Orion's The Weighing Machine

Today Rusty & Robyn are joined by Greg Wilensky and Jeremiah Buckley, head of US Fixed Income and Portfolio Manager at JanusHenderson respectively. Greg Wilensky is Head of US Fixed Income and a portfolio manager at Janus Henderson Investors, a position he has held since 2020. Prior to joining the firm, Greg served as senior vice president, director of the US multi-sector fixed income team and held several director and portfolio manager positions that spanned short duration, inflation-protected fixed income, securitised assets, and multi-asset strategies at AllianceBernstein from 1996 to 2019. Prior to that, he was a treasury manager – corporate finance at AT&T Corp. from 1993 to 1996. Greg received his bachelor of science degree in business administration from Washington University, graduating magna cum laude. He also earned an MBA with high honours from the University of Chicago. Greg holds the Chartered Financial Analyst designation and has 31 years of financial industry experience.Jeremiah Buckley is a Portfolio Manager at Janus Henderson Investors. Jeremiah joined Janus in 1998 as a research analyst covering the consumer, industrials, financials, media, software, and telecommunications sectors. He was Janus’ consumer sector lead for 10 years before transitioning to full-time portfolio management. Jeremiah earned his bachelor of arts degree in economics from Dartmouth College, graduating Phi Beta Kappa. While there, he received the Class of ’39 scholarship for academic and athletic achievement and the Class of ’48 male scholar-athlete of the year award. He was also selected for the 1998 Academic All-Ivy Hockey Team and served as the men’s hockey captain from 1997 to 1998. Jeremiah holds the Chartered Financial Analyst designation and has 26 years of financial industry experience.Key Takeaways[03:37] - Greg’s professional background and what has been interesting to him about the Fixed Income space in particular?[06:34] - Jeremiah’s professional background and more on his time at JanusHenderson.[08:09] - Are 60/40 portfolios still relevant and why might a balanced strategy be a great way to re-enter the market for those who went to cash in 2023?[12:01] - What distinguishes JanusHenderson’s balanced strategy from their peers?[16:38] - What is the argument for growth stocks at the current moment?[19:31] - Are there certain growth-oriented sectors or industries that they expect to do particularly well going forward?[21:24] - Is there a good argument for investing in Fixed Income right now?[22:44] - Are there currently certain Fixed Income sectors that are particularly attractive to the JanusHenderson team?[24:43] - Does Jeremiah think that interest rates are going to continue to go up?[26:09] - Does a Fed outlook even affect the way that they manage portfolios? Also, do they have a view on when the Fed might move into an easing cycle?[28:33] - What is currently their favorite investment idea?Quotes[08:09] - “I still think 60/40 portfolios are very relevant, especially when you consider the alternatives of trying to swing back and forth between high risk assets, let’s say an all stock portfolio, and a money market fund. You know, there’s always going to be a reason to be concerned about the outlook for the global economy, and what this may mean for markets, but swinging for the fences by massively deviating away from an appropriate, strategic asset allocation plan is unlikely to be a winning strategy.” ~ Greg Wilensky[12:01] - “For [JanusHenderson], in simple terms, is to participate and protect. We want to participate in most of the upside of the equity market, but also protect from a good portion of the downside when risk assets are negative. I would note that in most time periods…most years, you know, risk assets are positive, so the focus should be on participating in that upside.” ~ Jeremiah BuckleyLinksJeremiah BuckleyGreg Wilensky on LinkedInJanusHenderson Investors“Shout” by Otis Day & The Knights“Enter Sandman” by MetallicaConnect 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: 1236-OPS-5/17/2024

