Orion's The Weighing Machine

Today Rusty & Robyn are joined by Michael Arone, Chief Investment Strategist and Managing Director at State Street Global Advisors. Michael is the Chief Investment Strategist for the SPDR® Americas Business at State Street Global Advisors. He is responsible for expanding State Street Global Advisors’ footprint and thought leadership effort through frequent contributions to the financial news media, speaking engagements and client interactions. Michael is a highly regarded speaker at industry conferences and is the author of several articles related to investment management practices. He is a member of the firm’s Senior Leadership Team.During his more than 20-year career as an investment professional, Michael has served as State Street Global Advisors’ Global and EMEA Head of Portfolio Strategy as well as a senior portfolio manager in the Global Active Quantitative Equity Group. He has substantial experience developing long-only and long-short quantitative strategies and managing investment portfolios using quantitative disciplines. Michael has worked extensively with the firm’s global institutional and intermediary clients to help them identify investment solutions that enable them to meet their long-term financial goals.Key Takeaways[03:28] - Michael’s professional background and highlights from his time at State Street.[04:40] - What really makes State Street stand out in this industry?[06:28] - What is the primary risk that Michael thinks investors are overlooking right now?[08:06] - Even though The Fed is still suggesting it will cut rates soon, it hasn’t made any moves yet, so what should the takeaway be from that?[09:27] - Why are growing government deficits and rising, bipartisan protectionism often two ingredients in Stagflation?[10:52] - How does Michael assess the current inflation trend?[13:02] - What are the potential odds that Stagflation actually occurs?[14:32] - How can investors better prepare for all possibilities, Stagflation or otherwise?[16:10] - What is driving the potential liquidity squeeze?[19:58] - Why don’t investors know more about the surprising outperformance of small and mid cap stocks?[21:20] - What should investors know about market concentration and “The Magnificent 7?”[23:10] - What are some surprises that Michael has noticed in long maturity treasuries?[25:30] - What is currently Michael’s favorite investment idea?Quotes[14:04] - “Maybe there’s only a 20% chance [of Stagflation], but it’s a chance that investors are not currently pricing in and they’re underestimating. They are pricing it as a 0% chance, and I think it is probably above that.” ~ Michael Arone[26:56] - “The top 5 companies in the S&P 500, their market capitalization is more than 3.6x all of small cap put together. That surpasses where we were at the height of the Technology, Media and Telecom bubble, so I think you’ll get some mean reversion…I think small cap stocks are…under loved and that’s one of my favorite ideas for 2024.” ~ Michael AroneLinksMichael Arone on LinkedIn“Lose Yourself” by EminemState Street Global AdvisorsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 0972-OPS-4/22/2024

Today Rusty & Robyn are joined by Brian Storey and Andrew Goins of Brinker Capital, Deputy Chief Investment Officer and Senior Portfolio Manager at Brinker Capital respectively.Key Takeaways[03:47] - Andrew’s and Brian’s professional backgrounds and what they do in their current positions.[09:05] - Who have  provided some of their key philosophical insights over the years and how have those influences impacted their style of investing?[12:10] - What is the elevator pitch for what the Destination Strategies at Brinker Capital are and what they are trying to accomplish?[12:55] - How do the above strategies differ from other multi-asset strategies that are available?[17:04] - How do they hone the art of Portfolio Management and how do Brian and Andrew interface in their day to day?[21:17] - Learn a bit more about the due diligence process for Brinker’s Destination strategies.[25:25] - When searching for managers, what are some of the key attributes they look for and, on the flip side, what are some reasons why they might terminate a manager?[27:47] - What is some of the risk management research that goes into their Destinations portfolio?[32:11] - What market environments might these strategies perform best in and vice versa?[37:49] - What are each of their favorite investment ideas currently?Quotes[16:03] - “[Brinker’s] use of…diversifying asset classes or strategies [sets us apart]...As we look at some of our peers…they tend to be much more traditional asset classes, more focused on equities and Fixed Income…That’s been a hallmark of Destinations at Brinker Capital for many many years and we do think that is both an area where we add a lot of value but [is also] just a differentiator from our peers.” ~ Andrew Goins[27:01] - “[When selecting an asset manager] you…want to see, you know, curiosity, creativity [and] the ability to adapt the process to potentially changing market conditions or different environments…being able to be flexible in their approach [is so important]...and can benefit the portfolio performance going forward” ~ Brian StoreyLinks“Into the Great White Open” by Tom Petty and The Heartbreakers“The Gambler” by Kenny RogersOrion Wealth ManagementConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)The Destinations Funds are distributed by Foreside Fund Services, LLC.Compliance Code: 0969-OPS-4/22/2024

Today Rusty & Robyn are joined by Ricky Schneider, Vice President and Senior Portfolio Manager at Fort Washington Investment Advisors. He is responsible for the commercial mortgage-backed securities portfolios for both Western & Southern Financial Group and third-party institutional clients. Schneider joined the firm in 2019. Prior to Fort Washington, he was with Mesirow Financial in Chicago where he was a Managing Director responsible for trading CMBS and other structured products. He also has previous experience at Loop Capital Markets, Lehman Brothers Asset Management, and Lincoln Capital Management.Key Takeaways[02:42] - Ricky’s professional background and what led him to the investment industry.[03:57] - Fort Washington’s tagline is “uncompromised focus.” What is the significance of this for the firm and what really sets them apart in the industry?[05:03] - A simple, functional definition of Securitized Income and Structured Products.[06:05] - What are RMBS and CMBS and how do they differ? What about ABS?[07:35] - What are CLOs?[08:50] - How large are each of the above Fixed Income segments in terms of the overall Bond Market?[10:01] - What is the value proposition for each of  these segments and why would investors choose these structured opportunities over treasuries or corporate bonds?[11:07] - What are some of the risks when investing in this part of the Fixed Income market? What are some scenarios in which they might underperform the overall bond market?[12:35] - How has the Securitized market changed since the Global Financial Crisis of 2008?[15:41] - Does Ricky have a favorite idea in the Securitized Income sector?[16:46] - What part of an investor’s bond allocation might this sector replace?[17:51] - Rules of thumb for sizing a position of Structured opportunities within a Fixed Income allocation?[19:08] - Why does Securitized Income work in an ETF structure and what are the advantages of this?[20:38] - What to avoid and what to embrace in commercial real estate and CMBS?[24:20] - What is Ricky’s favorite investment idea at the moment?Quotes[12:20 ] - “..There is also inherently more risk the further you go down the capital structure in any of these sectors we are talking about” ~ Ricky SchneiderLinksRicky Schneider on LinkedInFort Washington Investment Advisors“I And Love And You” by The Avett BrothersConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 0910-OPS-4/15/2024

