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Tom Idzorek & Paul Kaplan on Lifetime Financial Advice: Part Two

Financial Thought Exchange Podcast

Release Date: 04/26/2024

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Financial Thought Exchange Podcast

In this second episode segment, Larry Speidell, founder and CIO of Frontier Global Partners focuses on personal stories, travel experiences, and deeper insights into frontier markets. For example, Speidell praises Botswana’s development, aided by diamond discoveries, but also discusses the “resource curse,” where reliance on natural resources can hinder broader economic growth. Speidell’s firm does not shy away from politically unstable countries such as Peru and Georgia. In such environments, he says, strong companies can thrive, and investors must be patient. Larry describes the...

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Financial Thought Exchange Podcast

In this two-part episode, Lawrence Speidell, founder and CIO of Frontier Global Partners, discusses his Indiana Jones-like foray into frontier markets in search of stocks to buy for his firm’s clients. Frontier markets are countries that are less developed than those in emerging market indexes. Larry’s interest in frontier markets began during a lecture trip to China in the 1980s. Frontier markets include Vietnam, Bangladesh, Romania, Colombia, and many countries in Africa. Speidell argues that, despite political instability, such markets are not necessarily riskier than developed ones,...

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Financial Thought Exchange Podcast

In Part 2, David Booth reflects on how Dimensional Fund Advisors expanded by partnering with fee-only financial advisors, helping to bring academic investing principles to individual clients. He emphasizes the importance of low fees both in appealing to personal investors and in delivering superior results to them. Booth discusses how his collaboration with leading finance professors led him to regard the University of Chicago as a business partner and describes his gift to the school as a “partnership distribution.”

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Financial Thought Exchange Podcast

David Booth, one of the best-known investors in the world, founded Dimensional Fund Advisors (DFA) along with Rex Sinquefield and brought asset-class investing, a description that embraces both index funds and the index-based but value-added strategy that DFA pursues, to individual investors as well as institutions. David, who received a PhD from the University of Chicago’s Graduate School of Business,  also made the largest donation in the University of Chicago’s history and, in recognition of that gift, the university renamed its business school the Booth School of Business. In...

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Financial Thought Exchange Podcast

In this episode of the Financial Thought Exchange podcast, host Lotta Moberg, CFA, and Marty Fridson, CIO at Lehman Livian Friedson Advisors, delve into the complexities of financial statements and corporate reporting. They discuss how companies often present financial health to their advantage, using Fridson's book, "Financial Statements," as a guide. The conversation covers regulatory impacts, the role of goodwill in valuation, and the challenges of assessing acquisitions. Fridson emphasizes the importance of critical analysis and cash flow generation in valuing companies,...

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Financial Thought Exchange Podcast

In this episode of the Financial Thought Exchange podcast, host Lotta Moberg, CFA, and Marty Fridson, CIO at Lehman Livian Friedson Advisors, delve into the complexities of financial statements and corporate reporting. They discuss how companies often present financial health to their advantage, using Fridson's book, "Financial Statements," as a guide. The conversation covers regulatory impacts, the role of goodwill in valuation, and the challenges of assessing acquisitions. Fridson emphasizes the importance of critical analysis and cash flow generation in valuing companies, providing insights...

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Financial Thought Exchange Podcast

Jim Simons, the late founder of Renaissance Technologies, achieved a track record that surpasses Warren Buffett and all the other great investment managers – by a lot. In a beautifully written account, , Gregory Zuckerman, the Wall Street Journal who previously profiled John Paulson in , talks about Renaissance’s unique culture. The firm brought geniuses from far outside the investment world – mathematicians, computer scientists, linguists – together into an effort that, surprisingly, beat the investment community’s best analysts and traders at generating returns and catapulted...

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Financial Thought Exchange Podcast

Allison Schrager is one of the world’s foremost experts on personal risk. An economist by training, she has broadened her reach to learn about the risk management strategies of people who jump out of airplanes, surf big waves, and work in brothels. She is a senior fellow at the Manhattan Institute, a contributing editor at City Journal, and a columnist at Bloomberg Opinion and practically everywhere else.

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Financial Thought Exchange Podcast

Cliff Asness, co-founder of AQR Capital Management, shares his origin story, detailing his academic background at the University of Chicago, where he was influenced by prominent figures like Eugene Fama, who encouraged him to explore momentum investing although Fama did not think it could possibly work. Asness recounts his transition from portfolio manager at Goldman Sachs to co-founder and principal research at AQR Capital, one of the best-known investment management firms in the world. He reflects on the tumultuous market period after AQR’s founding in 1998, when the nascent firm almost...

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Roger G. Ibbotson, Professor Emeritus at Yale School of Management and chairman and CIO of Zebra Capital Management LLC, has authored numerous articles and books, including Stocks, Bonds, Bills, and Inflation, which serves as a standard reference for information and capital market returns.   Laurence B. Siegel is the Director of Research at the CFA Institute Research Foundation and a writer, speaker, and consultant. Siegel graduated from the University of Chicago with both a BA & a MBA. His website is .   Ibbotson and Siegel discuss the driving factors behind long-term returns,...

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Thomas M. Idzorek, CFA, is chief investment officer, retirement, for Morningstar Investment Management LLC. He also serves as a member of Morningstar’s 401(k) committee, Public Policy Council, Global Investment Committee, U.S. Investment Policy Committee, the editorial board of Morningstar magazine, and the Journal of Investment Management conference series Advisory Board.

Paul D. Kaplan, CFA, was director of research for Morningstar Canada and a senior member of Morningstar’s global research team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, adviser tools, and other services. Kaplan conducted research on asset allocation, retirement income planning, portfolio construction, index methodologies, and other investment topics.

Tom & Paul join host Lotta Moberg for the second time to continue discussing how life-cycle finance provides a practical, integrated three-stage model for financial planning that not only embraces life-cycle finance but also integrates it with single-period optimization models. Here is a link to their research: https://rpc.cfainstitute.org/en/research/foundation/2024/lifetime-financial-advice-a-personalized-optimal-multilevel-approach

Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. If you would like to support the show and our work, please donate here: https://rpc.cfainstitute.org/en/research-foundation/donate