Valley Investors Podcast with Nathan Erickson

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The Valley Investors Podcast gives listeners insight into the most prominent investors in the Arizona community and beyond. We speak with founders, CEOs, and Chief Investment Officers about what brought them to Arizona, their views on investing, and their connections to the local community. Find out more at: https://www.cfasociety.org/phoenix

  1. 12/05/2025

    Managing Generational Wealth: Inside DFE Capital with Terence Thompson, CFA

    In this episode, Terence Thompson shares his path from Air Force officer to investment leader at a multi-billion-dollar single family office in Arizona. He opens up about lessons learned across institutional and family office investing, his personal motivations, and the balance between wealth creation, preservation, and purpose. A must-listen for anyone curious about private capital management, career development, or the role of investing in community impact.      Key Discussions in This Episode:   00:00 – Intro & Terence's Background  03:54 – Discovering Investing Through ROTC & the 2008 Crisis  05:42 – Military Service & Transition to Finance  09:03 – Blue Cross Blue Shield & Early Investment Lessons  12:23 – CFA Program & Curriculum Evolution  17:39 – Joining DFE Capital Management  19:14 – Institutional vs. Family Office Investing  22:06 – Portfolio Strategy & Real Estate Exposure  26:58 – Digital Infrastructure & AI Themes  28:25 – Manager Selection, Structure, & Alignment  33:15 – Engaging the Family in Investment Decisions  35:51 – Career Advice & Lessons from the Field  46:20 – Why Arizona? Personal Reflections  50:13 – Closing Thoughts & Legacy Investing      Links:   Terence Thompson on Linkedin: https://www.linkedin.com/in/terencemthompson  Nathan Erickson on LinkedIn: https://www.linkedin.com/in/nathanferickson/

    52 min

  2. 04/18/2025

    Building Value, Giving Back: Don Opatrny on Wall Street Wisdom and Community Impact

    In this episode of the Valley Investors Podcast, Don Opatrny shares his path from Cleveland to Cornell, through Wall Street and eventually to philanthropic leadership in Arizona. Don reflects on a dynamic career at Goldman Sachs that spanned corporate finance, international restructuring, and asset management. Now based in Phoenix, he's channeling his expertise into nonprofit investment strategy—especially through his work at the Arizona Community Foundation. From practical insights on endowment management to stories about building impactful cultural and educational institutions, Don offers a masterclass on financial stewardship and civic engagement.   Key Discussions in This Episode:  00:00 – Intro & Background 03:07 – Career Journey Begins 05:56 – A Global Career at Goldman Sachs 10:22 – A Return to Roots with Endowment Work 14:51 – Arizona Connection 15:22 – Arizona Community Foundation (ACF) 19:31 – Inside the ACF Portfolio 28:55 – Private Equity in Endowments 36:58 – Market Views & Risk Management 44:38 – Broader Economic Shifts 47:02 – Beyond Finance: Arts, Environment, Education 51:28 – Why Arizona?   Links:  Arizona Community Foundation: https://www.azfoundation.org/ Nathan Erickson on LinkedIn: https://www.linkedin.com/in/nathanferickson/  Don Opatrny on LinkedIn: https://www.linkedin.com/in/don-opatrny-544069268/

    56 min

  3. 02/03/2025

    Value Investing in a Modern Market: Insights from Bill Nygren of Harris Associates

    In this episode of the Valley Investors Podcast, host Nathan Erickson welcomes Bill Nygren, Partner, and Chief Investment Officer at Harris Associates and Vice President of Oakmark Funds. Bill shares his journey from a working-class high school in St. Paul, Minnesota, to becoming a distinguished value investor managing the Oakmark Fund. He discusses his investment philosophy, lessons from his early career, and insights into the current market environment. Bill reflects on the evolution of value investing over four decades, why value still matters, and how he identifies opportunities in an increasingly intangible-driven economy. The conversation also explores the challenges investors face today with the abundance of information, the role of AI in transforming industries, and the persistence of value investing in an era dominated by mega-cap growth stocks.   Key Discussions in This Episode:  [00:00:00] - Intro to the Podcast and Guest [00:01:26] - Bill's Early Years and Path to Investing [00:07:16] - From the University of Minnesota to Wisconsin [00:12:46] - Early Career Lessons [00:15:16] - The Evolution of Value Investing [00:24:18] - AI's Impact on Businesses [00:26:05] - Interest Rates and Their Implications [00:31:46] - GM as a Prime Example of Value Investing [00:39:16] - Challenges for Modern Investors [00:42:16] - Arizona and Cubs Spring Training [00:43:46] - Closing Remarks     Links:  Oakmark Funds: https://oakmark.com/ Bill Nygren: https://harrisassoc.com/ Nathan Erickson on LinkedIn: https://www.linkedin.com/in/nathanferickson/

