Superinvestors and the Art of Worldly Wisdom

#57: Asif Suria On The Virtues Of Event-Driven Investing Jun 21, 2023

This episode is long overdue. I've been following the work of Asif Suria for over a decade now and it has proven to be one the best sources of investment ideas I have come across. Asif tracks and writes about everything from predictive insider trading patterns to "ubercannibals," or companies that consistently use excess free cash flow to buyback significant amounts of stock over long periods of time. Profit opportunities created by corporate actions such as risk arbitrage and spinoffs are also featured prominently in his work. Essentially, Asif is a classic value investor in search of a catalyst and, as he consistently demonstrates at his website InsideArbitrage.com, event-driven catalysts can be some of the most effective means to realizing hidden value in the stock market. So it is my true pleasure to finally introduce you to my friend, Asif Suria. For notes and links related to this episode visit TheFelderReport.com.

#56: Joseph Wang On How The Fed Forever Altered The Investing Landscape Jun 07, 2023

My guest for this episode is Joseph Wang. Joseph is one of the most knowledgeable people I’ve come across when it comes to the world of central banking and how it intersects with markets. His experience on the open markets desk at the New York Fed gives him unique insight into the inner workings of the financial system and how it has evolved in recent years. In this episode we discuss the shift in both monetary and fiscal policy over the past decade and how it has crucial implications for investors in coming years. For notes and links related to this conversation visit TheFelderReport.com.

#55: Ben Hunt On The Big 'Bust Out' May 24, 2023

My guest for this episode is Ben Hunt. This is Ben’s second appearance on the podcast. I had the pleasure of first interviewing him a few years ago and if you are not familiar with his work, I encourage you to go listen to that episode in which he discusses his background and the key concepts he utilizes in analyzing markets. It’s not at all necessary but his framework is truly fascinating and will give you a deeper understanding of what we discuss here. Today, Ben sees a pattern of rapacious behavior in the markets that extends well beyond the world of finance and impacts each one of our lives in very important ways. He also sees a glimmer of hope in how we can overcome it. For links and notes related to this episode visit TheFelderReport.com.

#54: Tian Yang On The Virtues Of Variant Perception Versus Unconscious Conformity Sep 14, 2022

Variant Perception is an investment research firm founded on the idea that man plus machine beats machine (or man) alone. In an era dominated by passive investing and other purely quantitative strategies with relatively short look back periods on the one hand and rampant speculation in meme stocks and other moon shots on the other, nothing could be more contrarian and perhaps more valuable than taking a more thoughtful approach grounded in historical context and driven by tactical tools that have proven valuable through many market cycles. This is precisely the focus of Variant Perception and its CEO, Tian Yang. In this episode, Tian discusses the details of the firm's unique investment analysis framework and, given the apparent paradigm shifts already underway, how it is especially valuable in assessing markets and the economy today. For notes and links related to this episode visit TheFelderReport.com.

#53: Edward Chancellor On What History Can Teach Us About The True Cost Of Easy Money Aug 24, 2022

Known as "one of the greatest financial historians alive," Edward Chancellor has been working in the markets for three decades now; his study of finance theory, speculative bubbles and economics goes back even further. 'The Price of Time,' Edward's latest book, is clear evidence of his passion for the subject of financial history and his ability to convey the key concepts in an effective and uniquely entertaining way. The book does a masterful job of chronicling the modern history of easy money and explaining its many "secondary consequences," including, "the collapse of productivity growth, unaffordable housing, rising inequality, the loss of market competition and financial fragility." More than that, it takes the reader on a journey from the beginnings of modern central banking in John Law's Mississippi Company to today's fight against rapidly rising inflation pressures, imploring the reader to think critically about what it all means for the future of the economy and markets. In this episode, Edward shares his inspiration for writing it and his thoughts on what history suggests may lie ahead. For notes and links related to this episode visit TheFelderReport.com.

#52: Fred Hickey On 'Keeping Your Head When All About You Are Losing Theirs' May 11, 2022

For over 35 years now, Fred Hickey has consistently performed in-depth research into a wide variety of individual stocks and what drives them over the full market cycle. What's more, during that entire span he's distilled his findings into concise and actionable research for subscribers to his newsletter, The High Tech Strategist. In the process, he's earned a reputation among loyal readers for being both a beacon of true value at times of market opportunity and a voice of reason during periods of overzealous speculation. In this conversation, Fred discusses the recent mania in the markets, how it compares to similar episodes of the past and what those have to teach us about how the current decline in stock prices might unfold in the months ahead. For notes and links related to this episode visit TheFelderReport.com.

#51: Diego Parrilla On The Three Levels Of The Investment Game Apr 13, 2022

This is the third conversation with Diego Parrilla I have published as a podcast but the fourth time I have actually recorded a discussion of ours. The first time Diego was kind of enough to share many of the facets of his investment process, I found only afterwards that, due to a technology issue, the audio recording was sadly unusable. So I was very glad to prevent the possibility of another such mishap by having this conversation in person. Though it was the holy week of Semana Santa in Spain and Madrid was relatively quiet as a result, I found Diego and his team toiling away in their top floor offices at Quadriga Funds. Considering Diego's views have been so prescient of late and his framework for approaching markets so relevant to the current environment, I was especially glad to have the chance to talk with him again. For notes and links related to this episode visit TheFelderReport.com.

