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Superinvestors and the Art of Worldly Wisdom

Jesse Felder worked for the largest firm on Wall Street, co-founded a multi-billion-dollar hedge fund firm and has been active in the markets for over 20 years. This podcast is his journey to talk with a number of superinvestors who have been an inspiration to him in an effort to understand what makes them so successful in the financial markets and in life.

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The best episodes ranked using user listens.

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#3: Steven Bregman on 'The Greatest Bubble Ever' (Passive ETF Investing)

Jim Grant calls Steven Bregman, "one of Wall Street's most interesting thinkers." I called upon him to share his thoughts on the massive and growing trend to passive investing which he calls, "the greatest bubble ever." He discusses the differences between the current bubble in the financial markets and prior bubbles, the specific distortions created in the markets and the unique opportunities they present. Perhaps most importantly, Steven reveals the little-discussed structural shift in passive investing which dramatically devalues it as a strategy and how investors have been deceived by historical return figures that are not applicable to the products they own today. We also get into his personal history in the financial industry along with his evolution as an investor and more. For notes and links related to the episode visit TheFelderReport.com.

1hr 27mins

6 Jun 2017

Rank #1

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#31: Rob Arnott On Engineering A Better Index

Rob Arnott is one of the most accomplished and respected quantitative analysts in the world. He has written over 100 academic papers on everything from tactical asset allocation to value investing. In this episode, Rob discusses his evolution as an investor, from tailoring his college major in the late-1970's to best position him for a career in quantitative investing to the founding of his firm, Research Affiliates, in 2002. He also shares the details of the uniquely successful indexing strategy he developed over a decade ago to fix the major problems with the most popular form of passive investing and to improve on its long run performance. For notes and links related to this episode visit TheFelderReport.com.

1hr 4mins

4 Dec 2019

Rank #2

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#28: Michael Oliver On Why Momentum Is Truth In Markets

Michael Oliver has been studying markets for over four decades but it was the 1987 stock market crash that became his "aha!" moment and converted him to what he calls "momentum structural analysis." It was his early work in the area that prepared him for that massive decline in stock prices and the success of its forecasting ability that gave him the confidence to pursue it full time. Many technical analysts like to say, "price is truth," but to Michael price can be deceiving and it's only by isolating the momentum in the market that reveals the truth about the underlying trend. In this episode, Michael shares the details of his unique research and analysis process and discusses how his foundation in political philosophy ended up leading him to it. He also reveals what it says about the current market and economic environment and how it eerily rhymes with some earlier times in his career. For links and notes related to this episode visit TheFelderReport.com.

1hr 1min

10 Jul 2019

Rank #3

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#17: Kiril Sokoloff on Identifying the Next Big Thing

Among professional investors, Kiril Sokoloff is well known for his ability to identify major trends early on in their development cycle. For this reason his views are some of the most sought out in the world of finance. Since 1983 he has been sharing his thoughts about markets and more at the firm he founded, 13D Research, via its weekly report, What I Learned This Week. In this episode, we discuss his research process, how he goes about identifying these major trends and his current views about markets and economies around the world. For notes and links related to this episode visit TheFelderReport.com/podcast.

1hr 8mins

28 Nov 2017

Rank #4

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#18: Roger McNamee on Being in the Right Place at the Right Time (and Making the Most of It)

Roger McNamee is one of the most successful technology investors of all time. While running the T. Rowe Price Science & Technology Fund, and generating a 17% compound average growth rate in the process, Roger made the unheard of move of committing capital, as a mutual fund manager, to venture investments in Electronic Arts and Sybase. From there, he started the industry's first crossover fund with John Doer, investing in both late-stage venture capital and public market securities. In March of 2000, he co-founded private equity firm Silver Lake Partners in anticipation of the tech bust and, in 2004, founded Elevation Partners where he would become one of the first investors in Facebook and other nascent tech stars. In this episode, Roger shares what made him so successful as an investor, how music saved his life and why he has shifted his focus today from investing in tech to warning of the rising risks tech giants present to democracy and society. For notes and links related to this episode visit TheFelderReport.com/podcast

1hr 39mins

12 Dec 2017

Rank #5

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#33: Bill Fleckenstein On Profiting From Central Bank Mistakes

It's been three years since I made the trek up to Seattle to interview celebrated short seller Bill Fleckenstein on the topics of, "Central Bankers, Financial Bubbles and White Burgundy." With a global pandemic now threatening to burst these bubbles, forcing central bankers into even more extreme monetary policies, I thought it was an opportune time to reconnect with Bill and get his thoughts on how these things are evolving and how investors might seek to profit in their midst. For notes and links related to this episode visit TheFelderReport.com.

1hr 9mins

22 Apr 2020

Rank #6

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#32: Christopher Cole On Appreciating Risk

Christopher Cole is one of the foremost thinkers and practitioners in the world of volatility trading. After beginning his career in Hollywood as a cinematographer, Chris took an interest in options trading. Eventually, this led to a job at Merrill Lynch where he was able to explore the subject of risk further and in a professional capacity. After personally profiting through employing his volatility strategies during the Great Financial Crisis, Chris founded Artemis Capital Management in order to offer his services to institutional and hedge fund investors. In this episode, Chris discusses his personal evolution as a trader and hedge fund manager and also shares his unique insights into portfolio construction gleaned from an extensive study of market history his firm recently conducted. For notes and links related to this episode visit TheFelderReport.com.

