Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5 • 775 Ratings

🗓️ 12 May 2021

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

The investor, author, and popular podcast host talks ESG, factor investing, some of his favorite podcast guests, and more.

Transcript

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0:00.0	At Jackson, we've created a digital retirement planning experience with you and mine.
0:05.5	Visit jackson.com to explore our easy-to-understand resources and user-friendly tools
0:10.1	that are designed to enable financial professionals and clients to plan a path to financial freedom.
0:15.5	Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,
0:20.5	and Jackson National Life Insurance Company of New York, purchase New York.
0:26.5	Please stay tuned for important disclosure information at the conclusion of this episode.
0:33.4	Hi, and welcome to the Longview. I'm Jeff Battack Chief Ratings Officer for Morningstar Research
0:37.8	Services. And I'm Christine Ben's Director of Personal Finance for Morningstar. Our guest this week
0:43.9	is Patrick O'Shaughnessy. Patrick is the CEO of O'Shaughnessy asset management. He also
0:49.8	is a portfolio manager at the firm. Prior to assuming his current role, Patrick served in O'Shaughnessy's
0:55.3	research and portfolio management teams. Patrick is the author of Millennial Money, How Young Investors Can Build a
1:02.3	Fortune, and was a contributing author to the fourth edition of What Works on Wall Street.
1:07.7	Patrick is also the host of the popular Invest Like the Best Podcast. He received his
1:13.0	bachelor's in philosophy from the University of Notre Dame and is a CFA charter holder. Patrick,
1:19.0	welcome to the Longview. Thank you so much to you both for having me.
1:22.4	So let's start with ESG, a topic your team has written a lot about your firm thinks the best
1:27.9	approach to ESG is customization contouring the portfolio around a client's personal preferences.
1:34.1	How do you help clients weigh the tradeoffs associated with those preferences?
1:40.1	Well, we try to just be very upfront about what choices in an investment strategy mean for each investor.
1:46.4	And in the case of ESG, I think the clearest way to describe that is what we would call tracking error.
1:50.4	You know, how much are you putting into your strategy that's going to make your returns different than, say, the S&P 500?
1:57.4	And we don't know, to be clear, whether that tracking year is going to be good or bad.
	...

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