WEALTHTRACK

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 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Is the 60/40 Portfolio Is Obsolete?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 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

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/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

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 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

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 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

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 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

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/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Climate change, a topic of daily conversation, has sparked a global industry worth billions and, soon, trillions of dollars. Discover investment opportunities in this field through the expertise of Lucas White, Lead Portfolio Manager of GMO's successful Climate Change Strategy. With the impressive performance of GMO's Climate Change Fund, which beats its benchmark and boasts 12% annualized returns, investors gain exposure to companies combatting climate change and adapting to its effects. White shares insights on the fund's unique approach and discusses his journey in launching it. WEALTHTRACK episode 2003 originally broadcast on July 14, 2023 More info: https://wealthtrack.com/the-unique-approach-of-lucas-whites-high-performing-gmo-climate-change-fund/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Small-cap stocks in general have generated subpar returns in the last five years and have underperformed large-cap stocks by a wide margin over the last nine. However, Royce believes that small caps are due for a significant and lasting rebound. He says that history is the best guide to future performance, and that small caps have outperformed large caps over the long term. Chuck Royce is a small-cap pioneer with over 50 years of experience in the investment industry. He is the chairman of Royce Investment Partners, which he founded in 1973. Royce is also a portfolio manager on four Royce mutual funds and three closed-end funds. He is best known for his flagship fund, the Royce Pennsylvania Mutual Fund, which he has managed since 1972. In this exclusive interview, Royce discusses why his Royce Pennsylvania Mutual Fund has outperformed its benchmark for over half a century and why he believes small-caps are laying the foundation for an extended cycle of above-average returns. WEALTHTRACK episode 2002 originally broadcast on July 07, 2023 More Info: https://wealthtrack.com/chuck-royce-shares-50-years-of-investment-wisdom-on-his-small-cap-outperformance/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Jeremy Grantham, investment legend and long-time value investor, warns of a bubble of "epic proportions" in the bond, stock, housing, and commodities markets. Grantham, who has accurately predicted market bubbles in the past, believes that the current market is overvalued and due for a correction. He cites three factors that are contributing to the bubble: low interest rates, easy credit, and excessive speculation. Grantham also discusses his views on climate change, bursting market bubbles, and artificial intelligence. He believes that climate change is the most important issue facing the world today, and that artificial intelligence could have a major impact on the future of the economy. WEALTHTRACK 2001 originally broadcast on June 30, 2023 More info: https://wealthtrack.com/jeremy-granthams-views-on-climate-change-bursting-market-bubbles-and-artificial-intelligence/ Burt Malkiel: 50th anniversary of A Random Walk Down Wall Street: The Best Investment Guide that Money Can Buy - https://amzn.to/3NXtm1q Charles Ellis: Winning the Loser's Game: Timeless Strategies for Successful Investing - https://amzn.to/3XzC0WJ Robert Aliber: Manias, Panics and Crashes: A History of Financial Crises - https://amzn.to/3JDIuhK Niall Ferguson: The Ascent of Money: A Financial History of the World - https://amzn.to/3NBtySv --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

In a recent essay published in The New York Times, Richard Bookstaber, a renowned risk expert, suggests that we may be on the brink of a new era of crisis. Drawing from his extensive experience in risk management, Bookstaber has a track record of identifying and addressing risks in both private and public institutions. As the Chief Risk Officer of Fabric, a platform focused on risk management for wealth managers and individuals, he has played a crucial role in navigating financial crises and working with regulatory bodies. Bookstaber's current analysis highlights several slow-motion risks that he believes pose significant threats to the economy, societal stability, and even civilization itself. These risks encompass climate change, demographic shifts, deglobalization, and artificial intelligence. Alongside these long-term concerns, Bookstaber also evaluates more immediate challenges that impact the economy and financial markets. With his vast expertise and historical insights, Bookstaber's perspective offers valuable insights into the complex landscape of risks facing our world today. WEALTHTRACK Episode 1951, broadcast on June 16, 2023 More info: Bookshelf: The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction: https://amzn.to/468ggFj A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation: https://amzn.to/3JdrfUc --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Part 2 of 2 American investors have had a love-hate relationship with stocks since their early days of trading under a buttonwood tree on Wall Street in 1792. However, recent setbacks, including a challenging year for equities in 2022 and rising yields on fixed income investments, have led to a cooling of investor sentiment. We welcome back Savita Subramanian, an influential strategist serving as the Head of U.S. Equity and Quantitative Strategy at BofA Global Research. She challenges the prevailing negative perception of stocks and presents research-backed evidence of their value as long-term investments. Subramanian, recognized as a top-ranked analyst by Institutional Investor for the last ten years and featured on Barron's list of the 100 Most Influential Women in U.S. Finance for three consecutive years, her expertise is highly regarded in the industry. In part two of our interview with Subramanian, she sheds light on the significant market trends and explains why stocks should be considered for long-term ownership. Explore her insights and gain a deeper understanding of the enduring value that stocks can bring to your investment portfolio. WEALTHTRACK #1948 broadcast on April 26, 2023 More info: https://wealthtrack.com/winning-investment-themes-with-staying-power-in-a-changing-world/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

