As a portfolio manager, Susan Byrne was called one of the world’s greatest investors when she was running the Westwood Funds. Still active, she shares her views on current market conditions and advice for investors.

WEALTHTRACK episode 2145, Broadcast on May 9, 2025

Global financial thought leader John Lipsky explains how new US tariff policies are upending world trade and affecting the global financial system, economy and growth.

Acclaimed portfolio manager David Giroux discusses what he has learned about investing—what works and what doesn’t—while running his five-star, gold-rated T. Rowe Price Capital Appreciation Fund since 2006.

WEALTHTRACK episode 2129, broadcast on January 17, 2025

This episode's guest is a longtime holder of Berkshire stock and has been an avid student of Buffett’s style of value investing since meeting the legendary investor at Stanford Business School in the early 1980s. He is Tom Russo, managing member of the investment advisory firm Gardner Russo & Quinn, where he oversees the Semper Vic Partners Funds, which he launched in 1983 after hearing Buffett address his class at Stanford.

The global value manager focuses on owning a small group of exceptionally well-managed, well-known brand name firms, many family-owned, with dominant, almost unassailable positions in their mostly consumer-oriented businesses, and then holding them pretty much forever. Berkshire Hathaway has consistently been one of his largest positions. In this weekend’s interview, we will learn how Buffett’s talk in graduate school made such a huge impression on him.

WEALTHTRACK #1913 broadcast on September 23, 2022

More Info: https://wealthtrack.com/how-a-concentrated-portfolio-of-global-brand-name-companies-is-faring-in-this-challenging-market/

Part 1 on portfolio concentration: https://wealthtrack.com/how-a-concentrated-portfolio-of-global-brand-name-companies-is-faring-in-this-challenging-market/

The Winston Churchill Foundation of the United States: https://www.churchillscholarship.org/

Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger:

https://amzn.to/3UxRatE

How times have changed. It wasn’t many months ago that the entire financial world was singing the praises of inflation. The greatest fear among Wall Streeters and other financial lights was lower prices that might actually decline more and turn into that monster known as deflation. The thought conjured up nightmarish scenes of bread lines and bank runs.

Ever since the global financial crisis of 2008 and especially since the Covid pandemic, central banks and governments around the world have pulled out all stops to prevent such an occurrence. And guess what? It finally worked. After declining since the early 1980s, inflation has roared back to life, recently hitting 40-year highs.

But no one is celebrating. In fact, now central banks around the world have declared war on inflation, and Federal Reserve Chairman Jerome Powell is leading the charge. The Fed has dramatically raised the federal funds rate several times this year, with more action to come.

This week’s guest has long been an avowed enemy of inflation and an outspoken critic of the Fed’s inflation-boosting policies. How is he feeling now? He is financial thought leader James Grant, the Founder, and Editor of Grant’s Interest Rate Observer. Grant is also the author of 9 books. Several are financial histories, including the prize-winning The Forgotten Depression: 1921: The Crash That Cured Itself.

Grant will discuss the Fed’s about-face on inflation, the battle it faces to bring it under control, the implications for financial markets, and two investment ideas for this new investment era.

WEALTHTRACK #1912 broadcast on September 16, 2022

More info: https://wealthtrack.com/inflations-damage-financial-consequences-investment-strategies-with-historian-james-grant/

In his WealthTrack interview and a recent issue of Grant’s Interest Rate Observer Jim Grant highlighted the small-cap equity fund Palm Valley Capital Fund (PVCMX) which holds mainly cash “awaiting the return of valuations at which an unbending, unconventional, uncompromising, value-seeking investor can put other people’s money to work”. Grant also recommended reading the firm’s quarterly letters to shareholders, “some of the best and wittiest financial-markets commentary on the web.”  Here is a link to the firm’s most recent missive. https://www.palmvalleycapital.com/fundletter

Bookshelf:

The Trouble With Prosperity: The Loss of Fear, the Rise of Speculation, and the Risk to American Savings: https://amzn.to/3ds0azQ

Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken: https://amzn.to/3qGuSIK

The Forgotten Depression: 1921: The Crash that Cured Itself: https://amzn.to/3RQixO9

The bond world changed dramatically in 2022.  From several years of historically low to negative interest rates, as far as the eye could see, the horizon is now filled with rising rates across the globe. It’s a welcome change for yield starved investors and fixed income managers who have been coping with a record breaking yield drought. 

One of them is this weekend’s guest who recently reopened his fund to new investors because of the “improved opportunity set.” He is Tom Atteberry, now Senior Advisor to FPA New Income Fund having just retired, as planned, from his portfolio manager duties in July of this year.  He had been Portfolio Manager of the fund since 2004. 

Atteberry will discuss why they have reopened the fund and where they are investing now. He will also share his current preference for asset-backed bonds over Treasuries and corporates. 

WEALTHTRACK #1911 broadcast on September 09, 2022

More info: https://wealthtrack.com/the-new-investment-opportunities-being-discovered-by-award-winning-fpa-new-income-fund/

Global bond manager Jack McIntyre says central banks around the world are determined to stamp out inflation. Their success will determine the direction of markets and economies. He explains how he is investing for several outcomes.

