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Category: Podcasts

Convertible Bonds Offer Protection Against Stagflation, Other Ills Facing Markets: Daniel Partlow (Szn 4, Ep23)

Published September 6, 2022

Daniel Partlow, chief risk officer at Advent Capital Management, joins the podcast to discuss convertible bonds. Partlow is a specialist in these securities, having written a book on the subject titled ‘Convertible Securities: A Complete Guide to Investment and Corporate Financing Strategies.’

Content Highlights

  • First, the basics: What are convertible bonds and how do they work? The asset class has actually been around for more than three centuries… (3:29);
  • Some of the characteristics of converts include a maturity of about four to five years but with low interest rate sensitivity of much shorter duration bonds (6:42);
  • A typical balanced convert will provide downside protection (via the bond floor) and upside potential through the equity participation (9:18);
  • Converts have done well in inflationary environments, with less volatility than stocks (11:44);
  • The default rate for converts is a fraction of high yield and leveraged loans (20:38);
  • Background on the guest (24:59);
  • The specter of stagflation and how converts can protect against that (27:50);
  • Where might there be particular opportunities in the converts market right now? (33:07);
  • Examples of individual securities that may be of interest (37:52).
MoreConvertible Bonds Offer Protection Against Stagflation, Other Ills Facing Markets: Daniel Partlow (Szn 4, Ep23)
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Beating The Market is Hard. Optimizing Investments is Easy: Chris Hutchins (Szn4, Ep 22)

Published August 24, 2022

Chris Hutchins joins the podcast to discuss his strategy for asset allocation, which leans heavily on passive investing and optimizing earnings power rather than picking stocks. In this (admittedly) unorthodox episode he discusses some of his methods.

Content Highlights

  • You probably can’t beat the market. Instead of trying to optimize the portfolio, why not optimize how quickly money can be put to work? Or maximize income from employment (5:55);
  • Beating the market may be extremely difficult (if not impossible). but educating oneself is still invaluable along several lines that are discussed (8:07);
  • How does Hutchins’ asset allocation break down exactly? (10:45);
  • The guest is also a venture capitalist. What areas of technology is he particularly excited about right now? (12:35);
  • What about the VC model itself? (21:30);
  • Background on the guest (30:00);
  • Not investing is as big a mistake as investing incorrectly. Some of the options (35:32);
  • How important is liquidity? (38:44);
  • What has the guest most worried right now? (42:06).

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Hugh Hendry, OG Contrarian (Szn 4, Ep21)

Published August 9, 2022

Hugh Hendry is a man who needs no introduction to contrarians. Over the course of this 90-minute conversation, he provided many views on markets, the economy, the Federal Reserve, China, and a lot more. Of particular interest to investors are his bullish views on commodities, oil producers, and luxury goods makers…

Content Highlights

  • Hendry’s most contrarian opinion right off the bat: The Fed is not responsible for the asset price bubble (2:40);
  • “We find ourselves in the fourth depression of the last 200 years” after “les miserables” period of 1830 to ~1855, 1870 to the late 1890s, and the 1930s (8:11);
  • “I don’t think we have inflation.” Sales of non-discretionary items are not increasing (13:53);
  • Very few people understand money and money creation. What are they missing? (28:56);
  • What’s behind the stock market rally this summer? It may be commodities, at least in part… (39:49);
  • Markets are ‘bucking broncos.’ Volatility can be a major distraction and nothing happens in a straight line. But commodity producers and uranium should be in good shape over the long term (46:55);
  • Background on the guest. As an ‘OG contrarian’ Hendry joins an exclusive list (54:58);
  • A little insight into Hendry’s current life and psychology (1:10:40);
  • Betting on the Chinese yuan weakening (1:14:37);
  • The odds of the 10-year treasury making new lows (1:22:44);
  • China invading Taiwan? Hendry sets the odds at 20% and says China will never have a stronger bargaining positioning vis-a-vis the U.S (1:24:16).

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