Podcast
Orion's The Weighing Machine
Hosted by Orion Portfolio Solutions · EN
Orion’s The Weighing Machine How does Orion help financial advisors guide investors toward their financial goals? We provide the services and solutions advisors need to help clients stay invested in balanced portfolios. On Orion’s “The Weighing Machine,” featuring Ben Vaske, BFA, we cut through the market clamor and focus on time-tested principles that help financial advisors and investors reach their long-term financial goals. Each podcast reviews weekly commentary by Orion’s investment team and features a special guest to discuss market headlines.
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”).
Think2perform’s Behavioral Financial Advice program integrates traditional finance practices with psychology and neuroscience to improve emotional competency and decision-making behavior that increases effective usage of the financial plan with clients. To obtain the Behavioral Financial Advisor (BFA) designation, participants must complete a self-directed course, which takes 20-30 hours to complete, and includes a mix of interactive exercises, videos and case studies. To learn more about the BFA, visit https://www.think2perform.com.
0503-OPS-3/4/2024
23episodes
Episodes
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James St. Aubin of Ocean Park Asset Management - Winning by Not Losing
3w ago00:45:10Tap to summarizeToday on the podcast, Ben Vaske is joined by James St. Aubin from Ocean Park Asset Management. James St. Aubin, CFA®, CAIA®, is Chief Investment Officer and Portfolio Manager for Ocean Park Asset Management. He has oversight of all Investment Management department activities, in collaboration with Co-founders David Wright and Kenneth Sleeper. An experienced investment management executive, his career of more than 20 years includes leadership roles in asset allocation, manager research and portfolio construction. James earned a Bachelor of Science in Finance from DePaul University and is a CFA® and CAIA® Charterholder. Key Takeaways What is James’ favorite home-cooked meal or recipe? Learn more about James’ role at Ocean Park Asset Management and what they do at Ocean Park. What does the imagery of a rubber duck mean to Ocean Park as a symbol? What are the problems with relying solely on Standard Deviations as a measure of risk? How should advisors start to incorporate “fat tails” into their portfolio construction process? In what environments do classic diversification strategies become unreliable? When investors invest in a core bond allocation, like the Bloomberg US Aggregate Index, what are investors really getting? How does James think about duration and depth, when it comes to pain or loss, and how they impact portfolios? What does James mean when he talks about “winning by not losing?” What is the “sequence of returns” risk, who does it impact the most and how does James limit it? What are some of the risks that James is seeing in the markets right now that others may not be considering and what does he think is already priced in? What should advisors and investors understand about trend-following strategies and are there any tradeoffs when using trend following? How does Ocean Park fit within a broader portfolio and compliment, or even replace, a buy and hold type portfolio for certain investors? Links James St. Aubin on LinkedIn Ocean Park Asset Management Connect with Us Meet Ben Vaske, Manager Investment Strategy Check Out All of Orion’s Podcasts Power Your Growth with Orion Disclosure(s) Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc. Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by Janus Henderson Investors. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from Janus Henderson Investors for the placement of this advertisement content. Janus Henderson Investors and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites. Compliance Code: 1448-R-26128
Transcribe →Seth Rosenthal of Academy Asset Management - When Geopolitics Moves Markets
Mar 3100:31:40Tap to summarizeToday on the podcast, Ben Vaske is joined by Seth Rosenthal from Academy Asset Management. Seth was previously the Bank Chief Investment Officer at Northern Trust. In his 16-year career at Northern, he oversaw $100 billion in global fixed income and money market assets across a range of duration and credit mandates. In addition to his investment leadership, Seth served on Northern Trust’s Employee Benefit Investment Committee, where he held fiduciary responsibility for the firm’s employee benefit plans. Prior to Northern Trust, he spent 10 years with the Bank of Montreal, where he held pivotal roles in Treasury and Credit Analytics. Seth is a CFA charterholder with a BBA from the University of Iowa, where he also sits on the Finance