Tune in to hear:
- Ric Edelman started off as a reporter - does Ric think that an advisor could start “Edelman 2.0", so to speak, using the same formula with education at the forefront?
- Why might it be wise to “narrowcast” rather than broadcast?
- What are two or three actionable steps that American investors can take now?
- Why does Ric think that Blockchain technology is one of the top four inventions in the history of commerce?
- How does one strike a balance between being enthusiastic about Blockchain technologies while not falling into a camp of blind adoration or misinformed distrust?
- In addition to behavioral facets, what other conditions would Ric look for to determine the suitability of crypto for a client?
- Might crypto and the blockchain be able to help us overcome historical wealth inequality issues?
Compliance Code: 2488-OAS-9/21/2021
Otros episodios de "Standard Deviations with Dr. Daniel Crosby"
Brad Johnson - Investing in Trading Cards
51:01Tune in to hear:- How did Brad originally get into the finance industry and how did he get into trading cards?- What are some of the draws, or compulsions, that get people into card collecting?- What time period was referred to as “the junk wax era” in Baseball Cards and why was this such a poor time to collect?- Are there any big takeaways that we can learn about broader capital markets from the ebbs and flows of sports trading card history?- "Fanatics" is taking over Topps long held spot as the MLB’s licensed provider of trading cards. What does this shift signal for trading cards as an asset class and what are the other implications at play here?- What sense, if any, can be made of the explosion of value in collectibles and trading cards during a time where they seemed particularly peripheral to what mattered?- Do trading cards, as a class, tend to rise and fall together? Can diversifying between various sports and other collectibles, such as Magic or Pokemon cards, actually make a real difference?- In the era of NFTs and blockchain technology, is the future of trading cards still cardboard or will this fall out of favor with the rise of these technologies?- If one is new to collectible markets, such as baseball cards, what is a way they could dip a toe into these investments and limit their risk?www.bradleyjohnson.comCompliance Code: 2959-OAS-11/22/2021
Emilie Hill - “The Market is Uncertainty Distilled”
41:26Tune in to hear:- Is the market always crazy or does it go through long periods of predictability in many peoples’ lifetimes? Is uncertainty implicit in capital markets?- There’s always going to be a reason to fear, there’s always going to be a reason not to invest. What pragmatic steps can we take to invest thoughtfully in the face of this?- Why might concentrated, active portfolios make more sense for some subset of the population?- What are some potential catalysts that could bring active management back in favor?- How does Emilie think about active management from an angle of creative destruction?- Financial wellness is a term that is thrown out there a lot, but it is rarely elucidated in depth or operationalized. What does financial wellness really look like?- Has Emilie noticed patterns of how clients’ behaviors and concerns differ between those with varying tiers of wealth?- What’s a financial concern for women that men are largely oblivious to?Instagram @emiliedayanhillCompliance Code: 2928-OAS-11/17/2021
Dr. Julie Ragatz - Empathy and the History of Behavioral Economics
53:27Tune in to hear:- What might the lay person, who is enthusiastic about behavioral economics, not know about its historical origins?- What was the larger zeitgeist that gave rise to an envy of physics, and hard science, within economics?- Are there commonly used methods in the world of financial planning that may be rooted in some unexamined assumptions?- When consulting clients, how do we strike a balance between realizing that our theories and knowledge will always be imperfect while we also know that giving our clients something to hang on to is useful?- Where does empathy come from in the client advisor relationship? Is this an innate trait or can one teach themselves to be empathetic?- Dr. Ragatz is in charge of Carson's next generation initiatives. What has she noticed in this role? How does the next generation differ, what do they value and how might they go on to shape the industry?https://www.linkedin.com/in/julie-ragatz-ph-d-2a40b826/Compliance Code: 2830-OAS-11/5/2021
Robert Balentine - Three Principles for Enduring Wealth and Legacy
46:38Tune in to hear:- The old American adage of “shirtsleeves to shirtsleeves in three generations” seems to be an enduring sentiment across many other cultures. Why is it such a tricky thing to sustain wealth across multiple generations and what can be done to remedy this?- Why is pointing the finger at the third generation an overly reductive approach? What could the first generation do differently to help sustain their wealth legacy?- For those who want to leave a financial gift to future generations, how can we overcome this found money / “house money” effect. How can we make it feel more tangible, real and earned?- How can families with means teach their kids the attitudinal aspects of wealth preservation, like thrift and scarcity? Do they have to impose limitations where there are few or is there another way to do so?- In his book, he encourages people to not mistake their wealth with their legacy. What exactly did he mean by this?- Why is it important to distinguish between your business, or personal practice, and the business of your family?- How does a margin of safety look different for an entrepreneur vs. an investor in capital markets?- How can we see the world through the eyes of our grandchildren and great-grandchildren when we’ve never met them? Also, how can we avoid our natural tendency to scapegoat the upcoming generation for our problems?- How can we begin to overcome the great amount of wealth inequality in our nation?- How can one think through charitable giving, that actually moves the needle, with their clients?www.firstgenerationwealth.comwww.balentine.comCompliance Code: 2778-OAS-11/1/2021
Penny Phillips - The Power of Practice Management for Financial Advisors
