Episodes

  • Dustin Haygood of Aristotle - Value Investing and the Power of Patience

    Dustin Haygood of Aristotle - Value Investing and the Power of Patience
    May 13 2025
    Today on the podcast, Rusty and Robyn are joined by Dustin Haygood, Client Portfolio Manager at Aristotle Capital Management. Dustin Haygood is a Client Portfolio Manager at Aristotle Capital and a member of the investment team. Prior to joining Aristotle Capital, Dustin was Lead Analyst at Capital Alpha Partners where he performed political risk research for institutional investors. Additionally, during his master’s program, he interned in client service at Pacific Investment Management Company (PIMCO). Beyond his experience in investment management, Dustin previously worked in politics as both a lobbyist and a Capitol Hill staffer. Dustin earned his Bachelor of Arts degree in Political Science from the University of California, San Diego and his MBA in Analytical Finance and Economics from the University of Chicago Booth School of Business. He is a CFA® charterholder. Dustin is also an avid golfer, mediocre skier and a lifelong Los Angeles Dodgers fan.Key Takeaways[03:58] - Dustin’s professional background and more on his current role as a client portfolio manager at Aristotle[07:23] - What is “the power of patience” vital to Aristotle’s investment philosophy? [07:57] - Given Dustin’s unique background, what has surprised him the most about the impact of politics on the markets?[09:51] - What is the foundation for Aristotle’s investment research framework?[12:26] - Could companies, like those in commodity or energy businesses, that are historically capital intensive ever be considered quality?[14:30] - Does Aristotle’s focus on quality and valuation lead to consistent sector overweights and underweights in their portfolio? [16:15] - What gives Aristotle their traction, even if they fly under the radar at times?[18:04] - Does the rise of passive management present opportunities, or challenges, for Dustin’s team?[22:00] - What are Dustin’s thoughts on non-US equities? [24:06] - Are there specific regions or markets that Dustin is particularly excited about right now?[26:42] - Where is Dustin seeing value in Japan? Are there any interesting companies he can talk about?[29:26] - Given the deep, bottom up, fundamental research that Aristotle conducts, how long does it take for them to research companies?[32:30] - What will need to change for value investing to truly make a comeback and are we seeing the early signs of that shift?[35:24] - Do the traditional definitions of value still apply in today’s market?[36:55] - Many large tech companies have moved from growth to potentially value territory. How has this shift affected their approach to technology within value portfolios?[38:20] - In a market dominated by tech-driven narratives, what challenges does Dustin face when explaining value investment strategies to clients?[39:57] - What is currently Dustin’s favorite investment idea?Quotes[11:05] - “Here’s something unique too, valuation itself can’t be a catalyst for us - we don’t invest in a company just because it’s cheap. There have to be catalysts that are observable. So, things that are under the company’s control, that are already underway, that are fundamentally improving that business. So, it could be a business transformation, it could be the company expanding their margins in a meaningful way. Something else that we believe will help close the gap between price and intrinsic value. It needs to be grounded in reality though, so not hype, not a macro guess, not a political outcome.” ~ Dustin Haygood[13:19] - “Quality isn’t static. It’s not just about where a company has been, it’s about where it’s headed…Can a capital intensive company be quality? In our view, yes it absolutely can. It depends on how well the company manages what it can control.” ~ Dustin HaygoodLinksDustin Haygood on LinkedIn“Right Now” by Van HalenAristotle Capital ManagementThe Power of Patience PodcastConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code:
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    55 mins
  • Scott MacKillop - The Legendary Innovator on Disrupting Wealth Management and Climbing Mountains

    Scott MacKillop - The Legendary Innovator on Disrupting Wealth Management and Climbing Mountains
    May 6 2025

    Today on the podcast, Rusty and Robyn are joined by serial entrepreneur and strategic advisor Scott MacKillop. Scott MacKillop, the former CEO of First Ascent Asset Management, serves as strategic advisor to GeoWealth, an enterprise technology firm and TAMP that serves the needs of RIAs. He is a 40-year veteran of the financial service industry.

