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

“Were handed down like the Ten Commandments. I met David Blitzer. He's a nice guy. He's a dude and a bow tie. He's an active manager. He's saying this is what's in the index. I met Sam Stoveall. He's saying this is this kind of, so Walmart is a consumer staple. Target is a consumer discretionary. Well, okay, if you say so, I just go to the one that's closer to me to buy the same thing.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“But they all intuitively are compelling. You can't just dismiss them. They do make sense. Europe does not have the technology industry that we have. But then you think like, well, 16 years ago when the Nasdaq fell 90%, we didn't have the technology. It grew. So I don't know like what's going to be the driver of European index performance versus US. But maybe there are industries there that are going to grow two, three, fourfold in importance in the index. So to just look at MSCI Europe and say, oh, it sucks. It's all banks and mining and oil company. Or today, today it is in 2005. You could have said, look how big energy is in the US. And it's way more important than whatever, right? And then just the other thing, like these artificial designate, like people act like these indexes indices and sector designations.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Could be the case. I think one of the traps that I used to fall into, and I've learned not to, is to try to think about things like try to come up with the reason for why something shouldn't work and try to outsmart. So Europe's a really good example. There's like this whole stigma about, so by the way, this is the first time in a long time and only the third time in history that international stocks have been outperformed by the S&P by 100% over the trailing 10-year period. So that doesn't lead me to tell you, guess what's going to happen next? But we do think mean reversion is pretty powerful. So this whole narrative about European stuff like, oh, yes, of course, European stocks are cheaper, they should be. Their governments suck because our government's so great. Oh, and they don't have technology there like we do.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Toward the better companies overseas. So we're trying to do intelligent things like that that don't require wizardry and witchcraft. They just require a little bit of spreadsheet work and a little bit of common sense. And then being able to communicate that to clients. Like I think that's a value add to be able to do that. So that's how we're thinking about each asset class. And then candidly there were things that we're just not doing. We have no commodity, none. Don't need it. Works without it. You could show me years where having it was good. I could show you years where having it was, we're not big buyers of the currency hedging idea. We think that currency is a risk, but risks are sources of return. So give me the risk.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Going to get us the upside if emerging markets work and it's going to approximate the downside and the risk as they don't. But what if there's a way that we could layer that with some kind of a quality screen, given that in emerging markets, you have like governments being overthrown? You have maybe lax accounting rules in some countries. You have some question as to whether these public companies are state-run. Hence, they could do whatever they want or not. So what if we said a good proxy for quality in emerging markets is dividend payers? So in other words, you could fake a lot of stuff. You can't fake paying cash to people. So what if we overlaid plain vanilla vanguard index exposure with another piece of the puzzle that's got a dividend payout bias? And that's our way to kind of get to quality. And even if it doesn't outperform, to just feel like we're tilting.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“We would like to have the internal expense ratios in our portfolios be less than 50 basis points, but that doesn't mean they all are, and some of them were way below. Different strategies require, you know, so a really good example of that is to say like, let's look at emerging markets. I could buy Vanguard VWO. Fine. What is that? 12 basis points free. But is that the best exposure to emerging markets? I don't know. Because then you have questions about index construction. So Vanguard is crisp. So you're not paying the royalty fee to MSCI, but there are country differences. Is South Korea emerging or is it developed? Well, that could have a big impact on future returns depending on whether or not you believe one or the other. So we have to make decisions like that. And the second thing is, all right, well, what if we say partly let's do the vanguard version? Because it's good enough.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, I think costs matter, and we're doing a lot of things to drive down costs and portfolios. We go into portfolio construction with a budget, and we will own something that costs more, but we have to offset that in another area. So a really good example is what is it budget?”