Posts filed under “Podcast”

Masters in Business: James O’Shaughnessy

James O’Shaughnessy of O’Shaughnessy Asset Management got his start in finance almost by accident: He was asked by a pension fund to review the performance of their various asset managers. Analyzing the investments by their quantitative characteristics, he reverse-engineered each of the portfolios, determining a more efficient and better-performing version of each one. Thus began his career in finance as a quant.

O’Shaughnessy came to the attention of the rest of the financial world as the author of “What Works On Wall Street.” The book, now in its fourth edition, is a quantitative look at the various investment strategies that have and haven’t been successful during the past century. Today, he is the chairman and chief executive officer of O’Shaughnessy Asset Management, which runs almost $7 billion dollars in client money.

You can stream the podcast on SoundCloud, or download it and find previous podcasts here.

Next week, we speak with David Rosenberg, formerly Merrill Lynch’s North American chief economist, now strategist and economist at Gluskin Sheff in Toronto.

 

 

Category: Podcast

MiB: James O’Shaugnessy

This week’s Masters in Business Radio show at 10:00 am and 6:00 pm on Bloomberg Radio 1130AM and Siriux XM 119 (it also repeats all weekend). Our guest this week is James O’Shaugnessy of O’Shaugnessy Asset Management, author of What Works On Wall Street. You can listen to live here or stream it below or…Read More

Category: Investing, Podcast, Quantitative

MiB: Sheila Bair, Chairman of FDIC

Sheila Bair, former chairman of the U.S. Federal Deposit Insurance Corp., describes what it was like in the room with former Treasury Secretary Hank Paulson and former Federal Reserve Chairman Ben Bernanke when the global economy was on the verge of falling into the abyss in this week’s “Masters in Business” podcast. Listen to the…Read More

Category: Bailouts, Media, Podcast

MiB: FDIC Chairman Sheila Bair

This week’s Masters in Business Radio show is on at 10:00 am and 6:00 pm on Bloomberg Radio 1130AM and Siriux XM 119. Our guest is former FDIC chairman Sheila Bair. You can also find at Bairblog. Her book on her time at the FDIC and the financial crisis is Bull by the Horns: Fighting…Read More

Category: Podcast, Politics, Regulation

MiB: Jim Chanos, Kynikos Associates

This week’s Masters in Business Radio show is on at 10:00 am and 6:00 pm on Bloomberg Radio 1130AM and Siriux XM 119. Our guest is famed short seller and hedge fund manager Jim Chanos. You can listen to live here. All of the past Podcasts are here and at Soundcloud and coming soon to…Read More

Category: Hedge Funds, Philosophy, Podcast, Short Selling

Jeff Gundlach: Full Podcast, Now Online

This past weekend was the inaugural show of Masters in Business. Its a new Bloomberg radio show (read how it came about here).

The first show was an interview with Jeff Gundlach, who has become one of the bond market’s most influential and savvy investors. His firm, Double Line Capital, manages about $50 billion.

Over the weekend, the stream of the one hour radio show was posted to Soundcloud.

The full & uncut Interview with Jeff Gundlach is now available. Its  about double the length of the radio show. It includes:

• Short intro/explanation of what the show is;

• Full one hour radio interview (Its commercial-free and clocks in at 36 minutes)

• Full half hour podcast.

All told, its over an hour (1:09) of great Gundlachian content. I am very pleased with how this came out!

You can download the entire thing here (click, then scroll down, then right click “Download this link”).

Play full Radio + Podcast here:

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

 

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Category: Fixed Income/Interest Rates, Podcast, Web/Tech

An Investor’s Guide to the Presidential Elections

The most important election of our time! The fate of the free world hangs in balance! Yadda yadda yadda! Every four years, the usual clichés comes out. I suggest you ignore them, and instead focus on the policies where there are unambiguous differences,  where the policies of the candidates yield very different outcomes. Reviewing the specific…Read More

Category: Investing, Markets, Podcast

Indebted State of the Union (Economist Cover)

This is rom the cover to this week’s Economist, which has the cover story “State of the Union,” looking not so much at the Federal deficit as the individual states debts. Some of the states names are fairly clever: Califorclosia, DOh! (Idaho), Debtaware, IOU Wa (Iowa), Nada (Neveda), Horrida (Florida) and perhaps my favorite, Brokelahoma!…Read More

Category: Digital Media, Podcast

Felix Zulauf: Up Close And Personal (Transcript)

Earlier this month, I interviewed famed investor Felix Zulauf on his professional background and investment outlook (Audio here). As per popular request, here is the interview transcript.

