Sunday, September 22, 2019

Today we have an episode with the author of Random Walk Down Wall Street, a must listen on applying data analytics to sports and sports gambling, and Malcolm Gladwell with a great summary of his newest book, Talking to Strangers.

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Business

• ***Must Listen*** The Meb Faber Show: $172 — Cam Harvey — This is a Time of Considerable Risk of a Drawdown. Harvey is Professor of Finance at Duke University and a Partner and Senior Advisor to Research Affiliates, LLC. He covers a lot in this episode: his research on the yield curve inversion and its ability to forecast future growth, the Duke CFO survey and its ability to predict recessions, thoughts on negative interest rates, cryptocurrencies, issues with factor investing, and fee compression across the industry. There are few episodes I’ve enjoyed more this year than this.[August 28, 2019–1 hour, 47 minutes] iTunes Podcast | Spotify | Overcast | Breaker | Website Link
• ***Must Listen*** Next Gen Personal Finance Podcast: Burton Malkiel discusses his book, Random Walk Down Wall Street, and the index fund revolution that followed. Malkien joins the podcast to discuss topics he covered in his timeless book. The premise of the book is that individual investors could outperform active managers by indexing (an idea he wrote about in the book before it existed) and the difficulties for anyone to consistently outperform. He details how the topics covered in the original 1973 book still apply today and explains some updates to his thinking. [September 20, 2019–56 minutes] iTunes Podcast | Spotify | Overcast | Breaker | Website Link
• The Acquirer’s Podcast: Priority Position: Thomas Braziel on distressed activism. Braziel, the Founder of 507Capital, discusses the importance of searching for stocks with ‘cheap optionality’ that are in distressed situations. He has some great stories about investing in both microcap and nancocap companies, the first ICO bankruptcy (Giga Watt), and fun.com. The episode is a great reminder that opportunities are everywhere, and his list of potential investment opportunities even spans obligations of DMX. [September 13, 2019–50 minutes] iTunes Podcast | Spotify | Overcast | Breaker | Website Link
• White Coat Investor Podcast: 124: Financial Advisors: The Good, The Bad, and The Ugly with Michael Kitces. Kitces is one of the most well known financial advisors due to the large following of his website and podcast, both of which educate financial advisors. He starts the episode by explaining the beginning of his career and what led him to write and speak to teach others. Then he discusses what services to expect from an advisor, the types of education advisors should receive, the argument for fee-only vs. assets under management, and general ideas about what the future is for financial advice. The main takeaway at the end of the episode is people should be focusing on growing their income as much as their portfolios. If you enjoyed this episode with Kitces, you can hear him on the Invest Like The Best podcast here.[September 19, 2019–1 hour, 18 minutes] iTunes Podcast | Spotify | Overcast | Breaker | Website Link

Sports

• ***Must Listen*** Capital Allocators: Michael Schwimer — Sports Better at JAMBOS. Schwimer is the CEO of Big League Advance, a private equity fund that takes stakes in the future earnings of minor league baseball players, and JAMBOS, a subscription services for sports betting. He has previously appeared on Capital Allocators (the episode was recently republished last week if you are interested in listening) and this episode is focused on JAMBOS. Schwimer decided to use his team’s skills to apply them to sports gambling, and after starting with college basketball last season, they had a ridiculous 59% win rate against the spread. This is a must listen for anyone interest in moneyball, gambling, and applying analytics to sports. [September 16, 2019–37 minutes] iTunes Podcast | Spotify | Overcast | Breaker | Website Link

The Rest

• Oprah’s SuperSoul Conversations: Malcolm Gladwell: Talking to Strangers. Malcolm Gladwell’s newest book, Talking to Strangers: What We Should Know about the People We Don’t Know, came out last week and is fantastic. The book seeks to answer the question, “are we fundamentally wrong with the way we are making sense of people who are different than ourselves?” It dives into how this applies to the Amanda Knox case, Jerry Sandusky scandal, Bernie Madoff, and the recent Stanford rape case. It explains why it is sometimes difficult to understand people who are “mismatched,” which he defines as their inner feelings don’t match their outer emotions, and how humans defaulting to seeing the truth in others makes us bad at finding deception in them. The first 31 minutes is about the book, the next 12 minutes are a Q&A with Oprah, and the rest of the episode is an audio snippet of the book’s introduction. If you want to hear him on a longer episode on The Bill Simmons Podcast that features him discussing his book and other topics, including the shift towards audiobooks/podcasts, the NBA, and more, you can listen here. [September 18, 2019–1 hour] iTunes Podcast | Spotify | Overcast | Breaker | Website Link