Today Rusty & Robyn are joined by Matt Brown, Founder and CEO of CAIS. He has spent more than 30 years at the intersection of wealth management, alternative investments, and platform design. In 2009, Matt founded CAIS, the first truly open marketplace for alternative investments, where financial advisors and alternative asset managers can engage and transact directly on a massive scale.Matt believes entrepreneurship is the major driver of economic and social change. He has spent the better part of two decades working with Endeavor, the world’s leading organization for high impact entrepreneurs. During his tenure, he had the opportunity to mentor dozens of entrepreneurs from locations around the world, including Africa, Latin America, and the Middle East. Matt is honored to have been on Endeavor’s South African and Turkish Boards, which ultimately led to a position on the Global Board of Directors. This experience deepened his belief that helping entrepreneurs build and scale their businesses promotes economic growth and prosperity. It is his personal mission to ensure that anyone with a dream, and the drive to achieve it, has an equal opportunity to make it happen.  Key Takeaways[03:11] - Matt’s professional background and what led him to where he is today.[04:41] - What really makes CAIS stand out in the Alternative Investments space?[06:33] - How does Matt define Alternatives broadly?[07:46] - How has investing in Alternatives changed in the past decade and how does Matt expect it might change, moving forward, in the next decade?[09:35] - Rules of thumb or heuristics to consider when sizing a position in Alternative Investments.[10:25] - What are the most popular Alternative strategies at the moment and what is driving their popularity?[12:20] - How else is technology transforming the way people can invest in Alternatives and their opportunities to do so?[15:51] - What is it going to take for RIAs to move from the traditional 60/40 portfolio to a 50 (stocks), 30 (bonds) and 20 (alts) portfolio?[18:44] - What are some of the biggest opportunities in the Alternative space right now?[20:21] - Is Blockchain a viable technology for creating greater liquidity for Alternatives in the future?Quotes[08:57] - “The modern portfolio is no longer going to be the 60/40, the modern portfolio is going to be the 50/30 and maybe Alts 20.” ~ Matt Brown[10:56] - “One of the stronger trends, by far,  in the past 24+ months has been this gravitational pull towards private credit...and really what is driving it and why it’s so attractive [are]...of course interest rates and also the lack of access to some in the public credit markets and bank lending…It’s really a huge, robust and deep market and [I think] we will continue to see…strong interest there. ” ~ Matt BrownLinksMatt Brown on LinkedInCAIS Group“Where the Streets Have No Name” by U2Connect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 0875-OPS-4/10/2024

Today Rusty & Robyn are joined by Jason Mertz, Director and Fixed Income Investment Strategist at AllianceBernstein. Jason works extensively with the firm’s portfolio management, credit research and trading team to monitor and communicate portfolio positioning and analysis to clients around the US. Prior to joining AB in 2016, Mertz worked at BlackRock as a separately managed account analyst. He holds a BA in finance and international business from Muhlenberg College. Key Takeaways[03:15] - Jason’s professional background, what initially drew him to this industry and his current role at AllianceBernstein.[04:30] - What really sets AllianceBernstein apart from other firms?[07:26] - What is the current, overall state of the Municipal Market?[08:20] - What are some of the high level investment benefits that investors are able to capture in the Muni Market?[10:09] - What are the fastest growing segments of the Muni Market currently?[11:30] - Jason’s outlook for the Muni Market in 2024.[14:07] - How is AB positioning portfolios to take advantage of volatility and potential dislocations and opportunities?[17:46] - Why would a client want a customized, separate account over a fund or collection of funds?[19:48] - What is AllianceBernstein’s “Abbie Optimizer” and how does it generate alpha?[21:34] - How does Jason define trading alpha and speed alpha?[24:31] - What other ways does AllianceBernstein manage for taxes?[28:25] - What is currently Jason’s favorite investment idea?Quotes[12:03] - “[In] 2023 [there was] a lot of volatility, [but] it actually ended up being a really great year for [Municipal Bond]performance; it was just backloaded to November and December.” ~ Jason Mertz[13:37] - “Not only do we think The Fed is going to cut, [which is] traditionally a great thing for Fixed Income, but more Muni specific - that supply demand dynamic and having a lot more demand be allocated back into the market should be a [stabilizing] and driving force of returns for Muni clients going forward.” ~ Jason MertzLinksJason Mertz on LinkedIn“Once in a Lifetime” by Talking HeadsAllianceBernsteinConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 0796-OPS-4/2/2024

