YouSaid · the spoken record

Sam Ro

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26
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2024-09-20
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2024-09-20
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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

  1. “Yeah, I mean, it's cool that they do that because it brings attention to some of these smaller cities. Not that this is not a Taylor Sweder, right? But like the hardcore fans will drive for two hours to go see a show.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “But yeah, it's kind of funny. You just think about bands that you haven't really thought about for a while. And yeah, you just Google it”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “I was actually just thinking about this because I remembered in high school I was a really big fan of 311. And so one day I decided to just Google it and it turns out they're on tour.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “When people, you know, quote unquote retire in their 20s or 30 after they hit their peak, they can still go out and have a lucrative career either doing exactly what they're doing or marketing their brand or just completely going into the other one.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “I don't think that's unusual. Yes, I don't know how long they're set as if it's like 30 or 45 minutes or an hour, but I'm sure it'll be great. Live music is always great, right?”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Yeah, oh, for sure. I mean, the only thing I'm really excited about it, the only thing I'm concerned about is I only know two of their songs.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “These people exist, these families exist in every state of the country. And so, you know, when you do meet someone who has a team of 20 analysts, but they're in Sioux City, Iowa, it might be jarring for people from bigger cities that are dealing with just ungodly amounts of wealth, but there are actually massive amounts of wealth across the country in every city. And that's something that's kind of interesting about going to these events where they all provide similar or very same services to all these people. But, you know, culturally, they're a little bit different. I mean, did you see there's a booth that's got like guys with cowboy boots and cowboy hats?”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Oh, no, no, no. I just want to be clear about that. Yeah, no, they're flying under the radar and they're not on the Force 400. Like, you can have $100 million that no one will ever hear about you”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Well, it's not even just Southern California. Yeah, it's everywhere, yeah. Because it's like, you know, we're surrounded by wealth advisors and they come from all over the country. Yeah.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “That's right. Yeah, I'm the CFO. I approve the expenses. I'm HR and I do all the info tech. But yeah, no, it's a big part of it. And I think something that's been kind of a positive experience about going independent is understanding and appreciating all that kind of stuff. But yeah, no, the text cut is designed to encourage businesses to go out and do business stuff.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Yeah, I mean, you know, what did journalists talk about when they get together? Like, you know, there's a big CNBC presence out here. Who are the CNBC people say to the Bloomberg people? Like, there's obviously stories that I'm sure they can exchange notes on, and as much as you're competing with people, you're also exchanging notes, right? Like, especially in this independent game, they're probably all talking about how terrible they're, you know, the last company that they worked with were.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Forever, forever. This is not groundbreaking stuff. I think it's more popular now with the work of Thaler and Schiller and all these people who are doing a really nice job of telling that story. But behavioral finance has been around forever”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “I'm one of many people who are trying to trade the stock market, but I'm also going to panic and freak out when the market sell off. Like that's just sort of my nature. And now someone's explaining to me that actually there's a whole field of study based off of this. And every week someone is coming out with a new paper telling you about behavioral finance. And this is how markets work. That's something that I always thought was really interesting when I first read the intelligent investor. Which is honestly, it's kind of a dense read and it's kind of boring, but there's a lot of it in there that talks about behavioral biases and how they've known about.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Right, yeah. And to your point, it makes sense. It's funny, there's so much about finance that's theoretical, that's very quantitative, that's based off of models with different number quantitative inputs you put. And like something comes out the other end and that thing never happens because people are irrational, right? But when you hear about that, you realize that the markets are much more intuitive than you think, right?”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Right, right. And, you know, there's a lot of ways to define a lot of people if you're doing this at an organization where you actually have to have really big numbers to justify this kind of service, then you time it and you have to actually define what a lot of people is. But for me, a lot of people might be 20,000 people or 50,000 people. And those smaller audiences might be on a different kind of schedule or might be on a different kind of cadence. When I've done research into the newsletter business, the financial newsletter business, I do know that the biggest audiences exist in the mornings, Monday through Friday, daily before the markets open. I don't have the capacity to write every morning, but I do know I'm missing out on an audience that way, but I'll send something out every Sunday. And there's an audience that exists for that. It's not as big as the weekday audience, but they do exist. And it turns out they are actually being underserved by some of these other places that go for the high volume place.