Three Problems in Search of a Solution
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 28 May 2021
⏱️ 16 minutes
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Summary
There is no shortage of investment symposiums to attend in my business. Whether it be events put on by the big firms I have worked for over the years (UBS, Morgan Stanley), or symposiums sponsored by various money managers and asset management firms, or just independent groups putting on their own show, I am quite sure I have attended over a hundred such events in the last two decades or so, and probably spoken at a couple of dozen myself. While there is always something to be learned at every event, some are surely better than others. The quality of the events, the quality of the speakers, and the candor of the speakers in the message they deliver can vary a great deal.
I consider myself an incorrigible consumer of information and perspective and have been obsessed with growing my capacity for investment and economic thought since the turn of the century. These events can be a waste, or they can be utterly thought-provoking or somewhere in between. One develops an instinct over the years for which events and organizations and speakers will be worthwhile and which will not. And this brings me to the subject of this week’s Dividend Café …
I have already revealed where I am going with this the last couple of weeks, so there’s no need to hide the ball. The Mauldin Strategic Investment Conference took place (virtually) in mid-May, and it most certainly represents one of the truly spectacular conferences I have ever been a part of in terms of content, speaker quality, and diversity of thought. I chose to turn my major takeaways from the conference into a Dividend Café because I basically think Dividend Café exists for me to share what is most on my mind with our clients … And I assure you these takeaways from the conference are what is taking up most of my headspace these days.
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe, weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.5 | Well, hello, welcome to this week's Dividend Cafe. I think it's been a little while since I've gotten to record from this location. We recorded quite a few, I believe, |
| 0:21.8 | last summer, but I'm out actually at my house here in East Hampton and came out very, very early |
| 0:27.8 | this morning and spent a few hours writing the Dividing Cafe this morning. So it was kind of fun |
| 0:33.0 | to be able to write it all together, made the trip from the city into East Hampton go by very quickly. |
| 0:41.0 | But it was a lot of fun to write because I was sort of recapping and discussing some of the things |
| 0:46.8 | most on my mind out of this recent Malden Strategic Investment Conference. I had talked about it the |
| 0:54.0 | last couple of weeks that I was |
| 0:55.6 | going to get to it and that's what we wanted to devote our time to today. This conference is |
| 1:01.2 | one of many investment conferences that exist out there. I'm pretty sure over the last 20-ish |
| 1:06.7 | years I've attended well over 100 conferences and probably spoken a couple dozen in this |
| 1:14.0 | vein. Whether it be an independently run conference like John Malden's one from one of my prior |
| 1:22.6 | firms I worked at at UBS or Morgan Stanley, you know, different money managers, their research firms. |
| 1:29.8 | There's all kinds of these different occasions to have a symposium or whatnot. |
| 1:34.5 | But Johns is kind of interesting because what John Malden has done is build a conference around |
| 1:39.7 | a lot of different speakers that often do not have the same point of view. |
| 1:43.6 | There's obviously no product to sell. |
| 1:45.4 | There's no real particular agenda, but there is a diversity of thought that I really admire out of |
| 1:51.4 | these conferences. But see, it isn't diversity for diversity's sake. And one of the points I'm |
| 1:56.0 | making Diven Cafe today is I get how politically correct it is to kind of talk about all that, but that's |
| 2:01.9 | what we mean by diversity of thought is not merely differing opinions for the sake of differing |
| 2:06.0 | opinions. There's some really fringe opinions or radicalized opinions that would be of no interest |
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