Advisory Council at the Tippie School of Business. Key Takeaways What is Seth’s favorite home-cooked meal or recipe? An overview on Seth’s career and what led him to Academy Asset Management. Also, what does Academy do and how do they view the markets? When advisors and investors are seeing geopolitical headlines everyday, what should they be watching out for and how can they separate signal from noise? Is the collapse in traffic through the Strait of Hormuz at the core of what’s going on, from a market standpoint, in our conflict with Iran? What might a potential reopening look like? Why have oil prices been so volatile, rather than just merely remaining elevated, given the current geopolitical risk? How does this oil supply chain crisis lead to changes in geopolitics following the crisis? Where does Seth look first in terms of impact, or potential resolution talks, and is he thinking about positioning any differently right now? Are there any areas in the market that Seth would expect to react first if there is some sort of resolution? If tensions do escalate further, what does Seth expect to see? What is his bad case scenario for the markets? What might rate policy look like from here on out in Seth’s opinion? With Seth’s experience managing fixed income portfolios, is there anything he’s thinking about from a positioning perspective given this potential change in inflation expectations? When Seth zooms out historically, are there any common threads of market impact that last past initial geopolitical shocks? How is Seth’s team thinking about how the US is balancing market and economic strength with the current situation? Is there anything unique in this current moment about how the geopolitics are effecting markets? Links Seth Rosenthal on LinkedIn VETZ, Veteran Bond ETF - Academy ETFs Academy Asset Management Connect with Us Meet Ben Vaske, Manager Investment Strategy Check Out All of Orion’s Podcasts Power Your Growth with Orion Disclosure(s) Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc. Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by Janus Henderson Investors. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from Janus Henderson Investors for the placement of this advertisement content. Janus Henderson Investors and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites. Compliance Code: 1039-R-26090
Transcribe →Fritz Folts of 3EDGE Asset Management - Multi-Asset Investing 101
Feb 2400:44:07Tap to summarizeToday on the podcast, Ben Vaske is joined by Fritz Folts from 3EDGE Asset Management. Fritz has over 25 years of investment and portfolio management experience. Prior to 3EDGE, he served for over 12 years on the investment committees at both Windward and Windhaven Investment Management, Inc. He also served as Chief Investment Strategist while at Windhaven. Fritz began his career at The Boston Company, where he ultimately served as Director of Global Funding for the then newly formed Boston Safe Deposit & Trust Co., (U.K.) Ltd., in London, England. He holds a BA in Government from Connecticut College and an MBA from IESE (Instituto Estudios Superiores de la Empresa) in Barcelona, Spain, one of Europe’s pre-eminent business schools. He is the former Chair of the Board of Trustees at Connecticut College and now serves as Trustee Emeritus. While on the Board at Connecticut College Fritz was also a member of the Investment Committee for the college endowment. Fritz currently serves as Chair of the Investment Committee for the Concord Museum, which was recently voted the #1 Small Town Museum in America by USA Today. He is also a member of the Investment Committee of the Umbrella Center for the Arts in Concord, MA. Fritz resides in historic Concord, Massachusetts, with his wife, Cathy.Key TakeawaysWhat is Fritz’s favorite home-cooked meal or recipe?Learn a bit about Fritz’s career path, how he became a co-founder and what 3EDGE Asset Management focuses on lately.When Fritz initially launched 3EDGE, what were his thoughts on doing something differently from traditional asset managers?How has Fritz’s personal investment philosophy evolved in the past couple of decades?When Fritz thinks about multi-asset investing, how does he define it and how does he utilize it?How does Fritz think about blending more of an MVO type, strategic asset allocation and a tactical exposure? Is one better than the other and can they compliment each other?How has the explosion of ETFs really increased the opportunity set out there for investors?How have ETFs helped 3EDGE’s risk management become more precise?In Fritz’s eyes, what are “the seasons of the market” and what do they mean for his investors and the overall 3EDGE strategy?What signals does Fritz look for that might indicate the market’s “season” is changing and has his