Scott Bondurant: Why Mean Reversion Means Your Portfolio Should Have More Stocks

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

🗓️ 9 September 2025

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

The financial advisor and adjunct professor discusses elevated equity valuations, the limitations of random-walk assumptions, and why bonds are riskier than you might think.

Transcript

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0:00.0	In volatile markets, the H.C.M. Byline keeps you grounded. Invest with confidence. Discover Howard Capital Management's funds at HowardCMFunds.com. Stay tactical, not traditional.
0:15.2	Investments in HCM funds involve risk, including possible loss of principle. There is no assurance that the funds will achieve their investment objectives. Investors should carefully consider the investment objectives,
0:24.0	risks, charges, and expenses of the HCM funds. This and other important information about the funds
0:28.4	are contained in the prospectus, which can be obtained at www.howardcmfunds.com or by calling
0:33.5	77062-4-969-8464.
0:39.3	The prospectus should be read carefully before investing.
0:41.7	H-CM funds are distributed by Northern Lights Distributors, LLC.
0:44.8	Member Finra, SIPC.
0:46.6	Northern Lights Distributors, LLC, and Howard Capital Management, Inc. are not affiliated.
0:50.3	Please stay tuned for important disclosure information at the conclusion of this episode.
0:56.3	Hi, and welcome to the Longview. I'm Amy Arnott, portfolio strategist for Morningstar.
1:02.4	And I'm Christine Benz, Director of Personal Finance and Retirement Planning for Morningstar.
1:06.9	Our guest on the podcast today is Scott Bonduron.
1:15.6	Scott is founder and chief investment officer of Bonduron Investment Advisory,
1:19.4	a registered investment advisor based in the Chicago suburbs.
1:23.2	He's also an adjunct professor at Northwestern University,
1:27.2	where he teaches an undergraduate course on the history of investing.
1:32.8	He recently published a white paper about the importance of incorporating mean reversion and financial planning and portfolio construction, which we'll be discussing in this podcast.
1:38.5	Scott has a BA from Stanford University and an MBA from Duke University's Fuqua School of Business.
1:45.2	He started his career at Kidder Peabody and also worked for Payne Weber and Morgan Stanley
1:51.2	before becoming a managing director for UBS.
1:55.0	Scott, welcome to the Longview.
	...

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