    Key Takeaways

    • [03:56] - Scott’s professional background and why he is a self-described “creative adventurer”
    • [07:40] - What are the guiding principles that have helped shape Scott’s leadership journey?
    • [09:51] - Are there any particular lessons, in business or in life, that stand out for Scott?
    • [10:53] - How has Scott’s personal philosophy evolved over time and what experiences have shaped it the most?
    • [11:56] - If Scott could give his younger self one piece of advice, what would it be?
    • [12:45] - If Scott could write a manifesto for financial advisors, what 10 things would make it on that list?
    • [18:34] - Where does Scott see the financial services industry excelling now and where does it still have some work to do?
    • [23:07] - What does Scott think the financial advisor of the future should look like?
    • [25:53] - What motivates Scott to innovate, disrupt and keep pushing for positive change within the industry?
    • [28:13] - How does Scott see the principle of “keeping it simple” evolving as new products and strategies emerge?
    • [29:57] - How does Scott think advisors should think about succession planning?
    • [32:37] - What is a lesson that too many advisors have learned the hard way?
    • [35:31] - If Scott could give one piece of advice for financial advisors looking to strengthen their client relationships, what would that be?
    • [37:57] - What parallels does Scott see between hiking and the financial services world and how does time in nature influence his perspective on markets and decision making?
    • [41:36] - Was there a particular hike that taught Scott something new about his personal leadership style?
    • [46:43] - Are there any particular books that have greatly influenced the way Scott thinks about the world?
    • [49:26] - Currently, what is Scott’s favorite investment idea?

    Quotes

    [23:09] - “[Going forward advisors] are going to be more and more managers of outside vendors rather than cobblers at the bench making shoes. I think this is going to be more and more a part of what they do.” ~ Scott MacKillop

    [32:40] - “I think that [some advisors] have learned the hard way that…the financial services world is a sales culture…and that, as I mentioned before, it sometimes takes advisors awhile to realize that people who look like they’re friends and look like objective sources of information are not, they’re selling something. So, that sort of skepticism and due diligence mindset…is really important, and I think a lot of advisors have learned that the hard way.” ~ Scott MacKillop

    Links

    • Scott MacKillop on LinkedIn
    • “Sugar Magnolia” by The Grateful Dead

    Connect with Us

    • Meet Rusty Vanneman, Orion’s Chief Investment Officer
    • Check Out All of Orion’s Podcasts
    • Power Your Growth with Orion

    Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

    Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.

    Compliance Code: 1195-R-25113
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    1 hr and 6 mins
  • Judith Peterson of DwellFi - The Power of Artificial Intelligence to Enhance Your Career

    Judith Peterson of DwellFi - The Power of Artificial Intelligence to Enhance Your Career
    Apr 29 2025
    Today on the podcast, Rusty and Robyn are joined by Judith Peterson, Chief Marketing Officer at DwellFi and SteerCo Member of the Women’s Accelerator Network in NYC. Judith Peterson, based in New York, NY, US, is currently a Chief Marketing Officer at DwellFi. Judith Peterson brings experience from previous roles at Intertrust Group, Cerulean Sky LLC, Ultimus Fund Solutions and Broadridge. Judith Peterson holds a 2013 - 2016 Columbia University - Columbia Business School. With a robust skill set that includes Business/Sales Development, Brand Creation & Management, Media, PR, and Analyst Relations, Digital/Social Media, Networking and SEO, Consulting and Project Management and more. Judith Peterson has 2 emails and 2 mobile phone numbers on RocketReach.Key Takeaways[03:42] - Judith’s professional background, more on her current role at DwellFi and why she is fascinated by emerging technologies[05:06] - Why does DwellFi describe itself as an AI first company and how do they aim to revolutionize this industry?[06:58] - How can AI help financial professionals expand their reach and better tailor their job search to uplevel their brand in this industry?[09:06] - What does teaching AI to learn your tone and style look like in practice?[11:19] - How can having someone interview you help you define your persona?[12:58] - What advice does Judith have for those just starting to use AI in their career? How do they get over that feeling of being overwhelmed or confused by it and start experimenting?[14:52] - If Judith could give every financial professional one AI tool and one mindset shift, to transform their career, what would those be?[20:27] - What are some of the most common missed opportunities that Judith sees on LinkedIn profiles today?[21:35] - What role should visual elements play in personal branding and how should people approach this creatively?[24:28] - For those trying to break into a new niche, or a new industry, how does Judith recommend leveraging AI-powered networking on platforms like LinkedIn?[26:05] - What are some of Judith’s favorite AI tools for building a professional brand or doing smart networking?[27:08] - Why does Judith see AI as a tool for empowerment, rather than a threat, for women in the industry?[30:13] - Why does Judith think women are uniquely positioned to lead in AI?[31:43] - Why is discernment such a valuable skill and how can women better cultivate that and showcase it in their careers?[35:02] - What is the significance of the terms “skim” and “dive” in the context of LinkedIn and what should we take away from these concepts?[36:48] - How can AI help build confidence, rather than reinforce comparison culture?[39:44] - What is Judith’s 90 day marketing metamorphosis and how does it better position women to lead at the C Suite level?[43:05] - Why does Judith say that AI has a twofer effect for women?[45:36] - What excites Judith the most about the future for women in AI powered industries and how can we ensure we don’t miss this moment?[46:30] - What is currently Judith’s favorite investment idea?Quotes[10:50] - “This is, I suppose, kind of a pro tip that someone taught me, but if you don’t know how to ask [AI], go into the program and say this is the outcome I want, help me write a prompt for that…that was a little mind blowing for me.” ~ Judith Peterson[14:01] - “I think what’s interesting is that, right now, the trend that I see is that most people think transactionally with AI, with the public tools, they don’t think strategically…but…[you just need to] get in there and let it be messy…there’s zero perfection [necessary] with this..” ~ Judith PetersonLinksJudith Peterson on LinkedInDwellFi“Mr. Blue Sky” by Electright Light OrchestraLet Them by Mel RobbinsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 1026-R-25097
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    55 mins
  • Alma Rodriguez-Piscitello of Revela Advisors - How to Brand and Market Your Firm and Why It All Matters