view on this shifted in recent years?How does the 3EDGE risk management process shift across the different seasons of the market?What would be a reasonable measure of success for a multi-asset manager?What’s Fritz’s go-to advice for how to tell a client about the potential benefits of moving away from traditional benchmarks?How does implementing some sort of multi-asset strategy really simplify the job of an advisor?Does Fritz’s conversation with clients change during moments of market stress or does it just become a reinforcement of what he’s already been saying?What parts of the investment landscape are most interesting to Fritz at the moment?How does Fritz see the multi-asset investing landscape continuing to evolve?LinksFritz Folts on LinkedIn3EDGE Asset Management3EDGE Week in Review Video Series3EDGE Commentary Paper – The Power of Multi-Asset InvestingConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by Janus Henderson Investors. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from Janus Henderson Investors for the placement of this advertisement content. Janus Henderson Investors and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.Compliance Code: 0548-R-26048
Transcribe →Michelle Cluver of Global X ETFs - The Long Game of AI
Feb 300:44:07Tap to summarizeToday on the podcast, Ben Vaske is joined by Michelle Cluver, Head of ETF Model Portfolios at Global X ETFs. Michelle joined Global X in 2018. She is responsible for overseeing the model portfolio solutions team in the construction and management of Global X’s suite of ETF model portfolios. Michelle and her team develop the macroeconomic and market views that shape portfolio positioning. Additionally, she works closely with the ETF model portfolio team on maintaining and assessing the quantitative models behind Global X’s thematic model portfolios. Previously, Michelle worked at Merrill Lynch Wealth Management in its ETF model portfolio business. Prior to Merrill, Michelle worked for a boutique asset management firm, with a focus on both South African and developed market equities. Michelle holds a master's degree in International Finance from the Amsterdam Business School and is a CFA Charterholder.Key TakeawaysWhat is Michelle’s favorite home-cooked meal or recipe?Learn about Michelle’s current role at Global X ETFs and her career backgroundWhat were the coolest and strangest things Michelle saw at the CES (Consumer Electronics Show) Conference in Las Vegas this year?In Michelle’s opinion, where are we today in terms of the AI adoption cycle? Are we in early experimentation or getting into early commercialization?Are there any key differences or similarities between the AI boom and the dot com or mobile phone boom that Michelle would highlight?In terms of AI use cases and real world adoption today, are there any industries or business functions that are seeing true, tangible gains from AI currently?Is there anything that Michelle thinks investors are misunderstanding about how quickly or slowly this AI adoption is going to show up in company fundamentals?As Michelle thinks about the CapEx wave, does she think it is sustainable and does she think this level of CapEx will need to continue for AI to continue to advance?What less obvious areas does Michelle think investors should be looking at in the broader AI ecosystem?How generational of an innovation is AI and are we in a place where we can say “yes, this is going to be the thing for the next few decades?”Does Michelle view AI as inflationary, long-term deflationary or structurally neutral?Are there shifts in the dynamics around the competitive edge between large and small AI companies and are there opportunities in the space for small companies to make a big impact?How should investors and advisors be thinking about valuations in the present day given the level of optimism that’s already priced in?What sort of signals should our listeners look for that may show we’ve reached peak enthusiasm in AI?For the average investor, what would Michelle’s key point of advice be for a simple way to gain exposure to AI but doing so in a risk-aware way?What might getting AI right in a long-term portfolio actually look like for a long-term investor?mizueLinksMichelle Cluver on LinkedInGlobal X ETFsConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by Janus Henderson Investors. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from Janus Henderson Investors for the placement of this advertisement content. Janus Henderson Investors and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.Compliance Code: 0328-R-26033
Transcribe →Adam Hetts of Janus Henderson - Positioning Multi-Asset Portfolios for 2026