David Rosenberg, a well-known economist, believes that the United States is in a recessionary bear market. He predicts that the S&P 500 will eventually bottom at 3100, and he has positioned his personal portfolio accordingly. Rosenberg's predictions are based on his analysis of the Federal Reserve's tightening cycle, which he believes will lead to a recession. He also points to the recent failures of Silicon Valley Bank, Signature Bank, and First Republic as evidence that the economy is weakening. Rosenberg's views are in contrast to those of many other economists, who believe that the Federal Reserve can engineer a soft landing. However, Rosenberg's track record suggests that he is worth listening to. In 2007, he predicted the subprime mortgage crisis, which turned into the Global Financial Crisis. Investors who are concerned about the economy should pay attention to Rosenberg's predictions. They may want to consider reducing their equity exposure and increasing their cash holdings. Recessions & financial crises go hand in hand after Federal Reserve tightening cycles. Outspoken economist Dave Rosenberg sees evidence of both and advises defensive investments WEALTHTRACK 1947 broadcast on May 19, 2023 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

The recent aggressive interest rate hikes by the Federal Reserve caused a crisis in some super-regional banks, but the damage has been contained and has not affected the entire banking industry. However, Federal Reserve Chair Jerome Powell believes that the economic toll of such aggressive tightening could be different this time. Savita Subramanian, Head of U.S. Equity and Quantitative Strategy at BofA Global Research, also shares this opinion and recommends stocks over bonds and cyclical sectors over defensive ones, contrary to most institutional investors surveyed by BofA. Subramanian has been named a top-ranked analyst by Institutional Investor for the last 10 years and to Barron’s list of the 100 Most Influential Women in U.S. Finance for the past three years. WEALTHTRACK episode 1946, broadcast on May 12, 2023 More Info: https://wealthtrack.com/why-owning-stocks-over-bonds-cyclicals-over-defensive-is-savita-subramanians-contrarian-call/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