WEALTHTRACK #1910 broadcast on September 02, 2022

More info: https://wealthtrack.com/why-inflation-is-now-key-to-investing-with-brandywine-globals-jack-mcintyre/

Bookshelf: Red Notice: A True Story of High Finance, Murder, and One Man's Fight for Justice, https://amzn.to/3CWQho7

We are joined by ClearBridge’s Investment Strategist Jeff Schulze. He will explain why he now believes that there is a 55% chance of a downturn, why a recession is not inevitable but what conditions could push it one way or the other. He will also discuss market implications and strategy.

WEALTHTRACK #1908 published on August 20, 2022

More info: https://wealthtrack.com/a-widely-followed-investment-strategists-indicators-now-signaling-heightened-recession-risk/

A special WEALTHTRACK podcast with influential economist and Fed watcher turned professor Paul McCulley. McCulley is an adjunct professor at Georgetown Business School and a very much in-demand speaker in financial circles because of his deep understanding of Fed policy, honed at bond giant PIMCO, where for many years he was Senior Partner, author of the influential Global Central Bank Focus and manager of its huge short-term trading desk. In this week’s podcast, McCulley shares his thoughts on where we are in the Fed’s tightening cycle, economy, and markets.

WEALTHTRACK 1907 published on August 14, 2022

More info: https://wealthtrack.com/influential-economist-and-fed-watcher-paul-mcculley-on-fed-policy-recession-prospects-and-the-markets/

Global value investor Tom Russo says today’s investment environment is the most challenging of his 40-year career. He explains why his core companies are up to the challenge.

WEALTHTRACK episode 1906 broadcast on August 05, 2022

More info: https://wealthtrack.com/how-a-concentrated-portfolio-of-global-brand-name-companies-is-faring-in-this-challenging-market/

Making money by losing less is how legendary small-cap value manager Charlie Dreifus has succeeded for over 50 years of investing. It's even more important now as he expects more economic and market pain ahead.

WEALTHTRACK 1905 broadcast on July 29, 2022  More info: https://wealthtrack.com/making-money-by-losing-less-in-this-bear-market-with-legendary-value-manager-charlie-dreifus/

Soon-to-be retirees and retirees are the most vulnerable in this new era of higher inflation, interest rates, volatile markets, and possible recession. What kinds of adjustments should they be making in their financial plans, investments, and even lifestyles?

That demographic is one of the specialties of this week’s guest, an award-winning financial planner. He is Mark Cortazzo, Senior Vice President and Financial Advisor with the Wealth Enhancement Group, an independent financial planning firm.

Cortazzo has received numerous awards and accolades during his 30-year investment advisor career. We are delighted that he has been a frequent WEALTHTRACK guest since our 2005 inception.

Over that time, we have discussed preparing for the increasing incidents of “black swan” events like the global financial crisis, pandemics, lockdowns, and wars. We’ve talked about alternative income strategies, transferring equity risk, and how timing can dramatically change retirement outcomes. We will cover those topics and more in this week’s interview.

WEALTHTRACK Episode 1902 was broadcast on July 22, 2022

More Info: https://wealthtrack.com/this-new-era-calls-for-a-complete-financial-reassessment-says-award-winning-advisor-mark-cortazzo/

Looking around the world, one of the most under-owned asset classes after years of underperformance is emerging markets.  And one of the least understood and appreciated at this particular time is Asia, especially China.  Once a darling of investors, it has lost favor for geopolitical, political, and business reasons.

So what better time to delve into Asia than now?

On this week’s program, we will be joined by Robert Horrocks, Ph.D. and Chief Investment Officer of Matthews Asia, one of the first American mutual funds to focus solely on the region.

Horrocks will bring us up to speed on China’s economy and markets and the other Asian markets he deems worthy of our attention.  Of particular interest to me is how to invest in this fast-growing region while minimizing China’s powerful political risks.

WEALTHTRACK Episode 1904 broadcast on July 15, 2022.

More info: https://wealthtrack.com/investing-in-fast-growing-asian-markets-while-minimizing-chinas-risk-with-matthews-asias-cio/

Bookshelf: Against the Gods: The Remarkable Story of Risk by Peter Bernstein
https://amzn.to/3PdN1s3

Peter Bernstein from the WEALTHTRACK Archives: https://youtube.com/playlist?list=PLznI5J0QOR3N3u5qR3ezi8QUXs2-T-Gas

First Eagle Global Fund’s Matthew McLennan is finding value in unexpected places and holding gold for stability in an uncertain world.

WEALTHTRACK episode 2125. Broadcast on 12-20-24

Beauty is in the eye of the beholder, and it turns out the difference between a growth and value stock is too, with price as a key determinant. 

Some of the darlings of last year and much of the prior decade have recently been rebalanced from growth to value by a major index provider. Such is the power of a bear market!

This week’s WEALTHTRACK guest is a well-known value manager known for her global and international investing.  We’ll be joined by Sarah Ketterer, Chief Executive Officer of Causeway Capital Management. Ketterer will tell us why she believes we are entering a new investment era and discuss some of the “outstanding” investment opportunities being created in the process. 

WEALTHTRACK Episode 1902 broadcast on Jul 8, 2022

More Info: https://wealthtrack.com/top-global-value-manager-sarah-ketterer-identifies-some-outstanding-bear-market-opportunities/

Ouch! The S&P 500 ended the first half of the year with its worst performance since 1970, down more than 20%, cementing its bear market status. And the recession drumbeat is getting louder. This morning, leading Wall Street economist, Nancy Lazar told clients “a recession is coming sooner than you think” PiperlSandler’s Global Chief Economist blames “sticky inflation”, “very aggressive Fed tightening, and a “severe corporate profit recession” for her forecast of a mild recession with the economy contracting starting in the final quarter of this year into the first half of next year. 

