10 episodes

WEALTHTRACK believes the key to successful long term investing is diversification and intelligent asset allocation. Our goal is to help viewers build and protect their wealth in all of the investments they care about: financial, real estate, art, and collectibles.

WEALTHTRACK for TV Consuelo Mack

    • Investing

WEALTHTRACK believes the key to successful long term investing is diversification and intelligent asset allocation. Our goal is to help viewers build and protect their wealth in all of the investments they care about: financial, real estate, art, and collectibles.

    • video
    Necessity of Record Monetary & Fiscal Stimulus

    Necessity of Record Monetary & Fiscal Stimulus

    Central banks and governments around the world are pulling out all the stops to replace income lost from COVID-19 shutdowns, including as we have seen in the United States direct payments to individuals.



    We are devoting a WEALTHTRACK podcast this week to “Helicopter Money”, a concept coined by Nobel Prize-winning economist Milton Friedman who theorized that as a last resort in a deflationary depression the government could drop dollar bills from a helicopter for people to pick up and spend to “shock it out of a deep slump” with the “aim of boosting demand and inflation.”



    That theory has now become reality and our financial thought leader guest, Paul McCulley believes it signals a new era whose time has finally come. McCulley will discuss the far-reaching policy changes now occurring and why he believes many will become permanent.



    McCulley has been a WEALTHTRACK regular since the beginning, starting when he was Senior Partner at PIMCO where he was Founding Member of its Investment Policy Committee, author of the influential monthly “Global Central Bank Focus” and manager of its huge short-term trading desk overseeing an estimated $400 billion.



    Since retiring from PIMCO in 2010 he has been busy writing, speaking and teaching. He is currently adjunct professor at Georgetown University’s McDonough School of Business and Senior Fellow at Cornell Law School.



    Influential economist and Fed analyst Paul McCulley says the concept of “Helicopter Money” from the government is here to stay and we are in a new era where monetary policy will play a subordinate role to fiscal actions.



    More Info: https://wealthtrack.com/influential-economist-paul-mcculley-on-the-lasting-necessity-of-record-monetary-fiscal-stimulus/



    McCulley from the WEALTHTRACK Archives: https://www.youtube.com/playlist?list=PLznI5J0QOR3PaQKEuSxDzoLjKWOBfvu7K

    • 36 min
    • video
    Really Cheap Markets and the Pandemic’s Hidden Toll With Financial Thought Leader Rob Arnott

    Really Cheap Markets and the Pandemic’s Hidden Toll With Financial Thought Leader Rob Arnott

    Can investing be simple? With the 20/20 vision of hindsight it sure looks that way.  Had investors just decided to stay in the U.S., invest in growth stocks, especially mega-cap tech stocks they would have hit the trifecta over the last decade or more.

     

    Has the COVID-19 pandemic changed that formula for success? It has not. If anything it seems to have accelerated and accentuated it.

     

    The extended FAANG family known by the acronym FAANGM for Facebook, Amazon, Apple, Netflix, Google’s parent Alphabet, and Microsoft recently comprised close to 24% of the total market cap of the S&P 500, topping what dot com stocks reached at the height of the tech bubble. 

     

    Left in the dust by this juggernaut combination of U.S mega-cap tech are other stock market sectors including value stocks, small company stocks, and international markets, particularly emerging markets.

     

    It just so happens that those are the very areas that this week’s guest believes we should be focusing on now.

     

    He is financial thought leader, innovator, and investor Robert Arnott, Chairman of the Board of Research Affiliates, which he founded in 2002 as a self-described “research-intensive asset management firm that focuses on innovative products.” Among the innovations that he has pioneered is fundamental indexation - building indexes with stocks based on the size of their fundamentals, such as sales, profits, cash flow, book value, and dividends, not their stock price.

     

    The firm just published its new forecast for various smart beta strategies. Here are the highlights:



    Before getting into these contrarian assumptions I will ask Arnott how the pandemic and the policy responses to it have changed his investment views. 



    WEALTHTRACK #1647 broadcast on May 22, 2020



    More info here: https://wealthtrack.com/really-cheap-markets-and-the-pandemics-hidden-toll-with-financial-thought-leader-rob-arnott/





    Research Affiliates smart beta strategies: https://interactive.researchaffiliates.com/smart-beta#!/strategies

    • 26 min
    • video
    Bad Economy Getting Better but Fears a Damaging 2nd Wave

    Bad Economy Getting Better but Fears a Damaging 2nd Wave

    No doubt about it. The stream of economic news is terrible. The pandemic induced shutdown of much of the U.S. economy, Europe and other countries has resulted in stunning declines in employment, income, sales, earnings, government revenues, and overall economic output.



    This week’s guest has been following and cataloging all of the economic and policy developments since the beginning of the pandemic and joins us with a summary and update on what it means for the overall economy, businesses, consumers, and investors.



    We are delighted to welcome Ed Hyman back to WEALTHTRACK to share his current outlook with us. Hyman has been voted Wall Street’s Number One Economist for an unprecedented 39 years in Institutional Investor’s annual survey. No one else comes even close to that record.



    He is Vice Chairman of Evercore, a leading independent investment banking and advisory firm, and the Founder and Chairman of its Evercore ISI division where he leads its economic research team.



    For months now Hyman’s must-read daily reports have described the condition of the global economy as being in “free fall” and the policy response as “massive”. Just recently however he noticed a slight change. As he described it the economic data was still “really bad,” but it was also, “better.”