Today Rusty & Robyn are joined by Alex Fink, Retired US Army Major General and former Chief Marketing Officer for the US Army. General Fink last served as the Army’s Chief Marketing Officer and is credited with reinventing the classic “Be All You Can Be” campaign. General Fink served for over 33 years in a variety of domestic and overseas operational and strategic leadership positions. General Fink also serves on USO’s Midwest Region Advisory Board and as an Executive Board Member for the Boy Scout’s of America’s Pathway to Adventure Council.[04:27] - General Fink’s professional background and how he straddled both private and military roles over the course of his career.[07:12] - General Fink’s thoughts on the geopolitical crisis happening in the Middle East and what it might mean for the US Military Forces?[11:47] - What are some of the recruiting challenges that the US Army currently faces and why?[17:41] - Learn more about the “Be All You Can Be” marketing campaign that General Fink spearheaded for the Army.[24:11] - What does General Fink believe goes into effective leadership?[27:24] - How does General Fink define culture and why is it so critical to developing and leading successful teams?[34:22] - How does General Fink approach innovation and how does he approach building a creative environment that fosters innovation for his team?[38:15] - What has General Fink been up to since retiring from the US Army and what are his plans moving forward?[40:20] - What is currently his favorite investment idea and why?Quotes[26:15] - “I think also, depending on the scope of influence…the rules associated with your personal brand of leadership also set the standard for others to follow, in that they instill a sense of predictability…The organization [will know have] a feeling on how you make decisions, thereby instilling trust and confidence. It also further empowers decentralized decision making…which I’ve always tried to do, is push decisions to the level that’s closest to the challenge or the problem. ” ~ Alex Fink[32:04] - “You can’t just say, ‘hey…this is our culture, this is what we are going to be about’ [and] put it on a bunch of cards and pass them out and think it’s just going to last. It’s something that has to be constantly nurtured and reinforced…with examples.” ~ Alex FinkLinksAlex Fink on LinkedIn“Bitter Sweet Symphony” by The Verve"Boom" by POD"Uncaged" by Zac Brown Band"Game of Thrones Theme" by Tomas HilberConnect 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: 1165-OPS-5/13/2024

Today Rusty & Robyn are joined by Paul Baiocchi, Chief ETF Strategist at SS&C ALPS Advisors in Denver, CO. Paul Baiocchi is the Chief ETF Strategist at SS&C ALPS Advisors, spearheading the firm’s distribution strategy and execution for the ETF suite as well as the Select Sector SPDRs lineup of ETFs. Paul works closely with the distribution, research and marketing teams to tailor the firm’s messaging and client-facing content for the varied needs of a range of investor types. In addition to providing subject matter expertise in client meetings, Paul supports the marketing and PR teams while also aiding the research efforts of SS&C ALPS Advisors and Select Sector SPDRs. Prior to joining the firm, Paul was Vice President of ETF Business Development at Fidelity Institutional Asset Management where he helped build and grow the firm’s ETF lineup for six years while developing sales and messaging strategies for sector investing. Previously, he worked at ETF.com, building an ETF analytics platform, writing about the ETF industry and moderating panels at Inside ETFs conferences. Paul has been in the financial services industry for 20 years. He is a CFA charter holder, holds an MBA from the University of British Columbia’s Sauder School of Business and a bachelor’s degree in Business Administration from California State University at Chico.Key Takeaways[03:12] - Paul’s professional background and what led him to focus on ETFs, in particular.[07:04] - What is SS&C’s investment philosophy and how does it stand out as a firm?[10:40] - Paul’s overall outlook for the ETF industry moving forward.[14:42] - Where does Paul see innovation developing in the ETF industry moving forward?[16:20] - What are some of the obstacles to growth that Paul sees for ETFs going forward?[19:10] - SS&C ALPS offer more than 50 ETFs. Of this selection, where is Paul seeing the most growth and why does he think that is?[23:30] - Which of the aforementioned strategies are not seeing as much growth and why?[27:22] - Paul’s outlook on Active ETFs for 2024 and his thoughts on the evolution of Active ETFs as a category.[30:55] - What are some potential catalysts that might encourage Small Caps to start regularly outperforming?[34:48] - What are the risks of being in Small Cap indexing strategies, like the Russell 2000 or the S&P 600?[37:26] - What is Paul’s overall outlook on non-US stock markets, both in absolute and relative terms?[41:00] - What is currently Paul’s favorite investment idea?Quotes[15:42] - “There’s the ongoing sort of debate, and I have this debate myself, around tokenization of investment strategies [and] whether or not you can tokenize an asset class…Can you create a tokenized asset class of an ETF offering that allows you to provide that investment strategy in another format? That to me is another piece of innovation that might be 5 or 6 years down the road, or 10 years down the road, but is another driver of innovation as I see it.” ~ Paul Baiocchi[26:12] - “Here we are in 2024, facing significant supply pressure on a number of key categories in the commodities space. We’re seeing energy prices start to bubble up again [and] we are also seeing weakness in specific commodities, namely natural gas…So the ability to be flexible in terms of what commodities you have exposure to, based on a really actionable model that the index uses to pick and choose among commodities, I think is a really compelling way to diversify an asset allocation, and we know historically that commodities can add a certain level of diversification to an asset allocation.” ~ Paul BaiocchiLinksPaul Baiocchi on LinkedInSS&C ALPS Advisors“ATLiens” by OutkastConnect 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.1168-OPS-5/13/2024

