Orion's The Weighing Machine

Today Rusty & Robyn are joined by Michael Arone, Chief Investment Strategist and Managing Director at State Street Global Advisors. Michael is the Chief Investment Strategist for the SPDR® Americas Business at State Street Global Advisors. He is responsible for expanding State Street Global Advisors’ footprint and thought leadership effort through frequent contributions to the financial news media, speaking engagements and client interactions. Michael is a highly regarded speaker at industry conferences and is the author of several articles related to investment management practices. He is a member of the firm’s Senior Leadership Team. During his more than 20-year career as an investment professional, Michael has served as State Street Global Advisors’ Global and EMEA Head of Portfolio Strategy as well as a senior portfolio manager in the Global Active Quantitative Equity Group. He has substantial experience developing long-only and long-short quantitative strategies and managing investment portfolios using quantitative disciplines. Michael has worked extensively with the firm’s global institutional and intermediary clients to help them identify investment solutions that enable them to meet their long-term financial goals. Key Takeaways Quotes [14:04] - “Maybe there’s only a 20% chance [of Stagflation], but it’s a chance that investors are not currently pricing in and they’re underestimating. They are pricing it as a 0% chance, and I think it is probably above that.” ~ Michael Arone [26:56] - “The top 5 companies in the S&P 500, their market capitalization is more than 3.6x all of small cap put together. That surpasses where we were at the height of the Technology, Media and Telecom bubble, so I think you’ll get some mean reversion…I think small cap stocks are…under loved and that’s one of my favorite ideas for 2024.” ~ Michael Arone Links Michael Arone on LinkedIn“Lose Yourself” by EminemState Street Global AdvisorsConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Compliance Code: 0972-OPS-4/22/2024

Today Rusty & Robyn are joined by Brian Storey and Andrew Goins of Brinker Capital, Deputy Chief Investment Officer and Senior Portfolio Manager at Brinker Capital respectively. Key Takeaways Quotes [16:03] - “[Brinker’s] use of…diversifying asset classes or strategies [sets us apart]...As we look at some of our peers…they tend to be much more traditional asset classes, more focused on equities and Fixed Income…That’s been a hallmark of Destinations at Brinker Capital for many many years and we do think that is both an area where we add a lot of value but [is also] just a differentiator from our peers.” ~ Andrew Goins [27:01] - “[When selecting an asset manager] you…want to see, you know, curiosity, creativity [and] the ability to adapt the process to potentially changing market conditions or different environments…being able to be flexible in their approach [is so important]...and can benefit the portfolio performance going forward” ~ Brian Storey Links “Into the Great White Open” by Tom Petty and The Heartbreakers“The Gambler” by Kenny RogersOrion Wealth ManagementConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor. Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”) The Destinations Funds are distributed by Foreside Fund Services, LLC. Compliance Code: 0969-OPS-4/22/2024

Today Rusty & Robyn are joined by Ricky Schneider, Vice President and Senior Portfolio Manager at Fort Washington Investment Advisors. He is responsible for the commercial mortgage-backed securities portfolios for both Western & Southern Financial Group and third-party institutional clients. Schneider joined the firm in 2019. Prior to Fort Washington, he was with Mesirow Financial in Chicago where he was a Managing Director responsible for trading CMBS and other structured products. He also has previous experience at Loop Capital Markets, Lehman Brothers Asset Management, and Lincoln Capital Management. Key Takeaways Quotes [12:20 ] - “..There is also inherently more risk the further you go down the capital structure in any of these sectors we are talking about” ~ Ricky Schneider Links Ricky Schneider on LinkedInFort Washington Investment Advisors“I And Love And You” by The Avett BrothersConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Compliance Code: 0910-OPS-4/15/2024