    45 min

  4. 01/10/2025

    Rethinking Indexing and the Future of Investing with Rob Arnott

    In this episode of Valley Investors, Nathan Erickson welcomes Rob Arnott, Founder and Chairman of Research Affiliates, and a featured speaker at the upcoming CFA Society Phoenix Market Forecast Dinner. Rob discusses his pioneering work in fundamental indexing, the evolution of quantitative investing, and the importance of rebalancing in capturing returns. He shares insights into the limitations of traditional market-cap-weighted indices, behavioral investing biases, and the impact of indexing on market dynamics. Rob also explores the role of AI in finance, macroeconomic trends, and his cautious yet optimistic long-term outlook for global value stocks and emerging markets. Tune in for a deep dive into the future of asset management and market performance.     Key Discussions in This Episode:   [00:00:00] Introduction to the Valley Investors Podcast   [00:01:00] Introduction to Rob Arnott and his achievements  [00:03:15] Rob discusses his college journey and early interest in investing  [00:05:00] The influence of his first stock pick at age 12 and lessons learned  [00:06:15] The origin of the fundamental index concept and its development  [00:09:00] Key advantages of fundamental indexing over market-cap-weighted indices  [00:11:20] Behavioral biases in investing: why investors chase winners and avoid losers  [00:13:00] Discussion of the "Malkiel's Monkey" paper and random portfolios outperforming active managers  [00:17:00] Explanation of how rebalancing contributes to portfolio performance  [00:20:20] Rob describes the structural growth tilt in cap-weighted indices  [00:25:00] The rise of indexing and its implications for market dynamics  [00:32:40] The creation of the NIXT strategy based on index deletions and its early success  [00:40:00] Performance analysis of stocks removed from major indices  [00:43:00] Rob's long-term market outlook: concerns about valuations and value stocks  [00:46:50] The importance of macroeconomic trends and government spending in shaping economic growth  [00:50:20] Rob's perspective on artificial intelligence and its role in investment processes  [00:54:10] Rob's thoughts on the rapid pace of technological advancement  [00:55:30] Rob shares his fond memories of visiting Arizona and his excitement about the CFA event        Links:   Research Affiliates: https://www.researchaffiliates.com/home  Rob Arnott on Linkedin: https://www.linkedin.com/in/rob-d-arnott  Nathan Erickson on LinkedIn: https://www.linkedin.com/in/nathanferickson/   Cumulative Relative Wealth: https://drive.google.com/file/d/1jkOwwO_3YxiGYzwaUBTLDEZRCj-vTIWa/view?usp=sharing

    58 min

  5. 10/21/2024

    Do Stocks Outperform Treasury Bills and more with Dr. Hendrik Bessembinder

    In this episode of Valley Investors, host Nathan Erickson sits down with Dr. Hendrik Bessembinder, the Francis J. and Mary B. Labriola Endowed Chair at Arizona State University. Dr. Bessembinder shares his unique path from motorcycles to academia, diving into his extensive research on market design, trading strategies, and long-term investment performance. They explore his most famous work, "Do Stocks Outperform Treasury Bills?" and discuss the implications for both passive and active investors. The conversation also covers market trends, retirement planning, and the evolving risks in today's concentrated markets.   Key Discussions in This Episode: [00:00:55] Dr. Bessembinder's academic journey and love for motorcycles. [00:02:35] Transition from business school to a PhD in economics. [00:05:04] Early academic career and corporate experiences. [00:07:02] Joining Arizona State University in 1989 and the growth of the finance department. [00:09:59] Shifts in research focus from commodities to long-term stock performance. [00:12:58] Key findings from "Do Stocks Outperform Treasury Bills?" paper. [00:19:04] Concentration of wealth in a small number of stocks. [00:26:30] Risk management and portfolio rebalancing. [00:31:15] Market efficiency and skewness in stock returns. [00:36:20] Retirement planning and sustainable withdrawal rates.     Links: Arizona State University: https://www.asu.edu/ Hendrik Bessembinder on Linkedin: https://www.linkedin.com/in/hendrik-bessembinder-0537a0298 Nathan Erickson on LinkedIn: https://www.linkedin.com/in/nathanferickson/