1hr 4mins

19 Feb 2020

Rank #7

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#16: Tobias Carlisle on Beating 'The Little Book That Beats The Market'

Tobias Carlisle runs Carbon Beach Asset Management and is the author of several books including Deep Value, Concentrated Investing and his latest, The Acquirer's Multiple. In this episode we discuss both the similarities and the differences between the successful value investing methodologies employed by investing greats like Warren Buffett and Carl Icahn. Toby also shares his views on the "death of value," focused investing and position sizing and updates his views on some recent stock picks. For notes and links related to this Episode visit TheFelderReport.com/podcast.

1hr 1min

31 Oct 2017

Rank #8

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#9: Mark Yusko on Gut Instinct (and Why His Says We're Headed for a Crash)

Mark Yusko cut his teeth co-managing the endowment portfolio at Notre Dame and then putting together a team to do the same for the University of North Carolina. From there he setup a fund of hedge funds for Julian Robertson to take advantage of the talent Julian had identified at Tiger Management. Today, he oversees $3 billion at his firm Morgan Creek Capital Management. Mark is one of the most avid and astute students of value investing as a discipline I've come across. In this conversation we discuss his evolution as an investor, how and why he learned to listen to his gut and what it's telling him today: that we could be headed for a stock market crash. For notes, links and charts related to this episode visit TheFelderReport.com/podcast.

1hr 3mins

18 Jul 2017

Rank #9

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#8: Raoul Pal on Putting Together the Global Macro Puzzle

Raoul Pal readily admits he had the good fortune of being in the right place at the right time very early in his investment career. After getting his start during the depths of the recession brought on by the savings and loan crisis, Raoul eventually found himself covering the hedge fund industry for Goldman Sachs. Here he was essentially mentored by the likes of Louis Bacon, Julian Robertson and Paul Tudor Jones. In this conversation, Raoul discusses the lessons he learned during this time, the greatest trade he ever witnessed and how these helped form the global macro investing framework he uses today. He also shares some of his current investment ideas along with what he sees as the most glaring and massive risk to individual investors over the coming decade. For links and charts related to this episode visit TheFelderReport.com.

1hr 3mins

12 Jul 2017

Rank #10

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#22: Ben Hunt on the Unparalleled Power Of Narrative in the Financial Markets

W. Ben Hunt, Ph.D. looks at the financial markets through a truly unique lens. With an extensive background in political science, game theory and history, Ben came to the financial markets relatively late in life. But it's precisely this wandering path to the world of investing that gives him rare insight into what drives asset prices and how these forces change over time. In this conversation we discuss how investors as a group play the "common knowledge game" and how Ben views these trends through what he terms a "narrative machine." Ben also shares his views towards the current trends of rising inflationary pressures, the backlash against big tech and much more. For links and notes related to this episode visit TheFelderReport.com.

1hr 8mins

21 Jun 2018

Rank #11

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#4: Bill Fleckenstein on Central Banks, Financial Bubbles and White Burgundy

Over the past 30 years, Bill Fleckenstein has managed money for Bill Gates, witnessed and profited from four epic financial bubbles and honed his palate for white Burgundy. As a dedicated short seller during the activist central bank era, Bill shares in this episode how he developed his process over time including the specific tactics he now employs to profit from declining prices. We also discuss the unique problems presented by experimental monetary policy to both the economy and financial markets. Finally, Bill reveals what he believes to be “one of the fattest pitches out there” for short sellers in the current market along with the unique risks the current environment presents to the average investor. Find Bill online at FleckensteinCapital.com and @FlecksThoughts on Twitter. For notes and links related to this episode visit TheFelderReport.com/podcast.

1hr 18mins

13 Jun 2017

Rank #12

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#30: Meb Faber On The Future Of Investment Management

You would be hard-pressed to find anyone who has done more to educate and inform individual investors about the fundamentals of effective investing than Meb Faber. Over the past decade and longer, through books like Global Asset Allocation, Meb has taken key concepts, which Wall Street has suggested for years are too complex for individuals to understand let alone implement, and made them easily accessible for almost anyone to quickly absorb. In this conversation, Meb discusses why passive investing as we know it today is not nearly as efficient as most believe, how owning just one fund allows him to be far more effectively diversified than investors who own dozens, why the investment industry as we know it today is in terminal decline and how investors and finance professionals alike should position themselves to take advantage of its evolution in coming years. For notes and links related to this episode visit TheFelderReport.com.

