YouSaid · the spoken record

Josh Brown

lines on the record: 98
first: 2017-05-09
most recent: 2017-05-09
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I know guys with washboard abs that are unemployed. I mean, we can all be patrick O'Shaughnessy. We can all be perfect. We can all be superhuman”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I know it's like a false thing to say, I can only do one and not the other, but probably like when I get everything where I want it to be, I'll be able to say, all right, I did it. And now for my lifespan and my well-being, I have to focus elsewhere. But that's just not where I am right now. You know, I know it's dangerous to keep telling yourself that. The viewers that don't know me, they probably think I'm stuck in a bed. Yeah, no, no. I'm not that out of shape, guys. I'm like, I have like dad bodies. That's a good description.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“twenty twenty five by Seriously, you know, look, I ride a bike. Very often, but that's half the year, and then half the year where I live, it's too cold out. I try to do push-ups. I mean, it's not, it's just not part of my day right now. I wish it were. My commute is ridiculous. It's like three hours and 20 minutes door to door if you count both directions. I work during my commute. I guess I'm doing a lot of walking around the city. So maybe the reason I'm not 300 pounds is that I'm walking miles and miles every day. In the summers, I'm very active. I probably go down 25 pounds. And then the fall comes along. And look, I don't have the answers on that stuff. I probably wish that I had established better.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's all cliche. It's fine. The young father, I would go back and say, like, you know, cherish every moment. I mean. Anyone with kids would say that. So I guess that's not that interesting. I don't know, probably like focus on nutrition and sleep a little bit more. I didn't really take care of myself in my 20s and 30s. I'm trying, like at least in the last few years, I've been trying harder.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm making it 50. Yeah, you are. My director of financial planning did my financial planning for my wife and I a few months ago. We went through everything. He's not baking that in.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think social media. That's true. Like everything you say, you're like your own editor now. Like, all right, who's this going to get me in trouble with? The Native Americans, the lesbians, the transgender, like go down your checklist. All right, I could tweet it. I think we're kind of like that a little bit. And it's understandable why. Yeah. So, you know, maybe that's maybe I'm becoming the pendulum's going too far the other way.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I probably didn't pay any attention for a long time And now, maybe I'm too hyper aware of how I'm perceived. There's such thing as being like overly sensitive.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“But that's a good one. But I don't think people teach. I think you kind of have to instinctively know how to be a good person. Like you can go to Sunday school and your parents could teach that stuff, but I think you really have to figure it out for yourself.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“The impact of my words on people like I have this thing where I know exactly the right thing and the wrong thing to say to someone depending on how I want to just completely make them like me or hate me. Like I'm pretty good at reading a room and social cues. And I probably over the years have said things to people that I wish I could take back or didn't say things to people that might have helped me. I kind of had the streak in me where there's a little bit of self-sabotage. So if I'm meeting with someone who could potentially be helpful to me in business, but they say something to me that rubs me the wrong way. There have definitely been times where I said, watch this. And maybe I shouldn't have. So maybe if I could tell my younger self ease up on people and you don't always have to get the last word and you always have to be the smartest person in the conversation and you can let people say things that are wrong without correcting it and like that kind of stuff. I definitely wish I were better at Van N.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, I read, but honestly, I'm on the train home at like six o'clock. Been at it since five in the morning. Like I wake up and I start my blog and the whole spiel. Like at six o'clock, I should be reading a book. I just can't. Like I literally can't, like three words in and I'm like thinking about everything else. So like that's an example of something. I don't know if it's a waste of time though because it relaxes me. It's so dumb. But whatever. It gets me through the day.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Podcast. No, fuck with you. I'll fuck with you. My favorite thing is a waste of time, probably like social media stuff. A lot of it is just nonsense. I don't know. But I guess it's interesting to engage with people. I probably am not as purposeful as they should be there. Maybe that'll change as I get older. But that's probably one good example. I play Candy Crush. Because I don't have the good drugs. I'm not on Wellbutrin or abilify or...”