#50: Kiril Sokoloff On The Virtues Of Just Watching The River Mar 30, 2022

For long-time Superinvestors listeners, Kiril Sokoloff needs no introduction. Last summer, he was kind enough to host me at his home in Sun Valley, Idaho where we discussed much of the framework that makes up the foundation of Kiril's research and investment process. In this conversation, he shares how he applies this framework to the inflation debate and the most meaningful conclusions he has reached as a result of this process. Moreover, Kiril explains what it all means for the economy, markets and individual investors. For notes and links related to this conversation visit TheFelderReport.com.

#49: Todd Harrison On The 'Trade Of A Lifetime' Nov 04, 2021

Todd Harrison is truly one of the good guys on Wall Street. After a career that took him from the Morgan Stanley options trading desk to running a major hedge fund and then starting a financial media business, Todd founded CB1 Capital several years ago. The firm, an investment adviser and manager, was born out of Todd's belief in cannabis as a relatively untapped source of wellness and as an investment opportunity. After a 9-month bear market that has seen stock prices in the sector fall, in many cases, over 50%, Todd sees what he now calls a, "generational opportunity" and, "the trade of a lifetime." In this conversation, and in typical Toddo fashion, he candidly shares his work and discusses his thesis behind the trade. For notes and links related to our conversation visit TheFelderReport.com.

#48: Jim Stack On Charting A Course Through Stock Market Rapids Jul 28, 2021

Jim Stack has been assiduously studying markets in an effort to develop and hone a full-cycle investment discipline since he was first introduced to stock market risk back in the 1973-74 bear market. That experience instilled in him the modicum of skepticism needed to successfully navigate major market turning points, both tops and bottoms, as well as an infectious enthusiasm for investment research that still drives him today. It also set him on a journey that would eventually see him founding InvesTech Research, one of the most successful investment newsletters in the industry, and later Stack Financial Management, an SEC-registered advisory firm with billions under management. In this episode (recorded in Whitefish, Montana), Jim shares the key stories that shaped him as an investor and the lessons learned along the way. He also discusses how he developed some of the major indicators that drive his investment process and how they currently influence his approach to the market. For notes and links related to this episode visit TheFelderReport.com.

#47: David Hay On Balancing Risk Management With Timely Opportunism Jul 21, 2021

David Hay has been managing money for over 40 years using a tried and true approach steeped in classic value investing paired with an appreciation for technical analysis that can only be developed through vast experience in the markets. What's more, David also has a unique ability to balance a healthy respect for risk management with an openness to opportunities that arise. This has allowed him and his firm, Evergreen Gavekal, to thrive even in the most precarious of market environments. In this episode (recorded in Coeur D'Alene, Idaho), David discusses how he developed his investment methodology over the course of his career, sharing some of the key tactics and techniques he has come to employ and how he is putting them to use today. For notes and links related to this episode visit TheFelderReport.com

#46: Kiril Sokoloff On Seeking Truth In An Era Of Sophistry Jul 07, 2021

For over half a century now, Kiril Sokoloff has not only identified in advance the most significant trends and innovations driving the markets and economy, he has also pinpointed the most attractive investment opportunities afforded by them. As a result, his firm, 13D Research, has become one of the most respected and influential services among institutional investors around the world. In this conversation (recorded in Sun Valley, Idaho), Kiril discusses how he developed and honed his investment approach over the course of his extensive and illustrious career and how he is using it today to isolate the most valuable macro signals in the markets. For notes and links related to this conversation visit TheFelderReport.com.

#45: Michael Oliver On The 'Massive Momentum Structure' In The Stock Market Jun 30, 2021

One thing I try to do with this podcast, is to find people who are taking a truly unique approach to analyzing the markets, those taking the "financial road less traveled," as I like to call it. Well, Michael Oliver is surely one of those. There is traditional technical analysis, the study of charts which has been around for as long as markets, and then there is Michael's, "momentum structural analysis," which is an entirely original way of studying price patterns and trends. It was almost exactly two years ago, I first got the chance to interview Michael about his methods. In this conversation (recorded in Fort Collins, Colorado), Michael goes into even more depth about his analytical techniques and what they are saying about the markets today. For notes, links and charts related to this episode, visit TheFelderReport.com.

#44: Julian Brigden On The Fed's 'Impossible Trinity' Jun 23, 2021

Julian Brigden is a master of models. In putting together his macro theses, which have presciently called major moves in everything from inflation and the dollar to the most popular manias in the stock market, he carefully studies inter-market relationships and correlations to come up with a framework grounded in real data rather than arcane theories and formulas. This practical and highly-refined approach has served him well for the ten years he has been running MI2 Partners and for years prior to that. In this episode, (recorded in Breckenridge, Colorado), Julian discusses how he developed this uniquely insightful methodology and how he uses it today to inform his own trading and that of his many institutional and retail clients.

