Gaining Perspective

Latest Episodes:

The 80th Anniversary of the ‘40 Act Aug 30, 2020

Show notes

The Investment Advisers Act of 1940, more commonly known as the 40 Act, is a U.S. federal law that defines the role and responsibilities of an investment advisor. Prompted in part by a 1935 report to Congress on investment trusts and investment companies prepared by the SEC, the act provides the legal groundwork for monitoring those who advise pension funds, individuals and institutions on investing. It specifies what qualifies as investment advice and stipulates who must register with state and federal regulators in order to dispense it.

Where Has All the Alpha Gone? Aug 28, 2020

Show notes

Active managers persistently lag the returns of benchmarks and index funds that track them, with the excuses for underperformance recycled every year. We are going to discuss a book, The Incredible Shrinking Alpha, which is the antidote for the active managers’ siren song. It will reinforce your commitment to indexing or systematic investing, while increasing your knowledge. Larry Swedroe, my guest today, and Andrew Berkin, are co-authors of The Incredible Shrinking Alpha, the second edition of which has just been released.

Minisode: The Defined-Risk ETF That is Dominating Its Competitors Aug 20, 2020

Show notes

The key challenge facing advisors this year has been to keep their clients invested and focused on their long-term goals. That challenge came about when we saw a steep market decline in the first quarter followed by a strong rally. Now, the dissonance between market valuations and an unhealthy economy is leading many to question whether their financial plans and asset allocations will withstand the next round of volatility.

Minisode: What it Means to be a Relative Value Investor Aug 12, 2020

Show notes

Colorado-based Cambiar Investors is known for its ability to adapt to evolving markets and industries. It has weathered numerous market cycles and knows how to position portfolios with the goal of delivering long-term performance to its investors. It makes decisions that are aligned with positive outcomes for its clients.

Behind the July Unemployment Data Aug 10, 2020

Show notes

(Recorded Friday, August 7 2020) This morning we learned that 1.8 million jobs were added in July and yesterday the Department of Labor’s weekly unemployment claims reported that another 1.2 million individuals filed for unemployment last week.

How to be a leader before, during, and after a crisis. Aug 04, 2020

Show notes

Discover how Kestra Private Wealth Services is using leadership, rather than mere cheerleading, to shine a light on the best path forward for their associated financial professionals, and why the bond they established before the crisis allows for honest conversations today.

Has the Pandemic Altered Valuations for RIA Firms? Jul 21, 2020

Show notes

It’s rare that anyone outside of a few investment bankers gets to take a look at transaction data for M&A deals in the RIA industry. But the RIA Deal Room 2020 report from Advisor Growth Strategies goes “under the hood” to show how M&A has continued to shape RIAs in recent years, while also providing a first look at how the pandemic will affect transactions moving forward.

Which Dividend Investing Strategy is the Best? Jul 15, 2020

Show notes

Investing in companies with accelerating dividends – as opposed to those that simply offer a high current dividend yield – may prove invaluable in the current environment. Here to talk to me today are two people who can expand on the strategy of selectively investing in dividend-paying stocks.

How to Deliver 2x the Value in Half The Time (and Have a Life) Jul 08, 2020

Show notes

Join me as I interview Industry thought leader, business strategist and success coach Stephanie Bogan. She will share 4 success strategies advisors can use to deliver 2x the value to clients in half the time, while having a life you love in the process.

Disconnected Fundamentals and Market Valuations Jul 07, 2020

Show notes

The P/E for the S&P 500 is about 25, near historic highs. Credit spreads in both developed and emerging markets are tight. Real government bonds yields are negative. Companies have repurchased own shares at record levels for almost 10 years, reducing outstanding stock of marketable securities. Asset price volatility has been extraordinary. Contrast that with market fundamentals: the U.S. economy entered recession in February; total hours worked in May were 12.5% below Q1 average; total wages paid were down 8.5%; and governments have provided cash transfers and guaranteed loans to support incomes.

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