Dec 2200:36:55Tap to summarizeKey TakeawaysWhat is Adam’s favorite home-cooked meal or recipe?Adam’s professional background and more on the multi-asset group he leads at Janus HendersonAs Adam steps back, and looks forward to 2026, what does he see as the most important macro drivers investors should be focused on right now?As Adam thinks about the Fed’s policy path going forward, how is he thinking about Fixed Income positioning in 2026?How does Adam’s multi-asset group at Janus Henderson broadly think about diversifying away from the Agg when searching for new opportunities in the fixed income market?From Adam’s perspective, are high-valuations in AI-related equities a major challenge for multi-asset portfolios? Does he see some fundamental strengths still justifying that enthusiasm?From an active perspective, how is Adam thinking about separating the durable AI beneficiaries from those that are more momentum driven ?How is Adam thinking about balancing the allocation to AI-driven growth versus exposure to smaller mid-caps and non-US equities?How is Adam looking at opportunities in Europe right now?What are key drivers that Adam is looking at in Emerging Markets? Is he seeing continued strength there?As Adam is thinking about blending public and private allocations together, within a portfolio, what role do private markets play and how does this look to him in terms of a long-term allocation?Outside of portfolio construction, is there a key biggest mistake that Adam sees investors making as they look to private allocations?Piecing it all together, how is Adam thinking about a broad, multi-asset portfolio going into next year? Also, is there one guiding principle for long-term portfolio success in Adam’s mind?LinksAdam Hetts on LinkedInJanus Henderson InvestorsJanus Henderson Investment Outlook 2026Connect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.Compliance Code: 3498-R-25351
Transcribe →Jason Mertz of AllianceBernstein - Municipal Bond Market Headwinds Turning a Corner
Dec 900:46:11Tap to summarizeToday on the podcast, Ben Vaske is joined by Jason Mertz from AllianceBernstein. Jason Mertz is a Vice President and Investment Strategist for AB’s Municipals team, covering all mutual funds, exchange-traded funds and separately managed account solutions. He 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 TakeawaysWhat is Jason’s favorite home-cooked meal or recipe?Learn about Jason’s career journey and how he ended up in his current role at AllianceBernstein.Did being the captain of his lacrosse team in college teach Jason any lessons that he has carried forward to the present day?What were some of the drivers behind the underperformance of Municipal bonds for the first 7-8 months of the year?If Jason is not seeing great opportunities in the Municipal bond market, are there other areas in the market that he can lean into and what would spark him to do that?As an active manager, how is Jason thinking about balancing all of the unique risks present in today’s environment?How is Jason generally viewing broad, municipal credit health right now? Are there any real pockets of concern around the credit space?As Jason is thinking about his outlook for the next 12 months or so, how do Municipal bonds fit into the portfolio and where is he seeing that part of the portfolio acting in the next year?What is some of the proactive tax management that Jason and his team at AB are doing?What kind of technology and tools does AllianceBernstein use to allow them to manage tax-aware SMA’s for their plethora of clients?Learn more about AB’s advisor partnership model and how it works within the broader Orion community.When someone thinks of AllianceBernstein Municipal Bonds, what should be the first thing they think about? Also, as they think about partnerships what is the key takeaway there as well?LinksJason Mertz on LinkedInAlliance BernsteinConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionJason Mertz: Air Fryer Salmon RecipeIngredients: Salmon, Garlic, Salt, Pepper, Soy Sauce, Teriyaki and Lemon (optional)Boil water and pour over the skin of the salmon for easy removal of the skin (salmon hack!)Cube the salmon into 1 inch pieces and toss into a bowlMarinate the salmon with salt, pepper, garlic, soy sauce, and a touch of teriyaki. Lemon squeeze optionalToss the Cubes into the air fryer for 8-10 minutes (I normally rotate halfway through)ENJOY! The salmon should be crispy on the outside with a soft center.Disclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.Compliance Code: 3497-R-25351
Transcribe →Kim Arthur of Main Management - The Ethos of Client Service
