WEALTHTRACK

Latest Episodes:

Value Investing: Lessons Learned Nov 03, 2023

Show notes

Bruce Berkowitz is the founder and CEO of Fairholme Capital Management and a legendary value investor. In this exclusive interview, he talks about his deep value, contrarian approach, his current strategy, and the lessons he's learned over the years.

Berkowitz's Fairholme Fund was once a top performer, returning better than 13% annualized returns in its first decade. But it has since lagged the market and become extremely volatile. Today, 82% of the fund is concentrated in one stock: The St. Joe Company, a Florida real estate developer and manager.

Berkowitz reveals the highs and lows of his career and shares his insights on value investing, contrarian thinking, and the future of the markets.

WEALTHTRACK #2019 originally broadcast on November 03, 2023

More info: https://wealthtrack.com/fairholme-funds-bruce-berkowitz-deep-value-contrarian-approach-thats-still-beating-the-market/

Bookshelf: Security Analysis: Principles and Techniquehttps://amzn.to/3sax7bH

Bond Market Update: Why Bonds Are Back Oct 27, 2023

Show notes

In a world where stocks have been the go-to asset class for income and returns, bonds are making a comeback. That's the view of Mary Ellen Stanek, Co-Chief Investment Officer of Baird Advisors and President of the Baird Funds, who says that the Federal Reserve's aggressive rate hikes have made bonds more attractive to investors.

Stanek argues that the rapid rise in interest rates has created opportunities in the fixed-income market, as bond yields have increased to their highest levels in years. This means that investors can now lock in higher yields for their money, which can provide a valuable source of income and diversification in a volatile market.

In this interview, Stanek explains why she is convinced that bonds are back and why investors should consider adding them to their portfolios. She also discusses her investment strategy and how she selects bonds for her clients.

WEALTHTRACK episode 2018, broadcast on October 27, 2023

Learn More: https://wealthtrack.com/star-bond-fund-manager-mary-ellen-stanek-on-the-compelling-case-for-bonds-even-over-stocks/

China's Economic Challenges: Impact on Global Economies and Markets Oct 12, 2023

Show notes

The political, demographic, and policy headwinds causing China’s economy to slow and possibly unravel with serious repercussions for the world’s economies and markets. WEALTHTRACK Episode 2016, published on October 12, 2023

Portfolio Lessons: Navigating Market Cycles Sep 15, 2023

Show notes

Part 2 of 2

Our rare interview with legendary investor Steven Romick, Co-Portfolio Manager of the FPA Crescent Fund which he founded 30 years ago. Morningstar gives the gold-rated fund high marks for its focus on capital preservation and strong stewardship.

Since 1993, Crescent has generated equity-like returns with less risk than the overall market. Its nearly 10% annualized returns match the S&P 500 but with significantly less decline during downturns and faster recovery.

Earlier this year, Romick delivered the keynote at Morningstar's investment conference, reflecting on his 30 years of successful investing across multiple cycles.

We asked Romick to share insights and lessons learned navigating major crises like the tech bubble, financial crisis, COVID crash, and 2022's meltdown. Interestingly, he believes Crescent has survived by "first considering what can go wrong."

Hear Romick's wisdom on defensive investing, managing risk, contrarian thinking, and preparing for an uncertain future. A rare chance to learn from a legendary investor.

WEALTHTRACK Episode 2012 broadcast on September 15, 2023

More Info: https://wealthtrack.com/fpa-crescent-funds-steven-romick-shares-30-years-of-investment-lessons/

Bookshelf: Security Analysis, Seventh Edition: Principles and Technique

https://amzn.to/3szbiSH

Rising Interest Rates: How to Realign Your Portfolio Sep 08, 2023

Show notes

Is the 60/40 Portfolio Is Obsolete?

The traditional 60/40 portfolio of 60% stocks and 40% bonds has been a staple of investment advice for decades. But in 2022, it failed to deliver the goods, declining about 16%.

Mark Cortazzo says that the rapid rise in interest rates has caused a "massive change" in fixed-income returns. This means that traditional safe assets are back, and it's time to reset portfolios.

Cortazzo is a Senior Vice President and Financial Advisor with the Wealth Enhancement Group. He has over 30 years of experience in the financial industry and has been named a Barron's Top Advisor for thirteen years.

Cortazzo discusses the massive reset in returns and what it means for investors. He also provides tips on how to realign your portfolio for the new environment.

WEALTHTRACK episode 2011 broadcast on September 8, 2023

More Info: https://wealthtrack.com/rising-interest-rates-mean-massive-changes-in-fixed-income-returns-traditional-safe-assets-are-back/

Bookshelf

Your Future Self: How to Make Tomorrow Better Today : https://amzn.to/3P2MI4o

The Four Pillars of Investing, Second Edition: Lessons for Building a Winning Portfolio: https://amzn.to/3r2osYf

The Muni Bond Market Today: Expert Insights [2023] Sep 01, 2023

Show notes

Discover the state of the municipal bond market post-2022 interest rate surge! Munis had their worst year since 1981, with a -8.5% return. Yields doubled from 1.03% to 2.63%, causing record outflows of $122 billion. Join us with muni bond expert Robert DiMella, Co-Head of MacKay Municipal Managers, as he shares insights on market recovery and tax-free opportunities. What are the opportunities and risks in the tax-free market now?