#43: Diego Parrilla On Appreciating The Opportunity Set In ‘Antibubbles’ Apr 21, 2021

It was just over two years ago Diego Parrilla first joined me on the podcast to discuss his framework for analyzing financial bubbles and what he calls, "antibubbles." You may have noticed that the topic of bubbles and antibubbles has come up in both of my recent interviews with James Davolos, on the topic of inflation, and Adam Rozencwaig, on the mania in green energy stocks. Considering how relevant Diego's framework is to the current market environment and how dramatically the macro backdrop has changed since we last spoke, I thought it would be an opportune time to have him back for a follow up conversation. In this episode, Diego shares his views on the misconceptions underpinning all sorts of asset bubbles at present and how a paradigm shift in inflation threatens to play the role of pin to each of them. He also discusses why he believes cryptocurrencies are, in fact, a bubble and how they have created another opportunity in what he sees as one of the oldest and most enduring of antibubbles: gold. For links and notes related to this episode visit TheFelderReport.com

#42: Adam Rozencwajg On The Speculative Mania In Green Energy Stocks Mar 10, 2021

Back in October of last year, I had the pleasure of discussing the "generational opportunity in energy stocks" with Leigh Goehring. At the time, he made a very compelling investment case for the energy sector and, in just the five months since then, it has nearly doubled in value. Leigh and his firm still believe energy offers compelling value but to truly appreciate it, it helps to also understand the related bubbles in both renewables and electric vehicles. In this conversation, Leigh's partner, Adam Rozencwajg, shares his views on the mania in these so-called green energy stocks, outlining why renewables and EVs are not the panacea for climate change investors believe them to be and why, ironically, the best way to profit from the transition to green energy may be in the very stocks ESG investors are shunning today. For notes and links related to this episode visit TheFelderReport.com

#41: James Davolos On Protecting Yourself Against A Paradigm Shift In Inflation Feb 24, 2021

Perhaps the biggest debate in the markets today is regarding the prospect of inflation. Will the massive fiscal stimulus and money printing of the past year or so, paired with shifting trends in global trade and demographics, result in a secular shift in the disinflationary paradigm we have seen for the past 40 years? To try to answer this question and to better understand how to protect one's finances should inflation rear its ugly head again, I reached out to James Davolos, co-portfolio manager of the Horizon Kinetics Inflation Beneficiaries ETF (INFL). In this conversation, James shares his framework for approaching the issue of inflation. He also discusses the merits of not only bringing a value-based equity focus to the problem but also of taking an asset-light approach to the process. We also tackle the risks to the broader equity market posed by all of this. For links and notes related to this episode visit TheFelderReport.com.

#40: Grant Williams On Focusing On What's Important Feb 10, 2021

Since starting his newsletter roughly a decade ago and then founding RealVision a few years later, Grant Williams has established himself as one of the preeminent creators and curators of financial wisdom in the world. His keen yet conversational interviews with some of the most interesting thinkers in the financial field have inspired investors of every ilk all around the globe and his monthly writings are widely considered invaluable. In this conversation, Grant discusses why and how he recently decided to shift the focus of his business in a more meaningful direction. He also shares what he has learned from his experiences in picking the brains of the greatest investors alive and how it shapes his own thinking today. For notes and links related to this episode visit TheFelderReport.com.

#39: John Hussman On Navigating One Of The Most Overextended Stock Markets Of All Time Jan 27, 2021

At just seventeen years old, John Hussman's introduction to the world of finance was a job hand drawing charts for an investment adviser who liked his handwriting. From that point on, he was hooked on markets. After receiving his PhD in Economics from Stanford in 1992, he went on to found Hussman Strategic Advisers and has been managing equity portfolios ever since. In this episode, John discusses how he developed his "value-conscious, historically-informed, full-cycle" investment discipline over the past 40 years and how he is implementing it today to navigate one of the most "overvalued, overbought and overbullish" stock markets of all time. For notes and links related to this episode visit TheFelderReport.com.

#38: Danielle DiMartino Booth On The Future Of The Federal Reserve Jan 13, 2021

After a successful career on Wall Street, Danielle DiMartino Booth spent years as special adviser to Richard Fisher while he was head of the Dallas Fed. In her role, she provided an invaluable, markets-based perspective to one of the most independent-thinkers to have served in a leadership position at the Federal Reserve. What's more, she did so during one of the most tumultuous periods in the central bank's history: The Great Financial Crisis. In this interview, Danielle discusses the evolution of the Fed through that period and how the policies developed and implemented then have played a role in everything from inequality and social unrest to asset bubbles and inflation. She also lays out several of the potential outcomes facing investors and citizens alike as the result of the fiscal dominance and monetization of the debt we are seeing today. For notes and links related to this episode visit TheFelderReport.com.

#37: Keith McCullough On The Power Of Betting On Yourself Dec 02, 2020

At first blush, Keith McCullough may come off as just another brash and cocksure trader. Dig a bit deeper, though, and you'll find a calculating iconoclast driven by a deep desire to both continually improve as an investor and, ultimately, change Wall Street for the better. After starting in a job running buy and sell tickets, Keith worked his way up to running a portfolio and eventually to founding his own hedge fund. Today, he runs Hedgeye, a research service established with the goal of giving individual investors a look behind the curtain of a major macro hedge fund environment. In this conversation, Keith discusses how he developed his four quadrant macro framework that informs all of his investing decisions and how he uses it today. He also reveals how volatility can be used as a buy or sell signal and how getting fired taught him the greatest life lesson of all: to bet on himself. For notes and links related to this episode visit TheFelderReport.com.