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Thing, right? Yeah, yeah, no, no. I mean, that really is it, even what I do is, you know, there's not a whole lot of original stuff coming from me. I do a lot of curate. A lot of my work is curation and just sort of amplifying the work of other people. And those are the kinds of conversations I do have with a lot of these professionals here is you help me save time doing the research and finding interesting stuff because instead of me having to read 15 pages of Wall Street Journal every morning, you know, I'll read your Sunday newsletter and come out with like six different stats that I could talk about with clients next week. You know, as much as I'm here to, you know, enrich readers or help people become better investors, there's nothing stopping anybody from just ripping stuff off from my newsletter and then sending out to their clients.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “A way of doing business that they thought they could do it differently or do it better. And, you know, this whole boom in RAAs basically said, hey, I can probably take a risk. I see all these other people doing it. I'm going to give it a shot. And then, you know, conferences like this happened where you can just walk around and people give you all the answers to all your questions.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “I mean, I don't know. I couldn't speak too much about the business, but the culture, you know. Actually, very much reminds me of the whole independent newsletter writer media creator kind of thing, where there are so many services and things that you can outsource now and the regulation is very friendly that because a lot of these people here used to work at bigger firms, they come from places like UBS and Morgan Stanley and decided that they were sort of beholden to an organization or a way of”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Right, I mean, you have to learn all that stuff in real time. I mean, I think that's why it's such great work to be in media and journalism and research and all that kind of stuff. When stuff like that happens and people start screaming about carry trade unwinds and movements and other markets that you should be worried about that might be somehow related to why the US markets are down. When you hear stuff like that, that to me kind of echoes of financial crisis because there was so much stuff going on in the crisis that was completely inscrutable. You hear a little bit about, oh, home prices are down and this and that, but it wasn't until they start talking about mortgage-backed securities and asset-backed securities and CDOs and all this alphabet soup that you've never heard of that you start to panic. And then afterwards you realize that was a big deal. So when you do hear about these new exotic trades that might be unwinding, you rush to do homework.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Watching Netflix. It's only when the numbers start going down. They're wondering, should I actually be more concerned about this? How do I think about this? Why haven't I made a plan about this? And hopefully, I sent something out that helps explain that. But yeah, no, I've mostly been writing about, and a lot of it is just repetition of the same old stats in that, you know, market volatility is a thing. When volatility is low and the stock market is near record high, like those are the times where you have to start reminding yourself that, you know, on average, you see a 14% max drawdown in a given year. So when you do see that big 5%, you know, 10% drop in a week or two, if you have that mindset knowing that, you know, I was prepared for a 14% sell-off. And this is completely normal. And you just make the best out of that situation as opposed to panic and try to make a plan in the throes of that mess.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Yeah. Oh, absolutely. Like, you know, a bull market with low volatility is terrible for business because no one has any questions when the market's going up. They just opened their 401k plan and they see the numbers going up and they're not concerned about they go on with the rest of their lives. You know, they'll go shopping. They go to Disney World.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Well, I mean, market volatility has been kind of fun kicking August off with that huge sell off and then having the rebound and then kicking September off with that huge sell-off.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Exactly, you know, give people value for their money or whatever. I don't know. I kind of taken a contrarian approach to that. Sometimes I joke that the less I spend, the more valuable my product is or whatever my output is. I try to think of the reader's time as much as possible, like kind of like, you know, the magazine's stacking up, right? There's a reason why that magazine stacks up is because you probably have other more important things to do. So, I try to be really careful about sending stuff out that I think when people open it and read it, that they're glad that they did it. And so the next time they open it, then they'll be happy to read it. And if I'm not setting something out, it probably sends a signal that I don't have anything to say that day.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “So I was actually on a content creator panel Earlier this week for the future proof conference. And that question actually came up how do you guys think about cadence and publishing schedule and all this kind of stuff? Everyone on the panel kind of had a different approach to this. Like some people say, you know, you got to do a daily thing. Keep the volume high because you never know what's going to hit and one of those things are going to hit.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “Honestly, though, I think we're kind of splitting hairs. But don't you think we're kind of splitting hairs 25, 50 basis points? Go I don't know Or media people. So we all kind of Okay. Like But yeah, no, in terms of backdrop, I think that's actually an important thing, right? It's never been more split in terms of what the consensus is. But, well, why don't we also consider the fact that we're not on the cusp of an economic crisis? We're not at the, you know, in the throes of the inflation crisis. So I feel like monetary policy developments and rate cut announcements and the press conference. Probably has more risk of market volatility when we're have a market crisis as opposed to now where the stock market's at an all-time high unemployment rate is relatively low inflation is pretty calm.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Yeah, you know, I think either after the announcement, I think either the high end or the low end of the Fed funds target is going to be 5%.”

    2024-09-20 · Odd Lots · Lots More With Sam Ro on the Booming World of RIAs · IDENTIFIED FROM THE TRANSCRIPT · source