As Chief Investment Officer of Avantis Investors®, Eduardo is responsible for directing the research, design and implementation of our investment strategies, providing oversight of the investment team and the firm's marketing initiatives, and interacting with clients.Prior to Avantis Investors' establishment in 2019, Eduardo was Co-Chief Executive Officer, Co-Chief Investment Officer and Director at Dimensional Fund Advisors LP ("DFA") until 2017. While at DFA, Eduardo provided oversight across the investment, client service, marketing, and operational functions of DFA and oversaw their day to day operations, directed the engineering and execution of investment portfolios and was involved in the design, development and delivery of research that informed the firm's investment approach as well as its application through portfolio management and trading.Dr. Repetto earned a Ph.D. degree in Aeronautics from the California Institute of Technology, an MSc degree in Engineering from Brown University, and a Diploma de Honor in Civil Engineering from the Universidad de Buenos Aires. Eduardo is a Trustee of the California Institute of Technology. He is the recipient of the William F. Ballhaus Prize from the California Institute of Technology for outstanding Doctoral Dissertation in Aeronautics and the Ernest E. Sechler Memorial Award for his teaching and research efforts.Key Takeaways[02:52] - Learn more about Eduardo’s diverse professional background and how his engineering background informs his work in finance today.[04:48] - What is unique about the Avantis investment philosophy and what does that mean for their advisors and investors?[06:48] - Avantis’ Investment Solutions are designed to capture the benefits of indexing while simultaneously focusing on segments of the market that are likely to outperform. How does this work exactly?[10:32] - Avantis recently published an article entitled “What is Value?” What are some of the big takeaways and how does their firm define value?[12:20] - What are some of the key drivers in the ETF industry’s continued growth?[15:50] - What are some of the latest trends and developments shaping the ETF market and which areas of the ETF market are experiencing the highest growth?[18:37] - Which strategies in the Avantis product line are showing the best growth and why is that?[20:54] - What strategies at Avantis may help advisors build more resilient portfolios?[22:16] - What are some best practices for constructing resilient ETF portfolios?[26:55] - How does Avantis set themselves apart in their client services and communication?[29:00] - What is currently Eduardo’s favorite investment idea?Quotes[05:45] - “[Avantis formed]...in order to bring science, data and technology to analyze securities in a very very efficient way with low labor costs…We can provide portfolios that are very well diversified [with a] very low expense ratio and where the securities are analyzed on a daily basis." ~ Eduardo Repetto[111:23] - “For us, value is companies that are traded with a very very big discount embedded in their price. In otherwards, companies that have a good balance sheet, good cash flows, but the price is low." ~ Eduardo RepettoLinksEduardo Repetto on LinkedInAvantis Investors“Can’t Hold Us (feat. Ray Dalton)” by Macklemore & Ryan LewisConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)Compliance Code: 0726-OPS-3/25/2024

This week, Rusty is joined by Josh Flade from Orion to discuss diversifying asset classes. Joshua is the Deputy Chief Investment Officer of Orion OCIO where he chairs the investment committee and oversees the firm’s four investment verticals: Public Equities, Fixed Income, ETF/Mutual Fund Models, and Private Investments. Previously, Joshua specialized in Fixed Income with 12+ years of experience and co-managed TownSquare Capital’s Fixed Income strategies as well as served as the vice-chair of the firm’s Investment Committee. Prior to TownSquare Capital, Joshua was a Senior Analyst/Associate PM within the Fixed Income Team at Ensign Peak Advisors with global coverage of Financial Institutions, REITs, and Healthcare industries. Prior to working at Ensign Peak Advisors, Joshua was an Associate within the Credit Research Group at Goldman Sachs with coverage of Central Counterparties (CCPs), Financial Institutions, and Oil and Gas industries in Central Eastern Europe, the Middle East, and Africa.Joshua currently volunteers as the Chair of Programming for the CFA Society Salt Lake and previously served as the President of the CFA Society Salt Lake and President of the Salt Lake Chapter of the BYU Management Society. Joshua is a CFA charterholder and graduated from Brigham Young University with a double major in Finance and Russian. He is also licensed in series 65.Key Takeaways[02:40] - Joshua’s professional background and what his current roles at Orion are.[05:10] - Who does Orion Fixed Income  serve and why do they end up going with Orion over the alternatives?[06:44] - More about Joshua’s fantastic team at Orion.[07:54] - When it comes to Fixed Income, a lot of people like to use Mutual Funds or ETFs but some people prefer separate accounts – what are the pros and cons of each?[10:54] - Are exits on SMA strategies more challenging than those utilizing ETFs or Mutual Funds?[11:39] - What is Joshua’s current assessment of the Fixed Income markets?[13:37] - How do you explain what the yield curve is, why is it important to follow it and how does it impact Joshua’s decision making?[17:41] - What are the differences between liquid alts and illiquid alts and who might use each?[19:28] - What alternative investments are particularly attractive to Josh at this moment?[21:07] - How does Joshua define global credit and what are some of his favorite ideas in that space right now?[23:57] - How to size your position in diversifying assets within your portfolio.[25:30] - Joshua’s favorite overall investment idea in the current market environment.Quotes[15:54] - “Historically speaking, in this part of the interest rate cycle, what has performed well has been moving up in credit quality and adding some duration.” ~ Josh Flade[24:06] - "It’s…not just the destination that matters, it’s also [about] the journey and the experience for the investor. By using diversified asset classes, you are helping smooth out the journey instead of being so focused on the destination. So, if you can get a similar expected return, in the end, but have a much smoother experience for your investors, your investors are going to be more likely to stay invested. ” ~ Josh FladeLinks“Thrift Shop” by Macklemore (Explicit)Connect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) ~ OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLC through their parent company, Orion Advisor Solutions, Inc.Compliance Code: 0723-OPS-3/25/2024

