term value investors but sometimes extraordinary times call for exceptional responses. The first quarter of 2020 was one such event for this week’s guest.Steven Romick, who has appeared on WEALTHTRACK since our launch in 2005 rarely does television interviews which is […]

There is a rule of thumb on Wall Street that when a fund knocks it out of the park in any given year or has an exceptional winning streak for a couple of years it is bound to fall to earth sooner rather than later and lag the market, its peers, or both for several […]

The shift from COVID lockdown to COVID reopening has been stunning. Depending upon the stage of reopening economies around the world are rebounding.

The markets’ response has been swift and dramatic particularly in the U.S.

So what do you do if you are running a highly concentrated, large-cap growth fund? That is the challenge facing this week’s guest.

Damon Ficklin is head of the Large Company Growth team at Polen Capital.

In his first appearance on WEALTHTRACK I will begin with the basics. I will ask him to describe Polen’s high conviction, low turnover strategy of focusing on the highest quality growth companies with margins of safety. What does that actually mean?

WEALTHTRACK #1544 broadcast on April 30, 2021

More info: https://wealthtrack.com/focusing-on-highest-quality-growth-companies-with-margins-of-safety-pays-off-at-polen-capital-2/

Beware the headline makers! According to Wall Street lore when a financial asset hits the front pages it can signal a turning point, either a recovery if negative, or a fall if positive.

What’s making headlines today? Bitcoin and other cryptocurrency-related investments, including dogecoin, a meme-inspired cryptocurrency created as a joke in 2013. “This is absurd,” said Billy Markus, the co-creator of dogecoin. “I haven’t seen anything like it. It’s one of those things that once it starts going up, it might keep going up.”

Dogecoin however is not the real story. Bitcoin, the world’s first and largest digital currency is, as well as Ethereum, the second largest and the blockchain networks they support.

And there are other players emerging. Coinbase Global Inc, the largest market exchange for digital currencies went public on the Nasdaq this week and its $85 billion market value easily surpassed that of the Nasdaq itself and ICE, the parent company of the New York Stock Exchange.

The cryptocurrency world has gone from fringe to close to the mainstream since our last conversation a year ago. Hougan will explain what’s driving the transformation, who the key players are, where the industry is going and the implications for investors.

There is no question that Bitcoin and Coinbase and a few other cryptocurrency-related investments have arrived. As we write this Bitcoin’s market value is over one trillion dollars.

On Wall Street money talks. Major firms including Goldman Sachs, Morgan Stanley, and BlackRock are now offering Bitcoin products to clients.

Our guest this week had the foresight and guts to get involved in ETFs in their early stages and more recently, in 2018 he threw his energy and career into cryptocurrencies believing they would become the next big, positive innovation for investors.

WEALTHTRACK #1743 originally broadcast on April 23, 2021

More info: https://wealthtrack.com/bitcoin-entrepreneur-matt-hougan-explains-why-cryptocurrencies-are-suddenly-going-mainstream/

Matt Hougan in April of 2020: https://wealthtrack.com/flows-into-etfs-and-long-term-returns-on-bitcoin-are-staggering-matt-hougan-is-an-expert-on-both/

Have you noticed how rampant speculation is? Random investors seem to be making money hand over fist in numerous assets: disruptive companies like Tesla, whose stock has soared 600% in the last 12 months. Old economy stocks like video retailer GameStop up nearly 6,000% propelled by traders on commission-free trading platforms like Robinhood.

These are not isolated events. The zeitgeist is becoming very bullish. Do you feel like you are missing out? Has the world moved on?

No, it has not according to this week’s guest. In part 2 of our interview with financial thought leader, Richard Bernstein he makes a compelling case for long-term fundamental investing.

Bernstein is Chief Executive and Chief Investment Officer of Richard Bernstein Advisors. Rich has also been a regular since WEALTHTRACK’s launch in 2005. We’ve weathered our share of booms and busts over the years. He will discuss some time-tested strategies to invest successfully through both conditions.

