YouSaid · the spoken record

Jay Bowen

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2024-09-01
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2024-09-01
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  1. “That validates, vindicates the approach that we're taking. It vindicates what's known as the Tampa model in terms of the core unconstrained approach that we take. And the head scratcher is you've got all these other municipal funds, hundreds of them, thousands of them. And none of them employ the Tampa model. None of them. It's all the traditional multi-manager consultant driven model, modern portfolio theory models. And I just think it's fascinating that you've got this one plan. And of course, I'm exaggerating. I'm sure there's some small plans that have one manager, but you have this one loan multi-billion dollar plan that's doing it completely different than everybody else. And coincidentally ranks at or at the very top for every”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  2. “Oh yes, absolutely. There's no question that's applicable to individual investors also, particularly when you look at the long-term approach that was taken and that was instilled in me. And one interesting aspect of it, you mentioned the relative rankings versus other municipal funds. You've got two major databases that do that, investment metrics in Wilshire. We didn't plan it this way. We know with a top-down thematic long-term approach, we're not going to outperform every year. But we're not, my dad always used to say, we're really not doing our job if every year we're, I mean, he would say that you're way too trading oriented and you're not taking a long-term approach. I mean, we're going to be early and out of sync during certain times, but over long rolling time periods, it's so powerful. And that's reflected. I'm so glad to have these databases because to me,”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  3. “An extraordinary compound over a long time periods. It might not visually, it might not look like a lot whatever, 100, 200, 300 basis point. But when you compound it over such a long period, it's just enormous.”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  4. “Well, you know, in stark really demonstrates the compounding power of money, the Einstein, sixth winner of the world, whatever you want to call it, because you look on paper and you say, okay, wow, okay, that's a 200 basis point outperformance. Wow, that doesn't look like, but then when you compound it over 50 years, it's just enormous. Basically, one way that I've always looked at it, it's basically this is not exact, but the fund has twice as many dollars as they would have had if they just kept up with the S&P. It's really practically, it's basically twice as many dollars.”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  5. “It's a segregated, you know, some municipalities have the funds are all combined. You got the city employees, the firing police employees. It's all one pool. But you've got other municipalities that separate the fire and police fund in Tampa does. It's a separate fund strictly for firefighters and police officers to provide define traditional, defined benefit to provide retirement for these public service employees when they retire. And so, yes, it's firemen and policemen in their families, correct?”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  6. “Yeah, and what's makes it, I think, even more dramatic is that it is a traditional defined benefit pension plan. So there's a lot of money going out. It's doing its job. You know, it's paying, providing a good, safe retirement for these wonderful public service employees. And so from $12.1 million to $3.1 billion over the period, and with $1.8 billion taken out. So when you net it all out, it's even more dramatic than it appears in terms of the 3.1 because like I say, $1.8 billion has been taken out of the fund over the 50-year period.”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  7. “Yeah, and it also, of course, we're on the eve of that horrendous market in the mid 70s and the great inflation and everything else that went along with that. And so it was kind of a tricky period. It's funny. I taught there's one living trustee left, original trustee, a guy named Bob Smith, who was a policeman in his early 20s and worked with my father initially. And he lives, retired, lives in Kentucky now, and I talked to him just a wonderful man. And he's such a great resource because he's the only living original trustee left. And he related to me some of what you're saying also, what a tricky period that was and that they really wanted, as he said, we really wanted to hear from Harold again. And so we got back in touch with him and he came down and made a presentation. And the yes, they hired his firm in 1974 and the assets were about $12 million in 1974.”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  8. “When he was with Lotto Dieti, and then when he left, Lionel Daiti and set up his own firm, he initially set up his own firm in North Carolina, Western Salem, North Carolina. And as you said, in 1972. And a year or two later, they had had such a nice experience with him that they contacted him to make a presentation because they had become somewhat disillusioned with the maybe disillusioned is not the right word, but they just wanted to, they had really enjoyed working with him and respected him. And so when he set up his own firm, they contacted him to come make a presentation. So just so people”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  9. “Executive with financial firm in Atlanta after starting his business career in Chicago with the Continental Illinois Bank and then also he was involved with the Sears organization in Chicago. He ended up in Atlanta because I think my mother was a little bit tired of the cold winters in Chicago. She had had enough. So they ended up in Atlanta and he ended up with an organization called Lionel D. Edi, which was a financial management organization back then and they had a relationship with Tampa. And so it was that was kind of the initial contact that he had with the fund down there. And he, with another person in the brokerage industry down there, he actually helped set up the plan initially in the late 60s when it was just a couple of million dollars. He advised them and helped set it up.”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  10. “32 years or so was obviously tremendous for me and life-changing and a lot of other aspects that go along with that relationship. But I'm just thrilled that you asked that because he had it a lot harder than I did when he handed me day-to-day responsibility. Coincidentally, we're in the midst of our 50th year, which will end fiscal year will end on September 30th. And he had day-to-day control for 25 years. And now I've had day-to-day control for about 25 years. So I think that's somewhat interesting. But he handed me this powerful record. And like I say, even though the fund was a lot smaller when he forged a relationship, it was $12 million in 1974. And for your own information, he actually initially was involved with the fund in the late 60s. He was a senior.”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  11. “I'm so glad you asked that because he never gets enough credit for this story ever, ever, ever when we're sometimes profiled in print or broadcast, we started getting some national acclaim several years ago. And he never got enough credit. And that always bothered me. He was too humble to care that much, but I'm so glad you asked that because he built a tremendous record and firm and relationship. He forged the relationship with the Tampa Fire and Police in the early 70s. Actually, it goes back to the late 60s, the initial interaction. And he formally forged a relationship in 1974. And like I say, he handed me a tremendous record and working side by side with him for”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT

  12. “It's a pleasure, and I'm a big fan. I'm a big fan of your book. It's a wonderful book because it's so much more than an investment book. Really enjoyed it.”

    2024-09-01 · We Study Billionaires · RWH049: Crushing The Market Over 50 Years w/ Jay Bowen · IDENTIFIED FROM THE TRANSCRIPT