Key Points From This Episode: 03:48 - Cliff's perspective on market efficiency and the impact on his portfolios. 08:30 - Value investing in today's climate where value has taken such a knock. 13:36 - Stories and behavioural effects on value; how we understand ups and downs. 21:04 - Conversations Cliff has had with clients in the tougher times. 23:46 - Comparing the companies driving growth now with those in the '90s. 25:17 - The size effect and why Cliff does not subscribe to this philosophy. 33:07 - 60/40 portfolios; are they still alive? Why Cliff thinks you can do better! 36:31 - Cliff's experiences with institutions and advisors and contrasting the two. 38:28 - Informed decisions on who to invest with; thoughts on finding the right advisor. 40:42 - Pulling the goalie and why risky behaviour can work in certain circumstances. 47:29 - The value of communication skills in the game of financial advising. 50:07 - How Cliff defines success for his own life!
I know im randomly asking but does someone know of a way to log back into an Instagram account?? I stupidly forgot the login password. I love any help you can give me!
Interesting speaker. He believes strongly in the value premium yet dismisses the size premium. The literature shows that the value premium is higher in small cap stocks than large cap stocks.
The size premium has disappear since it's discovery, but it seems to revive when you combine size with other factors. Larry Swedroe agrees with this perspective.
@@tiendoan1333 check out this article www.valuewalk.com/2015/08/sizing-up-the-size-premium/ I wouldn't call a premium to have "disappeared" after 5-10 years of underperformance. As Larry always points out, the market premium has had 2 periods where it underpeformed T bills over 10-13 years.
@@tiendoan1333 Their conclusion is "Even with a modest small cap premium, we believe there is a benefit in holding small cap stocks as a distinct tilt in an equity strategy for the diversification of returns that are different than those of larger-cap stocks. Additionally, given that other factor premiums (momentum, asset growth, value and profitability) tend to be stronger among small capitalization stocks, we recommend taking multi-factor approach to investing in small cap to obtain small cap exposure."
Great interview. Cliff is hilarious. Very enjoyable and educational podcast. Thank you!
"...though I can be quite creative about things to be miserable about" was a perfect ending to a great interview.
Cliff successfully predicted the future!
Key Points From This Episode:
03:48 - Cliff's perspective on market efficiency and the impact on his portfolios.
08:30 - Value investing in today's climate where value has taken such a knock.
13:36 - Stories and behavioural effects on value; how we understand ups and downs.
21:04 - Conversations Cliff has had with clients in the tougher times.
23:46 - Comparing the companies driving growth now with those in the '90s.
25:17 - The size effect and why Cliff does not subscribe to this philosophy.
33:07 - 60/40 portfolios; are they still alive? Why Cliff thinks you can do better!
36:31 - Cliff's experiences with institutions and advisors and contrasting the two.
38:28 - Informed decisions on who to invest with; thoughts on finding the right advisor.
40:42 - Pulling the goalie and why risky behaviour can work in certain circumstances.
47:29 - The value of communication skills in the game of financial advising.
50:07 - How Cliff defines success for his own life!
Could you add these to description so it'll appear on youtube player?
One of the best channels out there!
If you guys are hiting even a janitor let me know 😁🤣
Great interview. Anything on the topic of investor behavior is always interesting to me.
I know im randomly asking but does someone know of a way to log back into an Instagram account??
I stupidly forgot the login password. I love any help you can give me!
Phenomenal interview!
Hilarious guest
good content for value investors.Most financial advisers are recommending Growth funds to their clients which scares me to invest more in value.
24:03 - "How do I put this technically? I'm going to use stochastic calculus: The companies that were very expensive back then were crap companies."
Interesting speaker. He believes strongly in the value premium yet dismisses the size premium. The literature shows that the value premium is higher in small cap stocks than large cap stocks.
The size premium has disappear since it's discovery, but it seems to revive when you combine size with other factors. Larry Swedroe agrees with this perspective.
@@tiendoan1333 check out this article www.valuewalk.com/2015/08/sizing-up-the-size-premium/
I wouldn't call a premium to have "disappeared" after 5-10 years of underperformance. As Larry always points out, the market premium has had 2 periods where it underpeformed T bills over 10-13 years.
@@tiendoan1333
Their conclusion is
"Even with a modest small cap premium, we believe there is a benefit in holding small cap stocks as a distinct tilt in an equity strategy for the
diversification of returns that are different than those of
larger-cap stocks.
Additionally, given that other factor premiums (momentum, asset growth, value and profitability) tend to
be stronger among small capitalization stocks, we recommend taking multi-factor approach to investing in
small cap to obtain small cap exposure."
I know this is late, but he did say this in the video: factors are more prevalent in small caps