Several are financial histories, including the prize-winning The Forgotten Depression: 1921: The Crash That Cured Itself. How is he feeling now? He is financial thought leader James Grant, the Founder, and Editor of Grant’s Interest Rate Observer. This week’s guest has long been an avowed enemy of inflation and an outspoken critic of the Fed’s inflation-boosting policies. The Fed has dramatically raised the federal funds rate several times this year, with more action to come. In fact, now central banks around the world have declared war on inflation, and Federal Reserve Chairman Jerome Powell is leading the charge. After declining since the early 1980s, inflation has roared back to life, recently hitting 40-year highs.īut no one is celebrating. The thought conjured up nightmarish scenes of bread lines and bank runs.Įver since the global financial crisis of 2008 and especially since the Covid pandemic, central banks and governments around the world have pulled out all stops to prevent such an occurrence. The greatest fear among Wall Streeters and other financial lights was lower prices that might actually decline more and turn into that monster known as deflation.

It wasn’t many months ago that the entire financial world was singing the praises of inflation. Poor Charlie's Almanack: The Wit and Wisdom of Charles T. The Winston Churchill Foundation of the United States: WEALTHTRACK #1913 broadcast on September 23, 2022 In this weekend’s interview, we will learn how Buffett’s talk in graduate school made such a huge impression on him. Berkshire Hathaway has consistently been one of his largest positions. The global value manager focuses on owning a small group of exceptionally well-managed, well-known brand name firms, many family-owned, with dominant, almost unassailable positions in their mostly consumer-oriented businesses, and then holding them pretty much forever. He is Tom Russo, managing member of the investment advisory firm Gardner Russo & Quinn, where he oversees the Semper Vic Partners Funds, which he launched in 1983 after hearing Buffett address his class at Stanford. This episode's guest is a longtime holder of Berkshire stock and has been an avid student of Buffett’s style of value investing since meeting the legendary investor at Stanford Business School in the early 1980s. WEALTHTRACK #1914 broadcast on September 30, 2022Īrnott on WEALTHTRACK from September 2021: We also have an exclusive EXTRA feature with Arnott, who will discuss his penchant for high-performance motorcycles, including his most recent acquisition. In this weekend’s interview, Arnott shares his outlook on inflation, value stocks, and his cheap diversifiers strategy. Research Affiliates describes itself as a “research-intensive asset management firm that focuses on innovative products.”Īmong the many funds that Arnott created and now co-manages is the PIMCO All Asset Fund, also celebrating its 20th anniversary this year. Rob Arnott is Chairman of the Board and Founder of Research Affiliates, which is celebrating its 20th anniversary this year. He proved prescient on the inflation call and so far seems to have gotten value’s comeback right. Two, that the multi-year outperformance of growth over value stocks was probably finally over.

One, he predicted there were “very high odds” of a resurgence in inflation.

This week’s guest is focusing on bigger investment themes and identifying cheap global sectors as the market sorts things out.Ī year ago on WEALTHTRACK, in September of 2021, Research Affiliates’ Rob Arnott made two macro observations. These stomach-churning moves are hard to ignore unless you can take a longer view. The Dow and S&P 500 both entered bear markets this week, although they both put up a brief fight with a robust rally on Wednesday. Volatility is the name of this market’s game.

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