This week, Rusty and Robyn are joined by Frank Nickel and Tom LaBarbera from Orion Portfolio Solutions to discuss Direct Indexing. Frank is an experienced investment professional known for his expertise in portfolio management and a history of contributing positively to performance outcomes.. He believes that a rigorously designed, flexible and robust investment process can add value by exploiting market opportunities. Thomas LaBarbera is a Quantitative Portfolio Manager at Orion who manages 23 SMA strategies within Beta, Factor and Thematic Portfolios for qualified and non qualified assets. In addition, he works alongside marketing and sales to enhance distribution channels and raise AUM. Key Takeaways[03:20] - The guests’ professional backgrounds and what they are doing in their current positions.[04:36] - What is quantitative investing and what are some arguments for why it is an effective way to manage portfolios?[06:35] - How do Frank and Tom define, measure and manage risk?[09:25] - What do most people get wrong about, or not appreciate about, risk?[11:30] - How exactly would they define Direct Indexing?[12:42] - How much is Direct Indexing expected to grow?[14:25] - What are the arguments for why certain clients would want customization and why others don’t want any customization?[15:45] - Where does the “Disciplined Equity” product line at Orion align with Direct Indexing and how does it differ?[16:50] - How “actively” are they working on the “Disciplined Equity” strategies?[19:02] - What new strategies are they currently working on?[20:56] - How does their team produce and vet new ideas before introducing them?[22:22] - Where do  they think the financial services industry is headed next?[23:41] - How might AI impact the financial services profession?[24:36] - What is currently their favorite investment idea?Quotes[19:10] - "We recently launched two new strategies. The first came up over the summer, and it was an Artificial Intelligence strategy. With all of our strategies that we run, how we get to them is, we take demand from the field…The most recent strategy we launched is called ‘Agressive Equity,’ and again that’s trying to provide a very aggressive profile. We’re looking at…companies with really high growth rates…and that came from, again, from demand from a very specific client that was looking to use that strategy in conjunction with a fundamental active manager.  ” ~ Frank Nickel[24:36] - "I love Small Cap. I was a Small Cap manager for 15 years, [and] I think for the last 10 it has been extremely undervalued. I think there are a lot of areas in the market that are undervalued, and they are not undervalued because they aren’t appreciated, I think tech has taken all of the air out of the room…This year could be a small cap rally if rates are reduced, but that’s dependent on rates and you can’t predict that.” ~ Tom LaBarberaLinks“Bad to the Bone” by George Thorogood“Live Like You Were Dying” by Tim McGrawConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s)Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)Compliance Code: 0613-OPS-3/11/2024

Chris King is the founder and CEO of Eaglebrook Advisors. Eaglebrook is a crypto investment platform that provides RIAs with direct access to bitcoin and digital assets. The firm operates one of the largest SMA Platforms in the crypto market. Eaglebrook's investment platform offers access to tax optimized Bitcoin and Ethereum separately managed accounts (SMAs) and third-party investment manager strategies held at an institutional qualified custodian. Eaglebrook is an SEC registered investment advisor that works with over 70 RIAs and has over 700 financial advisors using Eaglebrook’s Platform. The company is backed by leading wealth management executives and financial institutions including Castle Island Ventures, Brewer Lane Ventures and Franklin Templeton.Key Takeaways[03:20] - Chris’ professional background and what drew him to digital assets specifically?[06:02] - What really drives Eaglebrook’s investment philosophy?[08:08] - What is the strategic, long term reason to own crypto?[12:40] - What is the investment thesis for Ethereum in particular?[14:30] - Chris’ shorter term, tactical outlook for Bitcoin.[19:54] - Why does Bitcoin halving take place and why is it so significant?[23:30] - Chris’ thoughts on the Bitcoin market cycles.[26:20] - How large might the market opportunity be for Bitcoin ETFs?[30:02] - Why are a lot of advisors  still choosing crypto SMAs over ETFs and what are the best use cases for each of these investment vehicles?[37:51] - What is the typical allocation to crypto and how has that changed in recent years, if at all?[39:08] - Are there any salient differences in what retail and institutional investors are doing with their Bitcoin allocations?[41:11] - Resource recommendations for those wanting to learn more about digital assets.[42:56] - Chris’ counsel for those who think that crypto is too volatile to invest in.[45:42] - What is currently Chris’ favorite investment idea?Quote[12:39] - “Moving on to the investment thesis for Ethereum – it is also an internet protocol, like Bitcoin, but it allows internet businesses to build applications on top of it. The analogy that I like to give is that Ethereum is like HTML. HTML is the internet protocol that companies like Amazon and Facebook built their businesses on top of." ~ Chris KingLinksChris King on LinkedInEaglebrook on LinkedInEaglebrook“No Rain” by Blind MelonConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Brinker Capital Investments and Orion Portfolio Solutions, LLC are both wholly owned subsidiaries of Orion Advisor Solutions, Inc. (“Orion”).Compliance Code: 0548-OPS-3/5/2024

In this episode, Rusty Vanneman and Robyn Murray are joined by Fritz Folts from 3EDGE Asset Management. Fritz has over 20 years of experience at the investment committee level in the investment management industry. He was one of the co-founders of 3EDGE Asset Management, where he serves as the Chief Investment Strategist and Member of the Investment Committee.Prior to 3EDGE, Fritz was one of the first team members at Windward Investment Management, a pioneer in constructing globally diversified portfolios utilizing index Exchange Traded Funds (ETFs). After the acquisition of Windward by Charles Schwab in 2010, the name of the firm was changed to Windhaven Investment Management. Fritz became responsible for distribution of Windhaven's investment solutions throughout the entire Charles Schwab nationwide retail branch network. He and his team raised over $15 billion in new assets under management. Later, Fritz was named Chief Investment Strategist at Windhaven. He began his career at The Boston Company, where he ultimately served as Vice President, and Director of Global Funding for the then-newly-formed Boston Safe Deposit & Trust Co. (U.K.) Ltd., in London, England.Fritz received his B.A. with a major in Political Science from Connecticut College and his MBA from IESE (Instituto Estudios Superiores de la Empresa), a bilingual Spanish - English MBA program in Barcelona, Spain. He is the former Chair of the Board of Trustees at Connecticut College and now serves as an Emeritus Trustee. In addition, Fritz currently serves on the Investment Committee for the Connecticut College endowment fund and the Investment Committee for the Umbrella Center for the Arts in Concord, MA.Fritz and his wife Cathy live in Concord, Massachusetts.Key Takeaways[03:06] - Fritz’s professional background and what drove him to 3EDGE.[04:25] - The 3EDGE model is “human plus machine,” which powers their investment research process. How did they decide on this model and what really sets them apart as a firm?[08:30] - For advisors and clients looking at their year end reports, how should investors consider their portfolio performance considering the state of the  2023 market?[09:31] - What is 3EDGE’s baseline scenario, bull case and bear case for 2024?[15:05] - Is it reasonable for investors to focus so much on The Federal Reserve and how much does 3EDGE factor this into their decision making process?[17:30] - How should investors be thinking about the upcoming presidential election and how can they prepare for it, if at all?[21:05] - What might it take for international stocks to outperform and how should investors be allocating to non-US equities?[27:25] - Tips on how to size the positions of diversifying asset classes, such as  alts and real assets.[31:26] - What is currently Fritz’s favorite investment idea for 2024?Quotes[07:45] - "I do think that investors were probably disappointed in the performance of their portfolios, because we had a market that was driven by…these Magnificent 7 mega cap technology funds, and you are not going to keep up with that when that is driving the entire market. If I look at investors, I would say…‘it’s okay, that’s not normal…you just have to realize, it wouldn’t be realistic to keep up with an index where 7 stocks are driving the majority of the performance.’” ~ Fritz Folts[21:56] - "I think the best chance for the non-US equities to take a leadership position, for an extended period of time, will only be after there is a material correction in the US market.” ~ Fritz FoltsLinksFritz Folts on LinkedIn“Everything's Coming Our Way” by Santana3EDGE Asset ManagementConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0280-OPS-2/6/2024Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