Today Rusty & Robyn are joined by Matt Brown, Founder and CEO of CAIS. He has spent more than 30 years at the intersection of wealth management, alternative investments, and platform design. In 2009, Matt founded CAIS, the first truly open marketplace for alternative investments, where financial advisors and alternative asset managers can engage and transact directly on a massive scale. Matt believes entrepreneurship is the major driver of economic and social change. He has spent the better part of two decades working with Endeavor, the world’s leading organization for high impact entrepreneurs. During his tenure, he had the opportunity to mentor dozens of entrepreneurs from locations around the world, including Africa, Latin America, and the Middle East. Matt is honored to have been on Endeavor’s South African and Turkish Boards, which ultimately led to a position on the Global Board of Directors. This experience deepened his belief that helping entrepreneurs build and scale their businesses promotes economic growth and prosperity. It is his personal mission to ensure that anyone with a dream, and the drive to achieve it, has an equal opportunity to make it happen. Key Takeaways Quotes [08:57] - “The modern portfolio is no longer going to be the 60/40, the modern portfolio is going to be the 50/30 and maybe Alts 20.” ~ Matt Brown [10:56] - “One of the stronger trends, by far, in the past 24+ months has been this gravitational pull towards private credit...and really what is driving it and why it’s so attractive [are]...of course interest rates and also the lack of access to some in the public credit markets and bank lending…It’s really a huge, robust and deep market and [I think] we will continue to see…strong interest there. ” ~ Matt Brown Links Matt Brown on LinkedInCAIS Group“Where the Streets Have No Name” by U2Connect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Compliance Code: 0875-OPS-4/10/2024

Today Rusty & Robyn are joined by Jason Mertz, Director and Fixed Income Investment Strategist at AllianceBernstein. Jason works extensively with the firm’s portfolio management, credit research and trading team to monitor and communicate portfolio positioning and analysis to clients around the US. Prior to joining AB in 2016, Mertz worked at BlackRock as a separately managed account analyst. He holds a BA in finance and international business from Muhlenberg College. Key Takeaways Quotes [12:03] - “[In] 2023 [there was] a lot of volatility, [but] it actually ended up being a really great year for [Municipal Bond]performance; it was just backloaded to November and December.” ~ Jason Mertz [13:37] - “Not only do we think The Fed is going to cut, [which is] traditionally a great thing for Fixed Income, but more Muni specific - that supply demand dynamic and having a lot more demand be allocated back into the market should be a [stabilizing] and driving force of returns for Muni clients going forward.” ~ Jason Mertz Links Jason Mertz on LinkedIn“Once in a Lifetime” by Talking HeadsAllianceBernsteinConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Compliance Code: 0796-OPS-4/2/2024

As Chief Investment Officer of Avantis Investors®, Eduardo is responsible for directing the research, design and implementation of our investment strategies, providing oversight of the investment team and the firm's marketing initiatives, and interacting with clients. Prior to Avantis Investors' establishment in 2019, Eduardo was Co-Chief Executive Officer, Co-Chief Investment Officer and Director at Dimensional Fund Advisors LP ("DFA") until 2017. While at DFA, Eduardo provided oversight across the investment, client service, marketing, and operational functions of DFA and oversaw their day to day operations, directed the engineering and execution of investment portfolios and was involved in the design, development and delivery of research that informed the firm's investment approach as well as its application through portfolio management and trading. Dr. Repetto earned a Ph.D. degree in Aeronautics from the California Institute of Technology, an MSc degree in Engineering from Brown University, and a Diploma de Honor in Civil Engineering from the Universidad de Buenos Aires. Eduardo is a Trustee of the California Institute of Technology. He is the recipient of the William F. Ballhaus Prize from the California Institute of Technology for outstanding Doctoral Dissertation in Aeronautics and the Ernest E. Sechler Memorial Award for his teaching and research efforts. Key Takeaways Quotes [05:45] - “[Avantis formed]...in order to bring science, data and technology to analyze securities in a very very efficient way with low labor costs…We can provide portfolios that are very well diversified [with a] very low expense ratio and where the securities are analyzed on a daily basis." ~ Eduardo Repetto [111:23] - “For us, value is companies that are traded with a very very big discount embedded in their price. In otherwards, companies that have a good balance sheet, good cash flows, but the price is low." ~ Eduardo Repetto Links Eduardo Repetto on LinkedInAvantis Investors“Can’t Hold Us (feat. Ray Dalton)” by Macklemore & Ryan LewisConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”) Compliance Code: 0726-OPS-3/25/2024