#36: Peter Atwater On The Coming Age Of 'Screwtiny' Nov 11, 2020

There are very few truly unique thinkers in the world and almost none of them regularly train their gaze on Wall Street. Peter Atwater is one of those rare few. Whenever a major news story hits the tape, it's Peter's opinion I look to to begin to understand what it means for markets and the world because of the grounded and clear-headed insight he brings to the table. Three years ago, on this show he accurately forecasted the current "backlash era" we now find ourselves in. In this episode, he discusses where we stand in this process today. Peter also postulates how companies and markets might fare amidst the coming "age of screwtiny." For notes and links related to this episode visit TheFelderReport.com.

#35: Leigh Goehring On The Generational Opportunity In Energy Stocks Today Oct 07, 2020

You could say that natural resources run in Leigh Goering's blood. The son of two oil and gas engineers, Leigh has spent nearly his entire life studying markets and investments related to commodities. Over the past 30 years, he has become one of the most brilliant and passionate analysts and money managers in the industry. In this conversation, Leigh shares the details of his macro and micro research process and how he applies them to investing in natural resource stocks. He also details the case for a coming energy crisis and why energy stocks present investors with a generational opportunity today. For notes and links related to this episode visit TheFelderReport.com.

#34: Michael Green On Detecting The Greatest Value In Markets Today Sep 16, 2020

Mike Green has been in the right place at the right time for his entire investment career and not just by way of good fortune. Mike has an uncanny knack for finding value in the markets. After jumping into the small cap value game in 1999 and taking advantage of one of the best runs for value as a factor in history he moved on to explore opportunities in hedging via derivatives in 2006, just prior to the Great Financial Crisis. Shortly thereafter, massive mispricings in the option market driven by the sudden popularity of tail hedging strategies gave him a new source for profit. Then, well prior to the volmageddon episode of early-2018, he became aware of the fragility created by the increasingly crowded short volatility trade and designed a strategy to profit from its demise. As his track record demonstrates, Mike is one of the most insightful market detectives in the world and in this conversation he reveals where he finds the greatest value in the markets today. For notes and links related to this episode visit TheFelderReport.com.

#33: Bill Fleckenstein On Profiting From Central Bank Mistakes Apr 22, 2020

It's been three years since I made the trek up to Seattle to interview celebrated short seller Bill Fleckenstein on the topics of, "Central Bankers, Financial Bubbles and White Burgundy." With a global pandemic now threatening to burst these bubbles, forcing central bankers into even more extreme monetary policies, I thought it was an opportune time to reconnect with Bill and get his thoughts on how these things are evolving and how investors might seek to profit in their midst. For notes and links related to this episode visit TheFelderReport.com.

#32: Christopher Cole On Appreciating Risk Feb 19, 2020

Christopher Cole is one of the foremost thinkers and practitioners in the world of volatility trading. After beginning his career in Hollywood as a cinematographer, Chris took an interest in options trading. Eventually, this led to a job at Merrill Lynch where he was able to explore the subject of risk further and in a professional capacity. After personally profiting through employing his volatility strategies during the Great Financial Crisis, Chris founded Artemis Capital Management in order to offer his services to institutional and hedge fund investors. In this episode, Chris discusses his personal evolution as a trader and hedge fund manager and also shares his unique insights into portfolio construction gleaned from an extensive study of market history his firm recently conducted. For notes and links related to this episode visit TheFelderReport.com.

#31: Rob Arnott On Engineering A Better Index Dec 04, 2019

Rob Arnott is one of the most accomplished and respected quantitative analysts in the world. He has written over 100 academic papers on everything from tactical asset allocation to value investing. In this episode, Rob discusses his evolution as an investor, from tailoring his college major in the late-1970's to best position him for a career in quantitative investing to the founding of his firm, Research Affiliates, in 2002. He also shares the details of the uniquely successful indexing strategy he developed over a decade ago to fix the major problems with the most popular form of passive investing and to improve on its long run performance. For notes and links related to this episode visit TheFelderReport.com.

#30: Meb Faber On The Future Of Investment Management Sep 25, 2019

You would be hard-pressed to find anyone who has done more to educate and inform individual investors about the fundamentals of effective investing than Meb Faber. Over the past decade and longer, through books like Global Asset Allocation, Meb has taken key concepts, which Wall Street has suggested for years are too complex for individuals to understand let alone implement, and made them easily accessible for almost anyone to quickly absorb. In this conversation, Meb discusses why passive investing as we know it today is not nearly as efficient as most believe, how owning just one fund allows him to be far more effectively diversified than investors who own dozens, why the investment industry as we know it today is in terminal decline and how investors and finance professionals alike should position themselves to take advantage of its evolution in coming years. For notes and links related to this episode visit TheFelderReport.com.

#29: Louis-Vincent Gave On Staying One Step Ahead Of The Markets Aug 14, 2019

When it comes to global macro investing, Louis-Vincent Gave is one of the most interesting thinkers in the world. His firm, GaveKal, puts out some of the most compelling research on Wall Street and beyond and, as CEO, Louis' unique investment process is at the heart of it. In this episode, he discusses his family tradition in both the French military and in the capital markets, how he developed his own signature investment framework and some of the key themes driving his current views on markets around the globe. For notes and links related to this episode visit TheFelderReport.com.