    Alma Rodriguez-Piscitello of Revela Advisors - How to Brand and Market Your Firm and Why It All Matters
    Apr 22 2025
    Today on the podcast, Rusty and Robyn are joined by Alma Rodriguez-Piscitello, CEO & Founder of Revela Advisors. As the driving force behind Revela Advisors, Alma is all about helping businesses unlock their true potential and achieve sustainable growth. With over 30 years in financial services, she’s worked with Fortune 500 companies and global organizations, mastering the art of marketing, business development and strategic partnerships. Known for her ability to unite teams and align visions, Alma thrives as a collaborative “quarterback,” guiding businesses through transformative strategies that foster lasting success. Her leadership has spearheaded corporate rebranding efforts and cultivated partnerships that propel organizations forward. Beyond work, Alma’s passion for continuous learning and fostering growth is mirrored in her personal life, where she actively mentors college students and young professionals.Key Takeaways[04:32] - Alma’s professional background and what inspired her to found Revela Advisors? What gap in the industry is she trying to fill?[07:33] - Why is Alma passionate about brand, future forward, finserv industry, resilience and people power?[09:51] - How has Bruce Lee’s influenced Alma’s approach to marketing and branding in financial services?[12:14] - How have PR and marketing evolved for financial advisors over the past decade?[15:46] - What are some of the biggest mistakes advisors make when trying to differentiate themselves?[19:16] - What’s the first step advisors should take to build a really compelling, and unique, identity?[20:38] - How can advisors use storytelling and PR to build credibility and connect with their clients?[22:11] - What are some creative ways advisors can leverage media, social platforms and thought leadership to stand out in a crowded space?[23:21] - What is an example of an advisor, or a firm, that has done a really exceptional job of building a brand and attracting the right clients?[25:03] - Why is marketing so relevant for attracting next-gen advisors?[30:30] - How does Alma see AI, and technology, shaping marketing and client engagement in the next 5 years or so?[33:00] - What is one trend in marketing, or PR, that advisors should really be paying more attention to?[34:15] - In this age of information overload, how does Alma balance the need to stay informed with the need to tune out?Quotes[06:47] - “I said, you know what, I want to do something different. Why do I want to go launch my own firm? It’s because I saw that firms were struggling to bridge that gap between messaging and execution…and that’s why I founded the business. I just don’t want to talk about [it]...I want to help them create the right steps to achieve it. So, it’s beyond marketing, it’s really about the business strategy itself and how you’re communicating with your target audience.” ~ Alma Rodriguez-Piscitello[15:47] - “One of the biggest mistakes advisors make is trying to be everything to everyone, so it’s important to identify your unique strengths and focus on those…People purchase, buy or sign up for a service because you’re human and they trust you, so really focus on specialization, why are you unique and what do you help them solve. The biggest mistake is trying to be everything to everyone.” ~ Alma Rodriguez-PiscitelloLinksAlma Rodriguez Piscitello on LinkedInRevela Advisors“No Sleep Till Brooklyn” by Beastie BoysPa’lla Voy by Marc AnthonyConnect with UsMeet Rusty VannemanCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 0879-R-25083
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    41 mins
  • Frank Trotter of Battle Bank - The Inside Story of Online Banking