This week, Rusty is joined by Josh Flade from Orion to discuss diversifying asset classes. Joshua is the Deputy Chief Investment Officer of Orion OCIO where he chairs the investment committee and oversees the firm’s four investment verticals: Public Equities, Fixed Income, ETF/Mutual Fund Models, and Private Investments. Previously, Joshua specialized in Fixed Income with 12+ years of experience and co-managed TownSquare Capital’s Fixed Income strategies as well as served as the vice-chair of the firm’s Investment Committee. Prior to TownSquare Capital, Joshua was a Senior Analyst/Associate PM within the Fixed Income Team at Ensign Peak Advisors with global coverage of Financial Institutions, REITs, and Healthcare industries. Prior to working at Ensign Peak Advisors, Joshua was an Associate within the Credit Research Group at Goldman Sachs with coverage of Central Counterparties (CCPs), Financial Institutions, and Oil and Gas industries in Central Eastern Europe, the Middle East, and Africa. Joshua currently volunteers as the Chair of Programming for the CFA Society Salt Lake and previously served as the President of the CFA Society Salt Lake and President of the Salt Lake Chapter of the BYU Management Society. Joshua is a CFA charterholder and graduated from Brigham Young University with a double major in Finance and Russian. He is also licensed in series 65. Key Takeaways Quotes [15:54] - “Historically speaking, in this part of the interest rate cycle, what has performed well has been moving up in credit quality and adding some duration.” ~ Josh Flade [24:06] - "It’s…not just the destination that matters, it’s also [about] the journey and the experience for the investor. By using diversified asset classes, you are helping smooth out the journey instead of being so focused on the destination. So, if you can get a similar expected return, in the end, but have a much smoother experience for your investors, your investors are going to be more likely to stay invested. ” ~ Josh Flade Links “Thrift Shop” by MacklemoreConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) ~ OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLC through their parent company, Orion Advisor Solutions, Inc. Compliance Code: 0723-OPS-3/25/2024

This week, Rusty and Robyn are joined by Frank Nickel and Tom LaBarbera from Orion Portfolio Solutions to discuss Direct Indexing. Frank is an experienced investment professional known for his expertise in portfolio management and a history of contributing positively to performance outcomes.. He believes that a rigorously designed, flexible and robust investment process can add value by exploiting market opportunities. Thomas LaBarbera is a Quantitative Portfolio Manager at Orion who manages 23 SMA strategies within Beta, Factor and Thematic Portfolios for qualified and non qualified assets. In addition, he works alongside marketing and sales to enhance distribution channels and raise AUM. Key Takeaways Quotes [19:10] - "We recently launched two new strategies. The first came up over the summer, and it was an Artificial Intelligence strategy. With all of our strategies that we run, how we get to them is, we take demand from the field…The most recent strategy we launched is called ‘Agressive Equity,’ and again that’s trying to provide a very aggressive profile. We’re looking at…companies with really high growth rates…and that came from, again, from demand from a very specific client that was looking to use that strategy in conjunction with a fundamental active manager. ” ~ Frank Nickel [24:36] - "I love Small Cap. I was a Small Cap manager for 15 years, [and] I think for the last 10 it has been extremely undervalued. I think there are a lot of areas in the market that are undervalued, and they are not undervalued because they aren’t appreciated, I think tech has taken all of the air out of the room…This year could be a small cap rally if rates are reduced, but that’s dependent on rates and you can’t predict that.” ~ Tom LaBarbera Links “Bad to the Bone” by George Thorogood“Live Like You Were Dying” by Tim McGrawConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor. Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”) Compliance Code: 0613-OPS-3/11/2024

Chris King is the founder and CEO of Eaglebrook Advisors. Eaglebrook is a crypto investment platform that provides RIAs with direct access to bitcoin and digital assets. The firm operates one of the largest SMA Platforms in the crypto market. Eaglebrook's investment platform offers access to tax optimized Bitcoin and Ethereum separately managed accounts (SMAs) and third-party investment manager strategies held at an institutional qualified custodian. Eaglebrook is an SEC registered investment advisor that works with over 70 RIAs and has over 700 financial advisors using Eaglebrook’s Platform. The company is backed by leading wealth management executives and financial institutions including Castle Island Ventures, Brewer Lane Ventures and Franklin Templeton. Key Takeaways Quote [12:39] - “Moving on to the investment thesis for Ethereum – it is also an internet protocol, like Bitcoin, but it allows internet businesses to build applications on top of it. The analogy that I like to give is that Ethereum is like HTML. HTML is the internet protocol that companies like Amazon and Facebook built their businesses on top of." ~ Chris King Links Chris King on LinkedInEaglebrook on LinkedInEaglebrook“No Rain” by Blind MelonConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Brinker Capital Investments and Orion Portfolio Solutions, LLC are both wholly owned subsidiaries of Orion Advisor Solutions, Inc. (“Orion”). Compliance Code: 0548-OPS-3/5/2024