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And he hits a batter, and like the next pitch is an inside strike. Like he's fearless, which I also don't have. I'm riddled with anxiety. Every day coach saw him a coach. I watch him play. He's like completely unrattled. He had to come in and relieve another seven-year-old who loaded up the bases because we have pitch limits for the little kids. So the other kid threw 35 pitches in the inning, which is immediately out. So my kid had to come on with bases loaded and get three outs. And he did it. Two of them at the plate. One of them, a line drive ahead of them. This is a seven-year-old that is just amazingly, like that's for me. That's like my best sports moment. That's nuts. Nothing will ever top that.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, this is your seven babies pitching from 40 feet. We clocked him. He's pitching 45 miles an hour and he's throwing strikes.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, this is actually my son is a star pitcher and the cleanup hitter for his little league team. I don't know where he got it from. It's definitely not in my jeans. My wife is a little bit athletic. Every day he makes me proud. Last night he pitched three innings of shutout, shut out baseball. I think there was one wall. He said he's a life.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because you have all these tools. We've done a lot and we don't have that as organized as we should. But you're right. There is a compounding effect there because when Barry writes, He can link back to eight other things he said about it. See, he doesn't have to rehash and repeat. It's like, you write a blog post for your site or for Bloomberg View. Or whatever, you want to do like 500 words and make a point. Nobody has time for more. It's not, let me tell you everything I've ever thought about on this topic. So having that ability to go back to previous things, if somebody wants more, I think it's pretty powerful.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a great tool. All the charts and all the blog posts and all the stuff we're doing, it's not like attention, ooh, read my blog post. We use these things as tools and we store them up and we have a client ask us an out of the blue question and we say, didn't Ben do something on that three years ago? Let's dig that up and we'll put that in front of the client and we might even update it.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's just like that progression to get to that point. Like it's a really interesting visualization. Batnick did that. He did a chart of what that looks like. And it's great. It's sick.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Trump compounding is like grains of sand piling up, but then all of a sudden there's a moment where it becomes a hockey stick.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And he would never accept a five year challenge. He would laugh at it. I don't know if the buffet of 1965 would laugh at it, but the buffet post 1985 would say five years irrelevant, you waste money.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would frame it differently having spent a little bit of time with him. Think if you gave him a million bucks, he's one of the few billionaires that I've met. I think if you gave him a million bucks today in 15 or 20 years, he'd be a billionaire again. But he probably wouldn't do it in the stock market.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know. By the way, there's a really interesting corollary to that with active management. Peter Lynch retired in 1990. It's already almost 30 years ago. Could he start today, even if he was a young man? Does he still have the same advantages? These questions are really interesting. We did a poll and we asked, could Warren Buffett, if he started today with a million dollars? And you could take it any way you want. 84 year old Buffett or 34 year old Buffett from the 60s. Either way, could he start today with a million bucks and outperform the market over the next five years? Two to one, two to one on Twitter, hundreds of votes, two to one said he could. Come on.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know from a lifelong Knicks fan. If he goes to Boston or Cleveland and they won a championship next year, then all that is out the window. Can Phil Jackson be a part of a winning team that doesn't have Michael Jordan or Kobe Bryan on it? That's maybe a more interesting question. I don't know.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is he a winner? It doesn't matter. He's gone. I'm going to say he can't be, and then he's going to win a championship next year.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Random. He would say, What do you mean, random? I would say the same way CC Sabathia could pitch a great game and then a terrible game, a great game against a great team, and a bad game against a bad team, and it makes no sense intuitively, but it just, so I feel like the stock market is a great way to teach, like it's a great prism to look at the world through. So I'm not going to do that with SPY. So if someone says to me, oh, so you're saying cost matters and you're saying less is more and you're saying bias toward inactivity and blah, blah, blah, but you're aware of what's going on with John Deere stock and you're aware of what's going on with Microsoft. Oh, I'm sorry. Have I committed a heresy in your make-believe church that you created? Kiss my, you know, kiss my ass. I do whatever I want. Try and stop me. So that's kind of my attitude. But it's a good question, like that dichotomy.