A Conversation With My Coworker - Managing Through a Downturn and Working as a Portfolio Manager
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- เผยแพร่เมื่อ 6 มิ.ย. 2024
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00:00 - Introduction
05:55 - What is a Portfolio Manager?
15:34 - How Richard Got His Job
22:49 - Sponsor
23:42 - Managing Through a Market Downturn
35:15 - Pitfalls Over the Last Two Years
40:14 - Passive Investing
43:22 - Doing TH-cam as an Advisor
50:52 - Closing Tips
I sit down and chat with my coworker Derek Dedman (yes, that's his real name) to talk about becoming a portfolio manager and investing during downturns.
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DISCLAIMER:
This channel is for education purposes only and does not constitute financial advice - Richard is not responsible for investment actions taken by viewers. Please seek out a registered advisor if you require assistance (while Richard is a registered portfolio manager at WDS Investment Management, he does not provide advice through The Plain Bagel, which is not affiliated with his employer).
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Dedman & Coffin Financial and Funeral Services: Preparing for retirement and beyond!
Lmao!
😆
We've got some pretty entrepreneurial minds in the comment section 😂
This needs to be a shirt! Ahahaha.
I'm an Advisor here in the US with an RIA; it's interesting listening to you discuss your roles as Portfolio Managers and seeing those similarities between our roles, but also your backgrounds (I also put 10+ years in the bank, and found there was a desire to be a more 'pure' giver of unbiased, financial guidance). Richard, I just want to give you well-deserved kudos for working so hard to bring people quality financial information in a world that is so diluted with misinformation. Thank you!
Deadman & Coffin would be a top tier name for any business tbh.
Dedman and Coffin is the best podcast name ever! Especially when its about finance and investing now.
I love the casual finance talk between two guys who obviously have a lot of respect for the other’s opinion. And the bonus is they are professional money managers working together in the same firm.
Canadian Goth finance. I'm here for it.
This is an amazing podcast. Please invite your coworker again, I would love to watch you two talking.
I’d like to hear about the mathematical techniques they use to pick/size their investments. Is it modern portfolio theory? Or Kahn’s active portfolio management (very common at BlackRock)? Or something else? I’m quite curious
Calculating expected value isn't difficult. To determine which portfolio management method to use you need to know your expected rate of return and your risk tolerance. No one can tell you what that is but financial advisors will be happy to sell you whatever you want.
@@MrSupernova111 calculating expected value is pretty much the hardest part of portfolio construction.
@@niveaulimbo6101 . Which is necessary to properly construct a portfolio. Hence, asking for help to construct a portfolio without understanding the individual components is like asking how to build a house with no construction experience.
@@MrSupernova111 i realy do not understand what you are trying to say, the question for the technique was perfectly valid.
@@niveaulimbo6101 . You can't construct a portfolio without knowledge of the individual components. Try grabbing a hammer and start building a house with no experience. You can't learn this stuff by watching a youtube video. Get it through your thick head.
I really enjoyed this conversation, would love to hear your colleague on the podcast again.
This was a great conversation, I really enjoyed it, thank you both! Feels like a good test for any product/project in investment, on a first level, is if the person says "You need this to succeed or you'll fail immediately!" (lots of ads) versus "Hey it all depends on your specific situation, which is going to change" (your combined message).
Thanks Richard for the very informative video! I'm a finance student and it's so rewarding to see financial videos that are balanced with an educational tone instead of being overly obsessed with entertaining. I believe the term you were looking for at 36:00 was Self-attribution bias.
Great podcast! Very interesting topics, especially learning about both of your career paths :)
Loved the dialog of the financial sphere.
Love this. Awesome talk man
Ok I was procrastinating on my CFA level 2. Thanks for putting me back on track!
I enjoyed watching this, especially since my dad is also a portfolio manager out of Wall Street!
Thank you for this. I work in the industry and am trying to eventually move to a PM role.