In this episode, Rusty Vanneman and Robyn Murray are joined by Ron Ahluwalia, Mili Rosen and Will Girton from Brinker Capital’s award winning due diligence team. Ron Ahluwalia is a Vice President, Senior Portfolio Manager at Brinker Capital, an Orion Company. In this role, he is responsible for the portfolio management, strategy planning, and communication of multi-asset class portfolios for high net worth clients and institutions. Ron has over 18 years of industry experience. Mili Rosen works on the Investment Due Diligence team as a Senior Investment Analyst covering a variety of managers on the firm's OPS/Brinker Capital platforms. Asset class coverage includes domestic and international equities, fixed income, real assets, alternatives, and private equity across various vehicles (i.e., SMAs, ETFs, Mutual Funds, LPs). Will Girton is an Investment Analyst on Brinker’s award winning Due Diligence team.Key Takeaways[07:12] - How many managers, strategies and research reports does the entire Brinker due diligence team take on each year?[08:16] - Why is money manager due diligence so important to building out investment portfolios?[09:40] - How often do they uncover “a snake in the attic,” so to speak, while doing due diligence?[10:48] - How do the due diligence requirements differ when you are building out a “supermarket of strategies?”[12:52] - How do they go about finding new managers? Are there certain characteristics they screen for?[16:51] - How does Brinker Capital’s due diligence approach differ from other firms?[23:27] - In the current environment, where is advisor demand and what are the strategies that people want?[25:42] - Favorite money managers they’ve encountered over the years and why did they like them so much?[31:15] - Advice for those wanting to enter the investment management profession?[33:31] - Three characteristics that Ron looks for when hiring a due diligence analyst.[35:55] - What investment ideas are looking particularly attractive to the team right now?Quotes[18:05] - "We really treat due diligence as an endogenous cycle. It never really stops, it’s not a ‘set it and forget it’ mentality, so [while] performance is very important…just focusing on performance is a very quick way to fail.’” ~ Mili Rosen[35:03] - "I think communication skills are something that are very important. The ability to relate to people, particularly when you are serving clients on the outside [is so important].  Just the ability to find common ground and have a true, meaningful conversation that isn’t totally buttoned up…[and] having that ability to…have people lower their guard with you, I think that is a critical aspect as well.” ~ Ron AhluwaliaLinksBrinker CapitalConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Brinker Capital Investments and Orion Portfolio Solutions, LLC are both wholly owned subsidiaries of Orion Advisor Solutions, Inc. (“Orion”).Compliance Code: 0414-OPS-2/23/2024

As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from the Claremont Graduate University. Mr. Sherman is a CFA® charterholder.Key Takeaways[3:45] - Jeff’s professional background and career highlights.[07:06] - Jeff helped found DoubleLine in 2009 – what were some of the joys and challenges they faced while starting the company and what sets them apart as a firm?[10:20] - How long might the Goldilocks economy be able to last?[14:22] - What is DoubleLine’s view on inflation and how might this impact what The Fed does and longer term interest rates?[20:55] - Why not just buy treasury bills and chill?[23:45] - How should investors be thinking about the upcoming presidential election and how might they be better prepared for the outcome?[26:05] - How concerned is Jeff about the deficit and what might it mean for the economy and the markets?[29:50] - How should investors be thinking about their fixed income allocations?[35:30] - Jeff’s current thoughts on the dollar and also investing overseas.[38:25] - Jeff’s thoughts on fixed income ETFs and the future of the ETF industry in general.[41:35] - How might the Bitcoin ETFs affect the ETF industry and Bitcoin itself?[44:32] - How have skill sets needed to change, if at all, for new people entering the industry?[49:56] - Jeffs’s favorite investment idea for 2024.Quotes[12:25] - “So, when I look at the economy right now, it’s hard to see it being derailed without the labor market. Now, are there signs of cracks in the economy? Absolutely, we can talk about that, but ultimately I think that the recession at this stage has been delayed a bit." ~ Jeff Sherman[25:08] - “From our standpoint, we don’t see a lot of election risk in markets unless it’s some exogenous policy that we can’t see at this point, and by definition, you can’t play for that. So, are you going to give up on the market just because you think your party isn’t going to win the election?" ~ Jeff ShermanLinksJeff Sherman on LinkedInDoubleLine“Real American” by Rick DerringerA Real American Music VideoDoubleLine Round TableConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0306-OPS-2/8/2024Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