But this week’s WEALTHTRACK guest is way ahead of her and the few others just joining the recession club. He’s been warning clients about the likelihood of a downturn for months. 

Our guest is David Rosenberg, President, Chief Economist, and Strategist at his independent economic consulting firm Rosenberg Research which he founded in January 2020.

High inflation is at the top of the Federal Reserve’s, Washington's, and Wall Street’s list.  Rosenberg says they are looking at the wrong numbers and that disinflation is already taking hold. 

Interest rates are expected to go higher for longer.  Rosenberg cites evidence of economic slowing which will require easing sooner than expected. 

As I just mentioned, the likelihood of recession is still being debated. Rosenberg is forecasting a recession this year.  

What about the already steep bear market decline? Rosenberg warns about the lure of bear market rallies. 

Which prevailing views is Rosenberg challenging now?

WEALTHTRACK Episode 1901 broadcast on July 01, 2022 

More info: https://wealthtrack.com/influential-prescient-economist-dave-rosenberg-warns-of-imminent-recession-an-extended-bear-market/

Remember when some fans of cryptocurrencies called them non-correlated assets? They were supposed to behave differently from the stock market, not affected by traditional economic, political and fundamental forces? Cryptocurrencies were also dubbed digital gold, in the expectation they would hold their value in inflationary times. 

Neither has turned out to be the case. Bitcoin, the dominant cryptocurrency has fallen far more than the S&P 500 year to date, and in the face of higher inflation Bitcoin plummeted while gold has held its own.

Crypto advocates point out that Bitcoin has fallen by more than 50% eight times since its 2009 launch, and three times since 2018, and it’s recovered every time. And it’s been a top-performing asset class with better than 35% annualized returns over the last three and five-year periods and 80% annualized returns over ten years. In addition, an entire crypto industry has developed, which is expanding rapidly and being widely accepted by Wall Street, businesses, and some governments. 

This week’s guest is a believer. He is Matt Hougan, Chief Investment Officer and former Global Head of Research at Bitwise Asset Management, a cryptocurrency asset manager founded in 2017.

I began the interview by asking Hougan about the role crypto assets play in a portfolio, considering they act like stocks. 

WEALTHTRACK 1852 broadcast on June 24, 2022

More Info: https://wealthtrack.com/big-declines-are-normal-and-cryptos-potential-is-on-track-says-bitwises-cio-matt-hougan/

75 basis points: the biggest rate hike by the Federal Reserve since 1994 with additional aggressive moves expected. It looks like Fed Chair Jerome Powell is proving the naysayers wrong, who doubted he had the stuff to fight inflation. As influential Fed watcher Paul McCulley told WEALTHTRACK months ago Powell will “do whatever it takes” to fight inflation, just like Paul Volcker did in 1979/1980. Volcker succeeded, setting up conditions for the great bond bull market of the last 40 years but caused a serious recession to do it.

How do you manage through a cycle of rising interest rates and higher inflation? There aren't too many money managers who have that experience and have a track record of excellence through many different types of markets. This week’s guest does. She is Mary Ellen Stanek, Co-Chief Investment Officer of Baird Advisors.

Stanek was recently named Morningstar’s Outstanding Portfolio Manager of 2022 for her “disciplined and risk-aware approach, thoughtfully navigating various market environments,... and generating impressive absolute and risk-adjusted returns” in her 22 years at Baird. 

I interviewed Stanek a few days before the Fed meeting but she was prepared for it. We talked about the need for the Fed to get more aggressive in word and deed - which they did, where we are in the interest rate cycle - early days yet, and why she says “bonds are back!” 

WEALTHTRACK #1851 broadcast on Jun 17, 2022

More info: https://wealthtrack.com/morningstars-outstanding-portfolio-manager-of-2022-mary-ellen-stanek-says-bonds-are-back/

Related:

Investment legend Jeremy Grantham is known for his prescient forecasts of some major turning points in the markets over the years including his “epic bubble” characterization last year. He elaborated on the theme on WealthTrack saying that not only was the stock market trading in the stratosphere but so were the housing, commodity, and bond markets, the latter being the biggest bubble of them all.  

https://www.youtube.com/watch?v=c13O6Amn1lQ

Paul McCulley on Fed Rates: https://youtu.be/Z0KSdIOkcxw

In a WEALTHTRACK exclusive legendary financial thought leader, Charles Ellis explains why after decades of searching for outstanding money managers he has become a big believer in indexing.

WEALTHTRACK Episode 1850 published on June 9, 2020

More info: https://wealthtrack.com/legendary-investment-consultant-charles-ellis-makes-a-compelling-case-for-indexing/

Part 2 of 2 Candid career advice from three super successful women portfolio managers. Causeway Capital’s Sarah Ketterer, Capital Group’s Karen Choi, and Canyon Partner’s Robin Potts share their victories, setbacks, and strategies as they tear down the pink wall.  

WEALTHTRACK #1849 published on June 3, 2022  

Part 1 of 2

The investment opportunities surfacing in the volatile stock, bond, and real estate markets. Causeway Capital’s Sarah Ketterer, Capital Group’s Karen Choi, and Canyon Partner’s Robin Potts share their perspectives.