Nov 1100:45:19Tap to summarizeToday on the podcast, Ben Vaske is joined by Kim Arthur, CEO and Portfolio Manager of Main Management. Kim D. Arthur is a founding partner of Main Management, LLC. He currently serves as Main’s CEO and Portfolio manager. In 2009 Kim was recognized by Institutional Investor Magazine as a “Rising Star” of Foundations and Endowments. Kim is a regular speaker at national conferences and was a featured speaker at the Inside ETFs conference in Hollywood, Florida in January 2018. Kim has been profiled in articles by Index Universe and referenced in Barron’s, Wall Street Journal, Business Week and Fortune Magazine among others. Kim began his financial career in 1987 when he joined Montgomery Securities in their Institutional Sales division, marketing U.S. equities to Japanese institutions. He was promoted to Managing Director of Institutional Sales in 1997 during the period when Montgomery was purchased by Nations Bank. By 1999 he had advanced to the transitional head of International Sales for Banc of America Securities, following Bank of America’s takeover of Nations Bank. From 2000-2001 Kim was named the head of the Institutional Sales and Trading Department overseeing 60 sales traders in 6 cities. From January 2002 through August 2002 he was appointed the head of Equity Product Marketing. He served on the Investment Policy Committee and the Executive Management Committee at Banc of America Securities from 2000-2002.Key TakeawaysWhat is Kim’s favorite home-cooked meal or recipe?Kim’s career journey, how he found his way into the industry and what led him to become a co-founder of Main Management back in 2002.What are some of the things Kim learned by being thrown into the deep end of managing people early on?When it comes to retaining talent, what are Kim’s words of advice for retaining your best employees for the long haul?How does Kim maintain his energy and a work life balance while wearing so many hats?Are there any skills from Ben’s home-remodeling project that he’s been able to apply to his professional role?How have Kim and Main Management thought about the extraordinary market in the year thus far?What kind of catalyst might make our national debt and the interest payments on it an issue, or does Kim think we are okay for now?Where is Kim seeing opportunities in the market right now?What does Kim believe the role of Active Management is today?How does Main Management emphasize their client focus across their culture, their events and their operations?For advisors listening, what is a foundational checklist to take a few steps to ensure that they’re working towards providing exceptional client service?What is Kim’s “why” that drives him everyday?LinksKim Arthur on LinkedInMain ManagementConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with Orion Disclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.Compliance Code: 3148-R-25321
Transcribe →Kim Arthur of Main Management - The Philosophy and Wisdom of a Six Time Guest on The Weighing Machine
Jun 1000:44:07Tap to summarizeToday on the podcast, Rusty and Robyn are joined by Kim Arthur, CEO and Portfolio Manager of Main Management. Kim D. Arthur is a founding partner of Main Management, LLC. He currently serves as Main’s CEO and Portfolio manager. In 2009 Kim was recognized by Institutional Investor Magazine as a “Rising Star” of Foundations and Endowments. Kim is a regular speaker at national conferences and was a featured speaker at the Inside ETFs conference in Hollywood, Florida in January 2018. Kim has been profiled in articles by Index Universe and referenced in Barron’s, Wall Street Journal, Business Week and Fortune Magazine among others. Kim began his financial career in 1987 when he joined Montgomery Securities in their Institutional Sales division, marketing U.S. equities to Japanese institutions. He was promoted to Managing Director of Institutional Sales in 1997 during the period when Montgomery was purchased by Nations Bank. By 1999 he had advanced to the transitional head of International Sales for Banc of America Securities, following Bank of America’s takeover of Nations Bank. From 2000-2001 Kim was named the head of the Institutional Sales and Trading Department overseeing 60 sales traders in 6 cities. From January 2002 through August 2002 he was appointed the head of Equity Product Marketing. He served on the Investment Policy Committee and the Executive Management Committee at Banc of America Securities from 2000-2002.Key Takeaways[04:03] - Kim’s professional background and more on his role at Main Management[06:00] - Main Management’s motto is “we believe investors should keep more of their investment returns.” How does this translate into day-to-day operations?[08:08] - How has Kim’s investment philosophy evolved overtime in terms of values?[09:08] - What does Kim know now that he wishes he understood ten to twenty years ago?[11:01] - What role does intuition play in Kim’s decision making now versus early in his career?