VIDEOS

Steve and Frank explain why investors should position for Central Banks' (unspoken) policy of Financial Repression going forward.

Fielder interviews Scott Goldman, author of “The Four Rs of Cybersecurity,” a practical guide for how business leaders can protect their identities, their assets, and their loved ones in the digital realm. 

Fielder interviews Apollo's Chief Economist, Torsten Slok.  They discuss the threats and opportunities resulting from the combination of the Fed's "higher for longer" policy and banks' retrenchment from commercial lending.  Torsten contends that certain types of private credit may be an attractive alternative for some investors.

US government debt now equates to ~$240,000 per American household. That’s bigger than the average mortgage balance.  Steve and Frank discuss the only two policy choices that they believe Washington realistically has.  They then discuss a third “Hail Mary” path that we can hope for.

Frank Byrd presents a lecture at Georgetown to a class of finance students. Stock price returns, he explains, are basically a crap shoot. No one should base their financial plan on stock price returns. Odds are they will fail. Frank explains how investors can tilt the odds in their favor.  

Steve and Frank discuss why policymakers actually want - and need - inflation.  They are purposefully crushing our economy near term to get inflation under control before the fall elections.  Thereafter, we expect a reversion to the prior playbook:  How investors should position for Washington's longer-term policy objective of inflation in order to get out of its debt trap.  

Fielder interviews Yen Liow of hedge fund Aravt Global. Yen has made a science of searching for “compounders” – durable growth businesses in strong market structures led by exceptional leaders. Yen shares what he’s learned over the years - namely, why and how he focuses on buying and holding compounders.

COVID has accelerated the change already underway in Federal Reserve and government policy.  This has driven markets higher, yet introduces more risk into the system.  Fielder Capital's Frank Byrd and Steve Korn explain why investors need to adapt their strategies for a very different environment.

Why is Warren Buffett, the world’s greatest active investor, telling the public to forego active funds in favor of passive index funds?  Frank explains to students at Columbia Business School how they should interpret Buffett’s remarks.  Should they give up their aspirations of being active managers?  Frank also shares how enterprising entrepreneurs can capitalize on the zeitgeist of these passive times.  A transcript of this speech is available upon request HERE.  

Frank shares his biggest mistake, Borders Books, with the Advanced Investment Research class at Columbia Business School.  He discusses lessons learned and suggests a tool that would have likely prevented the mistake: Analysis of Competing Hypotheses (ACH).  (March 30, 2015)

Frank Byrd speaks to the Advanced Value Investing Class at Columbia Business School. Using his work on Ingenico as a case study, Frank explains how analysts can structure their research process to develop a differentiated view and minimize first conclusion bias.  (Oct. 22, 2014)

Fielder interviews Mike Green who shares his research into the impact of index fund flows.

Markets are hitting new highs, yet there are crosscurrents.  Steve and Frank discuss how Fielder is navigating this evolving landscape.

Frank and Steve explain financial repression - what it is, why it matters, and what this policy ultimately means for investors longer-term.  

Fielder's Steve Korn and Frank Byrd share observations on what is happening as a result of the recent bank run on Silicon Valley Bank and others. Be sure to listen to end where Frank emphasizes the importance for financial/investment advisers to be independent of their custodians (rather than employed by a custodian).  

Fielder visits with Carl Walter, the noted author of Red Capitalism, about his new book, The Red Dream. Carl highlights the risk that China’s extreme leverage, combined with its shrinking population, poses for its banking system – and also for the system as a whole.

Sharing 7 pictures in 7 minutes, Frank Byrd describes what Fielder believes matters most with inflation and how investors should position accordingly.

As Fielder looks to the future, we want to fortify our client portfolios and our operations to best navigate a fast-changing world. This 4-minute  video outlines our thoughts on both fronts.

What does the COVID crisis mean for investors?  Perhaps more importantly, how does Washington's evolving policy response affect our outlook?  Frank Byrd and Steve Korn discuss these topics.

Frank teaches students at Columbia Business School how to do a cool card trick – except that it’s not a trick. It merely playing odds that are so good that they’re like magic. It’s an great example of how human nature can create opportunities (and risks) that statisticians miss. (April 6, 2016)

Frank presents the Analysis of Competing Hypotheses (ACH) process to the Investment Management Club at Columbia Business School. He explains how the ACH process can improve the odds of investment success. (April 2015)

This is an abbreviated 5-minute version of Frank’s 2013 lecture to Columbia Business School on “How to Value a Moat”.  Frank explains why P/E and growth might not matter in determining the intrinsic value of a really great business.