WEALTHTRACK #1848 published on May 27, 2022

2022 has been a rough year for investors as financial markets have declined across the board. No matter what the market performance, investors continue to favor passive index funds over actively managed ones. 

Investors continue to favor ETFs, and exchange-traded funds over mutual funds. The vast majority of funds in ETFs are in passive strategies, but there’s an interesting divergence occurring. One of the fastest-growing segments in the ETF universe is actively managed ETFs. 

This week’s guest is involved in both actively managed mutual funds and ETFs and one of his main responsibilities is identifying best-in-class managers for both. He is Kristof Gleich, President and Chief Investment Officer of Harbor Capital Advisors. Prior to joining the firm in 2018, he was Global Head of Manager Selection at JP Morgan Chase. 

Harbor Capital is well known within the investment management industry but not in the general public. Begun as the pension advisory arm of old-line packaging manufacturer, Owens-Illinois, Harbor Capital became independent over 30 years ago. It is known for choosing top-quality independent money managers to run specific mutual funds under the Harbor Capital name. 

It currently oversees $55 billion of targeted strategies. It also recently launched a suite of actively managed ETFs, some with unusual strategies which we will discuss.   

I began the interview by asking Gleich to take us through the process of choosing money managers to partner with, who have what he calls an “alpha edge”.   

WEALTHTRACK #1847 broadcast on May 20, 2022

More info:

If you were to ask investors to name the biggest headwinds facing the markets,   higher inflation and interest rates and their potentially negative impact on corporate earnings would top the list. Just about everyone on Wall Street agrees we are in a new era of higher levels of both. But this week’s guest believes there is another area that poses even greater challenges to the global economy and markets: energy.  

Energy is under enormous pressure on numerous fronts: geopolitical, production,  distribution, and financing. It’s a combination creating a new era of energy insecurity.  Our guest is Tom Petrie, a long-time thought leader in the oil and gas industry.    Since 2012 he has been Chairman of Petrie Partners, an influential investment banking and consulting boutique to the industry. 

What is happening with U.S. energy independence? After decades of decline, U.S. oil production picked up significantly in the last decade and a half, largely thanks to the shale oil revolution, to the point where it surpassed Russia and Saudi Arabia’s output to become the world’s largest oil producer.  Despite that achievement, Petrie says the U.S. and the rest of the world are now approaching a possible energy crisis caused by a number of factors. One of the biggest: some new geopolitical realities, what he calls geopolitical fragility. We will discuss them at length as well as why he believes the current elevated levels of oil prices are unsustainable and why the outperformance of traditional energy stocks is as well! 

WEALTHTRACK #1846 broadcast on May 13, 2022

More Info: https://wealthtrack.com/rising-global-energy-insecurity-and-its-impact-with-industry-thought-leader-tom-petrie/

Bookshelf: Following Oil: Four Decades of Cycle-Testing Experiences and What They Foretell about U.S. Energy Independence

https://amzn.to/3FM4ymZ

Are you feeling at all overwhelmed by the pace and degree of change we are experiencing in the world, the economy, the markets, life in general?

A series of head-spinning turns in events ranging from rising inflation and interest rates, Russia’s relentless and brutal assault on Ukraine, and a surprise leak of a draft of a  momentous Supreme Court opinion are perfectly encapsulated by the dramatic market action of the last two days. After the Federal Reserve raised short-term interest rates by half a percentage point (50 basis points) on Wednesday the Dow experienced its largest gain since 2000, up more than 900 points, nearly 3% to 34,061.06. Investors were evidently reassured by Fed Chairman Jerome Powell’s comments that the central bank was not “actively considering” raising rates by a sharper three-quarters of a percent (75 basis points). That reassurance turned to doubt on Thursday when the Dow made a U-turn, falling 1,063 points, a 3.1% drop, its largest decline this year.

As we have covered in several recent WEALTHTRACK episodes there appears to be a new world order emerging on several fronts which calls for new investment approaches. But what will the new order look like? How lasting the changes, and what are the best investment responses?

This week’s guest has the breadth, knowledge and experience to tackle all those questions and more. She is a long-time investment star who has never lost her influence or cool. She is Abby Joseph Cohen, now a professor at Columbia Business School, teaching the popular and oversubscribed “Future of the Global Economy” course which she has been doing as an adjunct professor since 2014.

I am delighted she is with us to discuss the contours of the new world order and their impact on the economy and markets.

WEALTHTRACK #1845 broadcast on May 06, 2022

Bookshelf:

The Black Swan: Second Edition: The Impact of the Highly Improbable
https://amzn.to/3w3OLvA

Warren Pierson, Co-Chief Investment Officer of Baird Advisors and portfolio manager of the top-rated Baird Aggregate Bond Fund, explains the newfound popularity of bonds.

What do you do when your flagship fund goes from the top of its class to close to the bottom in a matter of weeks? From market trouncing to market lagging? That is the challenge facing this week’s guest. 

Alex Umansky, Portfolio Manager of the Baron Global Advantage Fund which he launched at the firm of legendary growth manager Ron Baron in 2012. Umansky oversees about $2.4 billion dollars in assets at Baron Capital including $1.7 billion at his flagship Baron Global Advantage Fund.

However, in mid-November of 2021, the bottom fell out for the majority of its holdings.  Global Advantage went from a 20% plus gain to a less than one percent gain by year-end, while its benchmark and competition fared much better. So far this year the fund is down 33% and lagging badly.  