[12:03] - Does Kim have any daily routines, or rituals, that help him stay focused and ground his thinking in chaotic markets?[13:30] - Are there any mental models, investing or otherwise, that Kim returns to regularly to guide his perspectives?[15:03] - When Kim looks back years from now, what kind of impact does he hope to leave with the industry, his clients and his team?[16:00] - How does Kim define success today and how has that definition changed over his career?[17:30] - As a portfolio manager and a leader, what biases or other internal battles has Kim had to overcome?[18:57] - Either inside, or outside, the world of finance, what are some trends that Kim is really curious about right now?[21:05] - Outside of investing, are there other things that Kim finds inspiring or energizing at the moment?[22:36] - A story about Kim, potentially from earlier in life, that best captures who he is today?[24:36] - Is there a book, movie or quote that has influenced Kim’s leadership or investment approach?[26:53] - Who in Kim’s life, or career, has had the biggest impact on how he thinks and what lessons did they teach him?[28:13] - What advice does Kim give most often to younger professionals in the industry?[29:22] - Was there a pivotal point in Kim’s career where he had a failure, or a setback, that has shaped his life in a meaningful way?[31:35] - How does Kim stay motivated and optimistic during tough market stretches or personal challenges?[33:27] - What is currently Kim’s favorite investment idea?Quotes[08:16] - “I stole this from Bezos, but we do it in all of our meetings - we’ll have an empty chair, and I’ll remind everybody in there that hasn’t heard it, but that chair is the client sitting there. So, whatever you’re going to say, you better make sure that it’s client centric because they are listening and they will remember… Again, when you kind of grab your team that has that building block and then you start building off of that, good things will happen, but it’s got to start from that foundational piece.” ~ Kim Arthur[31:40] - “In any given year, the market drops 10% from peak to trough. It’s very interesting how, when it does that, it feels so unique like it hasn’t happened before, but it’s actually 12 months before that it happened. Then, every three plus years, you get a 20% drop…and it feels awful…So that gives me solace, to look back and realize that this too will pass. This is part of the nature of the markets.” ~ Kim ArthurLinksKim Arthur on LinkedIn“The Zoo” by ScorpionsMain ManagementConnect with UsMeet 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.Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 1246-R-25120
Transcribe →Dominic Vaccaro of Burlington Capital - The World of Commercial Real Estate Investing
Jun 300:34:23Tap to summarizeToday on the podcast, Rusty and Robyn are joined by Dominic Vaccaro, President of Real Estate at Burlington Capital. Dominic Vaccaro is President of Real Estate and sits on the Investment Committee of Burlington Capital, the company’s sponsored investment programs and advisor. With 20 years of experience at Burlington Capital, Mr. Vaccaro oversees all of the company’s real estate operations including acquisitions, development and property management. During his tenure at Burlington Capital, he has been involved with the acquisition and/or development of multifamily properties with asset values totaling nearly $3 billion with over 35,000 units. These properties include market rate, affordable, military, veteran, student and senior housing. He has also been primarily responsible for the company’s efforts with public-private partnerships including nine privatized student housing projects with asset values totaling in excess of $180 million and the military housing privatization at Offutt Air Force Base with development costs of $240 million and over 2,000 housing units. He is experienced in the acquisition and development of multifamily properties, including both construction and permanent financing, structuring and issuance of taxable and tax-exempt bonds and the management of portfolios of real estate. Mr. Vaccaro has a B.S. in Business Administration – Finance from Creighton University.Key Takeaways[03:33] - Dominic’s professional background and more on his current role at Burlington Capital[04:21] - What is Burlington Capital’s investment philosophy and what makes it stand out from its peers?[05:27] - How does Dominic define the role of alternatives, and specifically real estate, in a diversified investment portfolio?[06:55] - How large is the asset class of multi-family real estate and how has the perception of this asset class changed over the past decade among institutional and retail investors?[09:11] - What makes multi-family real estate particularly attractive in a long-term asset allocation strategy?