WEALTHTRACK #1741 broadcast on April 9, 2021

More info and the “Boomer knows best” - RBA Insights, March 2021” available here: https://wealthtrack.com/time-tested-strategies-for-successful-investing-with-hall-of-fame-strategist-richard-bernstein/

Navigate the Noise: Investing in the New Age of Media and Hype: https://amzn.to/2Rrfm5f

We have been living through an extraordinary period. It was a year ago that COVID was recognized as a global pandemic and since then over 100 million people have been stricken and more than 2 million have died.

Economies were locked down causing severe recessions. Central banks and governments responded with unprecedented amounts of monetary and fiscal stimulus. A worldwide effort by pharmaceutical companies to develop effective vaccines did so in record time. Millions are now in the process of being vaccinated. Global economies are now recovering with China and the U.S. recovering at a rapid pace.

Is the worst behind us? Are world economies and markets on a sustained path of recovery as many believe or are there serious hidden risks?

Risks are the concern of this week’s guest whose top priority as a money manager is capital preservation. He is Matthew McLennan, Head of the Global Value team at First Eagle Investment Managemen.

Long before the pandemic, McLennan had been monitoring emerging geopolitical and financial risks globally, which he says were exacerbated by COVID. He’ll discuss specifics and how he is protecting his portfolios while still participating in aspects of the bull market.

WEALTHTRACK #1740 broadcast on April 2, 2021

More info: https://wealthtrack.com/preparing-for-the-next-correction-while-participating-in-the-bull-market-with-matthew-mcclennan/

It doesn’t take a rocket scientist to figure out that 2021 is a year of significant political and macroeconomic change:

Meanwhile, the rollout of COVID vaccines is starting to unleash a year’s worth of pent-up consumer and business demand.

That demand is also putting upward pressure on prices and inflation expectations. Those pressures are showing up in the bond market where yields on long-term bonds, the most sensitive to rising inflation expectations are rising. The price of 30-year Treasurys has fallen 15.6% in just three months.

This is a huge change and could signal the end of the 40-year bull market in bonds that many Wall Street pros have been predicting for years. Perhaps they will now be proven right.

This week’s guest has been telling clients that inflation will probably be higher than many believe, that a significant cyclical recovery is in the works and is bringing with it a major change in market leadership.

He is a noted investment strategist known for his macro analysis and thematic investing. He is Richard Bernstein, Chief Executive and Chief Investment Officer of Richard Bernstein Advisors,

Bernstein explains why the shift in market leadership from stable growth stocks to cyclical value ones is normal and durable, and how to participate.

WEALTHTRACK #1738 broadcast on March 19, 2021

More Info: https://wealthtrack.com/richard-bernstei…tocks-is-durable/

In this week’s WEB EXTRA feature, Bernstein reflects on how the COVID experience has changed his professional and personal life.

https://wealthtrack.com/bernstein-pandemic-effect/

John Rekenthaler, Vice President of Research at Morningstar and author of the twice weekly “Rekenthaler Report” analyzes the influence of the online investment communities that have driven GameStop’s meteoric rise and stunning declines. Rekenthaler says their influence is here to stay, at least until regulators get involved.

WEALTHTRACK #1736 published on March 05, 2021

More info: https://wealthtrack.com/the-manipulation-of-stocks-by-social-media-investors-is-the-focus-of-morningstars-john-rekenthaler/

The balance sheet of the Federal Reserve continues to surge at an unprecedented rate, up 83% y/y to a historic level, $7.59 trillion at the latest count.

According to our WEALTHTRACK podcast guest, financial historian, and long-time market observer James Grant, interest rates, the “central pricing mechanism for financial markets” have been pushed to artificially low levels by the Fed’s policies which have created numerous market bubbles. He cites Bitcoin as one of the most extreme examples.

WEALTHTRACK #1735 published on February 26, 2021

More info: https://wealthtrack.com/bitcoin-is-one-of-many-bubbles-of-historic-proportions-today-says-financial-historian-james-grant/

Common Sense: The Investor’s Guide to Equality, Opportunity, and Growth: https://amzn.to/3sxkIJm