————
BARRY RITHOLTZ: Tell us about your background…

FELIX ZULAUF: I grew up in Switzerland, in a small town, I went to all the school. After college, I decided to go [with] a banking career. I regretted it after a year or two because it was so boring — commercial banking, then I finally hit the investment department. It became more attractive. I asked my bosses why stock prices moved up and down, and from their end — I could very soon tell that they had no clue. So I tried to figure out if there were some other people who knew why the markets were moving. And I found some leading opinion people like Bob Farrell. They were all in the US, there were no opinion leaders in Europe. And I decided that I wanted to learn that business and foresee market moves in big ways.

And then I went step-by-step. I started in the equity stock market department in a Swiss Bank in Zurich. And then I transferred to Paris to a stockbroker for a year. There, I really developed my speculative activity. As a young chap, the owner of the shop gave me a credit of half a million dollars. Which was a dramatic amount for a 23-year-old guy, and I started speculating. Went short on the market in the fall of 1973 and you know what happened thereafter into the end of ’74. So that year I made the first big money.

What was your actual first employer?

The Swiss Bank Corp. I was there for 2 years. And then I was sent off to Paris and to acquainted more with the French language and see another country and another culture and I didn’t want to go to a bank because I wanted to learn more about the investment business. So I went there, came back after a year, moved then to portfolio management (or what they thought was portfolio management), and then went to the US. So in 1976, or 1977, I stayed in New York, put together a trainee program for myself using all of the concept of Swiss Bank Corp. and I trained with Charlie Maxwell in energy and Bob Farrell in Market Analysis and Ed Hyman in Economics and trading in a shop called Salomon Brothers at that time. So I went through Wall Street and all of those firms and it was like paradise.

I’m still friends with many of those people.

It was fantastic. And then the bank called me back to Switzerland in ’77. And then I changed horses and joined UBS because I wanted to learn money in a more aggressive way, and Swiss Bank didn’t offer me that job. That was ’77 — I joined UBS and the mutual funds management department and research. And I ran the US equity funds and global equity funds and a raw materials fund and became a global strategist for the whole UBS group. And later I ran the institutional portfolio management department at UBS and then came 1987. I was very instrumental to push UBS equity allocations to the highest in all of Europe. At that time, 65% equity in balanced accounts was extremely aggressive in European standards. And in ’87, during the summer, I tried to reduce that because I was also part of the investment committee, and I convinced the committee but general management then vetoed it and that upset me so much that I stopped there and liquidated all equities ahead of what thereafter became the crash of ’87.

And it didn’t make many friends. By hindsight, I think it was the most difficult thing I ever did because I never got the credit for it. I got the blame because all of my friends and colleagues looked terrible next to me. You know, from a political point of view, it was not a good move. But from a trustee point of view, it was the right move and also from a professional point of view, it was the right view.

Then I decided I needed to join a smaller money management operation where I had more freedom and I joined a subsidiary of Credit Suisse at that time as an executive vice president in charge of the whole investment policy. And then came ’89. The leading portfolio managers were very successful with Japanese equities and I turned very bearish on Japan and they took it as a personal insult that I turned very bearish on Japan.

At 39,000 and something, and I think it was January of 1990…I turned very bearish and pulled… And it then happened and it made it clear to me that I had to go on my own to manage money the way I thought was right.

Before you launched your firm, you had essentially rotated at some of the biggest banks in Europe and you had come to New York and worked at some of the biggest banks in the city. And the takeaway from all of this is that there are institutional impediments for a money manager and a trustee to operate on behalf of the clients.

So I became an entrepreneur and started a new financial management firm. I was 40 with two small kids and no client so the first six months were very tough because I could not attract any clients…which was very nerve-wracking. But after that, the ball got rolling and I managed individual accounts. i just wanted a limited number of individual accounts that I could manage in my own fashion so I could go long and short but not leverage. Which was basically the ways I ran my own money in earlier times. But later on, I moved away from leverage because too much leverage is where you make the most mistakes.

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Category: Economy, Podcast

Felix Zulauf Interview

In case you missed it, our interview with Felix Zulauf  is here >

Category: Investing, Podcast, Weblogs