I'd say "Richard interviewed his boss", but that was the last interview 😆
LET'S TALK 📩📩👆
Eric Deadman would've made such a great name for a 90s video game protagonist 🤣🤣
Love your pod, Richard ❤️❤️❤️
I believe sales is service. Matching the right available products and services with the clients knowable needs and wants is very helpful to mutually satisfying solutions. I believe in listening well, serving sincerely and asking for business respectfully. Fee discussions are core to transparency and trust and perception of value decisions. It’s all about a suitability of products and services. I agree with the point about investments as a component within the context of a larger plan. Happy Canada Day. 🇨🇦 Kudos on the name/funeral home humour.
Signed up for Morning Brew a few weeks ago from your channel
Yes! More Derrick!
I really enjoyed the podcast, a lot of extremely interesting information especially since I'm also in the field at a broker for one of the big banks. Really hope to see more content concerning the career path in the future and uhm, any open positions at WDS?
I thought this conversation was great! Would be nice to have a Part 2.
This was an amazing conversation, you should definitely make this kind of content more often!
I didn't know you worked with the Sandman!
Good stuff!
Hi Richard, could you talk about the CFA and how it works in a video?
I just finished my masters and I will start working soon, it would be so helpful if you could talk about it!
Can you do a summary video how you would write a preliminary research report
Deadman and Coffin Funeral Services... In this economy you can never be to prepared for a career change! hahahahah
Good insights and would definitively enjoy more episode with your colleague!
Love your video. You guys were right by the way. From what you’re saying RIAs would be the US equivalent. :)
Great episode and insight. Have him back!
Hello! I am so glad that I found you, Richard! I finally feel like I am receiving real information about economy online!
I wish you had a Instagram so we could interact more with you online - although I can see that managing one more social network probably isn’t how you want to spend you days! I saw a twitter address, but that corner of the internet scares me a bit. lol
Buena entrevista
I've been watching this channel for a few years and just realised I've been mishearing your name as Richard Kaufman
More Dedman! That sounded wrong when I said it outloud with no context
What are the best books for operational strategies?
- Trading in the Zone
- Controlled Trading
- The Art of Currency Trading
Two nice Canadians talking abauot finance
Simplyfan and Canadian! Fun to see worlds collide!
“You know”
You know you know you know you know
I feel like this conversation is bringing up some PTSD from my journey through the financial industry.
I’m in Texas. The conflict of interest situation causes me a lot of stress. I know a lot of people falling for scams and I try to warn them, but I’m always afraid I would get in trouble for giving financial advice. Unfortunately I don’t know of anyone I can send them to because you need a license to be allowed to give financial advice, and you need to be sponsored by one of the investment banks selling a product to be allowed to register for the exams. I never know if I’m committing a crime if I tell somebody that putting aside a set amount each paycheck into a mix of their choice of index fund and/or AAA bonds is safer than using margin accounts and options contracts to buy cryptocurrencies and NFTs.
Great conversation/podcast. A pitfall of this type of content is that you risk of having you and your guest speak at the same time and it gets hard for listeners to follow. A solution to this could be using headphones, so you also hear what the audience would hear, and everyone involved in the conversation would notice quickly if they're speaking over someone else.
Watching as a young person in Texas, passed my SIE, studying for my series 7, and then moving on to my 63. Will be a baby broker soon, lol. It is so interesting listening to how things work in Canada, and y’all’s journey! Keep up the great content!
Should you get a personal financial advisor? If yes, one at the bank, or a private? Where do you suggest to start to plan and review long-term? It's good to have a robo advisor but it kinda feels like it's not clear what it means for your future and retirement.
I would suggest a fiduciary ( they are legally required to offer advise that is in your best interest.
@@kevinfleming5663 will look into this. Thanks!
I was suggest Kate Summers. She has been getting me excellent results. She offered me a reach around on the cheap too
@@kevinfleming5663 what if they just decide “fuck this dude, imma give him some wacky advice” what if that happen and you didn’t know if its a good or bad advice?
@@xxii7293 well would suggest to chat with a few fiduciaries and educate your self, internet made finding info easy, plenty of newbee investor friendly chat boards.