WEALTHTRACK episode 2010 broadcast on September 01, 2023

More Info: https://wealthtrack.com/veteran-municipal-bond-manager-robert-dimella-on-the-opportunities-in-the-muni-market-after-2022s-big-sell-off/

Mastering Market Volatility: Lessons from Steven Romick Aug 26, 2023

Show notes

Part 1 of 2

Discover insights from renowned investor Steven Romick, Co-Portfolio Manager of the FPA Crescent Fund, which celebrates its 30th anniversary this year. Unlike most funds, FPA Crescent has not only survived but thrived for three decades, delivering almost 10% annualized returns with lower volatility than the S&P 500.

Its success lies in maintaining equity-like returns with reduced market risk and avoiding permanent capital losses. Morningstar's Gold analyst rating and the 2013 Allocation Fund Manager of the Year title validate its performance.

In a rare interview, FPA Crescent Fund’s founding portfolio manager, Steven Romick puts the fund’s current positioning into perspective

WEALTHTRACK 2009 broadcast on August 25, 2023

More info: https://wealthtrack.com/great-value-investor-steven-romick-describes-fpa-crescent-funds-current-positioning/

Bookshelf: Security Analysis, Seventh Edition: Principles and Technique: https://amzn.to/3szbiSH

As FPA Crescent Fund celebrates its 30th anniversary, Morningstar asked the fund’s founding portfolio manager, Steven Romick to deliver a keynote speech at its annual conference.

His topic: “The Evolution of a Value Investor.”

https://wealthtrack.com/wp-content/uploads/2023/08/steven-romick-morningstar-keynote-speech-2023-04-final.pdf

An Essential Guide to Mutual Fund Investing: “The Thrilling 33” Aug 04, 2023

Show notes

Selecting the best mutual funds to achieve long-term financial goals remains a challenging task for investors. Russel Kinnel, Director of Manager Research for Morningstar, has dedicated nearly three decades to this endeavor. He oversees Morningstar's North American Morningstar analyst ratings committees, responsible for vetting the prestigious Morningstar medalist ratings frequently cited in the financial world.

Kinnel's extensive experience analyzing various fund types and prominent fund families has led him to publish two highly impactful articles.

One is the annual "The Thrilling" fund list, which carefully selects 25 to 50 funds from a vast universe of 15,000 fund share classes based on strict criteria. Additionally, Kinnel shares his review of the top ten holdings in his personal portfolio, some of which may not be members of this year's "Thrilling 33" fund list.

Join us to understand the rigorous selection process for "The Thrilling 33" and gain valuable insights into Kinnel's top personal holdings.

WEALTHTRACK episode 2006 broadcast on August 04, 2023

More info: https://wealthtrack.com/best-mutual-fund-choices-from-morningstars-fund-maven-russel-kinnel/

More on “The Thrilling 33”:

Reading the complete current report does require a Morningstar subscription, but you can view last year’s report for free

Current report (Morningstar subscription required):

https://mfi.morningstar.com/LoginDual.aspx?ReturnUrl=%2fBlogArticle.aspx%3fpostid%3d4009120&postid=4009120

Last year’s report (free):

https://www.morningstar.com/funds/thrilling-31-list-great-funds

Growth Investing: Riding the A.I. Boom Jul 28, 2023

Show notes

Discover the future of AI investments with Michael Lippert, Head of Technology Research at Baron Capital. He believes AI is now at its transformative inflection point.

Join us for an insightful discussion on his recently published report, 'Investing in AI: Opportunities and Risks,' where we explore the potential of AI as a game-changing technology.

As the Portfolio Manager of Baron Capital's high-growth stock-oriented Baron Opportunity Fund, he shares his strategies for identifying companies with durable competitive advantages and cash-generative business models, fostering double-digit multi-year projected annual returns.

Gain valuable insights into the growth potential of AI investments from a seasoned expert's investment perspective.

WEALTHTRACK episode 2005 broadcast on July 28, 2023

More info: https://wealthtrack.com/investing-in-ai-with-gold-rated-baron-opportunity-funds-michael-lippert/

Read: “Investing in AI: Opportunities and Risks”: https://wealthtrack.com/wp-content/uploads/2023/07/Baron-Insight-Investing-in-AI-7.6.2023.pdf

Bookshelf: Common Sense on Mutual Funds - https://amzn.to/453zw5v

Read Buffett 1990 Annual Letter: https://www.berkshirehathaway.com/letters/1990.html

Inside Vanguard's $2 Trillion Index Portfolios with Gerry O'Reilly Jul 21, 2023

Show notes

Uncover the secrets behind managing the world's largest mutual fund, the Vanguard Total Stock Market Index Fund, in this captivating episode of WEALTHTRACK. Join Gerry O'Reilly, the fund's principal portfolio manager, as he reveals the active management required for this trillion-dollar behemoth. Learn about O'Reilly's inspiring journey from Ireland to the 1988 Seoul Olympics before delving into his impressive track record. Gain insights into the misconceptions surrounding index fund management and discover the strategies employed to match the CRSP U.S. Total Market Index. Don't miss this exclusive episode for a behind-the-scenes look at the fund shaping the investment landscape.

WEALTHTRACK episode 2004 broadcast on July 21, 2023

More info: https://wealthtrack.com/gerry-oreilly-on-why-passive-is-anything-but-when-running-vanguards-total-stock-market-index-fund/

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