43:04- As someone who works in practice management and as a trainer, how does Penny get advisors to embrace the power of practice management when there are plenty of advisors who are financially successful who are violating all the best practices?- If Penny created her own top 25 advisor list, what criteria would she choose to decide who belongs on that list?- What are some practical means of gaining psychographic insights into clients’ and is there a framework one can use when thinking about clients’ psychology?- Have the psychographics of the average client changed over the past 18 months? How have they shifted if so?- In a sea of 300,000 advisors, what are some pragmatic ways you can stand out from that pack?- What is Penny’s spiciest take on how the industry will change in the coming years?- People really struggle to confront their own mortality. With such a great psychological hurdle at the crux of the conversation, how do you get anyone to plan for succession?https://www.youtube.com/channel/UCWVDdtyWwj61yKLm0unERjwCompliance Code: 2643-OAS-10/13/2021
Dr. Steve Wendel - Designing for Behavior Change
38:27Tune in to hear:- Morningstar recently conducted an in-depth study on the financial biases that people bring to the table. What are the real world, fiscal impacts of these biases?- In the study, were they able to quantify a percentage or a dollar amount difference between biased and unbiased folks?- 2% of people in their study showed no evidence of bias - are their really people out there that are almost completely bias free, or was this an anomaly in the study?- There was only one bias that showed a significant skew for a certain demographic - which one was it and why might this be the case?- In most studies men show up as overconfident with financial decisions, when compared to women - why didn’t this play out so dramatically in the Morningstar research?- Did Steve’s team’s study look at lose aversion at all?- What are the 6 facets of the “Create” model that Steve created as a sort scaffolding for guiding client behavior.- If we have a client with a history of traumatic or bad financial experiences, how can we help them envision different outcomes and possibilities?- How can behavioral science be used to improve one’s religious or spiritual practice?- What does the research show about the benefits of having a personal spiritual practice and what might this look like for different people?Web: behavioraltechnology.coCompliance Code: 2537-OAS-9/28/2021
Ric Edelman (Live from Ascent)
26:39Tune in to hear:- Ric Edelman started off as a reporter - does Ric think that an advisor could start “Edelman 2.0", so to speak, using the same formula with education at the forefront?- Why might it be wise to “narrowcast” rather than broadcast?- What are two or three actionable steps that American investors can take now?- Why does Ric think that Blockchain technology is one of the top four inventions in the history of commerce?- How does one strike a balance between being enthusiastic about Blockchain technologies while not falling into a camp of blind adoration or misinformed distrust?- In addition to behavioral facets, what other conditions would Ric look for to determine the suitability of crypto for a client?- Might crypto and the blockchain be able to help us overcome historical wealth inequality issues?www.dacfp.comCompliance Code: 2488-OAS-9/21/2021
Phillip Toews (Live from Ascent)
23:38Tune in to hear:- Many are very focused on the behavioral coaching elements of behavioral finance, but overlook the upside of integrating the findings of behavioral finance into actual asset management. How can we be better about balancing the two?- Toews’ portfolios attempt to anticipate declines. How specifically does he go about that and what specific signals is he looking for?- How can we think about tactical signals in a world that moves so quickly, like we saw with the corona crisis?- What does it look like, specifically, to create an action plan for an unfavorable market?- Does Phillip ever worry that he’s unnecessarily planting seeds of fear and doubt where there are none?- How are we not thinking about bonds correctly these days?- Why are pre-commitments so vital, why do they work and what is the science behind them?- How can one strike a balance between being attune to the reality of the wealth destroying effects of market bubbles while not being so sensitized to them that you see them everywhere?www. biicoaching.comCompliance Code: 2441-OAS-9/10/2021
Dr. Tom Howard - Behavioral Portfolio Management
47:50Tune in to hear:- What event prompted Dr. Howard to move from using a market efficiency / rational markets framework to a framework of behavioral finance?- How can we discover market inefficiencies that are exploitable if the price is almost always wrong and not reflecting true value?- If the behavioral dislocations of market prices are so vast, and the price is always wrong, why is the industry so bad at generating persistent returns?- It appears that the “best ideas” of active managers do out perform the benchmark, but career risk and other incentives cause them to over-diversify. Why are these “best ideas” so powerful?- When choosing a fund manager - people often approach it by asking an “easy question” such as: how much money do you manage or how long have you been doing this? Why might these not be an optimal measure of their investment proficiency?- If Dr. Howard were to design a behaviorally-informed manager due diligence process, what would it look like?- How does Dr. Howard find, select and coach his clients to ensure that they are willing to take on his rather unconventional investment approach?- Lots of different specialists throw the word behavioral around, but what they are analyzing is often very different.What are the constituent parts of what Dr. Howard would call a behavioral signal?https://www.athenainvest.comCompliance Code: 2430-OAS-9/8/2021
Gagan Biyani - Lessons from a Lifelong Entrepreneur
38:58Tune in to hear:- What was the process of launching Dr. Biyani’s business Udemy like?- As an entrepreneur, how do you know when you’re a visionary that may be early to an idea vs. when the market is simply telling you your idea isn’t worthwhile?- What advantages does virtual learning have over traditional learning and where might it fall short?- Does Dr. Biyani think that a lot of the all-star talent in a particular field get pulled into online teaching, leaving universities weakened or less relevant?- How might platforms like Udemy democratize education and bring down the rising costs of education?- What are some of the benefits of having a cohort in a remote learning setting?- Dr. Biyani had a previous entrepreneurial venture with 1,000 employees that ended up having to shut its doors. What lessons did he take away from this experience that might be instructive to inspiring entrepreneurs?- How much does appropriate timing and the luck associated with that have to do with having a successful entrepreneurial venture?www.maven.comCompliance Code: 2426-OAS-9/8/2021