#28: Michael Oliver On Why Momentum Is Truth In Markets Jul 10, 2019

Michael Oliver has been studying markets for over four decades but it was the 1987 stock market crash that became his "aha!" moment and converted him to what he calls "momentum structural analysis." It was his early work in the area that prepared him for that massive decline in stock prices and the success of its forecasting ability that gave him the confidence to pursue it full time. Many technical analysts like to say, "price is truth," but to Michael price can be deceiving and it's only by isolating the momentum in the market that reveals the truth about the underlying trend. In this episode, Michael shares the details of his unique research and analysis process and discusses how his foundation in political philosophy ended up leading him to it. He also reveals what it says about the current market and economic environment and how it eerily rhymes with some earlier times in his career. For links and notes related to this episode visit TheFelderReport.com.

#27: Diego Parrilla On The Perpetual Search For Extreme Optionality Jan 09, 2019

Diego Parrilla has been eerily prescient in calling major turning points in a variety of markets over the past several years. Back in 2014, he published The Energy World Is Flat in which he detailed the coming crash in the price of crude oil and the various dynamics that would ensure such an outcome. Oil prices subsequently fell more than 70% over the next couple of years. In August of 2017, he published a new book titled, The Anti-Bubbles, in which he laid out the case for a rise in volatility across a number of markets. Just a few months later, the short volatility ETF complex blew up and in spectacular fashion amidst a record run higher in the VIX Index. In this interview, we delve into Diego's unique background and how it helps him to see things differently than most on Wall Street. Diego also shares the details of his research process and the original inspiration behind these investment theses. Finally, we discuss the current state of the global markets and why he believes gold is set to shine in the near future. For notes and links related to this episode visit TheFelderReport.com.

#26: Erik Townsend On The Intersection Of Distributed Ledger Technology And Global Macro Investing Dec 05, 2018

Erik Townsend is unique in the investing world for his deep expertise in two seemingly disparate fields: security technology and macro investing. This rare perspective gives him extraordinary insight into the intersection of the two and how they are likely to affect global markets in the future. In his new book, Beyond Blockchain, Erik discusses these trends in great detail, covering the history of money, the rise of the dollar as the world's reserve currency and the origin and evolution of cryptocurrencies like Bitcoin. Moreover, he imagines a future world order, not dominated by cryptocurrency, but enabled by the technology underpinning it and advanced by powerful macro trends already at work in the markets and global politics today. In this episode, Erik discusses why cryptocurrency, backed by cypherpunks and their acolytes, is doomed to fail at its primary purpose yet digital currency, backed by sovereign nations and inspired by the innovations developed by the crypto community, is destined to succeed in its place while displacing the dollar's global hegemony along with the massive implications of these developments for investors around the world. For notes and links related to this episode visit TheFelderReport.com.

#25: Jonathan Tepper On The Single Most Important Question Investors Should Be Asking Right Now Nov 08, 2018

Have we entered a new era of sustainably high corporate profit margins or will they revert over time to more normal historical levels? This is the single most important question equity investors should be asking today and nobody has done more work on this topic than Jonathan Tepper. Formerly, an equity analyst at one of the most successful hedge funds on the planet, then a prop trader at one of the largest firms on Wall Street, Jonathan today runs Variant Perception, an institutional research service. He also recently published a new book, The Myth of Capitalism, his survey of the profit margin phenomenon and its consequences for investors and citizens alike. In this episode, we discuss the social and economic consequences of increased consolidation and regulatory capture in corporate America and what it means for markets going forward. Jonathan also shares the unique and tragic experiences of his formative years and how they inspired both a strong work ethic and a deep desire to make a difference. For links and notes related to this episode visit TheFelderReport.com.

#24: Fred Hickey On Trusting In Your Own Research And Experience Sep 12, 2018

Fred Hickey has been writing The High Tech Strategist, a monthly investment newsletter, for over 30 years. Over that time, he has developed an intensive research process focused on the tech sector that gives him extensive familiarity with dozens of individual companies within it along with unique insight into the broader economy. In this episode, Fred discusses what his research routines look like on daily and monthly basis and how his writing discipline has helped him become a better investor. He also tells the story meeting legendary investor Sir John Templeton near the peak of the dotcom mania and what he learned from that poignant experience. In addition, we discuss how he has incorporated a macro approach into his micro-focused investment discipline and why he chooses to spend so much time in Costa Rica these days. For notes and links related to this episode visit TheFelderReport.com.

#23: Jerry Parker On Finding Your True Calling In Life And The Markets Aug 29, 2018

Jerry Parker began his career as an unfulfilled accountant looking for something more inspiring to do with his life. After getting rejected for several traditional jobs on Wall Street he responded to an ad looking for a handful of people eager to learn how to trade. It would soon turn out those early rejections were an incredible blessing in disguise because if he had been accepted to any one of them he would have likely missed out on the opportunity to learn from one of the true legends of finance. In the early 1980's, Richard Dennis hired Jerry and a handful of other prospective "turtle" traders and taught them the strategies that made him one of the most successful traders in the history of the Chicago markets. After managing money with Dennis for several years, Jerry went on to start his own firm and has been trend-following professionally for over 30 years now. In this conversation, he reveals what he believes helped him stand out among more than 1,000 candidates in the turtle program, what it was about trend-following that spoke to him and what about it should appeal to the average investor. He also explains how the average investor should go about implementing trend-following in her own portfolio. For links and notes related to this episode visit TheFelderReport.com.