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Has almost no stores out there. And kids learn about the stock market should also learn about making money and losing money and randomness and actually under armor presented a really great chance for my son to learn about losing money. So under armor has been a huge disappointment over the last year. It's been a great stock long term, but it's whatever. But he would say, this is so great. He would say, Dad, I just bought all this under armor clothes and all my friends. Everyone's wearing under armor. Why does the stock keep going down? And just like explaining to him, like, it's not about whether or not people are buying the clothes. Are people buying more or less of the clothes than the people investing in the stock thought they would and teaching him about expectations? And then throwing this up. And then one day it would go up. And he'd say, Dad, why is it up? Why is it up? Say, well, here's a news article, but that might not be why it's up.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was a shadow portfolio, but I started talking about Dunkin' Donuts. Right. They're Dunkin' Brands because they were almost no stores out there. That's right. And they had the map of showing this was their growth profile. And they got it.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“They have 529 plans. They have Vanguard coming out of their asses. They don't know it. But if I want to teach them, what's the right way to do that? Probably through the prism of Apple, under armor. Let's buy things that you guys consume.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of course, there is. Listen, Jim Kramer's last book, this is a change in religion for him. The first thing he says is the first money you accumulate in the market should be in an index fund. He is not telling people what he was saying in 2003, 2004. And the reason is that the world evolves and people get people get these realizations over time. And so he had that realization that mad money is not core money. So my children are 11 and 7 turning eight. And I started this summer, last summer, teach them about stock market. What do you think I put them in Vanguard 500? What are they going to learn doing that? I want to teach them about companies. I want to teach them about business and earning profits and innovation. And so if I try to teach them here, let's buy, of course I own.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And do you think there's merit in whether it's the doctor buying NVIDIA or even to some extent the tactical piece that you have, having some small allocation to being active so that it helps the client stay the course with the core of what's really going to drive their return?”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then want to act on totally get We have clients that do some trading of their own in their own. Because they want to be involved. And we don't discourage them. It's their money. It's their money. This is not like I could adopt this really pure tannical thing where I like yell at people for wanting to trade Apple calls into the earnings. Like, I'm not going to do that. These people are brilliant. Our clients are like software engineers and doctors and executives at oil companies and like they're bright people. And if they have accumulated six million dollars and they want to take a quarter of a million of that and they want to buy NVIDIA, it's not my job to stop them. My job is to say, okay, that's fine. Here's what that does or doesn't do for you in the context of your financial plan and your overall portfolio. So if you take that money to zero, you'll still be fine.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“To see what's going on with their portfolio. And it's a hard job for Bloomberg and Fox Business and CNBC because those are all very different people. It's not like ESPN. People turn it on. They want the scores and the highlights. This is different. This is like, you can't really give advice in this format. But what you can do is present different viewpoints of what's happening in the markets, the economy each day. And so look, it's a little bit of a missionary thing where I'm going out there to where the people are and not everyone agrees with me. And I don't care. I say what I think is right. God bless the show for letting me do it. And sometimes when I come on and I say, there's no trade here. Or look, if you really wanted to trade it, this is what you could do. I don't think it's a high probability. Like, I get to say things like that, and I think it's amazing experience. And I get that question all the time. And it's a reasonable question.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“In tune with what's going on, but it also reminds me that I have my own viewpoint, and in any given time it might be wrong. So it might be wrong to tell people, don't sell out of FTSE 100 before Brexit. It turned out to be right, which is what I was telling people. I am not making changes based on Brexit, blah, blah, blah. Great advice. I didn't know at the time. It's just how I felt. There were other people on the show coming on. No, you have to buy puts. And also you have to short the pound. And that actually was true. But I need to hear opposing opinions that are not mine. I get to do it in public on CNBC on the best show in the network. And we work really hard to make that show informative. Not every segment is going to play to a wealth management audience. That's not the audience. Half the audience is professionals. Then you have a lot of active traders. But then you have a lot of people that just casually want to flip it on.