Pods & Recs: No. 185
Today we have GMO’s Ben Inker on value stocks, Ray Dalio on how he views the world today, and an episode on Vanguard’s curious entrance into the private equity space.
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Investing
SALT Talks: The Hedge Fund Comeback: Steve Cohen, Ilana Weinstein, Dmitry Balyasny & Mike Rockefeller. Barry Ritholtz moderates a star-studded panel about the current state of the hedge fund industry. They touch on the difference between small and large funds and the LP’s perspective when analyzing where to allocate funds. They spend a large amount of time on attracting and developing talent and creating an environment that people want to work in, which is becoming more difficult for firms with the shift to remote work. [September 30, 2021–40 minutes] iTunes Podcast | Spotify | Google
SALT Talks: Ray Dalio on Changing World Order: Current Economic & Geopolitical Challenges. Bridgewater Associates’ Ray Dalio shares what major themes he sees today, how they fit into historical context, and what it means for financial markets. He also touches on where he thinks gold and crypto fit in investor’s portfolios, the societal implications of where the U.S. is today, and his thoughts on China. [September 30, 2021–40 minutes] iTunes Podcast | Spotify | Google
Excess Returns: Dispelling Myths in the Value vs. Growth Debate with GMO’s Ben Inker. GMO’s Head of Asset Allocation Ben Inker discusses topics covered in his recent quarterly letter, most notably why the value rebound that has faded wasn’t just a head fake. Inker walks through the type of environment that’s been conducive for value outperformance in the past, why today is different from 2000, and why, sometimes, novices have an advantage over experienced professionals. [September 26, 2021–59 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
Bogleheads On Investing Podcast: Episode 038: Ted Aronson. Aronson joins host Rick Ferri for a candid discussion about Vanguard’s plan to include private equity in individual retirement accounts, something they are absolutely not a fan of. They look back at what both David Swensen and Jack Bogle have said and why this decision contradicts Vanguard’s decision to have individuals invest in private equity. They also talk about the operational difficulties to put so much money to work in private equity and also earn enough to make it worthwhile. [September 28, 2021–52 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
The Meb Faber Show
#354 — Shawn Merani, Parade Ventures — The Seed And Pre-Seed Stage, You’re Betting On People. Shawn Merani is the founder and Managing Partner of Parade Ventures, a pre-seed & seed stage-focused venture capital firm, and an investor in companies like Dollar Shave Club, Cruise, & Stance. He walks us through what it was like to launch what he called a “venture partner program on steroids” on AngelList years ago. He shares his investment philosophy and why he focuses mainly on both the consumer and enterprise space. Shawn and Meb chat about some names, including Inkbox, Homelister, and a company providing software to veterinarians. [September 27, 2021–62 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
#355 — Sheel Mohnot, Better Tomorrow Ventures — We Think That We’re In The Very Early Innings of Fintech. Sheel Mohnot is the co-founder of Better Tomorrow Ventures, a fintech-focused VC fund focused on pre-seed and seed companies around the globe. Sheel starts the episode by explaining why he’s so bullish on the fintech space and focuses so much on the founders at the seed stage. Then he shares what it was like to raise a fund during COVID. He walks through some of the investments he’s made to date and what piqued his interest in each. At the end of the episode, he talks about the opportunity for fintech companies in both Africa and Latin America. [September 29, 2021–62 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
The Best Investment Writing Volume 5: Andrew Patterson, Vanguard — The Idea Multiplier: An acceleration in innovation is coming. Listen to Andrew Patterson read his piece, The Idea Multiplier: An acceleration in innovation is coming.[October 1, 2021–29 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
The Rest
The Peter Attia Drive: #177 — Steven Rosenberg, M.D., Ph.D.: The development of cancer immunotherapy and its promise for treating advanced cancers. Rosenberg has been the Chief of Surgery at the National Cancer Institute for the past 47 years. The episode is a great listen both about Rosenberg’s dedication and relentless approach to crack away at the devastation cancer causes, and the actual science behind cancer and how it affects the body. He walks through how both chemotherapy and immunotherapy work, why he’s optimistic about the road ahead due to recent discoveries, and the human side of his work and helping people who battle cancer. [September 27, 2021–126 minutes] iTunes Podcast | Spotify | Google | Breaker | Website Link
Book Recommendations
Jack Schwager (Author, Market Wizards):
- Influence, New and Expanded: The Psychology of Persuasion by Robert Cialdini
- In the Kingdom of Ice: The Grand and Terrible Polar Voyage of the USS Jeannette by Hampton Sides
- The River of Doubt: Theodore Roosevelt’s Darkest Journey by Candice Millard
- Endurance: Shackleton’s Incredible Voyage by Alfred Lansing