#22: Ben Hunt on the Unparalleled Power Of Narrative in the Financial Markets Jun 21, 2018

W. Ben Hunt, Ph.D. looks at the financial markets through a truly unique lens. With an extensive background in political science, game theory and history, Ben came to the financial markets relatively late in life. But it's precisely this wandering path to the world of investing that gives him rare insight into what drives asset prices and how these forces change over time. In this conversation we discuss how investors as a group play the "common knowledge game" and how Ben views these trends through what he terms a "narrative machine." Ben also shares his views towards the current trends of rising inflationary pressures, the backlash against big tech and much more. For links and notes related to this episode visit TheFelderReport.com.

#21: Grant Williams on the Value Of Surrounding Yourself With Brilliant People and Just Listening Jun 07, 2018

Grant Williams cut his teeth in the world of finance during one of the greatest speculative manias in history. As a prop trader at one of the largest firms in Tokyo, he had a front row seat to the epic Japanese twin bubbles in equities and real estate in the late-1980's which endowed him with a healthy skepticism towards herd behavior in the financial markets. Eventually, he would go on to a serve in similar roles in nearly all of the world's largest financial centers but not before he learned what he believes to be one of the most important lessons in the investing game: simply surround yourself with brilliant people and just listen. Today, he does this full time for RealVision where his long-form interviews with some of the greatest minds in the industry are produced and aired. He also shares much of what he learns through this process in his nearly decade-old publication "Things That Make You Go Hmmm...." In this conversation, we discuss some of the parallels between the bubbles of the past and the bubbles in today's markets, his evolution as a trader and how it was shaped by his careful listening to so many brilliant people over the years and much more.

#20: Eric Cinnamond on 'The Rapidly Increasing Inflationary Environment' May 22, 2018

Eric Cinnamond has been called, “the godfather of small cap absolute return investing.” From 1998 to 2016 he ran an equity investment strategy that handily beat the 8% average annual return of the Russell 2000 Index. But what’s even more impressive is he did this while holding an average cash allocation of about 40% so his equity performance was roughly double that of the index. In this episode we discuss, in the words of Lincoln Electric CFO Vince Petrella, 'the rapidly increasing inflationary environment' and how it is currently affecting Corporate America, investors, the economy and monetary policy. For notes and links related to this conversation visit TheFelderReport.com.

#19: Simon Mikhailovich on the Ultimate Insurance Policy: Gold May 08, 2018

Simon Mikhailovich emigrated from the Soviet Union at the age of 19 with his family and just $100 in a suitcase. After putting himself through college he began a career in finance. Eventually, he found himself at the leading edge of the development of the financial derivatives that would be at the center of the great financial crisis. Upon successfully navigating those rough investing waters, he turned his attention to effectively hedging risk in an era of mass financialization. Today he manages the Tocqueville Bullion Reserve, a limited partnership focusing on the efficient ownership of physical gold. In this conversation, we discuss the end of the great debt super cycle, its implications for both financial assets and real assets and how gold represents the ultimate insurance policy during this time of growing uncertainty. Visit TheFelderReport.com/podcast for links and charts related to this episode.

#18: Roger McNamee on Being in the Right Place at the Right Time (and Making the Most of It) Dec 12, 2017

Roger McNamee is one of the most successful technology investors of all time. While running the T. Rowe Price Science & Technology Fund, and generating a 17% compound average growth rate in the process, Roger made the unheard of move of committing capital, as a mutual fund manager, to venture investments in Electronic Arts and Sybase. From there, he started the industry's first crossover fund with John Doer, investing in both late-stage venture capital and public market securities. In March of 2000, he co-founded private equity firm Silver Lake Partners in anticipation of the tech bust and, in 2004, founded Elevation Partners where he would become one of the first investors in Facebook and other nascent tech stars. In this episode, Roger shares what made him so successful as an investor, how music saved his life and why he has shifted his focus today from investing in tech to warning of the rising risks tech giants present to democracy and society. For notes and links related to this episode visit TheFelderReport.com/podcast

#17: Kiril Sokoloff on Identifying the Next Big Thing Nov 28, 2017

Among professional investors, Kiril Sokoloff is well known for his ability to identify major trends early on in their development cycle. For this reason his views are some of the most sought out in the world of finance. Since 1983 he has been sharing his thoughts about markets and more at the firm he founded, 13D Research, via its weekly report, What I Learned This Week. In this episode, we discuss his research process, how he goes about identifying these major trends and his current views about markets and economies around the world. For notes and links related to this episode visit TheFelderReport.com/podcast.