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think what we're doing is part of a bigger trend that a lot of people in the industry are doing because a lot of what we're doing on the planning side requires us to have some sense of what happens when this is in favor, what happens when it's out of favor. We have to incorporate”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“We call it rules based. So some of that would be market cap weighted index just because we don't think there's a way to add value above and beyond in that given segment. And some of it might be fundamentally weighted. And some of it might be something else. But the overarching theme is like the rules are set in advance for how this strategy will be managed because what we're trying to do is remove our own terrible, terrible instincts and my instincts are as bad as anyone else's. What we don't want to have is like gut decision making or oh I just read this thing in the Wall Street Journal. Let me completely flip around everything I'm doing. Like we're trying to not do that because for a few reasons. The first is it's cheaper to do rules based versus wizard-based, right? Wizard-based investing is cool and it plays really well on TV, but it's like expensive and it's hard to rely on.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's an argument to be made that there should be some exposure to private market companies in consumer packaged goods, in technology, venture. We're not doing that because I would rather miss that opportunity than fuck it up. And I have not seen a vehicle that I could stand behind and say, this is going to be the right way to capture that. The money that we're managing for clients, we're trying not to take counterparty risk. So there's no private equity at the moment. We're trying not to take manager risk. We're trying not to take obsolescence risk. So we're not doing venture stuff. We're doing municipal bonds. We're doing treasuries. We're doing equities all over the world, publicly traded.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“At the current moment, everything we do is in a liquid public market. I would never say never There is an argument to be made that absent private companies at this point you're not really capturing what small caps historically gave you? Because these companies are not coming public anymore They're coming public as large caps.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“The more of a likelihood there is that your client's going to blow themselves up. So the tactical side of the portfolio is also very interesting. And I think we do that very uniquely. We could talk about that later. But I think just bringing that idea to a client, that part of this is going to be strategic. The other part is going to be somewhat behavioral, but we're going to marry those things together. And then for the areas that we think we need an active manager, but we don't have that skill set, rather than try to do it ourselves, we'll bring in an outside manager that we can stand by. And it's not secretariat. That's what we're doing on the asset.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“But I have Ben Carlson, I have Michael Batnick, he's your CFAs, Barry Ridholtz's our CIO, I have Dan McConlog, who's a four hundred one K specialist, which is an area that we're getting more and more involved with. That's my investment committee. And the decisions that we're making are not, is now the time to short the euro. And we're just not playing those games. What we're really trying to do is say to clients, look, we think most of your money should be managed strategically, less is more, lower costs where possible, some trade-offs, but overall we want to own the best version of each asset class. And then there were some asset classes that were saying we don't need to own it all. And then we think a portion of your portfolio should be tactical because in the real world, nobody can watch a 50% drawdown take place in their portfolio and live through it. And actually, the more you try to force people to do that, probably.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“That owns dirt in central Florida. Like one by one, it's like why? Why the fuck are we apologizing for active managers when all we really need to do is get clients the right exposure in these asset classes and then the decision making is not did we back secretariat or a glue horse? Then the question is like do we own too much or too little? Have circumstances in these asset classes changed to the point where we need to make an adjustment for our clients? Are they taking too much risk? Do they own the right version of this asset class? Which is a whole other thing we can get into. Like those are the kinds of decisions we want to make. We don't want to bet on jockeys. I mean it's not that we look down on that. It's like we're not equipped to do that. Maybe we look down it a little but like it's not our thing. So what we essentially ended up building and say we because I'm not even on my investment committee. That's a conscious choice and I'll explain why they.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we looked at that and said, well, this is dumb, and we need to come up with something better. So here's what that looked like. Fixed income, Bill Gross, global asset allocation, Rob Arnott, value large cap equity, Bruce Perkowitz, and like one by one we watched Josh, why isn't the fixed income piece doing well? Oh, well, Secretariat decided to bet against treasuries. So sorry. Like, why isn't large cap value working well? Oh, Berkow's, you know, lost his mind. He put himself on the board of a Florida land bank that owns, you know. St. John.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“So Barry and I started working with households in 2010, and we worked at a firm where they had like a model portfolio. And it wasn't bad. But we realized it wasn't for us. It was like superstar fund managers who avoided the crisis. Like that was the gist of the portfolio.