    Frank Trotter of Battle Bank - The Inside Story of Online Banking
    Apr 15 2025
    Today on the podcast, Rusty and Robyn are joined by Frank Trotter, President at Battle Bank. Frank Trotter has been involved in the banking business since 1981. In 1998, he became a co-founder of everBank.com, a national direct-to-consumer bank which was acquired by EverBank Financial in 2004. From 1998 through the sale of EverBank Financial Corp to TIAA in 2017, he served in various executive capacities including Chairman of everBank.com, President of EverBank Direct, and Chairman of EverBank Wealth Management. From 1981 through 1997, Frank served Mark Twain Banks in various capacities including Vice President of Commercial Lending, and President of Mark Twain International Markets. In 1986, Frank created the WorldCurrency® deposit product for Mark Twain Banks and operated this business through 1997. In 2000, everBank.com acquired this business from the successor of Mark Twain Banks and operated the product line at EverBank. Frank holds a Bachelor of Arts from St Olaf College in Northfield, Minnesota and an MBA from Washington University in Saint Louis, Missouri.Key Takeaways[03:21] - What inspired Frank to pursue his path in banking and financial services?[04:33] - What drives Frank’s writing and what key messages does he hope to share?[06:02] - How has Frank’s philosophy on work, leadership and financial services evolved over the years?[07:09] - What are some of the biggest leadership lessons that Frank has learned from his time with EverBank and Battle Bank?[08:43] - What is Battle Bank, how does it work and what inspired Frank to found it?[10:21] - What is the story behind the name of Battle Bank?[12:32] - What specific problems is Frank hoping to solve with Battle Bank that traditional banks are not addressing?[16:13] - What lessons from co-founding EverBank are shaping Frank’s decision at Battle Bank?[17:45] - How does Frank see the role of banks evolving as we move forward, especially with the rise of Fintech and digital-first banking?[20:36] - What is the strategy behind Battle Bank’s unique product lineup (e.g. foreign currency deposits, self-directed IRAs and precious metals)?[22:16] - How does Battle Bank plan to balance high-tech solutions with a human element in financial services? How will they maintain this as the balances get bigger?[24:23] - What kind of clients does Frank think will benefit the most from Battle Bank’s offerings?[26:06] - How will Battle Bank differentiate itself in customer service?[27:55] - Where does Frank hope to see Battle Bank in five years?[29:37] - How does Frank see financial advisors fitting into the future of banking? Will banks and advisors collaborate more or is there a risk of banks becoming more direct competitors?[31:17] - Are there any other trends in banking, or wealth management, Frank thinks that financial advisors should be paying attention to right now?[32:51] - How does Frank see the current macro environment shaping the future of banking and financial services?[34:55] - What advice would Frank give to young professionals entering financial services now?[36:51] - How did Frank get into hiking and mountaineering and what are a few of his favorite hikes?[38:06] - What is currently Frank’s favorite investment idea?Quotes[08:27] - “So, I think [two] of the key revelations over time, [in terms of what I’ve learned about leadership], is…you don’t have to do it all yourself and consensus is pretty darn good in terms of making decisions.” ~ Frank Trotter[15:12] - “What we do is sort of look for places where there’s a hole in the market. One of those holes is borrowing against your precious metals. Now, if you walk into your local bank with a few gold bars, they’ll probably lend you some money. But, there’s no mechanized way to do that nationally right now. A lot of our clients want to hold onto their precious metals, but they may want to put a deck on the back of the house…so we kind of structured it like a margin account at a broker dealer. Amazingly not available, we’re delighted about that, but also our clients are going to be delighted to get that liquidity.” ~ Frank TrotterLinksFrank Trotter on LinkedInBattle Bank’s Website“Box of Rain” by The Grateful Dead“Holiday” by Green Day“Money Song” by Monty PythonConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 0786-R-25076
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    49 mins
  • Morris Chen of DoubleLine Capital - Commercial Real Estate