On the podcast today, Rusty Vanneman and Robyn Murray are joined by Ron Temple. Ronald Temple is the Chief Market Strategist for Lazard’s Financial Advisory and Asset Management businesses. In this role, Ron provides macroeconomic and market perspectives to Lazard’s investment teams on a firm wide basis and works closely with Lazard’s Geopolitical Advisory group to assess economic and market implications of key geopolitical issues globally. Ron also advises clients of Lazard’s Asset Management businesses regarding macroeconomic and market considerations that are important to achieving their objectives.Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. He is a member of the Council on Foreign Relations, The Bretton Woods Committee, the Economic Club of New York, the CFA Society New York and is the chair of Duke University’s Graduate School Board of Visitors.Key Takeaways[02:33] - Ron’s professional background and what drives him.[04:05] - How do Ron’s extracurricular involvements inform his work at Lazard?[05:50] - For advisors and clients looking at their year end reports, what is Ron’s guidance on how to consider 2023? What were some of the key highlights of last year and how should investors consider their portfolio performance considering the state of the  2023 market?[07:40] - What is Ron’s outlook on inflation and how might this affect both short-term and long-term interest rates?[12:00] - What’s Ron’s current thinking about economic growth?[15:20] - How might corporate earnings look in 2024?[16:58] - What will be the catalyst for small cap stocks to finally outperform?[19:25] - How should investors be thinking about  non-US markets in both developed and emerging markets?[25:00] - What are some of the major risks to Ron’s overall economic outlook?[31:15] - What were some of the highlights of Ron’s recent report on “Top Geopolitical Trends in 2024?”[35:50] - How should investors be thinking about Artificial Intelligence and Biotech?[39:41] - What is currently Ron’s favorite investment idea for 2024?Quotes[09:38] - "There are two things to know about The Zillow Index. Number one - it only tracks asking rents, not what people agree to pay, so it tends to overstate rent inflation. Number two - it only tracks new leases, it does not include renewals, so it probably overstates the volatility of rent inflation…and number three, because of those factors, it tends to lead the CPI by a year.” ~ Ron Temple[28:55] - "This is a year where the geopolitics are really important. I know the average American does not wake up every day fretting over whether NATO is going to be fine, but you know what, maybe we should be…These things do determine the long-term trajectory of peace and stability, and I think that matters. ” ~ Ron TempleLinksRon Temple on LinkedIn“Don’t Stop” by Fleetwood MacTop Geopolitical Trends in 2024An Immense World by Ed YongLazard Asset ManagementConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0266-OPS-2/5/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Alex Rabinovich, CFA has a diverse range of work experience in the finance industry. Alex is currently the Head of Enterprise Sales at Halo Investing, a position they have held since January 2023. Prior to that, Alex worked at Russell Investments for almost a decade. Their roles at Russell Investments include Head of Strategic Accounts, where they led a team focused on expanding distribution with national intermediary partners and was responsible for planning and executing business plans. Alex also served as Director of Strategic Accounts, where they initiated and launched new strategic relationships with top broker dealers/distributors. Additionally, Alex worked as a Senior Strategic Account Executive at Russell Investments, collaborating with senior-level contacts at partner firms to grow market share and lead partner-focused initiatives. Before joining Russell Investments, Alex held roles at Morningstar as Vice President of National Accounts and Director of National Accounts, and at AssetMark Investment Services as a Regional Consultant. Alex began their career as a Financial Advisor at John Hancock. Overall, Alex's work experience demonstrates their expertise in strategic account management, sales, and leadership in the finance industry.Key Takeaways[03:18] - Alex’s professional background and career highlights.[04:41] - What is “protective investing” in particular?[06:30] - How do Defined Outcome products help clients achieve their financial goals?[07:35] - Are the terms “Defined Outcome Investing” and “Protective Investing” synonymous?[08:30] - How does Alex feel like the Defined Outcome landscape is changing?[10:56] - How are advisors using structured products to really differentiate and grow their practices?[14:18] - What exactly are structured notes and what are some of their use cases?[16:52] - Why did structured notes often have a bad reputation in the past and was this reputation deserved?[18:56] - How does Alex see structured notes fitting into broader portfolio allocations? [22:49] - Why are structured notes more popular in Europe and how is the adoption of structured notes going in US markets?[27:04] - Alex’s favorite investment idea for 2024.LinksAlex Rabinovich on LinkedInHalo Investing“It’s a Long Way to the Top (If You Wanna Rock ‘N’ Roll)" by AC/DCThe Ancients PodcastThe Fund by Rob CopelandThe Psychology of Money by Morgan HouselConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsCompliance Code: 0178-OPS-1/24/2024Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Phil Toews is Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. His management strategies focus on creating “investor friendly” products designed to meet investors’ economic and behavioral needs. Phillip is the founder of the Behavioral Investing Institute, an organization devoted to helping advisors manage investor behavior through market challenges. Learn more at orion.com.Key Takeaways[03:55] - Phillip’s personal and career background.[04:58] - What really sets Toews apart from other asset management firms?[06:43] - Will this coming year be a case of the bears eating the “Goldilocks market?”[08:58] - What are the odds that a recession is on the horizon?[10:47] - Can we expect subsequent waves of inflation, as history might suggest?[12:47] - Why is global debt a problem and what should investors be doing about their portfolios because of it?[15:10] - What market scenarios do the terms “bezzle,” “bezzle fizzle” and “bezzle burst” describe?[18:44] - What does Phil’s term “BFT” mean and how does it apply to investing?[21:36] - How would Phil contrast a tactical strategy from a hedged strategy?[24:48] - Are there any rough rules of thumb that Phil recommends for the respective portfolio weights for both trend following strategies or hedge strategies?[28:42] - Words of wisdom for how financial advisors can properly utilize trend following and hedge strategies?[31:30] - What is “National Investment Risk Day” and why did Toews help start this?[37:11] - What is Phil’s  favorite investment idea currently?Quotes[20:55] - "...People just are sort of not into the word ‘tactical’ anymore, and I think what’s happened over the years is that there are people out there that are trying to predict the markets and they haven’t done so well, and so I think it has gotten a little bit of a bad name…so we migrated that over to ‘trend following strategies.’" ~ Phil Toews[32:32] - "Now Bitcoin is, or Cryptocurrencies are, the trifecta of dumb. No assets, no income or no projected income, so forget about a meme stock that potentially actually earns something one day - there’s nothing. [Yet] it has appreciated 18 million percent in the last 20 years, and only because [of that]...everyone says like…’I think this could be a legitimate thing, this could be a legitimate investment.’" ~ Phil ToewsLinksPhil Toews on LinkedInToews Corporation“Remember Me” by Blue BoyRecord Global Debt - Phil Toews on Weighing the RisksNational Investment Risk Day Webinar“Space Oddity” by David Bowie“Kooks” by David BowieConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0131-OPS-1/17/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As we move into the New Year, we take a closer look at the market’s historic year, offer a preview on the year to come, look at bond predictions, global investing and much more. Today on the podcast, Rusty and Robyn are joined by Jeff DeMaso - editor and founder of The Independent Vanguard Adviser. Jeff was previously the co-editor and research director of The Independent Adviser for Vanguard Investors. He also served as Portfolio Manager, Director of Research and the interim CIO at Adviser Investments, LLC—a leading investment advisory firm. He has been quoted in Forbes, The Wall Street Journal, Barron’s, InvestmentNews and Kiplinger, to name a few. Citywire named him a Rising Star of manager research in 2019. Jeff graduated magna cum laude from Tufts University with a B.A. in economics in 2006 and holds the Chartered Financial Analyst designation.Key Takeaways[03:04] - Jeff’s research, professional background and what drives him.[05:57] - What really motivates Jeff’s newsletter, The Independent Vanguard Adviser?[07:40] - What were some of the biggest events for Vanguard in 2023 and which are the ones that investors should care about the most?[09:30] - What does Jeff like best about Vanguard and where does he think they could improve?[11:02] - Vanguard’s latest thoughts on ESG strategies.[13:55] - The top highlights and lowlights for the 2023 market.[15:58] - Jeff’s  economic and market outlook for 2024.[19:00] - Jeff’s view on the healthcare sector moving forward.[21:00] - How should investors be treating their bond allocations these days?[22:35] - Are many of Jeff’s readers asking if they should move their investment funds to money market accounts? If so, how is he addressing this with them?[24:23] - Jeff’s take on  non-US stocks, both strategically and tactically, in balanced portfolios.[26:17] - What is his favorite investment idea, currently, for 2024?Quotes[04:18] - "That’s going to be my career hack…find the person you can learn the most from and go work with them as closely as possible. Ask questions, don’t be afraid to make mistakes and just keep learning." ~ Jeff DeMaso[10:15] - "...Vanguard’s service in tech…continues to fall short of its competitors, and I cannot wait for the day when I get to write the article that says ‘Hey, Vanguard has really stepped up their game and their service is  firing on all cylinders’ - today is not that day." ~ Jeff DeMasoLinksJeff DeMaso on LinkedInThe Independent Vanguard AdviserAloe Blacc - The Man (Explicit)Just One Thing PodcastMorgan Housel PodcastConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0031-OPS-1/5/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As 2023 comes to a close, this episode looks at what may be in store for the year ahead and covers things that investors and financial advisors should be considering going into 2024. Kim speaks to the state of the US market going forward and the outlook for international markets in the coming year. In addition, we take a closer look at why Kim views actively managed ETFs as superior, more tax efficient vehicles to mutual funds for investors. Lastly, we learn more about Main Management’s firm culture and how Kim, and his partners, have created such a sticky culture there.Key Takeaways[02:52] - Kim’s professional background and career highlights.[04:32] - What makes Main Management really stand out as a firm?[06:13] - Kim’s current thoughts on the economy and  his outlook for 2024.[08:02] - Kim’s view on interest rates and how investors should be treating their bond allocations.[09:26] - Advice for income oriented advisors who want to stick their investment dollars into money markets.[10:30] - The state of the US market going forward and the argument for staying diversified.[11:55] - Kim’s philosophy around sector rotation and what sectors look attractive to him now.[13:43] - Council for investors concerned with income generation and de-risking their equity allocation.[15:23] - The outlook for international markets in 2024.[17:01] - How Main Management helps mitigate the tax burden for their clients.[19:31] - Why Kim views the ETF as a superior vehicle to mutual funds for investors.[21:46] - The importance of firm culture and how Kim has excelled in this area.[25:00] - Kim’s favorite investment idea currently.Quotes[04:34] - "When we founded the firm 21 years ago, we wanted to build the strategies using liquid, transparent ETFs, which for all intents and purposes had really just started at that point. There were only one hundred, there are thousands of them today…but what we wanted to deliver, the why for the business, was we wanted to have a client first, exceptional service and deliver on expectations." ~ Kim Arthur[12:00] - "…Out of the eleven industry sectors that build up and make up the S&P 500, we typically overweight four of those. I’d love to be able to tell you ‘hey, every year all four of those are at the top of the price performance chart,’ but it usually does not end up that way. There’s typically a split of two of them up at the top and two of them at the bottom…[so] I like to say they’re ‘seasoning.’ " ~ Kim ArthurLinksKim Arthur on LinkedInMain Management“Surrender” by Cheap TrickElon Musk by Walter IsaacsonConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0067-OPS-1/9/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As we move into the New Year, and firms are in the process of creating formal growth plans and budgets, we take a closer look at what it takes to find and keep new talent. In this episode, Rusty and Robyn are joined by hiring expert Caleb Brown, Co-Founder and CEO at New Planner Recruiting in Athens, GA. Caleb weighs in on strategies for financial advisory firms looking to recruit top talent and strategies for talent to find the best firms.Key Takeaways[03:05] - Caleb’s diverse  professional background  and his role at New Planner.[05:39] - A macro assessment of the financial planning industry’s future growth[06:52] - What salary and hiring trends is Caleb seeing in the financial planning space?[08:29] - How might artificial intelligence impact the financial planning profession?[10:32] - How big of an impact does the CFP credential have on getting a job in the industry? How does it impact  your compensation level and attracting prospective clients?[14:02] - What advice does Caleb have  for financial planners looking for fresh talent?[17:56] - What are best practices for creating enticing  job listings?[21:18] - How long is a typical hiring cycle and how does that differ if you are hiring a recent college graduate, a career changer or an experienced planner?[23:17] - How does the recruiting process differ for Gen Y than for other generations?[29:24] - How should people gauge if they are a good fit for the financial services profession?[32:51] - What is Caleb’s favorite investment idea currently?Quotes[07:29] - "What we do is we ask all the candidates that we’re talking to, so it’s a little different from the other surveys out there that are having firm owners fill out how much they pay their people. We’re asking the candidates, because in my world what someone is making now is irrelevant - it’s, what is it going to take for them to look at something else?" ~ Caleb Brown[28:22] - "I would say to try to promote people probably before they’re ready. Put them in there, let them take a swing…Looking back at my career, you know I was probably just a run of the mill, average candidate, but someone was constantly pushing me out of my comfort zone every day…I look back and I can’t believe all of the stuff we achieved at that firm." ~ Caleb BrownLinksCaleb Brown on LinkedInNew Planner RecruitingFor Whom the Bell Tolls by MetallicaMichael KitcesWho Not HowConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0022-OPS-1/3/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