Make videos on how to get into Canadian finance industry!!! Equity research, portfolio management, & other things except accounting & compliance :) Please do it
Hey Richard, Great Pod episode! Maybe next time you could talk a bit about your research methodology and how you go about analyzing companies within your portfolio? What resources do you frequently utilize, what company metrics are most important to you during analysis? Stuff like that. Thanks!
Have you ever performed security analysis? If not, there is no way you could learn everything you need to know in one video. That's like asking for a video to learn French.
@@MrSupernova111 nobody asked to learn everything. Just thought it would be interesting to learn "a bit about his research methodology" and the nuances of their approach 🤔
@@yemi506 . You’re asking Richard to do his job for free and post his methods online for the public to see. I doubt his employer would appreciate that. Don’t confuse general information, as in this channel, with applied knowledge.
I liked Derek.
Hold up - I always thought I was mishearing your last night as some funky Canadian derivation of an Irish last name like Coffey or something - til!
And I've always misheard it as Kaufman
Great episode! Have him back !
I liked the part about taking personal responsibility for our own investments. This is particular important dealing with shortsighted political zealots who love playing the victim. As a finance nerd myself I'm glad that many people are interested in finance but most people have no interest in putting in the time to learn security, market, and economic analysis.
...ya, again, just awesome.
Let's not forget that over the past couple years everyone was obviously an 'expert' because they doubled their money [insert Dunning Kruger comment here]. "Oh, and how's that working out when the tide goes out? Swimming naked are you?" Always great content, ... but most importantly, great perspective. We all love how you talk through events, explanations, analyses, perspectives, etc. Well done all 'round. Thanks.
Deadman & Coffin Investing Co.
How does working with a wealth management firm compare to just dumping money in the SP500?
I have chatted with a number of wealth management firms (even some big names) lowest risk option most of them offer is buying SPY shares and selling CC's on them. I know nothing of the firm Plain Bagel works for, I don't even know what it is called, but most actively managed funds under perform the market (S&P500 being the benchmark).
they will focus on less risk.
They will just tell you to diversify. Concentration to get wealthy, diversify to stay wealthy.
@@ZTheMoki some of them are very aggressive, well beyond my risk tolerance , but some offered to run the account at a loss so I could get the tax deduction
@@kevinfleming5663 surely you will lose more I'm returns than you gain back in tax deductions
bring back the dart board bull market! wen recession over in 10 months? LOL
Change the camera angle. Not good kept seeing 'simp' next to the MC
289 times You know
Fiduciary or not. If your not in it for your clients you won’t last in the business period.
Don't trust TH-cam investment advice? Umm, I don't do due diligence and YOLO GME. LOL, I'm NFT rich, but real world poor.
I think that sounded like a sales pitch and very much a "sound" pitch of a gravel and familiar podcast voice.
He sounded like a pitcher to me. A reformed pitcher is always a former pitcher.
A CFP that used to be a pitcher can still sell their experience and still has the skill of pitching to rely upon.
You both have outsized influence upon the inventing audience, just by means of your realm of influence.
There are a lot of resources and books that say all of the things a person would need to know.
I would not consider these people against self-research or biased actors to try to get you to pay for their advice.
They are there if you do not want to do the homework or are confused after doing your homework. They are not unscrupulous or trying to scalp you, but you can learn it yourself as well or better without paying a fee. If you are not comfortable with that, then you can invest in an index fund over time, such as VTI or a blended of low cost index funds to avoid the fees. These people, if you asked them and they are actual Fiduciaries would agree.
If you fear the bear market you clearly have no idea what the value of the stock you bought. As the saying goes bears make money, bulls make money, pigs get slaughtered.
"Investing != Speculating".....wrong, its the same thing, different time scales.
You cant predict the future no matter what you are doing.
0:54 "Simp?"
That started off pretty awkward!! How many times did you say like in this interview.? Too many. I found that podcast boring!! I'm a fan of your channel but this one lacked substance.
Great podcast! Very interesting topics, especially learning about both of your career paths :)