Today, Rusty and Robyn are joined by Nate Conrad, Head of LifeX at Stone Ridge. Nate formerly served as the Head of Markets at Stone Ridge and as the President of NYDIG. Prior to joining Stone Ridge in 2016, Nate worked at Goldman Sachs as a vice president in the Interest Rates Trading business. Nate received his BSE in Computer Information Science from the University of Pennsylvania. Key Takeaways Quotes [08:28] - "So, longevity pooling…[is] this idea that you take a bunch of people, you pool them together…each individual in the pool, they don’t know how long they are going to live…but if we pool a bunch of people together of the same age and gender, our ability to predict the lifespan of that group, on average, is incredibly precise. " ~ Nate Conrad [20:48] - "If you look back to…the adoption of index funds over time, it took about 50 years from, you know, the birth of the ideas behind index funds to the first index fund hitting a billion dollars. I hope we’ll go faster than 50 years and…really kind of evolving the way we approach retirement in our industry and we’re trying to do our part to help it along. " ~ Nate Conrad Links Nate Conrad on LinkedIn“Under Pressure” by QueenWade Pfau White PaperStone Ridge on LinkedInLifeX FundsStone RidgeConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0217-OPS-1/29/2024 Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. The LifeX Funds are not annuities or other types of insurance contracts, and the distributions provided by the LifeX Funds are not guaranteed or otherwise backed by an insurance company or by any third party. The investment objective of the LifeX Funds is to achieve income and a high level of reliable monthly distributions while maintaining the safety of the principal amount of each fund’s investments. For more information about LifeX, please visit www.lifexfunds.com. The LifeX Funds are sold to persons of a single gender who were born in a particular calendar year specified in the relevant prospectus. Before making an investment/allocation decision, investors should (i) consider the suitability of this investment with respect to their investment objective and individual situation and (ii) consider factors such as their net worth, income, age and risk tolerance. Investment should be avoided by those with very serious or life-threatening health problems. You should consider the investment objectives, risks and charges and expenses of the LifeX Funds carefully before investing; the prospectuses contain this and other information. Prospectuses for the LifeX Funds may be obtained by calling 855-609-3680. Alternatively, you may click the links below: LifeX Income Funds: here. LifeX Inflation-Protected Income Funds: here. Investing involves risks. Principal loss is possible. The LifeX Funds are distributed by Foreside Global Services, LLC. Distribution rates discussed herein are based on estimated initial purchase prices in the funds’ prospectuses as revised January 10, 2024.

In this episode, Rusty Vanneman and Robyn Murray are joined by Fritz Folts from 3EDGE Asset Management. Fritz has over 20 years of experience at the investment committee level in the investment management industry. He was one of the co-founders of 3EDGE Asset Management, where he serves as the Chief Investment Strategist and Member of the Investment Committee. Prior to 3EDGE, Fritz was one of the first team members at Windward Investment Management, a pioneer in constructing globally diversified portfolios utilizing index Exchange Traded Funds (ETFs). After the acquisition of Windward by Charles Schwab in 2010, the name of the firm was changed to Windhaven Investment Management. Fritz became responsible for distribution of Windhaven's investment solutions throughout the entire Charles Schwab nationwide retail branch network. He and his team raised over $15 billion in new assets under management. Later, Fritz was named Chief Investment Strategist at Windhaven. He began his career at The Boston Company, where he ultimately served as Vice President, and Director of Global Funding for the then-newly-formed Boston Safe Deposit & Trust Co. (U.K.) Ltd., in London, England. Fritz received his B.A. with a major in Political Science from Connecticut College and his MBA from IESE (Instituto Estudios Superiores de la Empresa), a bilingual Spanish - English MBA program in Barcelona, Spain. He is the former Chair of the Board of Trustees at Connecticut College and now serves as an Emeritus Trustee. In addition, Fritz currently serves on the Investment Committee for the Connecticut College endowment fund and the Investment Committee for the Umbrella Center for the Arts in Concord, MA. Fritz and his wife Cathy live in Concord, Massachusetts. Key Takeaways Quotes [07:45] - "I do think that investors were probably disappointed in the performance of their portfolios, because we had a market that was driven by…these Magnificent 7 mega cap technology funds, and you are not going to keep up with that when that is driving the entire market. If I look at investors, I would say…‘it’s okay, that’s not normal…you just have to realize, it wouldn’t be realistic to keep up with an index where 7 stocks are driving the majority of the performance.’” ~ Fritz Folts [21:56] - "I think the best chance for the non-US equities to take a leadership position, for an extended period of time, will only be after there is a material correction in the US market.” ~ Fritz Folts Links Fritz Folts on LinkedIn“Everything's Coming Our Way” by Santana3EDGE Asset ManagementConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0280-OPS-2/6/2024 Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