The case for investing in Texas goes beyond its iconic cowboy culture and vast scenery. It's deeply rooted in the state's business-friendly environment and thriving economic network. Capitalizing on its unique blend of tax advantages and unmatched potential for economic growth, Texas has emerged as an attractive destination for financial investments. Meanwhile, the ETF industry is expected to sustain its upward trajectory, with more assets flowing from mutual funds to ETFs.In this episode, Rusty and Robyn talk with Edward Rosenberg, Managing Director and Head of ETF and Funds Management at Texas Capital Bank. Edward believes that every firm needs to have ETFs in its offerings, whether they realize it or not. Why? ETFs offer trading flexibility, diversification, greater transparency, tax benefits, and lower operating costs than traditional open-end funds. There is so much room for expansion, and the possibilities are endless. Edward talks to Rusty and Robyn about the case for investing in Texas. He explains how Texas's business-friendly environment and tax benefits can contribute to a company's bottom line. Edward also shares his thoughts on the future of the ETF industry, including the projected growth and the role of direct indexing and model portfolios.Key Takeaways [02:59] - What led Edward to specialize in ETFs? [05:20] - An overview of Texas Capital Bank and its ETF lineup. [07:50] - The case for investing in Texas. [12:21] - Composition of the Texas Capital Texas Equity Index ETF. [14:01] - How ETFs fit into a portfolio. [16:09] - The projected growth of the ETF industry. [19:03] - How direct indexing complements ETF portfolios. [21:58] - How the ETF models can compete against the models from big firms. [24:25] - Edward's thoughts on the ETF industry and its future. [27:14] - How Edward maintains his energy to perform at a high level. [28:28] - Edward's favorite investment idea. [31:06] - The people Edward is thankful for professionally. [33:07] - Edward's recommendations for content. Quotes[09:39] - "The business environment of the Texas estate along with the tax benefits that individuals get can really add to a company's bottom line." ~ Edward Rosenberg[11:17] - "Texas has more companies publicly traded or listed on the exchanges than any other state. This shows a diverse economy growing much faster than the entire U.S. economy and in most states across the board." ~ Edward Rosenberg[23:09] - "If everybody's the same and you're an advisor, how can you differentiate yourself? You have to look at the newer products or active ETFs. You have to be different to really add value to what you're doing." ~ Edward RosenbergLinks  Edward Rosenberg on LinkedIn Texas Capital Bank The Black Crowes Aerosmith Vanguard Northern Trust American Century Investments Rob Holmes Morningstar Merrill Lynch Morgan Stanley LPL Financial BlackRock iShares Charles Schwab Shundrawn Thomas ETF.com NYSE Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 3364-OPS-12/27/2023