[11:50] - How has Dominic’s team at Burlington evolved their approach to multi-family real estate with changing interest rates, demographics etc?[13:10] - A case study that highlights the real world impact, and performance, of a multi-family investment[17:05] - What are some of the ways that multi-family real estate delivers tax efficiency, and when and how are these typically realized by investors?[20:03] - What macro trends are most critical to multi-family performance today?[21:50] - Are there particular demographic or behavioral shifts (e.g. remote work or Gen Z renters) that will shape demand in the years ahead?[23:43] - How has Dominic’s personal investment philosophy evolved over his 20+ years at Burlington Capital?[24:47] - What advice would Dominic give to young professionals who are interested in alternative investments or, specifically, real estate development.[25:57] - What is currently one of Dominic’s favorite investment ideas?Quotes[11:21] - “As you look at multi-family today, there's a certain appeal as values are down 20-25% off their peaks. Given the rise in interest rates, certainly multi-family provides an entry point that, relative to prior highs, provides some opportunities.” ~ Dominic Vaccaro[22:46] - “The two [major changes in multi-family real estate] that always come to mind…for me are, certainly the evolution of the internet, and the need for good access in that regard, but also pets. You know, early in my career, it was very much commonplace [to not allow pets]. Now…it's almost catered heavily to pets and the role pets play…so it’s interesting to see how the demand for multi-family overtime has been influenced by some of these factors and will continue to be.” ~ Dominic VaccaroLinksDominic Vaccaro on LinkedIn“Don’t stop” by Fleetwood MacBurlington CapitalConnect with UsMeet 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.Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 1218-R-25115
Transcribe →Morgan Lemaitre of Park City Wealth Advisors - Building a Legacy Through Intentional Living
May 2700:48:03Tap to summarizeToday on the podcast, Rusty and Robyn are joined by Morgan Lemaitre, Founder & Owner of Park City Wealth Advisors. Morgan Lemaitre, CFP®, founder and owner of Park City Wealth Advisors, boasts over a decade in the financial services industry, however her background goes beyond that. From competitively figure skating on behalf of Team USA to cooking for the King of Thailand on his 80th birthday, Morgan understands life is about absorbing as much knowledge and as many experiences as possible. She brings that same perspective to Park City Wealth Advisors, where she says, “I want my clients to look at each open door as an opportunity to take the next step and see what the other side has to offer.”Key Takeaways[03:41] - Morgan’s diverse background, career highlights and what led her to her current position[08:35] - Learn more about the founding of Park City Wealth Advisors and how it stands out from its peers[14:28] - Why did Morgan start asking her clients “when will you know you’ve made it” and how do her clients typically respond?[19:48] - What is the 1% better philosophy?[25:32] - What are some of the most impactful 1% shifts that Morgan’s seen clients make?[28:27] - How does Morgan approach conversations around purposes, values and impact across generations?[30:52] - What advice does Morgan give to families that are struggling to connect money decisions with their shared values or their intergenerational goals?[32:57] - How does Morgan help gain, and maintain, a long-term perspective, especially during times of market volatility like we are experiencing right now?[36:26] - How has motherhood shifted Morgan’s own definition of “making it?”[41:01] - What are the biggest misconceptions people have about what “living with intention” really means or looks like?[43:02] - What is one daily habit that compounds meaningfully in Morgan’s life?Quotes{15:40] - “...What are you striving for, like when will you know you’ve made it? Because, if we don’t know what we are shooting for, or where we are pointed, we’ll never know when we arrive and we’ll never know to celebrate those moments…[this question gives] me a little insight into what drives people, what they’re really shooting for in life, what lights them up.” ~ Morgan Lemaitre[25:34] - “1% shifts, I believe, are aligned around discipline. So, things that we can easily do in our lives that, when you add them all together, make a huge difference.” ~ Morgan LemaitreLinksMorgan Lemaitre on LinkedIn“Girl on Fire” by Alicia KeysPark City Wealth AdvisorsConnect with UsMeet 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.Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 1206-R-25114
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