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think it comes in the way. I can walk into an FPA conference, financial planner association, which I frequently do, and I could do my spiel, and everyone in the room will nod. They'll agree. So what's the fucking point of that? I'm a missionary. I want to go where the people are. The regular people. And the regular people are watching financial television. By the way, I'm on the best show on the network, for sure. It's called the halftime report, if anyone out there hasn't seen it. It is the best because they put someone like me who's in wealth management next to someone who's a bottoms up value stock picker, next to someone who manages a billion in change for TIA Creft, next to someone who's a hedge fund, next to someone who's an options trader. And we're talking about the issues of the day, and we're all coming at it from a different angle. And I love that because it really keeps me.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, those two things, this is sort of fascinating, right? What you've learned from this colorful history in the business is that there's a certain way to do things that works over time. And it's simple, it's be smart about whether it's indexes or things that slightly enhance it. Be smart, be patient, be long-term. And yet you also have this massive passion for the things that come in the way of that.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I love stocks. I mean, my first entry to the business was I wanted to be involved in some way in stocks. You know, I have a little IRA. I own a handful of names. My retirement money, my real money is all in the models that we manage for clients. So I eat my own cooking and everyone at the firm, by the way, all of our 401k contributions go right into the same models our clients own. That was very important for us. But I love the stock market. I'm not going to pretend it doesn't exist. It's the greatest thing ever. And I mentioned earlier, I don't have hobbies. I'm not betting on sports. I'm not doing fantasy stuff. I play guitar a little bit, but like this is my thing.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's the job. Why are you a Knicks fan? I mean, this is one of the My dad did that to me. No, but like this is the job. The real job is that. The real job is not divining is like Dr. Pepper Snapple going to be better than Pepsi. Which one do I buy for this quarter? Like that's not the gig. The gig is getting people through. So the good news, to answer your question. We just did it. We got them through that hump. It was 23 months. It sucked. It was no fun.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Turns that I need for retirement, but getting them to that point is the hard part. And talking them through these periods where international stocks can't get arrested. Nobody wants to own them. Outflows every month. Why are we doing this? Why don't I just own the S&P? Screw the S&P. Why don't I just own the Nasdaq? Forget the Nasdaq. Why aren't I 100% Amazon? It's human. We don't make fun of people. I'm the same way. Why am I Knicks fan? So like, you know.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Representing a source of return and risk and return are related, and we've done so much of that work over the years, and we do so much of it every day, that I think it helps them get through a period like that so that when the market explodes to the upside, which is what happened after, immediately following Brexit, the race was on, and not just US stocks, I show you the returns of emerging markets and European stocks since Brexit and especially since the U.S. election, everything went vertical. Well, how do you get your clients to that point is the hard part of this business, right? The hard part is not sitting back and watching returns pile up. We think that that's going to happen anyway. The hard part is that flat market, and they're like, well, month after month, I log into my performance reporting software that you guys provide me. Thank you, Josh. Nothing's going on with my portfolio. Am I going to be okay? Is this holding back?”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“We're using evidence, and that's number one. And number two, our clients are self-selecting. You will never ever see me sitting at a county fair in a booth talking to potential investors. Our clients are reading us every single day in some cases, once a week we send things out to them if they're not coming to our sites. They understand the way we think about this stuff. They may not fully grasp everything we're saying, but we are doing so much work on ongoing investor education, not marketing schlock, not like sending people the email if you miss the five best days in the morning. We're not doing that. I'm talking about like every day, every day. So existent clients, if they're not speaking to us, they at least understand that we're paying attention. And so they understand the way we think about mean reversion and sources of risk actually.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I know how crazy is that. With We just had it. We just went through the worst thing that could happen to my firm. A flat market. We just did it. It's over. We went through it. We had an earnings recession in the S&P 500. By the way, S&P 500 is 20% higher than where it was in the third quarter of 2014, but earnings are still below. So I don't know what that says about the predictability of markets based on earnings. It's not good. But we had that period. So from 2014, probably beginning with the oil price crash through August, I think, of 2016. It's a very long time. We kind of had a flat stock market. And by the way, that's putting it nicely beneath the surface much worse. I'm describing. International markets were destroyed. Germany, France, all of them. Don't even get me started, emerging markets. Brazil.