    54 min

  6. 07/19/2024

    Inside Wealth Management: Kory Leadon's Approach

    In this episode of Valley Investors, Nathan Erickson interviews Kory Leadon, CFP, senior lead advisor at Brighton Jones. Kory shares his journey from growing up in Yakima, Washington, to his long tenure at Brighton Jones. He discusses the firm's unique approach to wealth management, the importance of tax planning, and how they integrate personal CFO services for their clients. Kory also delves into his community involvement and the personal philosophy that drives his commitment to helping others. Tune in to learn about investment strategies, the role of a personal CFO, and the vibrant community life in Phoenix.   Key Discussions in This Episode: [00:00:58] Kory Leadon's background and education [00:03:41] Founding and growth of Brighton Jones [00:06:10] Opening the Scottsdale office [00:07:18] Investment philosophy and approach [00:09:24] Cash needs and risk management strategies [00:12:24] Tax-aware investing [00:14:32] Changes in investment strategies over the years [00:19:09] Private equity and private credit investments [00:22:41] Comprehensive financial services beyond investment [00:24:32] Future outlook and managing client expectations [00:27:15] Community involvement and charitable activities [00:33:12] Life and community in Phoenix     Links: Brighton Jones Kory Leadon on LinkedIn Nathan Erickson on LinkedIn

    39 min

  7. 06/04/2024

    Real Estate and Private Credit with Boots Dunlap

    In this episode, Nathan Erickson welcomes Boots Dunlap, CEO and Co-founder of RRA Capital. Boots shares his journey from the military to real estate, detailing how his family's deep roots in Arizona shaped his career. He discusses the evolution of Arizona's economy, the intricacies of real estate cycles, and the innovative strategies behind RRA Capital's success in private credit and bridge lending. Tune in to gain valuable insights into the current real estate market and the future of investment in Phoenix.   Key Discussions in This Episode: [00:01:19] Boots Dunlap's family history and connection to Arizona [00:03:15] Transition from military service to real estate [00:04:41] Impact of the Great Financial Crisis on his career [00:05:56] Founding RRA Capital during economic downturns [00:09:14] Evolution and diversification of Arizona's economy [00:12:05] Distinctions between real estate equity and debt [00:16:29] Strategies in private credit and bridge lending [00:19:27] Geographic and product diversification in real estate investing [00:24:00] Examples of adaptive reuse and space arbitrage [00:31:27] Market dynamics in hospitality, retail, and industrial sectors [00:39:10] Insights on private credit market trends [00:52:54] Importance of volunteer work and community engagement   Links: RRA Capital Boots Dunlap on LinkedIn Nathan Erickson on LinkedIn

    57 min

  8. 05/07/2024

    Innovation and data analytics in pensions with Mark Steed

    In this episode of Valley Investors, host Nathan Erickson welcomes Mark Steed, Chief Investment Officer at the Arizona Public Safety Personnel Retirement System (PSPRS). Mark shares his journey from Michigan to Arizona, delving into his background in Latin American studies and his experience in microfinance. The discussion highlights the unique aspects of pension management, the challenges of asset allocation, and the integration of AI in investment decision-making. Listeners will gain insights into the evolving role of pension funds, the importance of community engagement, and the future of finance.   Key Discussions in This Episode: [00:01:08] Mark's background and journey to PSPRS [00:02:14] Microfinance and poverty economics [00:04:11] The role of PSPRS as a pension system [00:07:26] Differences between pension plans and other institutional investors [00:08:25] The importance of assumed returns in pension systems [00:10:14] Innovations at PSPRS and the Allocators Choice Award [00:11:59] PSPRS's decision-making process and internal culture [00:18:51] Asset allocation and portfolio construction at PSPRS [00:24:43] The impact of liquidity on investment strategies [00:31:12] Institutional approaches to alternative investments [00:37:01] Democratization of alternative investments [00:47:38] The role of AI in pension management and investment decisions [00:50:15] The importance of community engagement for PSPRS [00:52:07] Mark's commitment to Arizona and its community Links: PSPRS Mark Steed on LinkedIn Nathan Erickson on LinkedIn

    54 min
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The Valley Investors Podcast gives listeners insight into the most prominent investors in the Arizona community and beyond. We speak with founders, CEOs, and Chief Investment Officers about what brought them to Arizona, their views on investing, and their connections to the local community. Find out more at: https://www.cfasociety.org/phoenix

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