In a wide-ranging discussion, Umansky discusses what’s changed and what in his mind hasn't, which is why he is doubling down on some of his hardest-hit holdings and is convinced they will be long-term winners.  

WEALTHTRACK #1843 broadcast on April 22, 2022

We are in a new era of higher inflation and the pressure is on the Fed! Inflation is running at 40-year highs and it’s coming from every angle: food, energy, services, goods, rents, and wages which are all increasing.  

Is the Fed up to the challenge? Can it rein in inflation without causing a recession? What can we expect as borrowers and investors?

We have lots of questions to ask this week’s guest but we know from his past performance he can take them all in stride. 

Paul McCulley is currently an adjunct professor at Georgetown Business School where he teaches a very timely multi-disciplinary course combining law, economics, monetary policy, global finance and behavioral finance.  

McCulley says this Fed has the courage to defeat inflation despite recession risk.

WEALTHTRACK #1842 broadcast on April 15, 2022

The new era of higher inflation and interest rates is already proving to be a challenging one for investors. The first quarter of 2022 was the worst one in two years for the stock market. Inflation reached 40 year highs, and in response, the Federal Reserve raised interest rates for the first time since 2018 and is signaling an aggressive policy of multiple rate hikes in the months ahead.

Then there are all the other disturbing and disruptive developments to consider: the extended impact of Covid on global growth, supply chain problems, Russia’s unprovoked war against Ukraine, and aggressive actions from China, North Korea and Iran.

How to navigate these challenges as investors is the job of this week’s guest. She is an influential strategist, Savita Subramanian who has two leading roles at BofA Global Research. She is Head of Environmental, Social, and Governance (ESG) Research, the first in that position, and the Head of U.S. Equity and Quantitative Strategy.

This is Subramanian’s first appearance on WEALTHTRACK so we will cover a lot of territory including why she believes the market is at a major inflection point.

WEALTHTRACK #1841 broadcast on April 08, 2022

More Info: http://wealthtrack.com/new-strategies-for-a-major-market-inflection-point-with-influential-strategist-savita-subramanian/

As bonds suffer the worst quarter in more than four decades we are exploring one of the fastest-growing segments in the fixed income markets where demand is still accelerating. It's in ESG, environmental, social, and governance standards being applied to corporate and government bond issuers and specific issues themselves. 

In part 2 of our interview with industry pioneer Steve Liberatore, we explore both ESG fixed income investing, as well as the relatively new area of impact investing where bond proceeds are directed to a specific project or goal and the results are measurable.   

In the previous episode about the state of the bond market in general, still very timely, you’ll know that Liberatore is the lead portfolio manager and head of ESG/impact for global fixed income at Nuveen, the investment arm of TIAA and a pioneer in the field. 

Liberatore will give us an update on socially responsible fixed income investing as well as a fascinating lesson on how impact investing works and the unusual opportunities in it.   

WEALTHTRACK #1840 broadcast on April 01, 2022

More info: https://wealthtrack.com/why-impact-bonds-represent-opportunities-for-investors-with-industry-pioneer-steve-liberatore/

From the Bookshelf:

Five Days in London: May 1940: https://amzn.to/3wXoC3w

Citizens of London: The Americans Who Stood with Britain in Its Darkest, Finest Hour: https://amzn.to/3K1I17a

Part 1 of 2

The direction of inflation and interest rates are key to the performance of bond prices and they are in the midst of a massive change. The shift in direction has been most dramatic for inflation. After a decade of staying mostly below the Federal Reserve’s long-term 2% target, the Consumer Price Index recently soared nearly 8% year over year.

Meanwhile, until very recently interest rates have remained near historic lows. Despite telegraphing it would for months, the Federal Reserve just raised its key short-term federal funds rate for the first time since 2018. And the short-term interest rate sensitive yield on the 2-year treasury note has risen accordingly while the longer-term 10-year Treasury yield has been more subdued.

It now remains to be seen how aggressively the Federal Reserve will raise interest rates to dampen economic activity and rein in inflation. Its decisions will heavily influence the performance of bonds not just in the U.S. but also in the rest of the world.

This week’s guest will update us on the prospects for the bond markets but also on the increasing influence of his specialty, sustainable bond investing, on performance.

Steve Liberatore, a pioneer in ESG and impact bond investing explains what the new bond era means for investors in general and sustainable investing in particular.

WEALTHTRACK #1839 broadcast on March 25, 2022

More info:https://wealthtrack.com/esg-bond-pioneer-steve-liberatore-explains-the-new-bond-era-and-esgs-role-in-it/

Bookshelf:

The Splendid and the Vile: A Saga of Churchill, Family, and Defiance During the Blitz: https://amzn.to/3tES2RV

Never Give In! Winston Churchill’s Greatest Speeches: https://amzn.to/3DqxrEt

The first interest rate increase by the Federal Reserve since 2018 happened this week, with the central bank planning six more of 25 basis points or one-quarter of a percent each this year.

The lending market is already ahead of the Fed. The average fixed rate 30 year mortgage topped 4% for the first time since 2019 in the latest reporting week. It's happening in a hot housing market. The median listing price for homes hit an all-time high of $392,000 in February and the inventory of homes for sale fell to a record low in January.

By raising rates the Federal Reserve intends to make borrowing more expensive. That’s supposed to dampen demand for goods and services and slow price increases, i.e., inflation down. With inflation running close to an 8% annual rate, a 40 year high, it remains to be seen how effective the Fed’s incremental approach will be.