In this episode, Rusty Vanneman and Robyn Murray are joined by Ron Ahluwalia, Mili Rosen and Will Girton from Brinker Capital’s award winning due diligence team. Ron Ahluwalia is a Vice President, Senior Portfolio Manager at Brinker Capital, an Orion Company. In this role, he is responsible for the portfolio management, strategy planning, and communication of multi-asset class portfolios for high net worth clients and institutions. Ron has over 18 years of industry experience. Mili Rosen works on the Investment Due Diligence team as a Senior Investment Analyst covering a variety of managers on the firm's OPS/Brinker Capital platforms. Asset class coverage includes domestic and international equities, fixed income, real assets, alternatives, and private equity across various vehicles (i.e., SMAs, ETFs, Mutual Funds, LPs). Will Girton is an Investment Analyst on Brinker’s award winning Due Diligence team. Key Takeaways Quotes [18:05] - "We really treat due diligence as an endogenous cycle. It never really stops, it’s not a ‘set it and forget it’ mentality, so [while] performance is very important…just focusing on performance is a very quick way to fail.’” ~ Mili Rosen [35:03] - "I think communication skills are something that are very important. The ability to relate to people, particularly when you are serving clients on the outside [is so important]. Just the ability to find common ground and have a true, meaningful conversation that isn’t totally buttoned up…[and] having that ability to…have people lower their guard with you, I think that is a critical aspect as well.” ~ Ron Ahluwalia Links Brinker CapitalConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Brinker Capital Investments and Orion Portfolio Solutions, LLC are both wholly owned subsidiaries of Orion Advisor Solutions, Inc. (“Orion”). Compliance Code: 0414-OPS-2/23/2024

As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from the Claremont Graduate University. Mr. Sherman is a CFA® charterholder. Key Takeaways Quotes [12:25] - “So, when I look at the economy right now, it’s hard to see it being derailed without the labor market. Now, are there signs of cracks in the economy? Absolutely, we can talk about that, but ultimately I think that the recession at this stage has been delayed a bit." ~ Jeff Sherman [25:08] - “From our standpoint, we don’t see a lot of election risk in markets unless it’s some exogenous policy that we can’t see at this point, and by definition, you can’t play for that. So, are you going to give up on the market just because you think your party isn’t going to win the election?" ~ Jeff Sherman Links Jeff Sherman on LinkedInDoubleLine“Real American” by Rick DerringerA Real American Music VideoDoubleLine Round TableConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0306-OPS-2/8/2024 Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

