What You Can Learn in a Week
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 8 October 2021
⏱️ 19 minutes
🧾️ Download transcript
Summary
The effort to meet face to face with leading money managers, hedge funds, macroeconomic analysts, and other such “life of the party” luminaries began in 2006. Of course, back then I was overseeing just $100 million of client assets and busily deciding if I was going to move my business at UBS to either Bear Stearns or to Morgan Stanley (yes, that was a real dilemma I once faced; I’d say the angels aided me in my decision). But I had very limited access, basically no clout, and asset management firms that were perplexed by an advisor’s desire to do such intense due diligence.
“Your firm has told you these managers are good. Isn’t that good enough?”
“Your firm likes our fund. Why do you need to meet the managers?”
My stubborn insistence on actually creating my own process, on doing much deeper dives than the average advisor does, paid off in big ways for me. But I quickly found out that the “payoff” was not merely in how I was able to better vet products and solutions used on behalf of my clients. These meetings became a source of transformative learning for me in my career as an investment professional.
This week’s Dividend Cafe is not about the trip down memory lane, unless by memory lane you mean the last five days. But Brian Szytel and Deiya Pernas have once again joined me for over a dozen face-to-face meetings with stellar investment professionals, and we do so in a time where great questions exist about the current market cycle. About geopolitics. About China. About the Fed. About risk asset valuations. About societal stability.
So jump on into this week’s Dividend Cafe, and get a glimpse into what we learned this week. The results may or may not shock you, but they will not bore you.
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. |
| 0:12.4 | Well, hello and welcome to another week's Dividend Cafe. I am very pleased to be recording this podcast and video with basically the lion's share of what has been an absolute marathon of meetings now behind us. |
| 0:28.0 | We were going to record today actually with the other guys in the investment committee. |
| 0:32.2 | You know Brian Saitel, who is our deputy managing partner at the Bonson Group and Dea Pernas, who is our C.O and both of them |
| 0:41.1 | are long-time members of the Investment Committee and long-time participants in this weekly |
| 0:45.8 | due diligence event here in New York City. But we are going to spend more time collectively |
| 0:53.3 | regrouping, analyzing, and putting together some things |
| 0:57.1 | that we want to be able to present. So we will do a podcast and video all together in short order. |
| 1:03.4 | But for now, I just thought I'd give a little quick replay of the week and some of the takeaways |
| 1:08.6 | and allow you to think about some of things that we're thinking about and hear what those perspectives may be. |
| 1:17.4 | I'm in the same position in the written Dividendon Cafe where on one hand there's certain things that I'm writing and right now about to articulate that, you know, people have been clients of ours for 15 years |
| 1:29.0 | and certainly even 10 years could fall in the same boat, know a lot of the history of this trip |
| 1:37.2 | and maybe I've heard about it a lot, so it becomes somewhat redundant and I hope not annoying. |
| 1:42.4 | But then there are, of course, clients that are newer and maybe would benefit from a little |
| 1:47.4 | context as to what we're even talking about. |
| 1:50.3 | As much as I'm capable doing, I'm trying to keep that succinct so as to not bore you |
| 1:56.8 | with the various trip down memory lane. |
| 1:58.7 | But the intent here of what we were doing this last |
| 2:01.5 | week was born out of a very, very embryonic version of the same. It was 2006. I was still a solo |
| 2:12.4 | practitioner at UBS, had a $100 million size business I I had built up and had it begun to take very seriously |
| 2:20.9 | the idea of spending time with the money managers that we were placing some of our client |
| 2:25.2 | monies with. Ironically, I was out in New York because I was meeting with Bear Stearns and |
... |
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