This week’s guest, a noted investment strategist known for his macro analysis and thematic investing, expects long-term inflation to be higher than it's been in the past decade and believes most portfolios are not positioned for this new reality. In fact, he says the vast majority of investors, institutional and individual, are holding the winners of yesteryear instead of the winners of future years. He has recommendations to bring us up to speed!

He is Richard Bernstein, Chief Executive and Chief Investment Officer of Richard Bernstein Advisors; he says most portfolios are not positioned for a new era of higher inflation.

WEALTHTRACK #1838 broadcast on March 18, 2022

More Info: https://wealthtrack.com/how-to-reposition-your-portfolio-for-a-new-higher-inflation-era-with-top-strategist-rich-bernstein/

Russia’s brutal, unprovoked assault on Ukraine is dominating the news headlines, but so far its market impact has been short-lived. ClearBridge Investment strategist Jeff Schulze says what really matters to the markets in the direction of the economy and Federal Reserve policy. According to his proprietary Recession Risk Dashboard, the vast majority of his twelve key indicators remain positive.    

More info: https://wealthtrack.com/ukrainian-invasion-impact/

Since the future is essentially unknowable, this week’s podcast guest focuses on what is knowable and controllable, mainly our own reactions. He is veteran personal finance journalist Jonathan Clements, a former colleague of mine at The Wall Street Journal who was its personal finance columnist for nearly 20 years. The author of several books including From Here to Financial Happiness and How to Think About Money, Clements is the Founder and Editor of HumbleDollar, a free weekly newsletter devoted to telling you “everything you need to know about money.”  Veteran personal finance journalist Jonathan Clements explains why the most successful approach to dealing with turbulent markets is to stay invested.

WEALTHTRACK #1836 published on March 04, 2022

Target-date funds have $3 trillion dollars in assets. Millions of Americans are enrolled in them, mostly through company 401(k) plans. They have a track record, multiple products, plenty of competition and fees are declining as a result. 

In an article titled “In Praise of Target-Date Funds,” one of our favorite WEALTHTRACK guests, Morningstar’s Director of Personal Finance, Christine Benz described them as “...nothing short of the biggest positive development for investors since the index fund.”

That got my attention! So this week we are interviewing one of the best target-date managers in the business. He is Wyatt Lee, who is Head and Co-Manager of T. Rowe Price’s $390 billion Target Date Strategies, the largest group of actively managed target-date products in the U.S. 

The firm’s Retirement Series earned a Gold analyst rating from Morningstar, one of only two in the actively managed category, for its stellar performance and high ratings for its process, people, and the parent company. 

Lee begins with the basics and defines what a target-date fund does and how the product has evolved since it was first introduced in 1994. It turns out target-date funds can be an effective retirement vehicle for investors at all stages of life and that there are many options available. I learned a great deal from Lee. I hope you will too. 

WEALTHTRACK #1834 broadcast on Febuary, 18, 2022

More Info: https://wealthtrack.com/target-date-fund-advantages-with-t-rowe-prices-wyatt-lee-one-of-the-top-managers-in-the-business/

Yankee legend Yogi Berra famously said, “It’s deja vu all over again,” one of his many memorable expressions. That’s the way I feel this week.  

The “deja vu all over again” is the theme of “Don’t fight the Fed.” The Federal Reserve's recent pivot from inflation promoter to inflation fighter puts that adage front and center in the current debate between the bulls and the bears.

This week’s guest has been following that dictum during his 40-year investment career. He has been bullish since the Fed opened the monetary spigots in 2009. He is Ed Yardeni, a Ph.D. economist, long-time Fed watcher, and investment strategist who is widely followed by institutional investors. 

He is also the author of several books.  The latest, In Praise of Profits! is dedicated to progressives to help them understand that “profits isn’t a four-letter word.” 

Another Yardeni book is Fed Watching for Fun and Profit: a Primer for Investors, which we discussed in-depth in an earlier interview. In that book, he wrote: “To do this job well, I've learned that nothing is more important than to anticipate the actions of the Federal Reserve system’s Federal Open Market Committee (FOMC) which sets the course for monetary policy in the United States.”  

Given the Fed’s change of policy from easing to tightening I asked Yardeni if he was becoming less bullish. 

WEALTHTRACK Episode #1833 broadcast on February 11, 2022

More Info:https://wealthtrack.com/despite-higher-inflation-and-interest-rates-ed-yardeni-makes-the-bullish-case/

Bookshelf:

Fed Watching for Fun & Profit: A Primer for Investors

https://amzn.to/3BhlQ9i

In Praise of Profits!

https://amzn.to/3uKvDng

Martin Zweig’s Winning on Wall Street

https://amzn.to/3uJJvOr

Great investor David Giroux has cut way back on stocks and increased bonds in his top performing T. Rowe Price Capital Appreciation Fund. He explains why stock prices are scary and bonds look better than most stocks in 2025.

We appear to be in a new investment era, one of higher inflation and higher interest rates. It is a huge change from the “great moderation,” the multi-decade stretch of low inflation and falling interest rates since the early 1980’s.

With consumer prices soaring to 40-year highs the Federal Reserve has pivoted from its unusual role as inflation promoter to its traditional role of inflation fighter, which signals higher interest rates ahead.

Major macro shifts like these are always turbulent. How to navigate them without damaging your portfolio or psyche is our focus this week. Our guest is well suited to tackle this challenge because of his track record of capital preservation and long-term compounding.