On the podcast today, Rusty Vanneman and Robyn Murray are joined by Ron Temple. Ronald Temple is the Chief Market Strategist for Lazard’s Financial Advisory and Asset Management businesses. In this role, Ron provides macroeconomic and market perspectives to Lazard’s investment teams on a firm wide basis and works closely with Lazard’s Geopolitical Advisory group to assess economic and market implications of key geopolitical issues globally. Ron also advises clients of Lazard’s Asset Management businesses regarding macroeconomic and market considerations that are important to achieving their objectives.Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. He is a member of the Council on Foreign Relations, The Bretton Woods Committee, the Economic Club of New York, the CFA Society New York and is the chair of Duke University’s Graduate School Board of Visitors. Key Takeaways Quotes [09:38] - "There are two things to know about The Zillow Index. Number one - it only tracks asking rents, not what people agree to pay, so it tends to overstate rent inflation. Number two - it only tracks new leases, it does not include renewals, so it probably overstates the volatility of rent inflation…and number three, because of those factors, it tends to lead the CPI by a year.” ~ Ron Temple [28:55] - "This is a year where the geopolitics are really important. I know the average American does not wake up every day fretting over whether NATO is going to be fine, but you know what, maybe we should be…These things do determine the long-term trajectory of peace and stability, and I think that matters. ” ~ Ron Temple Links Ron Temple on LinkedIn“Don’t Stop” by Fleetwood MacTop Geopolitical Trends in 2024An Immense World by Ed YongLazard Asset ManagementConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0266-OPS-2/5/2024 Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Alex Rabinovich, CFA has a diverse range of work experience in the finance industry. Alex is currently the Head of Enterprise Sales at Halo Investing, a position they have held since January 2023. Prior to that, Alex worked at Russell Investments for almost a decade. Their roles at Russell Investments include Head of Strategic Accounts, where they led a team focused on expanding distribution with national intermediary partners and was responsible for planning and executing business plans. Alex also served as Director of Strategic Accounts, where they initiated and launched new strategic relationships with top broker dealers/distributors. Additionally, Alex worked as a Senior Strategic Account Executive at Russell Investments, collaborating with senior-level contacts at partner firms to grow market share and lead partner-focused initiatives. Before joining Russell Investments, Alex held roles at Morningstar as Vice President of National Accounts and Director of National Accounts, and at AssetMark Investment Services as a Regional Consultant. Alex began their career as a Financial Advisor at John Hancock. Overall, Alex's work experience demonstrates their expertise in strategic account management, sales, and leadership in the finance industry. Key Takeaways Links Alex Rabinovich on LinkedInHalo Investing“It’s a Long Way to the Top (If You Wanna Rock ‘N’ Roll)" by AC/DCThe Ancients PodcastThe Fund by Rob CopelandThe Psychology of Money by Morgan HouselConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsCompliance Code: 0178-OPS-1/24/2024 Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Phil Toews is Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. His management strategies focus on creating “investor friendly” products designed to meet investors’ economic and behavioral needs. Phillip is the founder of the Behavioral Investing Institute, an organization devoted to helping advisors manage investor behavior through market challenges. Learn more at orion.com. Key Takeaways Quotes [20:55] - "...People just are sort of not into the word ‘tactical’ anymore, and I think what’s happened over the years is that there are people out there that are trying to predict the markets and they haven’t done so well, and so I think it has gotten a little bit of a bad name…so we migrated that over to ‘trend following strategies.’" ~ Phil Toews [32:32] - "Now Bitcoin is, or Cryptocurrencies are, the trifecta of dumb. No assets, no income or no projected income, so forget about a meme stock that potentially actually earns something one day - there’s nothing. [Yet] it has appreciated 18 million percent in the last 20 years, and only because [of that]...everyone says like…’I think this could be a legitimate thing, this could be a legitimate investment.’" ~ Phil Toews Links Phil Toews on LinkedInToews Corporation“Remember Me” by Blue BoyRecord Global Debt - Phil Toews on Weighing the RisksNational Investment Risk Day Webinar“Space Oddity” by David Bowie“Kooks” by David BowieConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0131-OPS-1/17/2024 Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As we move into the New Year, we take a closer look at the market’s historic year, offer a preview on the year to come, look at bond predictions, global investing and much more. Today on the podcast, Rusty and Robyn are joined by Jeff DeMaso - editor and founder of The Independent Vanguard Adviser. Jeff was previously the co-editor and research director of The Independent Adviser for Vanguard Investors. He also served as Portfolio Manager, Director of Research and the interim CIO at Adviser Investments, LLC—a leading investment advisory firm. He has been quoted in Forbes, The Wall Street Journal, Barron’s, InvestmentNews and Kiplinger, to name a few. Citywire named him a Rising Star of manager research in 2019. Jeff graduated magna cum laude from Tufts University with a B.A. in economics in 2006 and holds the Chartered Financial Analyst designation. Key Takeaways The Independent Vanguard AdviserQuotes [04:18] - "That’s going to be my career hack…find the person you can learn the most from and go work with them as closely as possible. Ask questions, don’t be afraid to make mistakes and just keep learning." ~ Jeff DeMaso [10:15] - "...Vanguard’s service in tech…continues to fall short of its competitors, and I cannot wait for the day when I get to write the article that says ‘Hey, Vanguard has really stepped up their game and their service is firing on all cylinders’ - today is not that day." ~ Jeff DeMaso Links Jeff DeMaso on LinkedInThe Independent Vanguard AdviserAloe Blacc - The Man (Explicit)Just One Thing PodcastMorgan Housel PodcastConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0031-OPS-1/5/2024 Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As 2023 comes to a close, this episode looks at what may be in store for the year ahead and covers things that investors and financial advisors should be considering going into 2024. Kim speaks to the state of the US market going forward and the outlook for international markets in the coming year. In addition, we take a closer look at why Kim views actively managed ETFs as superior, more tax efficient vehicles to mutual funds for investors. Lastly, we learn more about Main Management’s firm culture and how Kim, and his partners, have created such a sticky culture there. Key Takeaways Quotes [04:34] - "When we founded the firm 21 years ago, we wanted to build the strategies using liquid, transparent ETFs, which for all intents and purposes had really just started at that point. There were only one hundred, there are thousands of them today…but what we wanted to deliver, the why for the business, was we wanted to have a client first, exceptional service and deliver on expectations." ~ Kim Arthur [12:00] - "…Out of the eleven industry sectors that build up and make up the S&P 500, we typically overweight four of those. I’d love to be able to tell you ‘hey, every year all four of those are at the top of the price performance chart,’ but it usually does not end up that way. There’s typically a split of two of them up at the top and two of them at the bottom…[so] I like to say they’re ‘seasoning.’ " ~ Kim Arthur Links Kim Arthur on LinkedInMain Management“Surrender” by Cheap TrickElon Musk by Walter IsaacsonConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0067-OPS-1/9/2024 Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As we move into the New Year, and firms are in the process of creating formal growth plans and budgets, we take a closer look at what it takes to find and keep new talent. In this episode, Rusty and Robyn are joined by hiring expert Caleb Brown, Co-Founder and CEO at New Planner Recruiting in Athens, GA. Caleb weighs in on strategies for financial advisory firms looking to recruit top talent and strategies for talent to find the best firms. Key Takeaways Quotes [07:29] - "What we do is we ask all the candidates that we’re talking to, so it’s a little different from the other surveys out there that are having firm owners fill out how much they pay their people. We’re asking the candidates, because in my world what someone is making now is irrelevant - it’s, what is it going to take for them to look at something else?" ~ Caleb Brown [28:22] - "I would say to try to promote people probably before they’re ready. Put them in there, let them take a swing…Looking back at my career, you know I was probably just a run of the mill, average candidate, but someone was constantly pushing me out of my comfort zone every day…I look back and I can’t believe all of the stuff we achieved at that firm." ~ Caleb Brown Links Caleb Brown on LinkedInNew Planner RecruitingFor Whom the Bell Tolls by MetallicaMichael KitcesWho Not HowConnect with Us Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0022-OPS-1/3/2024 Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