We have a very interesting guest who has publicly voiced a major policy difference on ESG investing. Terrence Keeley, CEO, and Chief Investment Officer of 1PointSix LLC, left BlackRock, one of the world's largest investment managers, in July 2022 to publish his book, SUSTAINABLE: Moving Beyond ESG to Impact Investing. In his 40-year investment career, Keeley has never advised a client to invest in ESG, and he joins us to explain why ESG investing doesn't work and what does. This is a rare occasion for a top executive at a major investment firm to go public about a major policy difference. WEALTHTRACK episode 1945, broadcast on May 5, 2023 More info: https://wealthtrack.com/why-esg-investing-doesnt-work-former-top-blackrock-executive-terrence-keeley-explains-why-and-what-does/ Bookshelf: Sustainable: Moving Beyond ESG to Impact Investing https://amzn.to/3nAyAp9 --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Part 2 of 2 We continue our interview with Ed Yardeni, an experienced economist, strategist, and Fed watcher who has been closely following the Fed throughout his 40-year investment career. Yardeni is the author of “Fed Watching for Fun and Profit: A Primer for Investors” and head of his own global investment strategy firm, Yardeni Research. He believes that anticipating the actions of the Federal Reserve System's Federal Open Market Committee (FOMC) is critical to successful investing. Despite the historically aggressive pace of interest rate hikes over the past year, Yardeni thinks the Fed is done hiking interest rates for now. We will discuss whether "Don't Fight the Fed" still works as an investment strategy. WEALTHTRACK episode 1944 broadcast on Apr 28, 2023 More info: https://wealthtrack.com/does-dont-fight-the-fed-still-work-as-an-investment-strategy-strategist-ed-yardeni-responds/ Bookshelf: Fed Watching for Fun & Profit, A Primer for Investorshttps://amzn.to/42amRwr --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Jamie Dimon, Chairman and CEO of JPMorgan Chase, is considered the best financial executive in the country and recently weighed in on the banking system's recent turmoil. He believes that simply satisfying regulatory requirements is not sufficient in managing risks, which requires constant and vigilant scrutiny as the world evolves. He also points out that most of the risks in the U.S. banking system were hiding in plain sight and that recent changes in regulatory requirements would not have made a difference in what followed. Bill Wilby is a retired professional money manager with a Ph.D. in International Monetary Economics who will discuss the problems with U.S. Treasuries and why financials are uninvestable. WEALTHTRACK episode 1943 broadcast on April 21, 2023 More info: Bookshelf: Chip War: The Fight for the World's Most Critical Technologyhttps://amzn.to/3H3goLq --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Part 1 of 2 After a tough 2022, big tech stocks are back and leading the market rally. According to research firm Strategas, ten stocks, including Apple, Microsoft, Nvidia, Meta, Tesla, Amazon, Alphabet, Salesforce, AMD, and Broadcom, have accounted for 90% of the S&P 500's year-to-date gains. This dominance of a handful of stocks has investors facing some interesting choices, including cash, which is back with money market funds offering yields as high as 5%, and gold, which has recently traded near record territory at over two thousand dollars an ounce. All of this is happening against a backdrop of the highest interest rates in years, stress in the banking system, and a Federal Reserve under pressure to pause its fight against inflation. To discuss the outlook for the economy and markets, and the best course for investors, we are joined by Ed Yardeni, President and Chief Investment Strategist of Yardeni Research, a PhD economist, long-time Fed watcher, and investment strategist who is widely followed by institutional investors. WEALTHTRACK episode 1942 broadcast on April 14, 2023. More info: https://wealthtrack.com/navigating-todays-investment-crosscurrents-with-veteran-macro-strategist-ed-yardeni/ Bookshelf: In Praise of Profits! : https://amzn.to/3ogciJC Predicting the Markets: A Professional Autobiography: https://amzn.to/3o7dGOp --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

Part 2 of 2 Planning for retirement and replacing a work paycheck with savings can be a daunting task, especially with the current challenges of market declines, inflation, rising interest rates, and the threat of recession. Christine Benz, Morningstar's director of personal finance, is passionate about simplifying retirement portfolio planning and has identified six retirement blind spots: retirement date risk sequence-of-return risk low-yield risk inflation risk health care/long-term care risk longevity risk In this second of a two-part series on Building a Better Retirement, Benz explains how to mitigate these risks and offers solutions to ensure a financially secure retirement. WEALTHTRACK episode 1941 broadcsat on April 07, 2023 https://wealthtrack.com/retirement-blind-spots-and-how-to-fix-them-with-morningstars-personal-finance-guru-christine-benz/ Bookshelf: Morningstar's 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances: https://amzn.to/3G5rVcN Morningstar Guide to Mutual Funds: Five-Star Strategies for Success: https://amzn.to/3zqb2pv --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support

This week, the Federal Reserve raised its key short-term interest rate for the ninth consecutive time, bringing it to the highest level since September 2007. While Fed Chair Jerome Powell acknowledged the dilemma that the Fed officials faced, the banking system's turmoil has been a cause of concern following the recent bank failures. However, Powell assured that the banking system is sound and resilient, and the Federal Reserve is prepared to use all tools as needed to keep it safe and sound. Dividend-paying stocks are gaining new respect among investors, and they are proving to be a protective asset in times of market volatility. ClearBridge Investments' Dividend Strategy Fund has been named one of "The Best Dividend Funds" for 2023 by Morningstar. Michael Clarfeld, co-portfolio manager of the fund, is with us to explain why high-quality companies with histories of growing their dividends are particularly valuable now. WEALTHTRACK Episode 1939 broadcast on March 24, 2023 More info about the stocks mentioned and the Dividend Compounders list:https://wealthtrack.com/the-many-benefits-of-dividend-paying-stocks-explained-by-a-top-rated-dividend-fund-manager/ --- Support this podcast: https://podcasters.spotify.com/pod/show/wealthtrack/support