#16: Tobias Carlisle on Beating 'The Little Book That Beats The Market' Oct 31, 2017

Tobias Carlisle runs Carbon Beach Asset Management and is the author of several books including Deep Value, Concentrated Investing and his latest, The Acquirer's Multiple. In this episode we discuss both the similarities and the differences between the successful value investing methodologies employed by investing greats like Warren Buffett and Carl Icahn. Toby also shares his views on the "death of value," focused investing and position sizing and updates his views on some recent stock picks. For notes and links related to this Episode visit TheFelderReport.com/podcast.

#15: Peter Atwater: Welcome To The 'Backlash Era' Oct 24, 2017

Peter Atwater was pioneer in securitization and has served in important leadership roles at some of the largest financial institutions on the planet. Today, he writes and speaks extensively about how changes in confidence affect our preferences, decisions and actions. In this episode we discuss how he discovered socionomics, what about it appealed to him and how it shapes his views on the markets and more. For links and notes related to this episode visit TheFelderReport.com/podcast.

#14: Erik Townsend on Living The Macro Dream Oct 17, 2017

Erik Townsend is a retired software entrepreneur turned hedge fund manager and host of the Macro Voices podcast. In this conversation Erik shares some of his formative experiences like breaking into MIT as a teenager to eventually selling his software firm near the height of dotcom mania. He explains why it "sucked" being a young retiree on a yacht in the Caribbean and how he's much happier today working long hours at his trading desk running his hedge fund. He also discusses his current macro framework and some of major themes that inform his trading today. For links and notes related to our conversation visit TheFelderReport.com/podcast.

#13: Mark Yusko Discusses His Bet With Warren Buffett Oct 10, 2017

To regular listeners, Mark Yusko needs no introduction. It was just a few months ago he appeared on the podcast to discuss Gut Instinct (And Why His Says We're Headed For A Crash). This time Mark shares his thoughts on the wild popularity of passive investing, the outright disdain for hedge fund investing and his potential 10-year bet with Warren Buffett. For notes and links related to this episode visit TheFelderReport.com/Podcast.

#12: Danielle DiMartino Booth on Why The Fed Is Bad for America Oct 05, 2017

Danielle DiMartino Booth started her career on Wall Street before shifting gears into journalism where she caught the eye of none other than the Oracle of Omaha, Warren Buffett. Eventually, she found herself working as an advisor to Richard Fisher at the Federal Reserve Bank of Dallas. Today, she shares her thoughts with institutional investors via "Money Strong," her weekly newsletter, and is the author of a new book, Fed Up: An Insider's Take On Why The Federal Reserve Is Bad For America. In this episode we discuss her experience inside the Federal Reserve, her qualms with its popular policies over the past few decades and her thoughts on how they could be rectified. For notes and links related to this episode visit TheFelderReport.com/podcast.

#11: Dale Wettlaufer on Value Investing in the 21st Century Sep 26, 2017

Dale Wettlaufer began his career as a fool, a Motley Fool that is, where he first learned to ply his trade as an analyst. A few years later, he found himself working in the same capacity for a legitimate mutual fund rock star. Today he runs a long/short strategy under his own shingle. In this conversation, Dale discusses what he learned during his time with Bill Miller at Legg Mason and how his value investing discipline has evolved into that which he employs at his new firm, Charlotte Lane Capital. For notes and links related to this episode visit TheFelderReport.com/podcast.

#10: William White on the Undesired Side Effects of Experimental Monetary Policy Jul 26, 2017

William White started his career at the Bank of England before moving to the Bank for International Settlements where he served as chief economist. Today he is the chairman of the Economic and Development Review Committee at the OECD in Paris. Last fall Bill received the Adam Smith prize, the highest honor of the US National Association of Business Economists, where he gave a speech titled Ultra-Easy Money: Digging the Hole Deeper? In this conversation we discuss where his contrarian economic philosophy comes from, how it leads him to worry a bit more than most about the undesired side effects of experimental monetary policy and its possible end games. For notes and links related to this episode visit TheFelderReport.com.

#9: Mark Yusko on Gut Instinct (and Why His Says We're Headed for a Crash) Jul 18, 2017

Mark Yusko cut his teeth co-managing the endowment portfolio at Notre Dame and then putting together a team to do the same for the University of North Carolina. From there he setup a fund of hedge funds for Julian Robertson to take advantage of the talent Julian had identified at Tiger Management. Today, he oversees $3 billion at his firm Morgan Creek Capital Management. Mark is one of the most avid and astute students of value investing as a discipline I've come across. In this conversation we discuss his evolution as an investor, how and why he learned to listen to his gut and what it's telling him today: that we could be headed for a stock market crash. For notes, links and charts related to this episode visit TheFelderReport.com/podcast.

#8: Raoul Pal on Putting Together the Global Macro Puzzle Jul 12, 2017

Raoul Pal readily admits he had the good fortune of being in the right place at the right time very early in his investment career. After getting his start during the depths of the recession brought on by the savings and loan crisis, Raoul eventually found himself covering the hedge fund industry for Goldman Sachs. Here he was essentially mentored by the likes of Louis Bacon, Julian Robertson and Paul Tudor Jones. In this conversation, Raoul discusses the lessons he learned during this time, the greatest trade he ever witnessed and how these helped form the global macro investing framework he uses today. He also shares some of his current investment ideas along with what he sees as the most glaring and massive risk to individual investors over the coming decade. For links and charts related to this episode visit TheFelderReport.com.