The case for investing in Texas goes beyond its iconic cowboy culture and vast scenery. It's deeply rooted in the state's business-friendly environment and thriving economic network. Capitalizing on its unique blend of tax advantages and unmatched potential for economic growth, Texas has emerged as an attractive destination for financial investments. Meanwhile, the ETF industry is expected to sustain its upward trajectory, with more assets flowing from mutual funds to ETFs. In this episode, Rusty and Robyn talk with Edward Rosenberg, Managing Director and Head of ETF and Funds Management at Texas Capital Bank. Edward believes that every firm needs to have ETFs in its offerings, whether they realize it or not. Why? ETFs offer trading flexibility, diversification, greater transparency, tax benefits, and lower operating costs than traditional open-end funds. There is so much room for expansion, and the possibilities are endless. Edward talks to Rusty and Robyn about the case for investing in Texas. He explains how Texas's business-friendly environment and tax benefits can contribute to a company's bottom line. Edward also shares his thoughts on the future of the ETF industry, including the projected growth and the role of direct indexing and model portfolios. Key Takeaways Quotes [09:39] - "The business environment of the Texas estate along with the tax benefits that individuals get can really add to a company's bottom line." ~ Edward Rosenberg [11:17] - "Texas has more companies publicly traded or listed on the exchanges than any other state. This shows a diverse economy growing much faster than the entire U.S. economy and in most states across the board." ~ Edward Rosenberg [23:09] - "If everybody's the same and you're an advisor, how can you differentiate yourself? You have to look at the newer products or active ETFs. You have to be different to really add value to what you're doing." ~ Edward Rosenberg Links Edward Rosenberg on LinkedInTexas Capital BankThe Black CrowesAerosmithVanguardNorthern TrustAmerican Century InvestmentsRob HolmesMorningstarMerrill LynchMorgan StanleyLPL FinancialBlackRockiSharesCharles SchwabShundrawn ThomasETF.comNYSE Connect with Us Meet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with Orion 3364-OPS-12/27/2023