    Morris Chen of DoubleLine Capital - Commercial Real Estate
    Apr 8 2025
    Today on the podcast, Rusty and Robyn are joined by Morris Chen, Portfolio Manager at DoubleLine Capital. Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.Key Takeaways[03:23] - Morris’ professional background and more on his current role at DoubleLine[04:43] - Learn more about DoubleLine Capital and the culture there[06:06] - Why has commercial real estate been in the headlines so much the last couple years?[08:41] - Are the current concerns in commercial real estate largely driven by the work from home movement, or are there other dominant concerns? Also, what other sectors make up commercial real estate aside from office buildings and retail spaces?[10:48] - Big picture, what is currently going on in the current commercial real estate market? How have shifting interest rates and inflation influenced the sector?[12:41] - What other challenges is Morris seeing within commercial real estate?[15:43] - Where is Morris seeing the most attractive opportunities in commercial real estate today? Are there specific sectors they are focusing on?[18:10] - What are the meaningful differences between investing in commercial real estate equity vs. commercial real estate debt?[20:22] - What does Morris think the future of major cities will look like in a post-Covid world?[23:31] - What does DoubleLine think about the possibility of increased inflation and is commercial real estate a good hedge against inflation?[24:55] - How do Commercial Mortgage Backed Securities (CMBS’s) work and how do they fit into an investment portfolio?[27:35] - What is Morris’ outlook on CMBS and what role do they play in the strategy they currently manage?[29:29] - What can Morris share with us about the status of the private real estate debt market?[32:23] - What role should commercial real estate play for individual investors trying to build diversified portfolios?[33:56] - An overview of the DoubleLine commercial real estate fund and its investment strategy. Also, what makes it different from other commercial real estate funds?[36:11] - What guiding principle or philosophy shapes their approach to managing the fund?Quotes[05:03] - “I think [DoubleLine’s] independence brings forth stability, in terms of the portfolio management team as well as investment teams. The employee ownership…dynamic is also important as well. We are very very proud to say that myself, as well as a lot of our sector heads and portfolio managers, together we collectively have worked togethered for essentially our entire careers - well over 20+ years…That also just goes into the performance of our funds. It’s consistent, you don’t have much turnover, and I think that, to me, is paramount when you think about DoubleLine and part of our strengths.” ~ Morris Chen[27:35] - “Yeah, I think the outlook [for CMBS] is still very positive, and it’s more so on a relative value basis. I’m not here to tell you that it’s very very cheap…on its historical viewpoint…[However], I can tell you that in an environment where investors want Fixed Income, but then they look at the yield that a corporate bond is generating, you can actually come to the CMBS market and buy a similar risk, similar rated bond and pick up that excess yield.” ~ Morris ChenLinksMorris Chen LinkedInDoubleLine Capital“Back in Black” by AC/DCConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 0760-R-25072
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    49 mins
  • Daryl Clements of AllianceBernstein - It's All About Municipal Bonds

    Daryl Clements of AllianceBernstein - It's All About Municipal Bonds
    Apr 1 2025
    Today on the podcast, Rusty and Robyn are joined by Daryl Clements, Municipal Portfolio Manager at AllianceBernstein. Daryl Clements joined AB in 2002 from a role in credit research. Drawn by the firm's reputation and potential for opportunity, he has played a key role in pulling the municipal market forward through relentless innovation. For Clements, active management means leveraging fundamental and quantitative research to reduce volatility and produce better outcomes. AB has been a leader in using completion funds for the construction of municipal SMA portfolios. Further innovations included developing proprietary research and trading tools for the municipal bond market. The result? Faster, more efficient portfolio construction at AB. Clements relishes change, evolution and the drive to become the number-one bond manager of choice. “We are not a static group,” he says. “We are not happy where we are, ever. We are always moving forward and changing things. We want to seek out differentiation.”Key Takeaways[03:13] - Daryl’s professional background and what led him to his current role at AllianceBernstein.[04:40] - Learn more about AllianceBernstein and the secret to its longevity.[05:54] - What are some of the key themes, and most significant trends, Daryl is seeing currently influencing the Muni Bond market?[07:54] - How does Daryl anticipate changes in tax policies, Federal infrastructure spending and any other policies impacting Muni Bond valuations and investor demand? What is he watching out for right now?[11:31] - What are the 3 reasons it pays to be Active as a Muni investor? What are some specific examples of how these add value?[15:06] - What criteria does Daryl emphasize when evaluating Muni issuers?[16:27] - How does Daryl balance the pursuit of higher-yields with the need to manage credit risk?[18:32] - How should one decide when to rotate into different sectors, or increase Treasury holdings, within a Muni portfolio?[22:42] - What strategies does Daryl employ to capitalize on the inefficiencies of the Muni market?[23:56] - What is AllianceBernstein’s technology The AbbieOptimizer?[28:26] - Looking ahead, what challenges and opportunities does Daryl see for Active Municipal Bond managers?[30:52] - How are big picture things, like climate change and demographic shifts, influencing his investment decisions in the Muni market?[33:37] - Is there anything else that Daryl thinks advisors and investors should know about the Muni market?[35:26] - What is currently Daryl’s favorite investment idea?Quotes[07:17] - “If I look at Active Managers in the Municipal market, versus Passive Managers, Active Managers outperform Passive 98% of the time in a rolling three-year period. Over two year periods, it’s 89% of the time, so we’re trying to get investors focused on Active Management and what that means to them.” ~ Daryl Clements[26:53] - “We run [the AbbieOptimizer] multiple times a day. That allows us to now build portfolios in 10 days, not 50 or 60 days, that’s the speed concept of it, less cash drag in a portfolio. Also, we are buying bonds at an average discount. As a liquidity provider, we are getting to those bonds faster than anybody else. We are able to provide execution alpha, which when you combine the two, is worth about 40-50 basis points.” ~ Daryl ClementsLinksDaryl Clements on LinkedInAllianceBernsteinThis Week in Muni Land“Honky Tonk Highway” by Luke CombsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 0572-R-25058
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    49 mins
  • Felipe Toews of Toews Asset Management - The Behavioral Portfolio Book