Noted global value manager Matthew McLennan has a proven track record of building lasting wealth by investing in resilient investments, including gold.

WEALTHTRACK Episode 1832 broadcast on February 04, 2022

More Info: https://wealthtrack.com/resilient-investments-including-gold-are-matt-mclennans-method-for-building-lasting-wealth/

Termination Shock by Neal Stephenson:  https://amzn.to/3rs2n2B

One of the biggest changes of the past year has been the record number of Americans who are quitting their jobs. It’s so pronounced that it has a name. It’s called “The Great Resignation.” 

What The Great Resignation means for retirement planning is just one of the items on Christine Benz’ financial to-do list this year. Another major area of focus is adjusting to much higher inflation. Consumer Prices increased 7% in December versus a year ago, the fastest increase since 1982 and the third month in a row that inflation exceeded 6%. 

This elevated rate of inflation presents a big planning challenge.   Benz, who is Morningstar's Director of Personal Finance, is joining us for the fourth year in a row to help us get in financial shape for a new year and will tackle these important changes among others. 

WEALTHTRACK #1829 broadcast on January 14, 2022

More info: https://wealthtrack.com/rising-inflation-interest-rates-expensive-markets-call-for-reassessing-retirement-plans/

30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances: https://amzn.to/3FlPtGZ

Morningstar Guide to Mutual Funds: Five-Star Strategies for Success: https://amzn.to/3fmW2i5

Part 2 of 2

Legendary value investor Bill Miller is betting big on bitcoin. The digital currency and some related crypto investments now account for half of his personal investment portfolio. In part two of our interview with Miller, he discusses his rationale for taking such an outsized position, including why he has converted from being a self-described bitcoin “observer” to a bitcoin “bull” and why he is adding to his holdings when the currency has big declines. 

Since Miller is also celebrating his 40th anniversary in the investment business we delve into how much the investment landscape has changed and how his value approach has evolved over the last four decades.

The conversation is not about Miller Opportunity Trust, it's about his personal portfolio. 

I began the interview by asking Miller why he has gone so big on bitcoin. 

WEALTHTRACK #1828 broadcast on January 07, 2022

More Info: https://wealthtrack.com/investment-legend-bill-miller-has-50-of-his-personal-portfolio-in-bitcoin-related-investments/

Bookshelf: 

The Intelligent Investor: https://amzn.to/3F4Dpd6

Reminiscences of a Stock Operator: https://amzn.to/3zy39O1

Great value investor Bill Miller remains the only fund manager to beat the market for 15 consecutive years. He discusses his current core holding winners and some recent promising additions to his legendary portfolio.

WEALTHTRACK #1825 broadcast on December 17, 2021

Since WEALTHTRACK’s inception, it’s been an annual tradition to sit down for a rare in-depth interview with Ed Hyman, Wall Street’s number one-ranked economist for an unrivaled forty-one years.

Hyman is a Wall Street legend known for his comprehensive, yet succinct daily bullet point reports on the economy covering multiple data points including his team’s proprietary company surveys covering a wide range of businesses.

Last year at this time the U.S. was emerging from lockdowns, vaccines hadn’t been distributed, Covid was resurfacing, fatalities were up but the economy and markets were rebounding sharply.

That was not a surprise to Hyman because of the massive amount of monetary and fiscal stimulus pouring into the economy.  As a matter of fact it was the major reason   Hyman predicted on WEALTHTRACK a year ago that 2021 would be a “blow out” year in terms of both economic and corporate earnings growth.

How would he describe it in retrospect and what are his economic and market expectations for 2022? Hyman answers those questions and more.

WEALTHTRACK #1824 published on December 10, 2021

Three successful women portfolio managers discuss what it takes to succeed in money management, including their best and worst decisions and crucial career advice.   

WEALTHTRACK #1823 published on November 30, 2021

More Info: https://wealthtrack.com/how-to-make-it-on-wall-street-advice-from-three-successful-women-portfolio-managers/

Part 1 of 2

Only 11% of U.S. portfolio managers are women. Three of them describe how they are “tearing down the pink wall” starting with their educational and job choices in part one of our two-part series.

WEALTHTRACK #1822 published on November 24, 2021

More Info: https://wealthtrack.com/from-education-to-job-choices-how-3-women-have-become-successful-portfolio-managers/

It's hard to keep a roaring bull market down. The S&P 500 marked its 66th record close of the year today and the NASDAQ Composite also hit a new peak. The strong performance once again raised the question: what to do with the dominant position mega-cap tech stocks have in most of our stock portfolios. It is a particular challenge for growth fund managers because that’s where the growth and performance has been for the last decade, especially the past few years.  

This week’s guest, Margaret Vitrano, and her ClearBridge team saw the high concentration of big tech in their portfolios last year as high risk and a threat to the diversification they see as essential to delivering their historically strong returns with downside protection. They met that challenge by reducing some significant winning positions and actually closing out a big one last year. Understanding why she did it and how she feels about it now can help the rest of us who face similar decisions.   

We’ll discuss why they made those sales and where they invested the proceeds as well as how they apply ClearBridge’s longstanding and rigorous ESG standards to their portfolios.

WEALTHTRACK #1821 broadcast on November 19, 2021

More info: https://wealthtrack.com/de-risking-the-dominance-of-mega-cap-tech-stocks-with-leading-growth-manager-margaret-vitrano/

Worried about inflation, especially after October’s big consumer price number? The CPI’s 6.2% increase from a year ago was the fastest 12-month gain since 1990 and the fifth month in a row of +5% inflation. 