Today Rusty & Robyn are joined by Harry Hartford, a Portfolio Manager at Causeway Capital Management in Los Angeles, CA. Mr. Hartford is the president at Causeway, fundamental portfolio manager, and head of fundamental research. Mr. Hartford co-founded the firm in June 2001 and is a member of the operating committee. From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) and co-head of the firm’s HW-MLIM international and global value team. From 1994 to 1996, Mr. Hartford was a portfolio manager for Hotchkis and Wiley. From 1984 to 1994, Mr. Hartford was with The Investment Bank of Ireland, where he gained ten years’ experience in both international and global equity management. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Before entering the investment business, Mr. Hartford lectured in micro and macroeconomics at Oklahoma State University. Mr. Hartford earned a BA, with honors, in economics from the University of Dublin, Trinity College, an MSc in economics from Oklahoma State University, and is a Phi Kappa Phi member. Mr. Hartford is a member of The Ireland Funds America Board of Directors.Key Takeaways[03:46] - Harry's professional background and what drew him to the field of investment.[07:20] - What is Causeway’s investment philosophy and how does it differ from other international value managers?[09:27] - Which one of Causeway’s non-US value strategies is generating the most interest from end investors right now and why?[11:06] - Which of Causeway’s strategies does Harry think should be generating more investor interest in the current market environment?[12:08] - What is the argument for investing overseas, strategically, in a time where international markets have underperformed US Markets for several years?[13:50] - Is there a different argument for International Investing from a tactical standpoint?[15:31] - Potential catalysts that might cause the non-US markets to start to consistently outperform again.[19:52] - It seems like everyone is saying that the US Dollar is going to get stronger in the short term. What is Harry’s outlook on the US Dollar?[22:04] - What does Harry see ahead for International Small Cap stocks?[24:15] - What is Causeway’s “risk lens” model and how does it benefit their clients?Quotes[010:37] - “[Causeway Capital’s] Emerging Markets and International Small Cap strategies are primarily quantitative with a fundamental overlay, and they would be more tracking error oriented strategies.” ~ Harry Hartford[20:53] - “There are things that are supporting that dollar at this point in time…but…you start to get concerned around the sustainability of the Federal deficit against a backdrop where the capital required to fund that deficit comes from overseas…and in addition to that, the absolute level of indebtedness is relatively high. So, I do worry that there are things that could derail the upward trajectory of the US Dollar and I would caution against getting overly complacent, simply because the dollar, for want of a better term, is the only game in town.” ~ Harry HartfordLinksHarry Hartford on LinkedInCauseway Capital Management“The Boys are Back in Town” by Thin LizzyConnect 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: 1080-OPS-5/2/2024

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.