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What's Your Prior?
17 minutes | Aug 3, 2021
The Pension Problem: Massive Portfolios, Technology (mis)Management and Infinite Liabilities
Pension fund expert Ken Akoundi , CEO of Cordatius, speaks with me about how such massive portfolios are managed, the challenges they have with technology and their investment strategies. We start with a story that should terrify anyone with financial liabilities: the prospect that they might never end...
20 minutes | Jun 23, 2021
Behavioral Finance in Practice: using its lessons to improve investment outcomes.
How can we use all the fascinating lessons about our hidden biases to actually make better investment decisions? What are the most common psychology and bias-based mistakes investors make, and how can behavioral economics help us avoid them? Join me and Clare Flynn Levy, Founder and CEO of Essentia Analytics, as we discuss how her firm helps traders and portfolio manager identify and then reverse their worst habits. Mentioned in the show: Thinking Fast and Slow by one of the godfathers of Behavioral Finance, Dan Kahneman How to Decide by the amazing Annie Duke Think Again by Adam Grant Nudge by Nobel Laureate and author Richard Thaler Ray Dalio Michael Mauboussin, former chair of the board of trustees of the Santa Fe Institute
15 minutes | May 26, 2021
Data Hunters Part 2: is ESG a goldmine or a distraction?
ESG is all about the data. My guests explore what people are doing with ESG data, how the data is sourced, and how investors can beat the market with ESG. My guests for this episode are: Lisa Conner, Head of North American Client Services at RIMES, Jeremy Baksht, Chief Growth Officer at Gourmet Growth, and Bill Haney, Chairperson at Alva
18 minutes | Apr 23, 2021
Data Hunters: how traders use data to beat the markets
Data is the lifeblood of investment research and of making investments that beat the market. This episode's guests are all data experts: Lisa Conner, Head of North American Client Services at RIMES, Jeremy Baksht, Chief Growth Officer at Gourmet Growth, and Bill Haney, Chairperson at Alva
18 minutes | Mar 30, 2021
Private Equity in portfolio management software: the ultimate micro-cap / low-liquidity / growth / activist investment strategy
In this episode, I speak with our new Private Equity owner and our new CEO about the plans to bring Style Analytics into Investment Metrics: Frank Benford's (counter-intuitive) Law of first digits. Here's a more mathematical treatment of Benford's Law. Adi Filipovic, Managing Director of Private Equity Firm Resurgens Technology Partners Brent Burns, CEO of Investment Metrics Horizon Capital, which sold Style Analytics to Investment Metrics
17 minutes | Feb 24, 2021
Markets can be irrational a long time, and we've been witnessing that over the past few years with Value stocks underperforming Growth and Tech stocks. But the tide may have turned, and Kate Mead is here to help us understand why Value is doing well and should do well over the next several years.Mentioned in the Show: My guest Kate Mead - Institutional Equity Portfolio Manager, MFS Investment Management John Maynard Keynes - British economist immortalized by his observation that "the market can stay irrational longer than you can stay solvent." David Aspell - Portfolio Manager at Mount Lucas Management My factor investing research partner Jim Monroe Our research on how factor perform in US Elections Intangibles and how to measure Value Mean Reversion - the most misunderstood and misinterpreted concept in investing.
16 minutes | Dec 16, 2020
Finding ESG Momentum
Figuring out which companies will profit from ESG is all the rage, and my guest, Jacob Gemmel, has a promising approach: start with a fundamental Quality assessment of stocks and disqualify any company that does not have forward motion on improving ESG from both an operational and product perspective. Join me in learning how Swedbank Robur invests for the long term and turns upward ESG momentum into long-term outperformance.Related links mentioned in the episode:SwedbankRobur Jacob Gemmel UN Sustainable Development Goals Briant Matthews LinkedIn Briant Matthews Book Briant Matthews Research Morgan Housel LinkedIn Morgan Housel blog Morgan Housel book Michael Mauboussin LinkedIn Michael Mauboussin Website
16 minutes | Nov 11, 2020
Momentum and Bubbles
Momentum traders make money violating the first principle of investing: previous performance is not indicative of future returns. As it turns out, what did well yesterday and the day before actually IS more likely to do well today. And Momentum traders, also known as Trend Followers, take advantage of that fact. But such trading, en masse, can lead to price bubbles. Join me and renowned Trend Follower Dr. Kathryn Kaminski as we explore how Momentum traders think about markets and when this strategy works the best. Mentioned in this episode: Dutch Tulip Bubble Dr. Kaminski's book: Trend Following with Managed Futures MIT Professor Andrew Lo Stocks and Elections Markets' signals pre-Brexit
16 minutes | Jul 7, 2020
Finding Diamonds in the Rough
Pension Funds have to be very careful in picking fund managers - they often invest for the long haul and compounding returns are great if the returns are good, but the lost opportunity is painful if money is left on the table every year. Sweden's AP1, which manages 366B SEK (39B USD), has developed a robust and mature approach to selecting the best managers and I sat down with Majdi Chammas, Head of Equities at their External Partnership and Innovation team, to dig into what matters to them and why.Mentioned in the show: AP1 - AP1's website is here and their LinkedIn profile is here. Majdi Chammas - you can find him on LinkedIn here TOBAM - you can find there website here and their LinkedIn profile here. Bridgewater - you can find their website here. ESG - here are links to some of Style Analytics' ESG services and our partner firms Sustainalytics, MSCI, ISS ESG and Trucost. Style Analytics
13 minutes | Jun 19, 2020
The potential growth of Value investing and the astronomical value of Growth investing
Value investing – buying stocks that the markets price below their intrinsic worth – is a time-honored and proven investment strategy. So why has it done some poorly over the past five years and especially now? Growth investing is relatively newer and has been on a tear. Is there any reason to believe it would slow down?Mentioned in this episode: Mount Lucas Asset Management Tim Rudderow and David Aspell Value and Growth Factor Investing Delta Airlines and Brinker International (trading under 'EAT')
9 minutes | Jun 5, 2020
The Preacher from 1700’s England who Taught Wall Street how to Count
An introduction to the ideas behind this podcast, to the Reverend Thomas Bayes, why this podcast is named "What's Your Prior," and to your host, Damian Handzy. This is a good place for an intro, especially if you've joined in the middle of the series, to get some background on the podcast series, before going to the most recent episode.Mentioned in this episode: Bayesian Thinking (these two videos - video1 and video2 - have good examples) Alan Turing (not mentioned but worth visiting - Blechley Park where Alan Turing cracked the enigma machine's code) Behavioral Economics Complexity Science (the world's premier institute for Complexity Science is in Santa Fe, New Mexico) Medical Example of Bayes's Theorem in action and another example.
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