    He will describe both the “really bad” and the “better” for us.



    More info: https://wealthtrack.com/wall-streets-1-e…amaging-2nd-wave/

    • 27 min
    • video
    Covid-19 Is Changing Economic & Investment Behavior in Profound & Lasting Ways

    Covid-19 Is Changing Economic & Investment Behavior in Profound & Lasting Ways

    How different will our world be as the nation slowly returns to work on a state by state, city by city, business by business basis?



    In part II of our interview with financial thought leader, Jason Trennert, the Co-Founder, Managing Partner, and Chief Investment Strategist of leading macro research firm Strategas Research Partners he addresses the profound changes ahead.



    Trennert believes the COVID-19 experience and its economic aftermath will alter the behavior of countries, individuals, businesses, and investors for many years to come.



    He shares his assessment of the pandemic’s potential long-term winners and losers with us. If you missed his discussion last week, debating the merits of both the bullish and bearish case for the market and where he comes out.



    WEALTHTRACK Episode 1645 broadcast on May 08, 2020



    More info: https://wealthtrack.com/covid-19-is-changing-economic-investment-behavior-in-profound-lasting-ways/



    Leading investment strategist, Jason Trennert periodically sends out thoughtful and insightful thematic essays to his clients. He believes the pandemic and its economic consequences mean profound changes ahead for individuals, businesses, and investors. He was kind enough to share his viewpoints with us.



    FREEDOM IN A FRACTIONAL RESERVE SOCIETY I and II



    Long-Term Losers From the Pandemic: https://wealthtrack.com/wp-content/uploads/2020/05/TRENNERT-Pandemic-Losers.pdf



    Long-Term Winners From the Pandemic: https://wealthtrack.com/wp-content/uploads/2020/05/TRENNERT-Pandemic-Winners.pdf

    How different will our world be as the nation slowly returns to work on a state by state, city by city, business by business basis?



    In part II of our interview with financial thought leader, Jason Trennert, the Co-Founder, Managing Partner, and Chief Investment Strategist of leading macro research firm Strategas Research Partners he addresses the profound changes ahead.



    Trennert believes the COVID-19 experience and its economic aftermath will alter the behavior of countries, individuals, businesses, and investors for many years to come.



    He shares his assessment of the pandemic’s potential long-term winners and losers with us. If you missed his discussion last week, debating the merits of both the bullish and bearish case for the market and where he comes out.



    WEALTHTRACK Episode 1645 broadcast on May 08, 2020



    More info: https://wealthtrack.com/covid-19-is-changing-economic-investment-behavior-in-profound-lasting-ways/



    Leading investment strategist, Jason Trennert periodically sends out thoughtful and insightful thematic essays to his clients. He believes the pandemic and its economic consequences mean profound changes ahead for individuals, businesses, and investors. He was kind enough to share his viewpoints with us.



    FREEDOM IN A FRACTIONAL RESERVE SOCIETY I and II



    Long-Term Losers From the Pandemic: https://wealthtrack.com/wp-content/uploads/2020/05/TRENNERT-Pandemic-Losers.pdf



    Long-Term Winners From the Pandemic: https://wealthtrack.com/wp-content/uploads/2020/05/TRENNERT-Pandemic-Winners.pdf

    • 27 min
    • video
    The Bullish vs. Bearish Cases Mid Shutdown: Investment Strategist Jason Trennert

    The Bullish vs. Bearish Cases Mid Shutdown: Investment Strategist Jason Trennert

    This week’s guest was concerned about high market valuations before the global pandemic hit and was recommending clients raise some cash. It’s a call he and his team have reiterated since.



    He is Jason Trennert, Co-Founder, Managing Partner and Chief Investment Strategist of Strategas Research Partners,



    Trennert and his team have been busier than ever assessing the macro effects of the pandemic shutdown including policy, the public, and private sectors of the economy and the markets. In a recent report to clients, Trennert laid out the main arguments in the bull vs. bear debate and where he and his team stand now. As he put it, “In times of acute stress in the markets, I find myself doing less modeling and more thinking.” We asked him to share his investment thoughts.



    WEALTHTRACK #1644 broadcast on May 01, 2020



    More info: https://wealthtrack.com/leading-investment-strategist-jason-trennert-lays-out-the-bullish-vs-bearish-cases-mid-shutdown/

    • 26 min
    • video
    Will the Massive Policy Response Halt the Global Economic Freefall?

    Will the Massive Policy Response Halt the Global Economic Freefall?

    We are witnessing massive policy responses of historic proportions. The fiscal and monetary reaction to the COVID-19 shut down of economies around the world has been unprecedented in its size and speed. How effective will it be and who stands to benefit from the stimulus? Who is at most risk of being left behind?



    We have measured answers from a major player in resolving the Global Financial Crisis a decade ago. John Lipsky, who was the First Deputy Managing Director at the IMF from 2006-2011 during the height of the crisis joins us with his in-depth analysis of the policy response then and now and perspective on current risks. He raises serious concerns about the economic health of southern Europe, Italy in particular and emerging market countries as well. It’s a heads up for the international exposure of our portfolios.



    John Lipsky

    Former Acting Managing Director, International Monetary Fund

    Johns Hopkins University School of Advanced International Studies:

    - Distinguished Scholar at the Henry A. Kissinger Center for Global Affairs

    - Senior Fellow, Foreign Policy Institute



    WEALTHTRACK #1643 published April 24, 2020

    • 42 min

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