What about rising interest rates? How about America’s economic standing in the world?   

Be prepared to question many of the negative assumptions you have been hearing and listen to some other data that shines a different light on the outlook. Our guest is a highly respected economist who is no pollyanna. She is just a top economist who looks at data many others miss.  

Nancy Lazar is Partner and Chief Economist of Cornerstone Macro. 

Lazar and her team are challenging the assumptions that higher inflation is here to stay, that interest rates have to go higher and that emerging markets will be the driver of global growth post-pandemic. 

I began our conversation with the capital spending question. In a traditionally consumer-driven economy, why is capital spending going to play such an outsized role? 

WEALTHTRACK #1820 broadcast on 11-12-21

More Info: https://wealthtrack.com/u-s-manufacturing-resurgence/

The demand for socially responsible investing strategies is growing and the cash flowing into them shows it. Exchange-traded funds with ESG characteristics - ESG of course stands for environmental, social, and governance - have attracted the lion's share of equity money in recent years. 

In true “follow the money” form, Wall Street has taken notice. There are now many different kinds of socially responsible investment products to choose from. One you don’t hear a lot about is values and faith-based investing, a niche that has been around for decades through separately managed accounts and a few mutual funds. 

This week’s guest just might change their low profile. He is a widely followed market strategist and successful investor, Robert Doll, Chief Investment Officer and Portfolio Manager at Crossmark Global Investments which he just joined this year.  

Doll will fulfill two missions for us. He’ll explain what values and faith-based investing means and update us on his current assessment of the markets and recommended investment strategies.     

WEALTHTRACK #1819 broadcast on November 05, 2021

More Info: http://wealthtrack.com/values-and-faith-based-investing-with-veteran-strategist-bob-doll/

On the publication of its 75th anniversary edition, The Intelligent Investor Editor Jason Zweig shares the timeless & still timely wisdom of what Warren Buffett calls “the best book on investing ever written.”

WEALTHTRACK episode #2120, broadcast on 11/15/2024

There's a saying on Wall Street that the market can remain irrational longer than you can remain solvent.  And there’s a widely held financial theory called “Reversion to the Mean” that asserts that eventually asset classes will return to their long term average in terms of several factors including price, price/earnings multiples, and their performance relative to other asset classes like U.S. stocks.

Reversion to the mean for emerging markets stocks has been a long time coming.

This week’s guest, Michael Kass who runs Baron Emerging Markets Fund believes their time has come after a very long cycle of underperformance.

Kass will make the case for an emerging markets resurgence, especially stocks in the two largest markets, China and India.

WEALTHTRACK #1818 broadcast on October 29, 2021

More Info: https://wealthtrack.com/new-world-order-of-market-leadership/

Talk about a seismic shift! Inflation is back with a vengeance.  Higher prices are being felt throughout the economy by consumers and businesses alike. 

The Consumer Price Index, the most widely followed measure of price moves at the retail level, has just experienced its biggest year-over-year increase since the early 1990s. 

Are these price increases transitory as the Federal Reserve would lead us to believe or are we in a new era of higher prices not seen since the late 1970s? 

This week’s guest penned an editorial in The Wall Street Journal recently asking the question: “Does the Fed Have the Will to Fight Inflation?”

He is Financial Thought Leader Jason De Sena Trennert,  Co-Founder,  Chairman, CEO, and Chief Investment Strategist of Strategas Research Partners,  

Trennert will address the investment and strategy implications of higher inflation.  

WEALTHTRACK #1817 broadcast on October 22, 2021

More info: https://wealthtrack.com/financial-thought-leader-jason-trennert-on-the-financial-risks-of-higher-inflation-interest-rates/

WSJ Editorial: https://www.wsj.com/articles/federal-reserve-inflation-reduce-monetary-policy-price-stability-11633291208

The one constant in life is change, even for great investors. Earlier this year The Motley Fool Co-Founder, David Gardner announced that he was changing his focus. As he told fellow “Fools” as the global online investing community members jokingly refer to themselves: 

“....where you place your focus in life matters, and now I am choosing to shift my focus from the stock market and invest time in other endeavors. After nearly 30 years focused on publicly picking stocks, this wasn’t a decision I took lightly.”

It wasn't a decision The Motley Fool team, members, followers and at least one member of the financial press, namely me, took lightly either, which is why I wanted to talk to David.  

The good news is Gardner is not totally leaving the fold. He is Chairman of The Motley Fool Foundation, devoted to bringing “financial freedom to all.”

He remains Co-Chairman of The Motley Fool with fellow Fool Co-Founder and younger brother Tom, a very successful investor in his own right, who has also been managing and growing the business as CEO. 

David Gardner will continue as Chief Rule Breaker “for life” he expects, and he will continue his weekly podcast, “Rule Breaker Investing,” in which every ten weeks he recommends what he calls a 5-stock sampler theme, culled from The Motley Fool’s Stock Advisor and Rule Breakers picks. 

I asked Gardner to take us through his Rule Breakers rules. What are the lessons he’s learned from three decades of active investing?     

WEALTHTRACK #1816 broadcast on October 15, 2021

More Info: https://wealthtrack.com/3-decades-of-investment-lessons-learned-from-the-motley-fools-chief-rule-breaker-david-gardner/