    Felipe Toews of Toews Asset Management - The Behavioral Portfolio Book
    Mar 25 2025

    Today on the podcast, Rusty and Robyn are joined by Felipe Toews, Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. Felipe Toews is Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. His management strategies focus on creating “investor friendly” products designed to meet investors’ economic and behavioral needs. Phillip is the founder of the Behavioral Investing Institute, an organization devoted to helping advisors manage investor behavior through market challenges.

    Key Takeaways

    • [03:00] - Felipe’s professional background and what led him to found Toews Asset Management.
    • [07:45] - What inspired Felipe to create Cornelius and Prudence in his new book The Behavioral Portfolio?
    • [10:13] - A preview of Scene 1 from Felipe’s new book, The Behavioral Portfolio.
    • [10:56] - What should Cornelius have done differently in the prior scene to align Prudence’s expectations?
    • [13:27] - How could Cornelius have prevented Prudence’s panic selling?
    • [17:10] - Why do investors like Prudence make the decision to shift advisory firms and how can advisors prevent client attrition?
    • [20:56] - From a Behavioral Finance perspective, what could have helped Cornelius manage Prudence’s expectations a bit better?
    • [22:00] - What happens to an investor’s mind during a significant downturn and why do financial advisors sometimes struggle to keep them invested?
    • [23:25] - What tips does Felipe have for advisors on how they can communicate in such a way that really reinsures their clients?
    • [25:13] - What are the most common, and detrimental, behavioral biases that Felipe sees in investors and how can advisors counteract them?
    • [30:43] - If Cornelius would have implemented a behavioral portfolio from the start, how might have this story been different?

    Quotes

    [07:45] - “Most of us who have studied Behavioral Finance learn that there’s thinking about something that happened historically, and then there’s having it told in a way that helps you understand or kind of relive the moment. Right, so it’s talking about the story with dialogue in a way that helps you understand it…Seeing the way many advisors and their investors shifted their thinking around portfolios from the top of the market in 07’ to the bottom in 09’ and then throughout the rise of that. I wanted to tell that story, so that advisors could sort of re-understand, for those that lived through it, how challenging actually managing investor behavior and making good decisions around that big downturn was.” ~ Felipe Toews

    [11:13] - “What Behavioral Coaching…has gotten wrong from the beginning, is it starts with the assumption that the historical accident of the 60/40 portfolio, a portfolio which does not…in all cases meet the economic and psychological needs of portfolios, is what you need to start with and coach around. So what you actually need to do is start around what the portfolio is and how it works…Then the other thing too is that advisors…like to kind of gloss over the worst things that markets can do.” ~ Felipe Toews

    Links

    • Felipe Toews on LinkedIn
    • Toews Asset Management
    • “Sweet Disposition” by The Temper Tramp
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    43 mins