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“We are day trading on the storm 20 far So, this is where, so this is where things get really interesting to me because, again, I'm not on the planning side. I've got dedicated planning professionals that are face-to-face with clients. On the investment side, so we have some core beliefs. Starts with less is more. The people that are coming to us and they want the bells and whistles. Within the first conversation, we're gonna weed them out. And it's for their own benefit, because we're not doing enough circus act stuff to make them happy. If they're looking for the recreational aspect of this, probably we're going to be disappointing. And that's good, though. Like, it's good for us to decide that on the first call with a household. I don't want to tell them one thing and give them something else.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“I eat, sleep, and breathe this stuff. Like, it's not compartmentalized at all. If you follow me on social media, if you read my, like you know, I don't do fantasy football. Like, this is my thing. And I obsess over it, and I really want us to do well. And I don't think that we're incredibly unique. I think there are thousands of dedicated advisors just like us all over the country. And I really think that our thing is changing finance for the better and taking it away from what it used to be, which was like dudes in suits, like three-piece suits and this perception that they were going to give you the secret to beating the market. So we're not in that business. We're in the business of, look, we can actually answer some questions for you or give you the framework to come up with good answers.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Reasonably good chance, and hopefully we're overestimating your future costs, but maybe not, so we're going to have to make course corrections along the way. That's like a very rewarding way to do business with people, is to be have the humility to say, I can't promise you anything, but this is what we think is going to work. And if it's not working, you have a relationship with us so we can make changes. And if your circumstances change, you have people that you could talk to that could tell you how that might impact your future plans. Like that's what I do for a living now. What I used to do was, listen, listen. My chief semiconductor analyst thinks Intel is going to beat their earnings by two cents, and the street only thinks one cent. Like, that's nonsense land. It has no bearing on anything for people. So what we do now is really reward.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then all of the point of that is to be able to work backwards and then say, okay, you have a present amount of cash. You have this expectation of how much you'll be able to add to that stockpile over the next X years. We have some idea of what your standard of living is and some modeling about what it might cost you five years from now, ten, fifteen. Things can change, but like this is to the best of our ability. This is what we think you're going to need to do. So these are your future liabilities mapped out for you. And not just the numbers, but the timing. The timing, arguably, is more crucial than anything. Not how much money will you need, when will you need it? So once we've got that mapped out, then, then we could say, all right, let's talk stocks and bonds. This is the portfolio that we think gives you not a perfect chance to get to where you're going, but a reasonable.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's going to be really hard for the client to stick with during periods where it's not doing well or it's underperforming this or that benchmark. If we're not able to tie it to the thing that's really important to the client, which is, am I going to be okay? The client says, all right, here's my story. I make $500,000 a year. I only want to work for another 10 years. This is what my lifestyle costs. This is what my taxes are. And then we come to the table. Well, here are the actuarial tables. No offense. Your wife's going to live longer than you. Don't worry, we'll find her a boyfriend. You know, like we have these serious conversations of this is inflation. This is the taxation rate in the state you live. These are all the things that we need to figure out. What's the ideal college to send your kids to? What's the acceptable in case that doesn't work? All of that kind of scenario building.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so what we're doing is high net worth wealth management, and we do it through the prism of financial planning. And neither Barry nor myself are certified financial planners. But those are the client facing people at my firm. And we made that decision a couple years ago, a few years ago, prior to launching the firm. We were a practice at someone else's firm. And what we realized was the asset management is great, and it's really important to us, and it's the thing that I focus on and Barry focused. But at the end of the day, it's useless if it's not in service to a financial plan. It's like, I built you a house. There's no blueprint, but look how nice it looks. So the asset management part's the fun part, the more exciting, the more interesting thing. We could talk about it, you know, markets and investments. We could talk about that for hours and hours and hours. But if we're doing that absent a financial plan for a client, it has no value.