1hr 13mins

25 Sep 2019

Rank #13

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#21: Grant Williams on the Value Of Surrounding Yourself With Brilliant People and Just Listening

Grant Williams cut his teeth in the world of finance during one of the greatest speculative manias in history. As a prop trader at one of the largest firms in Tokyo, he had a front row seat to the epic Japanese twin bubbles in equities and real estate in the late-1980's which endowed him with a healthy skepticism towards herd behavior in the financial markets. Eventually, he would go on to a serve in similar roles in nearly all of the world's largest financial centers but not before he learned what he believes to be one of the most important lessons in the investing game: simply surround yourself with brilliant people and just listen. Today, he does this full time for RealVision where his long-form interviews with some of the greatest minds in the industry are produced and aired. He also shares much of what he learns through this process in his nearly decade-old publication "Things That Make You Go Hmmm...." In this conversation, we discuss some of the parallels between the bubbles of the past and the bubbles in today's markets, his evolution as a trader and how it was shaped by his careful listening to so many brilliant people over the years and much more.

1hr 7mins

7 Jun 2018

Rank #14

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#20: Eric Cinnamond on 'The Rapidly Increasing Inflationary Environment'

Eric Cinnamond has been called, “the godfather of small cap absolute return investing.” From 1998 to 2016 he ran an equity investment strategy that handily beat the 8% average annual return of the Russell 2000 Index. But what’s even more impressive is he did this while holding an average cash allocation of about 40% so his equity performance was roughly double that of the index. In this episode we discuss, in the words of Lincoln Electric CFO Vince Petrella, 'the rapidly increasing inflationary environment' and how it is currently affecting Corporate America, investors, the economy and monetary policy. For notes and links related to this conversation visit TheFelderReport.com.

58mins

22 May 2018

Rank #15

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#29: Louis-Vincent Gave On Staying One Step Ahead Of The Markets

When it comes to global macro investing, Louis-Vincent Gave is one of the most interesting thinkers in the world. His firm, GaveKal, puts out some of the most compelling research on Wall Street and beyond and, as CEO, Louis' unique investment process is at the heart of it. In this episode, he discusses his family tradition in both the French military and in the capital markets, how he developed his own signature investment framework and some of the key themes driving his current views on markets around the globe. For notes and links related to this episode visit TheFelderReport.com.

55mins

14 Aug 2019

Rank #16

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#10: William White on the Undesired Side Effects of Experimental Monetary Policy

William White started his career at the Bank of England before moving to the Bank for International Settlements where he served as chief economist. Today he is the chairman of the Economic and Development Review Committee at the OECD in Paris. Last fall Bill received the Adam Smith prize, the highest honor of the US National Association of Business Economists, where he gave a speech titled Ultra-Easy Money: Digging the Hole Deeper? In this conversation we discuss where his contrarian economic philosophy comes from, how it leads him to worry a bit more than most about the undesired side effects of experimental monetary policy and its possible end games. For notes and links related to this episode visit TheFelderReport.com.

1hr 10mins

26 Jul 2017

Rank #17

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#13: Mark Yusko Discusses His Bet With Warren Buffett

To regular listeners, Mark Yusko needs no introduction. It was just a few months ago he appeared on the podcast to discuss Gut Instinct (And Why His Says We're Headed For A Crash). This time Mark shares his thoughts on the wild popularity of passive investing, the outright disdain for hedge fund investing and his potential 10-year bet with Warren Buffett. For notes and links related to this episode visit TheFelderReport.com/Podcast.

1hr 4mins

10 Oct 2017

Rank #18

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#19: Simon Mikhailovich on the Ultimate Insurance Policy: Gold

Simon Mikhailovich emigrated from the Soviet Union at the age of 19 with his family and just $100 in a suitcase. After putting himself through college he began a career in finance. Eventually, he found himself at the leading edge of the development of the financial derivatives that would be at the center of the great financial crisis. Upon successfully navigating those rough investing waters, he turned his attention to effectively hedging risk in an era of mass financialization. Today he manages the Tocqueville Bullion Reserve, a limited partnership focusing on the efficient ownership of physical gold. In this conversation, we discuss the end of the great debt super cycle, its implications for both financial assets and real assets and how gold represents the ultimate insurance policy during this time of growing uncertainty. Visit TheFelderReport.com/podcast for links and charts related to this episode.

1hr 8mins

8 May 2018

Rank #19

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#27: Diego Parrilla On The Perpetual Search For Extreme Optionality

Diego Parrilla has been eerily prescient in calling major turning points in a variety of markets over the past several years. Back in 2014, he published The Energy World Is Flat in which he detailed the coming crash in the price of crude oil and the various dynamics that would ensure such an outcome. Oil prices subsequently fell more than 70% over the next couple of years. In August of 2017, he published a new book titled, The Anti-Bubbles, in which he laid out the case for a rise in volatility across a number of markets. Just a few months later, the short volatility ETF complex blew up and in spectacular fashion amidst a record run higher in the VIX Index. In this interview, we delve into Diego's unique background and how it helps him to see things differently than most on Wall Street. Diego also shares the details of his research process and the original inspiration behind these investment theses. Finally, we discuss the current state of the global markets and why he believes gold is set to shine in the near future. For notes and links related to this episode visit TheFelderReport.com.

1hr 19mins

9 Jan 2019

Rank #20