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not so naive to say that can be 100% minimized, but to the extent that we can put in place practices now that will keep that from being a factor in the future. So I have to make decisions every day about what's best for the firm. And to a very great extent, what's best for our clients is what's best for the firm. Obviously, the better we do for people, the more referrals we'll get, the bigger we come.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly what I. So let's say we have a fund that's performing incredibly well and we've become associated with it because we own it. And then the committee says the right thing to do is to get out of it. But I say, yeah, but from a business standpoint, we should really stay with it because it's part of what our clients have come to expect from us or it's part of the mythology around the firm is that we've done this. Like Barry has been talking about this issue for 15, the agency problem, right? Like Barry started doing financial blogging in 1998 on geo cities. He was coding his blog posts after writing and editing them. He's been talking about this forever. This problem with when there was a financial intermediary, there are always other concerns other than the client.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“If it turns out not to be a great decision, it's not going to take their retirement away. You know, and again, so far it's looking like a good decision. Talk to me in 10 years whether or not. So we're going to make some decisions on that committee. Now, why am I removed from it? Because I'm the CEO of the firm and I never, ever want us to make an asset allocation decision for our clients? For the sole benefit of the firm, or where there could potentially be some conflict. And there are a lot of different examples of that, like where that could happen.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“But we almost never take action. I tell these guys, get your parking validated because you're not making any money here. Like at the very least, let me stamp your ticket. So that's our bias. So it doesn't mean never do anything and everything's perfect the minute we decide it. The decision making is glacial. We did something earlier this year. We overweighted foreign stocks relative to US. There was a confluence of factors that, and I don't mean dramatic, but enough to matter. And so far so good. But like, that wasn't like a swashbuckling mega market call. It was just like, this is the right thing to do, looking at the potential for mean reversion and valuation and trend. And this is something that we can do for our clients that is not necessarily plain vanilla, but”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, it's probably not as broad as a lot of other models out there. We're not the pizza pie with the most slices. Deliberately. So there were things that were just leaving out that other people, like we're not doing sovereign international bonds. Don't need them. Works without it Our clients are not paying their expenses in other currencies, so we don't need the income coming from other countries. We'll make these types of reductive decisions more often than we'll make decisions to what can we add to this, what features can we bring into the mix. So wholesalers hate us. Like we love having conversations with iShares and Vanguard and, you know, they come sit with us on State Street, awesome people. And we learn a lot from those meetings.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And as a result, they had become such a huge part of the acid class in which they had made money that we just couldn't intuitively understand what they were going to do to repeat that. And that's not like, ooh, let's fire a manager and hire. That's just like, guys, we have to be realistic. The benefit of this is probably not going to be able to show up. And we might be wrong, but it's worth being wrong because of how low we think the probability. So like we'll make decisions like that. But that's very sporadic. Mostly what we're trying to do is just stay true to what we're saying to people and make sure that the allocation to each account is as true to the model as it can be. Like that kind of nuts and bolts stuff is not sexy.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“We want to make us few changes as possible, but we will make changes when the world forces us to. Without going into detail, there was a time when we had to replace a fund that Had an incredible track record, had done nothing wrong other than got too good. Track record was too good.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So we crack an egg into a bowl of blood and then we roll the bones. Listen, it's not, we're not doing witchcraft and we're not trying to outthink the other 10,000 RAAs. I think the version of strategic asset allocation that we're giving clients is awesome. I think it's the best there is, but I'm biased. And is there something?”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Tell me who could have told you in 2010 that that would have been the case. So I understand that there are people out there that are doing those types of macro and they don't know what they're talking about, but they're really good at convincing other people that they do. So we don't play those games.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“It only makes sense that US will outperform going forward because of how important technology is. Okay, maybe, but maybe not. And I don't do that anymore. I used to play those games. I've become humbled by playing those games because we make this thing up in-house. We put it out every year. It's the quilt of which countries outperformed.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source