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was amazing. And then Within half an hour, fifteen minutes, we hit it off. So I was very lucky. I had the chance to go work for someone that I considered to be a hero right off the bat. So it was a really easy. I had nothing going on. And then it was like, look, I have this skill. I know how to explain investments to people. And I really care about doing a good job. And what Barry brought to the table was he actually knew what he was doing and what he was lacking was he was not an advisor. He's a chief strategist. Like he was not client facing or retail. So it was a really great combination where we could join forces and it worked.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So Barry was like one of the only people working on the street that was publicly screaming about this is insane. You cannot have home values be 20 times people's income. It's totally unsustainable. It's never happened before in history. Barry was really the guy that was drawing that line from mortgages to houses to the stock market. There were other people that were doing that too, but Barry was doing it like on a blog and seriously doing it six, seven posts a day sourcing from ex-Treasury officials and realtors and like he had the whole mosaic right there for all to see on the big picture in a way that no one else can claim they did. So that was the only way I was learning anything. I wasn't listening to the analysts at my firm because they didn't know anything. Like I felt like that was my education. So when I had the chance to meet him.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I would explain to her the reason why I'm not making any money is because I don't want to do trades in my clients' accounts because the world is coming to an end and I don't feel like anyone knows what's going to happen. So I can't sit in a meeting with a client and be like, this is what you buy. This is what you sell. So a few months of that and she's like, Josh, you can't live this way. If you're in a business where you have to hurt your clients in order to make money, you're in the wrong business. And it just became so crystal clear to me finally. So I start the blog. I'm ranting. I'm like, look, this is what's really going on. And this is what the public should know about what's really happening on Wall Street, et cetera. And then people start reading it immediately, which was cool. Like people were emailing me, like, I don't know what gives you the huts to say these things, but you should keep going. So I did. And that led to me being able to meet Barry. And I had been reading.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so I kind of like I had my, it's not an epiphany, it's not that glamorous. I was done. In the fall of 2008, all my friends work at Bear and Lehman and they're done too. You know, everyone I know that's in the industry is like screwed. And all right, I got to reinvent myself or I got to get a different job or whatever. So I kind of like had that moment where it's like, I don't have anything to show for the last seven or eight years of being people's retail broker. Like I sold them stocks, they bought them. They sold those, they bought other ones. I made people some money. The market was going up. And then everything I did for them, it doesn't mean anything. So that's where I was. Not a good place to be. And then my bank account is empty, and I have a”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“That person now is trying to keep their small business afloat using cheap credit. And it's the same type of person selling that to them. So I think the moral of the story is like, the appetite is out there. There will always be a young, aggressive sales force that figures out how to give the people what they're asking for.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Demographic. By the way, it's the same buyers, same audience. It's demographics. So in the late 90s or in the entirety of the 90s, the buyer of those hot stocks from brokers over the phone, they were like in their 40s and early 50s. This is boomers getting into their peak earnings and investing years. Ten years later, they were like in their fifties and they wanted a vacation home. Or they wanted to trade up to the McMansion. Now they're in their 60s. They still have these small businesses. Their sons and daughters went to Cornell. They don't want to take, no thanks, Dad. I don't want your pizza place. I'm going to be a doctor. But they still have these businesses and their businesses are hurting because so much has been automated and like the world has passed them by, but they still have to earn a living. So now that same person that was buying internet stocks over the phone in the 90s and was taking an exotic mortgage over the phone.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“But that sounds a lot more dangerous for the population in general. You're talking about originally wanting to own stocks, which is extra balance sheet capital. Now you're home, and now you're talking about basic demographic.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the public in the late 90s wanted stocks, especially the ones that were going to go up a lot. They didn't get them. They got the other ones. Then they wanted a second home in the 2000s. And right now, what they want is some way to pay for healthcare, for payroll, keep their diner running, their limousine company functioning, whatever business is hurting is the business that these guys are going to sell cheap credit to.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Same fucking shit over and over again. And the reason why is because they figure out what the public wants at that moment.