The music industry is a powerful force, shaping culture and influencing society across the globe. As the industry experiences a golden age, driven by increased streaming subscriptions, the resurgence of live music, and the advent of digital technology, those with a keen eye for innovation recognize that investing in the music industry is not just about the present but also a journey into the future of exciting possibilities.In this episode, Rusty and Robyn talk with David Schulhof, Founder and CEO of MUSQ. David is an American music industry executive and investor with 30 years of experience in the field. David’s background in the music industry is extensive, having previously served as the president of music publishing at LiveOne, a global media company for live streaming and on-demand audio, video, and podcast content. He is also the former president of music at AGC Studios and IM Global Studios and was the co-founder and CEO of Evergreen Copyrights, where he pursued a global acquisition strategy of music publishing catalogs.Having worked with top artists and Grammy winners and founded multiple music companies, David talks to Rusty and Robyn about the growing music industry and the investment opportunities it presents. He explores the different segments of the industry, including streaming, content, live music, technology, and radio. David also highlights the rapid growth of the music industry, particularly in streaming and live music, and the potential for further expansion in emerging markets. Key Takeaways [03:24] - David's career in the music industry. [04:37] - The reason behind the creation of the MUSQ ETF. [05:42] - How to get into MUSQ ETF. [06:46] - Investment case for the music industry. [11:35] - The expected growth in the music industry across different segments. [15:44] - Global growth in the music industry. [17:11] - The biggest players in streaming services. [18:36] - Other companies investors should be paying attention to. [19:52] - Valuations of music companies compared to other media companies. [20:41] - The potential benefits and risks of AI in the music industry. [23:33] - David's recommendations for new music. [26:28] - How David maintains his energy and ability to perform at his best. [28:11] - The people David is grateful for professionally. [29:02] - David's recommendations for content. Quotes[06:54] - "Music today is the most overlooked, underhyped, and under-monetized media asset. And music today is the best content story in the history of media." ~ David Schulhof[09:02] - "The music industry's really going through a golden age. It's growing and outperforming the GDP by four times." ~ David Schulhof[13:53] - "In terms of music, AI is really disruptive right now. It is revolutionizing creativity and productivity for artists and songwriters." ~ David SchulhofLinks  David Schulhof on LinkedIn David Schulhof on Twitter MUSQ ETF Rock The Bells by LL COOL J Made You Look by Nas Bust A Move by Young MC Interscope Records Universal Music Robert Rodriguez Kevin Smith KKR Apollo Global Management Providence Equity Goldman Sachs Taylor Swift Beyoncé Harry Styles Ed Sheeran Sony Music JYP Entertainment SM Entertainment Yamaha Corporation  Sonos Roland Spotify Apple Music Amazon Music Google Play Music LiveOne NexTone Inc. Live Nation Entertainment SoundCloud Zach Bryan Chris Stapleton Morgan Wallen Bruce Springsteen Music Money and Success by Todd and Jeff Brabec Music Business Worldwide All You Need To Know About the Music Business by Donald Passman Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 3313-OPS-12/15/2023