WEALTHTRACK

Have you noticed how rampant speculation is? Random investors seem to be making money hand over fist in numerous assets: disruptive companies like Tesla, whose stock has soared 600% in the last 12 months. Old economy stocks like video retailer GameStop up nearly 6,000% propelled by traders on commission-free trading platforms like Robinhood. These are not isolated events. The zeitgeist is becoming very bullish. Do you feel like you are missing out? Has the world moved on? No, it has not according to this week’s guest. In part 2 of our interview with financial thought leader, Richard Bernstein he makes a compelling case for long-term fundamental investing. Bernstein is Chief Executive and Chief Investment Officer of Richard Bernstein Advisors. Rich has also been a regular since WEALTHTRACK’s launch in 2005. We’ve weathered our share of booms and busts over the years. He will discuss some time-tested strategies to invest successfully through both conditions. WEALTHTRACK #1741 broadcast on April 9, 2021 More info and the “Boomer knows best” - RBA Insights, March 2021” available here: https://wealthtrack.com/time-tested-strategies-for-successful-investing-with-hall-of-fame-strategist-richard-bernstein/ [https://wealthtrack.com/time-tested-strategies-for-successful-investing-with-hall-of-fame-strategist-richard-bernstein/] Navigate the Noise: Investing in the New Age of Media and Hype: https://amzn.to/2Rrfm5f [https://amzn.to/2Rrfm5f] --- Support this podcast: https://anchor.fm/wealthtrack/support [https://anchor.fm/wealthtrack/support]

We have been living through an extraordinary period. It was a year ago that COVID was recognized as a global pandemic and since then over 100 million people have been stricken and more than 2 million have died. Economies were locked down causing severe recessions. Central banks and governments responded with unprecedented amounts of monetary and fiscal stimulus. A worldwide effort by pharmaceutical companies to develop effective vaccines did so in record time. Millions are now in the process of being vaccinated. Global economies are now recovering with China and the U.S. recovering at a rapid pace. Is the worst behind us? Are world economies and markets on a sustained path of recovery as many believe or are there serious hidden risks? Risks are the concern of this week’s guest whose top priority as a money manager is capital preservation. He is Matthew McLennan, Head of the Global Value team at First Eagle Investment Managemen. Long before the pandemic, McLennan had been monitoring emerging geopolitical and financial risks globally, which he says were exacerbated by COVID. He’ll discuss specifics and how he is protecting his portfolios while still participating in aspects of the bull market. WEALTHTRACK #1740 broadcast on April 2, 2021 More info: https://wealthtrack.com/preparing-for-the-next-correction-while-participating-in-the-bull-market-with-matthew-mcclennan/ --- Support this podcast: https://anchor.fm/wealthtrack/support [https://anchor.fm/wealthtrack/support]

When a fringe economic theory goes mainstream and is actually implemented by policymakers you better pay attention. The once-fringe theory in question is called Modern Monetary Theory, or MMT for short. The assumption behind MMT is that massive government spending helps the economy grow to its full potential, including full employment, and also finance major programs like universal healthcare, free college tuition, and green energy initiatives. Sound familiar? What about the burgeoning federal debt? Not an issue according to Federal Reserve Chairman Jerome Powell. In an interview on National Public Radio this week Powell said: “Given the low level of interest rates, there’s no issue about the United States being able to service its debt at this time or in the foreseeable future.” Enter today’s guest, Paul McCulley, who wrote an academic paperback in 2013 titled: “Helicopter Money, Or How I Stopped Worrying and Love Fiscal-Monetary Cooperation.” McCulley is currently an adjunct professor at Georgetown business school where he teaches a very timely multi-disciplinary course combining law, economics, monetary policy, global finance, and behavioral finance. I asked McCulley to explain why he believes helicopter money and the unprecedented fiscal and monetary cooperation we are seeing today is so essential, and not an issue. WEALTHTRACK # 1739 broadcast on March 26, 2021 More info: https://wealthtrack.com/financial-though…ey-are-essential/ [https://wealthtrack.com/financial-though…ey-are-essential/] “Helicopter Money, Or How I Stopped Worrying and Love Fiscal-Monetary Cooperation” available https://www.interdependence.org/wp-content/uploads/2013/01/Helicopter_Money_Final1.pdf [https://www.interdependence.org/wp-content/uploads/2013/01/Helicopter_Money_Final1.pdf] --- Support this podcast: https://anchor.fm/wealthtrack/support [https://anchor.fm/wealthtrack/support]

It doesn’t take a rocket scientist to figure out that 2021 is a year of significant political and macroeconomic change. Meanwhile, the rollout of COVID vaccines is starting to unleash a year’s worth of pent-up consumer and business demand. That demand is also putting upward pressure on prices and inflation expectations. Those pressures are showing up in the bond market where yields on long-term bonds, the most sensitive to rising inflation expectations are rising. The price of 30-year Treasurys has fallen 15.6% in just three months. This is a huge change and could signal the end of the 40-year bull market in bonds that many Wall Street pros have been predicting for years. Perhaps they will now be proven right. This week’s guest has been telling clients that inflation will probably be higher than many believe, that a significant cyclical recovery is in the works and is bringing with it a major change in market leadership. He is a noted investment strategist known for his macro analysis and thematic investing. He is Richard Bernstein, Chief Executive and Chief Investment Officer of Richard Bernstein Advisors, Bernstein explains why the shift in market leadership from stable growth stocks to cyclical value ones is normal and durable, and how to participate. WEALTHTRACK #1738 broadcast on March 19, 2021 More Info: https://wealthtrack.com/richard-bernstei…tocks-is-durable/ [https://wealthtrack.com/richard-bernstei…tocks-is-durable/] In this week’s WEB EXTRA feature, Bernstein reflects on how the COVID experience has changed his professional and personal life. https://wealthtrack.com/bernstein-pandemic-effect/ [https://wealthtrack.com/bernstein-pandemic-effect/] --- Support this podcast: https://anchor.fm/wealthtrack/support [https://anchor.fm/wealthtrack/support]

Part 2 of 2 John Rekenthaler has been tracking mutual funds at Morningstar since 1988. He correctly predicted early on that index funds would surpass actively managed funds. Now he sees a similar trend for ETFs as they attract record amounts of cash and mutual funds suffer outflows. WEALTHTRACK #1737 published on March 11, 2021 More info: https://wealthtrack.com/morningstars-john-rekenthaler-explains-why-etfs-will-surpass-mutual-funds-as-the-industry-standard/ --- Support this podcast: https://anchor.fm/wealthtrack/support [https://anchor.fm/wealthtrack/support]