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right now, another ten years later, they're doing payday loans for small businesses. It's the same buildings. If you go out east on Long Island to Melville and Hopog and Huntington on Northern Boulevard, on Old Country Road, it's literally the same glass three story buildings contain the same people. It's just ten years later. So if they were selling stocks in the nineties, in the mid two thousands, they were selling people exotic mortgages. They had the same cars. It's the same Porsches. They wear the same cufflinks. Instead of the bull and bear, it's some other schlocky, whatever. But so now what they're doing, and I'm telling you, it's the same people. It might not literally be the same people, but like the same type of person, they're cold calling, selling, payday loans that they're going to sell to on debt capital, you know, and have them packaged and sell them to Wall Street.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I wouldn't say they were like conventionally smart. I saw people that were very street smart that prior to being brokers or by the way, all of the people of my generation, so let's say late 90s, I did my first internship at a broker dealer, that era, those same people are still out there. They're young, aggressive men from the tri-state area. They didn't have the degree that they needed to become investment bankers. They didn't have the pedigree, the connections to be at a hedge fund, but they want to be in the game. So all of those people that became stockbrokers in that era, ten years later, they were doing the same thing, but it was mortgages.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's ungovernable. Like at the end of the day, I think regulators are a really important part of the mix. But then we also have to all be aware of human nature. And people are going to get away with what they can if there is a greater reward for them on the line.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's a big one. I think another one is that there is no amount of regulation, and I'm pro-regulation, but there is no amount of it that's going to cure the fear and greed aspect to investing or that's going to stop someone from doing what they want to do. Like in the end. And you can do three pages of disclaimers or 300 pages. It's not going to get read. You can tell Wall Street These are the rules of engagement and they will find the most clever way to adhere to the letter of the law, but push the envelope in a way that's close enough so that they get away with whatever they need to get away with to make more money.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's not all the faults of the industry. It's the fault of the customers for not being more self-aware about their own predilections to want to buy whatever just worked or sell whatever just didn't work on the other side.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, for obvious reasons. We're like that in every other facet of our lives. Why wouldn't we be like that in the investment markets? So if you are a broker or a wholesaler of mutual funds or a hedge fund marketer or whatever, the store you're going to go out with to people is the story that you know they'll be most receptive to because the incentive is to close a sale. Charlie Munger has this concept where incentives are everything. I totally agree with that. I've seen it firsthand. So like one of the big things I learned was if you have the thing that just worked, you can sell it really, really easily. And that's what I think a lot of our industry is, is when the ducks are quacking, feed them. So I think that applies to almost everything, strategies, products, go down the list. That's what's going to happen in this industry.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so here are the big ones. The first is the easiest thing to sell is whatever has just been working. And the reason it's the easiest to sell is because the only thing the buyer wants is to be a part of whatever's working now. Yes.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Blog and persona came along in the financial crisis was kind of my realization moment that everything I had been taught up until then was wrong and the entire business model of transactional brokerage with retail clients was fatally flawed, could not be done correctly. And so I just started telling the truth. I had nothing left to lose. In 2008, I started the blog. And for a couple of years, I just was saying everything that I felt was true and some of it was controversial. But I wrote the book, Backstage Wall Street. It was a little bit cathartic. It was like, look, here's my story. It's not a, it's an entertaining story. Work on the same side of the table as my clients and the rest is history.