#7: Helene Meisler on Good, Old-Fashioned Technical Analysis Jul 05, 2017

Helene Meisler started her career on Wall Street when a career on Wall Street, let alone being a woman on Wall Street, was a contrarian move. She eventually found her way to working for trading legend Justin Mamis and has been charting the markets by hand (yes, that means pencil and paper) ever since. In this episode, she shares the smartest lesson she's learned in her career, her favorite stock market indicators and discusses her "fat pitch" trade setup. You can follow Helene on Twitter @hmeisler and read her daily column "Top Stocks" at TheStreet.com. For notes, links and charts related to this episode visit TheFelderReport.com.

#6: Todd Harrison on Taking the High Road to Wealth on Wall Street Jun 27, 2017

"Do what you love, with people you respect while serving the greater good." These are the words Todd Harrison lives by. In this episode we discuss how this motto has served him through his career in finance which spans three decades and how it led him to his most recent venture. Back in 2012, Todd said cannabis would emerge as "the single best investment over the next decade." He's now putting his money where his mouth is in starting the first cannabis wellness-focused hedge fund in existence. He discusses his framework for evaluating investment opportunities in the space along with some of his favorite individual ideas. Follow Todd on twitter @todd_harrison and @CB1Cap for updates on the industry. For notes and links related to this episode visit TheFelderReport.com.

#5: Tom McClellan on Engineering Effective Stock Market Models Jun 20, 2017

If you have spent any time around the markets, Tom McClellan is a name you are probably already familiar with. Tom's parents invented McClellan Oscillator and McClellan Summation Index, two of the most useful of technical indicators. But Tom is also a terrific technician in his own right, carrying the torch his parents first lit back in the 1960's. He has created some of the most creative and effective stock market models I have ever seen. In this conversation we discuss both the history of these models and how Tom integrates them into his own trading process today. Tom regularly shares his wealth of knowledge and experience at mcoscillator.com. You can also follow him on twitter @McClellanOsc. For links and notes related to our discussion visit TheFelderReport.com/podcast.

#4: Bill Fleckenstein on Central Banks, Financial Bubbles and White Burgundy Jun 13, 2017

Over the past 30 years, Bill Fleckenstein has managed money for Bill Gates, witnessed and profited from four epic financial bubbles and honed his palate for white Burgundy. As a dedicated short seller during the activist central bank era, Bill shares in this episode how he developed his process over time including the specific tactics he now employs to profit from declining prices. We also discuss the unique problems presented by experimental monetary policy to both the economy and financial markets. Finally, Bill reveals what he believes to be “one of the fattest pitches out there” for short sellers in the current market along with the unique risks the current environment presents to the average investor. Find Bill online at FleckensteinCapital.com and @FlecksThoughts on Twitter. For notes and links related to this episode visit TheFelderReport.com/podcast.

#3: Steven Bregman on 'The Greatest Bubble Ever' (Passive ETF Investing) Jun 06, 2017

Jim Grant calls Steven Bregman, "one of Wall Street's most interesting thinkers." I called upon him to share his thoughts on the massive and growing trend to passive investing which he calls, "the greatest bubble ever." He discusses the differences between the current bubble in the financial markets and prior bubbles, the specific distortions created in the markets and the unique opportunities they present. Perhaps most importantly, Steven reveals the little-discussed structural shift in passive investing which dramatically devalues it as a strategy and how investors have been deceived by historical return figures that are not applicable to the products they own today. We also get into his personal history in the financial industry along with his evolution as an investor and more. For notes and links related to the episode visit TheFelderReport.com.

#2: Eric Cinnamond on the Value of Absolute Return Investing May 31, 2017

Eric Cinnamond has been called "the godfather of small cap absolute return investing." From 1998 to 2016 he ran an equity investment strategy that handily beat the 8% average annual return of the Russell 2000 Index. But what's even more impressive is he did this while holding an average cash allocation of about 40% so his equity performance was roughly double that of the index. In this episode we discuss his background and his evolution as an investor. We also delve into his current process which entails his close study of roughly 300 companies. He reveals how he looks at business valuation and how he evaluates risk in that context. We also get into the current market environment and talk about how his discipline requires that he take an extreme contrarian position today both with his investments and his career. For notes and links regarding this episode visit TheFelderReport.com.

#1: Welcome to the Financial Road Less Traveled May 28, 2017

This episode is an introduction to Jesse Felder and his podcast, Superinvestors and the Art of Worldly Wisdom. Jesse has been managing money for over 20 years. He began his professional career at Bear, Stearns & Co. and later co-founded a multi-billion-dollar hedge fund firm headquartered in Santa Monica, California. Since founding The Felder Report in 2005 his writing has been featured in many major finance publications like The Wall Street Journal, Barron's, The Huffington Post, MarketWatch, Yahoo!Finance, Business Insider, Investing.com, Seeking Alpha and more. Today he lives in Bend, Oregon with his wife and two kids. Superinvestors and the Art of Worldly Wisdom is a new journey for Jesse in an effort to better understand the commonalities among the greatest investors in the world and also what makes them unique. Visit TheFelderReport.com for more information including notes and links related to this episode.

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