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fell backwards into that. There was nothing else really for me to do. And I found that I had this talent for cold calling and opening new accounts. And I worked at varying degrees of reputable, disreputable firms. I was never really happy with what I was doing. I just didn't know what else was out there. And I made the classic mistake of going to work for quote-unquote my dad's friend. And that set me off down the wrong path. And so whatever. I did it for a while and I learned a lot about what not to do first instead of learning what to do. And I was really never happy about that until recently. And now I look back and I say, well, I'll definitely make new mistakes in the future. But those were, I had a front row seat for the worst, literally the worst investor behavior of all time. And I watched it for like ten years. So the reformed broker”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Josh, good to see you. Hi, Ted. How are you? I'm doing great. All right, let's start with. I'd like to point out Ted is wearing a tie, and I am not. Yeah, that's a fluke. Today's media day. I got to do the things I got to do. So you have two well-known monikers, the reformed broker, your blog, and downtown Josh Brown, Twitter handle. That's my rap name. That's your rap name. Yeah. Now, I've had that nickname since I'm like seven or eight years old. From your rap and music production, obviously. Life, obviously. Why don't you talk a little bit about the reform broker, great name. I know the story. I think it's a great story to tell and sort of how you got to where you are today. Okay, so just like the Cliffs notes version, I'll get the important parts in. I was a retail stockbroker kind of...”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“The lessons he has learned to managing portfolios for individuals, the principles Josh employs at Ritholtz are simple to say but hard to deliver. Don't be fooled by Josh's casual speaking style and occasional entertaining slip of the tongue. He has one of the sharpest minds in the business and is chock full of deep insights. Please enjoy my conversation with Josh Brown.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“My guest today is none other than Josh Brown. Josh is the CEO of Ritholt's Wealth Management, a New York City-based financial advisor that helps people align their investments with their financial goals. He is well known in social media financial circles for his decade-long insightful blog, The Reformed Broker, his Twitter handle, downtown Josh Brown, and his regular appearances on CNBC's halftime report. Josh has written two books on personal finance and has been published in every major financial newspaper and periodical. Josh's personal story is one for the ages, rising from a start learning all the wrong lessons in a boiler room style brokerage to embodying the moniker of the reformed broker. We spend some time hearing his story and then turn to how he applied”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Hello, I'm Ted Sidees and this is Capital Allocators. This show is an open exploration of the people and process behind capital allocation through conversations with leaders in the money game we learn how these holders of the keys to the kingdom allocate their time and their capital. You can keep up to date by visiting www.capitalallocatorspodcast.com.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Capital out hitters is also brought to you by admired leadership. Back in April on episode 497, I sat down with Randall Studman, the executive coach behind admired leadership, who advised more than 500 CEOs, including some of the most respected names in asset management. Randall introduced me to Alex, an AI leadership coach's team built on 40 years of proprietary research into what the best leaders actually do. For investment professionals, that means your entire team gets on-demand coaching grounded in the behaviors that drive results, and build the kind of followership that retains your top talent. We use Alex and our team at Capital Allocators swears by it. Try Alex for yourself at the link in our show notes. Try Alex. Leadership.com.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Capital allocators is also brought to you by Ridgeline. Ridgeline makes your day unrecognizable. That's how refreshingly different it is from legacy investment management technology. With Ridgeline's front-to-back AI native platform, your typical tech pains disappear. No integration headaches, no data discrepancies, and no upgrade cycles. Instead, you get real-time data flowing through everything from portfolio accounting to reporting to reconciliation, trading, compliance, and more. In the AI era, asset and wealth management firms moving to Ridgeline gain a decided advantage. That's why customers call it miraculous game-changing and an awakening. If that's not how you would describe your investment management tech, request a demo at RidgeLine.ai.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“To an exact verifiable source because the answer is only as good as what's underneath it, and without the sense you know exactly what that is. See it for yourself. Try a free trial at alpha-sense.com slash capital. That's alphacense.com with a hyphen in the middle slash capital.”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source
“Capital allocators is brought to you by AlphaCents. Here's something for you. Most AI tools today are very good at sounding right. But can you actually trace it back to a filing, transcript, or specific passage that drove the answer? Or are you just trusting the confidence of the output? For allocators, that's not a minor concern. A missed filing, incorrect source, or context that gets lost somewhere in a retrieval chain aren't edge cases. They're how decisions go wrong. AlphaSense is the AI platform built specifically for this. They own the content over 500 million curated documents from broker research and expert transcripts to filings and earnings calls. And they own the retrieval layer on top of it. That means every answer can link back”
2017-05-09 · Capital Allocators · Josh Brown – When Witchcraft Failed (Capital Allocators, EP.06) · IDENTIFIED FROM THE TRANSCRIPT · source